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Mar 31
NNN Q1 2025 Earnings Report
NNN REIT, Inc. announced its first quarter 2025 financial and operating results, maintaining its 2025 guidance.
Key Takeaways
NNN REIT, Inc. reported strong first quarter 2025 results with net earnings of $96.458 million and diluted EPS of $0.51. The company grew Core FFO and AFFO per diluted share by 3.6% over the prior year, reaching $0.86 and $0.87 respectively. Investments totaling $232.4 million were closed at an initial cash cap rate of 7.4%.
Net earnings for Q1 2025 were $96.458 million, with diluted net earnings per share at $0.51.
Core FFO per diluted share increased by 3.6% to $0.86, and AFFO per diluted share also grew by 3.6% to $0.87.
The company closed on $232.4 million in investments at a 7.4% initial cash cap rate, completing over 40% of its 2025 acquisition volume plan.
Occupancy levels remained high at 97.7%, and a quarterly dividend of $0.58 was paid, representing a 5.4% annualized dividend yield.
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NNN Revenue by Segment
NNN Revenue by Geographic Location
Revenue by Segment
Rental Income Revenue
CapyFin.comDirect Financing Leases Revenue
CapyFin.comPercentage Rent Revenue
CapyFin.comTenant Reimbursements Revenue
CapyFin.comInterest & Other Income Revenue
CapyFin.comRevenue by Geographic Location
Texas Revenue
CapyFin.comFlorida Revenue
CapyFin.comIllinois Revenue
CapyFin.comGeorgia Revenue
CapyFin.comOhio Revenue
CapyFin.comIndiana Revenue
CapyFin.comTennessee Revenue
CapyFin.comNorth Carolina Revenue
CapyFin.comVirginia Revenue
CapyFin.comArizona Revenue
CapyFin.com Forward Guidance
NNN REIT, Inc. maintains its previously provided 2025 guidance, reflecting confidence in continued per-share growth amidst current macroeconomic conditions.
Positive Outlook
- Net earnings per share excluding gains on disposition of real estate, impairment losses and executive retirement costs are projected between $1.97 and $2.02.
- Core FFO per share is expected to be between $3.33 and $3.38.
- AFFO per share is anticipated to range from $3.39 to $3.44.
- Acquisition volume is projected to be between $500 million and $600 million.
- Disposition volume is expected to be between $80 million and $120 million.
Challenges Ahead
- General and administrative expenses are projected to be between $47 million and $48 million.
- Real estate expenses, net of tenant reimbursements, are expected to be between $15 million and $16 million.
- Guidance is subject to risks and uncertainties described in the press release and SEC filings.
- Potential impacts of general economic conditions, including inflation, and changes in interest rates.
- Risks related to the Company's status as a REIT and the financial condition of its tenants.