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A woman shops in the frozen foods section of a supermarket. Vladimir Vladimirov/E+ via Getty Images As a dividend growth investor, I tend to look for companies with demonstrated track records of putting shareholders first. The most obvious way that a business can do this is to reliably grow its payout over time. As of the most recent data from the late Dave Fish's Champions, Contenders, and Challengers list, there were over 700 dividend stocks with at least five years of dividend growth. This investment uni ...

ORLANDO, Fla., May 21, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company"), a real estate investment trust, today announced that it has priced its public offering of $500,000,00 of 5.500% senior unsecured notes due 2034 (the "notes"). The notes were offered at 5.662% of the principal amount with a yield to maturity of 98.768%. Interest on the notes will be payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2024. The notes mature on June 15, 2034. The offeri ...

Core Insights - NNN REIT, Inc. has achieved 34 consecutive years of annual dividend increases, making it one of only three REITs to do so [5][6] - The company focuses on high-quality retail properties with long-term leases, owning 3,546 properties across 49 states, totaling approximately 36.1 million square feet of gross leasable area [2][4] - NNN REIT maintains a high occupancy rate of 99.4%, which is above its 25-year average of 98.1% [6] Company Strategy - The company's strategy emphasizes Core FFO (Funds From Operations) per share growth year-over-year, targeting mid-single digit growth to support dividend increases while keeping the payout ratio low [5][6] - NNN REIT's acquisition approach is long-term and relationship-based, partnering with large regional or national operators to enhance its portfolio [6] Financial Performance - In the previous year, NNN REIT invested $819.7 million in property investments, acquiring 165 properties [6]

Introduction NNN is a net lease REIT guided by a highly defensive business approach. It generally targets middle-market retail / service-oriented properties. peterschreiber.media/iStock via Getty Images Investment thesis NNN REIT (NYSE:NNN) has a fortress-like balance sheet, great business metrics, a highly defensive strategy reflected both in their financing and investment activities, as well as long-term and durable relationships with key partners that support its deal sourcing capabilities. The Company o ...

For the quarter ended March 2024, NNN REIT (NNN) reported revenue of $214.83 million, up 5.5% over the same period last year. EPS came in at $0.84, compared to $0.50 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $213.22 million, representing a surprise of +0.75%. The company delivered an EPS surprise of +1.20%, with the consensus EPS estimate being $0.83.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

NNN REIT (NNN) came out with quarterly funds from operations (FFO) of $0.84 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to FFO of $0.82 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.20%. A quarter ago, it was expected that this retail real estate investment trust would post FFO of $0.82 per share when it actually produced FFO of $0.82, delivering no surprise.Over the last four quarters, the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NNN REIT, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

