NNN REIT (NYSE:NNN) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

NNN REIT (NYSE:NNN) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.01), Zacks reports. NNN REIT had a net margin of 42.08% and a return on equity of 8.89%. The business had revenue of $240.01 million during the quarter, compared to the consensus estimate of $237.76 million. During the same quarter in the previous year, the business posted $0.87 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. NNN REIT updated its FY 2026 guidance to 3.480-3.540 EPS.

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

• Raised 2026 AFFO guidance to $3.53–$3.59 and increased the quarterly dividend to $0.60 (3.4% YoY), with the midpoint implying ~3.5% AFFO growth and a 5.7% annualized yield.
• Closed 41 properties for $145 million at a 7.5% initial cash yield and a weighted average lease term of 19 years, emphasizing accretive sale‑leaseback deals that add long‑duration, predictable cash flow.
• Strong balance sheet with $1.2 billion of liquidity, only $80 million drawn on the revolver, a Baa1 rating, ~10.5–11 years weighted average debt maturity, and minimal floating‑rate exposure, supporting self‑funded growth.
• Portfolio operating metrics improved—occupancy rose to 98.6%, 36 of 43 lease expirations were renewed (rents ~2% higher) and seven releases to new tenants averaged ~10% higher rent, while management lowered full‑year bad‑debt guidance to 60 bps after a strong Q1.
• Capital actions and dispositions included drawing the $300 million delayed‑draw term loan (swapped to a fixed 4.1% rate), ~$36 million of disposition proceeds, $74 million of expected ATM proceeds, and a $350 million note maturing in December but multiple options to address financing needs.

NNN REIT Trading Up 0.3%

Shares of NYSE NNN traded up $0.15 during trading on Friday, reaching $43.94. The company had a trading volume of 2,021,787 shares, compared to its average volume of 1,548,058. The company’s fifty day moving average price is $44.01 and its 200-day moving average price is $42.25. NNN REIT has a 12 month low of $38.90 and a 12 month high of $46.03. The stock has a market cap of $8.36 billion, a P/E ratio of 21.23, a PEG ratio of 5.83 and a beta of 0.85. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.09.

NNN REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Thursday, April 30th. NNN REIT’s payout ratio is 115.94%.

Insider Transactions at NNN REIT

In other NNN REIT news, CEO Stephen A. Horn, Jr. sold 33,192 shares of the company’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $44.98, for a total value of $1,492,976.16. Following the sale, the chief executive officer owned 822,711 shares in the company, valued at approximately $37,005,540.78. The trade was a 3.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jonathan Adamo sold 6,000 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $44.99, for a total value of $269,940.00. Following the completion of the sale, the executive vice president owned 126,358 shares in the company, valued at $5,684,846.42. This trade represents a 4.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On NNN REIT

A number of institutional investors have recently made changes to their positions in the stock. Captrust Financial Advisors grew its position in shares of NNN REIT by 17.3% in the 3rd quarter. Captrust Financial Advisors now owns 135,241 shares of the real estate investment trust’s stock valued at $5,757,000 after buying an additional 19,976 shares during the last quarter. Horizon Investments LLC lifted its stake in shares of NNN REIT by 65.0% in the 3rd quarter. Horizon Investments LLC now owns 77,022 shares of the real estate investment trust’s stock valued at $3,230,000 after purchasing an additional 30,333 shares during the period. Tudor Investment Corp ET AL acquired a new position in shares of NNN REIT in the 4th quarter valued at about $1,300,000. Finally, Parallel Advisors LLC lifted its stake in shares of NNN REIT by 17.5% in the 4th quarter. Parallel Advisors LLC now owns 6,710 shares of the real estate investment trust’s stock valued at $266,000 after purchasing an additional 997 shares during the period. Institutional investors own 89.96% of the company’s stock.

Trending Headlines about NNN REIT

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

• Positive Sentiment: NNN raised its 2026 AFFO-per-share outlook to $3.53–$3.59 and announced a targeted acquisition program of $550M–$650M, signaling management confidence in growth and cash-flow accretion. NNN REIT raises 2026 AFFO guidance
• Positive Sentiment: NNN updated FY‑2026 EPS guidance to $3.480–$3.540 (in line with consensus) and issued a press release highlighting the guidance raise alongside Q1 results. That guidance stability reduces near-term forecast risk. PR News Release
• Positive Sentiment: Q1 revenue beat estimates — $240.01M vs. ~$237.8M — and revenue was up ~4.1% year-over-year, supporting the company’s growth narrative despite the small EPS shortfall. Q1 revenue and details
• Neutral Sentiment: Earnings call transcript and slide deck were published, providing more color on portfolio performance, leasing, and capital deployment; investors will scan these for acquisition pacing and rent escalation detail. Earnings call transcript
• Neutral Sentiment: Analyst action: Royal Bank of Canada nudged its price target to $44 and kept a “sector perform” rating — a modest adjustment that neither materially changes sell‑side sentiment nor provides a strong catalyst. RBC price target note
• Negative Sentiment: GAAP EPS missed consensus by $0.01: reported $0.50 vs. $0.51 expected; EPS also declined from $0.87 a year earlier — a flag for investors focused on near-term earnings volatility. Q1 EPS miss

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NNN. Barclays boosted their price objective on NNN REIT from $43.00 to $45.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 21st. Morgan Stanley boosted their price objective on NNN REIT from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday. Royal Bank Of Canada boosted their price objective on NNN REIT from $43.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Friday. Stifel Nicolaus set a $48.50 price objective on NNN REIT in a research report on Wednesday, February 11th. Finally, Robert W. Baird set a $46.00 price objective on NNN REIT in a research report on Thursday, February 12th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.41.

NNN REIT Company Profile

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.