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Third Quarter 2024 Operating Results Announced by NNN REIT, Inc.

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NNN REIT reported its Q3 2024 financial results with notable growth in key metrics. Revenues increased to $218.6M from $205.1M in Q3 2023. FFO and Core FFO per share both rose 3.7% to $0.84, while AFFO per share grew 2.4% to $0.84. The company maintained a high occupancy rate of 99.3% with a 10-year weighted average lease term.

During Q3, NNN invested $113.6M in property acquisitions at a 7.6% initial cash cap rate and sold nine properties for $20.0M. The company raised $178.9M through common share issuance and narrowed its 2024 Core FFO guidance to $3.28-$3.32 per share.

NNN REIT ha riportato i risultati finanziari del terzo trimestre 2024 con una crescita significativa in metriche chiave. I ricavi sono aumentati a $218,6 milioni rispetto ai $205,1 milioni del terzo trimestre 2023. FFO e Core FFO per azione sono entrambi aumentati del 3,7% a $0,84, mentre AFFO per azione è cresciuto del 2,4% a $0,84. L'azienda ha mantenuto un alto tasso di occupazione del 99,3% con un termine medio di locazione ponderato di 10 anni.

Durante il terzo trimestre, NNN ha investito $113,6 milioni in acquisizioni immobiliari con un tasso di capitalizzazione iniziale in contante del 7,6% e ha venduto nove proprietà per $20,0 milioni. L'azienda ha raccolto $178,9 milioni attraverso l'emissione di azioni ordinarie e ha ristretto le previsioni del 2024 per il Core FFO a $3,28-$3,32 per azione.

NNN REIT reportó sus resultados financieros del tercer trimestre de 2024 con un crecimiento notable en métricas clave. Los ingresos aumentaron a $218,6 millones desde $205,1 millones en el tercer trimestre de 2023. FFO y Core FFO por acción subieron un 3,7% a $0,84, mientras que AFFO por acción creció un 2,4% a $0,84. La compañía mantuvo una alta tasa de ocupación del 99,3% con un plazo medio de arrendamiento ponderado de 10 años.

Durante el tercer trimestre, NNN invirtió $113,6 millones en adquisiciones de propiedades a una tasa de capitalización inicial en efectivo del 7,6% y vendió nueve propiedades por $20,0 millones. La compañía recaudó $178,9 millones a través de la emisión de acciones comunes y ajustó su pronóstico de Core FFO para 2024 a $3,28-$3,32 por acción.

NNN REIT가 2024년 3분기 재무 실적을 발표했으며, 주요 지표에서 주목할 만한 성장을 기록했습니다. 수익은 2023년 3분기 $205.1M에서 $218.6M으로 증가했습니다. FFO 및 Core FFO는 주당 3.7% 증가한 $0.84에 달했으며, AFFO도 주당 2.4% 증가해 $0.84에 도달했습니다. 이 회사는 10년 가중 평균 임대 기간을 가진 99.3%의 높은 점유율을 유지했습니다.

3분기 동안 NNN은 초기 현금 자본화율 7.6%로 부동산 매입에 $113.6M을 투자했으며, $20.0M에 9개 부동산을 매각했습니다. 이 회사는 보통주 발행을 통해 $178.9M을 조달했으며, 2024년 Core FFO 가이던스를 주당 $3.28-$3.32로 좁혔습니다.

NNN REIT a publié ses résultats financiers pour le troisième trimestre 2024, affichant une croissance notable sur des indicateurs clés. Les revenus ont augmenté pour atteindre 218,6 millions de dollars, contre 205,1 millions de dollars au troisième trimestre 2023. FFO et Core FFO par action ont tous deux progressé de 3,7% pour atteindre 0,84 $, tandis que AFFO par action a crû de 2,4% pour atteindre 0,84 $. L'entreprise a maintenu un taux d'occupation élevé de 99,3 % avec une durée moyenne de bail pondérée de 10 ans.

Au cours du troisième trimestre, NNN a investi 113,6 millions de dollars dans des acquisitions immobilières à un taux de capitalisation initial en espèces de 7,6 % et a vendu neuf propriétés pour 20,0 millions de dollars. L'entreprise a levé 178,9 millions de dollars par l'émission d'actions ordinaires et a réduit ses prévisions de Core FFO pour 2024 à 3,28 $-3,32 $ par action.

