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NNN REIT (NNN)
NYSE:NNN
Earnings Data
Report Date
May 05, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.5Last Year’s EPS
0.51Same Quarter Last Year
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a largely positive operational and financial picture: AFFO/FFO growth, record acquisition activity, strong occupancy and rent growth, and a conservative, liquid balance sheet. Management also acknowledged near-term challenges from legacy tenant disruptions (furniture and restaurants), elevated 2025 lease termination fees, a higher bad-debt starting assumption (75 bps), and continued reliance on dispositions to self-fund growth. Overall, the positives (robust acquisitions, portfolio metrics, balance sheet strength and dividend growth) outweigh the manageable headwinds and conservative assumptions.Company Guidance
Quarterly and Full-Year AFFO/FFO Growth
Q4 core FFO and AFFO were $0.87 per share, each up 6.1% year-over-year. Full-year core FFO was $3.41 and AFFO was $3.44, each up 2.7% versus 2024. Q4 AFFO came in slightly ahead of expectations driven by lower net real estate expenses, lower G&A and higher interest income.
Record Acquisition Activity
Completed over $900 million of acquisitions in 2025 — the highest annual volume in company history. In Q4 specifically, invested just over $180 million across 55 properties at an initial cash cap rate of 7.4% with a weighted average lease term of over 18 years. 2026 guidance midpoint embeds $600 million of acquisitions funded primarily by retained free cash flow and dispositions.
Strong Portfolio Operating Metrics and Leasing
Portfolio of 3,692 single-tenant properties with occupancy at 98.3% (up 80 basis points quarter-over-quarter), in line with long-term average (~98%). Renewal/recapture performance strong (55 of 64 renewed ahead of average; recapture rates >100%; new-tenant leasing at 109% on some deals). Annualized base rent ended the quarter at $928 million, roughly +8% year-over-year.
Robust Balance Sheet and Liquidity
BBB+ rated balance sheet with no encumbered assets, $1.2 billion of available liquidity, 10.8-year weighted average debt maturity (duration) and stable leverage at 5.6x. Executed liability moves in 2025 including payoff of a $400M note and closing a $300M delayed-draw term loan; pro forma floating-rate debt represents ~1% of total debt after full drawdown assumptions.
Dividend Growth and Payout Discipline
Announced a $0.60 quarterly dividend (Jan 15) representing a 3.4% year-over-year increase, an annualized yield of 5.5% and a prudent ~69% AFFO payout ratio. This marks the 36th consecutive annual dividend increase.
Positive 2026 Outlook with Embedded Self-Funding
Set 2026 AFFO guidance of $3.52–$3.58 and core FFO $3.47–$3.53. Midpoint of AFFO range implies ~3.2% year-over-year growth (acceleration from 2.7% in 2025). Guidance embeds ~ $210M expected free cash flow and ~$130M of planned dispositions to help fund ~$600M of acquisitions while remaining leverage neutral.
Normalization of Certain Expense Items
Q4 free cash flow after dividend was about $51M. Net real estate expenses and G&A trended favorably in Q4 driving some of the AFFO upside. Lease termination fees normalized in Q4 (~$230k) after more elevated levels earlier in 2025.
Disciplined Capital and Portfolio Management
Management emphasized selective, relationship-driven sourcing (limited competition on targeted sale-leasebacks), opportunistic disposition of nonperforming assets, and use of proceeds/retained cash to remain leverage neutral. Dispositions in Q4 generated ~$82M and full-year dispositions totaled ~$190M.
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 |
|---|---|---|---|
Feb 11, 2026 | $43.31 | $43.08 | -0.53% |
Nov 04, 2025 | $40.30 | $39.25 | -2.62% |
Aug 05, 2025 | $41.81 | $40.77 | -2.49% |
May 01, 2025 | $39.35 | $39.47 | +0.29% |
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 May 05, 2026, Before Open (Confirmed).
What is NNN REIT (NNN) earnings time?
NNN REIT (NNN) earnings time is at May 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 (Q1) is 0.5.