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WKN: A0JMJZ | ISIN: US6374171063 | Ticker-Symbol: CZ2
Tradegate
05.08.25 | 10:30
37,420 Euro
+0,54 % +0,200
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Immobilien
Aktienmarkt
S&P MidCap 400
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NNN REIT INC Chart 1 Jahr
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36,42036,55018:38
36,42036,55018:38
PR Newswire
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NNN REIT, Inc. Announces Second Quarter 2025 Results and Increased 2025 Guidance

ORLANDO, Fla., Aug. 5, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and six months ended June 30, 2025. Highlights include:

Second Quarter 2025 Highlights:

  • Reported net earnings of $0.54 per diluted share
  • Grew Core FFO and AFFO per diluted share by 1.2% over prior year results, to $0.84 and $0.85, respectively
  • Increased ABR by 6.7% over prior year results
  • Closed on $232.5 million of investments at an initial cash cap rate of 7.4%, with a weighted average lease term of 17.8 years and $464.9 million of investments in the six months ended June 30, 2025, equating to 85% of the initial full year acquisition plan at the midpoint
  • Sold 23 properties for $51.2 million, including $24.7 million of income producing properties at a weighted average cap rate of 6.2%
  • Raised $10.9 million in gross proceeds from the issuance of 254,222 common shares at an average price per share of $43.03
  • Improved balance sheet flexibility, following the end of the quarter, through the issuance of $500 million principal amount of 4.600% senior unsecured notes due 2031 ("2031 Notes") and the repayment of the outstanding balance on the unsecured revolving line of credit
  • Pro forma for the 2031 Notes, the Company had a sector leading weighted average debt maturity of 11.0 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity
  • Paid a $0.58 quarterly dividend, equating to a 5.4% annualized dividend yield and 68% AFFO payout ratio

Additional Highlights:

  • Announced a 3.4% increase in the third quarter 2025 quarterly dividend to $0.60 per share, marking the Company's 36th consecutive annual dividend increase
  • Published the Company's third annual Corporate Sustainability Report
  • Increased the midpoint of 2025 Core FFO and AFFO per share guidance by $0.01
  • Increased 2025 acquisition volume guidance by $100 million

Steve Horn, Chief Executive Officer, commented: "NNN delivered another strong quarter, investing $233 million across 45 properties, at an accretive initial cash cap rate of 7.4%. With over $460 million of real estate investments completed in the first half of 2025 and nearly $1.5 billion of immediate liquidity following our note offering at the end of the quarter, we are well-positioned to raise our 2025 Core FFO guidance and execute our strategy through year end."

FINANCIAL RESULTS

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



Quarter Ended
June 30,



Six Months Ended
June 30,


(dollars in thousands, except per share data)


2025



2024



2025



2024


Revenues


$

226,802



$

216,813



$

457,656



$

432,220















Net earnings


$

100,529



$

106,666



$

196,987



$

201,037


Net earnings per share


$

0.54



$

0.58



$

1.05



$

1.10















FFO


$

157,175



$

152,380



$

315,909



$

303,641


FFO per share


$

0.84



$

0.83



$

1.69



$

1.66















Core FFO


$

157,366



$

152,533



$

318,273



$

304,111


Core FFO per share


$

0.84



$

0.83



$

1.70



$

1.67















AFFO


$

158,523



$

153,596



$

321,538



$

306,855


AFFO per share


$

0.85



$

0.84



$

1.72



$

1.68


PORTFOLIO SNAPSHOT

(dollars in thousands)


June 30, 2025



March 31, 2025



June 30, 2024


Number of properties



3,663




3,641




3,548


Total gross leasable area (square feet)



38,322,000




37,311,000




36,095,000


Occupancy rate



98.0

%



97.7

%



99.3

%

Weighted average remaining lease term (years)



9.8




9.9




10.0


ABR


$

893,782



$

874,301



$

837,568


PROPERTY ACQUISITIONS

(dollars in thousands)


Quarter Ended
June 30, 2025



Six Months Ended
June 30, 2025


Total dollars invested(1)


$

232,536



$

464,929


Number of properties



45




127


Gross leasable area (square feet)(2)



1,399,000




2,230,000


Weighted average cap rate(3)



7.4

%



7.4

%

Weighted average lease term (years)



17.8




18.0




(1)

Includes dollars invested in projects under construction or tenant improvements.

(2)

Includes additional square footage from completed construction on existing properties.

