NNN REIT, Inc. announced strong financial and operating results for the second quarter and six months ended June 30, 2025. For the second quarter, revenues were $226,802,000, an increase from $216,813,000 in the prior year period. Core FFO per share was $0.84, up from $0.83 in Q2 2024, and AFFO per share was $0.85, compared to $0.84 in the same period last year.
The company continued its robust investment activity, deploying $232,536,000 across 45 properties during the second quarter at an initial cash cap rate of 7.4% and a weighted average lease term of 17.8 years. For the first half of 2025, total real estate investments reached $464,929,000 across 127 properties. Dispositions in Q2 2025 totaled $51,248,000 from 23 properties.
NNN significantly enhanced its liquidity position. During the second quarter, the company issued 254,222 common shares, raising $10.9 million. Following the issuance of $500 million in 4.600% senior unsecured notes due 2031 on July 1, 2025, NNN used the proceeds to repay its outstanding credit facility balance. Pro forma for this note offering, the company had $1.4 billion in total available liquidity, including $1.2 billion of unused line of credit capacity and $230.8 million in cash and restricted cash.
As of June 30, 2025, NNN's portfolio included 3,663 properties with a gross leasable area of approximately 38.3 million square feet. The occupancy rate stood at 98.0%, and the weighted average remaining lease term was 9.8 years. 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 Board of Directors declared a quarterly dividend of $0.60 per share on July 15, 2025, marking the 36th consecutive annual dividend increase. NNN also raised its 2025 guidance, increasing Core FFO per share to a range of $3.34 to $3.39 and AFFO per share to $3.40 to $3.45. Acquisition volume guidance was raised to $600 million to $700 million, and disposition volume guidance was increased to $120 million to $150 million.
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