02:10 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our price target by $1 to $43, applying a forward P/FFO of 13.0x our 2024 FFO estimate, a premium to retail REIT peers (12.2x) due to the resilient nature of NNN's tenants. We lift our 2024 FFO estimate by $0.02 to $3.31 and 2025's by $0.01 to $3.41. NNN reported Q1 2024 FFO of $0.83 vs. $0.80, a penny consensus beat. Revenues rose 6% Y/Y as NNN kept operating expenses in check, +1% Y/Y. G&A expenses were also moderate, rising 3% Y/Y and tracking in line with guidance. Continued economic strength has boosted tenants and helped NNN maintain strong occupancy of 99.4%, down 10 bps sequentially, but unchanged Y/Y. Acquisitions of $125M in Q1 were at a higher range than we expected, a positive given the currently challenging transaction environment within the net lease industry. Lease expirations for the remainder of 2024 represent just 1.2% of annual base rents. On the balance sheet, leverage was stable at 5.5x Q/Q, while variable rate debt remains minimal at 3% of total debt.