NNN REIT, Inc. Announces Third Quarter 2026 Results
NNN REIT, INC. (NNN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE For information contact: Vincent H. Chao Chief Financial Officer (407) 265-7348 FOR IMMEDIATE RELEASE November 4, 2026 NNN REIT, Inc. Announces Third Quarter 2026 Results Orlando, Florida, November 4, 2026 – NNN REIT, Inc. (NYSE: NNN) (the "Company" or "
How this was made
The 30-second read
Why it matters
The results underscore resilient cash flow and liquidity, supporting a neutral‑to‑positive outlook for the stock.
Market read
The filing provides fresh earnings data and guidance updates that can influence investor positioning in the REIT sector.
What to watch
Rising interest rates may increase borrowing costs despite the REIT's long debt maturities.
NNN REIT, Inc. Announces Third Quarter 2026 Results
Third-quarter Core FFO and AFFO per diluted share increased 5.9% and 5.8%, respectively, while occupancy reached 99.2%, ABR increased 6.8% to $974.0 million, and the Company maintained its 2026 Core FFO and AFFO per-share guidance. The Company also increased disposition-volume guidance to $160 - $180 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, quarter ended September 30GAAP | $249.7M | – | – |
| Revenue, nine months ended September 30GAAP | $734.4M | – | – |
| Rental income, quarter ended September 30GAAP | $248.4M | – | – |
| Rental income, nine months ended September 30GAAP | $731.1M | – | – |
| Interest and other income from real estate transactions, quarter ended September 30GAAP | $1.32M | – | – |
| Interest and other income from real estate transactions, nine months ended September 30GAAP | $3.31M | – | – |
| General and administrative expense, quarter ended September 30GAAP | $13.59M | – | – |
| Real estate expense, quarter ended September 30GAAP | $8.24M | – | – |
| Depreciation and amortization, quarter ended September 30GAAP | $74.16M | – | – |
| Impairment losses – real estate, net of recoveries, quarter ended September 30GAAP | $3.47M | – | – |
| Gain on disposition of real estate, quarter ended September 30GAAP | $15.05M | – | – |
| Earnings from operations, quarter ended September 30GAAP | $165.0M | – | – |
| Interest expense, quarter ended September 30GAAP | $55.14M | – | – |
| Net earnings, quarter ended September 30GAAP | $109.9M | – | – |
| Net earnings, nine months ended September 30GAAP | $301.8M | – | – |
| Net earnings per diluted share, quarter ended September 30GAAP | $ 0.57 | – | – |
| Net earnings per diluted share, nine months ended September 30GAAP | $ 1.58 | – | – |
| FFO, quarter ended September 30non-GAAP | $172.4M | – | – |
| FFO per diluted share, quarter ended September 30non-GAAP | $ 0.90 | – | – |
| Core FFO, quarter ended September 30non-GAAP | $172.6M | – | – |
| Core FFO per diluted share, quarter ended September 30non-GAAP | $ 0.90 | – | 5.9% |
| Core FFO per diluted share, nine months ended September 30non-GAAP | $ 2.65 | – | – |
| AFFO, quarter ended September 30non-GAAP | $174.4M | – | – |
| AFFO per diluted share, quarter ended September 30non-GAAP | $ 0.91 | – | 5.8% |
| AFFO per diluted share, nine months ended September 30non-GAAP | $ 2.68 | – | – |
| EBITDAre, quarter ended September 30non-GAAP | $227.7M | – | – |
| Occupancy rateother | 99.2 % | an increase of 10 basis points | an increase of 170 basis points |
| ABRnon-GAAP | $974.0M | – | 6.8% |
| Number of propertiesother | 3,817 | – | – |
| Total gross leasable area (square feet)other | 40,764,000 | – | – |
| Weighted average remaining lease term (years)other | 10.1 | – | – |
| Net Debt / EBITDAre (last quarter annualized)non-GAAP | 5.6x | – | – |
| Pro Forma Net Debt / EBITDAre (last quarter annualized)non-GAAP | 5.3x | – | – |
| EBITDAre / fixed chargesnon-GAAP | 4.1x | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 Guidance outlook
- Operating expensesGeneral and administrative expenses $54 - $56; Real estate expenses, net of tenant reimbursements $13.5 - $14.5
- NoteNet earnings per share excluding any gains on disposition of real estate, impairment losses and retirement and severance costs $2.00 - $2.04
- NoteReal estate depreciation and amortization per share $1.50
- NoteCore FFO per share $3.50 - $3.54
- NoteAFFO per share $3.55 - $3.59
- NoteAcquisition volume $700 - $800
- NoteDisposition volume $160 - $180 million
Capital returns
- Paid a $0.62 quarterly dividend.
- The quarterly dividend represents an annualized dividend of $2.48 per share and an annualized dividend yield of 6.0% as of September 30, 2026.
- Dividend per share for the quarter ended September 30, 2026 was $ 0.62, compared with $ 0.60 for the quarter ended September 30, 2025.
- AFFO payout ratio for the quarter ended September 30, 2026 was 68 %, compared with 70 % for the quarter ended September 30, 2025.
- Entered into forward sale agreements for 502,305 common shares under the ATM at a weighted average price per share of $47.28.
- Issued 2,014,352 common shares, primarily in settlement of forward sale agreements under the ATM, raising $89.5 million in net proceeds.
- As of September 30, 2026, 4,501,833 shares of common stock were subject to outstanding forward sale agreements anticipated to raise net proceeds of approximately $204.0 million.
What drove it
- Closed on $221.7 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 19.6 years.
- For the nine months ended September 30, 2026, closed on $658.1 million of investments at an initial cash cap rate of 7.3%.
- Sold 32 properties for $50.7 million, including $37.3 million of income producing properties at a weighted average cap rate of 7.8%.
