NNN NNN REIT Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2025

NNN REIT, INC.

(exact name of registrant as specified in its charter)

Maryland		001-11290		56-1431377
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employment Identification No.)

 

450 South Orange Avenue, Suite 900, Orlando, Florida 32801

(Address of principal executive offices, including zip code)

 

(407) 265-7348

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $0.01 par value	NNN	New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition.

On February 11, 2025, NNN REIT, Inc. (the "Company"), issued a press release announcing its results of operations and financial condition for the quarter and year ended December 31, 2024. The press release is attached hereto as Exhibit 99.1 to this report and the supplemental data is attached hereto as Exhibit 99.2 to this report. The press release and the supplemental data are available on the Company's website.

The information in this Form 8-K is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.		Financial Statements and Exhibits.
(d) Exhibits.
99.1		Press Release, dated February 11, 2025, of NNN REIT, Inc.
99.2		Annual Supplemental Data, dated February 11, 2025, of NNN REIT, Inc.
104.1		Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

 

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		NNN REIT, Inc.
Dated: February 11, 2025		By:		/s/ Kevin B. Habicht
				Kevin B. Habicht
				Executive Vice President and Chief Financial Officer

 

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Exhibit 99.1

NEWS RELEASE
For information contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348	FOR IMMEDIATE RELEASE
	February 11, 2025

 

 

2024 Annual Results and 2025 Guidance

Announced By NNN REIT, Inc.

 

Orlando, Florida, February 11, 2025 – NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2024. Highlights include:

 

Operating Results:

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
		(in thousands, except per share data)
Revenues		$	218,482			$	216,231			$	869,266			$	828,111
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Net earnings per share		$	0.52			$	0.53		(1)	$	2.15			$	2.16		(1)
FFO		$	152,689			$	151,712			$	610,501			$	589,074
FFO per share		$	0.82			$	0.83		(1)	$	3.32			$	3.24		(1)
Core FFO		$	152,731			$	154,281			$	611,169			$	592,528
Core FFO per share		$	0.82			$	0.85		(1)	$	3.32			$	3.26		(1)
AFFO		$	154,057			$	148,997			$	616,613			$	591,523
AFFO per share		$	0.82			$	0.82			$	3.35			$	3.26

 

(1)

During the quarter ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and quantitative credit factors, which resulted in an increase of accrued rent in the amount of $5,573. Excluding such, net earnings per share would have been $0.50 and $2.13, FFO per share would have been $0.80 and $3.21 and Core FFO would have been $0.82 and $3.23 for the quarter and year ended December 31, 2023, respectively.

2024 Highlights:

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2024 Highlights (continued):

 

Fourth Quarter 2024 Highlights:

NNN has initiated eviction proceedings for 64 properties leased to a mid-western restaurant operator. As of December 31, 2024, NNN had taken back possession of 33 of those properties of which 28 properties have been re-leased to another restaurant operator with rent commencing May 1, 2025. NNN is working to take possession of the remainder of the properties in the first quarter of 2025. Additionally, during the fourth quarter of 2024, NNN took possession of 32 properties previously leased to a southeast U.S. furniture retailer that had filed for bankruptcy. As of December 31, 2024, NNN had sold six of these properties generating net proceeds of $21.8 million and re-leased five of these properties.

The company announced 2025 Core FFO guidance of $3.33 to $3.38 per share. The 2025 AFFO is estimated to be $3.39 to $3.44 per share. The Core FFO guidance equates to net earnings of $1.97 to $2.02 per share, plus $1.36 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Steve Horn, Chief Executive Officer, commented: "In 2024, we executed more than $560 million in acquisitions with minimal reliance on capital markets and ended the year with a zero balance on our revolving credit facility. With the full $1.2 billion available on our line of credit and approximately $200 million in free cash flow, we are in a strong position to drive property acquisitions and capitalize on relationship opportunities in 2025."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2024, the company owned 3,568 properties in 49 states with a gross leasable area of approximately 36.6 million square feet and a weighted average remaining lease term of 9.9 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 35 or more consecutive years. For more information on the company, visit www.nnnreit.com.

 

Management will hold a conference call on February 11, 2025, at 10:30 a.m. ET to review these results. The call can be accessed on the NNN REIT website live at http://www.nnnreit.com. For those unable to listen to the live broadcast, a replay will be available on the company’s website. In addition, a summary of any earnings guidance given on the call will be posted to the company’s website.

 

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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 Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the company’s Annual Report on Form 10-K. 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.

 

Funds From Operations, commonly referred to as "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 and noncontrolling interests on the disposition of certain assets, the company’s share of these items from the company’s noncontrolling interests 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. The company’s computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by Nareit, is included in the financial information accompanying this release.

 

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, executive retirement costs, or other non-core amounts as they occur. The company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

 

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 income 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. The company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

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Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit (“EBITDA”) 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 and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDA 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. The company’s computation of EBITDA may differ from the methodology for calculating EBITDA used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to EBITDA, as defined by Nareit, is included in the company’s Annual Supplemental Data accompanying this release.

