PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) NNN REIT, Inc.'s unaudited condensed consolidated financial statements for Q2 and H1 2025, covering balance sheets, income, equity, cash flows, and notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) NNN REIT, Inc.'s Condensed Consolidated Balance Sheets show increased total assets, driven by real estate, and changes in liabilities and equity as of June 30, 2025 Assets, Liabilities, and Equity | ASSETS (in thousands) | June 30, 2025 (unaudited) | December 31, 2024 | | :------------------------------------------------ | :------------------------ | :------------------ | | Real estate portfolio, net | $9,023,171 | $8,746,168 | | Cash and cash equivalents | $5,973 | $8,731 | | Restricted cash and cash held in escrow | $775 | $331 | | Total assets | $9,148,677 | $8,872,728 | | LIABILITIES AND EQUITY (in thousands) | | | | Line of credit payable | $267,700 | $— | | Notes payable, net | $4,376,893 | $4,373,803 | | Total liabilities | $4,786,272 | $4,510,453 | | Total equity | $4,362,405 | $4,362,275 | | Total liabilities and equity | $9,148,677 | $8,872,728 | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) The Condensed Consolidated Statements of Income and Comprehensive Income show a decrease in net earnings for both the quarter and six months ended June 30, 2025, compared to the prior year, despite an increase in rental income, primarily due to higher operating expenses and interest expense Income and Comprehensive Income Summary | (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Rental income | $226,498 | $216,140 | $457,072 | $430,965 | | Total revenues | $226,802 | $216,813 | $457,656 | $432,220 | | Total operating expenses | $93,204 | $82,167 | $184,019 | $164,074 | | Gain on disposition of real estate | $16,198 | $17,621 | $20,011 | $22,442 | | Net earnings | $100,529 | $106,666 | $196,987 | $201,037 | | Basic Net earnings per share | $0.54 | $0.58 | $1.05 | $1.10 | | Diluted Net earnings per share | $0.54 | $0.58 | $1.05 | $1.10 | - Net earnings decreased by **5.76%** for the quarter ended June 30, 2025, compared to the same period in 2024, and by **2.01%** for the six months ended June 30, 2025, compared to the same period in 2024[11](index=11&type=chunk) [Condensed Consolidated Statements of Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) The Condensed Consolidated Statements of Equity detail the changes in stockholders' equity for the quarter and six months ended June 30, 2025 and 2024 Changes in Stockholders' Equity | (dollars in thousands) | Balances at March 31, 2025 | Net earnings | Dividends declared and paid | Issuance of common stock (ATM) | Balances at June 30, 2025 | | :--------------------- | :------------------------- | :----------- | :-------------------------- | :----------------------------- | :------------------------ | | Common Stock | $1,881 | — | $1 | $2 | $1,884 | | Capital in Excess of Par Value | $5,203,561 | — | $637 | $10,228 | $5,217,161 | | Accumulated Deficit | $(841,164) | $100,529 | $(108,566) | — | $(849,201) | | Total Equity | $4,356,487 | $100,529 | $(107,928) | $10,230 | $4,362,405 | - Total equity increased from **$4,356,487** thousand at March 31, 2025, to **$4,362,405** thousand at June 30, 2025, driven by net earnings and common stock issuances, partially offset by dividends[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The Condensed Consolidated Statements of Cash Flows highlight the company's cash generation and usage across operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary | (dollars in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $322,702 | $311,194 | | Net cash used in investing activities | $(386,969) | $(139,348) | | Net cash provided by (used in) financing activities | $61,953 | $(160,199) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $(2,314) | $11,647 | | Cash, cash equivalents and restricted cash at end of period | $6,748 | $16,802 | - Cash used in investing activities significantly increased from **$(139,348)** thousand in 2024 to **$(386,969)** thousand in 2025, primarily due to higher additions to real estate[25](index=25&type=chunk) - Financing activities provided **$61,953** thousand in cash in 2025, a substantial shift from using **$(160,199)** thousand in 2024, mainly due to increased proceeds from line of credit payable and reduced repayments[28](index=28&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures and explanations for the condensed consolidated financial statements, covering significant accounting policies, specifics of the real estate portfolio, debt instruments, equity transactions, fair value measurements, segment information, and subsequent events [Note 1 – Organization and Summary of Significant Accounting Policies](index=11&type=section&id=Note%201%20%E2%80%93%20Organization%20and%20Summary%20of%20Significant%20Accounting%20Policies) NNN REIT, Inc. is a fully integrated REIT primarily focused on acquiring, owning, investing in, and developing high-quality properties leased under long-term, net leases - NNN REIT, Inc operates as a single reportable segment, primarily deriving revenues from real estate leased under long-term, net leases[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) Property Portfolio Overview | Property Portfolio as of June 30, 2025 | | :------------------------------------- | | Total Properties: **3,663** | | Gross leasable area (square feet): **38,322,000** | | States: **50** | | Weighted average remaining lease term (years): **10** | - NNN adopted ASC **842**, classifying most leases as operating leases where tenants are responsible for operating expenses Rental income is recognized on a straight-line basis[42](index=42&type=chunk)[43](index=43&type=chunk) - For the six months ended June 30, 2025, NNN recorded a write-off of **$2,099,000** in outstanding receivables and related accrued rent, reclassifying **12** tenants as cash basis for accounting purposes[46](index=46&type=chunk) [Note 2 – Real Estate](index=17&type=section&id=Note%202%20%E2%80%93%20Real%20Estate) This note provides a detailed breakdown of NNN's real estate portfolio, including its composition, lease structures, intangible assets and liabilities, dispositions, construction commitments, and impairment losses Real Estate Portfolio Details | Real Estate Portfolio (dollars in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------- | :------------ | :---------------- | | Land and improvements | $2,977,752 | $2,919,976 | | Buildings and improvements | $8,159,894 | $7,805,939 | | Less accumulated depreciation and amortization | $(2,170,211) | $(2,065,316) | | Work in progress and improvements | $43,778 | $82,411 | | Classified as held for sale | $9,205 | $283 | | Total Real Estate Portfolio | $9,023,171 | $8,746,168 | Rental Revenues | Rental Revenues (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Rental income from operating leases | $221,714 | $211,557 | $445,770 | $420,641 | | Real estate expenses reimbursed from tenants | $4,388 | $4,206 | $9,906 | $8,940 | | Total Rental income | $226,498 | $216,140 | $457,072 | $430,965 | - Real estate held for sale increased significantly from **$283,000** (two properties) at December 31, 2024, to **$9,205,000** (seven properties) at June 30, 2025[48](index=48&type=chunk)[70](index=70&type=chunk) Real Estate Impairments | Real Estate Impairments (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Total real estate impairments, net of recoveries | $4,535 | $944 | $6,047 | $2,148 | | Number of Properties (Vacant) | **6** | **2** | **8** | **2** | [Note 3 – Line of Credit Payable](index=20&type=section&id=Note%203%20%E2%80%93%20Line%20of%20Credit%20Payable) This note details the terms of NNN's unsecured revolving credit facility, which was increased to $1.2 billion in April 2024 - NNN's unsecured revolving credit facility increased to **$1,200,000,000** in April 2024[78](index=78&type=chunk) - As of June 30, 2025, **$267,700,000** was outstanding on the Credit Facility, with **$932,300,000** available for future borrowings[78](index=78&type=chunk) - The Credit Facility bears interest at Adjusted SOFR plus **77.5** basis points, with potential ESG-linked pricing reductions[78](index=78&type=chunk) [Note 4 – Notes Payable and Derivatives](index=20&type=section&id=Note%204%20%E2%80%93%20Notes%20Payable%20and%20Derivatives) This note discusses NNN's notes payable and derivative activities, specifically the termination of forward starting swaps in connection with a $500 million senior unsecured notes offering - NNN terminated two forward starting swaps with a notional amount of **$200,000,000**, resulting in a net liability of **$409,000** deferred in