4Q earnings: NNN REIT
NNN REIT (NYSE: NNN) released its 2024 annual results and held its 4Q earnings call this morning.
The REIT ended the year with:
-FFO and AFFO/share year-over-year increases of 2.5% and 2.8%, respectively
-3,568 properties in 49 states (36.6 million square feet)
-Occupancy of 98.5% and weighted average remaining lease term of 9.9 years
-Increased exposure during 4Q24 to convenience stores (17.0%) and automotive service (16.9%)
-New additions to its top 20 tenant exposures include:
(i) C-store operator Kent Distibutors, based in Midland, TX
(ii) Casey’s General Stores (NASDAQ: CASY) after its acquisition of Fikes Wholesale; and
(iii) Super Star Car Wash (sponsored by TSG Consumer)
4Q2024 investment activity totaled $216.8 million including 31 property acquisitions (avg. 9,800 sq. ft.) priced at a 7.6% initial cap rate (WALT=19.8 years). Dispositions totaled $42.8 million (12 properties).
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