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NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Revenues:
Rental income		$	218,348			$	215,178			$	867,468			$	826,090
Interest and other income from real estate transactions			134				1,053				1,798				2,021
			218,482				216,231				869,266				828,111
Operating expenses:
General and administrative			8,705				10,530				44,287				43,746
Real estate			11,142				8,237				32,317				28,378
Depreciation and amortization			63,194				60,079				249,681				238,625
Leasing transaction costs			24				76				99				299
Impairment losses – real estate, net of recoveries			3,724				2,315				6,632				5,990
Executive retirement costs			42				2,569				668				3,454
			86,831				83,806				333,684				320,492
Gain on disposition of real estate			12,083				7,263				42,290				47,485
Earnings from operations			143,734				139,688				577,872				555,104
Other expenses (revenues):
Interest and other income			(1,040	)			(383	)			(2,980	)			(1,134	)
Interest expense			46,880				43,389				184,017				163,898
			45,840				43,006				181,037				162,764
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Weighted average shares outstanding:
Basic			186,449,345				181,425,202				183,688,562				181,200,040
Diluted			186,833,150				181,932,133				184,043,841				181,689,723
Net earnings per share:
Basic		$	0.52			$	0.53			$	2.16			$	2.16
Diluted		$	0.52			$	0.53		(1)	$	2.15			$	2.16		(1)

 

(1)	During the quarter ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and quantitative credit factors, which resulted in an increase of accrued rent in the amount of $5,573. Excluding such, net earnings per common share would have been $0.50 and $2.13 for the quarter and year ended December 31, 2023, respectively.

 

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NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Funds From Operations ("FFO") Reconciliation:
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Real estate depreciation and amortization			63,154				59,978				249,324				238,229
Gain on disposition of real estate			(12,083	)			(7,263	)			(42,290	)			(47,485	)
Impairment losses – depreciable real estate, net of recoveries			3,724				2,315				6,632				5,990
Total FFO adjustments			54,795				55,030				213,666				196,734
FFO		$	152,689			$	151,712			$	610,501			$	589,074
FFO per share:
Basic		$	0.82			$	0.84			$	3.32			$	3.25
Diluted		$	0.82			$	0.83		(1)	$	3.32			$	3.24		(1)
Core Funds From Operations ("Core FFO") Reconciliation:
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Total FFO adjustments			54,795				55,030				213,666				196,734
FFO			152,689				151,712				610,501				589,074
Executive retirement costs			42				2,569				668				3,454
Total Core FFO adjustments			42				2,569				668				3,454
Core FFO		$	152,731			$	154,281			$	611,169			$	592,528
Core FFO per share:
Basic		$	0.82			$	0.85			$	3.33			$	3.27
Diluted		$	0.82			$	0.85		(1)	$	3.32			$	3.26		(1)

 

(1)

During the quarter ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and quantitative credit factors, which resulted in an increase of accrued rent in the amount of $5,573. Excluding such, FFO per common share would have been $0.80 and $3.21 and Core FFO would have been $0.82 and $3.23 for the quarter and year ended December 31, 2023, respectively.

 

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NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)

 

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Adjusted Funds From Operations ("AFFO") Reconciliation:
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Total FFO adjustments			54,795				55,030				213,666				196,734
Total Core FFO adjustments			42				2,569				668				3,454
Core FFO			152,731				154,281				611,169				592,528
Straight-line accrued rent, net of reserves			(302	)			(5,957	)			(294	)			(7,453	)
Net capital lease rent adjustment			58				75				222				319
Below-market rent amortization			(144	)			(82	)			(495	)			(431	)
Stock based compensation expense			2,775				2,592				11,816				10,846
Capitalized interest expense			(1,061	)			(1,912	)			(5,805	)			(4,286	)
Total AFFO adjustments			1,326				(5,284	)			5,444				(1,005	)
AFFO		$	154,057			$	148,997			$	616,613			$	591,523
AFFO per share:
Basic		$	0.83			$	0.82			$	3.36			$	3.26
Diluted		$	0.82			$	0.82			$	3.35			$	3.26
Other Information:
Rental income from operating leases(1)		$	212,565			$	209,037			$	846,653			$	805,136
Earned income from direct financing leases(1)		$	115			$	133			$	468			$	560
Percentage rent(1)		$	189			$	241			$	1,536			$	1,631
Real estate expenses reimbursed from tenants(1)		$	5,479			$	5,767			$	18,811			$	18,763
Real estate expenses			(11,142	)			(8,237	)			(32,317	)			(28,378	)
Real estate expenses, net of tenant reimbursements		$	(5,663	)		$	(2,470	)		$	(13,506	)		$	(9,615	)
Amortization of debt costs		$	1,455			$	1,295			$	5,993			$	4,943
Scheduled debt principal amortization (excluding       maturities)		$	—			$	—			$	—			$	173		(2)
Non-real estate depreciation expense		$	43			$	105			$	370			$	409

 

(1)	For the quarters ended December 31, 2024 and 2023, the aggregate of such amounts is $218,348 and $215,178, respectively, and $867,468 and $826,090, for the year ended December 31, 2024 and 2023, respectively, and is classified as rental income on the income statement summary.
(2)	In April 2023, NNN repaid the remaining mortgages payable principal balance of $9,774.

