NNN REIT (NYSE:NNN) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• NNN REIT beat quarterly expectations, reporting $0.52 in EPS versus the $0.51 consensus and $244.27 million in revenue versus estimates of $240.19 million.
• Management raised 2026 AFFO guidance to $3.55–$3.59 per share and increased the acquisition guidance midpoint to $750 million, supported by 99.1% portfolio occupancy and strong investment activity.
• NNN increased its quarterly dividend to $0.62 per share, implying a 5.3% annualized yield, while analysts maintained a consensus “Hold” rating with a $46.57 price target.

NNN REIT (NYSE:NNN - Get Free Report) posted its earnings results on Wednesday. The real estate investment trust reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01, FiscalAI reports. NNN REIT had a net margin of 41.38% and a return on equity of 8.81%. The business had revenue of $244.27 million for the quarter, compared to analyst estimates of $240.19 million. NNN REIT updated its FY 2026 guidance to 3.500-3.540 EPS.

Here are the key takeaways from NNN REIT's conference call:

• 2026 AFFO per share guidance was raised to $3.55–$3.59, with the midpoint increase driven by stronger-than-expected second-quarter results, higher acquisition volume, lower vacancies, and reduced bad-debt assumptions.
• Portfolio performance remained strong, with occupancy reaching 99.1%, uncollected rent below five basis points, AFFO per share up 5.9% year over year, and annualized base rent up more than 7% to $959 million.
• NNN increased its 2026 acquisition guidance midpoint to $750 million from $600 million, supported by a robust pipeline focused on direct sale-leasebacks; first-half investments totaled $430 million across 130 properties at a 7.4% initial cash cap rate.
• The company highlighted substantial financial flexibility, including $1.4 billion of liquidity, a 10.1-year weighted-average debt maturity, only 2.5% floating-rate debt, and pro forma net debt to EBITDA of 5.4x.
• Disposition guidance was raised to a $140 million midpoint as NNN continues recycling capital from vacant and non-core assets, while management expects vacant-asset sales to moderate and most remaining vacancies to be re-leased over time.

NNN REIT Trading Down 0.4%

NNN traded down $0.19 during mid-day trading on Wednesday, reaching $46.98. The stock had a trading volume of 690,043 shares, compared to its average volume of 1,631,131. The stock has a market capitalization of $8.94 billion, a P/E ratio of 22.80, a P/E/G ratio of 7.32 and a beta of 0.79. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.63 and a current ratio of 0.63. The firm's fifty day simple moving average is $46.73 and its two-hundred day simple moving average is $44.80. NNN REIT has a 52 week low of $38.90 and a 52 week high of $50.00.

NNN REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $2.48 annualized dividend and a yield of 5.3%. This is a positive change from NNN REIT's previous quarterly dividend of $0.60. NNN REIT's dividend payout ratio (DPR) is currently 120.39%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price objective on shares of NNN REIT from $43.00 to $44.00 and gave the stock a "sector perform" rating in a report on Friday, May 1st. Barclays increased their price target on NNN REIT from $43.00 to $45.00 and gave the stock an "underweight" rating in a research report on Tuesday, April 21st. Wall Street Zen upgraded NNN REIT from a "sell" rating to a "hold" rating in a research report on Sunday, June 28th. Jefferies Financial Group assumed coverage on NNN REIT in a research note on Monday, June 1st. They issued a "hold" rating and a $47.00 price objective on the stock. Finally, Citigroup upped their price target on shares of NNN REIT from $42.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $46.57.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors boosted its holdings in NNN REIT by 3.5% in the second quarter. Captrust Financial Advisors now owns 115,265 shares of the real estate investment trust's stock valued at $4,977,000 after acquiring an additional 3,897 shares during the last quarter. Parallel Advisors LLC raised its holdings in NNN REIT by 11.0% during the 3rd quarter. Parallel Advisors LLC now owns 5,713 shares of the real estate investment trust's stock worth $243,000 after purchasing an additional 567 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in NNN REIT during the 4th quarter valued at about $1,300,000. Finally, Horizon Investments LLC lifted its position in NNN REIT by 65.0% during the 3rd quarter. Horizon Investments LLC now owns 77,022 shares of the real estate investment trust's stock valued at $3,230,000 after purchasing an additional 30,333 shares during the period. Institutional investors own 89.96% of the company's stock.

About NNN REIT

NNN REIT NYSE: NNN, formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

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