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NNN REIT(NNN) - 2024 Q4 - Annual Results
2025-02-11 13:30
[Financial Summary](index=4&type=section&id=Financial%20Summary) This section summarizes the company's financial performance, covering income statement, FFO, balance sheet, and debt metrics [Income Statement Summary](index=4&type=section&id=Income%20Statement%20Summary) The company reported an increase in rental income and net earnings for both the quarter and year ended December 31, 2024, compared to the prior year. Operating expenses also saw an increase, primarily in real estate and depreciation/amortization Income Statement Summary (dollars in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :----------------------------------- | :------ | :------ | :------ | :------ | | Rental income | $218,348 | $215,178 | $867,468 | $826,090 | | Total Revenues | $218,482 | $216,231 | $869,266 | $828,111 | | Total Operating Expenses | $86,831 | $83,806 | $333,684 | $320,492 | | Net earnings | $97,894 | $96,682 | $396,835 | $392,340 | | Basic Net earnings per share | $0.52 | $0.53 | $2.16 | $2.16 | | Diluted Net earnings per share | $0.52 | $0.53 | $2.15 | $2.16 | - Rental income increased by **1.47% QoQ** and **5.01% YoY**[7](index=7&type=chunk) - Net earnings increased by **1.25% QoQ** and **1.15% YoY**[7](index=7&type=chunk) [Funds From Operations (FFO)](index=5&type=section&id=Funds%20From%20Operations%20(FFO)) Funds From Operations (FFO) showed a slight increase for both the quarter and year ended December 31, 2024, reflecting adjustments from net earnings for non-cash items like depreciation and gains on property dispositions Funds From Operations (FFO) (dollars in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :-------------------- | :------ | :------ | :------ | :------ | | Net earnings | $97,894 | $96,682 | $396,835 | $392,340 | | Total FFO adjustments | $54,795 | $55,030 | $213,666 | $196,734 | | FFO | $152,689 | $151,712 | $610,501 | $589,074 | | Basic FFO per share | $0.82 | $0.84 | $3.32 | $3.25 | | Diluted FFO per share | $0.82 | $0.83 | $3.32 | $3.24 | - FFO increased by **0.64% QoQ** and **3.64% YoY**[8](index=8&type=chunk) - Diluted FFO per share decreased by **$0.01 QoQ** but increased by **$0.08 YoY**[8](index=8&type=chunk) [Core Funds From Operations (Core FFO)](index=6&type=section&id=Core%20Funds%20From%20Operations%20(Core%20FFO)) Core Funds From Operations (Core FFO) for the year ended December 31, 2024, increased compared to the prior year, primarily due to adjustments for executive retirement costs, providing a clearer view of ongoing operational performance Core Funds From Operations (Core FFO) (dollars in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :-------------------------- | :------ | :------ | :------ | :------ | | FFO | $152,689 | $151,712 | $610,501 | $589,074 | | Executive retirement costs | $42 | $2,569 | $668 | $3,454 | | Core FFO | $152,731 | $154,281 | $611,169 | $592,528 | | Basic Core FFO per share | $0.82 | $0.85 | $3.33 | $3.27 | | Diluted Core FFO per share | $0.82 | $0.85 | $3.32 | $3.26 | - Core FFO decreased by **1.00% QoQ** but increased by **3.15% YoY**[9](index=9&type=chunk) - Diluted Core FFO per share decreased by **$0.03 QoQ** but increased by **$0.06 YoY**[9](index=9&type=chunk) [Adjusted Funds From Operations (AFFO)](index=7&type=section&id=Adjusted%20Funds%20From%20Operations%20(AFFO)) Adjusted Funds From Operations (AFFO) increased significantly for both the quarter and year ended December 31, 2024, driven by various adjustments including straight-line accrued rent and stock-based compensation, indicating improved cash flow available for distribution Adjusted Funds From Operations (AFFO) (dollars in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :-------------------------- | :------ | :------ | :------ | :------ | | Core FFO | $152,731 | $154,281 | $611,169 | $592,528 | | Straight-line accrued rent, net of reserves | $(302) | $(5,957) | $(294) | $(7,453) | | Stock based compensation expense | $2,775 | $2,592 | $11,816 | $10,846 | | Total AFFO adjustments | $1,326 | $(5,284) | $5,444 | $(1,005) | | AFFO | $154,057 | $148,997 | $616,613 | $591,523 | | Basic