NNN REIT Inc

Latest Results (12.05.2026):

NNN REIT, Inc. — First Quarter 2026 reporting: the company posted solid operating results and raised full‑year guidance. For Q1 2026 NNN reported net earnings of $0.50 per diluted share and AFFO of $0.87 per diluted share, strengthened portfolio occupancy and ABR, completed $145.4 million of investments, executed capital markets actions to extend and hedge debt, and increased 2026 AFFO and Core FFO guidance.

Net earnings & AFFO

Q1 2026 net earnings were $93.951 million, or $0.50 per diluted share. AFFO was $165.679 million, or $0.87 per diluted share (diluted).

Revenues and FFO

Quarterly revenues totaled $240.424 million. FFO for Q1 2026 was $163.150 million ($0.86 per diluted share); Core FFO was $163.584 million ($0.86 per diluted share).

Portfolio performance

Annualized Base Rent (ABR) increased 6.9% year‑over‑year to $934.6 million. Portfolio occupancy rose to 98.6% (up 30 bps sequentially and 90 bps year‑over‑year) with a weighted average remaining lease term of 10.1 years.

Acquisitions

NNN closed $145.4 million of investments in Q1 (41 properties, ~304k sq ft) at an initial cash cap rate of 7.5% and a weighted average lease term of 19.0 years.

Dispositions

The company sold 25 properties for $35.8 million (90k sq ft occupied, 156k sq ft vacant); $17.8 million of the proceeds were from income‑producing properties at a weighted average cap rate of 7.2%.

Capital markets & equity

NNN fully drew its $300 million senior unsecured delayed draw Term Loan and hedged it to an all‑in fixed rate of 4.10%. The Company sold 1,667,232 shares under forward ATM agreements at an average price of $44.93 (forward equity expected to raise ≈$74.0 million upon settlement).

Balance sheet & liquidity

Gross Debt was ~$4.93 billion with a weighted average interest rate of ~4.2% and weighted average debt maturity of 10.5 years. Total available liquidity was $1.2 billion (including ~$1.1 billion unused LOC capacity and ~$74.0 million unsettled forward equity). Net Debt/annualized EBITDAre was 5.7x (5.6x pro forma with unsettled forward equity).

Dividend & payout

The Board declared a $0.60 quarterly dividend (annualized $2.40), representing a 5.7% yield as of March 31, 2026. Q1 AFFO payout ratio was 69%.

Updated 2026 guidance

NNN increased 2026 AFFO per share guidance to $3.53–$3.59 and Core FFO to $3.48–$3.54; other guidance (acquisition/disposition volume, G&A, real estate expenses) was reaffirmed within prior ranges.