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    Third Quarter 2024 Operating Results Announced by NNN REIT, Inc.

    10/31/24 8:30:00 AM ET
    $NNN
    Real Estate Investment Trusts
    Real Estate
    Get the next $NNN alert in real time by email

    ORLANDO, Fla., Oct. 31, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE:NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 2024. Highlights include:

    Operating Results:

    • Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts:

     





    Quarter Ended

    September 30,





    Nine Months Ended

    September 30,







    2024





    2023





    2024





    2023







    (dollars in thousands, except per share data)



    Revenues



    $

    218,564





    $

    205,132





    $

    650,784





    $

    611,880





























    Net earnings



    $

    97,904





    $

    106,787





    $

    298,941





    $

    295,658



    Net earnings per share



    $

    0.53





    $

    0.59





    $

    1.63





    $

    1.63





























    FFO



    $

    154,171





    $

    147,223





    $

    457,812





    $

    437,362



    FFO per share



    $

    0.84





    $

    0.81





    $

    2.50





    $

    2.41





























    Core FFO



    $

    154,327





    $

    147,376





    $

    458,438





    $

    438,247



    Core FFO per share



    $

    0.84





    $

    0.81





    $

    2.50





    $

    2.42





























    AFFO



    $

    155,701





    $

    148,281





    $

    462,556





    $

    442,526



    AFFO per share



    $

    0.84





    $

    0.82





    $

    2.52





    $

    2.44



     

    Third Quarter 2024 Highlights:

    • FFO and Core FFO per share increased 3.7% over prior year results
    • AFFO per share increased 2.4% over prior year results
    • Maintained high occupancy levels at 99.3%, with a weighted average remaining lease term of 10.0 years, at September 30, 2024 as compared to 99.3% at June 30, 2024 and 99.5% at December 31, 2023
    • $113.6 million in property investments, including the acquisition of eight properties with an aggregate gross leasable area of approximately 626,000 square feet at an initial cash cap rate of 7.6%
    • Sold nine properties for $20.0 million, producing $7.8 million of gains on sales
    • Raised $178.9 million in net proceeds from the issuance of 3,863,700 common shares
    • Maintained sector-leading 12.3 year weighted average debt maturity

    Highlights for the nine months ended September 30, 2024:

    • FFO per share increased 3.7% over prior year results
    • Core FFO and AFFO per share increased 3.3% over prior year results
    • $348.6 million in property investments, including the acquisition of 44 properties with an aggregate gross leasable area of approximately 1,181,000 square feet at an initial cash cap rate of 7.8%
    • Sold 29 properties for $105.9 million, producing $30.2 million of gains on sales
    • Raised $213.7 million in net proceeds from the issuance of 4,701,452 common shares
    • Issued $500 million principal amount of 5.500% senior unsecured notes due 2034
    • Redeemed $350 million principal amount of 3.900% senior unsecured notes due 2024
    • Expanded line of credit borrowing capacity from $1.1 billion to $1.2 billion and extended maturity to April 2028

    Previous Core FFO per share guidance for 2024 was narrowed from a range of $3.27 to $3.33 per share to a range of $3.28 to $3.32 per share. The 2024 AFFO is estimated to be $3.31 to $3.35 per share. The Core FFO guidance equates to net earnings of $1.93 to $1.97 per share, plus $1.35 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

    Steve Horn, Chief Executive Officer, commented: "NNN continues to perform consistently, with a 3.7 percent increase in FFO and Core FFO per share results in the third quarter 2024 compared to prior year results. With over $175 million of cash, $1.2 billion available on our revolving credit facility and no debt maturities until the fourth quarter of 2025, our balance sheet continues to allow NNN to capitalize on sufficiently accretive opportunities and remain well positioned to provide long-term shareholder value."

    NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2024, the company owned 3,549 properties in 49 states with a gross leasable area of approximately 36.6 million square feet and a weighted average remaining lease term of 10.0 years.  NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 35 or more consecutive years. For more information on the company, visit www.nnnreit.com.

    Management will hold a conference call on October 31, 2024, at 10:30 a.m. ET to review its results of operations.  The call can be accessed on the NNN REIT website live at www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company's website.  In addition, a summary of any earnings guidance given on the call will be posted to the company's website.

