NNN REIT (NNN)
NYSE:NNN
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Earnings Data
Report Date
Aug 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.51Last Year’s EPS
0.54Same Quarter Last Year
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational execution, balance sheet strength, high occupancy, disciplined acquisitions, improved guidance, and meaningful liquidity—offset by flat reported AFFO/core FFO (driven in part by lower lease termination fees), some disposition margin compression, and a set of vacant/watch-list assets to resolve. Management conveyed confidence and multiple financing options for upcoming needs while remaining disciplined on acquisition recognition.Company Guidance
Acquisition Activity and Yield
Closed 15 transactions comprising 41 properties for $145 million with an initial cash yield of 7.5% and a weighted average lease term of 19 years, emphasizing long-duration, predictable cash flows from sale-leasebacks.
Liquidity and Balance Sheet Strength
Ended the quarter with $1.2 billion of available liquidity, just $80 million drawn on the credit facility, no encumbered assets, and only 1.6% of debt floating; Baa1 rating and pro forma net debt/EBITDA of 5.6x.
Extended Debt Duration
Industry-leading weighted average debt maturity of approximately 10.5 years (management described as nearly 11 years), well matched to lease duration of ~10.1 years, reducing short-term refinancing risk.
Raised 2026 AFFO and Core FFO Guidance
Raised 2026 AFFO per share guidance to $3.53–$3.59 and core FFO to $3.48–$3.54; midpoint AFFO growth accelerates to ~3.5% year-over-year (up from 2.7% last year) with a $0.01 midpoint raise.
High Portfolio Occupancy and Renewal Performance
Occupancy improved sequentially by 30 basis points to 98.6%, above the long-term average; renewed 36 of 43 lease expirations (~85% renewal rate) and rental rates on renewals were ~2% higher than prior levels.
Successful Leasing to New Tenants
Leased seven properties to new tenants at rents approximately 10% above previous levels, demonstrating sustained demand and effective asset management (noted tenants included QSRs, convenience stores and one car wash).
Strong Operating Margins and Expense Management
NOI margin of 95.9% (benefit of triple-net structure); G&A was 5.9% of revenue (cash G&A margin 4.2%); bad debt materially below assumptions in the quarter (15 bps vs 75 bps assumption).
Base Rent and Cash Flow
Annualized base rent grew 7% year-over-year to $935 million; free cash flow after dividend was ~$52 million in the quarter with expected annual free cash flow ~ $212 million.
Capital Markets Actions at Attractive Terms
Drew the full $300 million delayed draw term loan and swapped to a fixed all-in rate of 4.1%; sold ~1.7 million common shares on a forward ATM with expected future proceeds of $74 million as of March 31.
Dividend and Payout Discipline
Declared $0.60 quarterly dividend (+3.4% YoY), representing a 5.7% annualized yield and a conservative 69% AFFO payout ratio; dividend increased 36 consecutive years.
NNN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NNN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 30, 2026 | $42.92 | $43.79 | +2.03% |
Feb 11, 2026 | $42.71 | $42.49 | -0.53% |
Nov 04, 2025 | $39.75 | $38.71 | -2.62% |
Aug 05, 2025 | $41.23 | $40.21 | -2.49% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does NNN REIT (NNN) report earnings?
NNN REIT (NNN) is schdueled to report earning on Aug 05, 2026, Before Open (Confirmed).
What is NNN REIT (NNN) earnings time?
NNN REIT (NNN) earnings time is at Aug 05, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NNN EPS forecast?
NNN EPS forecast for the fiscal quarter 2026 (Q2) is 0.51.