 

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NNN REIT, Inc.

 

2025 Earnings Guidance:

Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.

 

		2025 Guidance
Net earnings per share excluding any gains on disposition of real       estate, impairment charges, and executive retirement costs		$1.97 - $2.02 per share
Real estate depreciation and amortization per share		$1.36 per share
Core FFO per share		$3.33 - $3.38 per share
AFFO per share		$3.39 - $3.44 per share
General and administrative expenses		$47 - $48 Million
Real estate expenses, net of tenant reimbursements		$15 - $16 Million
Acquisition volume		$500 - $600 Million
Disposition volume		$80 - $120 Million

 

 

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NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)

 

		December 31, 2024				December 31, 2023
Assets:
Real estate portfolio, net of accumulated depreciation and amortization		$	8,746,168			$	8,535,851
Cash and cash equivalents			8,731				1,189
Restricted cash and cash held in escrow			331				3,966
Receivables, net of allowance of $617 and $669, respectively			2,975				3,649
Accrued rental income, net of allowance of $4,156 and $4,168, respectively			34,005				34,611
Debt costs, net of accumulated amortization of $27,002 and $23,952, respectively			8,958				3,243
Other assets			71,560				79,459
Total assets		$	8,872,728			$	8,661,968
Liabilities:
Line of credit payable		$	—			$	132,000
Notes payable, net of unamortized discount and unamortized debt costs			4,373,803				4,228,544
Accrued interest payable			29,699				34,374
Other liabilities			106,951				109,593
Total liabilities			4,510,453				4,504,511
Total equity			4,362,275				4,157,457
Total liabilities and equity		$	8,872,728			$	8,661,968
Common shares outstanding			187,540,929				182,474,770
Gross leasable area, Property Portfolio (square feet)			36,557,000				35,966,000

 

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NNN REIT, Inc.

Debt Summary

As of December 31, 2024

(dollars in thousands)

(unaudited)

 

Unsecured Debt		Principal				Principal, Net of Unamortized Discount				Stated Rate				Effective Rate				Maturity Date
Line of credit payable		$	—			$	—			SOFR + 87.5bps					—			April 2028
Unsecured notes payable:
2025			400,000				399,900				4.000	%			4.029	%		November 2025
2026			350,000				349,128				3.600	%			3.733	%		December 2026
2027			400,000				399,490				3.500	%			3.548	%		October 2027
2028			400,000				398,778				4.300	%			4.388	%		October 2028
2030			400,000				399,286				2.500	%			2.536	%		April 2030
2033			500,000				489,579				5.600	%			5.905	%		October 2033
2034			500,000				494,112				5.500	%			5.662	%		June 2034
2048			300,000				296,219				4.800	%			4.890	%		October 2048
2050			300,000				294,561				3.100	%			3.205	%		April 2050
2051			450,000				442,228				3.500	%			3.602	%		April 2051
2052			450,000				440,282				3.000	%			3.118	%		April 2052
Total			4,450,000				4,403,563
Total unsecured debt(1)		$	4,450,000			$	4,403,563
Debt costs						$	(43,820	)
Accumulated amortization							14,060
Debt costs, net of accumulated amortization							(29,760	)
Notes payable, net of unamortized discount and     unamortized debt costs						$	4,373,803

 

(1)	Unsecured debt has a weighted average interest rate of 4.1% and a weighted average maturity of 12.1 years.

 

 

 

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NNN REIT, Inc.

Debt Summary - Continued

As of December 31, 2024

(unaudited)

 

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 December 31, 2024, the company believes it is in compliance with the covenants.

Key Covenants		Required		December 31, 2024
Unsecured Bank Credit Facility:
Maximum leverage ratio		< 0.60		0.37
Minimum fixed charge coverage ratio		> 1.50		4.28
Maximum secured indebtedness ratio		< 0.40		—
Unencumbered asset value ratio		> 1.67		2.70
Unencumbered interest ratio		> 1.75		4.23
Unsecured Notes:
Limitation on incurrence of total debt		≤ 60%		40.0%
Limitation on incurrence of secured debt		≤ 40%		—
Debt service coverage ratio		≥ 1.50		4.2
Maintenance of total unencumbered assets		≥ 150%		250%

 

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NNN REIT, Inc.