NNN REIT hat seine finanziellen Ergebnisse für das 3. Quartal 2024 vorgelegt und dabei ein bemerkenswertes Wachstum in den wichtigsten Kennzahlen verzeichnet. Die Einnahmen stiegen von $205,1 Millionen im 3. Quartal 2023 auf $218,6 Millionen. FFO und Core FFO pro Anteil erhöhten sich um 3,7% auf $0,84, während AFFO pro Anteil um 2,4% auf $0,84 wuchs. Das Unternehmen behielt eine hohe Belegungsquote von 99,3% mit einer gewichteten durchschnittlichen Mietdauer von 10 Jahren bei.

Im 3. Quartal investierte NNN $113,6 Millionen in den Erwerb von Immobilien mit einer anfänglichen Cash-Kapitalisierungsrate von 7,6% und verkaufte neun Immobilien für $20,0 Millionen. Das Unternehmen beschaffte $178,9 Millionen durch die Ausgabe von Stammaktien und reduzierte seine Prognose für den Core FFO 2024 auf $3,28-$3,32 pro Anteil.

Positive
  • Revenue growth to $218.6M from $205.1M YoY
  • FFO and Core FFO per share increased 3.7% YoY
  • High occupancy rate maintained at 99.3%
  • Strong property acquisition activity with $113.6M invested at 7.6% cap rate
  • Solid balance sheet with $175M cash and $1.2B credit facility available
  • No debt maturities until Q4 2025
Negative
  • Net earnings per share decreased to $0.53 from $0.59 YoY
  • Slight decline in occupancy from 99.5% at year-end 2023
  • Dilution from issuance of 3.86M new common shares

Insights

NNN REIT delivered solid Q3 2024 performance with $218.6M in revenues, up 6.5% year-over-year. The company maintained impressive 99.3% occupancy while executing $113.6M in property investments at an attractive 7.6% cap rate.

Key financial metrics show healthy growth: FFO and Core FFO per share increased 3.7%, while AFFO per share grew 2.4%. The balance sheet remains robust with $175M cash on hand and $1.2B available credit facility. The company's portfolio of 3,549 properties benefits from long-term net leases with a 10-year weighted average remaining term.

Management's narrowed 2024 Core FFO guidance of $3.28 to $3.32 per share reflects confidence in continued stable performance. The company's 35+ year track record of dividend increases and strategic portfolio management positions it well in the net lease REIT sector.

ORLANDO, Fla., Oct. 31, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 2024. Highlights include:

Operating Results:

  • Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts:

 



Quarter Ended
September 30,



Nine Months Ended
September 30,




2024



2023



2024



2023




(dollars in thousands, except per share data)


Revenues


$

218,564



$

205,132



$

650,784



$

611,880















Net earnings


$

97,904



$

106,787



$

298,941



$

295,658


Net earnings per share


$

0.53



$

0.59



$

1.63



$

1.63















FFO


$

154,171



$

147,223



$

457,812



$

437,362


FFO per share


$

0.84



$

0.81



$

2.50



$

2.41















Core FFO


$

154,327



$

147,376



$

458,438



$

438,247


Core FFO per share


$

0.84



$

0.81



$

2.50



$

2.42















AFFO


$

155,701



$

148,281



$

462,556



$

442,526


AFFO per share


$

0.84



$

0.82



$

2.52



$

2.44


 

Third Quarter 2024 Highlights:

  • FFO and Core FFO per share increased 3.7% over prior year results
  • AFFO per share increased 2.4% over prior year results
  • Maintained high occupancy levels at 99.3%, with a weighted average remaining lease term of 10.0 years, at September 30, 2024 as compared to 99.3% at June 30, 2024 and 99.5% at December 31, 2023
  • $113.6 million in property investments, including the acquisition of eight properties with an aggregate gross leasable area of approximately 626,000 square feet at an initial cash cap rate of 7.6%
  • Sold nine properties for $20.0 million, producing $7.8 million of gains on sales
  • Raised $178.9 million in net proceeds from the issuance of 3,863,700 common shares
  • Maintained sector-leading 12.3 year weighted average debt maturity

Highlights for the nine months ended September 30, 2024:

