National Retail Properties, Inc. Earnings Recaps
Q1 2026
May 1, 2026
NNN REIT’s first quarter performance landed in line with market expectations, as the shares closed up 1.0% following results. Modest AFFO growth, improved occupancy, and a slight guidance raise were balanced by flat year-over-year FFO/AFFO per share.
Key takeaways
- AFFO and core FFO per share were flat year-over-year at $0.87 and $0.86, respectively; excluding lower lease termination fees, underlying AFFO was up 4.8%.
- Company raised full-year 2026 AFFO per share guidance to $3.53–$3.59.
- Portfolio occupancy rose 30 basis points sequentially to 98.6%, with rental rates on renewals up 2% and new leases up 10%.
- $145 million deployed into 41 properties at a 7.5% initial cash yield, with a weighted average lease term of 19 years.
- Balance sheet remains well-capitalized, with $1.2 billion in liquidity and 11-year weighted average debt maturity; free cash flow after dividend was $52 million for the quarter.
Q3 2025
Nov 4, 2025
NNN REIT reported strong third-quarter results, with a core FFO of $0.85 per share and a strategic increase in acquisitions, underpinning their commitment to shareholder value and long-term growth.
Key takeaways
- Closed 20 deals totaling 57 assets for $283 million, raising the 2025 acquisition target to $900 million, a record for the company.
- Core FFO per share increased by 1.2% year-over-year, reflecting operational efficiency and robust asset performance.
- Occupancy decreased to 97.5% due to a legal dispute with a tenant, yet management expects to exceed 98% occupancy by year-end through proactive asset resolutions.
- Annualized base rent rose to $912 million, marking over a 7% increase year-over-year, with notable rental rate renewals averaging 108% above previous rents.
- Strong balance sheet with $1.4 billion in total availability and an industry-leading average debt maturity of nearly 11 years, positioning NNN for continued growth.