[Operating and Financial Highlights](index=1&type=section&id=Operating%20Results) NNN REIT reported strong Q1 2024 results with year-over-year growth in key financial metrics, high occupancy, and strategic property investments Q1 2024 Operating Results vs. Q1 2023 | Metric | 2024 (in thousands, except per share data) | 2023 (in thousands, except per share data) | |---|---|---| | Revenues | $ 215,407 | $ 204,108 | | Net earnings | $ 94,371 | $ 90,167 | | Net earnings per share | $ 0.52 | $ 0.50 | | FFO | $ 151,261 | $ 145,549 | | FFO per share | $ 0.83 | $ 0.80 | | Core FFO | $ 151,578 | $ 145,972 | | Core FFO per share | $ 0.83 | $ 0.80 | | AFFO | $ 153,259 | $ 148,166 | | AFFO per share | $ 0.84 | $ 0.82 | - FFO and Core FFO per share increased by **3.8%** year-over-year, while AFFO per share increased by **2.4%**[3](index=3&type=chunk) - The company maintained a high occupancy rate of **99.4%** with a weighted average remaining lease term of **10.0 years**[3](index=3&type=chunk) - During the quarter, NNN invested **$124.5 million** in 20 new properties, sold six properties for **$18.5 million**, and raised **$21.5 million** in net proceeds from issuing common shares[3](index=3&type=chunk) - CEO Steve Horn emphasized the quarter's predictable performance, highlighting the **$125 million** in property acquisitions at an **8.0%** initial cash cap rate and an **18-year** weighted average lease term[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the unaudited summary financial statements for Q1 2024, detailing the company's financial performance and position [Income Statement Summary](index=4&type=section&id=Income%20Statement%20Summary) Q1 2024 total revenues increased to **$215.4 million** from **$204.1 million** year-over-year, with net earnings growing to **$94.4 million** Q1 2024 Income Statement Summary (unaudited) | Metric | 2024 (in thousands) | 2023 (in thousands) | |---|---|---| | **Revenues** | **$215,407** | **$204,108** | | Rental income | $214,825 | $203,630 | | **Operating expenses** | **$81,907** | **$81,383** | | Depreciation and amortization | $60,615 | $59,148 | | **Earnings from operations** | **$138,321** | **$129,025** | | Interest expense | $44,069 | $38,891 | | **Net earnings** | **$94,371** | **$90,167** | | **Diluted Net earnings per share** | **$0.52** | **$0.50** | [Balance Sheet Summary](index=8&type=section&id=Balance%20Sheet%20Summary) As of March 31, 2024, total assets were **$8.71 billion**, with liabilities at **$4.53 billion** and equity at **$4.17 billion** Balance Sheet Summary (unaudited) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | |---|---|---| | **Assets** | | | | Real estate portfolio, net | $8,586,856 | $8,535,851 | | Total assets | **$8,705,742** | **$8,661,968** | | **Liabilities** | | | | Line of credit payable | $116,200 | $132,000 | | Notes payable, net | $4,229,933 | $4,228,544 | | Total liabilities | **$4,530,884** | **$4,504,511** | | **Total equity** | **$4,174,858** | **$4,157,457** | | Total liabilities and equity | **$8,705,742** | **$8,661,968** | [Reconciliation of Non-GAAP Financial Measures](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP Net Earnings to non-GAAP metrics FFO, Core FFO, and AFFO, detailing per share performance for Q1 2024 Q1 2024 FFO and Core FFO Reconciliation | Metric | 2024 (in thousands, except per share) | 2023 (in thousands, except per share) | |---|---|---| | **Net earnings** | **$94,371** | **$90,167** | | Total FFO adjustments | $56,890 | $55,382 | | **FFO** | **$151,261** | **$145,549** | | Diluted FFO per share | $0.83 | $0.80 | | Total Core FFO adjustments | $317 | $423 | | **Core FFO** | **$151,578** | **$145,972** | | Diluted Core FFO per share | $0.83 | $0.80 | Q1 2024 AFFO Reconciliation | Metric | 2024 (in thousands, except per share) | 2023 (in thousands, except per share) | |---|---|---| | **Core FFO** | **$151,578** | **$145,972** | | Total AFFO adjustments | $1,681 | $2,194 | | **AFFO** | **$153,259** | **$148,166** | | Diluted AFFO per share | $0.84 | $0.82 | [2024 Full-Year Guidance](index=7&type=section&id=2024%20Earnings%20Guidance) NNN