KEVIN B. HABICHT TO RETIRE AS EVP, CHIEF FINANCIAL OFFICER OF NNN REIT, INC.; VINCENT H. CHAO NAMED AS SUCCESSOR

Rhea-AI Summary

NNN REIT (NYSE: NNN) announced that Kevin B. Habicht will retire as Executive Vice President, Chief Financial Officer, Assistant Secretary, and Treasurer effective March 31, 2025. Vincent H. Chao will succeed him, joining as Executive Vice President on January 9, 2025, and assuming the CFO role on April 1, 2025.

Habicht has served the company for 32 years, holding the CFO position since December 1993 and serving as a board member since June 2000. His successor, Chao, brings extensive experience from his previous role as Managing Director, Finance at RPT Realty and as Head of U.S. REIT Research at Deutsche Bank Securities.

NNN REIT currently owns 3,549 properties across 49 states, with approximately 36.6 million square feet of gross leasable area and a weighted average remaining lease term of 10.0 years. The company is notable for being one of only three publicly traded REITs to have increased annual dividends for 35 or more consecutive years.

News Market Reaction – NNN

-2.12%

1 alert

-2.12% News Effect

On the day this news was published, NNN declined 2.12%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ORLANDO, Fla., Jan. 6, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced that Kevin B. Habicht, Executive Vice President, Chief Financial Officer, Assistant Secretary, Treasurer and the Company's principal financial officer, will retire and step down as a member of the Board of Directors effective March 31, 2025.  Vincent H. Chao will join NNN as Executive Vice President on January 9, 2025, and assume the positions of Chief Financial Officer, Assistant Secretary and Treasurer and serve as the Company's principal financial officer effective April 1, 2025.

Mr. Habicht has served as Executive Vice President and Chief Financial Officer of the Company since December 1993, and as Treasurer of the Company since January 1998 and as a director of the Company since June 2000. Mr. Habicht served as Secretary of the Company from January 1998 to May 2003.

Steve Horn, Chief Executive Officer, commented: "Kevin has been a key part of the NNN team throughout his 32 years of dedicated service to NNN's shareholders, associates, board of directors and tenants. He has guided the growth of NNN's balance sheet and finance strategy, navigating fluctuating market conditions with an even keel and the right mixture of patience, sound judgment and an instinctive skill for opportunistically creating a variety of capital market solutions. I am excited about the future of NNN and am pleased to add Vin as another high quality, versatile team member to help us guide the company as we move forward."

Mr. Chao joins NNN with extensive public company and investment banking experience. He was most recently Managing Director, Finance at RPT Realty, a publicly-traded retail real estate investment trust that was acquired by Kimco Realty in 2024.  At RPT Realty, Mr. Chao was responsible for capital markets, corporate finance, investor relations, portfolio management and data analytics. Previously he was the Head of U.S. REIT Research at Deutsche Bank Securities, Inc. His past experience also includes operational and project management roles at Procter and Gamble. Mr. Chao holds a Bachelor of Science in Mechanical Engineering from Cornell University and a Master of Business Administration from New York University's Stern School of Business. He is a CFA Charterholder and a member of ICSC and Nareit.

Mr. Habicht commented: "It has been a great blessing to be a part of the NNN team for over 30 years. I am profoundly thankful for the many relationships I have enjoyed with my colleagues at NNN as well as the broader capital markets community. I will cherish the memories and look forward to watching NNN's continued growth and success in the years to come."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2024, the company owned 3,549 properties in 49 states with a gross leasable area of approximately 36.6 million square feet and a weighted average remaining lease term of 10.0 years.  NNN is one of only three publicly traded REITs to have increased annual dividends for 35 or more consecutive years. For more information on the company, visit www.nnnreit.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/kevin-b-habicht-to-retire-as-evp-chief-financial-officer-of-nnn-reit-inc-vincent-h-chao-named-as-successor-302343278.html

SOURCE NNN REIT, Inc.

FAQ

When will Kevin Habicht retire from NNN REIT and who is replacing him?

Kevin Habicht will retire from NNN REIT on March 31, 2025, and Vincent H. Chao will replace him as CFO effective April 1, 2025.

What is NNN REIT's current property portfolio size as of September 2024?

As of September 30, 2024, NNN REIT owned 3,549 properties across 49 states, with approximately 36.6 million square feet of gross leasable area.

How long has Kevin Habicht served at NNN REIT?

Kevin Habicht has served NNN REIT for 32 years, holding the CFO position since December 1993.

What is Vincent Chao's background before joining NNN REIT?

Vincent Chao was previously Managing Director, Finance at RPT Realty and Head of U.S. REIT Research at Deutsche Bank Securities.

What is NNN REIT's dividend track record?

NNN REIT is one of only three publicly traded REITs that have increased annual dividends for 35 or more consecutive years.

What is the average remaining lease term for NNN REIT's properties?

NNN REIT's properties have a weighted average remaining lease term of 10.0 years as of September 30, 2024.