    Statements in this press release that are not strictly historical are "forward-looking" statements.  These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results.  These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital, risks related to the company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the company's business operations, financial results, and financial position on the world economy.  Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company's Securities and Exchange Commission (the "Commission") filings, including, but not limited to, the company's (i) Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

    Funds From Operations, commonly referred to as "FFO", is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company's share of these items from the company's noncontrolling interests and any impairment charges on a depreciable real estate asset, net of recoveries.

    FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.

    Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company's operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company's core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, executive retirement costs or other non-core amounts as they occur.  The company's computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

    Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company's performance.  The company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

     

    NNN REIT, Inc.

    (dollars in thousands, except per share data)

    (unaudited)











    Quarter Ended

    September 30,





    Nine Months Ended

    September 30,







    2024





    2023





    2024





    2023



    Income Statement Summary

























    Revenues:

























    Rental income



    $

    218,155





    $

    204,856





    $

    649,120





    $

    610,912



    Interest and other income from real estate transactions





    409







    276







    1,664







    968









    218,564







    205,132







    650,784







    611,880





























    Operating expenses:

























    General and administrative





    11,209







    10,225







    35,582







    33,216



    Real estate





    7,263







    6,459







    21,175







    20,141



    Depreciation and amortization





    63,369







    59,523







    186,487







    178,546



    Leasing transaction costs





    22







    96







    75







    223



    Impairment losses – real estate, net of recoveries





    760







    1,001







    2,908







    3,675



    Executive retirement costs





    156







    153







    626







    885









    82,779







    77,457







    246,853







    236,686



    Gain on disposition of real estate





    7,765







    19,992







    30,207







    40,222



    Earnings from operations





    143,550







    147,667







    434,138







    415,416





























    Other expenses (revenues):

























    Interest and other income





    (845)







    (644)







    (1,940)







    (751)



    Interest expense





    46,491







    41,524







    137,137







    120,509









    45,646







    40,880







    135,197







    119,758





























    Net earnings



    $

    97,904





    $

    106,787





    $

    298,941





    $

    295,658





























    Weighted average shares outstanding:

























    Basic





    184,007,176







    181,398,273







    182,757,097







    181,120,963



    Diluted





    184,561,431







    181,721,467







    183,301,570







    181,460,622





























    Net earnings per share available to stockholders:

























    Basic



    $

    0.53





    $

    0.59





    $

    1.63





    $

    1.63



    Diluted



    $

    0.53





    $

    0.59





    $

    1.63





    $

    1.63



     

    NNN REIT, Inc.

    (dollars in thousands, except per share data)

    (unaudited)











    Quarter Ended

    September 30,





    Nine Months Ended

    September 30,







    2024





    2023





    2024





    2023



    Funds From Operations ("FFO") Reconciliation:

























    Net earnings



    $

    97,904





    $

    106,787





    $

    298,941





    $

    295,658



    Real estate depreciation and amortization





    63,272







    59,427







    186,170







    178,251



    Gain on disposition of real estate





    (7,765)







    (19,992)







    (30,207)







    (40,222)



    Impairment losses – depreciable real estate,

        net of recoveries





    760







    1,001







    2,908







    3,675



    Total FFO adjustments





    56,267







    40,436







    158,871







    141,704



    FFO



    $

    154,171





    $

    147,223





    $

    457,812





    $

    437,362





























    FFO per share:

























    Basic



    $

    0.84





    $

    0.81





    $

    2.51





    $

    2.41



    Diluted



    $

    0.84





    $

    0.81





    $

    2.50





    $

    2.41





























    Core Funds From Operations ("Core FFO") Reconciliation:

























    Net earnings



    $

    97,904





    $

    106,787





    $

    298,941





    $

    295,658



    Total FFO adjustments





    56,267







    40,436







    158,871







    141,704



    FFO





    154,171







    147,223







    457,812







    437,362





























    Executive retirement costs





    156







    153







    626







    885



    Total Core FFO adjustments





    156







    153







    626







    885



    Core FFO



    $

    154,327





    $

    147,376





    $

    458,438





    $

    438,247





























    Core FFO per share:

























    Basic



    $

    0.84





    $

    0.81





    $

    2.51





    $

    2.42



    Diluted



    $

    0.84





    $

    0.81





    $

    2.50





    $

    2.42



     

    NNN REIT, Inc.

