NNN REIT (NNN)
NYSE:NNN
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NNN REIT
(NYSE:NNN)
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Rating:70Outperform
Price Target:
$48.00
â–²(6.34% Upside)
Action:UpgradedDate:04/30/26
The score is driven primarily by solid underlying profitability and an encouraging earnings update (raised AFFO/FFO guidance, high occupancy, strong liquidity), tempered by weaker recent free-cash-flow trends and meaningful leverage. Valuation is supported by a strong dividend yield, while technical signals are neutral-to-soft in the near term.
Positive Factors
High portfolio occupancy and strong renewals
Near-100% occupancy and an ~85% renewal rate show durable tenant demand for convenience and service retail. High occupancy with modest rent uplifts stabilizes recurring base rent, reduces turnover costs and supports predictable AFFO and dividend coverage over the medium term.
Negative Factors
Moderate leverage (pro forma net debt/EBITDA 5.6x)
Net leverage near mid-single-digit EBITDA levels constrains financial flexibility for opportunistic buying or absorbing shocks. If acquisitions accelerate or capital markets tighten, servicing and coverage could come under pressure, raising refinancing and credit risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High portfolio occupancy and strong renewals
Near-100% occupancy and an ~85% renewal rate show durable tenant demand for convenience and service retail. High occupancy with modest rent uplifts stabilizes recurring base rent, reduces turnover costs and supports predictable AFFO and dividend coverage over the medium term.
Read all positive factors
NNN REIT (NNN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.38B
Dividend Yield6.04%
Average Volume (3M)1.41M
Price to Earnings (P/E)21.1
Beta (1Y)0.23
Revenue Growth5.77%
EPS Growth-4.61%
CountryUS
Employees83
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.06
Shares Outstanding190,255,390
10 Day Avg. Volume1,142,198
30 Day Avg. Volume1,409,200
Financial Highlights & Ratios
PEG Ratio-4.58
Price to Book (P/B)1.69
Price to Sales (P/S)8.03
P/FCF Ratio11.14
Enterprise Value/Market Cap1.59
Enterprise Value/Revenue14.21
Enterprise Value/Gross Profit17.46
Enterprise Value/Ebitda15.28
Forecast
1Y Price Target
$46.05Price Target Upside2.02% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)2.05
Revenue Forecast (FY)$967.22M
NNN REIT Business Overview & Revenue Model
Company Description
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 m...
How the Company Makes Money
NNN REIT makes money primarily by leasing its owned retail properties to tenants under net lease agreements. Under a typical net lease (often structured as triple-net), the tenant is responsible for property operating costs such as real estate tax...
NNN REIT Key Performance Indicators (KPIs)
Any
Occupancy Rate
Share of total rentable space that is currently leased. High occupancy underpins steady income and dividend coverage; falling occupancy often precedes revenue drop, higher tenant improvement or leasing costs, and increased vacancy risk.
Share of total rentable space that is currently leased. High occupancy underpins steady income and dividend coverage; falling occupancy often precedes revenue drop, higher tenant improvement or leasing costs, and increased vacancy risk.
Data provided by:
The Fly
The FlyNNN REIT Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
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.Positive Updates
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.
Negative Updates
Flat Reported Core FFO and AFFO
Reported core FFO of $0.86 and AFFO of $0.87 per share, both flat year-over-year; AFFO was held back by lower lease termination fees (see next item), though excluding that headwind AFFO grew 4.8%.
