ORLANDO,
Fla., Jan. 6, 2025 /PRNewswire/ -- NNN REIT,
Inc. (NYSE: NNN), a real estate investment trust, today announced
that Kevin B. Habicht, Executive
Vice President, Chief Financial Officer, Assistant Secretary,
Treasurer and the Company's principal financial officer, will
retire and step down as a member of the Board of Directors
effective March 31, 2025.
Vincent H. Chao will join NNN as
Executive Vice President on January 9,
2025, and assume the positions of Chief Financial Officer,
Assistant Secretary and Treasurer and serve as the Company's
principal financial officer effective April
1, 2025.
Mr. Habicht has served as Executive Vice President and Chief
Financial Officer of the Company since December 1993, and as Treasurer of the Company
since January 1998 and as a director
of the Company since June 2000. Mr.
Habicht served as Secretary of the Company from January 1998 to May
2003.
Steve Horn, Chief Executive
Officer, commented: "Kevin has been a key part of the NNN team
throughout his 32 years of dedicated service to NNN's shareholders,
associates, board of directors and tenants. He has guided the
growth of NNN's balance sheet and finance strategy, navigating
fluctuating market conditions with an even keel and the right
mixture of patience, sound judgment and an instinctive skill for
opportunistically creating a variety of capital market solutions. I
am excited about the future of NNN and am pleased to add Vin as
another high quality, versatile team member to help us guide the
company as we move forward."
Mr. Chao joins NNN with extensive public company and investment
banking experience. He was most recently Managing Director, Finance
at RPT Realty, a publicly-traded retail real estate investment
trust that was acquired by Kimco Realty in 2024. At RPT
Realty, Mr. Chao was responsible for capital markets, corporate
finance, investor relations, portfolio management and data
analytics. Previously he was the Head of U.S. REIT Research at
Deutsche Bank Securities, Inc. His past experience also includes
operational and project management roles at Procter and
Gamble. Mr. Chao holds a Bachelor of Science in
Mechanical Engineering from Cornell
University and a Master of Business Administration from
New York University's Stern School of
Business. He is a CFA Charterholder and a member of ICSC and
Nareit.
Mr. Habicht commented: "It has been a great blessing to be a
part of the NNN team for over 30 years. I am profoundly thankful
for the many relationships I have enjoyed with my colleagues
at NNN as well as the broader capital markets community. I
will cherish the memories and look forward to watching NNN's
continued growth and success in the years to come."
NNN REIT invests primarily in high-quality retail properties
subject generally to long-term, net leases. As of September 30, 2024, the company owned 3,549
properties in 49 states with a gross leasable area of approximately
36.6 million square feet and a weighted average remaining lease
term of 10.0 years. NNN is one of only three publicly traded
REITs to have increased annual dividends for 35 or more consecutive
years. For more information on the company, visit
www.nnnreit.com.
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SOURCE NNN REIT, Inc.