Steve Horn, CEO of NNN REIT, Inc. (NYSE: NNN), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas on Nov. 18-21.
Horn shared insights on the company’s prospects and challenges heading into 2025. He emphasized that strong tenant relationships in sectors like auto services and convenience stores would continue driving growth.
"Our opportunities are with our current tenant relationships...it’ll be a continuation of 2024," he said, reflecting confidence in the company’s established portfolio.
Horn also acknowledged potential hurdles stemming from the evolving capital markets following the recent election. He cited interest rate volatility and uncertainty in the debt markets as key concerns, but expressed reassurance about NNN REIT's financial resilience.
"What I feel comfortable about with NNN is we're kind of self-funded...with about $200 million of free cash flow," Horn added.
Looking ahead, he anticipated a return to a normal pace of acquisitions after a lighter capital market presence in 2024. He projected that by 2025, the company would resume its standard investment run rate, although formal guidance is yet to be issued. He also underscored the importance of monitoring consumer trends and their impact on the portfolio’s performance.