Property Portfolio

As of December 31, 2024

 

Top 20 Lines of Trade

				As of December 31,
		Lines of Trade		2024(1)		2023(2)
1.		Convenience stores		17.0%		16.4%
2.		Automotive service		16.9%		15.6%
3.		Restaurants – limited service		8.4%		8.5%
4.		Restaurants – full service		7.8%		8.7%
5.		Family entertainment centers		7.2%		6.4%
6.		Recreational vehicle dealers, parts and accessories		5.1%		4.6%
7.		Theaters		4.0%		4.1%
8.		Health and fitness		3.9%		4.5%
9.		Equipment rental		3.2%		3.0%
10.		Wholesale clubs		2.4%		2.5%
11.		Automotive parts		2.4%		2.5%
12.		Drug stores		2.2%		2.4%
13.		Home improvement		2.1%		2.2%
14.		Medical service providers		1.7%		1.7%
15.		General merchandise		1.4%		1.4%
16.		Furniture		1.3%		2.0%
17.		Pet supplies and services		1.3%		1.1%
18.		Consumer electronics		1.3%		1.4%
19.		Travel plazas		1.2%		1.3%
20.		Home furnishings		1.1%		1.3%
		Other		8.1%		8.4%
		Total		100.0%		100.0%

Top 10 States

 

		State		% of Total(1)				State		% of Total(1)
1.		Texas		18.8%		6.		Tennessee		3.8%
2.		Florida		8.7%		7.		North Carolina		3.7%
3.		Illinois		5.1%		8.		Indiana		3.6%
4.		Georgia		4.5%		9.		Arizona		3.2%
5.		Ohio		4.2%		10.		Virginia		3.2%

As a percentage of annual base rent, which is the annualized base rent for all leases in place.

	(1)	$860,562,000 as of December 31, 2024.
	(2)	$818,749,000 as of December 31, 2023.

 

---

NNN REIT, Inc.

Property Portfolio - Continued

As of December 31, 2024

 

Top 20 Tenants

		Tenant		# of Properties		% of Total(1)
1.		7-Eleven		146		4.5%
2.		Mister Car Wash		121		4.1%
3.		Dave & Buster's		34		3.8%
4.		Camping World		48		3.8%
5.		GPM Investments (convenience stores)		148		2.8%
6.		Flynn Restaurant Group (Taco Bell/Arby's)		204		2.7%
7.		AMC Theatres		20		2.6%
8.		LA Fitness		26		2.5%
9.		BJ's Wholesale Club		13		2.4%
10.		Mavis Tire Express Services		140		2.2%
11.		Couche Tard (Pantry)		91		2.2%
12.		Kent Distributors (convenience stores)		38		2.1%
13.		Chuck E. Cheese		53		1.8%
14.		Walgreens		49		1.8%
15.		Sunoco		53		1.8%
16.		Casey's General Stores (convenience stores)		62		1.7%
17.		United Rentals		49		1.6%
18.		Tidal Wave Auto Spa		35		1.3%
19.		Super Star Car Wash		33		1.3%
20.		Lifetime Fitness		3		1.3%

Lease Expirations(2)

 

		% of Total(1)		# of Properties		Gross Leasable Area (3)				% of Total(1)		# of Properties		Gross Leasable Area (3)
2025		3.2%		132		874,000		2031		7.0%		184		2,655,000
2026		4.2%		204		1,981,000		2032		5.1%		183		1,804,000
2027		7.6%		231		3,401,000		2033		4.6%		134		1,398,000
2028		5.8%		255		2,306,000		2034		5.8%		182		2,398,000
2029		4.6%		143		2,083,000		Thereafter		47.7%		1,711		14,840,000
2030		4.4%		154		2,086,000

 

(1)	Based on the annual base rent of $860,562,000, which is the annualized base rent for all leases in place as of December 31, 2024.
(2)	As of December 31, 2024, the weighted average remaining lease term is 9.9 years.
(3)	Square feet.

 

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Exhibit 99.2

 

 

 

 

 

 

 

ANNUAL SUPPLEMENTAL DATA

 

 

As of December 31, 2024

 

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TABLE OF CONTENTS

	PAGE
Financial Summary
Income Statement Summary	4
Funds From Operations (FFO)	5
Core Funds From Operations (Core FFO)	6
Adjusted Funds From Operations (AFFO)	7
Other Information	8
EBITDA	8
Balance Sheet Summary	9
Debt Summary	10
Credit Metrics	11
Credit Facility and Note Covenants	11
Long-Term Dividend History	12
Transaction Summary
Property Acquisitions	13
Property Dispositions	13
Property Portfolio
Lease Expirations	14
Top 20 Lines of Trade	15
Top 10 States	15
Portfolio By Region	16
Top Tenants	17
Same Store Rental Income	18
Leasing Data	18
Other Property Portfolio Data	19
Earnings Guidance	19

 

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Statements in this annual supplemental data 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 and 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 Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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.