  • FFO per share increased 3.7% over prior year results
  • Core FFO and AFFO per share increased 3.3% over prior year results
  • $348.6 million in property investments, including the acquisition of 44 properties with an aggregate gross leasable area of approximately 1,181,000 square feet at an initial cash cap rate of 7.8%
  • Sold 29 properties for $105.9 million, producing $30.2 million of gains on sales
  • Raised $213.7 million in net proceeds from the issuance of 4,701,452 common shares
  • Issued $500 million principal amount of 5.500% senior unsecured notes due 2034
  • Redeemed $350 million principal amount of 3.900% senior unsecured notes due 2024
  • Expanded line of credit borrowing capacity from $1.1 billion to $1.2 billion and extended maturity to April 2028

Previous Core FFO per share guidance for 2024 was narrowed from a range of $3.27 to $3.33 per share to a range of $3.28 to $3.32 per share. The 2024 AFFO is estimated to be $3.31 to $3.35 per share. The Core FFO guidance equates to net earnings of $1.93 to $1.97 per share, plus $1.35 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Steve Horn, Chief Executive Officer, commented: "NNN continues to perform consistently, with a 3.7 percent increase in FFO and Core FFO per share results in the third quarter 2024 compared to prior year results. With over $175 million of cash, $1.2 billion available on our revolving credit facility and no debt maturities until the fourth quarter of 2025, our balance sheet continues to allow NNN to capitalize on sufficiently accretive opportunities and remain well positioned to provide long-term shareholder value."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2024, the company owned 3,549 properties in 49 states with a gross leasable area of approximately 36.6 million square feet and a weighted average remaining lease term of 10.0 years.  NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 35 or more consecutive years. For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on October 31, 2024, at 10:30 a.m. ET to review its results of operations.  The call can be accessed on the NNN REIT website live at www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company's website.  In addition, a summary of any earnings guidance given on the call will be posted to the company's website.

Statements in this press release that are not strictly historical are "forward-looking" statements.  These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results.  These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital, risks related to the company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the company's business operations, financial results, and financial position on the world economy.  Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company's Securities and Exchange Commission (the "Commission") filings, including, but not limited to, the company's (i) Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Funds From Operations, commonly referred to as "FFO", is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company's share of these items from the company's noncontrolling interests and any impairment charges on a depreciable real estate asset, net of recoveries.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.

Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company's operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company's core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, executive retirement costs or other non-core amounts as they occur.  The company's computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company's performance.  The company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)






Quarter Ended
September 30,



Nine Months Ended
September 30,




2024



2023



2024



2023


Income Statement Summary













Revenues:













Rental income


$

218,155



$

204,856



$

649,120



$

610,912


Interest and other income from real estate transactions



409




276




1,664




968





218,564




205,132




650,784




611,880















Operating expenses:













General and administrative



11,209




10,225




35,582




33,216


Real estate



7,263




6,459




21,175




20,141


Depreciation and amortization



63,369




59,523




186,487




178,546


Leasing transaction costs



22




96




75




223


Impairment losses – real estate, net of recoveries



760




1,001




2,908




3,675


Executive retirement costs



156




153




626




885





82,779




77,457




246,853




236,686


Gain on disposition of real estate



7,765




19,992




30,207




40,222


Earnings from operations



143,550




147,667




434,138




415,416















Other expenses (revenues):













Interest and other income



(845)




(644)




(1,940)




(751)


Interest expense



46,491




41,524




137,137




120,509





45,646




40,880




135,197




119,758















Net earnings


$

97,904



$

106,787



$

298,941



$

295,658















Weighted average shares outstanding:













Basic



184,007,176




181,398,273




182,757,097




181,120,963


Diluted



184,561,431




181,721,467




183,301,570




181,460,622















Net earnings per share available to stockholders:













Basic


$

0.53



$

0.59



$

1.63



$

1.63


Diluted


$

0.53



$

0.59



$

1.63



$

1.63


 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)






Quarter Ended
September 30,



Nine Months Ended
September 30,




2024



2023



2024



2023


Funds From Operations ("FFO") Reconciliation:













Net earnings


$

97,904



$

106,787



$

298,941



$

295,658


Real estate depreciation and amortization



63,272




59,427




186,170




178,251


Gain on disposition of real estate



(7,765)




(19,992)




(30,207)




(40,222)


Impairment losses – depreciable real estate,
    net of recoveries



760




1,001




2,908




3,675


Total FFO adjustments



56,267




40,436




158,871




141,704


FFO


$

154,171



$

147,223



$

457,812



$

437,362















FFO per share:













