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…
Earnings analysis · 10-Q
NNN earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.5
What stood out
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Revenue Growth from Prior Year
Total revenues increased to $240.424 million, up $9.570 million from $230.854 million in Q1 2025.
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Improved Portfolio Occupancy
Portfolio occupancy reached 98.6%, up from 97.7% a year earlier, suggesting stronger demand.
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Increased AFFO Guidance
Management raised AFFO per share guidance to $3.53 to $3.59, reflecting operational confidence.
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Successful Property Acquisitions
Acquired 41 properties in Q1 2026 for $145.394 million, increasing total properties owned to 3,711.
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Leverage Management
Total debt increased to $4.854 billion, yet effective interest rates were lower than in the previous year.
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Stable Dividends Maintained
Dividends declared increased from $0.580 to $0.600 per share, reinforcing commitment to distributions.
What to watch
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Declining EPS
Q1 2026 EPS fell to $0.50, down from $0.51 in Q1 2025, which may concern investors.
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Higher Interest Expenses
Interest expenses rose to $52.726 million, up $5.003 million from the previous year, affecting margins.
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Increased Property Dispositions
The company sold 25 properties compared to just 10 a year prior, indicating potential strategic shifts.
Management's outlook
Increased AFFO per share guidance to $3.53 to $3.59 and Core FFO per share guidance to $3.48 to $3.54.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.