SAN FRANCISCO, May 16, 2023 (GLOBE NEWSWIRE) -- 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, 2023, the company owned 3,449 properties in 49 states with a gross leasable area of approximately 35.3 million square feet and with a weighted average remaining lease term of 10.3 years.
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President and CEO Steve Horn talks to Advisor Access about the company’s strategy that has led to 33 successive years of dividend growth.
Advisor Access: Your company announced its name change to NNN REIT, Inc. What brought about the change?
Steve Horn: I'm excited about the name change. NNN has a legacy of consistency. The name NNN REIT capitalizes on our three decades of equity using NNN as our ticker symbol on the New York Stock Exchange…
AA: For readers unfamiliar with NNN REIT, would you provide an overview of the company?
SH: We are a real estate investment trust with a broadly diversified portfolio of more than 3,400 single-tenant, net-leased properties in 49 states that has increased its annual dividend for 33 consecutive years. The building blocks for NNN shareholders continuing to realize long-term value at below average risk are pretty simple: execute our strategy using a bottom-up approach; increase the annual dividend yearly and ensure its safety; grow Core FFO (funds from operation) per share in the mid-single digits year over year; and maintain a conservative balance sheet management strategy.
AA: NNN has the third longest annual dividend increase track record of all public REITs and 99% of all public companies. How is the firm able to accomplish this?
SH: We take a multi-year view to all aspects of operating the business…
AA: NNN also has a steady track record of high occupancy. You reported 99.4% portfolio occupancy in the last quarter. In this challenging macroeconomic environment, how has the company been able to maintain or even increase its occupancy rates?
SH: First, it starts by owning single-tenant properties. We have 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: Your team had a record year of $847.7 million of new property acquisitions in 2022. What impact do rising interest rates have on your plans for 2023?
SH: Again, we take a measured approach with a multi-year view to everything we do…
AA: Is there anything else you would like investors to know about NNN?
SH: We're on solid footing after a strong first quarter with $155 million in property acquisitions…
AA: Thank you, Steve.
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