NNN REIT Announces 34th Consecutive Annual Dividend Increase: A Testament to Long-Term Stability and Value for Investors
NNN REIT, Inc. (NNN) -0.18% + Free Alerts, a leading real estate investment trust (REIT), has recently made an exciting announcement regarding its quarterly dividend. The company's Board of Directors has approved a quarterly dividend increase of 2.7%, marking the 34th consecutive annual dividend increase for NNN. This accomplishment places NNN among a select few publicly traded REITs that have consistently increased their annual dividends for 34 or more years.
NNN REIT primarily focuses on investing in high-quality retail properties that are subject to long-term, net leases. With a strong commitment to quality and stability, NNN has built an impressive portfolio of properties across 49 states in the United States. As of March 31, 2023, the company owns a total of 3,449 properties, encompassing approximately 35.3 million square feet of gross leasable area. Moreover, NNN maintains a favorable weighted average remaining lease term of 10.3 years, demonstrating its long-term investment strategy.
Shareholders of NNN REIT can look forward to a higher dividend payout as the company has announced a quarterly dividend of 56.5 cents per share. This represents a 2.7% increase compared to the previous dividend. The dividend is set to be paid on August 15, 2023, to shareholders of record as of July 31, 2023. NNN's commitment to consistently increasing its dividend reflects the company's strong financial performance and dedication to delivering value to its shareholders.
NNN's 34th consecutive annual dividend increase is a testament to the company's sustained success and prudent investment approach. With a track record of reliable dividend growth, NNN REIT has gained the trust of investors looking for stable income and long-term returns. This milestone achievement further solidifies NNN's position as a leader in the REIT industry.
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