    (dollars in thousands, except per share data)

    (unaudited)















    Quarter Ended

    September 30,





    Nine Months Ended

    September 30,









    2024





    2023





    2024





    2023





    Adjusted Funds From Operations ("AFFO") Reconciliation:



























    Net earnings



    $

    97,904





    $

    106,787





    $

    298,941





    $

    295,658





    Total FFO adjustments





    56,267







    40,436







    158,871







    141,704





    Total Core FFO adjustments





    156







    153







    626







    885





    Core FFO





    154,327







    147,376







    458,438







    438,247

































    Straight-line accrued rent, net of reserves





    (123)







    (493)







    8







    (1,496)





    Net capital lease rent adjustment





    56







    83







    164







    244





    Below-market rent amortization





    (109)







    (115)







    (351)







    (349)





    Stock based compensation expense





    2,818







    2,678







    9,041







    8,254





    Capitalized interest expense





    (1,268)







    (1,248)







    (4,744)







    (2,374)





    Total AFFO adjustments





    1,374







    905







    4,118







    4,279





    AFFO



    $

    155,701





    $

    148,281





    $

    462,556





    $

    442,526

































    AFFO per share:



























    Basic



    $

    0.85





    $

    0.82





    $

    2.53





    $

    2.44





    Diluted



    $

    0.84





    $

    0.82





    $

    2.52





    $

    2.44

































    Other Information:



























    Rental income from operating leases(1)



    $

    213,447





    $

    200,287





    $

    634,088





    $

    596,099





    Earned income from direct financing leases(1)



    $

    116





    $

    140





    $

    353





    $

    427





    Percentage rent(1)



    $

    200





    $

    336





    $

    1,347





    $

    1,390

































    Real estate expenses reimbursed from tenants(1)



    $

    4,392





    $

    4,093





    $

    13,332





    $

    12,996





    Real estate expenses





    (7,263)







    (6,459)







    (21,175)







    (20,141)





    Real estate expenses, net of tenant reimbursements



    $

    (2,871)





    $

    (2,366)





    $

    (7,843)





    $

    (7,145)

































    Amortization of debt costs



    $

    1,450





    $

    1,247





    $

    4,538





    $

    3,648





    Scheduled debt principal amortization (excluding maturities)



    $

    —





    $

    —





    $

    —





    $

    173



    (2)

    Non-real estate depreciation expense



    $

    101





    $

    98





    $

    327





    $

    303









    (1)

    For the quarters ended September 30, 2024 and 2023, the aggregate of such amounts is $218,155 and $204,856, respectively, and $649,120 and $610,912, for the nine months ended September 30, 2024 and 2023, respectively, and is classified as rental income on the income statement summary.





    (2)

    In April 2023, NNN repaid the remaining mortgages payable principal balance of $9,774.

    NNN REIT, Inc.

    2024 Earnings Guidance

    Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.





    2024 Guidance

    Net earnings per share excluding any gains on disposition of real

        estate, impairment charges, and executive retirement costs



    $1.93 - $1.97 per share

    Real estate depreciation and amortization per share



    $1.35 per share

    Core FFO per share



    $3.28 - $3.32 per share

    AFFO per share



    $3.31 - $3.35 per share

    General and administrative expenses



    $45 - $46 Million

    Real estate expenses, net of tenant reimbursements



    $11 - $12 Million

    Acquisition volume



    $500 - $600 Million

    Disposition volume



    $110 - $130 Million

     

    NNN REIT, Inc.

    (dollars in thousands)

    (unaudited)











    September 30,

    2024





    December 31,

    2023



    Balance Sheet Summary



























    Assets:













    Real estate portfolio, net of accumulated depreciation and amortization



    $

    8,625,489





    $

    8,535,851



    Cash and cash equivalents





    173,526







    1,189



    Restricted cash and cash held in escrow





    4,986







    3,966



    Receivables, net of allowance of $592 and $669, respectively





    2,224







    3,649



    Accrued rental income, net of allowance of $4,117 and $4,168, respectively





    33,849







    34,611



    Debt costs, net of accumulated amortization of $26,280 and $23,952, respectively





    9,656







    3,243



    Other assets





    73,913







    79,459



    Total assets



    $

    8,923,643





    $

    8,661,968

















    Liabilities:













    Line of credit payable



    $

    —





    $

    132,000



    Notes payable, net of unamortized discount and unamortized debt costs





    4,372,293







    4,228,544



    Accrued interest payable





    75,399







    34,374



    Other liabilities





    107,025







    109,593



    Total liabilities





    4,554,717







    4,504,511

















    Total equity





    4,368,926







    4,157,457

















    Total liabilities and equity



    $

    8,923,643





    $

    8,661,968

















    Common shares outstanding





    187,525,891







    182,474,770

















    Gross leasable area, Property Portfolio (square feet)





    36,550,000







    35,966,000



     

    NNN REIT, Inc.

