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NNN REIT, Inc. Announces Second Quarter 2025 Results and Increased 2025 Guidance

By PR Newswire | August 05, 2025, 8:30 AM

ORLANDO, Fla., Aug. 5, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and six months ended June 30, 2025. Highlights include:

Second Quarter 2025 Highlights:

  • Reported net earnings of $0.54 per diluted share
  • Grew Core FFO and AFFO per diluted share by 1.2% over prior year results, to $0.84 and $0.85, respectively
  • Increased ABR by 6.7% over prior year results
  • Closed on $232.5 million of investments at an initial cash cap rate of 7.4%, with a weighted average lease term of 17.8 years and $464.9 million of investments in the six months ended June 30, 2025, equating to 85% of the initial full year acquisition plan at the midpoint
  • Sold 23 properties for $51.2 million, including $24.7 million of income producing properties at a weighted average cap rate of 6.2%
  • Raised $10.9 million in gross proceeds from the issuance of 254,222 common shares at an average price per share of $43.03
  • Improved balance sheet flexibility, following the end of the quarter, through the issuance of $500 million principal amount of 4.600% senior unsecured notes due 2031 ("2031 Notes") and the repayment of the outstanding balance on the unsecured revolving line of credit
  • Pro forma for the 2031 Notes, the Company had a sector leading weighted average debt maturity of 11.0 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity
  • Paid a $0.58 quarterly dividend, equating to a 5.4% annualized dividend yield and 68% AFFO payout ratio

Additional Highlights:

  • Announced a 3.4% increase in the third quarter 2025 quarterly dividend to $0.60 per share, marking the Company's 36th consecutive annual dividend increase
  • Published the Company's third annual Corporate Sustainability Report
  • Increased the midpoint of 2025 Core FFO and AFFO per share guidance by $0.01
  • Increased 2025 acquisition volume guidance by $100 million

Steve Horn, Chief Executive Officer, commented: "NNN delivered another strong quarter, investing $233 million across 45 properties, at an accretive initial cash cap rate of 7.4%. With over $460 million of real estate investments completed in the first half of 2025 and nearly $1.5 billion of immediate liquidity following our note offering at the end of the quarter, we are well-positioned to raise our 2025 Core FFO guidance and execute our strategy through year end."

FINANCIAL RESULTS

Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts:





Quarter Ended

June 30,





Six Months Ended

June 30,



(dollars in thousands, except per share data)



2025





2024





2025





2024



Revenues



$

226,802





$

216,813





$

457,656





$

432,220





























Net earnings



$

100,529





$

106,666





$

196,987





$

201,037



Net earnings per share



$

0.54





$

0.58





$

1.05





$

1.10





























FFO



$

157,175





$

152,380





$

315,909





$

303,641



FFO per share



$

0.84





$

0.83





$

1.69





$

1.66





























Core FFO



$

157,366





$

152,533





$

318,273





$

304,111



Core FFO per share



$

0.84





$

0.83





$

1.70





$

1.67





























AFFO



$

158,523





$

153,596





$

321,538





$

306,855



AFFO per share



$

0.85





$

0.84





$

1.72





$

1.68



PORTFOLIO SNAPSHOT

(dollars in thousands)



June 30, 2025





March 31, 2025





June 30, 2024



Number of properties





3,663







3,641







3,548



Total gross leasable area (square feet)





38,322,000







37,311,000







36,095,000



Occupancy rate





98.0

%





97.7

%





99.3

%

Weighted average remaining lease term (years)





9.8







9.9







10.0



ABR



$

893,782





$

874,301





$

837,568



PROPERTY ACQUISITIONS

(dollars in thousands)



Quarter Ended

June 30, 2025





Six Months Ended

June 30, 2025



Total dollars invested(1)



$

232,536





$

464,929



Number of properties





45







127



Gross leasable area (square feet)(2)





1,399,000







2,230,000



Weighted average cap rate(3)





7.4

%





7.4

%

Weighted average lease term (years)





17.8







18.0







(1)

Includes dollars invested in projects under construction or tenant improvements.

(2)

Includes additional square footage from completed construction on existing properties.

(3)

Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS





Quarter Ended June 30, 2025





Six Months Ended June 30, 2025



(dollars in thousands)



Occupied





Vacant





Total





Occupied





Vacant





Total



Number of properties





10







13







23







19







14







33



Gross leasable area (square feet)





162,000







196,000







358,000







220,000







210,000







430,000



Net sale proceeds



$

24,727





$

26,521





$

51,248





$

38,067





$

29,020





$

67,087



Weighted average cap rate(1)





6.2

%











6.2

%





5.7

%











5.7

%





(1)

Calculated as the cash annual base rent divided by the total gross proceeds received for the properties.