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INCOME STATEMENT SUMMARY

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Revenues:
Rental income		$	218,348			$	215,178			$	867,468			$	826,090
Interest and other income from real estate transactions			134				1,053				1,798				2,021
			218,482				216,231				869,266				828,111
Operating expenses:
General and administrative			8,705				10,530				44,287				43,746
Real estate			11,142				8,237				32,317				28,378
Depreciation and amortization			63,194				60,079				249,681				238,625
Leasing transaction costs			24				76				99				299
Impairment losses – real estate, net of recoveries			3,724				2,315				6,632				5,990
Executive retirement costs			42				2,569				668				3,454
			86,831				83,806				333,684				320,492
Gain on disposition of real estate			12,083				7,263				42,290				47,485
Earnings from operations			143,734				139,688				577,872				555,104
Other expenses (revenues):
Interest and other income			(1,040	)			(383	)			(2,980	)			(1,134	)
Interest expense			46,880				43,389				184,017				163,898
			45,840				43,006				181,037				162,764
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Weighted average shares outstanding:
Basic			186,449,345				181,425,202				183,688,562				181,200,040
Diluted			186,833,150				181,932,133				184,043,841				181,689,723
Net earnings per share:
Basic		$	0.52			$	0.53			$	2.16			$	2.16
Diluted		$	0.52			$	0.53		(1)	$	2.15			$	2.16		(1)

 

(1)	During the quarter ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and quantitative credit factors, which resulted in an increase of accrued rent in the amount of $5,573. Excluding such, net earnings per common share would have been $0.50 and $2.13 for the quarter and year ended December 31, 2023, respectively.

 

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FUNDS FROM OPERATIONS ("FFO")(1)

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Real estate depreciation and amortization			63,154				59,978				249,324				238,229
Gain on disposition of real estate			(12,083	)			(7,263	)			(42,290	)			(47,485	)
Impairment losses – depreciable real estate, net of recoveries			3,724				2,315				6,632				5,990
Total FFO adjustments			54,795				55,030				213,666				196,734
FFO		$	152,689			$	151,712			$	610,501			$	589,074
FFO per share:
Basic		$	0.82			$	0.84			$	3.32			$	3.25
Diluted		$	0.82			$	0.83		(2)	$	3.32			$	3.24		(2)

 

(1)	FFO is a non-GAAP financial measure. Please reference the Earnings Release for the quarter and year ended December 31, 2024 for the company's definition and explanation of how the company utilizes this metric.
(2)	During the quarter ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and quantitative credit factors, which resulted in an increase of accrued rent in the amount of $5,573. Excluding such, FFO per common share would have been $0.80 and $3.21 for the quarter and year ended December 31, 2023, respectively.

 

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CORE FUNDS FROM OPERATIONS ("Core FFO")(1)

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Total FFO adjustments			54,795				55,030				213,666				196,734
FFO			152,689				151,712				610,501				589,074
Executive retirement costs			42				2,569				668				3,454
Total Core FFO adjustments			42				2,569				668				3,454
Core FFO		$	152,731			$	154,281			$	611,169			$	592,528
Core FFO per share:
Basic		$	0.82			$	0.85			$	3.33			$	3.27
Diluted		$	0.82			$	0.85		(2)	$	3.32			$	3.26		(2)

 

(1)	Core FFO is a non-GAAP financial measure. Please reference the Earnings Release for the quarter and year ended December 31, 2024 for the company's definition and explanation of how the company utilizes this metric.
(2)	During the quarter ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and quantitative credit factors, which resulted in an increase of accrued rent in the amount of $5,573. Excluding such, Core FFO would have been $0.82 and $3.23 for the quarter and year ended December 31, 2023, respectively.

---

ADJUSTED FUNDS FROM OPERATIONS ("AFFO")(1)

(dollars in thousands, except per share data)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Total FFO adjustments			54,795				55,030				213,666				196,734
Total Core FFO adjustments			42				2,569				668				3,454
Core FFO			152,731				154,281				611,169				592,528
Straight-line accrued rent, net of reserves			(302	)			(5,957	)			(294	)			(7,453	)
Net capital lease rent adjustment			58				75				222				319
Below-market rent amortization			(144	)			(82	)			(495	)			(431	)
Stock based compensation expense			2,775				2,592				11,816				10,846
Capitalized interest expense			(1,061	)			(1,912	)			(5,805	)			(4,286	)
Total AFFO adjustments			1,326				(5,284	)			5,444				(1,005	)
AFFO		$	154,057			$	148,997			$	616,613			$	591,523
AFFO per share:
Basic		$	0.83			$	0.82			$	3.36			$	3.26
Diluted		$	0.82			$	0.82			$	3.35			$	3.26

 

(1)	AFFO is a non-GAAP financial measure. Please reference the Earnings Release for the quarter and year ended December 31, 2024 for the company's definition and explanation of how the company utilizes this metric.