- Portfolio occupancy increased to 99.2%, and ABR increased 6.8% over prior-year results to $974.0 million.
- Rental income for the quarter was $ 248,356, compared with $ 229,773 in the prior-year quarter.
Concerns
- Impairment losses – real estate, net of recoveries were $ 3,470 in the quarter.
- Interest expense was $ 55,142 in the quarter, compared with $ 53,378 in the prior-year quarter.
- The Company reported $ 19,000 of line of credit payable and $ 500,000 of term loan principal as of September 30, 2026.
- Guidance for net earnings per share excluding any gains on disposition of real estate, impairment losses and retirement and severance costs was updated to $2.00 - $2.04 from $2.01 - $2.05.
What to watch
- Execution against 2026 acquisition-volume guidance of $700 - $800.
- Execution against increased 2026 disposition-volume guidance of $160 - $180 million.
- Settlement of 4,501,833 shares subject to outstanding forward sale agreements, anticipated to raise net proceeds of approximately $204.0 million.
- Portfolio occupancy, which was 99.2% as of September 30, 2026.
- The December 2026 maturity of $350,000 of notes payable.
Balance sheet and cash flow
- Gross Debt was $5.1 billion as of September 30, 2026, with a weighted average interest rate of 4.2% and a weighted average debt maturity of 9.8 years.
- Total available liquidity was $1.4 billion, including $1.2 billion of unused line of credit capacity, $204.0 million of outstanding forward equity, and $2.7 million of cash.
- Gross Debt was $ 5,069,000 and Net Debt was $ 5,066,274 as of September 30, 2026.
- Pro Forma Net Debt was $ 4,862,228 as of September 30, 2026.
- Total assets were $ 9,718,877 and total liabilities were $ 5,167,492 as of September 30, 2026.
- Cash and cash equivalents were $ 2,726 as of September 30, 2026.
- No encumbered assets and only 2.3% of floating rate exposure were reported.
Analysis
NNN reported third-quarter revenue of $ 249,677, compared with $ 230,159 in the prior-year quarter, while net earnings were $ 109,928, compared with $ 96,839. Net earnings per diluted share were $ 0.57 versus $ 0.51. Core FFO per diluted share was $ 0.90, compared with $ 0.85, and AFFO per diluted share was $ 0.91, compared with $ 0.86. The release states that Core FFO and AFFO per diluted share increased 5.9% and 5.8%, respectively.
Portfolio indicators remained strong. Occupancy was 99.2%, an increase of 10 basis points from the prior quarter and 170 basis points from the prior-year period. ABR was $ 973,997, compared with $ 959,145 at June 30, 2026 and $ 912,218 at September 30, 2025. The portfolio comprised 3,817 properties and 40,764,000 square feet, with a weighted average remaining lease term of 10.1 years.
Investment activity added to the portfolio during the quarter, with $ 221,741 invested across 76 properties at a weighted average cap rate of 7.3% and a weighted average lease term of 19.6 years. The Company sold 32 properties for net sale proceeds of $ 50,708. Income-producing property dispositions generated $ 37,299 of net sale proceeds at a weighted average cap rate of 7.8%.
The Company used equity capital markets activity during the quarter, issuing 2,014,352 common shares and raising $89.5 million in net proceeds. It also entered into forward sale agreements for 502,305 shares at a weighted average price per share of $47.28. Liquidity was $1.4 billion at quarter-end, including $1.2 billion of unused line of credit capacity, $204.0 million of outstanding forward equity and $2.7 million of cash. Gross Debt was $5.1 billion, while the reported weighted average debt maturity was 9.8 years and weighted average interest rate was 4.2%.
The Company maintained 2026 Core FFO per-share guidance of $3.50 - $3.54 and AFFO per-share guidance of $3.55 - $3.59. It increased disposition-volume guidance to $160 - $180 million, while maintaining acquisition-volume guidance of $700 - $800. Net earnings per share excluding any gains on disposition of real estate, impairment losses and retirement and severance costs was updated to $2.00 - $2.04 from $2.01 - $2.05, and general and administrative expense guidance was updated to $54 - $56 from $53 - $55.
Management, verbatim
We are pleased to report strong third quarter results, highlighted by continued healthy portfolio trends, solid investment activity, and well-timed equity capital markets execution. With $1.4 billion of available liquidity and a balance sheet built for all market cycles, we are well positioned to execute on our investment pipeline and capitalize on the opportunities that today’s market volatility may create.
Steve Horn, Chief Executive Officer
Not in the filing
stated, not guessed- Operating cash flow was not reported.
- Free cash flow was not reported.
- Gross margin was not reported.
- Tax rate was not reported.
- Revenue guidance was not reported.
- Segment revenue was not reported.
- Prior-release outlook was not provided, so no comparison of actual results with prior guidance is included.
- Share repurchases were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
NNN REIT filed its Form 8‑K reporting Q3 2026 results, including earnings per share of $0.57 and reaffirmed core FFO guidance.
Ticker impact
reaffirmed 2026 Core FFO and AFFO guidance and raised disposition volume guidance
likely modest upside as investors value stable earnings and higher disposition guidance
Strong occupancy, increased ABR, and a $89.5 M equity raise bolster liquidity, while the raised disposition guidance signals continued cash generation, encouraging buyers.
Market effects
Reaffirmed REIT earnings guidance may support broader retail‑property REIT valuations.
Positive for U.S. real‑estate markets, especially in high‑traffic retail locations.
Limited; primarily affects U.S. investors and global REIT funds tracking U.S. property exposure.
Counterpoint
Higher disposition volume could signal asset thinning, potentially pressuring future earnings growth.
Key entities
- ExecutiveSteve Horn
Chief Executive Officer of NNN REIT who commented on the results.