AFFO per share | $0.83 | $0.82 | $3.36 | $3.26 | | Diluted AFFO per share | $0.82 | $0.82 | $3.35 | $3.26 | - AFFO increased by **3.40% QoQ** and **4.24% YoY**[11](index=11&type=chunk) - Diluted AFFO per share remained stable QoQ and increased by **$0.09 YoY**[11](index=11&type=chunk) [Other Financial Information](index=8&type=section&id=Other%20Information) The company's other financial information highlights the composition of rental income, with operating leases being the primary source, and details on real estate expenses, net of tenant reimbursements, which increased significantly year-over-year Other Financial Information (dollars in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | Rental income from operating leases | $212,565 | $209,037 | $846,653 | $805,136 | | Real estate expenses, net of tenant reimbursements | $(5,663) | $(2,470) | $(13,506) | $(9,615) | | Amortization of debt costs | $1,455 | $1,295 | $5,993 | $4,943 | | Scheduled debt principal amortization (excluding maturities) | $— | $— | $— | $173 | - Real estate expenses, net of tenant reimbursements, increased by **129.2% QoQ** and **40.5% YoY**[12](index=12&type=chunk) - NNN repaid the remaining mortgages payable principal balance of **$9,774 thousand** in April 2023[12](index=12&type=chunk) [EBITDA](index=8&type=section&id=EBITDA) EBITDA for the year ended December 31, 2024, increased by 5.51% compared to the prior year, reflecting improved earnings before interest, taxes, depreciation, and amortization EBITDA (dollars in thousands) | Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | Net earnings | $97,894 | $96,682 | $396,835 | $392,340 | | Interest expense | $46,880 | $43,389 | $184,017 | $163,898 | | Depreciation and amortization | $63,194 | $60,079 | $249,681 | $238,625 | | Gain on disposition of real estate | $(12,083) | $(7,263) | $(42,290) | $(47,485) | | Impairment losses – real estate, net of recoveries | $3,724 | $2,315 | $6,632 | $5,990 | | EBITDA | $199,609 | $195,202 | $794,875 | $753,368 | - EBITDA increased by **2.26% QoQ** and **5.51% YoY**[13](index=13&type=chunk) [Balance Sheet Summary](index=9&type=section&id=Balance%20Sheet%20Summary) As of December 31, 2024, the company's total assets and total equity increased, while the line of credit payable was fully repaid. The real estate portfolio, net of accumulated depreciation, remains the largest asset Balance Sheet Summary (dollars in thousands) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :-------------------------------------------------- | :----------- | :----------- | | Real estate portfolio, net | $8,746,168 | $8,535,851 | | Cash and cash equivalents | $8,731 | $1,189 | | Total assets | $8,872,728 | $8,661,968 | | Line of credit payable | $— | $132,000 | | Notes payable, net | $4,373,803 | $4,228,544 | | Total liabilities | $4,510,453 | $4,504,511 | | Total equity | $4,362,275 | $4,157,457 | | Common shares outstanding | 187,540,929 | 182,474,770 | | Gross leasable area, Property Portfolio (square feet) | 36,557,000 | 35,966,000 | - Total assets increased by **2.43% YoY**[14](index=14&type=chunk) - Line of credit payable was reduced from **$132,000 thousand** to **$0 YoY**[14](index=14&type=chunk) [Debt Summary](index=10&type=section&id=Debt%20Summary) As of December 31, 2024, the company's debt portfolio consists entirely of unsecured notes with a weighted average interest rate of 4.1% and a weighted average maturity of 12.1 years, demonstrating a well-structured long-term debt profile Unsecured Notes Payable (dollars in thousands) as of December 31, 2024 | Maturity Date | Principal | Stated Rate | | :------------ | :-------- | :---------- | | November 2025 | $400,000 | 4.000% | | December 2026 | $350,000 | 3.600% | | October 2027 | $400,000 | 3.500% | | October 2028 | $400,000 | 4.300% | | April 2030 | $400,000 | 2.500% | | October 2033 | $500,000 | 5.600% | | June 2034 | $500,000 | 5.500% | | October 2048 | $300,000 | 4.800% | | April 2050 | $300,000 | 3.100% | | April 2051 | $450,000 | 3.500% | | April 2052 | $450,000 | 3.000% | | **Total** | **$4,450,000** | | - Unsecured debt has a weighted average interest rate of **4.1%** and a weighted average maturity of **12.1 