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NNN REIT Inc
SWB:CZ2

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NNN REIT Inc
SWB:CZ2
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Price: 34.48 EUR 1.62% Market Closed
Market Cap: 6.3B EUR

NNN REIT Inc
Investor Relations

NNN REIT Inc., previously known as National Retail Properties, Inc., is a prominent player in the commercial real estate sector, specializing in properties that cater to retail clients. Founded with a strategic vision to connect real estate assets with reliable retail tenants, the company has carved a niche by focusing on net lease agreements that provide steady cash flows and minimize operational headaches. Under this business model, NNN REIT invests in properties that are then leased to retailers on a long-term basis, often featuring lease terms where tenants cover most property-related expenses, such as maintenance, insurance, and taxes. This operational framework allows NNN REIT to enjoy robust income streams while mitigating exposure to fluctuating real estate costs and direct property management challenges.

The company's portfolio is extensive, encompassing a diversified array of properties strategically located across the United States. The retail spaces NNN REIT leases out vary from single-tenant buildings housing recognized national chains to smaller, community-centric establishments. One of the company's key strengths lies in its agility to adapt to retail market trends, ensuring its property portfolio remains aligned with tenant demands. By capitalizing on the stability offered by its long-term lease commitments, NNN REIT generates a steady revenue stream, distributing dividends to its shareholders. This model not only underscores the firm's commitment to financial resilience but also demonstrates its capability to ensure sustainable growth in a competitive real estate landscape.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 4, 2025
AI Summary
Q3 2025

Core FFO Guidance Raised: NNN increased its 2025 core FFO per share guidance to $3.36–$3.40, reflecting strong year-to-date performance and confidence in future growth.

Record Acquisition Volume: Acquisition guidance for 2025 was raised to a midpoint of $900 million, which would be an all-time high for the company.

Strong Financial Position: NNN reported $1.4 billion in liquidity, no outstanding revolver balance, and nearly 11 years of weighted average debt maturity.

Occupancy and Asset Resolution: Occupancy temporarily dipped to 97.5% due to a tenant dispute, but management expects it to exceed 98% by year-end as vacant assets are resolved.

Resilient Portfolio & Renewals: 92 of 100 lease renewals were completed, with renewal rental rates at 108% of prior rents and new leases at 124% of previous rents.

Limited Credit Issues: Bad debt assumptions for 2025 were lowered from 60 to 25 basis points after successful bankruptcy resolution with a major tenant.

Disposition Guidance Increased: Disposition outlook for the year was raised by $50 million, now expected to reach $170–$200 million.

Key Financials
Core FFO Per Share
$0.85
AFFO Per Share
$0.86
Annualized Base Rent
$912 million
NOI Margin
98%
Free Cash Flow After Dividend
$48 million
Acquisitions
$283 million in Q3 (57 new assets); $750 million YTD (184 properties)
Dispositions
$41 million in Q3 (23 properties)
Liquidity
$1.4 billion
Debt Maturity
10.7 years weighted average
Leverage
5.6x
Quarterly Dividend
$0.60 per share
Occupancy
97.5% as of September 30
Lease Renewal Rate
92 of 100 renewals (92%)
Renewal Rental Rate Spread
108% of prior rents
New Lease Rental Rate Spread
124% of previous rents
Bad Debt Assumption
25 basis points for full year (20 basis points booked YTD)
Earnings Call Recording
Other Earnings Calls

Management

Contacts

Address
FLORIDA
Orlando
450 S Orange Ave, Suite 900
Contacts
+14072657348
www.nnnreit.com