 

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OTHER INFORMATION

(dollars in thousands)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Rental income from operating leases(1)		$	212,565			$	209,037			$	846,653			$	805,136
Earned income from direct financing leases(1)		$	115			$	133			$	468			$	560
Percentage rent(1)		$	189			$	241			$	1,536			$	1,631
Real estate expenses reimbursed from tenants(1)		$	5,479			$	5,767			$	18,811			$	18,763
Real estate expenses			(11,142	)			(8,237	)			(32,317	)			(28,378	)
Real estate expenses, net of tenant reimbursements		$	(5,663	)		$	(2,470	)		$	(13,506	)		$	(9,615	)
Amortization of debt costs		$	1,455			$	1,295			$	5,993			$	4,943
Scheduled debt principal amortization (excluding maturities)		$	—			$	—			$	—			$	173		(2)
Non-real estate depreciation expense		$	43			$	105			$	370			$	409

 

(1)	For the quarters ended December 31, 2024 and 2023, the aggregate of such amounts is $218,348 and $215,178, respectively, and $867,468 and $826,090, for the year ended December 31, 2024 and 2023, respectively, and is classified as rental income on the income statement summary.
(2)	In April 2023, NNN repaid the remaining mortgages payable principal balance of $9,774.

 

 

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE ("EBITDA")(1)

(dollars in thousands)

(unaudited)

		Quarter Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Net earnings		$	97,894			$	96,682			$	396,835			$	392,340
Interest expense			46,880				43,389				184,017				163,898
Depreciation and amortization			63,194				60,079				249,681				238,625
Gain on disposition of real estate			(12,083	)			(7,263	)			(42,290	)			(47,485	)
Impairment losses – real estate, net of recoveries			3,724				2,315				6,632				5,990
EBITDA		$	199,609			$	195,202			$	794,875			$	753,368

 

(1)	EBITDA is non-GAAP financial measure. Please reference the Earnings Release for the quarter and year ended December 31, 2024 for the company's definition and explanation of how the company utilizes this metric.

 

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BALANCE SHEET SUMMARY

(dollars in thousands)

(unaudited)

		December 31, 2024				December 31, 2023
Assets:
Real estate portfolio, net of accumulated depreciation and amortization		$	8,746,168			$	8,535,851
Cash and cash equivalents			8,731				1,189
Restricted cash and cash held in escrow			331				3,966
Receivables, net of allowance of $617 and $669, respectively			2,975				3,649
Accrued rental income, net of allowance of $4,156 and $4,168, respectively			34,005				34,611
Debt costs, net of accumulated amortization of $27,002 and $23,952, respectively			8,958				3,243
Other assets			71,560				79,459
Total assets		$	8,872,728			$	8,661,968
Liabilities:
Line of credit payable		$	—			$	132,000
Notes payable, net of unamortized discount and unamortized debt costs			4,373,803				4,228,544
Accrued interest payable			29,699				34,374
Other liabilities			106,951				109,593
Total liabilities			4,510,453				4,504,511
Total equity			4,362,275				4,157,457
Total liabilities and equity		$	8,872,728			$	8,661,968
Common shares outstanding			187,540,929				182,474,770
Gross leasable area, Property Portfolio (square feet)			36,557,000				35,966,000

 

---

DEBT SUMMARY

As of December 31, 2024

(dollars in thousands)

(unaudited)

Unsecured Debt		Principal				Principal, Net of Unamortized Discount				Stated Rate				Effective Rate				Maturity Date
Line of credit payable		$	—			$	—			SOFR + 87.5bps					—			April 2028
Unsecured notes payable:
2025			400,000				399,900				4.000	%			4.029	%		November 2025
2026			350,000				349,128				3.600	%			3.733	%		December 2026
2027			400,000				399,490				3.500	%			3.548	%		October 2027
2028			400,000				398,778				4.300	%			4.388	%		October 2028
2030			400,000				399,286				2.500	%			2.536	%		April 2030
2033			500,000				489,579				5.600	%			5.905	%		October 2033
2034			500,000				494,112				5.500	%			5.662	%		June 2034
2048			300,000				296,219				4.800	%			4.890	%		October 2048
2050			300,000				294,561				3.100	%			3.205	%		April 2050
2051			450,000				442,228				3.500	%			3.602	%		April 2051
2052			450,000				440,282				3.000	%			3.118	%		April 2052
Total			4,450,000				4,403,563
Total unsecured debt(1)		$	4,450,000			$	4,403,563
Debt costs						$	(43,820	)
Accumulated amortization							14,060
Debt costs, net of accumulated amortization							(29,760	)
Notes payable, net of unamortized discount and     unamortized debt costs						$	4,373,803

(1) Unsecured debt has a weighted average interest rate of 4.1% and a weighted average maturity of 12.1 years.

 

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CREDIT METRICS (1)

Ratings: Moody's Baa1; S&P BBB+

		2020				2021				2022				2023				2024
Debt / Total assets (gross book)			34.4	%			39.9	%			40.4	%			42.0	%			40.5	%
Debt + preferred / Total assets (gross book)			38.4	%			39.9	%			40.4	%			42.0	%			40.5	%
Debt / EBITDA (last quarter annualized)			5.0				5.2				5.4				5.5				5.5
Debt + preferred / EBITDA (last quarter annualized)			5.6				5.2				5.4				5.5				5.5
EBITDA / Interest expense (cash)			4.6				4.7				4.7				4.5				4.2
EBITDA / Fixed charges (cash)			4.0				4.3				4.7				4.5				4.2

(1) Debt amounts used in calculations are net of cash balances.

