Group 1 - NNN REIT reported quarterly funds from operations (FFO) of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, and up from $0.84 per share a year ago, representing an FFO surprise of 4.82% [1] - The company posted revenues of $230.57 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.10%, compared to year-ago revenues of $214.83 million [2] - NNN REIT has outperformed the S&P 500, with shares adding about 0.6% since the beginning of the year, while the S&P 500 declined by 5.3% [3] Group 2 - The current consensus FFO estimate for the coming quarter is $0.85 on revenues of $223.9 million, and for the current fiscal year, it is $3.40 on revenues of $903.58 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges for the sector [8] - NNN REIT has surpassed consensus FFO estimates two times over the last four quarters and topped consensus revenue estimates four times in the same period [2]

Financial Data and Key Metrics Changes - The company reported core FFO of $0.86 per share and AFFO of $0.87 per share for Q1 2025, each up 3.6% year-over-year, while annualized base rent increased over 5% year-over-year [13][14] - The NOI margin was 95.9% for the quarter, and G&A as a percentage of total revenues was 5.6% [14][17] - Free cash flow after dividends was approximately $55 million for the quarter [14] Business Line Data and Key Metrics Changes - The company successfully resolved 15 out of 35 vacant furniture stores through leasing or sale, with significant interest in the remaining properties [3] - For restaurant assets, the company gained full possession and has leased or sold 38 properties, with strong interest in the remaining 31 [3][4] - Overall leasing activity was strong with 25 renewals and eight new leases completed, achieving a blended rent recapture rate of 98% [15] Market Data and Key Metrics Changes - Occupancy at the end of the quarter was 97.7%, slightly below the long-term average of approximately 98% due to the eviction process [4][15] - The company experienced limited to no credit losses within the portfolio during the first quarter, indicating strong portfolio stability [5][12] Company Strategy and Development Direction - The company continues to prioritize acquiring well-located properties with strong national and regional tenants, supported by a robust balance sheet [9][10] - The acquisition strategy remains focused on sale-leaseback transactions, with a guidance of $500 to $600 million for 2025 [6][20] - The company is actively managing its assets to prepare for future uncertainties while maintaining a disciplined underwriting approach [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to deliver excellent performance despite current macroeconomic uncertainties [5][12] - The company anticipates some cap rate pressure in 2025 compared to the previous year, but expects to maintain a strong acquisition pace [6][20] - Management highlighted the importance of their experienced team and strong processes in navigating economic cycles [12][13] Other Important Information - The company ended the first quarter with nearly $1.1 billion available on its $1.2 billion line of credit, reinforcing its self-funding model [8][17] - A quarterly dividend of $0.58 per share was announced, equating to a 5.4% annualized dividend yield [18] Q&A Session Summary Question: Acquisition pace in Q1 was higher than expected; can you expand on that? - Management noted that the elevated acquisition pace was primarily due to timing and relationships, with all but one transaction being sale-leaseback [23][24] Question: Expected pace of acquisitions moving forward? - Management maintained guidance of $500 to $600 million for acquisitions but expressed caution due to macroeconomic uncertainties [26] Question: Tenant appetite for growth amid economic volatility? - Tenants are reevaluating growth plans, with some deals canceled, but overall interest in growth remains [30][31] Question: Impact of tariffs on rent coverages? - Management indicated that 85% of their ABR comes from service and non-discretionary tenants, feeling comfortable about tariff impacts [32][33] Question: Concerns regarding discretionary tenants like Dave & Buster's and Camping World? - Management expressed confidence in both tenants, highlighting strong rent coverage and positive operational performance [56][60] Question: Contribution of less than expected bad debt to Q1 results? - The company reported minimal bad debt, with no notable credit loss year-to-date [63] Question: Outlook on lease termination income? - Lease termination income is unpredictable, but the company has seen elevated amounts recently due to specific tenant negotiations [71][73] Question: Performance outlook for new tenants in former Frisch's locations? - New tenants are performing well during the initial phase, with optimism for continued success [78] Question: Plans for remaining former restaurant properties? - There is interest in converting some properties to other uses, with ongoing negotiations [80]

