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

NNN REIT (NYSE:NNN) released its quarterly earnings results on Wednesday. The real estate investment trust reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01, FiscalAI reports. The firm had revenue of $244.27 million during the quarter, compared to analyst estimates of $240.19 million. NNN REIT had a return on equity of 8.81% and a net margin of 41.38%. 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 Performance

Shares of NYSE NNN traded up $0.11 during midday trading on Wednesday, reaching $47.28. The company had a trading volume of 1,454,336 shares, compared to its average volume of 1,495,902. The business’s 50-day simple moving average is $46.78 and its 200 day simple moving average is $44.84. The stock has a market cap of $9.00 billion, a P/E ratio of 22.95, a P/E/G ratio of 7.27 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 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.10.

NNN REIT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Friday, July 31st. 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%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. National Bank Financial set a $50.00 target price on NNN REIT in a research note on Monday, July 20th. Wall Street Zen raised shares of NNN REIT from a “sell” rating to a “hold” rating in a research report on Sunday, June 28th. Royal Bank Of Canada raised their price target on shares of NNN REIT from $43.00 to $44.00 and gave the company a “sector perform” rating in a report on Friday, May 1st. Citigroup lifted their price objective 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. Finally, Wells Fargo & Company boosted their price objective on shares of NNN REIT from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 15th. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $46.57.

Institutional Investors Weigh In On NNN REIT

A number of large investors have recently made changes to their positions in the stock. Parallel Advisors LLC raised its stake in 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 during the last quarter. Tudor Investment Corp ET AL acquired a new stake in NNN REIT during the 4th quarter worth about $1,300,000. Horizon Investments LLC grew its stake 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 last quarter. Finally, Captrust Financial Advisors grew its stake in NNN REIT by 3.5% during 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 purchasing an additional 3,897 shares during the last quarter. 89.96% of the stock is owned by hedge funds and other institutional investors.

NNN REIT News Summary

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

• Positive Sentiment: NNN REIT reported second-quarter EPS of $0.52, ahead of the $0.51 consensus estimate, while revenue reached $244.27 million versus expectations of $240.19 million. NNN REIT: Q2 Earnings Snapshot
• Positive Sentiment: Funds from operations, a key REIT performance measure, came in at $0.90 per share, beating the $0.89 estimate and increasing from $0.85 a year earlier. NNN REIT Q2 FFO Top Estimates
• Positive Sentiment: The company raised its 2026 acquisition midpoint to $750 million and targeted 2026 adjusted FFO of $3.55 to $3.59 per share, signaling plans to expand its income-producing property portfolio. NNN REIT targets 2026 AFFO and acquisitions
• Positive Sentiment: Full-year 2026 EPS guidance was set at $3.50 to $3.54, above the $3.49 analyst consensus, reflecting management’s increased confidence after the quarterly beat. NNN REIT boosts year guidance

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.