NNN REIT(US:NNN) Prnewswireยท2025-05-01 12:30Core Insights - NNN REIT, Inc. reported strong financial results for Q1 2025, with revenues of $230.854 million, a 7.2% increase from $215.407 million in Q1 2024 [2] - The company achieved net earnings of $96.458 million, slightly up from $94.371 million in the previous year, resulting in a diluted earnings per share of $0.51 [2][4] - NNN's Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87 respectively [4][31] Financial Results - Total revenues for Q1 2025 were $230.854 million, compared to $215.407 million in Q1 2024, marking a 7.2% increase [2] - Net earnings increased to $96.458 million from $94.371 million, with net earnings per share slightly decreasing from $0.52 to $0.51 [2][4] - FFO for the quarter was $158.734 million, up from $151.261 million in the prior year, with FFO per share increasing from $0.83 to $0.85 [2][31] - Core FFO reached $160.907 million, compared to $151.578 million in Q1 2024, with Core FFO per share rising from $0.83 to $0.86 [2][31] - AFFO was reported at $163.015 million, an increase from $153.259 million, with AFFO per share growing from $0.84 to $0.87 [2][31] Operating Results - As of March 31, 2025, NNN owned 3,641 properties with a total gross leasable area of approximately 37.311 million square feet [3][15] - The occupancy rate was reported at 97.7%, slightly below the 20-year average of 98.2% [4][15] - The weighted average remaining lease term was 9.9 years [3][15] - NNN initiated eviction proceedings for 64 properties leased to a mid-western restaurant operator, successfully re-leasing 31 of these properties [3][5] Property Acquisitions and Dispositions - NNN closed on $232.4 million of investments during the quarter, completing over 40% of its 2025 acquisition volume plan [4][6] - The company disposed of 10 properties, generating net sale proceeds of $15.839 million [8] Balance Sheet and Liquidity - As of March 31, 2025, NNN reported gross debt of $4.6 billion with a weighted average interest rate of 4.1% and a maturity of 11.6 years [9][34] - The company maintained $1.1 billion in total available liquidity, with only 2.5% of its debt being floating rate [4][9] - The net debt to annualized EBITDAre ratio was 5.5x, while the fixed charge coverage ratio stood at 4.2x [9][37] Dividend Information - NNN declared a quarterly dividend of $0.58 per share, representing an annualized yield of 5.4% and an AFFO payout ratio of 66% [10][31] 2025 Guidance - The company maintained its 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 [11]