Read all updates
Q1-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management raised 2026 AFFO guidance to $3.53–$3.59 and core FFO to $3.48–$3.54 (each with a $0.01 higher midpoint), with the AFFO midpoint implying 3.5% year‑over‑year growth (versus 2.7% last year); line‑item guidance is unchanged but the company is tracking to the low end of $14–$15 million for net real estate expenses and toward the high end of its $550–$650 million acquisition target, supported by roughly $212 million of expected free cash flow, $130 million of expected dispositions and $1.2 billion of available liquidity; balance‑sheet metrics include pro forma net debt/EBITDA of 5.6x, debt duration of 10.5 years (lease duration 10.1 years), only 1.6% of debt floating, a lowered bad‑debt assumption from 75 bps to 60 bps, a $0.60 quarterly dividend (+3.4% YoY) representing a 5.7% annualized yield and a 69% AFFO payout ratio, and near‑term financing actions (a $300M term loan swapped to a 4.1% all‑in fixed rate and roughly $74M of expected net proceeds from unsettled forward equity after selling ~1.7M shares via ATM at just under $45).NNN REIT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 935.78M | 926.21M | 869.27M | 828.11M | 773.05M | 726.41M |
| Gross Profit | 761.54M | 351.95M | 836.95M | 799.73M | 746.77M | 698.02M |
| EBITDA | 870.06M | 860.48M | 830.53M | 794.86M | 706.52M | 633.20M |
| Net Income | 387.27M | 389.78M | 396.83M | 392.34M | 334.63M | 290.11M |
Balance Sheet | ||||||
| Total Assets | 9.42B | 9.38B | 8.87B | 8.66B | 8.15B | 7.75B |
| Cash, Cash Equivalents and Short-Term Investments | 4.57M | 5.05M | 8.73M | 1.19M | 2.50M | 171.32M |
| Total Debt | 4.85B | 4.82B | 4.37B | 4.36B | 3.92B | 3.75B |
| Total Liabilities | 5.03B | 4.97B | 4.51B | 4.50B | 4.02B | 3.85B |
| Stockholders Equity | 4.40B | 4.41B | 4.36B | 4.16B | 4.12B | 3.90B |
Cash Flow | ||||||
| Free Cash Flow | 650.88M | 667.13M | 635.50M | 612.41M | 578.36M | 568.42M |
| Operating Cash Flow | 650.88M | 667.13M | 635.50M | 612.41M | 578.36M | 568.42M |
| Investing Cash Flow | -639.13M | -748.06M | -424.34M | -680.66M | -777.63M | -432.18M |
| Financing Cash Flow | -11.88M | 77.69M | -207.26M | 66.63M | 34.73M | -232.16M |
NNN REIT Technical Analysis
Positive
45.14
Price Trends
43.93
Positive
42.12
Positive
41.50
Positive
Market Momentum
0.26
Negative
66.90
Neutral
96.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNN, the sentiment is Positive. The current price of 45.14 is above the 20-day moving average (MA) of 43.10, above the 50-day MA of 43.93, and above the 200-day MA of 41.50, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 66.90 is Neutral, neither overbought nor oversold. The STOCH value of 96.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NNN.
NNN REIT Risk Analysis
NNN REIT disclosed 33 risk factors in its most recent earnings report. NNN REIT reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NNN REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $9.95B | 14.36 | 12.74% | 4.38% | 7.43% | 65.72% | |
75 Outperform | $9.17B | 17.30 | 14.86% | 4.41% | 5.92% | 37.44% | |
73 Outperform | $5.51B | 38.49 | 5.05% | 3.52% | 9.06% | 59.27% | |
72 Outperform | $5.33B | 110.80 | 9.22% | 4.55% | -3.59% | 1197.42% | |
70 Outperform | $8.38B | 21.14 | 8.81% | 6.04% | 5.77% | -4.61% | |
70 Outperform | $9.13B | 36.30 | 3.65% | 4.28% | 17.67% | 3.73% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
NNN
NNN REIT
44.06
4.40
11.09%
ADC
Agree Realty
76.00
2.52
3.43%
KRG
Kite Realty Group
26.23
5.25
25.04%
FRT
Federal Realty
114.47
23.90
26.39%
BRX
Brixmor Property
29.88
5.82
24.19%
PECO
Phillips Edison & Company
39.70
5.54
16.20%
NNN REIT Corporate Events
Business Operations and StrategyExecutive/Board Changes
NNN REIT Appoints Edward Fritsch as New Board Chair
Positive
Feb 19, 2026
On February 18, 2026, NNN REIT, Inc.’s long-serving board chair, Steven D. Cosler, retired from the Board after nearly a decade of service, including his tenure as chair since May 2021 during a period of significant market disruption. Chief ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.