(3)

Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS



Quarter Ended June 30, 2025



Six Months Ended June 30, 2025


(dollars in thousands)


Occupied



Vacant



Total



Occupied



Vacant



Total


Number of properties



10




13




23




19




14




33


Gross leasable area (square feet)



162,000




196,000




358,000




220,000




210,000




430,000


Net sale proceeds


$

24,727



$

26,521



$

51,248



$

38,067



$

29,020



$

67,087


Weighted average cap rate(1)



6.2

%



-




6.2

%



5.7

%



-




5.7

%



(1)

Calculated as the cash annual base rent divided by the total gross proceeds received for the properties.

CAPITAL MARKETS ACTIVITY

During the second quarter 2025, NNN issued 254,222 common shares, raising $10.9 million in gross proceeds at an average price per share of $43.03, primarily through the Company's at-the-market equity program.

On July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit.

BALANCE SHEET AND LIQUIDITY

As of June 30, 2025, Gross Debt was $4.7 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 11.1 years. The Company ended the second quarter 2025 with $939.0 million of total available liquidity, comprised of $932.3 million of unused line of credit capacity and $6.7 million of cash and restricted cash. Pro forma for the 2031 Notes, the Company had total available liquidity of $1.4 billion, comprised of $1.2 billion of unused line of credit capacity and $230.8 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.2x, respectively, as of June 30, 2025.

DIVIDEND

As previously announced, on July 15, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable August 15, 2025, to shareholders of record as of July 31, 2025. The new quarterly dividend represents an annualized dividend of $2.40 per share with an annualized dividend yield of 5.6% as of June 30, 2025. The 3.4% increase in the quarterly dividend marks the Company's 36th consecutive annual dividend increase. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years.

2025 GUIDANCE

The Company increased previously provided 2025 guidance as summarized below:

(dollars in millions, except per diluted share data)


Previous 2025
Guidance


Updated 2025
Guidance

Net earnings per share excluding any gains on disposition of real estate,
impairment losses and retirement and severance costs


$1.97 - $2.02


$1.93 - $1.98

Real estate depreciation and amortization per share


$1.36


$1.41

Core FFO per share


$3.33 - $3.38


$3.34 - $3.39

AFFO per share


$3.39 - $3.44


$3.40 - $3.45

General and administrative expenses


$47 - $48


$47 - $48

Real estate expenses, net of tenant reimbursements


$15 - $16


$17 - $18

Acquisition volume


$500 - $600


$600 - $700

Disposition volume


$80 - $120


$120 - $150

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").

CONFERENCE CALL INFORMATION

The Company will host a conference call on Tuesday, August 5, 2025 at 10:30 a.m. ET to discuss second quarter results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the U.S. or 973-528-0011 for international callers and entering the participant code 385344 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through August 12, 2025, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 52652.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of June 30, 2025, the Company owned 3,663 properties in 50 states with a gross leasable area of approximately 38.3 million square feet and a weighted average remaining lease term of 10 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.

FORWARD-LOOKING STATEMENTS

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 Commission filings, including, but not limited to, the Company's (i) Annual Report on Form 10-K for the year ended December 31, 2024 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. 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.

DEFINITIONS

Funds From Operations ("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 on the disposition of certain assets 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.

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, retirement and severance costs or other non-core amounts as they occur.

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 earnings 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.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit ("EBITDAre") is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.

Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debt is defined by the Company as Gross Debt less Total Cash.

Management considers the non-GAAP measures of Gross Debt and Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.

The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.

Annualized Base Rent ("ABR") represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)




June 30,
2025



December 31,
2024


Assets:







Real estate portfolio, net of accumulated depreciation and amortization


$

9,023,171



$

8,746,168


Cash and cash equivalents



5,973




8,731


Restricted cash and cash held in escrow



775




331


Receivables, net of allowance of $599 and $617, respectively



2,499




2,975


Accrued rental income, net of allowance of $3,290 and $4,156, respectively



33,594




34,005


Debt costs, net of accumulated amortization of $28,449 and $27,002, respectively



7,698




8,958


Other assets



74,967




71,560


Total assets


$

9,148,677



$

8,872,728









Liabilities:







