-- Marks 35th Consecutive Annual Dividend Increase -- Steve Horn, Chief Executive Officer, commented: "Maintaining a multi-year perspective has kept NNN in position to increase the annual dividend for the 35th consecutive year in 2024. A disciplined capital deployment strategy and a strong, flexible balance sheet have allowed NNN to continue this impressive track record of consistent growth." SOURCE NNN REIT, Inc. ORLANDO, Fla., July 15, 2024 /PRNewswire/ -- The Board of Directors of NNN REIT, Inc. (NYSE: N ...

I think there is potential for double-digit returns in the short term here because of the current price and the AFFO expectations. The yield is high enough that it creates a get-paid-to-wait situation. With low leverage, strong liquidity, and very low expenses, the risks are low enough to make NNN worthy of consideration for both dividend and value portfolios. Seeking Alpha However, after interest rates started rising, its performance has been more modest while the market has been anything but recently: VAL ...

National Retail Properties Inc. (NYSE:NNN) is a well-managed, well-diversified commercial real estate investment trust with long-term dividend growth potential. My Rating History National Retail Properties is a large owner of single-tenant, retail-focused real properties that are leased to tenants on a net-lease basis. As of March 31, 2024, National Retail Properties owned 3,546 properties across that country that were leased to more than 385 different tenants, Texas is by far the largest state in terms of ...

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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]

Investment Thesis - NNN REIT has a strong balance sheet, excellent business metrics, and a defensive strategy that enhances its deal sourcing capabilities [1][21] - The company offers an attractive dividend yield of approximately 5.3% and is considered undervalued compared to peers [1][39] Growth Prospects - Despite modest growth expectations for 2024 based on AFFO per share, NNN presents a favorable risk-to-reward ratio, particularly for stability-focused investors, with potential for double-digit total returns [2][40] Business Strategy - NNN is a net lease REIT that targets middle-market retail and service-oriented properties, emphasizing a disciplined and selective investment approach [3][12] - The company has completed $10.4 billion in acquisitions from 2007 to Q1 2024, with 72% of these being relationship-based, enhancing competitive advantage [6][9] Financial Performance - In 2023, NNN invested $819.7 million to acquire 165 properties at a weighted average cap rate of 7.3% [8] - The company reported a 1.6% year-over-year growth in AFFO per share to $3.26, exceeding its 2023 guidance [20] Comparison with Peers - NNN's business metrics, such as occupancy rate (99.4%) and WALT (10.0 years), are competitive compared to peers like Agree Realty Corporation (ADC) and Realty Income (O) [24][25] - NNN maintains a BBB+ credit rating, with 100% of its debt being unsecured and 97% at a fixed rate, showcasing strong credit metrics [16][26] Dividend Metrics - NNN has a history of 34 consecutive years of dividend payments, with a current yield of 5.3% and an AFFO payout ratio of 68.9% [18][28] - The company’s lease agreements typically include ~1.5% rent escalators, contributing positively to long-term financial performance [19] Valuation Outlook - NNN is currently undervalued relative to peers, with a P/FFO multiple of 12.9x compared to 15.5x for ADC and 15.0x for Essential Properties Realty Trust [31][33] - A potential appreciation of the P/FFO multiple to 14.0-14.5x could yield a ~7.7% upside, combined with dividends and rent escalations for double-digit total returns [34]

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 ...