Shares of NNN REIT Inc. (NYSE:NNN) soared 5.36% in pre-market trading on Tuesday following the company's fourth quarter 2024 earnings release. The real estate investment trust posted strong results that surpassed analyst expectations and provided an optimistic outlook for 2025.

For the fourth quarter ended December 31, 2024, NNN REIT reported funds from operations (FFO) of $0.82 per share, meeting the consensus estimate of $0.82. Revenue came in at $218.48 million, beating expectations of $217.61 million.

The company's solid performance was driven by continued growth in its property portfolio. During 2024, NNN REIT acquired 75 properties with an aggregate gross leasable area of approximately 1,486,000 square feet for $565.4 million at an initial cash cap rate of 7.7%. Meanwhile, the company sold 41 properties for $148.7 million, generating gains of $42.3 million at a cap rate of 7.3%.

Looking ahead, NNN REIT provided upbeat guidance for the full year 2025. The company forecasts Core FFO in the range of $3.33 to $3.38 per share and AFFO of $3.39 to $3.44 per share. NNN REIT expects to acquire properties worth $500 million to $600 million during the year.

As of December 31, 2024, the company maintained a high occupancy rate of 98.5%, with a weighted average remaining lease term of 9.9 years. Its weighted average debt maturity stood at an industry-leading 12.1 years, providing financial flexibility.