ORLANDO, Fla., May 1, 2024 /PRNewswire/ -- NNN REIT, Inc. (NYSE:NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2024. Highlights include: Operating Results: Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts: Quarter EndedMarch 31, 2024 2023 (dollars in thousands, except per share data) Revenues $ 215,407 $ 204,108 Net earnings $ 94,371 $ 90,167 Net earnings per share $ 0.52 $ 0.50 FFO $ 151,261 $ 145,549 FFO per share $ 0.83 $ 0.80 Core FFO $ 151,578 $ 145,972 Core FFO per share $ 0.83 $ 0.80 AFFO $ 153,259 $ 148,166 AFFO per share $ 0.84 $ 0.82   First Quarter 2024 Highlights: FFO and Core FFO per share increased 3.8% over prior year results AFFO per share increased 2.4% over prior year results Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.0 years, at March 31, 2024 as compared to 99.5% at December 31, 2023 and 99.4% at March 31, 2023 $124.5 million in property investments, including the acquisition of 20 properties with an aggregate gross leasable area of approximately 284,000 square feet at an initial cash cap rate of 8.0% Sold six properties for $18.5 million, producing $4.8 million of gains on sales Raised $21.5 million in net proceeds from the issuance of 519,494 common shares Maintained sector leading 11.8 year weighted average debt maturity Steve Horn, Chief Executive Officer, commented: "NNN's first quarter was consistent and predictable with nearly $125 million in property acquisitions, yielding an initial cash cap rate of eight percent with an 18-year weighted average remaining lease term. With our strong property portfolio combined with over $1 billion of liquidity and strategic balance sheet management, NNN remains positioned to deliver long-term shareholder value as we progress through the year." NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2024, the company owned 3,546 properties in 49 states with a gross leasable area of approximately 36.1 million square feet and a weighted average remaining lease term of 10.0 years.  NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 34 or more consecutive years. For more information on the company, visit www.nnnreit.com. Management will hold a conference call on May 1, 2024, at 10:30 a.m. ET to review its results of operations.  The call can be accessed on the NNN REIT website live at www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company's website.  In addition, a summary of any earnings guidance given on the call will be posted to the company's website. Statements in this press release that are not strictly historical are "forward-looking" statements.  These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results.  These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital, risks related to the company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the company's business operations, financial results, and financial position on the world economy.  Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company's Securities and Exchange Commission (the "Commission") filings, including, but not limited to, the company's (i) Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. Funds From Operations, commonly referred to as "FFO", is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company's share of these items from the company's noncontrolling interests and any impairment charges on a depreciable real estate asset. FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release. Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company's operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company's core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, executive retirement costs or other non-core amounts as they occur.  The company's computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release. Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company's performance.  The company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.   NNN REIT, Inc. (dollars in thousands, except per share data) (unaudited) Quarter EndedMarch 31, 2024 2023 Income Statement Summary Revenues: Rental income $ 214,825 $ 203,630 Interest and other income from real estate transactions 582 478 215,407 204,108 Operating expenses: General and administrative 12,584 12,251 Real estate 7,154 6,846 Depreciation and amortization 60,615 59,148 Leasing transaction costs 33 75 Impairment losses – real estate, net of recoveries 1,204 2,640 Executive retirement costs 317 423 81,907 81,383 Gain on disposition of real estate 4,821 6,300 Earnings from operations 138,321 129,025 Other expenses (revenues): Interest and other income (119) (33) Interest expense 44,069 38,891 43,950 38,858 Net earnings $ 94,371 $ 90,167 Weighted average shares outstanding: Basic 181,794,208 180,845,503 Diluted 182,212,897 181,434,345 Net earnings per share available to stockholders: Basic $ 0.52 $ 0.50 Diluted $ 0.52 $ 0.50   NNN REIT, Inc. (dollars in thousands, except per share data) (unaudited) Quarter EndedMarch 31, 2024 2023 Funds From Operations ("FFO") Reconciliation: Net earnings $ 94,371 $ 90,167 Real estate depreciation and amortization 60,507 59,042 Gain on disposition of real estate (4,821) (6,300) Impairment losses – depreciable real estate, net of recoveries 1,204 2,640 Total FFO adjustments 56,890 55,382 FFO $ 151,261 $ 145,549 FFO per share: Basic $ 0.83 $ 0.80 Diluted $ 0.83 $ 0.80 Core Funds From Operations ("Core FFO") Reconciliation: Net earnings $ 94,371 $ 90,167 Total FFO adjustments 56,890 55,382 FFO 151,261 145,549 Executive retirement costs 317 423 Total Core FFO adjustments 317 423 Core FFO $ 151,578 $