    Debt Summary

    As of September 30, 2024

    (dollars in thousands)

    (unaudited)



    Unsecured Debt



    Principal





    Principal,

    Net of

    Unamortized

    Discount





    Stated

    Rate





    Effective

    Rate





    Maturity Date

    Line of credit payable



    $

    —





    $

    —





    SOFR +

    87.5 bps







    —





    April 2028































    Unsecured notes payable:































    2025





    400,000







    399,872







    4.000

    %





    4.029

    %



    November 2025



    2026





    350,000







    349,022







    3.600

    %





    3.733

    %



    December 2026



    2027





    400,000







    399,447







    3.500

    %





    3.548

    %



    October 2027



    2028





    400,000







    398,704







    4.300

    %





    4.388

    %



    October 2028



    2030





    400,000







    399,254







    2.500

    %





    2.536

    %



    April 2030



    2033





    500,000







    489,352







    5.600

    %





    5.905

    %



    October 2033



    2034





    500,000







    494,002







    5.500

    %





    5.662

    %



    June 2034



    2048





    300,000







    296,197







    4.800

    %





    4.890

    %



    October 2048



    2050





    300,000







    294,526







    3.100

    %





    3.205

    %



    April 2050



    2051





    450,000







    442,184







    3.500

    %





    3.602

    %



    April 2051



    2052





    450,000







    440,226







    3.000

    %





    3.118

    %



    April 2052

    Total





    4,450,000







    4,402,786

















































    Total unsecured debt(1)



    $

    4,450,000





    $

    4,402,786

















































    Debt costs









    $

    (43,820)



















    Accumulated amortization







    13,327



















    Debt costs, net of accumulated amortization







    (30,493)



















    Notes payable, net of unamortized discount and

        unamortized debt costs





    $

    4,372,293

























    (1)



    Unsecured debt has a weighted average interest rate of 4.1% and a weighted average maturity of 12.3 years.





    NNN REIT, Inc.

    Debt Summary – Continued

    As of September 30, 2024

    (unaudited)

    Credit Facility and Notes Covenants

    The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2024, the company believes it is in compliance with the covenants.

    Key Covenants



    Required



    September 30,

    2024

    Unsecured Bank Credit Facility:









    Maximum leverage ratio



    < 0.60



    0.37

    Minimum fixed charge coverage ratio



    > 1.50



    4.29

    Maximum secured indebtedness ratio



    < 0.40



    —

    Unencumbered asset value ratio



    > 1.67



    2.71

    Unencumbered interest ratio



    > 1.75



    4.22

    Unsecured Notes:









    Limitation on incurrence of total debt



    ≤ 60%



    40.0 %

    Limitation on incurrence of secured debt



    ≤ 40%



    —

    Debt service coverage ratio



    ≥ 1.50



    4.2

    Maintenance of total unencumbered assets



    ≥ 150%



    250 %

     

    NNN REIT, Inc.

    Property Portfolio

    As of September 30, 2024



    Top 20 Lines of Trade









    As of September 30,





    Lines of Trade



    2024(1)



    2023(2)

    1.



    Automotive service



    16.8 %



    14.7 %

    2.



    Convenience stores



    15.9 %



    16.8 %

    3.



    Restaurants – limited service



    8.4 %



    8.8 %

    4.



    Restaurants – full service



    8.3 %



    8.8 %

    5.



    Family entertainment centers



    7.2 %



    5.8 %

    6.



    Recreational vehicle dealers, parts and accessories



    5.1 %



    4.7 %

    7.



    Theaters



    4.0 %



    4.2 %

    8.



    Health and fitness



    4.0 %



    4.6 %

    9.



    Equipment rental



    3.2 %



    3.0 %

    10.