Basic


$

0.84



$

0.81



$

2.51



$

2.41


Diluted


$

0.84



$

0.81



$

2.50



$

2.41















Core Funds From Operations ("Core FFO") Reconciliation:













Net earnings


$

97,904



$

106,787



$

298,941



$

295,658


Total FFO adjustments



56,267




40,436




158,871




141,704


FFO



154,171




147,223




457,812




437,362















Executive retirement costs



156




153




626




885


Total Core FFO adjustments



156




153




626




885


Core FFO


$

154,327



$

147,376



$

458,438



$

438,247















Core FFO per share:













Basic


$

0.84



$

0.81



$

2.51



$

2.42


Diluted


$

0.84



$

0.81



$

2.50



$

2.42


 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)








Quarter Ended
September 30,



Nine Months Ended
September 30,





2024



2023



2024



2023



Adjusted Funds From Operations ("AFFO") Reconciliation:














Net earnings


$

97,904



$

106,787



$

298,941



$

295,658



Total FFO adjustments



56,267




40,436




158,871




141,704



Total Core FFO adjustments



156




153




626




885



Core FFO



154,327




147,376




458,438




438,247

















Straight-line accrued rent, net of reserves



(123)




(493)




8




(1,496)



Net capital lease rent adjustment



56




83




164




244



Below-market rent amortization



(109)




(115)




(351)




(349)



Stock based compensation expense



2,818




2,678




9,041




8,254



Capitalized interest expense



(1,268)




(1,248)




(4,744)




(2,374)



Total AFFO adjustments



1,374




905




4,118




4,279



AFFO


$

155,701



$

148,281



$

462,556



$

442,526

















AFFO per share:














Basic


$

0.85



$

0.82



$

2.53



$

2.44



Diluted


$

0.84



$

0.82



$

2.52



$

2.44

















Other Information:














Rental income from operating leases(1)


$

213,447



$

200,287



$

634,088



$

596,099



Earned income from direct financing leases(1)


$

116



$

140



$

353



$

427



Percentage rent(1)


$

200



$

336



$

1,347



$

1,390

















Real estate expenses reimbursed from tenants(1)


$

4,392



$

4,093



$

13,332



$

12,996



Real estate expenses



(7,263)




(6,459)




(21,175)




(20,141)



Real estate expenses, net of tenant reimbursements


$

(2,871)



$

(2,366)



$

(7,843)



$

(7,145)

















Amortization of debt costs


$

1,450



$

1,247



$

4,538



$

3,648



Scheduled debt principal amortization (excluding maturities)


$

—



$

—



$

—



$

173


(2)

Non-real estate depreciation expense


$

101



$

98



$

327



$

303





(1)

For the quarters ended September 30, 2024 and 2023, the aggregate of such amounts is $218,155 and $204,856, respectively, and $649,120 and $610,912, for the nine months ended September 30, 2024 and 2023, respectively, and is classified as rental income on the income statement summary.



(2)

In April 2023, NNN repaid the remaining mortgages payable principal balance of $9,774.

NNN REIT, Inc.

2024 Earnings Guidance
Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.



2024 Guidance

Net earnings per share excluding any gains on disposition of real
    estate, impairment charges, and executive retirement costs


$1.93 - $1.97 per share

Real estate depreciation and amortization per share


$1.35 per share

Core FFO per share


$3.28 - $3.32 per share

AFFO per share


$3.31 - $3.35 per share

General and administrative expenses


$45 - $46 Million

Real estate expenses, net of tenant reimbursements


$11 - $12 Million

Acquisition volume


$500 - $600 Million

Disposition volume


$110 - $130 Million

 

NNN REIT, Inc.

(dollars in thousands)

(unaudited)






September 30,
2024



December 31,
2023


Balance Sheet Summary














Assets:







Real estate portfolio, net of accumulated depreciation and amortization


$

8,625,489



$

8,535,851


Cash and cash equivalents



173,526




1,189


Restricted cash and cash held in escrow



4,986




3,966


Receivables, net of allowance of $592 and $669, respectively



2,224




3,649


Accrued rental income, net of allowance of $4,117 and $4,168, respectively



33,849




34,611


Debt costs, net of accumulated amortization of $26,280 and $23,952, respectively



9,656




3,243


Other assets



73,913




79,459


Total assets


$

8,923,643



$

8,661,968









Liabilities:







Line of credit payable


$

—



$

132,000


Notes payable, net of unamortized discount and unamortized debt costs



4,372,293




4,228,544


Accrued interest payable



75,399




34,374


Other liabilities



107,025




109,593


Total liabilities



4,554,717




4,504,511









Total equity



4,368,926




4,157,457









Total liabilities and equity


$

8,923,643



$

8,661,968









Common shares outstanding



187,525,891




182,474,770









Gross leasable area, Property Portfolio (square feet)



36,550,000




35,966,000


 

NNN REIT, Inc.

