NNN REIT (NYSE:NNN) Issues Earnings Results

NNN REIT (NYSE:NNN) issued its earnings results on Wednesday. The real estate investment trust reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.05, FiscalAI reports. NNN REIT had a net margin of 40.35% and a return on equity of 8.70%. The business had revenue of $249.68 million during the quarter, compared to the consensus estimate of $245.37 million.

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

• NNN reported third-quarter AFFO per share of $0.91, up 5.8% year over year, and maintained 2026 AFFO guidance of $3.55–$3.59 per share. The company also announced its 37th consecutive annual dividend increase, raising the quarterly dividend 3.3% to $0.62.
• Portfolio performance remained strong, with 99.2% occupancy, a roughly 10-year weighted average remaining lease term, and above-prior-rent renewals and re-leasing. Management said full-year bad debt is now expected to be about 25 basis points of annualized base rent, better than its prior estimate.
• Higher financing costs prompted NNN to reprice its acquisition pipeline, with cap rates moving up an estimated 30–40 basis points for fourth-quarter deals; some sellers declined the revised terms, contributing to dead-deal costs. Management expects a more subdued near-term acquisition pace, though it anticipates higher yields if market pricing adjusts further.
• NNN reported $1.4 billion of available liquidity, a 9.8-year weighted average debt maturity, and pro forma net debt to EBITDAre of 5.3 times including unsettled forward equity. Management said it can fund acquisitions through existing forward equity, free cash flow, and dispositions while targeting leverage neutrality.

NNN REIT Price Performance

NNN traded down $0.01 on Wednesday, reaching $41.68. The stock had a trading volume of 4,775,472 shares, compared to its average volume of 2,751,221. NNN REIT has a fifty-two week low of $38.90 and a fifty-two week high of $50.00. The firm has a 50-day moving average of $42.13 and a 200-day moving average of $44.26. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $8.00 billion, a price-to-earnings ratio of 20.43, a price-to-earnings-growth ratio of 5.67 and a beta of 0.77.

NNN REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, October 30th. This represents a $2.48 dividend on an annualized basis and a yield of 6.0%. NNN REIT’s payout ratio is currently 121.57%.

Key Headlines Impacting NNN REIT

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

• Positive Sentiment: Third-quarter revenue was $249.7 million, above the roughly $245.4 million consensus, and earnings per share of $0.57 topped the $0.52 estimate. NNN REIT third-quarter 2026 results
• Positive Sentiment: Core FFO rose 5.9% year over year, and occupancy increased as the portfolio grew—signs of continued operating momentum. Q3 earnings beat as occupancy increased and portfolio grows
• Positive Sentiment: Management expects acquisition yields to be higher into early 2027, which could support returns from future investments. NNN sees higher acquisition yields
• Neutral Sentiment: Quarterly FFO of $0.91 per share matched the consensus estimate, though it was up from $0.86 a year earlier. NNN also kept its 2026 AFFO-per-share guidance at $3.55–$3.59, signaling no change to its outlook. NNN REIT Q3 FFO matched estimates

Analyst Upgrades and Downgrades

NNN has been the subject of several research reports. Morgan Stanley raised NNN REIT from an “equal weight” rating to an “overweight” rating and set a $50.00 price target for the company in a report on Monday, September 21st. Barclays decreased their price objective on NNN REIT from $47.00 to $43.00 and set an “underweight” rating on the stock in a report on Tuesday, October 20th. B. Riley Financial reiterated a “neutral” rating and issued a $47.50 price objective (up from $46.00) on shares of NNN REIT in a research note on Wednesday, August 12th. Robert W. Baird set a $49.00 price target on NNN REIT in a research report on Thursday, August 6th. Finally, Weiss Ratings downgraded NNN REIT from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, NNN REIT currently has an average rating of “Hold” and a consensus target price of $46.88.

About NNN REIT

NNN REIT, Inc is a real estate investment trust that owns and manages a diversified portfolio of freestanding retail properties. The company primarily invests in properties that are leased to retail businesses under long-term, triple-net agreements, under which tenants generally pay property taxes, insurance and maintenance costs in addition to rent.

The company’s properties are used by a range of businesses, including convenience stores, automotive service and parts retailers, restaurants, medical and dental services, drugstores, and other consumer-oriented tenants.