accumulated other comprehensive income (loss)[80](index=80&type=chunk) - The deferred liability from terminated swaps will be amortized as an increase in interest expense over **10** years[80](index=80&type=chunk) - NNN reclassified **$929,000** and **$1,242,000** from accumulated other comprehensive income (loss) to interest expense for the six months ended June 30, 2025 and 2024, respectively[81](index=81&type=chunk) [Note 5 – Stockholders' Equity](index=20&type=section&id=Note%205%20%E2%80%93%20Stockholders%27%20Equity) This note details NNN's equity activities, including the Universal Shelf Registration Statement for future debt and equity issuances, and common stock issuances through the At-The-Market (ATM) equity program and the Dividend Reinvestment and Stock Purchase Plan (DRIP) - NNN has a Universal Shelf Registration Statement effective August 2023, allowing issuance of indeterminate amounts of debt and equity securities until August 2026[83](index=83&type=chunk)[84](index=84&type=chunk) Common Stock Issuances (ATM) | Common Stock Issuances (ATM) (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Shares of common stock | **236,906** | **303,443** | **236,906** | **803,443** | | Average price per share (net) | **$42.48** | **$41.81** | **$42.12** | **$41.69** | | Net proceeds | **$10,063** | **$12,687** | **$9,978** | **$33,493** | Dividends Declared and Paid | Dividends Declared and Paid (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Dividends | **$108,566** | **$103,159** | **$216,901** | **$205,843** | | Per share | **$0.5800** | **$0.5650** | **$1.1600** | **$1.1300** | [Note 6 – Fair Value of Financial Instruments](index=21&type=section&id=Note%206%20%E2%80%93%20Fair%20Value%20of%20Financial%20Instruments) This note addresses the fair value measurement of NNN's financial instruments - The carrying value of NNN's Credit Facility approximates fair value due to its variable interest rate[87](index=87&type=chunk) Fair Value of Notes Payable | Fair Value of Notes Payable (dollars in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------------------------- | :------------ | :---------------- | | Fair value of notes payable | $3,974,301 | $3,894,030 | - Fair value of notes payable is determined using Level **1** valuation inputs (quoted market prices) as they are publicly traded[88](index=88&type=chunk) [Note 7 – Segment Information](index=22&type=section&id=Note%207%20%E2%80%93%20Segment%20Information) NNN operates as a single reportable segment, with its Chief Executive Officer serving as the Chief Operating Decision Maker (CODM) - NNN's operations are reported within one reportable segment, deriving revenues primarily from real estate leased under long-term net leases[90](index=90&type=chunk) - The Chief Executive Officer acts as the Chief Operating Decision Maker (CODM), assessing performance and allocating resources based on net earnings and total assets[91](index=91&type=chunk)[92](index=92&type=chunk) [Note 8 – Subsequent Events](index=22&type=section&id=Note%208%20%E2%80%93%20Subsequent%20Events) This note discloses a significant subsequent event: the closing of a public offering on July 1, 2025, for $500 million principal amount of 4.600% senior unsecured notes due February 15, 2031 - On July 1, 2025, NNN closed a public offering of **$500,000,000** principal amount of **4.600%** senior unsecured notes due February 15, 2031[93](index=93&type=chunk) - The public offering price was **99.182%** of the principal amount, yielding **4.766%** to maturity[93](index=93&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on NNN's financial condition and operating performance, including forward-looking statements, an overview of the business, detailed analysis of revenues and expenses, liquidity and capital resources, capital structure, and critical accounting estimates [Forward-Looking Statements](index=23&type=section&id=Forward-Looking%20Statements) This section outlines the inherent risks and uncertainties that could cause NNN's actual results to differ materially from its forward-looking statements - Forward-looking statements are subject to risks including changes in financial/economic conditions, loss of rent from tenants, concentration in specific industries/geographies, and inability to execute acquisition/disposition strategies[95](index=95&type=chunk) - Other risks include natural disasters, cybersecurity incidents, inability to obtain capital on favorable terms, debt restrictions, and compliance with REIT tax requirements[95](index=95&type=chunk)[102](index=102&type=chunk) [Overview](index=24&type=section&id=Overview) NNN REIT, Inc is a fully integrated REIT that acquires, owns, invests in, and develops high-quality properties leased under long-term, net leases - As of June 30, 2025, NNN owned **3,663** properties in **50** states, with approximately **38,322,000** square feet of gross leasable area[99](index=99&type=chunk) - The Property Portfolio maintained approximately **98%** occupancy and a weighted average remaining lease term of **10** years as of June 30, 2025[99](index=99&type=chunk)[104](index=104&type=chunk) - Top line of trade concentrations include automotive service (**18.2%**), convenience stores (**16.5%**), and restaurants (**15.2%**)[103](index=103&type=chunk)[107](index=107&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) This section analyzes NNN's operating performance, detailing changes in its property portfolio, revenues, and expenses [Property Analysis](index=25&type=section&id=Property%20Analysis) NNN's property portfolio grew to 3,663 properties by June 30, 2025, with an increased Annualized Base Rent (ABR) Property Portfolio Summary | Property Portfolio Summary | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :------------------------- | :------------ | :---------------- | :------------ | | Properties Owned (Number) | **3,663** | **3,568** | **3,548** | | Total gross leasable area (sq ft) | **38,322,000** | **36,557,000** | **36,095,000** | | Total Annualized Base Rent (ABR) | **$893,782,000** | **$860,562,000** | **$837,568,000** | Property Acquisitions | Property Acquisitions (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Number of Properties | **45** | **16** | **127** | **36** | | Total dollars invested | **$232,536** | **$110,542** | **$464,929** | **$235,034** | | Weighted average cap rate | **7.4%** | **7.9%** | **7.4%** | **8.0%** | Property Dispositions | Property Dispositions (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Number of properties | **23** | **14** | **33** | **20** | | Net sales proceeds | **$51,248** | **$67,274** | **$67,087** | **$85,805** | | Net gain on disposition of real estate | **$16,198** | **$17,621** | **$20,011** | **$22,442** | | Weighted average cap rate | **6.2%** | **7.7%** | **5.7%** | **7.4%** | [Analysis of Revenues](index=27&type=section&id=Analysis%20of%20Revenues) NNN's total revenues increased by **4.6%** for the quarter and **5.9%** for the six months ended June 30, 2025, primarily driven by a rise in rental income from recent property acquisitions Revenues by Category | Revenues (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Percent Increase (Decrease) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Percent Increase (Decrease) | | :------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | :-------------------------- | | Rental Revenues | **$222,110** | **$211,934** | **4.8%** | **$447,166** | **$422,025** | **6.0%** | | Real estate expenses reimbursed from tenants | **$4,388** | **$4,206** | **4.3%** | **$9,906** | **$8,940** | **10.8%** | | Interest and other income from real estate transactions | **$304** | **$673** | (**54.8%**) | **$584** | **$1,255** | (**53.5%**) | | Total revenues | **$226,802** | **$216,813** | **4.6%** | **$457,656** | **$432,220** | **5.9%** | - Rental income increased due to revenues from recent Property acquisitions[111](index=111&type=chunk) [Analysis of Expenses](index=28&type=section&id=Analysis%20of%20Expenses) NNN's total operating expenses increased by **13.4%** for the quarter and **12.2%** for the six months ended June 30, 2025 Operating Expenses and Interest Expense | Expenses (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Percent Increase (Decrease) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Percent Increase (Decrease) | | :------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | :-------------------------- | | General and administrative | **$11,217** | **$11,789** | (**4.9%**) | **$24,225** | **$24,373** | (**0.6%**) | | Non-reimbursed real estate | **$4,450** | **$2,552** | **74.4%** | **$8,307** | **$4,972** | **67.1%** | | Depreciation and amortization | **$68,349** | **$62,503** | **9.4%** | **$132,966** | **$123,118** | **8.0%** | | Impairment losses – real estate, net of recoveries | **$4,535** | **$944** | **380.4%** | **$6,047** | **$2,148** | **181.5%** | | Retirement and severance costs | **$191** | **$153** | **24.8%** | **$2,364** | **$470** | **403.0%** | | Total operating expenses | **$93,204** | **$82,167** | **13.4%** | **$184,019** | **$164,074** | **12.2%** | | Interest expense | **$49,282** | **$46,577** | **5.8%** | **$97,005** | **$90,646** | **7.0%** | - Non-reimbursed real estate expenses increased significantly due to an increase in the number of vacant properties[112](index=112&type=chunk) - Retirement and severance costs increased primarily due to costs associated with the retirement and transition agreement of the former Executive Vice President and Chief Financial Officer[115](index=115&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) NNN's liquidity strategy focuses on funding operating expenses, dividends, property acquisitions, and debt obligations through a combination of cash from operations, its Credit Facility, debt/equity issuances, and property sales [Financing Strategy](index=29&type=section&id=Financing%20Strategy) NNN's financing objective is to effectively manage its capital structure to support operating and investing strategies, service debt, maintain an investment-grade credit rating, and provide stockholder value - NNN's financing objective is to manage its capital structure to fund operations, service debt, maintain investment-grade credit rating, and provide stockholder value[118](index=118&type=chunk) - Sources of capital include debt/equity issuances, borrowings from banks, property sales, and internally generated funds[118](index=118&type=chunk) [Cash Flows](index=29&type=section&id=Cash%20Flows) For the six months ended June 30, 2025, cash provided by operating activities increased to **$322.7** million, sufficient to cover distributions Cash Flow Summary | Cash Flows (dollars in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Provided by operating activities | $322,702 | $311,194 | | Used in investing activities | $(386,969) | $(139,348) | | Provided by (used in) financing activities | $61,953 | $(160,199) | | Net cash at end of period | $6,748 | $16,802 | - Cash provided by operating activities increased by **$11.5** million (**3.7%**) for the six months ended June 30, 2025, compared to the same period in 2024[120](index=120&type=chunk)[121](index=121&type=chunk) - Financing activities for the six months ended June 30, 2025, included **$267.7** million in net borrowings from the Credit Facility and **$11.6** million from common stock issuances, while paying **$216.9** million in dividends[127](index=127&type=chunk) [Material Cash Requirements](index=30&type=section&id=Material%20Cash%20Requirements) NNN's material cash requirements include long-term debt maturities, interest payments, common stock dividends, and property construction costs Contractual Cash Obligations | Material Cash Requirements (dollars in thousands) | Total 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | | :------------------------------------------------ | :--------- | :--- | :--- | :--- | :--- | :--------- | | Long-term debt (principal) | $4,450,000 | $400,000 | $350,000 | $400,000 | $400,000 | $— | $2,900,000 | | Long-term debt – interest | $1,973,381 | $87,125 | $161,725 | $146,733 | $132,067 | $118,450 | $1,327,281 | | Credit Facility | $267,700 | $— | $— | $— | $267,700 | $— | $— | | Total contractual cash obligations | $6,691,081 | $487,125 | $511,725 | $546,733 | $799,767 | $118,450 | $4,227,281 | Property Construction Commitments | Property Construction Commitments (dollars in thousands) | | :------------------------------------------------------- | | Total commitment: **$103,177** |\n| Less amount funded: **$(64,352)** |\n| Remaining commitment: **$38,825** | - Management expects to meet these obligations using cash from operations, current capital resources, the Credit Facility, debt/equity financings, and property dispositions[126](index=126&type=chunk) [Properties](index=31&type=section&id=Properties) NNN's properties are primarily under triple-net leases, where tenants cover operating expenses, minimizing capital demands for the company - NNN's Property leases are typically triple-net, with tenants responsible for operating expenses, leading to modest capital demands for NNN[128](index=128&type=chunk) - As of June 30, 2025, NNN owned **73** vacant, un-leased Properties, representing **2%** of total Properties and gross leasable area[129](index=129&type=chunk) - As of July 31, 2025, approximately **1%** of total annualized base rent was leased to two tenants in Chapter **11** bankruptcy, which could adversely affect liquidity[130](index=130&type=chunk) [Dividends](index=31&type=section&id=Dividends) NNN's primary objective is to distribute a substantial portion of its funds from operations as dividends while maintaining REIT status and sufficient cash reserves - NNN aims to distribute a substantial portion of funds from operations as dividends to stockholders[131](index=131&type=chunk) Dividends Declared and Paid | Dividends Declared and Paid (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Dividends | **$108,566** | **$103,159** | **$216,901** | **$205,843** | | Per share | **$0.5800** | **$0.5650** | **$1.1600** | **$1.1300** | - In July 2025, NNN declared a dividend of **$0.6000** per share, payable in August 2025[131](index=131&type=chunk) [Capital Structure](index=31&type=section&id=Capital%20Structure) NNN's capital structure primarily consists of notes payable and a line of credit, used to fund acquisitions, construction, and debt refinancing Total Debt Outstanding | Total Debt Outstanding (dollars in thousands) | June 30, 2025 | Percentage of Total | December 31, 2024 | Percentage of Total | | :-------------------------------------------- | :------------ | :------------------ | :---------------- | :------------------ | | Line of credit payable | $267,700 | **5.8%** | $— | — | | Notes payable | $4,376,893 | **94.2%** | $4,373,803 | **100.0%** | | Total debt outstanding | $4,644,593 | **100.0%** | $4,373,803 | **100.0%** | [Line of Credit Payable](index=32&type=section&id=Line%20of%20Credit%20Payable) NNN's unsecured revolving credit facility was increased to **$1.2** billion in April 2024, maturing in April 2028 (extendable to April 2029) - The Credit Facility's borrowing capacity was increased to **$1,200,000,000** in April 2024[133](index=133&type=chunk) - As of June 30, 2025, **$267,700,000** was outstanding and **$932,300,000** was available under the Credit Facility[133](index=133&type=chunk) - The Credit Facility matures in April 2028, with options to extend to April 2029, and includes an accordion feature up to **$2,000,000,000**[133](index=133&type=chunk) [Universal Shelf Registration Statement](index=32&type=section&id=Universal%20Shelf%20Registration%20Statement) In August 2023, NNN filed a Universal Shelf Registration Statement, allowing for the issuance of an indeterminate amount of debt and equity securities, including common stock, preferred stock, and other instruments - NNN filed a Universal Shelf Registration Statement in August 2023, permitting the issuance of an indeterminate amount of debt and equity securities[134](index=134&type=chunk) [Debt Securities – Notes Payable](index=32&type=section&id=Debt%20Securities%20%E2%80%93%20Notes%20Payable) NNN's notes payable consist of various unsecured series with maturities ranging from 2025 to 2052, totaling **$4.45** billion in principal Notes Payable Details | Notes Payable (dollars in thousands) | Principal | Stated Rate | Effective Rate | Maturity Date | | :----------------------------------- | :-------- | :---------- | :------------- | :------------ | | 2025 Notes | $400,000 | **4.000%** | **4.029%** | November 2025 | | 2026 Notes | $350,000 | **3.600%** | **3.733%** | December 2026 | | 2027 Notes | $400,000 | **3.500%** | **3.548%** | October 2027 | | 2028 Notes | $400,000 | **4.300%** | **4.388%** | October 2028 | | 2030 Notes | $400,000 | **2.500%** | **2.536%** | April 2030 | | 2033 Notes | $500,000 | **5.600%** | **5.905%** | October 2033 | | 2034 Notes | $500,000 | **5.500%** | **5.662%** | June 2034 | | 2048 Notes | $300,000 | **4.800%** | **4.890%** | October 2048 | | 2050 Notes | $300,000 | **3.100%** | **3.205%** | April 2050 | | 2051 Notes | $450,000 | **3.500%** | **3.602%** | April 2051 | | 2052 Notes | $450,000 | **3.000%** | **3.118%** | April 2052 | - In July 2025, NNN issued **$500,000,000** of **4.600%** notes due February 2031, with net proceeds of approximately **$491,710,000**[138](index=138&type=chunk)[140](index=140&type=chunk) - The proceeds from the 2031 Notes are intended to repay the Credit Facility, fund future property acquisitions, and for general corporate purposes[140](index=140&type=chunk) [Equity Securities](index=33&type=section&id=Equity%20Securities) NNN utilizes an At-The-Market (ATM) equity program and a Dividend Reinvestment and Stock Purchase Plan (DRIP) to issue common stock ATM Offerings | ATM Offerings (dollars in thousands, except per share data) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------------------------- | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Shares of common stock | **236,906** | **303,443** | **236,906** | **803,443** | | Average price per share (net) | **$42.48** | **$41.81** | **$42.12** | **$41.69** | | Net proceeds | **$10,063** | **$12,687** | **$9,978** | **$33,493** | DRIP Issuances | DRIP Issuances (dollars in thousands) | Quarter Ended June 30, 2025 | Quarter Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | | Shares of common stock | **17,316** | **14,815** | **34,092** | **34,309** | | Net proceeds | **$707** | **$604** | **$1,363** | **$1,313** | - As of June 30, 2025, **4,889,006** shares had been issued under the 2023 ATM program, out of **17,500,000** allowable shares[143](index=143&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) NNN's financial statements rely on management's estimates and assumptions, particularly concerning real estate acquisition accounting, the recoverability of long-lived assets, and the collectability of lease payments - Significant accounting policies include management's estimates for real estate acquisition accounting, recoverability of long-lived assets, and probability of lease payment collections[65](index=65&type=chunk)[145](index=145&type=chunk) - Estimates are sensitive to current and future market and economic conditions, and actual results may differ materially[65](index=65&type=chunk)[145](index=145&type=chunk) - No material changes were made to critical accounting policies during the periods covered by this report[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) NNN is exposed to interest rate risk primarily from its variable rate Credit Facility and fixed rate long-term debt - NNN is exposed to interest rate risk from its variable rate Credit Facility and fixed rate long-term debt[146](index=146&type=chunk) - As of June 30, 2025, NNN had no outstanding derivative financial instruments[146](index=146&type=chunk) Debt Obligations | Debt Obligations (dollars in thousands) | Variable Rate Debt (Credit Facility) | Fixed Rate Debt (Unsecured Debt) | | :-------------------------------------- | :----------------------------------- | :------------------------------- | | Total Debt Obligation | $267,700 | $4,450,000 | | Weighted Average Interest Rate | **5.22%** | **4.12%** | | Fair Value (June 30, 2025) | $267,700 | $3,974,301 | - If interest rates on NNN's variable rate debt increased by one percent, interest expense would have increased by less than one percent for the six months ended June 30, 2025[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) NNN's management, including its Chief Executive Officer, Chief Financial Officer, and Chief Accounting and Technology Officer, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025 - NNN's Chief Officers concluded that disclosure controls and procedures were effective as of June 30, 2025[151](index=151&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[152](index=152&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) This section states that there are no applicable legal proceedings to report - No legal proceedings are applicable for this reporting period[154](index=154&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) This section indicates that there were no material changes to the risk factors previously disclosed in NNN's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes in risk factors were disclosed compared to the 2024 Annual Report on Form 10-K[154](index=154&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there are no applicable unregistered sales of equity securities or use of proceeds to report - No unregistered sales of equity securities and use of proceeds are applicable for this reporting period[156](index=156&type=chunk) [Item 3. Defaults Upon Senior Securities](index=37&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section states that there are no applicable defaults upon senior securities to report - No defaults upon senior securities are applicable for this reporting period[156](index=156&type=chunk) [Item 4. Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that there are no applicable mine safety disclosures to report - No mine safety disclosures are applicable for this reporting period[156](index=156&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report - No other information is applicable for this reporting period[156](index=156&type=chunk) [Item 6. Exhibits](index=37&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Securities and Exchange Commission as part of this report, including supplemental indentures, employment letters, Section 302 and 906 certifications, and Interactive Data Files (Inline XBRL) - Exhibits include the Twenty-third Supplemental Indenture for **4.600%** Notes due 2031 and the form of these notes[156](index=156&type=chunk) - An Employment Letter for Joshua P Lewis, dated August 1, 2025, is filed as Exhibit **10.1**[156](index=156&type=chunk) - Section **302** and **906** Certifications from the Chief Executive Officer and Chief Financial Officer are filed herewith[156](index=156&type=chunk) [Signatures](index=39&type=section&id=Signatures) This section contains the signatures of NNN REIT, Inc.'s authorized officers, Stephen A Horn, Jr (President, Chief Executive Officer and Director) and Vincent H Chao (Executive Vice President and Chief Financial Officer), certifying the filing of the report on August 5, 2025 - The report was signed by Stephen A Horn, Jr, President, Chief Executive Officer and Director, and Vincent H Chao, Executive Vice President and Chief Financial Officer, on August 5, 2025[160](index=160&type=chunk)[161](index=161&type=chunk)

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) NNN REIT, Inc. reported a strong second quarter 2025, with significant investments in 45 properties at an accretive cap rate of 7.4%. The company increased its 2025 Core FFO and AFFO guidance and announced its 36th consecutive annual dividend increase, demonstrating robust operational performance and financial flexibility [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) NNN REIT reported strong Q2 2025 results, increasing Core FFO and AFFO per share, making significant property investments, and marking its 36th consecutive annual dividend increase - Reported net earnings of **$0.54 per diluted share**[5](index=5&type=chunk) - Grew Core FFO and AFFO per diluted share by **1.2%** over prior year results, to **$0.84** and **$0.85**, respectively[5](index=5&type=chunk) - Increased ABR by **6.7%** over prior year results[5](index=5&type=chunk) - Closed on **$232.5 million** of investments across **45 properties** at an initial cash cap rate of **7.4%**, with a weighted average lease term of **17.8 years**[5](index=5&type=chunk) - Sold **23 properties** for **$51.2 million**, including **$24.7 million** of income producing properties at a weighted average cap rate of **6.2%**[5](index=5&type=chunk) - Paid a **$0.58 quarterly dividend**, equating to a **5.4% annualized dividend yield** and **68% AFFO payout ratio**[5](index=5&type=chunk) - Announced a **3.4% increase** in the third quarter 2025 quarterly dividend to **$0.60 per share**, marking the Company's **36th consecutive annual dividend increase**[5](index=5&type=chunk) - Increased the midpoint of 2025 Core FFO and AFFO per share guidance by **$0.01**[5](index=5&type=chunk) - Increased 2025 acquisition volume guidance by **$100 million**[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted strong Q2 investments of $233 million, over $460 million in H1 2025, and enhanced liquidity for strategic execution - NNN delivered another strong quarter, investing **$233 million** across **45 properties**, at an accretive initial cash cap rate of **7.4%**[3](index=3&type=chunk) - Over **$460 million** of real estate investments completed in the first half of 2025[3](index=3&type=chunk) - Nearly **$1.5 billion** of immediate liquidity following a note offering positions the company to raise 2025 Core FFO guidance and execute its strategy through year end[3](index=3&type=chunk) [Additional Strategic Highlights](index=1&type=section&id=Additional%20Highlights) NNN