REIT provided its full-year 2024 guidance, projecting Core FFO and AFFO per share ranges, alongside acquisition and disposition volumes 2024 Guidance | Metric | 2024 Guidance | |---|---| | Net earnings per share (excluding certain items) | $1.94 - $2.00 per share | | Core FFO per share | $3.25 - $3.31 per share | | AFFO per share | $3.29 - $3.35 per share | | Acquisition volume | $400 - $500 Million | | Disposition volume | $80 - $120 Million | [Debt Summary](index=9&type=section&id=Debt%20Summary) This section details the company's debt profile and covenant compliance as of March 31, 2024, highlighting a strong balance sheet [Debt Composition](index=9&type=section&id=Debt%20Summary) As of March 31, 2024, total unsecured debt was approximately **$4.42 billion** with a **4.0%** weighted average interest rate and **11.8-year** weighted average maturity Unsecured Debt Summary as of March 31, 2024 | Debt Type | Principal (in thousands) | Stated Rate | Maturity Date | |---|---|---|---| | Line of credit payable | $116,200 | SOFR + 87.5 bps | June 2025 | | Unsecured notes payable | $4,300,000 | Various (2.500% - 5.600%) | 2024 - 2052 | | **Total Unsecured Debt** | **$4,416,200** | **(W.A. 4.0%)** | **(W.A. 11.8 years)** | - As of March 31, 2024, the Net Debt / EBITDA ratio based on annualized current quarter EBITDA is **5.5x**[26](index=26&type=chunk) [Key Financial Covenants](index=10&type=section&id=Credit%20Facility%20and%20Note%20Covenants) The company reported full compliance with all key financial covenants for its unsecured credit facility and notes as of March 31, 2024 Covenant Compliance as of March 31, 2024 | Key Covenants (Unsecured Bank Credit Facility) | Required | Actual | |---|---|---| | Maximum leverage ratio | < 0.60 | 0.39 | | Minimum fixed charge coverage ratio | > 1.50 | 4.43 | | Unencumbered asset value ratio | > 1.67 | 2.64 | | **Key Covenants (Unsecured Notes)** | **Required** | **Actual** | | Limitation on incurrence of total debt | ≤ 60% | 40.9% | | Debt service coverage ratio | ≥ 1.50 | 4.4 | [Property Portfolio Analysis](index=11&type=section&id=Property%20Portfolio) As of March 31, 2024, NNN's portfolio comprised **3,546** properties across 49 states, highly diversified by line of trade, geography, and tenancy - As of March 31, 2024, the company owned **3,546** properties in 49 states with a gross leasable area of approximately **36.1 million square feet** and a weighted average remaining lease term of **10.0 years**[4](index=4&type=chunk) [Diversification by Line of Trade and Geography](index=11&type=section&id=Top%2020%20Lines%20of%20Trade) The portfolio demonstrates strong diversification by industry and location, with top lines of trade and key states highlighted Top 5 Lines of Trade by Annual Base Rent (2024) | Lines of Trade | % of Annual Base Rent | |---|---| | 1. Automotive service | 16.3% | | 2. Convenience stores | 16.2% | | 3. Restaurants – full service | 8.6% | | 4. Restaurants – limited service | 8.5% | | 5. Family entertainment centers | 6.7% | Top 5 States by Annual Base Rent | State | % of Total | |---|---| | 1. Texas | 16.9% | | 2. Florida | 9.4% | | 3. Illinois | 5.1% | | 4. Ohio | 4.9% | | 5. Georgia | 4.8% | [Tenant and Lease Expiration Profile](index=12&type=section&id=Top%2020%20Tenants) The tenant base is highly granular, with the largest tenant comprising **4.4%** of annual base rent, and a well-staggered lease expiration schedule Top 5 Tenants by Annual Base Rent | Tenant | % of Total | |---|---| | 1. 7-Eleven | 4.4% | | 2. Mister Car Wash | 4.1% | | 3. Camping World | 3.8% | | 4. Dave & Buster's | 3.5% | | 5. LA Fitness | 3.0% | Lease Expirations by % of Annual Base Rent | Year | % of Total | |---|---| | 2024 | 1.2% | | 2025 | 4.5% | | 2026 | 4.7% | | 2027 | 8.1% | | Thereafter | 50.1% |

ORLANDO, Fla., May 1, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2024. Highlights include: Operating Results: Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts: Quarter EndedMarch 31, 2024 2023 (dollars in thousands, except per share data) Revenues $ 215,407 $ 204,108 Net earnings $ 94,371 $ 90,167 <td colspa ...