    Wholesale clubs



    2.4 %



    2.5 %

    11.



    Automotive parts



    2.4 %



    2.5 %

    12.



    Drug stores



    2.2 %



    2.5 %

    13.



    Home improvement



    2.1 %



    2.3 %

    14.



    Furniture



    1.9 %



    2.1 %

    15.



    Medical service providers



    1.8 %



    1.8 %

    16.



    General merchandise



    1.4 %



    1.5 %

    17.



    Pet supplies and services



    1.3 %



    1.0 %

    18.



    Home furnishings



    1.3 %



    1.3 %

    19.



    Consumer electronics



    1.3 %



    1.4 %

    20.



    Travel plazas



    1.2 %



    1.3 %





    Other



    7.8 %



    8.4 %





    Total



    100.0 %



    100.0 %

     

    Top 10 States







    State



    % of

    Total(1)







    State



    % of

    Total(1)

    1.



    Texas



    17.3 %



    6.



    Tennessee



    3.9 %

    2.



    Florida



    9.2 %



    7.



    North Carolina



    3.8 %

    3.



    Illinois



    5.1 %



    8.



    Indiana



    3.6 %

    4.



    Ohio



    4.7 %



    9.



    Virginia



    3.3 %

    5.



    Georgia



    4.6 %



    10.



    Arizona



    3.2 %



    As a percentage of annual base rent, which is the annualized base rent for all leases in place.



    (1)

    $850,976,000 as of September 30, 2024.



    (2)

    $800,194,000 as of September 30, 2023.

     

    NNN REIT, Inc.

    Property Portfolio – Continued

    As of September 30, 2024

     



    Top 20 Tenants







    Tenant



    # of

    Properties



    % of

    Total(1)

    1.



    7-Eleven



    146



    4.6 %

    2.



    Mister Car Wash



    121



    4.1 %

    3.



    Dave & Buster's



    34



    3.9 %

    4.



    Camping World



    48



    3.8 %

    5.



    GPM Investments (convenience stores)



    150



    2.9 %

    6.



    Flynn Restaurant Group (Taco Bell/Arby's)



    204



    2.7 %

    7.



    AMC Theatre



    20



    2.6 %

    8.



    LA Fitness



    26



    2.5 %

    9.



    BJ's Wholesale Club



    13



    2.4 %

    10.



    Mavis Tire Express Services



    140



    2.2 %

    11.



    Couche Tard (Pantry)



    92



    2.2 %

    12.



    Chuck-E-Cheese



    53



    1.8 %

    13.



    Walgreens



    49



    1.8 %

    14.



    Sunoco



    53



    1.8 %

    15.



    United Rentals



    49



    1.6 %

    16.



    Fikes (convenience stores)



    58



    1.5 %

    17.



    Frisch's Restaurants



    64



    1.5 %

    18.



    Tidal Wave Auto Spa



    35



    1.3 %

    19.



    Bob Evans



    106



    1.3 %

    20.



    Life Time Fitness



    3



    1.3 %

     

    Lease Expirations(2)







    % of

    Total(1)



    # of

    Properties



    Gross Leasable

    Area(3)







    % of

    Total(1)



    # of

    Properties



    Gross Leasable

    Area(3)

    2024



    0.1 %



    8



    52,000



    2030



    3.9 %



    128



    1,691,000

    2025



    3.8 %



    153



    1,254,000



    2031



    7.0 %



    184



    2,655,000

    2026



    4.2 %



    205



    1,992,000



    2032



    5.7 %



    215



    2,361,000

    2027



    7.8 %



    232



    3,542,000



    2033



    4.6 %



    135



    1,403,000

    2028



    5.5 %



    228



    2,109,000



    Thereafter



    52.8 %



    1,893



    17,101,000

    2029



    4.6 %



    143



    2,083,000























    (1)



    Based on the annual base rent of $850,976,000, which is the annualized base rent for all leases in place as of September 30, 2024.

    (2)



    As of September 30, 2024, the weighted average remaining lease term is 10.0 years.

    (3)



    Square feet.

     

    NNN REIT, Inc. (PRNewsfoto/National Retail Properties, Inc.)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/third-quarter-2024-operating-results-announced-by-nnn-reit-inc-302292042.html

    SOURCE NNN REIT, Inc.

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