NNN REIT (NYSE:NNN) Posts Quarterly Earnings Results

NNN REIT (NYSE:NNN) issued its earnings results on Wednesday. The real estate investment trust reported $0.52 EPS for the quarter, beating 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 company had revenue of $244.27 million during the quarter, compared to analysts’ expectations 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 Stock Down 0.4%

NYSE NNN traded down $0.19 on Wednesday, reaching $46.98. The company had a trading volume of 690,043 shares, compared to its average volume of 1,631,131. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of 22.80, a price-to-earnings-growth 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. NNN REIT has a 1-year low of $38.90 and a 1-year high of $50.00. The company’s fifty day moving average is $46.73 and its 200-day moving average is $44.80.

NNN REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $0.62 dividend. 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 an increase from NNN REIT’s previous quarterly dividend of $0.60. NNN REIT’s payout ratio is presently 120.39%.

Analysts Set New Price Targets

Several equities analysts have weighed in on NNN shares. Morgan Stanley lowered NNN REIT from an “overweight” rating to an “equal weight” rating and set a $50.00 target price on the stock. in a research note on Monday, July 20th. Barclays lifted their price objective on shares of NNN REIT from $43.00 to $45.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 21st. Royal Bank Of Canada boosted their target price on NNN REIT from $43.00 to $44.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Weiss Ratings upgraded NNN REIT from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, May 29th. Finally, National Bank Financial set a $50.00 price objective on NNN REIT in a report on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.57.

Institutional Trading of NNN REIT

Hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC boosted its position in shares of NNN REIT by 11.0% during the third quarter. Parallel Advisors LLC now owns 5,713 shares of the real estate investment trust’s stock worth $243,000 after buying an additional 567 shares during the period. Captrust Financial Advisors raised its position in NNN REIT by 3.5% in the 2nd quarter. Captrust Financial Advisors now owns 115,265 shares of the real estate investment trust’s stock valued at $4,977,000 after buying an additional 3,897 shares during the last quarter. Horizon Investments LLC lifted its stake in NNN REIT by 65.0% in 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 acquiring an additional 30,333 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in NNN REIT in the 4th quarter valued at approximately $1,300,000. Institutional investors and hedge funds own 89.96% of the company’s stock.

NNN REIT Company Profile

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.