Financial Performance - For the quarter ended March 31, 2025, net earnings increased to $96,458,000 from $94,371,000 in the same quarter of 2024, representing a growth of 2.2%[54]. - Rental income from operating leases rose to $224,056,000 in Q1 2025, compared to $209,084,000 in Q1 2024, marking an increase of 7.2%[65]. - NNN's real estate portfolio value as of March 31, 2025, was $10,898,036,000, up from $10,746,168,000 at the end of 2024, reflecting a growth of 1.4%[64]. - The company recognized a total of $1,512,000 in real estate impairments for the quarter ended March 31, 2025, compared to $1,204,000 in Q1 2024, indicating a 25.5% increase in impairments[70]. - NNN declared dividends of $108,335,000 for the quarter ended March 31, 2025, with a per share dividend of $0.5800, compared to $102,684,000 and $0.5650 per share for the same period in 2024[80]. Real Estate and Leasing - NNN's total annualized base rent (ABR) was $874,301,000 as of March 31, 2025, an increase from $831,010,000 as of March 31, 2024[41]. - The number of tenants classified as cash basis for accounting purposes was 10 as of March 31, 2025, representing 1.5% of total properties and 3.4% of annualized base rent[41]. - NNN's properties are predominantly leased under triple-net leases, with tenants responsible for all operating expenses[37]. - NNN's real estate portfolio is primarily held for investment, with leases typically having initial terms of 10 to 20 years[45]. - The weighted average remaining lease term for NNN's real estate portfolio was 10 years as of March 31, 2025, with 3,575 leases classified as operating leases[61]. Debt and Financing - Debt costs associated with NNN's unsecured notes amounted to $43,820,000 as of March 31, 2025, net of accumulated amortization[51]. - NNN increased its unsecured revolving credit facility borrowing capacity from $1,100,000,000 to $1,200,000,000, with a weighted average interest rate of 5.21% for the quarter ended March 31, 2025[71]. - As of March 31, 2025, NNN had $116,300,000 outstanding under the credit facility and $1,083,700,000 available for future borrowings, remaining compliant with financial covenants[71]. - NNN's unsecured debt obligations have a weighted average interest rate of 4.1% and a weighted average maturity of 11.6 years[144]. - NNN's variable rate credit facility had a weighted average outstanding balance of $70,342,000 for the quarter ended March 31, 2025, down from $116,067,000 with a 6.26% interest rate in the same period of 2024[142]. Cash and Investments - NNN held $427,000 in restricted cash and cash held in escrow as of March 31, 2025, compared to $331,000 as of December 31, 2024[49]. - NNN's cash and cash equivalents consist of cash and money market accounts, with no losses experienced in accounts exceeding federally insured levels[48]. - NNN's accumulated other comprehensive income (loss) improved to $(7,791,000) as of March 31, 2025, from $(7,959,000) at the end of 2024[56]. - NNN's above-market in-place leases net value increased to $3,556,000 as of March 31, 2025, from $2,594,000 at the end of 2024, showing a growth of 37.1%[67]. Accounting and Compliance - The company is currently evaluating the potential impact of new accounting standards (ASU 2023-09 and ASU 2024-03) on its future disclosures[57][58]. - NNN's accumulated other comprehensive income related to previously terminated interest rate hedges was $7,499,000, with an estimated additional $1,274,000 to be reclassified as interest expense over the next 12 months[74]. - During the quarter ended March 31, 2025, NNN entered into a forward starting swap with a notional amount of $150,000,000, designated as a cash flow hedge, with a fair value of $292,000[75]. Real Estate Transactions - The company reported a gain on the disposition of real estate of $3,813,000 from 10 properties sold in Q1 2025, compared to a gain of $4,821,000 from 6 properties sold in Q1 2024[68]. - NNN has committed to fund construction on 19 properties with a total commitment of $143,758,000, of which $87,819,000 has been funded, leaving a remaining commitment of $55,939,000[69].

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]

Core 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]

Core Viewpoint - Community Healthcare Trust (CHCT) reported quarterly funds from operations (FFO) of $0.55 per share, exceeding the Zacks Consensus Estimate of $0.53 per share, but down from $0.59 per share a year ago, indicating a 3.77% surprise [1] Financial Performance - The company achieved revenues of $30.08 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.06%, compared to $29.33 million in the same quarter last year [2] - Over the last four quarters, CHCT has exceeded consensus FFO estimates three times and revenue estimates two times [2] Stock Performance and Outlook - CHCT shares have declined approximately 16.7% year-to-date, contrasting with the S&P 500's decline of 6% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [4][6] Estimate Revisions - The current consensus FFO estimate for the upcoming quarter is $0.55 on revenues of $30.82 million, and for the current fiscal year, it is $2.20 on revenues of $123.67 million [7] - The estimate revisions trend for CHCT is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [6] Industry Context - The REIT and Equity Trust - Other industry, to which CHCT belongs, is currently ranked in the bottom 38% of over 250 Zacks industries, indicating potential challenges ahead [8]

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 September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF UNITED STATES SECURITIES AND EXCHANGE COMMISSION 1934. For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

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 June 30, 2022 OR ☐ 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 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF FORM 10-Q 1934. ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2022 OR For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2021 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of Maryland 56-1431377 incorporation or ...