NNN earnings analysis
What we found in NNN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
NNN REIT, Inc. reported Q1 2026 revenues of $240.424 million, slightly above the prior year's $230.854 million, showing positive growth. However, EPS declined to $0.50, down from $0.51 in the prior year and below the estimate of $0.85. The company increased forward guidance for AFFO per share to a range of $3.53 to $3.59, indicating confidence in operational stability despite challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth from Prior Year
- Total revenues increased to $240.424 million, up $9.570 million from $230.854 million in Q1 2025.
- Improved Portfolio Occupancy
- Portfolio occupancy reached 98.6%, up from 97.7% a year earlier, suggesting stronger demand.
- Increased AFFO Guidance
- Management raised AFFO per share guidance to $3.53 to $3.59, reflecting operational confidence.
- Successful Property Acquisitions
- Acquired 41 properties in Q1 2026 for $145.394 million, increasing total properties owned to 3,711.
- Leverage Management
- Total debt increased to $4.854 billion, yet effective interest rates were lower than in the previous year.
- Stable Dividends Maintained
- Dividends declared increased from $0.580 to $0.600 per share, reinforcing commitment to distributions.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining EPS
- Q1 2026 EPS fell to $0.50, down from $0.51 in Q1 2025, which may concern investors.
- Higher Interest Expenses
- Interest expenses rose to $52.726 million, up $5.003 million from the previous year, affecting margins.
- Increased Property Dispositions
- The company sold 25 properties compared to just 10 a year prior, indicating potential strategic shifts.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.5
What they said about what is next.
Increased AFFO per share guidance to $3.53 to $3.59 and Core FFO per share guidance to $3.48 to $3.54.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 11, 2026
- NNN positions itself as a specialist in single-tenant, triple-net net‑lease properties with scale: it owned 3,692 properties (39,578,000 sq ft) that were 98.3% leased with a weighted average remaining lease term of 10.2…
- 10-Q · August 5, 2025
- NNN reported quarterly revenue of $226.8M and diluted EPS of $0.54 for the quarter ended June 30, 2025. Revenue rose versus the prior-year quarter, but operating margin and net earnings declined modestly as operating…
- 10-Q · October 31, 2024
- NNN REIT reported quarterly revenues of $218,564,000, up from $205,132,000 in Q3 2023, while diluted EPS declined to $0.53 from $0.59 a year ago. Operating earnings were $143,550,000 and interest expense increased to…
- 10-Q · May 1, 2024
- NNN reported quarter revenue of $215,407,000, up $11,299,000 (5.5%) versus Q1 2023, with operating margin expansion and modest EPS improvement. Operating cash flow was strong at $190,715,000 and produced free cash flow…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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