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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.
National Retail Properties (NNN) announced a quarterly dividend of 55 cents per share, payable on August 15, 2022, to shareholders of record by July 29, 2022. This marks a 3.8% increase in the dividend, reflecting the company’s 33rd consecutive annual dividend increase. NNN is among a select group of publicly traded companies with such a consistent track record. CEO Steve Horn highlighted the company’s robust balance sheet and disciplined capital strategy as keys to navigating economic uncertainties.
National Retail Properties (NNN) reported strong first-quarter results for 2022, with revenues of $190.3 million, up from $179.8 million in 2021. Net earnings surged to $81.4 million, a significant increase from $52.1 million the previous year. The company maintained high occupancy at 99.2% and invested $210.8 million in property acquisitions. Core FFO guidance for 2022 was raised to a range of $3.01 to $3.08 per share, reflecting an anticipated 6% growth. As of March 31, 2022, NNN owned 3,271 properties across 48 states, with a weighted average lease term of 10.6 years.
The Board of Directors of National Retail Properties declared a quarterly dividend of 53 cents per share, payable on May 16, 2022, to shareholders on record as of April 29, 2022. The company focuses on investing in high-quality retail properties under long-term net leases. As of December 31, 2021, it owned 3,223 properties across 48 states, offering a gross leasable area of approximately 32.8 million square feet and a weighted average remaining lease term of 10.6 years.
National Retail Properties, Inc. (NYSE: NNN) announced the appointment of Stephen A. Horn, Jr. to its Board of Directors. As the current Executive Vice President and COO, Horn will transition to the roles of Chief Executive Officer and President effective April 29, 2022. Chairman Steven D. Cosler expressed confidence in Horn's strategic insights and knowledge of the net lease market, anticipating his contribution to long-term shareholder value. As of December 31, 2021, NNN owns 3,223 properties across 48 states, with a gross leasable area of 32.8 million square feet and a weighted average remaining lease term of 10.6 years.
National Retail Properties (NYSE: NNN) reported strong financial results for the year ended December 31, 2021, with revenues increasing to $726.4 million from $660.7 million in 2020. Net earnings rose to $264.2 million, with an annual dividend increase to $2.10, marking 32 consecutive years of dividend growth. The company maintained a high occupancy rate of 99% and made significant property investments totaling $555.4 million. Core FFO guidance for 2022 was raised to a range between $2.93 and $3.00 per share. The company ended the year with $171.3 million in cash.
The Board of Directors of National Retail Properties, Inc. (NYSE: NNN) announced a quarterly dividend of 53 cents per share, payable on February 15, 2022. Shareholders of record as of January 31, 2022 will receive this distribution. As of September 30, 2021, the company owned 3,195 properties across 48 states, amounting to approximately 33 million square feet of gross leasable area with a weighted average remaining lease term of 10.6 years.
National Retail Properties (NYSE: NNN) announced that in 2021, 76.9406% of dividends to common shareholders were classified as taxable distributions. The total common stock dividend was $2.10 per share, marking the thirty-second consecutive annual increase. 100% of Preferred Series F dividends were also taxable. This consistency highlights the company's commitment to returning value to shareholders, even in challenging times. As of September 30, 2021, the company owned 3,195 properties across 48 states, emphasizing its robust portfolio.
National Retail Properties, Inc. (NYSE: NNN) announced the appointment of Kamau Witherspoon to its Board of Directors. Witherspoon, the Senior Vice President of Operations at Target, brings extensive experience from significant roles in Target, Yum Brands, and the U.S. Navy. His insights are expected to enhance NNN's business strategy and execution. As of September 30, 2021, NNN owned 3,195 properties across 48 states, with a total gross leasable area of approximately 33.0 million square feet and a weighted average remaining lease term of 10.6 years.
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