The following is a summary of the NNN REIT, Inc. (NNN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NNN REIT reported Q1 2024 portfolio occupancy at a high of 99.4%.

• The company sold six properties, generating almost $19 million to be reinvested into new acquisitions.

• Net debt to gross book assets stood at 41.6%, debt to EBITDA was 5.5x, and fixed coverage was 4.5x.

• Quarterly core FFO results were $0.83 per share, up by 3.8% from the previous year.

• The cash cap rate for the quarter was at 8%, mainly due to an increase in automotive services.

• The guidance for the year is estimated between $400 and $500 million, despite uncertainties in the coming quarters.

Business Progress:

• NNN REIT's portfolio expanded to include 3,546 single-tenant properties.

• The company invested $125 million in 20 new properties with an average lease duration of over 18 years.

• The company's financial capacity was increased with a credit facility boost of $100 million, raising it to $1.2 billion.

• NNN plans to maintain acquisition volume through sale and leaseback transactions with their stable tenants.

• One of the company's key goals for 2024 is primarily driven by sales leaseback deals.

• There are plans for re-tenanting all 22 assets, focusing on tenants like AMC and Frisch's.

• Amid expected market changes, the company expressed comfort with the high-end guidance demand.

More details: NNN REIT IR

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