CAPITAL MARKETS ACTIVITY

During the second quarter 2025, NNN issued 254,222 common shares, raising $10.9 million in gross proceeds at an average price per share of $43.03, primarily through the Company's at-the-market equity program.

On July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit.

BALANCE SHEET AND LIQUIDITY

As of June 30, 2025, Gross Debt was $4.7 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 11.1 years. The Company ended the second quarter 2025 with $939.0 million of total available liquidity, comprised of $932.3 million of unused line of credit capacity and $6.7 million of cash and restricted cash. Pro forma for the 2031 Notes, the Company had total available liquidity of $1.4 billion, comprised of $1.2 billion of unused line of credit capacity and $230.8 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.2x, respectively, as of June 30, 2025.

DIVIDEND

As previously announced, on July 15, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable August 15, 2025, to shareholders of record as of July 31, 2025. The new quarterly dividend represents an annualized dividend of $2.40 per share with an annualized dividend yield of 5.6% as of June 30, 2025. The 3.4% increase in the quarterly dividend marks the Company's 36th consecutive annual dividend increase. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years.

2025 GUIDANCE

The Company increased previously provided 2025 guidance as summarized below:

(dollars in millions, except per diluted share data)



Previous 2025

Guidance



Updated 2025

Guidance

Net earnings per share excluding any gains on disposition of real estate,

      impairment losses and retirement and severance costs



$1.97 - $2.02



$1.93 - $1.98

Real estate depreciation and amortization per share



$1.36



$1.41

Core FFO per share



$3.33 - $3.38



$3.34 - $3.39

AFFO per share



$3.39 - $3.44



$3.40 - $3.45

General and administrative expenses



$47 - $48



$47 - $48

Real estate expenses, net of tenant reimbursements



$15 - $16



$17 - $18

Acquisition volume



$500 - $600



$600 - $700

Disposition volume



$80 - $120



$120 - $150

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").

CONFERENCE CALL INFORMATION

The Company will host a conference call on Tuesday, August 5, 2025 at 10:30 a.m. ET to discuss second quarter results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the U.S. or 973-528-0011 for international callers and entering the participant code 385344 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through August 12, 2025, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 52652.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of June 30, 2025, the Company owned 3,663 properties in 50 states with a gross leasable area of approximately 38.3 million square feet and a weighted average remaining lease term of 10 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.

FORWARD-LOOKING STATEMENTS

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 Commission filings, including, but not limited to, the Company's (i) Annual Report on Form 10-K for the year ended December 31, 2024 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025. 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.

DEFINITIONS

Funds From Operations ("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 on the disposition of certain assets 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.

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, retirement and severance costs or other non-core amounts as they occur.

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 earnings 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.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit ("EBITDAre") 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, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre 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.

Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debt is defined by the Company as Gross Debt less Total Cash.

Management considers the non-GAAP measures of Gross Debt and Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.

The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.

Annualized Base Rent ("ABR") represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.

 

NNN REIT, Inc.

Balance Sheet Summary

(dollars in thousands)

(unaudited)







June 30,

2025





December 31,

2024



Assets:













Real estate portfolio, net of accumulated depreciation and amortization



$

9,023,171





$

8,746,168



Cash and cash equivalents





5,973







8,731



Restricted cash and cash held in escrow





775







331



Receivables, net of allowance of $599 and $617, respectively





2,499







2,975



Accrued rental income, net of allowance of $3,290 and $4,156, respectively





33,594







34,005



Debt costs, net of accumulated amortization of $28,449 and $27,002, respectively





7,698







8,958



Other assets





74,967







71,560



Total assets



$

9,148,677





$

8,872,728

















Liabilities:













Line of credit payable



$

267,700





$



Notes payable, net of unamortized discount and unamortized debt costs





4,376,893







4,373,803



Accrued interest payable





30,685







29,699



Other liabilities





110,994







106,951



Total liabilities





4,786,272







4,510,453

















Total equity





4,362,405







4,362,275

















Total liabilities and equity



$

9,148,677





$

8,872,728

















Common shares outstanding





188,206,484







187,540,929



 

NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)







