NNN REIT Inc

NNN REIT kicked off 2025 with a clean beat across the board, posting first-quarter earnings per diluted share of $0.51 against a consensus estimate of $0.48, a 7.14% positive surprise, while revenue of $230.85 million cleared Wall Street's $219.84 million estimate by 5.01% and grew 7.2% year-over-year. The primary engine behind the revenue gain was a 5.2% expansion in Annualized Base Rent to $874.30 million, fueled by $232.39 million in new acquisitions closed during the quarter at a 7.4% initial cash cap rate, already accounting for more than 40% of the company's full-year acquisition midpoint target. Occupancy slipped to 97.7% from 99.4% a year ago, largely tied to eviction proceedings involving 64 properties leased to a midwestern restaurant operator, though all have since been repossessed and 31 re-leased, tempering near-term concern. With $1.10 billion in available liquidity and net debt to EBITDAre improving to 5.5x, management reaffirmed 2025 guidance for Core FFO per share of $3.33 to $3.38, underscoring confidence in the triple-net lease model's durability for income-focused investors.