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

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

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

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

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

Financial Data and Key Metrics Changes - The company reported quarterly core FFO results of $0.83 per share for Q1 2024, an increase of $0.03 or 3.8% compared to $0.80 per share in the previous year [47] - AFFO results were $0.84 per share for the first quarter, which is $0.02 or 2.4% higher than the year-ago results [47] - Occupancy remained high at 99.4%, above the long-term average of approximately 98% [34][48] - G&A expenses increased by 2.7% year-over-year to $12.6 million, representing 5.8% of revenues for the quarter [48] - The AFFO dividend payout ratio for Q1 2024 was 67%, resulting in approximately $50.6 million of free cash flow for the quarter [48] Business Line Data and Key Metrics Changes - The leasing department successfully leased seven assets to QSR and auto service tenants, achieving a 91% rent recapture from prior rent [34] - The company invested $125 million in 20 new properties at an initial cash cap rate of 8%, which is 40 basis points wider than the previous quarter and 100 basis points year-over-year [42][43] - The company sold six income-producing properties, raising nearly $19 million for reinvestment [41] Market Data and Key Metrics Changes - The cap rate for the quarter was reported at 8%, with expectations for stabilization in the second quarter pricing [38][39] - The company noted that the property insurance market has hardened, but it has not significantly impacted tenants' businesses [2] Company Strategy and Development Direction - The company aims to maintain acquisition volume primarily through sale leaseback transactions with stable tenants, with a guidance range of $400 million to $500 million for 2024 [50] - The company is focused on enhancing shareholder value and actively managing its portfolio [22] - The balance sheet remains strong, with a credit facility capacity increased to $1.2 billion, positioning the company well for future acquisitions [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in tenant ability to pay rent, with no significant concerns regarding rent coverage levels [1] - The company anticipates further cap rate expansion in the latter half of the year if the "higher for longer" interest rate narrative continues [13] - Management remains optimistic about navigating uncertainties and believes the fundamentals of the business are in good shape [60] Other Important Information - The company ended the quarter with $831 million of annual base rent in place for all leases as of March 31, 2024 [53] - The weighted average debt maturity was reported at 11.8 years, which will help mitigate refinancing headwinds [49] Q&A Session Summary Question: What is included in guidance for the year regarding bad debt? - The company assumes 100 basis points of rent loss in its guidance, which is consistent with historical realized losses of 30 to 50 basis points [66] Question: Can you provide details on lease termination fee income? - The company had unusually high lease termination fee income of $4.2 million in Q1, which is above the average of $3 million annually [52][93] Question: What is the status of tenants on the watch list? - Frisch's and other tenants have been monitored, with no significant changes reported. The company is in dialogue with tenants regarding their performance [73][80] Question: How does the company plan to handle upcoming debt maturities? - The company has optionality in its balance sheet and does not provide specific guidance on capital markets activities [78] Question: What is the outlook for acquisition opportunities? - The company is primarily focused on its current tenant roster for acquisition volume and is not seeing significant competition from other capital providers [85]

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

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

Operating Results: Exhibit 99.1 NEWS RELEASE For information contact: Kevin B. Habicht Chief Financial Officer (407) 265-7348 FOR IMMEDIATE RELEASE May 1, 2024 FIRST QUARTER 2024 OPERATING RESULTS ANNOUNCED BY NNN REIT, INC. Orlando, Florida, May 1, 2024 – NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2024. Highlights include: • Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts: | | | Quarter En ...