NNN REIT, Inc. Announces Leadership Changes as CFO Kevin B. Habicht Retires and Vincent H. Chao Takes Over

Major Leadership Changes at NNN REIT, Inc.

On January 6, 2025, NNN REIT, Inc., a well-regarded real estate investment trust, announced significant leadership changes within the company. Kevin B. Habicht, who has been a stalwart figure as the Executive Vice President and Chief Financial Officer (CFO) since December 1993, will retire effective March 31, 2025. His departure marks the end of an era characterized by strategic financial leadership and market navigation.

Vincent H. Chao, currently scheduled to join NNN as Executive Vice President on January 9, 2025, has been named as Habicht's successor. Chao will seamlessly transition into the roles of CFO, Assistant Secretary, and Treasurer, effective April 1, 2025, bringing a wealth of financial and operational experience to NNN REIT.

A Legacy of Service

Kevin B. Habicht has been pivotal to NNN's growth, overseeing the company’s financial strategies and guiding it through various market fluctuations. During his tenure, he also served as Treasurer starting in January 1998, and joined the Board of Directors in June 2000. Steve Horn, the current CEO, praised Habicht for his unwavering dedication and the critical role he has played in guiding NNN REIT’s financial stability and expansion.

Steve Horn remarked, “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.” His steady hand has not only directed resource allocation and financial planning but has fostered NNN's enduring success and reputation in the industry.

An Experienced Successor

Vincent H. Chao's appointment signals NNN REIT's commitment to continued excellence in financial leadership. Chao comes from a prestigious background, previously serving as the Managing Director of Finance at RPT Realty, a publicly traded retail REIT that was acquired by Kimco Realty in 2024. His impressive track record includes significant responsibilities in capital markets, corporate finance, and investor relations, highlighting his capability to drive strategic initiatives and evaluate financial performance critically.

Before his stint at RPT Realty, Chao was the Head of U.S. REIT Research at Deutsche Bank Securities and held operational roles at Procter & Gamble, solidifying his comprehensive perspective on both finance and real estate operations. With a Bachelor of Science degree in Mechanical Engineering from Cornell University and an MBA from NYU's Stern School of Business, Chao is well-equipped to navigate the complexities of the REIT landscape.

Chao's integration into the NNN REIT team is highly anticipated, particularly as the company continues to expand its portfolio. NNN REIT has built a strong reputation for its investment strategy focused on high-quality retail properties under long-term net leases. As of September 30, 2024, the firm owned 3,549 properties across 49 states, totaling approximately 36.6 million square feet of gross leasable area.

A Fond Farewell

Reflecting on his tenure, Habicht expressed deep gratitude for the collaborative spirit and relationships formed over his 30 years at NNN. He stated, “I am profoundly thankful for the many relationships I have enjoyed with my colleagues at NNN as well as the broader capital markets community.” As he steps down, Habicht leaves behind a legacy of resilience and strategic foresight that has shaped NNN into a frontrunner in the REIT sector.

As NNN REIT prepares for this transition, the industry watches closely, confident that under Chao's leadership, NNN will continue to thrive and adapt in an ever-evolving market landscape. The coming months will undoubtedly reveal how Chao's vision and strategies will further enhance the company's operations and expansion.

For more information about NNN REIT and its operations, one can visit www.nnnreit.com.