REIT enhanced balance sheet flexibility through equity issuance and a note offering, achieving $1.4 billion in liquidity and a sector-leading debt maturity - Raised **$10.9 million** in gross proceeds from the issuance of **254,222 common shares** at an average price per share of **$43.03**[5](index=5&type=chunk) - Improved balance sheet flexibility, following the end of the quarter, through the issuance of **$500 million principal amount of 4.600% senior unsecured notes due 2031** and the repayment of the outstanding balance on the unsecured revolving line of credit[5](index=5&type=chunk) - Pro forma for the 2031 Notes, the Company had a sector leading weighted average debt maturity of **11.0 years**, no encumbered assets, no floating rate debt and **$1.4 billion** of total available liquidity[5](index=5&type=chunk) - Published the Company's third annual Corporate Sustainability Report[5](index=5&type=chunk) [Financial Performance Overview](index=2&type=section&id=Financial%20Performance%20Overview) NNN REIT reported mixed financial results for Q2 2025, with revenues increasing but net earnings declining year-over-year. However, key REIT performance metrics like FFO, Core FFO, and AFFO per diluted share showed modest growth, indicating underlying operational strength [Revenues and Net Earnings, FFO, Core FFO and AFFO](index=2&type=section&id=FINANCIAL%20RESULTS) This section details NNN REIT's Q2 and H1 2025 financial results, including revenues, net earnings, FFO, Core FFO, and AFFO, with year-over-year comparisons Q2 and Six Months Ended June 30, 2025 vs 2024 Financial Results | Metric (dollars in thousands, except per share data) | Q2 2025 | Q2 2024 | YoY Change (Q2) | 6M 2025 | 6M 2024 | YoY Change (6M) | | :------------------------------------------------- | :------ | :------ | :-------------- | :------ | :------ | :-------------- | | Revenues | $226,802 | $216,813 | +4.6% | $457,656 | $432,220 | +5.9% | | Net earnings | $100,529 | $106,666 | -5.8% | $196,987 | $201,037 | -2.0% | | Net earnings per share | $0.54 | $0.58 | -6.9% | $1.05 | $1.10 | -4.5% | | FFO | $157,175 | $152,380 | +3.1% | $315,909 | $303,641 | +4.0% | | FFO per share | $0.84 | $0.83 | +1.2% | $1.69 | $1.66 | +1.8% | | Core FFO | $157,366 | $152,533 | +3.2% | $318,273 | $304,111 | +4.7% | | Core FFO per share | $0.84 | $0.83 | +1.2% | $1.70 | $1.67 | +1.8% | | AFFO | $158,523 | $153,596 | +3.2% | $321,538 | $306,855 | +4.8% | | AFFO per share | $0.85 | $0.84 | +1.2% | $1.72 | $1.68 | +2.4% | [Reconciliation of Non-GAAP Financial Measures (FFO, Core FFO, AFFO)](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides a reconciliation of NNN REIT's non-GAAP financial measures, including FFO, Core FFO, and AFFO per share, along with dividend and payout ratio details Q2 and Six Months Ended June 30, 2025 vs 2024 Non-GAAP Per Share Metrics | Metric (per share) | Q2 2025 | Q2 2024 | YoY Change (Q2) | 6M 2025 | 6M 2024 | YoY Change (6M) | | :----------------- | :------ | :------ | :-------------- | :------ | :------ | :-------------- | | FFO per share (Basic) | $0.84 | $0.84 | 0.0% | $1.69 | $1.67 | +1.2% | | FFO per share (Diluted) | $0.84 | $0.83 | +1.2% | $1.69 | $1.66 | +1.8% | | Core FFO per share (Basic) | $0.84 | $0.84 | 0.0% | $1.70 | $1.67 | +1.8% | | Core FFO per share (Diluted) | $0.84 | $0.83 | +1.2% | $1.70 | $1.67 | +1.8% | | AFFO per share (Basic) | $0.85 | $0.84 | +1.2% | $1.72 | $1.68 | +2.4% | | AFFO per share (Diluted) | $0.85 | $0.84 | +1.2% | $1.72 | $1.68 | +2.4% | | Dividend per share | $0.5800 | $0.5650 | +2.7% | $1.1600 | $1.1300 | +2.7% | | AFFO payout ratio | 68% | 67% | +1 pp | 67% | 67% | 0 pp | [Portfolio Activity & Snapshot](index=2&type=section&id=Portfolio%20Activity%20%26%20Snapshot) NNN REIT's portfolio expanded to 3,663 properties with a 98.0% occupancy rate as of June 30, 2025. The company actively managed its portfolio through significant acquisitions totaling $464.9 million in the first half of 2025 and strategic dispositions, maintaining a diversified tenant base across various lines of trade and states [Portfolio Snapshot](index=2&type=section&id=PORTFOLIO%20SNAPSHOT) This section provides a snapshot of NNN REIT's portfolio as of June 30, 2025, detailing property count, gross leasable area, occupancy, lease term, and ABR Portfolio Snapshot as of June 30, 2025 | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------- | :------------ | | Number of properties | 3,663 | 3,641 | 3,548 | | Total gross leasable area (sq ft) | 38,322,000 | 37,311,000 | 36,095,000 | | Occupancy rate | 98.0% | 97.7% | 99.3% | | Weighted average remaining lease term (years) | 9.8 | 9.9 | 10.0 | | ABR (dollars in thousands) | $893,782 | $874,301 | $837,568 | [Property Acquisitions](index=2&type=section&id=PROPERTY%20ACQUISITIONS) NNN REIT's property acquisitions for Q2 and H1 2025 totaled $464.9 million across 127 properties, with an average cap rate of 7.4% and long lease terms Property Acquisitions for Q2 and Six Months Ended June 30, 2025 | Metric (dollars in thousands) | Quarter Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :---------------------------- | :-------------------------- | :----------------------------- | | Total dollars invested | $232,536 | $464,929 | | Number of properties | 45 | 127 | | Gross leasable area (sq ft) | 1,399,000 | 2,230,000 | | Weighted average cap rate | 7.4% | 7.4% | | Weighted average lease term (years) | 17.8 | 18.0 | - Investments in the six months ended June 30, 2025, equating to **85%** of the initial full year acquisition plan at the midpoint[5](index=5&type=chunk) [Property Dispositions](index=2&type=section&id=PROPERTY%20DISPOSITIONS) NNN REIT disposed of 23 properties for $51.2 million in Q2 2025, including income-producing assets at a weighted average cap rate of 6.2% Property Dispositions for Q2 and Six Months Ended June 30, 2025 | Metric (dollars in thousands) | Q2 2025 (Occupied) | Q2 2025 (Vacant) | Q2 2025 (Total) | 6M 2025 (Occupied) | 6M 2025 (Vacant) | 6M 2025 (Total) | | :---------------------------- | :----------------- | :--------------- | :-------------- | :----------------- | :--------------- | :-------------- | | Number of properties | 10 | 13 | 23 | 19 | 14 | 33 | | Gross leasable area (sq ft) | 162,000 | 196,000 | 358,000 | 220,000 | 210,000 | 430,000 | | Net sale proceeds | $24,727 | $26,521 | $51,248 | $38,067 | $29,020 | $67,087 | | Weighted average cap rate | 6.2% | — | 6.2% | 5.7% | — | 5.7% | [Property Portfolio Details](index=13&type=section&id=Property%20Portfolio%20Details) NNN REIT's portfolio is diversified across various lines of trade, states, and tenants, with a balanced lease expiration schedule over the next decade and beyond [Top 20 Lines of Trade](index=13&type=section&id=Top%2020%20Lines%20of%20Trade) This section outlines NNN REIT's top 20 lines of trade by ABR, highlighting the diversification of its tenant base as of June 30, 2025 Top 20 Lines of Trade by ABR as of June 30, 2025 | Rank | Lines of Trade | % of ABR (June 30, 2025) | % of ABR (June 30, 2024) | | :--- | :---------------------- | :----------------------- | :----------------------- | | 1. | Automotive service | 18.2% | 16.9% | | 2. | Convenience stores | 16.5% | 16.2% | | 3. | Restaurants – limited service | 8.2% | 8.5% | | 4. | Entertainment | 7.3% | 6.6% | | 5. | Restaurants – full service | 7.0% | 8.4% | | 6. | Dealerships | 6.7% | 5.4% | | 7. | Health and fitness | 4.1% | 4.0% | | 8. | Theaters | 3.8% | 4.1% | | 9. | Equipment rental | 3.1% | 3.3% | | 10. | Automotive parts | 2.4% | 2.4% | | 11. | Wholesale clubs | 2.3% | 2.4% | | 12. | Drug stores | 2.1% | 2.3% | | 13. | Home improvement | 2.0% | 2.2% | | 14. | Medical service providers | 1.9% | 1.8% | | 15. | Pet supplies and services | 1.6% | 1.2% | | 16. | Discount retail | 1.4% | 1.6% | | 17. | Furniture | 1.3% | 2.0% | | 18. | Travel plazas | 1.2% | 1.3% | | 19. | Consumer electronics | 1.2% | 1.3% | | 20. | Home furnishings | 1.1% | 1.3% | | Total| | 100.0% | 100.0% | [Top 20 States](index=14&type=section&id=Top%2020%20States) This section presents NNN REIT's property distribution across its top 20 states by number of properties and ABR as of June 30, 2025 Top 20 States by Properties and ABR as of June 30, 2025 | Rank | State | of Properties | % of ABR | | :--- | :------------- | :-------------- | :------- | | 1. | Texas | 590 | 18.8% | | 2. | Florida | 271 | 8.7% | | 3. | Illinois | 169 | 4.9% | | 4. | Georgia | 173 | 4.4% | | 5. | Ohio | 226 | 4.4% | | 6. | Indiana | 164 | 3.7% | | 7. | Tennessee | 154 | 3.7% | | 8. | North Carolina | 158 | 3.6% | | 9. | Michigan | 121 | 3.4% | | 10. | Arizona | 81 | 3.4% | | 11. | Virginia | 120 | 3.4% | | 12. | California | 72 | 2.9% | | 