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Dec 31, 2024
NNN Q4 2024 Earnings Report
NNN REIT reported stable revenue growth and strong portfolio management in Q4 2024.
Key Takeaways
NNN REIT, Inc. achieved a slight increase in revenue and net income for Q4 2024, driven by stable rental income and strategic property acquisitions. The company maintained high occupancy levels and continued its streak of annual dividend increases. However, earnings per share saw a slight decline due to operational costs.
Revenue grew by 1.04% YoY to $218,482,000.
Net income increased by 1.25% YoY to $97,894,000.
Adjusted EPS declined to $0.82 from $0.85 YoY.
Maintained a high occupancy rate of 98.5%.
NNN
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NNN Revenue by Segment
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.com Forward Guidance
NNN REIT expects stable growth in 2025, supported by a strong balance sheet and continued property investments.
Positive Outlook
- Core FFO per share guidance: $3.33 - $3.38.
- AFFO per share guidance: $3.39 - $3.44.
- Targeting $500M - $600M in property acquisitions.
- Maintained full availability of $1.2B credit line.
- Dividend streak extended to 35 years.
Challenges Ahead
- Guided net earnings per share expected to be lower at $1.97 - $2.02.
- Dispositions expected to range between $80M - $120M, reducing asset base.
- Continued tenant issues, with eviction proceedings for 64 properties.
- General and administrative expenses projected to rise to $47M - $48M.
- Macroeconomic uncertainties, including interest rate fluctuations.