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

NNN REIT (NYSE:NNN) announced its quarterly earnings results on Thursday. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.01), Zacks reports. The firm had revenue of $240.01 million during the quarter, compared to the consensus estimate of $237.76 million. NNN REIT had a return on equity of 8.81% and a net margin of 41.38%.The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.87 EPS. 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 Stock Performance

Shares of NYSE:NNN traded up $0.15 during trading on Friday, hitting $43.94. The company’s stock had a trading volume of 2,021,787 shares, compared to its average volume of 1,503,644. The company has a 50-day moving average of $44.01 and a 200-day moving average of $42.25. NNN REIT has a 12 month low of $38.90 and a 12 month high of $46.03. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.63 and a quick ratio of 1.09. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of 21.23, a P/E/G ratio of 5.87 and a beta of 0.82.

NNN REIT Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Raymond James Financial reiterated a “market perform” rating on shares of NNN REIT in a research note on Tuesday, March 17th. Royal Bank Of Canada upped their price target on shares of NNN REIT from $43.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Friday. Barclays upped their target price on shares of NNN REIT from $43.00 to $45.00 and gave the company an “underweight” rating in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft upgraded shares of NNN REIT from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Tuesday, January 20th. Finally, Stifel Nicolaus set a $48.50 target price on shares of NNN REIT in a research note on Wednesday, February 11th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, NNN REIT currently has an average rating of “Hold” and a consensus price target of $45.41.

Key Stories Impacting 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

Insider Activity at NNN REIT

In other news, CEO Stephen A. Horn, Jr. sold 33,192 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $44.98, for a total value of $1,492,976.16. Following the transaction, the chief executive officer owned 822,711 shares in the company, valued at $37,005,540.78. This represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jonathan Adamo sold 6,000 shares of the stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $44.99, for a total transaction of $269,940.00. Following the completion of the transaction, 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. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NNN REIT

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

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.