NNN REIT (NYSE:NNN) Releases Earnings Results, Misses Expectations By $0.01 EPS

NNN REIT (NYSE:NNN) released its earnings results on Thursday. The real estate investment trust reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01), Zacks reports. NNN REIT had a net margin of 42.08% and a return on equity of 8.89%. The company had revenue of $240.01 million during the quarter, compared to the consensus estimate of $237.76 million. During the same period last year, the firm posted $0.87 EPS. The company’s revenue was up 4.1% on a year-over-year basis. NNN REIT updated its FY 2026 guidance to 3.480-3.540 EPS.

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

• Raised 2026 AFFO guidance to $3.53–$3.59 and increased the quarterly dividend to $0.60 (3.4% YoY), with the midpoint implying ~3.5% AFFO growth and a 5.7% annualized yield.
• Closed 41 properties for $145 million at a 7.5% initial cash yield and a weighted average lease term of 19 years, emphasizing accretive sale‑leaseback deals that add long‑duration, predictable cash flow.
• Strong balance sheet with $1.2 billion of liquidity, only $80 million drawn on the revolver, a Baa1 rating, ~10.5–11 years weighted average debt maturity, and minimal floating‑rate exposure, supporting self‑funded growth.
• Portfolio operating metrics improved—occupancy rose to 98.6%, 36 of 43 lease expirations were renewed (rents ~2% higher) and seven releases to new tenants averaged ~10% higher rent, while management lowered full‑year bad‑debt guidance to 60 bps after a strong Q1.
• Capital actions and dispositions included drawing the $300 million delayed‑draw term loan (swapped to a fixed 4.1% rate), ~$36 million of disposition proceeds, $74 million of expected ATM proceeds, and a $350 million note maturing in December but multiple options to address financing needs.

NNN REIT Trading Up 0.3%

Shares of NNN stock traded up $0.15 during trading hours on Friday, reaching $43.94. The company’s stock had a trading volume of 2,021,787 shares, compared to its average volume of 1,548,058. The stock has a market capitalization of $8.36 billion, a P/E ratio of 21.23, a P/E/G ratio of 5.83 and a beta of 0.85. NNN REIT has a one year low of $38.90 and a one year high of $46.03. The firm’s fifty day simple moving average is $44.01 and its 200 day simple moving average is $42.25. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.09.

NNN REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Thursday, April 30th. NNN REIT’s dividend payout ratio (DPR) is currently 115.94%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Barclays boosted their target price on NNN REIT from $43.00 to $45.00 and gave the company an “underweight” rating in a research note on Tuesday, April 21st. Raymond James Financial reiterated a “market perform” rating on shares of NNN REIT in a report on Tuesday, March 17th. Royal Bank Of Canada increased their price objective on NNN REIT from $43.00 to $44.00 and gave the stock a “sector perform” rating in a report on Friday. Morgan Stanley lifted their price objective on NNN REIT from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, UBS Group lifted their price objective on NNN REIT from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday, March 9th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $45.41.

Key NNN REIT News

Here are the key news stories impacting NNN REIT this week:

• Positive Sentiment: NNN raised its 2026 AFFO-per-share outlook to $3.53–$3.59 and announced a targeted acquisition program of $550M–$650M, signaling management confidence in growth and cash-flow accretion. NNN REIT raises 2026 AFFO guidance
• Positive Sentiment: NNN updated FY‑2026 EPS guidance to $3.480–$3.540 (in line with consensus) and issued a press release highlighting the guidance raise alongside Q1 results. That guidance stability reduces near-term forecast risk. PR News Release
• Positive Sentiment: Q1 revenue beat estimates — $240.01M vs. ~$237.8M — and revenue was up ~4.1% year-over-year, supporting the company’s growth narrative despite the small EPS shortfall. Q1 revenue and details
• Neutral Sentiment: Earnings call transcript and slide deck were published, providing more color on portfolio performance, leasing, and capital deployment; investors will scan these for acquisition pacing and rent escalation detail. Earnings call transcript
• Neutral Sentiment: Analyst action: Royal Bank of Canada nudged its price target to $44 and kept a “sector perform” rating — a modest adjustment that neither materially changes sell‑side sentiment nor provides a strong catalyst. RBC price target note
• Negative Sentiment: GAAP EPS missed consensus by $0.01: reported $0.50 vs. $0.51 expected; EPS also declined from $0.87 a year earlier — a flag for investors focused on near-term earnings volatility. Q1 EPS miss

Insider Buying and Selling

In other news, EVP Jonathan Adamo sold 6,000 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $44.99, for a total value of $269,940.00. Following the completion of the transaction, the executive vice president owned 126,358 shares of the company’s stock, valued at approximately $5,684,846.42. This represents a 4.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Stephen A. Horn, Jr. sold 33,192 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $44.98, for a total value of $1,492,976.16. Following the completion of the transaction, the chief executive officer directly owned 822,711 shares of the company’s stock, valued at $37,005,540.78. This represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of NNN REIT by 11.0% in the 3rd quarter. Parallel Advisors LLC now owns 5,713 shares of the real estate investment trust’s stock worth $243,000 after acquiring an additional 567 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in shares of NNN REIT in the 4th quarter worth approximately $1,300,000. Horizon Investments LLC raised its position in shares of 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 worth $3,230,000 after acquiring an additional 30,333 shares in the last quarter. Finally, Captrust Financial Advisors raised its position in shares of 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 worth $4,977,000 after acquiring an additional 3,897 shares in the last quarter. Institutional investors 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.