Line of credit payable


$

267,700



$

-


Notes payable, net of unamortized discount and unamortized debt costs



4,376,893




4,373,803


Accrued interest payable



30,685




29,699


Other liabilities



110,994




106,951


Total liabilities



4,786,272




4,510,453









Total equity



4,362,405




4,362,275









Total liabilities and equity


$

9,148,677



$

8,872,728









Common shares outstanding



188,206,484




187,540,929


NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,




2025



2024



2025



2024


Revenues:













Rental income


$

226,498



$

216,140



$

457,072



$

430,965


Interest and other income from real estate transactions



304




673




584




1,255





226,802




216,813




457,656




432,220















Operating expenses:













General and administrative



11,217




11,789




24,225




24,373


Real estate



8,838




6,758




18,213




13,912


Depreciation and amortization



68,349




62,503




132,966




123,118


Leasing transaction costs



74




20




204




53


Impairment losses - real estate, net of recoveries



4,535




944




6,047




2,148


Retirement and severance costs



191




153




2,364




470





93,204




82,167




184,019




164,074


Gain on disposition of real estate



16,198




17,621




20,011




22,442


Earnings from operations



149,796




152,267




293,648




290,588















Other expenses (revenues):













Interest and other income



(15)




(976)




(344)




(1,095)


Interest expense



49,282




46,577




97,005




90,646





49,267




45,601




96,661




89,551















Net earnings


$

100,529



$

106,666



$

196,987



$

201,037















Weighted average shares outstanding:













Basic



186,876,693




182,438,791




186,865,955




182,119,471


Diluted



187,070,288




182,807,374




187,088,160




182,528,333















Net earnings per share available to stockholders:













Basic


$

0.54



$

0.58



$

1.05



$

1.10


Diluted


$

0.54



$

0.58



$

1.05



$

1.10


NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,




2025



2024



2025



2024


Rental income from operating leases(1) (2)


$

221,714



$

211,557



$

445,770



$

420,641


Earned income from direct financing leases(1)


$

112



$

118



$

226



$

237


Percentage rent(1)


$

284



$

259



$

1,170



$

1,147















Real estate expenses reimbursed from tenants(1)


$

4,388



$

4,206



$

9,906



$

8,940


Real estate expenses



(8,838)




(6,758)




(18,213)




(13,912)


Real estate expenses, net of tenant reimbursements


$

(4,450)



$

(2,552)



$

(8,307)



$

(4,972)















Amortization of debt costs


$

1,478



$

1,787



$

2,944



$

3,088


Non-real estate depreciation expense


$

43



$

115



$

86



$

226




(1)

For the quarters ended June 30, 2025 and 2024, the aggregate of such amounts is $226,498 and $216,140, respectively, and $457,072 and $430,965, for the six months ended June 30, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.

(2)

Includes lease termination fees of $2,248 and $2,053 for the quarters ended June 30, 2025 and 2024, respectively, and $10,452 and $6,292 for the six months ended June 30, 2025 and 2024, respectively.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,




2025



2024



2025



2024


Net earnings


$

100,529



$

106,666



$

196,987



$

201,037


Real estate depreciation and amortization



68,309




62,391




132,886




122,898


Gain on disposition of real estate



(16,198)




(17,621)




(20,011)




(22,442)


Impairment losses - depreciable real estate, net of
recoveries



4,535




944




6,047




2,148


FFO



157,175




152,380




315,909




303,641


Retirement and severance costs



191




153




2,364




470


Core FFO



157,366




152,533




318,273




304,111


Straight-line accrued rent, net of reserves



425




95




(84)




131


Net capital lease rent adjustment



62




54




122




108


Below-market rent amortization



(1,620)




(125)




(1,713)




(242)


Stock based compensation expense



2,832




2,656




6,403




6,223


Capitalized interest expense



(542)




(1,617)




(1,463)




(3,476)


AFFO


$

158,523



$

153,596



$

321,538



$

306,855















FFO per share:













Basic


$

0.84



$

0.84



$

1.69



$

1.67


Diluted


$

0.84



$

0.83



$

1.69



$

1.66















Core FFO per share:













Basic


$

0.84



$

0.84



$

1.70



$

1.67


Diluted


$

0.84



$

0.83



$

1.70



$

1.67















AFFO per share:













Basic


$

0.85



$

0.84



$

1.72



$

1.68


Diluted


$

0.85



$

0.84



$

1.72



$

1.68















Dividend per share


$

0.5800



$

0.5650



$

1.1600



$

1.1300


AFFO payout ratio (1)



68

%



67

%



67

%



67

%



(1)