 

 

 

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 December 31, 2024, the company believes it is in compliance with the covenants.

Key Covenants		Required		December 31, 2024
Unsecured Bank Credit Facility:
Maximum leverage ratio		< 0.60		0.37
Minimum fixed charge coverage ratio		> 1.50		4.28
Maximum secured indebtedness ratio		< 0.40		—
Unencumbered asset value ratio		> 1.67		2.70
Unencumbered interest ratio		> 1.75		4.23
Unsecured Notes:
Limitation on incurrence of total debt		≤ 60%		40.0%
Limitation on incurrence of secured debt		≤ 40%		—
Debt service coverage ratio		≥ 1.50		4.2
Maintenance of total unencumbered assets		≥ 150%		250%

 

---

LONG-TERM DIVIDEND HISTORY

 

 

 

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PROPERTY ACQUISITIONS

(dollars in thousands)

		Year Ended December 31,
		2024				2023
Total dollars invested(1)		$	565,416			$	819,710
Number of Properties			75				165
Gross leasable area (square feet)(2)			1,486,000				1,281,000
Cap rate (3)			7.7	%			7.3	%
Weighted average lease term			18.5				18.8

 

(1)	Includes dollars invested in projects under construction or tenant improvements for each respective year.
(2)	Includes additional square footage from completed construction on existing Properties.
(3)	The cap rate is a weighted average, calculated as the initial cash annual base rent divided by the total purchase price of the Properties.

 

PROPERTY DISPOSITIONS

(dollars in thousands)

		Year Ended December 31,
		2024												2023
		Occupied				Vacant				Total				Occupied				Vacant				Total
Number of properties			27				14				41				24				21				45
Gross leasable area (square feet)			640,000				209,000				849,000				177,000				116,000				293,000
Acquisition costs		$	117,556			$	30,276			$	147,832			$	69,790			$	25,036			$	94,826
Net book value		$	84,212			$	22,294			$	106,506			$	55,098			$	13,133			$	68,231
Net sale proceeds		$	115,923			$	32,735			$	148,658			$	97,822			$	17,894			$	115,716
Cap rate(1)			7.3	%			—				7.3	%			5.9	%			—				5.9	%

 

(1)	The cap rate is a weighted average, calculated as the cash annual base rent divided by the total gross proceeds received for the properties.

 

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LEASE EXPIRATIONS(1)

 

		% of Total(2)		# of Properties				Gross Leasable Area (3)						% of Total(2)		# of Properties				Gross Leasable Area (3)
2025		3.2%			132				874,000			2031		7.0%			184				2,655,000
2026		4.2%			204				1,981,000			2032		5.1%			183				1,804,000
2027		7.6%			231				3,401,000			2033		4.6%			134				1,398,000
2028		5.8%			255				2,306,000			2034		5.8%			182				2,398,000
2029		4.6%			143				2,083,000			Thereafter		47.7%			1,711				14,840,000
2030		4.4%			154				2,086,000

 

(1)	As of December 31, 2024, the weighted average remaining lease term is 9.9 years.
(2)	Based on the annual base rent of $860,562,000, which is the annualized base rent for all leases in place as of December 31, 2024.
(3)	Square feet.

 

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TOP 20 LINES OF TRADE

 

				As of December 31, 2024				As of December 31, 2023
		Lines of Trade		% of Total(1)		# of Properties		% of Total(2)		# of Properties
1.		Convenience stores		17.0%		678		16.4%		661
2.		Automotive service		16.9%		641		15.6%		629
3.		Restaurants – limited service		8.4%		618		8.5%		610
4.		Restaurants – full service		7.8%		399		8.7%		417
5.		Family entertainment centers		7.2%		98		6.4%		94
6.		Recreational vehicle dealers, parts and accessories		5.1%		70		4.6%		62
7.		Theaters		4.0%		33		4.1%		33
8.		Health and fitness		3.9%		31		4.5%		33
9.		Equipment rental		3.2%		105		3.0%		99
10.		Wholesale clubs		2.4%		13		2.5%		13
11.		Automotive parts		2.4%		139		2.5%		144
12.		Drug stores		2.2%		61		2.4%		66
13.		Home improvement		2.1%		48		2.2%		50
14.		Medical service providers		1.7%		82		1.7%		79
15.		General merchandise		1.4%		71		1.4%		72
16.		Furniture		1.3%		45		2.0%		75
17.		Pet supplies and services		1.3%		52		1.1%		51
18.		Consumer electronics		1.3%		16		1.4%		17
19.		Travel plazas		1.2%		24		1.3%		24
20.		Home furnishings		1.1%		12		1.3%		13
		Other		8.1%		332		8.4%		290
		Total		100.0%		3,568		100.0%		3,532

 

As a percentage of annual base rent, which is the annualized base rent for all leases in place.
	(1)	$860,562,000 as of December 31, 2024.
	(2)	$818,749,000 as of December 31, 2023.