Debt Summary

As of September 30, 2024

(dollars in thousands)

(unaudited)


Unsecured Debt


Principal



Principal,
Net of
Unamortized
Discount



Stated
Rate



Effective
Rate



Maturity Date

Line of credit payable


$

—



$

—



SOFR +
87.5 bps




—



April 2028
















Unsecured notes payable:
















2025



400,000




399,872




4.000

%



4.029

%


November 2025


2026



350,000




349,022




3.600

%



3.733

%


December 2026


2027



400,000




399,447




3.500

%



3.548

%


October 2027


2028



400,000




398,704




4.300

%



4.388

%


October 2028


2030



400,000




399,254




2.500

%



2.536

%


April 2030


2033



500,000




489,352




5.600

%



5.905

%


October 2033


2034



500,000




494,002




5.500

%



5.662

%


June 2034


2048



300,000




296,197




4.800

%



4.890

%


October 2048


2050



300,000




294,526




3.100

%



3.205

%


April 2050


2051



450,000




442,184




3.500

%



3.602

%


April 2051


2052



450,000




440,226




3.000

%



3.118

%


April 2052

Total



4,450,000




4,402,786

























Total unsecured debt(1)


$

4,450,000



$

4,402,786

























Debt costs





$

(43,820)










Accumulated amortization




13,327










Debt costs, net of accumulated amortization




(30,493)










Notes payable, net of unamortized discount and
    unamortized debt costs



$

4,372,293













(1)


Unsecured debt has a weighted average interest rate of 4.1% and a weighted average maturity of 12.3 years.



NNN REIT, Inc.
Debt Summary – Continued
As of September 30, 2024
(unaudited)

Credit Facility and Notes Covenants

The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2024, the company believes it is in compliance with the covenants.

Key Covenants


Required


September 30,
2024

Unsecured Bank Credit Facility:





Maximum leverage ratio


< 0.60


0.37

Minimum fixed charge coverage ratio


> 1.50


4.29

Maximum secured indebtedness ratio


< 0.40


—

Unencumbered asset value ratio


> 1.67


2.71

Unencumbered interest ratio


> 1.75


4.22

Unsecured Notes:





Limitation on incurrence of total debt


≤ 60%


40.0 %

Limitation on incurrence of secured debt


≤ 40%


—

Debt service coverage ratio


≥ 1.50


4.2

Maintenance of total unencumbered assets


≥ 150%


250 %

 

NNN REIT, Inc.

Property Portfolio

As of September 30, 2024


Top 20 Lines of Trade





As of September 30,



Lines of Trade


2024(1)


2023(2)

1.


Automotive service


16.8 %


14.7 %

2.


Convenience stores


15.9 %


16.8 %

3.


Restaurants – limited service


8.4 %


8.8 %

4.


Restaurants – full service


8.3 %


8.8 %

5.


Family entertainment centers


7.2 %


5.8 %

6.


Recreational vehicle dealers, parts and accessories


5.1 %


4.7 %

7.


Theaters


4.0 %


4.2 %

8.


Health and fitness


4.0 %


4.6 %

9.


Equipment rental


3.2 %


3.0 %

10.


Wholesale clubs


2.4 %


2.5 %

11.


Automotive parts


2.4 %


2.5 %

12.


Drug stores


2.2 %


2.5 %

13.


Home improvement


2.1 %


2.3 %

14.


Furniture


1.9 %


2.1 %

15.


Medical service providers


1.8 %


1.8 %

16.


General merchandise


1.4 %


1.5 %

17.


Pet supplies and services


1.3 %


1.0 %

18.


Home furnishings


1.3 %


1.3 %

19.


Consumer electronics


1.3 %


1.4 %

20.


Travel plazas


1.2 %


1.3 %



Other


7.8 %


8.4 %



Total


100.0 %


100.0 %

 

Top 10 States




State


% of
Total(1)




State


% of
Total(1)

1.


Texas


17.3 %


6.