13. | Alabama | 150 | 2.8% | | 14. | Pennsylvania | 89 | 2.5% | | 15. | New Jersey | 33 | 2.4% | | 16. | Missouri | 106 | 2.4% | | 17. | Maryland | 50 | 2.1% | | 18. | Colorado | 45 | 2.0% | | 19. | South Carolina | 81 | 1.9% | | 20. | Oklahoma | 89 | 1.7% | | Other| | 721 | 16.9% | | Total| | 3,663 | 100.0% | [Top 20 Tenants](index=15&type=section&id=Top%2020%20Tenants) This section details NNN REIT's top 20 tenants by number of properties and ABR, showcasing the diversity of its tenant relationships Top 20 Tenants by Properties and ABR as of June 30, 2025 | Rank | Tenant | of Properties | % of ABR | | :--- | :------------------------------ | :-------------- | :------- | | 1. | 7-Eleven | 146 | 4.4% | | 2. | Mister Car Wash | 121 | 4.0% | | 3. | Dave & Buster's | 34 | 3.7% | | 4. | Camping World | 46 | 3.6% | | 5. | GPM Investments (convenience stores) | 147 | 2.7% | | 6. | Flynn Restaurant Group (Taco Bell/Arby's) | 204 | 2.6% | | 7. | AMC Theatres | 20 | 2.5% | | 8. | BJ's Wholesale Club | 13 | 2.3% | | 9. | LA Fitness | 25 | 2.3% | | 10. | Kent Distributors (convenience stores) | 49 | 2.3% | | 11. | Mavis Tire Express Services | 140 | 2.1% | | 12. | Couche Tard (Pantry) | 91 | 2.1% | | 13. | Walgreens | 49 | 1.7% | | 14. | Sunoco | 53 | 1.7% | | 15. | Chuck E. Cheese | 51 | 1.7% | | 16. | Casey's General Stores (convenience stores) | 62 | 1.6% | | 17. | United Rentals | 49 | 1.6% | | 18. | Tidal Wave Auto Spa | 35 | 1.4% | | 19. | Super Star Car Wash | 33 | 1.3% | | 20. | Bob Evans Restaurants | 105 | 1.2% | | Other| | 2,190 | 53.2% | | Total| | 3,663 | 100.0% | [Lease Expirations](index=15&type=section&id=Lease%20Expirations) This section provides the lease expiration schedule by year, detailing the percentage of ABR, number of properties, and gross leasable area Lease Expirations by Year as of June 30, 2025 | Year | % of ABR | of Properties | Gross Leasable Area (sq ft) | | :-------- | :------- | :-------------- | :-------------------------- | | 2025 | 2.2% | 90 | 512,000 | | 2026 | 3.9% | 196 | 1,899,000 | | 2027 | 7.1% | 216 | 3,277,000 | | 2028 | 5.6% | 253 | 2,270,000 | | 2029 | 4.4% | 141 | 2,071,000 | | 2030 | 4.7% | 179 | 2,275,000 | | 2031 | 6.8% | 191 | 2,668,000 | | 2032 | 5.1% | 190 | 1,846,000 | | 2033 | 4.5% | 136 | 1,411,000 | | 2034 | 5.5% | 180 | 2,334,000 | | Thereafter| 50.2% | 1,816 | 16,913,000 | - As of June 30, 2025, the weighted average remaining lease term is **9.8 years**[53](index=53&type=chunk) [Capital Structure, Liquidity & Debt](index=3&type=section&id=Capital%20Structure%2C%20Liquidity%20%26%20Debt) NNN REIT actively managed its capital structure by issuing new senior unsecured notes to enhance liquidity and repay existing debt, resulting in a pro forma liquidity of $1.4 billion. The company maintains a strong balance sheet with a weighted average debt maturity of 11.1 years and favorable credit metrics, demonstrating compliance with all key financial covenants [Capital Markets Activity](index=3&type=section&id=CAPITAL%20MARKETS%20ACTIVITY) NNN REIT raised $10.9 million through common share issuance and $500 million via senior unsecured notes, repaying its revolving credit line to enhance capital structure - Issued **254,222 common shares**, raising **$10.9 million** in gross proceeds at an average price per share of **$43.03**, primarily through the Company's at-the-market equity program[10](index=10&type=chunk) - On July 1, 2025, NNN issued **$500 million principal amount of 4.600% senior unsecured notes due 2031**[5](index=5&type=chunk)[10](index=10&type=chunk) - Proceeds from the 2031 Notes were used to repay the outstanding balance on the Company's unsecured revolving line of credit[5](index=5&type=chunk)[10](index=10&type=chunk) [Balance Sheet and Liquidity Overview](index=3&type=section&id=BALANCE%20SHEET%20AND%20LIQUIDITY) NNN REIT maintained $4.7 billion in gross debt with an 11.1-year weighted average maturity, ending Q2 2025 with $939.0 million liquidity, and $1.4 billion pro forma for new notes - As of June 30, 2025, Gross Debt was **$4.7 billion** with a weighted average interest rate of **4.2%** and a weighted average debt maturity of **11.1 years**[11](index=11&type=chunk) - The Company ended the second quarter 2025 with **$939.0 million** of total available liquidity, comprised of **$932.3 million** of unused line of credit capacity and **$6.7 million** of cash and restricted cash[11](index=11&type=chunk) - Pro forma for the 2031 Notes, the Company had total available liquidity of **$1.4 billion**, comprised of **$1.2 billion** of unused line of credit capacity and **$230.8 million** of cash and restricted cash[5](index=5&type=chunk)[11](index=11&type=chunk) - Net Debt to annualized EBITDAre and fixed charge coverage was **5.7x** and **4.2x**, respectively, as of June 30, 2025[11](index=11&type=chunk) [Debt Summary and Credit Metrics](index=12&type=section&id=Debt%20Summary) This section provides a detailed summary of NNN REIT's unsecured debt, including principal amounts, rates, and maturities, alongside key credit metrics as of June 30, 2025 Debt Summary as of June 30, 2025 | Unsecured Debt Type | Principal (thousands) | Stated Rate | Effective Rate | Maturity Date | | :------------------------ | :-------------------- | :---------- | :------------- | :------------ | | Line of credit payable | $267,700 | SOFR + 87.5 bps | 5.165% | April 2028 | | Unsecured notes payable (2025) | $400,000 | 4.000% | 4.029% | November 2025 | | Unsecured notes payable (2026) | $350,000 | 3.600% | 3.733% | December 2026 | | Unsecured notes payable (2027) | $400,000 | 3.500% | 3.548% | October 2027 | | Unsecured notes payable (2028) | $400,000 | 4.300% | 4.388% | October 2028 | | Unsecured notes payable (2030) | $400,000 | 2.500% | 2.536% | April 2030 | | Unsecured notes payable (2033) | $500,000 | 5.600% | 5.905% | October 2033 | | Unsecured notes payable (2034) | $500,000 | 5.500% | 5.662% | June 2034 | | Unsecured notes payable (2048) | $300,000 | 4.800% | 4.890% | October 2048 | | Unsecured notes payable (2050) | $300,000 | 3.100% | 3.205% | April 2050 | | Unsecured notes payable (2051) | $450,000 | 3.500% | 3.602% | April 2051 | | Unsecured notes payable (2052) | $450,000 | 3.000% | 3.118% | April 2052 | | **Total Unsecured Debt** | **$4,717,700** | | | | - Unsecured debt has a weighted average interest rate of **4.2%** and a weighted average maturity of **11.1 years**[41](index=41&type=chunk) Credit Metrics as of June 30, 2025 | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Gross Debt / Gross Assets | 41.7% | 40.7% | | Net Debt / EBITDAre (last quarter annualized) | 5.7 | 5.6 | | EBITDAre / fixed charges | 4.2 | 4.2 | [Credit Facility and Notes Covenants](index=12&type=section&id=Credit%20Facility%20and%20Notes%20Covenants) NNN REIT confirms compliance with all covenants for its unsecured credit facility and notes as of June 30, 2025, demonstrating strong financial health and adherence to debt agreements - The Company believes it is in compliance with the covenants for its unsecured credit facility and notes as of June 30, 2025[45](index=45&type=chunk) Key Covenants Compliance as of June 30, 2025 | Key Covenants | Required | June 30, 2025 | | :-------------------------------- | :------- | :------------ | | **Unsecured Bank Credit Facility:** | | | | Maximum leverage ratio | < 0.60 | 0.39 | | Minimum fixed charge coverage ratio | > 1.50 | 4.26 | | Maximum secured indebtedness ratio | < 0.40 | — | | Unencumbered asset value ratio | > 1.67 | 2.65 | | Unencumbered interest ratio | > 1.75 | 4.17 | | **Unsecured Notes:** | | | | Limitation on incurrence of total debt | ≤ 60% | 41% | | Limitation on incurrence of secured debt | ≤ 40% | — | | Debt service coverage ratio | ≥ 1.5 | 4.2 | | Maintenance of total unencumbered assets | ≥ 150% | 244% | [Dividend Information](index=3&type=section&id=DIVIDEND) NNN REIT announced a 3.4% increase in its quarterly dividend to $0.60 per share, marking its 36th consecutive annual dividend increase, a testament to its consistent performance and commitment to shareholder returns - On July 15, 2025, the Board of Directors declared a quarterly dividend of **$0.60 per share** payable August 15, 2025[12](index=12&type=chunk) - The new quarterly dividend represents an annualized dividend of **$2.40 per share** with an annualized dividend yield of **5.6%** as of June 30, 2025[12](index=12&type=chunk) - The **3.4% increase** in the quarterly dividend marks the Company's **36th consecutive annual dividend increase**, making NNN one of only three publicly traded real estate investment trusts to have increased annual dividends for **36 or more consecutive years**[5](index=5&type=chunk)[12](index=12&type=chunk)[16](index=16&type=chunk) [2025 