NNN REIT, Inc. announced its operating results for the full year ended December 31, 2024. The company reported total revenues of $869,266,000 for 2024, an increase from $828,111,000 in 2023. Core FFO per share for the year was $3.32, up from $3.26 in the prior year, and AFFO per share was $3.35, compared to $3.26 in 2023.
During the fourth quarter of 2024, NNN initiated eviction proceedings for 64 properties leased to a mid-western restaurant operator. As of December 31, 2024, the company had taken back possession of 33 of these properties, with 28 already re-leased to another restaurant operator, with rent scheduled to commence on May 1, 2025.
NNN also addressed vacancies from a southeast U.S. furniture retailer that filed for bankruptcy. The company took possession of 32 properties previously leased to this retailer. By December 31, 2024, NNN had successfully sold six of these properties, generating net proceeds of $21.8 million, and re-leased an additional five properties.
The company executed over $560 million in acquisitions during 2024, demonstrating its disciplined investment strategy. NNN ended the year with a zero balance on its revolving credit facility, maintaining $1.2 billion available on the line of credit and approximately $200 million in free cash flow, highlighting its strong liquidity position.
For 2025, NNN provided guidance for Core FFO per share in the range of $3.33 to $3.38 and AFFO per share in the range of $3.39 to $3.44. The company also set acquisition guidance at $500 million to $600 million and disposition guidance at $110 million to $130 million for the upcoming year.
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