Quarter Ended

June 30,





Six Months Ended

June 30,







2025





2024





2025





2024



Revenues:

























Rental income



$

226,498





$

216,140





$

457,072





$

430,965



Interest and other income from real estate transactions





304







673







584







1,255









226,802







216,813







457,656







432,220





























Operating expenses:

























General and administrative





11,217







11,789







24,225







24,373



Real estate





8,838







6,758







18,213







13,912



Depreciation and amortization





68,349







62,503







132,966







123,118



Leasing transaction costs





74







20







204







53



Impairment losses – real estate, net of recoveries





4,535







944







6,047







2,148



Retirement and severance costs





191







153







2,364







470









93,204







82,167







184,019







164,074



Gain on disposition of real estate





16,198







17,621







20,011







22,442



Earnings from operations





149,796







152,267







293,648







290,588





























Other expenses (revenues):

























Interest and other income





(15)







(976)







(344)







(1,095)



Interest expense





49,282







46,577







97,005







90,646









49,267







45,601







96,661







89,551





























Net earnings



$

100,529





$

106,666





$

196,987





$

201,037





























Weighted average shares outstanding:

























Basic





186,876,693







182,438,791







186,865,955







182,119,471



Diluted





187,070,288







182,807,374







187,088,160







182,528,333





























Net earnings per share available to stockholders:

























Basic



$

0.54





$

0.58





$

1.05





$

1.10



Diluted



$

0.54





$

0.58





$

1.05





$

1.10



 

NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)







Quarter Ended

June 30,





Six Months Ended

June 30,







2025





2024





2025





2024



Rental income from operating leases(1) (2)



$

221,714





$

211,557





$

445,770





$

420,641



Earned income from direct financing leases(1)



$

112





$

118





$

226





$

237



Percentage rent(1)



$

284





$

259





$

1,170





$

1,147





























Real estate expenses reimbursed from tenants(1)



$

4,388





$

4,206





$

9,906





$

8,940



Real estate expenses





(8,838)







(6,758)







(18,213)







(13,912)



Real estate expenses, net of tenant reimbursements



$

(4,450)





$

(2,552)





$

(8,307)





$

(4,972)





























Amortization of debt costs



$

1,478





$

1,787





$

2,944





$

3,088



Non-real estate depreciation expense



$

43





$

115





$

86





$

226







(1)

For the quarters ended June 30, 2025 and 2024, the aggregate of such amounts is $226,498 and $216,140, respectively, and $457,072 and $430,965, for the six months ended June 30, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.

(2)

Includes lease termination fees of $2,248 and $2,053 for the quarters ended June 30, 2025 and 2024, respectively, and $10,452 and $6,292 for the six months ended June 30, 2025 and 2024, respectively.

 

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)







Quarter Ended

June 30,





Six Months Ended

June 30,







2025





2024





2025





2024



Net earnings



$

100,529





$

106,666





$

196,987





$

201,037



Real estate depreciation and amortization





68,309







62,391







132,886







122,898



Gain on disposition of real estate





(16,198)







(17,621)







(20,011)







(22,442)



Impairment losses – depreciable real estate, net of

      recoveries





4,535







944







6,047







2,148



FFO





157,175







152,380







315,909







303,641



Retirement and severance costs





191







153







2,364







470



Core FFO





157,366







152,533







318,273







304,111



Straight-line accrued rent, net of reserves





425







95







(84)







131



Net capital lease rent adjustment





62







54







122







108



Below-market rent amortization





(1,620)







(125)







(1,713)







(242)



Stock based compensation expense





2,832







2,656







6,403







6,223



Capitalized interest expense





(542)







(1,617)







(1,463)







(3,476)



AFFO



$

158,523





$

153,596





$

321,538





$

306,855





























FFO per share:

























Basic



$

0.84





$

0.84





$

1.69





$

1.67



Diluted



$

0.84





$

0.83





$

1.69





$

1.66





























Core FFO per share:

























Basic



$

0.84





$

0.84





$

1.70





$

1.67



Diluted



$

0.84





$

0.83





$

1.70





$

1.67





























AFFO per share:

























Basic



$

0.85





$

0.84





$

1.72





$

1.68



Diluted



$

0.85





$

0.84





$

1.72





$

1.68





























Dividend per share



$

0.5800





$

0.5650





$

1.1600





$

1.1300



AFFO payout ratio(1)





68

%





67

%





67

%





67

%





(1)

Calculated as total dividends paid as a percentage of AFFO for each respective period.

