NNN Reit reports Q2 AFFO 84c, consensus 83c

Reports Q2 revenue $216.81M, consensus $212.7M. CEO Steve Horn commented: “NNN REIT continues to operate with a high degree of discipline. During Q2, we deployed $110.5M of capital in accretive, high quality real estate deals while maintaining a balance sheet with a sector-leading 12.6-year weighted average debt maturity. Our thoughtful approach to raising and deploying capital, combined with our high occupancy and active management of our robust property portfolio, enables us to increase our Core FFO per share guidance for 2024. In July, we increased our common stock dividend by nearly 3% to 58c per share while preserving our low dividend payout ratio. This marks our 35th consecutive year of increased annual dividends, a feat matched by only two other publicly traded REITs and by fewer than 80 public companies in the United States.”