1315_Nareit Testimonials Horn_2023-06-14_V3
06/30/2023 | by Diane Rusignola

Steve Horn, president and CEO of NNN REIT (NYSE: NNN), participated in a video interview at Nareit’s REITweek: 2023 Investor Conference, held in New York June 6-8.

Horn discussed how the REIT changed its name from National Retail Properties to NNN REIT in April 2023, noting that the company has been known within the industry by its ticker symbol for a while.

“It’s not a shift in strategy by any means,” he said. “It’s just making us who we are and who we’re known as.”

Horn said that NNN doesn’t “get caught up chasing the acquisition market,” but rather takes a long-term view focused on funds from operations (FFO).

“As long as we’re hitting FFO growth per share, we have the ability to raise our dividends,” he said.

Looking ahead, Horn said he’s expecting the 2023 acquisition cycle to continue on a growth course.

“Cap rates started increasing, [but] they’ve kind of plateaued a little bit,” he said. “But the market’s still robust—there’s plenty of opportunity.”