Tennessee


3.9 %

2.


Florida


9.2 %


7.


North Carolina


3.8 %

3.


Illinois


5.1 %


8.


Indiana


3.6 %

4.


Ohio


4.7 %


9.


Virginia


3.3 %

5.


Georgia


4.6 %


10.


Arizona


3.2 %


As a percentage of annual base rent, which is the annualized base rent for all leases in place.


(1)

$850,976,000 as of September 30, 2024.


(2)

$800,194,000 as of September 30, 2023.

 

NNN REIT, Inc.

Property Portfolio – Continued

As of September 30, 2024

 


Top 20 Tenants




Tenant


# of
Properties


% of
Total(1)

1.


7-Eleven


146


4.6 %

2.


Mister Car Wash


121


4.1 %

3.


Dave & Buster's


34


3.9 %

4.


Camping World


48


3.8 %

5.


GPM Investments (convenience stores)


150


2.9 %

6.


Flynn Restaurant Group (Taco Bell/Arby's)


204


2.7 %

7.


AMC Theatre


20


2.6 %

8.


LA Fitness


26


2.5 %

9.


BJ's Wholesale Club


13


2.4 %

10.


Mavis Tire Express Services


140


2.2 %

11.


Couche Tard (Pantry)


92


2.2 %

12.


Chuck-E-Cheese


53


1.8 %

13.


Walgreens


49


1.8 %

14.


Sunoco


53


1.8 %

15.


United Rentals


49


1.6 %

16.


Fikes (convenience stores)


58


1.5 %

17.


Frisch's Restaurants


64


1.5 %

18.


Tidal Wave Auto Spa


35


1.3 %

19.


Bob Evans


106


1.3 %

20.


Life Time Fitness


3


1.3 %

 

Lease Expirations(2)




% of
Total(1)


# of
Properties


Gross Leasable
Area(3)




% of
Total(1)


# of
Properties


Gross Leasable
Area(3)

2024


0.1 %


8


52,000


2030


3.9 %


128


1,691,000

2025


3.8 %


153


1,254,000


2031


7.0 %


184


2,655,000

2026


4.2 %


205


1,992,000


2032


5.7 %


215


2,361,000

2027


7.8 %


232


3,542,000


2033


4.6 %


135


1,403,000

2028


5.5 %


228


2,109,000


Thereafter


52.8 %


1,893


17,101,000

2029


4.6 %


143


2,083,000












(1)


Based on the annual base rent of $850,976,000, which is the annualized base rent for all leases in place as of September 30, 2024.

(2)


As of September 30, 2024, the weighted average remaining lease term is 10.0 years.

(3)


Square feet.

 

NNN REIT, Inc. (PRNewsfoto/National Retail Properties, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/third-quarter-2024-operating-results-announced-by-nnn-reit-inc-302292042.html

SOURCE NNN REIT, Inc.

FAQ

What was NNN REIT's revenue in Q3 2024?

NNN REIT reported revenues of $218.564 million for Q3 2024, up from $205.132 million in Q3 2023.

What is NNN REIT's occupancy rate as of Q3 2024?

NNN REIT maintained an occupancy rate of 99.3% as of September 30, 2024.

How many properties did NNN REIT acquire in Q3 2024?

NNN REIT acquired eight properties with approximately 626,000 square feet of gross leasable area in Q3 2024.

What is NNN REIT's Core FFO guidance for 2024?

NNN REIT narrowed its 2024 Core FFO guidance to a range of $3.28 to $3.32 per share.

Stock NNN logo
NNN REIT, Inc.

NYSE:NNN

NNN Rankings

#979 Ranked by Market Cap
#528 Ranked by Dividends

NNN Latest News

Oct 15, 2024
Common Dividend Declared by NNN REIT, Inc.
Aug 1, 2024
Second Quarter 2024 Operating Results and Increased 2024 Guidance Announced by NNN REIT, Inc.
Jul 15, 2024
Increased Common Dividend Declared by NNN REIT, Inc.
May 21, 2024
/C O R R E C T I O N -- NNN REIT, Inc./
May 21, 2024
NNN REIT, INC. PRICES OFFERING OF $500 MILLION OF 5.500% SENIOR UNSECURED NOTES DUE 2034

NNN Stock Data

7.98B
183.66M
0.78%
92.06%
2.19%
REIT - Retail
Real Estate Investment Trusts
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United States of America
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