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NNN REIT, Inc. (NYSE: NNN) is a prominent real estate investment trust specializing in single-tenant retail properties, typically under long-term, net leases. Established in 1984, NNN commenced trading on the New York Stock Exchange in 1994. The company is renowned for its impressive track record of increasing annual dividends for over 34 consecutive years, making it a solid investment choice for shareholders.
NNN REIT owns a diversified portfolio of 3,546 high-quality retail properties across 49 states, with a gross leasable area of about 36.1 million square feet. The properties are leased to over 400 tenants in 38 different industry classifications, including convenience stores, automotive services, fitness centers, theaters, restaurants, and banks. The company's properties are predominantly located in the South and Southeast regions of the United States, with rents from convenience stores and restaurants comprising the majority of its revenue.
In recent developments, NNN REIT reported solid operational performance in the first quarter of 2024, with nearly $125 million in property acquisitions. These acquisitions yielded an initial cash cap rate of 8% and had an 18-year weighted average remaining lease term. The company's robust property portfolio, coupled with over $1 billion in liquidity, positions NNN to deliver long-term shareholder value.
Financially, NNN REIT has maintained a strong balance sheet with significant free cash flow and liquidity. As of the first quarter of 2024, the company’s Core Funds From Operations (Core FFO) guidance ranges from $3.25 to $3.31 per share, reflecting solid earnings growth and strategic investments. The company also boasts a high level of occupancy and exceptional lease renewal percentages, further bolstering its financial health.
Recent financial highlights include securing a $500 million 10-year unsecured note offering, which enhances NNN's ability to execute its multi-year strategy amidst challenging capital market conditions. Additionally, the company's unsecured bank credit facility has been amended to increase borrowing capacity to $1.2 billion, with options to extend maturity to April 2029, demonstrating strong support from its banking partners.
For more information and updates on NNN REIT, Inc., visit their official website at www.nnnreit.com.
The Board of Directors of National Retail Properties (NYSE: NNN) has declared a quarterly dividend of 55 cents per share, scheduled for payment on May 15, 2023, to shareholders on record as of April 28, 2023.
National Retail Properties has a strong dividend history, being one of only three publicly traded REITs to have increased annual dividends for over 33 consecutive years. The company focuses on high-quality retail properties under long-term net leases and, as of December 31, 2022, it owned 3,411 properties across 48 states, with a gross leasable area of approximately 35.0 million square feet and a weighted average remaining lease term of 10.4 years.
National Retail Properties, Inc. (NNN) reported strong operating results for the quarter and year ending December 31, 2022. Total revenues rose to $198.5 million for Q4 and $773.1 million for the year, marking increases from 2021. Net earnings available to shareholders grew to $90.7 million for Q4 and $334.6 million for the year. Key highlights include a 9.8% increase in annual Core FFO per share, maintaining a high occupancy rate of 99.4%, and a consistent annual dividend increase, marking 33 consecutive years. The company also raised $250.2 million from shares issued, underpinning its strong financial position.
National Retail Properties (NYSE:NNN) announced that 99.8301% of the dividends paid to common shareholders in 2022 are taxable distributions. The total dividend per share for 2022 was $2.16, marking the thirty-third consecutive annual increase. Of the total dividends, 99.8301% are classified as ordinary dividends, while only 0.1699% are non-taxable. The dividends are also eligible for a 20% qualified business income deduction under Section 199A. As of September 30, 2022, NNN owned 3,349 properties across 48 states, covering approximately 34.3 million square feet, with a weighted average remaining lease term of 10.4 years.
The Board of Directors of National Retail Properties (NYSE: NNN) declared a quarterly dividend of 55 cents per share. This dividend will be payable on February 15, 2023, to common shareholders on record as of January 31, 2023. NNN is recognized for its strong track record, being one of only three publicly traded REITs and 78 publicly traded companies in the U.S. that have consistently increased annual dividends for over 33 years. As of September 30, 2022, NNN owned 3,349 properties across 48 states, encompassing approximately 34.3 million square feet of gross leasable area, and a weighted average remaining lease term of 10.4 years.
National Retail Properties (NNN) reported strong operating results for Q3 and the first nine months of 2022. Revenues increased to $193.5 million for the quarter and $574.5 million year-to-date, with net earnings rising to $88.4 million and $244 million respectively. The company maintained high occupancy at 99.4% and invested $223.1 million in property acquisitions, totaling 52 new properties. Core FFO guidance was raised to $3.11-$3.15 per share for 2022. NNN also raised $97.1 million through common share issuance and recorded gains of $5.9 million from property sales.
The Board of Directors of National Retail Properties (NYSE: NNN) has declared a quarterly dividend of 55 cents per share, payable on November 15, 2022, to shareholders of record by October 31, 2022. NNN is recognized for having increased annual dividends for over 33 consecutive years, ranking it among only three publicly traded REITs and 86 companies in the U.S. with this achievement. As of June 30, 2022, NNN owned 3,305 properties across 48 states, totaling approximately 33.8 million square feet of gross leasable area.
The Board of National Retail Properties (NYSE: NNN) announced the appointment of Elizabeth Castro Gulacsy to its Board of Directors, effective August 17, 2022. CEO Steve Horn expressed enthusiasm about her joining, citing her extensive experience with SeaWorld Entertainment and Cross Country Healthcare as valuable assets for the company's growth. Ms. Castro Gulacsy's background includes roles as Chief Financial Officer and a decade-long tenure at Cross Country Healthcare. NNN manages 3,305 properties across 48 states, with a gross leasable area of 33.8 million square feet.
National Retail Properties reported second quarter 2022 revenues of $190.8 million, up from $179.0 million in Q2 2021. Net earnings available to common stockholders reached $74.2 million, translating to $0.42 per share, up from $0.39 year-over-year. The company maintained a 99.1% occupancy rate, with investments totaling $153.8 million in new properties. Core FFO guidance for 2022 was raised to between $3.07 and $3.12 per share. The company also increased its common stock dividend by nearly 4%, marking its 33rd consecutive year of dividend increases.
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