NNN REIT, Inc. reported a net earnings increase to $96.5 million for the quarter ending March 31, 2025, compared to $94.4 million for the same period in 2024. This translates to a diluted earnings per share of $0.51, slightly down from $0.52 year-over-year. The company’s total revenues rose to $230.9 million, a 7.2% increase from $215.4 million in the prior year, primarily driven by a rise in rental income, which reached $230.6 million, up from $214.8 million. The increase in rental income is attributed to recent property acquisitions that expanded NNN's portfolio.
In terms of financial position, NNN's total assets increased to $9.02 billion as of March 31, 2025, up from $8.87 billion at the end of 2024. The real estate portfolio, net of accumulated depreciation, also grew to $8.90 billion from $8.75 billion. Total liabilities rose to $4.67 billion, primarily due to the establishment of a line of credit payable amounting to $116.3 million. Stockholders' equity slightly decreased to $4.36 billion from $4.36 billion, reflecting an accumulated deficit of $841.2 million, up from $829.3 million.
Operationally, NNN's property portfolio expanded to 3,641 properties across 50 states, with a total gross leasable area of approximately 37.31 million square feet. The weighted average remaining lease term for these properties remained stable at 10 years, with an occupancy rate of about 98%. The company reported a total annualized base rent of $874.3 million, an increase from $831 million a year earlier. NNN's strategic focus on sectors such as automotive services and convenience stores continues to shape its portfolio, with these sectors representing significant portions of its rental income.
Looking ahead, NNN plans to continue its strategy of acquiring high-quality properties while managing its capital structure effectively. The company has committed to fund construction on 19 properties, with an estimated completion timeline of 12 to 18 months. NNN's management remains cautious about potential economic fluctuations and their impact on tenant performance, which could affect rental income. The company is also focused on maintaining its REIT status and ensuring compliance with financial covenants associated with its debt obligations.
About NNN REIT, INC.
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