1. NNN's Q2 2025 earnings per share were $0.54. 2. Core FFO and AFFO rose 1.2%, reaching $0.84 and $0.85. 3. ABR increased by 6.7% over the prior year. 4. NNN completed $232.5 million in investments at a 7.4% cap rate. 5. Quarterly dividend rose to $0.60, marking 36 consecutive annual increases.
The strong earnings, increased acquisitions, and dividend growth signal financial health.
NNN's growth in earnings and sustained dividend yield positively influence investor sentiment.
Sustained growth in FFOM and increased liquidity will support future acquisitions and dividends.
(the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and six months ended June 30, 2025. Highlights include:
Steve Horn, Chief Executive Officer, commented: "NNN delivered another strong quarter, investing $233 million across 45 properties, at an accretive initial cash cap rate of 7.4%. With over $460 million of real estate investments completed in the first half of 2025 and nearly $1.5 billion of immediate liquidity following our note offering at the end of the quarter, we are well-positioned to raise our 2025 Core FFO guidance and execute our strategy through year end."
Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts:
| Quarter Ended June 30 | Six Months Ended June 30 | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | $226,802 | $216,813 | $457,656 | $432,220 |
| Net earnings | $100,529 | $106,666 | $196,987 | $201,037 |
| Net earnings per share | $0.54 | $0.58 | $1.05 | $1.10 |
| FFO | $157,175 | $152,380 | $315,909 | $303,641 |
| FFO per share | $0.84 | $0.83 | $1.69 | $1.66 |
| Core FFO | $157,366 | $152,533 | $318,273 | $304,111 |
| Core FFO per share | $0.84 | $0.83 | $1.70 | $1.67 |
| ... |
(dollars in thousands)
(dollars in thousands)
(dollars in thousands)
During the second quarter 2025, NNN issued 254,222 common shares, raising $10.9 million in gross proceeds at an average price per share of $43.03, primarily through the Company's at-the-market equity program.
As of June 30, 2025, Gross Debt was $4.7 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 11.1 years. The Company ended the second quarter 2025 with $939.0 million of total available liquidity.
As previously announced, on July 15, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable August 15, 2025.
The Company increased previously provided 2025 guidance as summarized below:
The Company will host a conference call on Tuesday, August 5, 2025 at 10:30 a.m. ET to discuss second quarter results.
NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. For more information on the Company, visit nnnreit.com.
Statements in this press release that are not strictly historical are "forward-looking" statements...
Funds From Operations ("FFO") is a relative non-GAAP financial measure...
(dollars in thousands)
(unaudited)
June 30,2025
| Assets: | |
|---|---|
| Real estate portfolio, net of accumulated depreciation | $9,023,171 |
| Cash and cash equivalents | $5,973 |
| Total assets | $9,148,677 |
(dollars in thousands)
(unaudited)
| Revenues: | |
|---|---|
| Rental income | $226,498 |
| Total revenues | $226,802 |
Rental income from operating leases...