Thu, Oct 31, 12:34 PM (63 days ago)
For the quarter ended September 30, 2024, NNN REIT, Inc. (NNN) reported a revenue increase of 6.5% year-over-year to $218,564,000, driven by higher rental income from recent property acquisitions. Net earnings decreased to $97,904,000 from $106,787,000 in the prior year, reflecting a diluted earnings per share of $0.53. Operating expenses rose 6.9% to $82,779,000, primarily due to increased general and administrative costs and depreciation. NNN's real estate portfolio value increased to $8,625,489,000, with a 99% occupancy rate and a weighted average lease term of 10 years. Cash flow from operations improved to $517,826,000, while cash and equivalents totaled $178,512,000. The company had no outstanding balance on its $1.2 billion credit facility as of September 30, 2024. Future operations may face uncertainties due to economic conditions affecting tenant performance, particularly in concentrated sectors. NNN's proactive management of its debt structure and strategic capital allocation should support continued growth and dividend distributions. The company declared a dividend of $0.5800 per share, reflecting a commitment to returning value to shareholders.