years**[15](index=15&type=chunk) [Credit Metrics and Covenants](index=11&type=section&id=Credit%20Metrics%20and%20Covenants) The company maintains strong credit ratings (Moody's Baa1; S&P BBB+) and demonstrates compliance with all key financial covenants for its unsecured credit facility and notes as of December 31, 2024, indicating a healthy financial position and prudent debt management [Credit Metrics](index=11&type=section&id=Credit%20Metrics) - Credit Ratings: **Moody's Baa1**; **S&P BBB+**[17](index=17&type=chunk) Credit Metrics | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | | :---------------------------------- | :----- | :----- | :----- | :----- | :----- | | Debt / Total assets (gross book) | 34.4% | 39.9% | 40.4% | 42.0% | 40.5% | | Debt / EBITDA (last quarter annualized) | 5.0 | 5.2 | 5.4 | 5.5 | 5.5 | | EBITDA / Interest expense (cash) | 4.6 | 4.7 | 4.7 | 4.5 | 4.2 | - Debt / Total assets decreased from **42.0% in 2023** to **40.5% in 2024**[17](index=17&type=chunk) - EBITDA / Interest expense (cash) decreased from **4.5 in 2023** to **4.2 in 2024**[17](index=17&type=chunk) [Credit Facility and Note Covenants](index=11&type=section&id=Credit%20Facility%20and%20Note%20Covenants) Key Covenants as of December 31, 2024 | Covenant | Required | December 31, 2024 | | :-------------------------------- | :------- | :---------------- | | **Unsecured Bank Credit Facility:** | | | | Maximum leverage ratio | < 0.60 | 0.37 | | Minimum fixed charge coverage ratio | > 1.50 | 4.28 | | Unencumbered asset value ratio | > 1.67 | 2.70 | | **Unsecured Notes:** | | | | Limitation on incurrence of total debt | ≤ 60% | 40.0% | | Debt service coverage ratio | ≥ 1.50 | 4.2 | | Maintenance of total unencumbered assets | ≥ 150% | 250% | - The company believes it is in compliance with all covenants as of December 31, 2024[18](index=18&type=chunk) [Long-Term Dividend History](index=12&type=section&id=Long-Term%20Dividend%20History) This section is a placeholder for the company's long-term dividend history, but no specific data or details were provided in the report content [Transaction Summary](index=13&type=section&id=Transaction%20Summary) This section details the company's property acquisition and disposition activities, highlighting investment volumes, property counts, and cap rates for the reported periods [Property Acquisitions](index=13&type=section&id=Property%20Acquisitions) Property acquisitions in 2024 saw a decrease in total dollars invested and number of properties compared to 2023, but an increase in gross leasable area and cap rate, indicating larger, potentially higher-yielding individual acquisitions Property Acquisitions (dollars in thousands) | Metric | FY 2024 | FY 2023 | | :-------------------------- | :------ | :------ | | Total dollars invested | $565,416 | $819,710 | | Number of Properties | 75 | 165 | | Gross leasable area (square feet) | 1,486,000 | 1,281,000 | | Cap rate | 7.7% | 7.3% | | Weighted average lease term | 18.5 | 18.8 | - Total dollars invested in acquisitions decreased by **31.0% YoY**[22](index=22&type=chunk) - Gross leasable area acquired increased by **16.0% YoY**, despite fewer properties[22](index=22&type=chunk) - The weighted average cap rate for acquisitions increased from **7.3% in 2023** to **7.7% in 2024**[22](index=22&type=chunk) [Property Dispositions](index=13&type=section&id=Property%20Dispositions) Property dispositions in 2024 resulted in higher net sale proceeds and a significantly higher cap rate compared to 2023, indicating more favorable sales terms for divested properties Property Dispositions (dollars in thousands) | Metric | FY 2024 | FY 2023 | | :-------------------------- | :------ | :------ | | Number of properties | 41 | 45 | | Gross leasable area (square feet) | 849,000 | 293,000 | | Acquisition costs | $147,832 | $94,826 | | Net sale proceeds | $148,658 | $115,716 | | Cap rate | 7.3% | 5.9% | - Net sale proceeds from dispositions increased by **28.5% YoY**[23](index=23&type=chunk) - The cap rate for dispositions increased from **5.9% in 2023** to **7.3% in 2024**[23](index=23&type=chunk) [Property Portfolio Overview](index=14&type=section&id=Property%20Portfolio) This