NNN REIT (NYSE:NNN) Issues Earnings Results, Misses Estimates By $0.35 EPS

NNN REIT (NYSE:NNN) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.35), FiscalAI reports. NNN REIT had a net margin of 43.22% and a return on equity of 8.95%. The business had revenue of $238.40 million for the quarter, compared to the consensus estimate of $233.37 million. During the same period in the previous year, the business posted $0.82 EPS. NNN REIT’s revenue was up 9.1% compared to the same quarter last year. NNN REIT updated its FY 2026 guidance to 3.470-3.530 EPS.

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

• Reported strong results with Q4 core FFO and AFFO of $0.87 (+6.1% YoY), a full?year AFFO per share of $3.44 (+2.7% YoY), and a 36th consecutive dividend increase to $0.60 (3.4% YoY); 2026 AFFO guidance midpoint implies ~3.2% growth.
• Record acquisition activity in 2025 (>$900M total; Q4: ~$180M across 55 properties at a 7.4% initial cash cap, >18?year average lease term) and a planned largely self?funded $600M acquisition program in 2026 funded by ~$210M retained cash, ~$130M dispositions and leverage?neutral debt.
• Balance sheet and liquidity are highlighted as strengths—BBB+ rating, no encumbered assets, $1.2 billion available liquidity, 10.8?year weighted average debt maturity and just 1% floating?rate debt—management says this supports resilience amid macro uncertainty.
• Portfolio health improved with occupancy up to 98.3% and management reports no material watchlist changes, but several furniture and restaurant vacancies remain (32 restaurant assets, 5 furniture) and the company is conservatively modeling 75 bps of bad?debt for 2026.

NNN REIT Trading Down 0.4%

Shares of NNN REIT stock opened at $43.13 on Thursday. NNN REIT has a 12-month low of $35.80 and a 12-month high of $44.23. The stock has a market capitalization of $8.19 billion, a P/E ratio of 20.73, a price-to-earnings-growth ratio of 3.08 and a beta of 0.86. The company has a 50-day simple moving average of $41.02 and a 200 day simple moving average of $41.55. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 1.10.

NNN REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.6%. NNN REIT’s dividend payout ratio (DPR) is presently 115.38%.

More NNN REIT News

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

• Positive Sentiment: Q4 results beat expectations — NNN reported FFO/EPS of $0.87 versus consensus ~$0.86 and revenue of $238.4M (up ~9% YoY), indicating organic growth and margin resilience. NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance
• Positive Sentiment: Full?year 2026 EPS guidance was raised/provided at $3.470–$3.530, well above prior Street estimates cited (~$2.60), signaling management expects stronger earnings performance next year. NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance
• Positive Sentiment: Acquisition activity ramp — NNN disclosed a record ~$900M of acquisitions, showing capital deployment to grow the portfolio and support future AFFO. NNN REIT outlines 2026 AFFO per share growth target of 3.2% as acquisition volume hits record $900M
• Neutral Sentiment: Full conference call transcript and slide deck are available for detail on lease expirations, rent bumps, and acquisition underwriting — useful for modeling forward AFFO and payout sustainability. NNN REIT NNN Q4 2025 Earnings Call Transcript
• Negative Sentiment: AFFO per share growth target is modest — management outlined a 2026 AFFO per share growth target of ~3.2%, which may disappoint growth?oriented investors and help explain muted share reaction despite the beats and guidance. NNN REIT outlines 2026 AFFO per share growth target of 3.2% as acquisition volume hits record $900M

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NNN. UBS Group cut their price target on NNN REIT from $44.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, January 8th. B. Riley Financial reissued a “neutral” rating and issued a $43.00 price target (down from $44.00) on shares of NNN REIT in a report on Friday, November 14th. BNP Paribas Exane raised their price target on shares of NNN REIT from $43.00 to $44.00 and gave the stock an “underperform” rating in a research report on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NNN REIT in a research report on Thursday, January 22nd. Finally, Stifel Nicolaus set a $48.50 target price on shares of NNN REIT in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $44.44.

Hedge Funds Weigh In On NNN REIT

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in NNN REIT by 11.0% during the 3rd quarter. Parallel Advisors LLC now owns 5,713 shares of the real estate investment trust’s stock valued at $243,000 after purchasing an additional 567 shares during the period. Captrust Financial Advisors lifted its holdings in NNN REIT by 3.5% in the second 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 period. Finally, Horizon Investments LLC lifted its holdings in NNN REIT by 65.0% in the third quarter. Horizon Investments LLC now owns 77,022 shares of the real estate investment trust’s stock valued at $3,230,000 after buying an additional 30,333 shares during the period. Institutional investors and hedge funds own 89.96% of the company’s stock.

About NNN REIT

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.