 

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures (continued)

(dollars in thousands, except per share data)

(unaudited)







Quarter Ended

June 30,





Six Months Ended

June 30,







2025





2024





2025





2024



Net earnings



$

100,529





$

106,666





$

196,987





$

201,037



Interest expense





49,282







46,577







97,005







90,646



Depreciation and amortization





68,349







62,503







132,966







123,118



Gain on disposition of real estate





(16,198)







(17,621)







(20,011)







(22,442)



Impairment losses – real estate, net of

      recoveries





4,535







944







6,047







2,148



EBITDAre



$

206,497





$

199,069





$

412,994





$

394,507





























Interest expense



$

49,282





$

46,577





$

97,005





$

90,646



Add back: capitalized interest





542







1,617







1,463







3,476



Fixed charges



$

49,824





$

48,194





$

98,468





$

94,122

































June 30,

2025





December 31,

2024















Total assets



$

9,148,677





$

8,872,728















Accumulated depreciation & amortization





2,171,731







2,065,520















Amortization of direct financing leases





2,777







2,655















Gross Assets



$

11,323,185





$

10,940,903









































Debt outstanding:

























Line of credit



$

267,700





$















Notes payable, net of unamortized discount and

      unamortized debt costs





4,376,893







4,373,803















Total Debt





4,644,593







4,373,803















Unamortized note discount





44,844







46,437















Unamortized debt costs





28,263







29,760















Gross Debt





4,717,700







4,450,000















Total Cash





(6,748)







(9,062)















Net Debt



$

4,710,952





$

4,440,938















 

NNN REIT, Inc.

Debt Summary

As of June 30, 2025

(dollars in thousands)

(unaudited)

 



Unsecured Debt



Principal





Principal,

Net of

Unamortized

Discount





Stated

Rate





Effective

Rate





Maturity Date

Line of credit payable(1)



$

267,700





$

267,700





SOFR +

87.5 bps







5.165

%



April 2028































Unsecured notes payable:





























2025





400,000







399,957







4.000

%





4.029

%



November 2025

2026





350,000







349,345







3.600

%





3.733

%



December 2026

2027





400,000







399,578







3.500

%





3.548

%



October 2027

2028





400,000







398,928







4.300

%





4.388

%



October 2028

2030





400,000







399,349







2.500

%





2.536

%



April 2030

2033





500,000







490,040







5.600

%





5.905

%



October 2033

2034





500,000







494,352







5.500

%





5.662

%



June 2034

2048





300,000







296,261







4.800

%





4.890

%



October 2048

2050





300,000







294,631







3.100

%





3.205

%



April 2050

2051





450,000







442,318







3.500

%





3.602

%



April 2051

2052





450,000







440,397







3.000

%





3.118

%



April 2052

Total





4,450,000







4,405,156

















































Total unsecured debt(1) (2)



$

4,717,700





$

4,672,856

















































Debt costs









$

(43,820)



















Accumulated amortization







15,557



















Debt costs, net of accumulated amortization







(28,263)



















Notes payable, net of unamortized discount and

    unamortized debt costs





$

4,376,893

























(1)



On July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit.

(2)



Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 11.1 years.

 

NNN REIT, Inc.

Debt Summary – Continued

As of June 30, 2025

(unaudited)

Credit Metrics





June 30,

2025



December 31,

2024

Gross Debt / Gross Assets



41.7 %



40.7 %

Net Debt / EBITDAre (last quarter annualized)



5.7



5.6

EBITDAre / fixed charges



4.2



4.2

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 June 30, 2025, the Company believes it is in compliance with the covenants.

Key Covenants



Required



June 30,

2025

Unsecured Bank Credit Facility:









Maximum leverage ratio



< 0.60



0.39

Minimum fixed charge coverage ratio



> 1.50



4.26

Maximum secured indebtedness ratio



< 0.40



Unencumbered asset value ratio



> 1.67



2.65

Unencumbered interest ratio



> 1.75



4.17

Unsecured Notes:









Limitation on incurrence of total debt



≤ 60%



41 %

Limitation on incurrence of secured debt



≤ 40%



Debt service coverage ratio



≥ 1.5



4.2

Maintenance of total unencumbered assets



≥ 150%



244 %

 

NNN REIT, Inc.

Property Portfolio

As of June 30, 2025

Top 20 Lines of Trade









% of ABR









As of June 30,





Lines of Trade



2025



2024

1.



