NNN REIT, Inc. reported a solid financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $869.3 million, a 5% increase from $828.1 million in 2023. The company's rental income, a significant component of its revenue, rose to $867.5 million, up from $826.1 million the previous year. Net earnings attributable to stockholders also saw a slight increase, totaling $396.8 million, compared to $392.3 million in 2023. This resulted in a diluted earnings per share of $2.15, consistent with the previous year.
In terms of operational metrics, NNN's property portfolio expanded to 3,568 properties, with a gross leasable area of approximately 36.6 million square feet. The occupancy rate remained high at around 98%, with a weighted average remaining lease term of 10 years. The company completed 75 property acquisitions during 2024, totaling $565.4 million, while also disposing of 41 properties for net sales proceeds of $148.7 million. The cap rate for acquisitions was reported at 7.7%, slightly higher than the 7.3% cap rate for the previous year.
Strategically, NNN has focused on maintaining a diversified tenant base, with significant concentrations in convenience stores, automotive services, and restaurants. As of December 31, 2024, approximately 57.3% of the annual base rent was generated from these sectors. The company also emphasized its commitment to sustainability, establishing a Corporate Sustainability Team to enhance its environmental initiatives and engage with tenants on sustainability practices.
Looking ahead, NNN's management expressed optimism about the company's growth potential, citing its strong liquidity position with $9.1 million in cash and $1.2 billion available under its credit facility. The company plans to continue its investment strategy in retail properties while managing its capital structure effectively to support future acquisitions and maintain its REIT status. However, management acknowledged potential risks, including economic conditions and tenant performance, which could impact future results.
About NNN REIT, INC.
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