section provides a detailed overview of the company's property portfolio, including lease expirations, diversification by trade and geography, tenant profiles, and leasing data [Lease Expirations](index=14&type=section&id=Lease%20Expirations) The company's lease expiration schedule shows a diversified maturity profile, with a weighted average remaining lease term of 9.9 years, and less than 8% of annual base rent expiring in any single year through 2030 Lease Expirations as of December 31, 2024 | Year | % of Total Annual Base Rent | of Properties | Gross Leasable Area (sq ft) | | :--- | :-------------------------- | :-------------- | :-------------------------- | | 2025 | 3.2% | 132 | 874,000 | | 2026 | 4.2% | 204 | 1,981,000 | | 2027 | 7.6% | 231 | 3,401,000 | | 2028 | 5.8% | 255 | 2,306,000 | | 2029 | 4.6% | 143 | 2,083,000 | | 2030 | 4.4% | 154 | 2,086,000 | | Thereafter | 47.7% | 1,711 | 14,840,000 | - The weighted average remaining lease term is **9.9 years** as of December 31, 2024[24](index=24&type=chunk) [Portfolio Diversification by Trade and Geography](index=15&type=section&id=Portfolio%20Diversification%20by%20Trade%20and%20Geography) The portfolio demonstrates strong diversification across various lines of trade, with convenience stores and automotive services as the largest segments, and a broad geographic spread across the US, with Texas being the largest state concentration [Top 20 Lines of Trade](index=15&type=section&id=Top%2020%20Lines%20of%20Trade) Top 20 Lines of Trade (% of Total Annual Base Rent) | Rank | Lines of Trade | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--------------------------------------- | :----------- | :----------- | | 1. | Convenience stores | 17.0% | 16.4% | | 2. | Automotive service | 16.9% | 15.6% | | 3. | Restaurants – limited service | 8.4% | 8.5% | | 4. | Restaurants – full service | 7.8% | 8.7% | | 5. | Family entertainment centers | 7.2% | 6.4% | - Convenience stores and Automotive service collectively represent **33.9%** of the annual base rent as of December 31, 2024[26](index=26&type=chunk) [Top 10 States](index=15&type=section&id=Top%2010%20States) Top 10 States (% of Total Annual Base Rent) | Rank | State | % of Total | | :--- | :------------ | :--------- | | 1. | Texas | 18.8% | | 2. | Florida | 8.7% | | 3. | Illinois | 5.1% | | 4. | Georgia | 4.5% | | 5. | Ohio | 4.2% | | 6. | Tennessee | 3.8% | | 7. | North Carolina | 3.7% | | 8. | Indiana | 3.6% | | 9. | Arizona | 3.2% | | 10. | Virginia | 3.2% | [Portfolio By Region](index=16&type=section&id=Portfolio%20By%20Region) - Portfolio distribution by region is based on the annual base rent of **$860,562 thousand** as of December 31, 2024[28](index=28&type=chunk) [Top Tenants and Credit Profile](index=17&type=section&id=Top%20Tenants%20and%20Credit%20Profile) The company's tenant base is diversified, with the top 20 tenants accounting for 48.0% of annual base rent. A significant portion of the annual base rent (14.4%) comes from investment-grade rated tenants, and 72.2% from publicly traded and/or rated tenants, indicating a strong credit profile Top 20 Tenants (% of Annual Base Rent) | Rank | Tenant | of Properties | % of Total | | :--- | :-------------------------------- | :-------------- | :--------- | | 1. | 7-Eleven | 146 | 4.5% | | 2. | Mister Car Wash | 121 | 4.1% | | 3. | Dave & Buster's | 34 | 3.8% | | 4. | Camping World | 48 | 3.8% | | 5. | GPM Investments (convenience stores) | 148 | 2.8% | - **14.4%** of annual base rent is from tenants with investment grade rated debt[31](index=31&type=chunk) - **72.2%** of annual base rent is from tenants that are publicly traded and/or have rated debt[31](index=31&type=chunk) - The top 20 tenants account for **48.0%** of annual base rent and operate an average of **1,533 stores** each[31](index=31&type=chunk) [Same Store Rental Income](index=18&type=section&id=Same%20Store%20Rental%20Income) Same store rental income on a cash basis experienced a slight decrease of 0.1% for the year ended December 31, 2024, primarily impacted by tenant bankruptcies Same Store Rental Income (Cash Basis) (dollars in thousands) | Metric | FY 2024 | FY 2023 | | :-------------------------- | :------ | :------ | | Number of properties | 3,327 | 3,327 | | Rental income | $758,489 | $759,119 | | Change (in dollars) | $(630) | | | Change (percent) | (0.1)% | | - Excluding the impact of Frisch's Restaurants and Badcock Furniture bankruptcy, the change in same store rental income would have been **0.8%**[32](index=32&type=chunk) [Leasing Data](index=18&type=section&id=Leasing%20Data) Leasing activity for 2024 shows a combined recovery rate of 89.0% for renewals and re-leases, with a strong long-term renewal rate of 83.2% from 2010 through 2024 Leasing Data for Year Ended December 31, 2024 (dollars in thousands) | Metric | Renewals With Same Tenant | Vacancy Re-Lease To New Tenant | Releasing Totals | | :------------------ | :------------------------ | :----------------------------- | :--------------- | | Number of leases | 94 | 57 | 151 | | New cash rents | $25,400 | $8,216 | $33,616 | | Prior cash rents | $25,924 | $11,868 | $37,792 | | Recovery rate | 98.0% | 69.2% | 89.0% | | Tenant improvements | $2,900 | $5,897 | $8,797 | - The long-term renewal rate for the period of **2010 through 2024** was **83.2%**[33](index=33&type=chunk) [Other Property Portfolio Data](index=19&type=section&id=Other%20Property%20Portfolio%20Data) The company's portfolio is predominantly structured with triple net leases (92.9%) and features a high percentage of leases with future renewal options (98.1%). Rent increases are primarily tied to CPI (82% of annual base rent), providing inflation protection Rent Increases (% of Annual Base Rent) | Type | Annual | Five Year | Other | Total | | :--------- | :----- | :-------- | :---- | :---- | | CPI | 37% | 44% | 1% | 82% | | Fixed | 2% | 11% | 1% | 14% | | No increases | — | — | 4% | 4% | - **92.9%** of annual base rent is from triple net leases[38](index=38&type=chunk) - **98.1%** of annual base rent is from leases containing future lease renewal options[38](index=38&type=chunk) [Earnings Guidance](index=19&type=section&id=Earnings%20Guidance) This section provides the company's financial outlook for 2025, including projected net earnings, FFO, and AFFO per share, along with anticipated acquisition and disposition volumes [2025 Earnings Guidance](index=19&type=section&id=2025%20Guidance) The company has provided 2025 guidance projecting net earnings per share between $1.97 and $2.02, Core FFO per share between $3.33 and $3.38, and AFFO per share between $3.39 and $3.44, alongside planned acquisition and disposition volumes 2025 Guidance | Metric | Range | | :-------------------------------------------------------------------------------- | :-------------------- | | Net earnings per share excluding any gains on disposition of real estate, impairment charges, and executive retirement costs | $1.97 - $2.02 per share | | Real estate depreciation and amortization per share | $1.36 per share | | Core FFO per share | $3.33 - $3.38 per share | | AFFO per share | $3.39 - $3.44 per share | | General and administrative expenses | $47 - $48 Million | | Real estate expenses, net of tenant reimbursements | $15 - $16 Million | | Acquisition volume | $500 - $600 Million | | Disposition volume | $80 - $120 Million |
2024 Annual Results and 2025 Guidance Announced by NNN REIT, Inc.
Prnewswire· 2025-02-11 13:30
ORLANDO, Fla., Feb. 11, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2024.  Highlights include: Operating Results: Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts: Quarter Ended Year Ended December 31, December 31, 2024 2023 2024 2023 (in thousands, except per share data) <td colspan="1" nowrap rowspan="1" he ...
NNN REIT: Buy This Dividend Champion On Sale Now
Seeking Alpha· 2025-02-03 14:00
As part of my investing strategy, I like to blend high-quality value stocks and growth stocks in my portfolio. That's because I believe the two can work together to help me to reach my long-term investment objectives.Hi, my name is Kody. Aside from my articles here on Seeking Alpha, I am also a regular contributor to Sure Dividend, The Dividend Kings, and iREIT+Hoya Capital. I have been investing since September 2017 (age 20) and interested in dividend investing since about 2009.Since July 2018, I have ran ...