Guidance Update](index=3&type=section&id=2025%20GUIDANCE) NNN REIT increased its 2025 guidance for Core FFO and AFFO per share by $0.01 at the midpoint, and raised its acquisition volume guidance by $100 million, reflecting confidence in future performance and growth strategy Updated 2025 Guidance Comparison | Metric (dollars in millions, except per diluted share data) | Previous 2025 Guidance | Updated 2025 Guidance | Change (Midpoint) | | :-------------------------------------------------------- | :--------------------- | :-------------------- | :---------------- | | Net earnings per share (excluding certain items) | $1.97 - $2.02 | $1.93 - $1.98 | -$0.04 | | Real estate depreciation and amortization per share | $1.36 | $1.41 | +$0.05 | | Core FFO per share | $3.33 - $3.38 | $3.34 - $3.39 | +$0.01 | | AFFO per share | $3.39 - $3.44 | $3.40 - $3.45 | +$0.01 | | General and administrative expenses | $47 - $48 | $47 - $48 | No Change | | Real estate expenses, net of tenant reimbursements | $15 - $16 | $17 - $18 | +$2 | | Acquisition volume | $500 - $600 | $600 - $700 | +$100 | | Disposition volume | $80 - $120 | $120 - $150 | +$30 | [Corporate Information & Definitions](index=4&type=section&id=Corporate%20Information%20%26%20Definitions) NNN REIT is a real estate investment trust specializing in high-quality, long-term net-leased properties across 50 states. The company emphasizes its consistent dividend growth and provides comprehensive definitions for key financial metrics used in its reporting [About NNN REIT, Inc.](index=4&type=section&id=ABOUT%20NNN%20REIT%2C%20INC.) NNN REIT invests in high-quality, long-term net-leased properties across 50 states, boasting 3,663 properties and a 36-year record of consecutive dividend increases - NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures[16](index=16&type=chunk) - As of June 30, 2025, the Company owned **3,663 properties** in **50 states** with a gross leasable area of approximately **38.3 million square feet** and a weighted average remaining lease term of **10 years**[16](index=16&type=chunk) - NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for **36 or more consecutive years**[5](index=5&type=chunk)[12](index=12&type=chunk)[16](index=16&type=chunk) [Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This section clarifies that statements not strictly historical are forward-looking, subject to risks that may cause actual results to differ, and NNN REIT undertakes no obligation to update them - Statements in this press release that are not strictly historical are 'forward-looking' statements, characterized by terms such as 'believe,' 'expect,' 'intend,' 'may,' 'estimated' or similar words[17](index=17&type=chunk) - Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results, including general economic conditions, local real estate conditions, changes in interest rates, and tenant financial condition[17](index=17&type=chunk) - NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements[17](index=17&type=chunk) [Non-GAAP Financial Measure Definitions](index=4&type=section&id=DEFINITIONS) This section defines key non-GAAP financial measures, including FFO, Core FFO, AFFO, EBITDAre, and various debt and asset metrics, as used in NNN REIT's reporting - **Funds From Operations (FFO):** Defined by Nareit as net earnings (GAAP) plus depreciation and amortization of real estate assets, excluding gains/losses, taxes on disposition, and impairment charges on depreciable real estate. It is generally considered the most appropriate measure of performance for real estate companies[18](index=18&type=chunk)[19](index=19&type=chunk) - **Core Funds From Operations (Core FFO):** A non-GAAP measure that adjusts FFO to eliminate the impact of infrequent and unusual GAAP income and expense amounts not related to core real estate operations, used to evaluate performance across multiple periods and in comparison to peers[20](index=20&type=chunk) - **Adjusted Funds From Operations (AFFO):** A non-GAAP measure that adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP, considered a useful supplemental measure of performance[21](index=21&type=chunk) - **Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre):** A Nareit-established metric, calculated as net earnings (GAAP) plus interest expense, income tax expense, depreciation and amortization, excluding gains/losses on real estate disposition, impairment charges, and adjustments for noncontrolling interests[22](index=22&type=chunk) - **Total Cash:** Comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary[23](index=23&type=chunk) - **Gross Assets:** Represents total assets (GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases, providing an estimate of the Company's investments[23](index=23&type=chunk) - **Total Debt:** Defined as total debt per GAAP, including line of credit payable, notes payable (net of unamortized discount and costs), and mortgages payable (net of unamortized premium and costs)[24](index=24&type=chunk) - **Gross Debt:** Defined as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs[24](index=24&type=chunk) - **Net Debt:** Defined as Gross Debt less Total Cash. Both Gross Debt and Net Debt are considered key supplemental measures of overall liquidity, capital structure, and leverage[25](index=25&type=chunk) - **Annualized Base Rent (ABR):** Represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12, providing an annualized amount at a point in time[27](index=27&type=chunk) [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) This section provides the detailed unaudited balance sheet, income statement, and other financial information, along with comprehensive reconciliations of non-GAAP financial measures like FFO, Core FFO, AFFO, and EBITDAre, offering a complete view of the company's financial position and performance [Balance Sheet Summary](index=6&type=section&id=Balance%20Sheet%20Summary) This section presents NNN REIT's unaudited balance sheet summary as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and equity Balance Sheet Summary (Unaudited) as of June 30, 2025 vs December 31, 2024 | Metric (dollars in thousands) | June 30, 2025 | December 31, 2024 | Change | | :---------------------------- | :------------ | :---------------- | :----- | | **Assets:** | | | | | Real estate portfolio, net | $9,023,171 | $8,746,168 | +3.16% | | Cash and cash equivalents | $5,973 | $8,731 | -31.60%| | Total assets | $9,148,677 | $8,872,728 | +3.11% | | **Liabilities:** | | | | | Line of credit payable | $267,700 | $0 | N/A | | Notes payable, net | $4,376,893 | $4,373,803 | +0.07% | | Total liabilities | $4,786,272 | $4,510,453 | +6.11% | | Total equity | $4,362,405 | $4,362,275 | +0.00% | | Common shares outstanding | 188,206,484 | 187,540,929 | +0.35% | [Income Statement Summary](index=7&type=section&id=Income%20Statement%20Summary) This section provides NNN REIT's unaudited income statement summary for Q2 and H1 2025 versus 2024, detailing revenues, expenses, and net earnings Income Statement Summary (Unaudited) for Q2 and Six Months Ended June 30, 2025 vs 2024 | Metric (dollars in thousands) | Q2 2025 | Q2 2024 | YoY Change (Q2) | 6M 2025 | 6M 2024 | YoY Change (6M) | | :---------------------------- | :------ | :------ | :-------------- | :------ | :------ | :-------------- | | Revenues | $226,802 | $216,813 | +4.6% | $457,656 | $432,220 | +5.9% | | Operating expenses | $93,204 | $82,167 | +13.4% | $184,019 | $164,074 | +12.2% | | Gain on disposition of real estate | $16,198 | $17,621 | -8.1% | $20,011 | $22,442 | -10.9% | | Earnings from operations | $149,796 | $152,267 | -1.6% | $293,648 | $290,588 | +1.1% | | Interest expense | $49,282 | $46,577 | +5.8% | $97,005 | $90,646 | +7.0% | | Net earnings | $100,529 | $106,666 | -5.8% | $196,987 | $201,037 | -2.0% | | Diluted Net earnings per share | $0.54 | $0.58 | -6.9% | $1.05 | $1.10 | -4.5% | [Other Financial Information](index=8&type=section&id=Other%20Information) This section provides additional financial details, including rental income, real estate expenses, and lease termination fees for Q2 2025 compared to the prior year - Rental income from operating leases for the quarter ended June 30, 2025, was **$221,714 thousand**, up from **$211,557 thousand** for the same period in 2024[33](index=33&type=chunk) - Real estate expenses, net of tenant reimbursements, increased to **$(4,450) thousand** for Q2 2025 from **$(2,552) thousand** for Q2 2024[33](index=33&type=chunk) - Lease termination fees were **$2,248 thousand** for the quarter ended June 30, 2025, compared to **$2,053 thousand** for the same period in 2024[33](index=33&type=chunk) [Reconciliation of Non-GAAP Financial