NNN REIT(NNN) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 2025 increased to $230.854 million, up 7.0% from $215.407 million in Q1 2024[2] - Net earnings per diluted share were $0.51, a slight decrease from $0.52 in the prior year[3] - Core FFO per diluted share grew by 3.6% to $0.86, while AFFO per diluted share increased to $0.87, up from $0.84[3] - Rental income for Q1 2025 was $230,574, an increase of 7.9% from $214,825 in Q1 2024[25] - Net earnings for Q1 2025 were $96,458, compared to $94,371 in Q1 2024, reflecting a growth of 2.2%[25] - Funds from Operations (FFO) for Q1 2025 reached $158,734, up from $151,261 in Q1 2024, indicating a 4.9% increase[32] - Core FFO per share for Q1 2025 was $0.86, compared to $0.83 in Q1 2024, representing a growth of 3.6%[32] Investment and Capital Structure - The company closed on $232.4 million of investments, achieving an initial cash cap rate of 7.4%[3] - Gross Debt was reported at $4.6 billion with a weighted average interest rate of 4.1%[7] - The company maintained $1.1 billion in total available liquidity, with only 2.5% of floating rate debt[3] - Total liabilities increased to $4,665,231 as of March 31, 2025, compared to $4,510,453 at the end of 2024[30] - The gross debt to gross assets ratio was 41.0% as of March 31, 2025, compared to 40.7% at the end of 2024[39] - The company maintained a fixed charge coverage ratio of 4.27, well above the required minimum of 1.50[41] Dividends - The board declared a quarterly dividend of $0.58 per share, representing a 5.4% annualized yield[8] - The company reported a dividend per share of $0.5800 for Q1 2025, up from $0.5650 in Q1 2024[32] Asset and Equity Overview - Total assets as of March 31, 2025, were $9,021,718, an increase from $8,872,728 as of December 31, 2024[30] - The total equity as of March 31, 2025, was $4,356,487, slightly down from $4,362,275 at the end of 2024[30] Annual Base Rent (ABR) and Lease Information - Annualized Base Rent (ABR) rose by 5.2% compared to the previous year[3] - As of March 31, 2025, the total ABR (Annual Base Rent) is $874,301,000, an increase from $831,010,000 as of March 31, 2024, representing a growth of approximately 5.7%[45] - Lease expirations in 2025 account for 2.5% of ABR, with 107 properties covering 608,000 square feet[48] - The 2030 lease expirations represent 4.6% of ABR, with 169 properties covering 2,202,000 square feet[48] - The weighted average remaining lease term is 9.9 years as of March 31, 2025[48] Tenant and Segment Performance - The top line of trade is Automotive service, accounting for 17.9% of ABR in 2025, up from 16.3% in 2024[43] - The state of Texas contributes the highest ABR at 19.0%, followed by Florida at 8.7%[44] - The top tenant, 7-Eleven, represents 4.5% of total properties with 146 locations[47] - The family entertainment centers segment increased to 7.1% of ABR in 2025 from 6.7% in 2024[43] - The convenience stores segment shows a slight increase to 16.8% of ABR in 2025 from 16.2% in 2024[43] - The company has 2,267 properties classified as "Other," which make up 52.1% of total properties[47]