Automotive service



18.2 %



16.9 %

2.



Convenience stores



16.5 %



16.2 %

3.



Restaurants – limited service



8.2 %



8.5 %

4.



Entertainment



7.3 %



6.6 %

5.



Restaurants – full service



7.0 %



8.4 %

6.



Dealerships



6.7 %



5.4 %

7.



Health and fitness



4.1 %



4.0 %

8.



Theaters



3.8 %



4.1 %

9.



Equipment rental



3.1 %



3.3 %

10.



Automotive parts



2.4 %



2.4 %

11.



Wholesale clubs



2.3 %



2.4 %

12.



Drug stores



2.1 %



2.3 %

13.



Home improvement



2.0 %



2.2 %

14.



Medical service providers



1.9 %



1.8 %

15.



Pet supplies and services



1.6 %



1.2 %

16.



Discount retail



1.4 %



1.6 %

17.



Furniture



1.3 %



2.0 %

18.



Travel plazas



1.2 %



1.3 %

19.



Consumer electronics



1.2 %



1.3 %

20.



Home furnishings



1.1 %



1.3 %





Other



6.6 %



6.8 %





Total



100.0 %



100.0 %

 

NNN REIT, Inc.

Property Portfolio – Continued

As of June 30, 2025

Top 20 States





State



# of

Properties



% of

ABR

1.



Texas



590



18.8 %

2.



Florida



271



8.7 %

3.



Illinois



169



4.9 %

4.



Georgia



173



4.4 %

5.



Ohio



226



4.4 %

6.



Indiana



164



3.7 %

7.



Tennessee



154



3.7 %

8.



North Carolina



158



3.6 %

9.



Michigan



121



3.4 %

10.



Arizona



81



3.4 %

11.



Virginia



120



3.4 %

12.



California



72



2.9 %

13.



Alabama



150



2.8 %

14.



Pennsylvania



89



2.5 %

15.



New Jersey



33



2.4 %

16.



Missouri



106



2.4 %

17.



Maryland



50



2.1 %

18.



Colorado



45



2.0 %

19.



South Carolina



81



1.9 %

20.



Oklahoma



89



1.7 %





Other



721



16.9 %





Total



3,663



100.0 %















 

NNN REIT, Inc.

Property Portfolio – Continued

As of June 30, 2025

Top 20 Tenants





Tenant



# of

Properties



% of

ABR

1.



7-Eleven



146



4.4 %

2.



Mister Car Wash



121



4.0 %

3.



Dave & Buster's



34



3.7 %

4.



Camping World



46



3.6 %

5.



GPM Investments (convenience stores)



147



2.7 %

6.



Flynn Restaurant Group (Taco Bell/Arby's)



204



2.6 %

7.



AMC Theatres



20



2.5 %

8.



BJ's Wholesale Club



13



2.3 %

9.



LA Fitness



25



2.3 %

10.



Kent Distributors (convenience stores)



49



2.3 %

11.



Mavis Tire Express Services



140



2.1 %

12.



Couche Tard (Pantry)



91



2.1 %

13.



Walgreens



49



1.7 %

14.



Sunoco



53



1.7 %

15.



Chuck E. Cheese



51



1.7 %

16.



Casey's General Stores (convenience stores)



62



1.6 %

17.



United Rentals



49



1.6 %

18.



Tidal Wave Auto Spa



35



1.4 %

19.



Super Star Car Wash



33



1.3 %

20.



Bob Evans Restaurants



105



1.2 %





Other



2,190



53.2 %





Total



3,663



100.0 %

 

Lease Expirations(1)





% of

ABR



# of

Properties



Gross Leasable

Area(2)







% of

ABR



# of

Properties



Gross Leasable

Area(2)

2025



2.2 %



90



512,000



2031



6.8 %



191



2,668,000

2026



3.9 %



196



1,899,000



2032



5.1 %



190



1,846,000

2027



7.1 %



216



3,277,000



2033



4.5 %



136



1,411,000

2028



5.6 %



253



2,270,000



2034



5.5 %



180



2,334,000

2029



4.4 %



141



2,071,000



Thereafter



50.2 %



1,816



16,913,000

2030



4.7 %



179



2,275,000























(1)



As of June 30, 2025, the weighted average remaining lease term is 9.8 years.

(2)



Square feet.

 

NNN REIT, Inc. (PRNewsfoto/National Retail Properties, Inc.)

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SOURCE NNN REIT, Inc.

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