Calculated as total dividends paid as a percentage of AFFO for each respective period.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures (continued)

(dollars in thousands, except per share data)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,




2025



2024



2025



2024


Net earnings


$

100,529



$

106,666



$

196,987



$

201,037


Interest expense



49,282




46,577




97,005




90,646


Depreciation and amortization



68,349




62,503




132,966




123,118


Gain on disposition of real estate



(16,198)




(17,621)




(20,011)




(22,442)


Impairment losses - real estate, net of
recoveries



4,535




944




6,047




2,148


EBITDAre


$

206,497



$

199,069



$

412,994



$

394,507















Interest expense


$

49,282



$

46,577



$

97,005



$

90,646


Add back: capitalized interest



542




1,617




1,463




3,476


Fixed charges


$

49,824



$

48,194



$

98,468



$

94,122

















June 30,
2025



December 31,
2024








Total assets


$

9,148,677



$

8,872,728








Accumulated depreciation & amortization



2,171,731




2,065,520








Amortization of direct financing leases



2,777




2,655








Gross Assets


$

11,323,185



$

10,940,903





















Debt outstanding:













Line of credit


$

267,700



$

-








Notes payable, net of unamortized discount and
unamortized debt costs



4,376,893




4,373,803








Total Debt



4,644,593




4,373,803








Unamortized note discount



44,844




46,437








Unamortized debt costs



28,263




29,760








Gross Debt



4,717,700




4,450,000








Total Cash



(6,748)




(9,062)








Net Debt


$

4,710,952



$

4,440,938








NNN REIT, Inc.

Debt Summary

As of June 30, 2025

(dollars in thousands)

(unaudited)


Unsecured Debt


Principal



Principal,
Net of
Unamortized
Discount



Stated
Rate



Effective
Rate



Maturity Date

Line of credit payable(1)


$

267,700



$

267,700



SOFR +
87.5 bps




5.165

%


April 2028
















Unsecured notes payable:















2025



400,000




399,957




4.000

%



4.029

%


November 2025

2026



350,000




349,345




3.600

%



3.733

%


December 2026

2027



400,000




399,578




3.500

%



3.548

%


October 2027

2028



400,000




398,928




4.300

%



4.388

%


October 2028

2030



400,000




399,349




2.500

%



2.536

%


April 2030

2033



500,000




490,040




5.600

%



5.905

%


October 2033

2034



500,000




494,352




5.500

%



5.662

%


June 2034

2048



300,000




296,261




4.800

%



4.890

%


October 2048

2050



300,000




294,631




3.100

%



3.205

%


April 2050

2051



450,000




442,318




3.500

%



3.602

%


April 2051

2052



450,000




440,397




3.000

%



3.118

%


April 2052

Total



4,450,000




4,405,156

























Total unsecured debt(1) (2)


$

4,717,700



$

4,672,856

























Debt costs





$

(43,820)










Accumulated amortization




15,557










Debt costs, net of accumulated amortization




(28,263)










Notes payable, net of unamortized discount and
unamortized debt costs



$

4,376,893













(1)


On July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit.

(2)


Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 11.1 years.

NNN REIT, Inc.
Debt Summary - Continued
As of June 30, 2025
(unaudited)

Credit Metrics



June 30,
2025


December 31,
2024

Gross Debt / Gross Assets


41.7 %


40.7 %

Net Debt / EBITDAre (last quarter annualized)


5.7


5.6

EBITDAre / fixed charges


4.2


4.2

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 June 30, 2025, the Company believes it is in compliance with the covenants.

Key Covenants


Required


June 30,
2025

Unsecured Bank Credit Facility:





Maximum leverage ratio


< 0.60


0.39

Minimum fixed charge coverage ratio


> 1.50


4.26

Maximum secured indebtedness ratio


< 0.40


-

Unencumbered asset value ratio


> 1.67


2.65

Unencumbered interest ratio


> 1.75


4.17

Unsecured Notes:





Limitation on incurrence of total debt


= 60%


41 %

Limitation on incurrence of secured debt


= 40%


-

Debt service coverage ratio


= 1.5


4.2

Maintenance of total unencumbered assets


= 150%


244 %

NNN REIT, Inc.
Property Portfolio
As of June 30, 2025

Top 20 Lines of Trade





% of ABR





As of June 30,



Lines of Trade


2025


2024

1.


Automotive service


18.2 %


16.9 %

2.


