NNN REIT(US:NNN)2025-11-04 13:30Financial Performance - Reported net earnings of $0.51 per diluted share, a decrease of 3.8% compared to $0.53 in Q3 2024[4] - Total revenues for Q3 2025 were $230.2 million, up from $218.6 million in Q3 2024, reflecting a growth of 5.3%[5] - Net earnings for the quarter ended September 30, 2025, were $96,839,000, a decrease of 1.1% from $97,904,000 in the prior year[30] - Funds from Operations (FFO) for the quarter ended September 30, 2025, were $158,676,000, up from $154,171,000 in the same quarter of 2024, representing a 2.9% increase[35] - Adjusted Funds from Operations (AFFO) for the quarter ended September 30, 2025, were $161,063,000, compared to $155,701,000 for the same quarter in 2024, reflecting a 3.0% increase[35] - EBITDAre for the quarter increased to $212,094,000, up 5.9% from $200,759,000 in the same quarter of 2024[38] Dividends and Shareholder Returns - Increased annualized dividend to $0.60 per share, representing a 3.4% increase and a 5.6% annualized dividend yield[11] - The company reported a dividend per share of $0.600 for the quarter ended September 30, 2025, compared to $0.580 for the same quarter in 2024[35] - The AFFO payout ratio for the quarter ended September 30, 2025, was 70%, up from 68% in the prior year[35] Investment and Acquisition Activity - Closed on $283.0 million of investments at an initial cash cap rate of 7.3%, with a total of $748.0 million in investments year-to-date[4] - Raised 2025 acquisition volume guidance to a new range of $850 to $950 million, up from the previous range of $600 to $700 million[12] Balance Sheet and Liquidity - Maintained a strong balance sheet with $1.4 billion in total available liquidity and a weighted average debt maturity of 10.7 years[10] - Total assets as of September 30, 2025, were $9,480,106,000, an increase from $8,872,728,000 as of December 31, 2024[28] - Total liabilities increased to $5,059,743,000 as of September 30, 2025, from $4,510,453,000 at the end of 2024[28] - The company’s total cash, including cash equivalents and restricted cash, was $157,917,000 as of September 30, 2025, significantly up from $8,731,000 at the end of 2024[28] - Total debt outstanding increased to $4,870,460,000 from $4,373,803,000, representing a rise of 11.3%[38] - Gross debt to gross assets ratio was 42.3% as of September 30, 2025, up from 40.7% at the end of 2024[43] - The company maintained a net debt to EBITDAre ratio of 5.6, consistent with the previous quarter[43] - The weighted average interest rate on unsecured debt is 4.2%, with a weighted average maturity of 10.7 years[40] Portfolio and Occupancy - Occupancy rate as of September 30, 2025, was 97.5%, slightly down from 99.3% a year earlier[6] - Total rental income for the quarter ended September 30, 2025, was $229,773,000, an increase of 5.9% compared to $218,155,000 for the same period in 2024[30] - The real estate portfolio, net of accumulated depreciation and amortization, was valued at $9,204,697,000 as of September 30, 2025, compared to $8,746,168,000 at the end of 2024[28] - The top line of trade, automotive service, accounted for 18.4% of annualized base rent (ABR) as of September 30, 2025, up from 17.0% in 2024[47] - The company has a total of 3,697 properties, with Texas holding the largest share at 18.5% of ABR[49] - The weighted average remaining lease term is 10.1 years as of September 30, 2025[52]