 

 

TOP 10 STATES

 

		State		% of Total(1)				State		% of Total(1)
1.		Texas		18.8%		6.		Tennessee		3.8%
2.		Florida		8.7%		7.		North Carolina		3.7%
3.		Illinois		5.1%		8.		Indiana		3.6%
4.		Georgia		4.5%		9.		Arizona		3.2%
5.		Ohio		4.2%		10.		Virginia		3.2%

 

As a percentage of annual base rent, which is the annualized base rent for all leases in place.
	(1)	$860,562,000 as of December 31, 2024.

 

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PORTFOLIO BY REGION

As a percentage of annual base rent - December 31, 2024

	Based on the annual base rent of $860,562,000, which is the annualized base rent for all leases in place as of December 31, 2024.

 

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TOP TENANTS

Creditworthy Retailers

 

Top 20 Tenants

		Tenant		# of Properties		% of Total(1)
1.		7-Eleven		146		4.5%
2.		Mister Car Wash		121		4.1%
3.		Dave & Buster's		34		3.8%
4.		Camping World		48		3.8%
5.		GPM Investments (convenience stores)		148		2.8%
6.		Flynn Restaurant Group (Taco Bell/Arby's)		204		2.7%
7.		AMC Theatres		20		2.6%
8.		LA Fitness		26		2.5%
9.		BJ's Wholesale Club		13		2.4%
10.		Mavis Tire Express Services		140		2.2%
11.		Couche Tard (Pantry)		91		2.2%
12.		Kent Distributors (convenience stores)		38		2.1%
13.		Chuck E. Cheese		53		1.8%
14.		Walgreens		49		1.8%
15.		Sunoco		53		1.8%
16.		Casey's General Stores (convenience stores)		62		1.7%
17.		United Rentals		49		1.6%
18.		Tidal Wave Auto Spa		35		1.3%
19.		Super Star Car Wash		33		1.3%
20.		Lifetime Fitness		3		1.3%

 

(1)	Based on the annual base rent of $860,562,000, which is the annualized base rent for all leases in place as of December 31, 2024.

 

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SAME STORE RENTAL INCOME

(dollars in thousands)

Properties (Cash Basis) (1)
Number of properties			3,327
Year ended December 31, 2024 (2)		$	758,489
Year ended December 31, 2023 (2)		$	759,119
Change (in dollars)		$	(630	)
Change (percent) (3)			(0.1	)%

 

(1)	Includes all properties owned for current and prior year period excluding any properties under development or re-development.
(2)	Excludes any rent deferral payments from the COVID-19 rent deferral lease amendments.
(3)	Excluding impact of Frisch's Restaurants and Badcock Furniture bankruptcy, change would have been 0.8%

 

 

 

LEASING DATA

(dollars in thousands)

Year Ended December 31, 2024		Renewals With Same Tenant(1)				Vacancy Re-Lease To New Tenant				Releasing Totals
Number of leases			94				57				151
New cash rents		$	25,400			$	8,216			$	33,616
Prior cash rents		$	25,924			$	11,868			$	37,792		(2)
Recovery rate			98.0	%			69.2	%			89.0	%
Tenant improvements		$	2,900			$	5,897			$	8,797

 

(1)	Long-term renewal rate for the period of 2010 through 2024 was 83.2%.
(2)	Represents 4.4% of total annualized base rent as of December 31, 2024.

 

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OTHER PROPERTY PORTFOLIO DATA

As of December 31, 2024

Tenant Financials

		# of Properties		% of Annual Base Rent (1)
Property level financial information		2,982		82%
Tenant corporate financials		2,773		79%

 

Rent Increases		% of Annual Base Rent (1)
		Annual		Five Year		Other		Total
CPI		37%		44%		1%		82%
Fixed		2%		11%		1%		14%
No increases		—		—		4%		4%
		39%		55%		6%		100%

Lease Structure - as a percentage of the company's annual base rent(1)

 

(1)	Based on the annual base rent of $860,562,000, which is the annualized base rent for all leases in place as of December 31, 2024.

 

 

EARNINGS GUIDANCE

Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.

		2025 Guidance
Net earnings per share excluding any gains on disposition of real       estate, impairment charges, and executive retirement costs		$1.97 - $2.02 per share
Real estate depreciation and amortization per share		$1.36 per share
Core FFO per share		$3.33 - $3.38 per share
AFFO per share		$3.39 - $3.44 per share
General and administrative expenses		$47 - $48 Million
Real estate expenses, net of tenant reimbursements		$15 - $16 Million
Acquisition volume		$500 - $600 Million
Disposition volume		$80 - $120 Million

 

 

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v3.25.0.1

Cover	Feb. 11, 2025
Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 11, 2025
Entity File Number	001-11290
Entity Registrant Name	NNN REIT, INC.
Entity Central Index Key	0000751364
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-1431377
Entity Address, Address Line One	450 South Orange Avenue
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	265-7348
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NNN
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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