NNN NNN REIT Inc

NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, invests primarily in high-quality retail properties subject to long-term leases. As of March 31, 2024, the company owned 3,546 properties in 49 states with a gross leasable area of approximately 36.1 million square feet and with a weighted average remaining lease term of 10.0 years.

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President and CEO Steve Horn talks to Advisor Access about the company’s strategy that has led to 34 successive years of dividend growth.

Advisor Access: NNN REIT invests in single-tenant net-leased retail properties throughout the United States. Why do you find this provides stronger performance through various economic cycles than other tenant types?

Steve Horn: We own one building with one tenant on our properties. So our buildings are either occupied or they are not. We don't have issues that owners of other property types have to manage.…

AA: NNN REIT has increased its dividend for 34 consecutive years, one of only three REITs to have done so. How is the firm able to achieve this?

SH: Our goal at NNN is not acquisition volume; it is Core FFO per share growth year-over-year. We target mid-single digit per share Core FFO growth, which allows us to reasonably grow the dividend while keeping our payout ratio low…

AA: Last year NNN invested $819.7 million in property investments, including the acquisition of 165 properties. Would you explain NNN’s acquisition approach?

SH: There are two key elements to our acquisition approach. First, we are long-term, relationship-based and we partner with large regional or national operators…

AA: We’ve discussed NNN’s positioning for long-term growth and value creation. How do you handle vacancies?

SH: Overall, our battle-tested portfolio is performing exceptionally well. The current 99.4% occupancy rate sits slightly higher than our 25-year average occupancy of 98.1%...

AA: Thank you, Steve.

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Rick Baggelaar
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