Core Viewpoint - NNN REIT, Inc. will release its second quarter 2025 financial results on August 5, 2025, and will host a conference call to discuss these results [1] Company Overview - NNN REIT, Inc. invests in high-quality properties typically under long-term net leases with minimal ongoing capital expenditures [3] - 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 [3] - NNN is one of only three publicly traded real estate investment trusts that have increased annual dividends for 35 or more consecutive years [3]

Financial Performance & Strategy - The company focuses on single-tenant, net leased (STNL) properties with a multi-year strategy focused on per-share results and aims for mid-single-digit percentage annual growth on a leverage-neutral basis [7] - The company has a track record of 35 consecutive annual dividend increases [7] - The company generated 3.8% average annual Core FFO per share growth since 2018 [9] - In Q1 2025, Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87, respectively [40] Portfolio & Occupancy - The company's strategy results in higher occupancy and less volatility, with occupancy never falling below 96.4% from 2005-2025 [11] - The company has a high-quality, well-diversified portfolio with $11.1 billion in total gross assets, comprising 3,641 properties (37.3 million SF) across all 50 states [10] - The company maintained high occupancy levels of 97.7% in Q1 2025, near the company's 20-year occupancy average of 98.2% [40] Acquisitions & Dispositions - Relationship-based acquisitions account for 75% of the company's acquisition volume from 2010-2025, with an average cap rate of 7.4% ($7,424 million) [17] - Market/Auction acquisitions account for 25% of the company's acquisition volume from 2010-2025, with an average cap rate of 7.1% ($2,537 million) [17] - The company closed on $232.4 million of investments in Q1 2025, at an initial cash cap rate of 7.4% and a weighted average lease term of over 18 years [40] - Since 2005, the company has sold 887 properties, generating net proceeds over $2.4 billion [63] Balance Sheet & Capital Structure - The company maintains a strong investment-grade balance sheet (BBB+/Baa1) with industry-leading leverage ratios [23] - As of March 31, 2025, total capital was $12.6 billion, with debt at $4,566.3 million (36.3% of total capital) and equity at $8,016.1 million (63.7% of total capital) [26] - The company has a well-laddered debt maturity profile with an 11.6-year weighted average debt maturity and a 4.1% weighted average interest rate [23]

Core Viewpoint - NNN REIT, Inc. has announced a public offering of $500 million in senior unsecured notes with a maturity date in 2031, aimed at refinancing existing debt and funding future acquisitions [1]. Group 1: Offering Details - The notes are priced at 99.182% of the principal amount, yielding 4.766% to maturity [1]. - Interest on the notes will be paid semi-annually starting February 15, 2026, with the notes maturing on February 15, 2031 [1]. - The offering is expected to close around July 1, 2025, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay outstanding indebtedness under the credit facility, fund future property acquisitions, and for general corporate purposes [1]. - Pending application of the net proceeds, the company may invest in short-term, income-producing investments [1]. Group 3: Company Overview - As of March 31, 2025, NNN REIT owns 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 about 9.9 years [3].

Core Viewpoint - Higher-yielding dividend stocks can provide significant passive income, with several low-risk options yielding above 5%, which is more than triple the S&P 500's sub-1.5% yield [1] Company Summaries Enterprise Products Partners - Enterprise Products Partners (EPD) currently yields 6.7% and has a stable cash flow profile supported by long-term, fixed-rate contracts and government-regulated rate structures [3] - The company has increased its distribution for 26 consecutive years and has $7.6 billion in major capital projects expected to enter commercial service by the end of next year, which will further support its high-yielding payout [4] Enbridge - Enbridge yields 5.8% and has predictable cash flow backed by cost-of-service agreements and long-term, fixed-fee contracts, securing 98% of its annual earnings [5] - The company pays out 60% to 70% of its cash flow in dividends and has a strong investment-grade balance sheet, allowing for significant investments in expansion projects [6] NNN REIT - NNN REIT has a 5.5% dividend yield, focusing on single-tenant retail properties with long-term, triple-net leases that provide stable cash flow [7] - The REIT expects to generate $200 million in post-dividend free cash flow this year and has a conservative balance sheet, enabling it to invest in new income-generating properties [8] Verizon - Verizon offers a 6.3% dividend yield, generating $36.9 billion in cash flow from operations last year, which comfortably covered its capital expenditures and dividend payments [9] - The company is acquiring Frontier Communications for $20 billion to enhance its fiber network, supporting future cash flow growth and enabling continued dividend increases [10] Vici Properties - Vici Properties has a 5.4% dividend yield, backed by a high-quality real estate portfolio in gaming, hospitality, and entertainment, with long-term NNN leases [11] - The REIT pays out 75% of its stable income in dividends and has raised its dividend every year since its formation, achieving a 7.4% compound annual growth rate [12] Conclusion - The highlighted companies—Enterprise Products Partners, Enbridge, NNN REIT, Verizon, and Vici Properties—demonstrate strong financial profiles and stable cash flows, supporting their high dividend yields and consistent increases in payouts, making them attractive options for passive income [13]

Core Viewpoint - The article emphasizes the importance of dividend investing in quality blue-chip stocks, BDCs, and REITs for building a sustainable retirement income over the next 5-7 years [1]. Group 1: Investment Strategy - The company focuses on a buy-and-hold investment strategy, prioritizing quality over quantity in its portfolio [1]. - The aim is to assist lower and middle-class workers in constructing investment portfolios that consist of high-quality, dividend-paying companies [1]. Group 2: Investor Education - The article serves an educational purpose, encouraging investors to conduct their own due diligence before making investment decisions [1]. - It aims to provide a new perspective to help investors achieve financial independence [1].

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2][3] - It emphasizes the importance of conducting individual research before making investment decisions [2]

Group 1 - The traditional American retirement framework, known as the "three-legged stool," consists of Social Security, employer pensions, and personal savings, which has been a reliable foundation for retirees [1] Group 2 - The Income Method promoted by the company aims to generate strong returns for retirement investing, targeting a yield of 9-10% [3] - The company offers a Model Portfolio that allows investors to create a portfolio that pays them to hold it, eliminating the need for selling to fund retirement [3] - A promotional offer is available for joining the investment group at a price of $599 before an increase [3]

Core Viewpoint - The article emphasizes a personal investment strategy focused on growth and dividend income, aiming for an easy retirement through a portfolio that generates monthly dividend income and benefits from reinvestment and annual increases [1]. Group 1: Investment Strategy - The strategy involves creating a portfolio that prioritizes compounding dividend income and growth [1]. - Monthly dividend income is a key component of the portfolio structure, which is designed to grow through reinvestment [1]. Group 2: Company Disclosures - The author has a beneficial long position in shares of BP, MSTY, NNN, MO, and PDI, either through stock ownership, options, or other derivatives [1]. - The article is presented as a personal opinion and does not constitute a recommendation for the purchase or sale of stock [2][3].

Analyst's Disclosure:I/we have a beneficial long position in the shares of NNN, ADC, O 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 mentioned in this article. The topic of the day is creativity. Over time, my publications have covered a wide range of topics. This can often include providing gen ...

NNN REIT (NYSE: NNN ), one of my favorites within the sector, known for their long operating history and reliable dividends, has had lingering tenant issues which has negatively impacted their price in recent quarters.Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own d ...