Convenience stores


16.5 %


16.2 %

3.


Restaurants - limited service


8.2 %


8.5 %

4.


Entertainment


7.3 %


6.6 %

5.


Restaurants - full service


7.0 %


8.4 %

6.


Dealerships


6.7 %


5.4 %

7.


Health and fitness


4.1 %


4.0 %

8.


Theaters


3.8 %


4.1 %

9.


Equipment rental


3.1 %


3.3 %

10.


Automotive parts


2.4 %


2.4 %

11.


Wholesale clubs


2.3 %


2.4 %

12.


Drug stores


2.1 %


2.3 %

13.


Home improvement


2.0 %


2.2 %

14.


Medical service providers


1.9 %


1.8 %

15.


Pet supplies and services


1.6 %


1.2 %

16.


Discount retail


1.4 %


1.6 %

17.


Furniture


1.3 %


2.0 %

18.


Travel plazas


1.2 %


1.3 %

19.


Consumer electronics


1.2 %


1.3 %

20.


Home furnishings


1.1 %


1.3 %



Other


6.6 %


6.8 %



Total


100.0 %


100.0 %

NNN REIT, Inc.
Property Portfolio - Continued
As of June 30, 2025

Top 20 States



State


# of
Properties


% of
ABR

1.


Texas


590


18.8 %

2.


Florida


271


8.7 %

3.


Illinois


169


4.9 %

4.


Georgia


173


4.4 %

5.


Ohio


226


4.4 %

6.


Indiana


164


3.7 %

7.


Tennessee


154


3.7 %

8.


North Carolina


158


3.6 %

9.


Michigan


121


3.4 %

10.


Arizona


81


3.4 %

11.


Virginia


120


3.4 %

12.


California


72


2.9 %

13.


Alabama


150


2.8 %

14.


Pennsylvania


89


2.5 %

15.


New Jersey


33


2.4 %

16.


Missouri


106


2.4 %

17.


Maryland


50


2.1 %

18.


Colorado


45


2.0 %

19.


South Carolina


81


1.9 %

20.


Oklahoma


89


1.7 %



Other


721


16.9 %



Total


3,663


100.0 %








NNN REIT, Inc.
Property Portfolio - Continued
As of June 30, 2025

Top 20 Tenants



Tenant


# of
Properties


% of
ABR

1.


7-Eleven


146


4.4 %

2.


Mister Car Wash


121


4.0 %

3.


Dave & Buster's


34


3.7 %

4.


Camping World


46


3.6 %

5.


GPM Investments (convenience stores)


147


2.7 %

6.


Flynn Restaurant Group (Taco Bell/Arby's)


204


2.6 %

7.


AMC Theatres


20


2.5 %

8.


BJ's Wholesale Club


13


2.3 %

9.


LA Fitness


25


2.3 %

10.


Kent Distributors (convenience stores)


49


2.3 %

11.


Mavis Tire Express Services


140


2.1 %

12.


Couche Tard (Pantry)


91


2.1 %

13.


Walgreens


49


1.7 %

14.


Sunoco


53


1.7 %

15.


Chuck E. Cheese


51


1.7 %

16.


Casey's General Stores (convenience stores)


62


1.6 %

17.


United Rentals


49


1.6 %

18.


Tidal Wave Auto Spa


35


1.4 %

19.


Super Star Car Wash


33


1.3 %

20.


Bob Evans Restaurants


105


1.2 %



Other


2,190


53.2 %



Total


3,663


100.0 %

Lease Expirations(1)



% of
ABR


# of
Properties


Gross Leasable
Area(2)




% of
ABR


# of
Properties


Gross Leasable
Area(2)

2025


2.2 %


90


512,000


2031


6.8 %


191


2,668,000

2026


3.9 %


196


1,899,000


2032


5.1 %


190


1,846,000

2027


7.1 %


216


3,277,000


2033


4.5 %


136


1,411,000

2028


5.6 %


253


2,270,000


2034


5.5 %


180


2,334,000

2029


4.4 %


141


2,071,000


Thereafter


50.2 %


1,816


16,913,000

2030


4.7 %


179


2,275,000












(1)


As of June 30, 2025, the weighted average remaining lease term is 9.8 years.

(2)


Square feet.

SOURCE NNN REIT, Inc.

© 2025 PR Newswire
Zeitenwende! 3 Uranaktien vor der Neubewertung
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