Measures (EBITDAre, Gross/Net Debt)](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20%28EBITDAre%2C%20Gross%2FNet%20Debt%29) This section reconciles non-GAAP financial measures, including EBITDAre, fixed charges, gross assets, total debt, gross debt, and net debt, for a comprehensive financial overview EBITDAre and Fixed Charges for Q2 and Six Months Ended June 30, 2025 vs 2024 | Metric (dollars in thousands) | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :---------------------------- | :------ | :------ | :------ | :------ | | Net earnings | $100,529 | $106,666 | $196,987 | $201,037 | | Interest expense | $49,282 | $46,577 | $97,005 | $90,646 | | Depreciation and amortization | $68,349 | $62,503 | $132,966 | $123,118 | | Gain on disposition of real estate | $(16,198) | $(17,621) | $(20,011) | $(22,442) | | Impairment losses – real estate | $4,535 | $944 | $6,047 | $2,148 | | **EBITDAre** | **$206,497** | **$199,069** | **$412,994** | **$394,507** | | Fixed charges | $49,824 | $48,194 | $98,468 | $94,122 | Gross Assets, Total Debt, Gross Debt, and Net Debt as of June 30, 2025 vs December 31, 2024 | Metric (dollars in thousands) | June 30, 2025 | December 31, 2024 | | :---------------------------- | :------------ | :---------------- | | Total assets | $9,148,677 | $8,872,728 | | Gross Assets | $11,323,185 | $10,940,903 | | Total Debt | $4,644,593 | $4,373,803 | | Gross Debt | $4,717,700 | $4,450,000 | | Total Cash | $(6,748) | $(9,062) | | Net Debt | $4,710,952 | $4,440,938 |

Core Insights - NNN REIT, Inc. reported strong financial performance for Q2 2025, with revenues of $226.8 million, a 4.5% increase from $216.8 million in Q2 2024 [2][30] - The company achieved net earnings of $100.5 million, translating to $0.54 per diluted share, compared to $106.7 million or $0.58 per diluted share in the same quarter last year [2][30] - Core FFO and AFFO per diluted share grew by 1.2% year-over-year to $0.84 and $0.85, respectively [3][33] - NNN invested $233 million across 45 properties at an initial cash cap rate of 7.4% during the quarter, contributing to a total of $464.9 million in investments for the first half of 2025 [3][5] Financial Results - Total revenues for the six months ended June 30, 2025, reached $457.7 million, up from $432.2 million in the same period of 2024 [2][30] - FFO for the quarter was $157.2 million, compared to $152.4 million in Q2 2024, while Core FFO for the same period was $157.4 million, up from $152.5 million [2][30] - The company reported a 6.7% increase in Annualized Base Rent (ABR) year-over-year, reaching $893.8 million [3][41] Property Acquisitions and Dispositions - NNN closed on $232.5 million of investments in Q2 2025, with a weighted average lease term of 17.8 years [3][5] - The company sold 23 properties for $51.2 million, including $24.7 million from income-producing properties at a weighted average cap rate of 6.2% [3][7] Capital Markets Activity - NNN raised $10.9 million through the issuance of 254,222 common shares at an average price of $43.03 [8] - The company issued $500 million in senior unsecured notes due 2031, enhancing balance sheet flexibility and increasing total available liquidity to $1.4 billion [9][10] Dividend Information - The company declared a quarterly dividend of $0.60 per share, marking a 3.4% increase and the 36th consecutive annual dividend increase [10][11] 2025 Guidance - NNN updated its 2025 guidance, increasing the midpoint for Core FFO and AFFO per share by $0.01 and raising acquisition volume guidance by $100 million [12][12]

Core Viewpoint - NNN REIT, Inc. has appointed Joshua P. Lewis as Executive Vice President and Chief Investment Officer, highlighting his extensive experience and leadership within the company [1][2]. Company Overview - NNN REIT invests in high-quality properties typically under long-term net leases, requiring minimal ongoing capital expenditures [2]. - As of March 31, 2025, the company owned 3,641 properties across 50 states, with a gross leasable area of approximately 37.3 million square feet and a weighted average remaining lease term of 10 years [2]. - NNN REIT is one of only three publicly traded real estate investment trusts that have increased annual dividends for 36 or more consecutive years [2]. Leadership Appointment - Joshua P. Lewis has been with NNN since 2008, progressing through various roles in the Acquisitions team, and has served as Senior Vice President, Head of Acquisitions since August 2022 [1]. - Prior to joining NNN, Mr. Lewis spent 13 years in real estate capital markets and investment banking at BofA Securities, where he held senior advisory roles [1]. - The CEO of NNN expressed confidence in Mr. Lewis's leadership and negotiation skills, emphasizing his understanding of the company's long-term strategy and industry network [2].

Core Insights - The current market presents a favorable environment for income investors, particularly in sectors such as energy, pharmaceuticals, and real estate, where many stocks are undervalued [2] Group 1: Investment Focus - The emphasis is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging opportunities [1] - The service offers a free two-week trial to explore top ideas within exclusive income-focused portfolios [1] Group 2: Market Conditions - Dividends were less appealing 1-2 years ago when bank CDs offered higher yields, indicating a shift in investor sentiment towards dividend-paying stocks [2]

I have been a shareholder in NNN REIT (NYSE: NNN ) for a few years now, but time and time again I've come back to this company when I felt that my portfolio needed Analyst's Disclosure:I/we have a beneficial long position in the shares of NNN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mention ...

Core Insights - Venu Holding Corporation (VENU) is experiencing a significant surge in demand for its triple-net (NNN) Luxe FireSuite leaseback offerings, with a year-over-year sales increase of 250% [2][9] - The company aims to achieve a combined annual capital boost of $300 million, with $100 million expected from the NNN offerings and $200 million from traditional Luxe FireSuite sales [2][10] - VENU is on track for $5 billion in upscale entertainment venue development over the next 36 months, in addition to $1 billion already underway [7][8] Company Overview - VENU is a developer, owner, and operator of upscale live music venues and premium hospitality destinations [1] - The Luxe FireSuite model provides investors with a leasehold interest in premier hospitality suites at VENU's amphitheaters, eliminating exposure to property taxes, insurance, or maintenance [4][5] - Each Luxe FireSuite accommodates 4 to 10 guests, offering a blend of exclusive hospitality and potential financial returns [5] Market Dynamics - The demand for VENU's offerings is driven by the booming live entertainment market and a strong interest in passive income real estate [2][10] - The NNN structure is attracting investors seeking high-yield, lifestyle-infused legacy assets, marking a shift in the appeal of this asset class [4][5] Growth Strategy - VENU is expanding its operations into multiple markets, including Gainesville, GA, Colorado Springs, CO, and several Texas cities, aiming for national growth [8] - The company is building full-scale entertainment ecosystems designed for profitability and repeat visitation, enhancing long-term investor value [8]

Group 1 - Eric specializes in real assets within a Canadian bank, indicating a focus on tangible investments [1] - He holds a Master's degree in Financial Economics and is a CFA charterholder, showcasing a strong educational background [1] - Eric has a deep understanding of the Canadian investment universe, particularly in real assets, financials, and insurance [1]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore top ideas across exclusive income-focused portfolios [1] Group 2 - The article emphasizes the importance of generating meaningful passive income as a significant achievement for investors, highlighting the multiplier effect of capital working effectively [2] - The author has over 14 years of investment experience and focuses on defensive stocks with a medium- to long-term investment horizon [2]

Group 1 - NNN REIT is addressing challenges with two key tenants while demonstrating the benefits of the net lease business model [1] - The company continues to report solid performance despite these challenges [1] Group 2 - Julian Lin, a financial analyst, focuses on identifying undervalued companies with long-term growth potential [1] - His investment strategy emphasizes strong balance sheets and effective management teams in sectors with significant growth opportunities [1]