NNN REIT (NYSE:NNN) Issues Earnings Results

NNN REIT (NYSE:NNN) released its earnings results on Wednesday. The real estate investment trust reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01, FiscalAI reports. NNN REIT had a net margin of 40.35% and a return on equity of 8.70%. The firm had revenue of $244.27 million during 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 Price Performance

NYSE:NNN traded down $0.21 during mid-day trading on Friday, reaching $46.79. 556,703 shares of the stock were exchanged, compared to its average volume of 1,626,000. The business has a fifty day moving average price of $46.82 and a 200 day moving average price of $44.87. The firm has a market capitalization of $8.90 billion, a PE ratio of 22.94, a PEG ratio of 7.30 and a beta of 0.79. NNN REIT has a 1-year low of $38.90 and a 1-year high of $50.00. The company has a current ratio of 1.15, a quick ratio of 0.63 and a debt-to-equity ratio of 1.12.

NNN REIT Increases Dividend

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

Hedge Funds Weigh In On NNN REIT

Several large investors have recently made changes to their positions in NNN. Tudor Investment Corp ET AL bought a new stake in NNN REIT in the fourth quarter valued at approximately $1,300,000. Horizon Investments LLC boosted its stake 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 valued at $3,230,000 after purchasing an additional 30,333 shares during the last quarter. Captrust Financial Advisors increased its position in shares of NNN REIT by 17.3% during the third quarter. Captrust Financial Advisors now owns 135,241 shares of the real estate investment trust’s stock worth $5,757,000 after buying an additional 19,976 shares during the period. Finally, Parallel Advisors LLC raised its stake in NNN REIT by 17.5% during the fourth quarter. Parallel Advisors LLC now owns 6,710 shares of the real estate investment trust’s stock worth $266,000 after buying an additional 997 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Morgan Stanley downgraded NNN REIT from an “overweight” rating to an “equal weight” rating and set a $50.00 target price for the company. in a research note on Monday, July 20th. Huntington began coverage on NNN REIT in a research report on Wednesday, July 15th. They set an “outperform” rating and a $51.00 price target on the stock. Citigroup raised their price target on NNN REIT from $42.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Wells Fargo & Company boosted their price objective on NNN REIT from $45.00 to $49.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 15th. Finally, National Bank Financial set a $50.00 price objective on NNN REIT in a research note on Monday, July 20th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, NNN REIT has an average rating of “Hold” and a consensus target price of $47.30.

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.