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- **Record Acquisition Volume**: $900 million midpoint guidance, driven by tenant demand and 7.3% cap rates. 
- **Strong Renewal Rates**: 92% of expiring leases renewed at 108% of prior rent. 
- **Balance Sheet Strength**: $1.4 billion liquidity, 11-year debt maturity, and no floating-rate debt. 
- **Bad Debt Improvement**: Full-year bad debt reduced to 25 basis points (vs. 60 prior). 
- **Dividend Growth**: $0.60 quarterly dividend (5.6% yield), 70% AFFO payout ratio. 
- **Occupancy Recovery**: 75% of former restaurant/furniture assets resolved by Q1 2026. 


**【Management Opening Remarks】**
- **Q3 2025 Performance**: Acquired 57 assets for $283 million, resolving 23 of 35 vacant assets. Core FFO guidance raised to $3.36-$3.40 per share, with acquisition guidance increased to $900 million midpoint. 
- **Proactive Asset Management**: Evicted 64 assets from a restaurant operator, 15 sold/leased, 12 more to resolve by year-end. Occupancy expected to exceed 98% by Q4. 
- **Leasing Strength**: 92% of 100 expiring leases renewed at 108% of prior rent; 7 new leases signed at 124% of prior rent. 
- **Balance Sheet**: $1.4 billion liquidity, 11-year average debt maturity, and no floating-rate debt. 

**【CFO Financial Commentary】**
- **Financial Results**: Core FFO of $0.85, AFFO of $0.86 per share. Annualized base rent up 7% YoY to $912 million. NOI margin 98%, G&A 5% of NOI. 
- **Acquisition Pipeline**: Tracking for record year with $750 million invested in 184 properties (1-9M). Cap rates stable at 7.3-7.4%. 
- **Dividend Policy**: $0.60 quarterly dividend (5.6% yield), 70% AFFO payout ratio. 
- **Bad Debt Management**: Full-year bad debt reduced to 25 basis points (vs. 60 prior), driven by At Home bankruptcy resolution. 

**【Q&A Highlights】**
- **Acquisition Volume**: Record $900 million midpoint due to tenant demand and accretive deals, despite 7.3% cap rates. 
- **Competition**: Focused on $15-$20 million deals, avoiding large portfolios. 60-40 equity/debt funding mix maintained. 
- **Occupancy Outlook**: 75% of former restaurant/furniture assets resolved by Q1 2026. 
- **Debt Management**: $400 million bond maturing in November; options include revolver, new bond, or bank loan. 
- **Lease Termination Fees**: Normalized to $0.05 per share, down from prior quarters. 
- **Real Estate Expense**: Expected to decline to $12 million annually as vacancies resolve. 


NNN REIT, Inc. (NNN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Income (Loss) from Associates

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Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Total Comprehensive Income Attributable to Owners of the Company

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NNN

NNN fundamentals

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