3 Ultrahigh-Yield Dividend Stocks You Can Buy and Hold for a Decade
The Motley Fool· 2025-01-29 13:42
Investing in a stock with a high dividend yield can be a great way to generate a lot of passive income. That's if the company can maintain its payout over the long term. Unfortunately, dividend sustainability becomes more of an issue with higher-yielding dividend stocks. However, dividend durability shouldn't be a problem for W. P. Carey (WPC -2.30%), NNN REIT (NNN -1.42%), or VICI Properties (VICI -1.77%) in the coming years. Because of that, they look like great dividend stocks to buy for those seeking a ...
NNN REIT: Navigating High Rates With A Rock-Solid 6% Yield
Seeking Alpha· 2025-01-16 05:56
Editor's note: Seeking Alpha is proud to welcome Petru Munteanu as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access.Investing has been a passion of mine since childhood, and I began putting that passion into practice when I started investing in stocks at the age of 18 in 2018. Over the years, I have achieved impressive results by taking a contrarian appro ...
NNN REIT, Inc. Announces 2024 Dividend Tax Status
Prnewswire· 2025-01-14 21:30
ORLANDO, Fla., Jan. 14, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced that 99.8471% of the dividends paid to common shareholders in 2024 are classified for federal income tax purposes as a taxable distribution. The tax attributes of the dividends paid per share are outlined below. Total Dividend Ordinary Dividends (Box 1a) Non-taxable Distributions (Box 3) Section 199A Dividends (1) (Box 5) Common Stock (CUSIP: 637417106)   100.0000  ...
2 Dividend Growth Income Machines: Realty Income Vs. NNN
Seeking Alpha· 2025-01-14 12:35
Company Comparison - The analysis focuses on a direct comparison between two companies, requiring an understanding of their operational foundations [1] High Dividend Opportunities (HDO) - HDO is the largest and most active community of income investors and retirees, boasting over 8000 members [2][3] - The community promotes an Income Method that delivers strong returns regardless of market volatility, simplifying retirement investing [3] - HDO offers a Model Portfolio targeting a yield of 9-10%, emphasizing the power of dividends [3] - A promotional offer includes a 17% discount and a 14-day free trial on the annual membership price of $599 99 [3]
KEVIN B. HABICHT TO RETIRE AS EVP, CHIEF FINANCIAL OFFICER OF NNN REIT, INC.; VINCENT H.
Prnewswire· 2025-01-06 21:30
ORLANDO, Fla., Jan. 6, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced that Kevin B. Habicht, Executive Vice President, Chief Financial Officer, Assistant Secretary, Treasurer and the Company's principal financial officer, will retire and step down as a member of the Board of Directors effective March 31, 2025.  Vincent H. Chao will join NNN as Executive Vice President on January 9, 2025, and assume the positions of Chief Financial Officer, Assistant Secretar ...
NNN REIT: Overblown Sell-Off Creates Value Opportunity
Seeking Alpha· 2024-12-25 14:00
NNN REIT Analysis - NNN REIT has demonstrated bottom-line growth, accretive acquisitions, and a conservative payout ratio, as noted in a previous analysis [1] - Despite these positive indicators, the stock has declined, suggesting the market has not yet aligned with the analyst's thesis [1] Analyst Background - The analyst has over 14 years of investment experience and holds an MBA in Finance, focusing on defensive stocks with a medium- to long-term horizon [4] - The analyst maintains a beneficial long position in NNN REIT through stock ownership, options, or other derivatives [3] Service Overview - iREIT+HOYA Capital is an income-focused investing service on Seeking Alpha, emphasizing sustainable portfolio income, diversification, and inflation hedging [2] - The service offers a free two-week trial and provides access to exclusive income-focused portfolios [2]
NNN REIT: Strong Dividend Income But Limited Growth Potential (Rating Downgrade)
Seeking Alpha· 2024-12-25 05:32
The real estate sector has been hit pretty hard in reaction to the recent Fed interest rate cuts. This has presented tons of opportunities within the real estate sector as REITs continue to trade at suppressed valuations. However, not allFinancial analyst by day and a seasoned investor by passion, I've been involved in the world of investing for over 10 years and honed my skills in analyzing lucrative opportunities within the market.I specialize in uncovering strategies to utilize various investment vehicle ...