NNN REIT (NYSE:NNN) Posts Quarterly Earnings Results, Misses Expectations By $0.35 EPS

NNN REIT (NYSE:NNN) released its earnings results on Wednesday. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.35), FiscalAI reports. The firm had revenue of $238.40 million for the quarter, compared to the consensus estimate of $233.37 million. NNN REIT had a return on equity of 8.95% and a net margin of 43.22%.NNN REIT’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter last year, the company posted $0.82 EPS. NNN REIT updated its FY 2026 guidance to 3.470-3.530 EPS.

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

• Reported strong results with Q4 core FFO and AFFO of $0.87 (+6.1% YoY), a full‑year AFFO per share of $3.44 (+2.7% YoY), and a 36th consecutive dividend increase to $0.60 (3.4% YoY); 2026 AFFO guidance midpoint implies ~3.2% growth.
• Record acquisition activity in 2025 (>$900M total; Q4: ~$180M across 55 properties at a 7.4% initial cash cap, >18‑year average lease term) and a planned largely self‑funded $600M acquisition program in 2026 funded by ~$210M retained cash, ~$130M dispositions and leverage‑neutral debt.
• Balance sheet and liquidity are highlighted as strengths—BBB+ rating, no encumbered assets, $1.2 billion available liquidity, 10.8‑year weighted average debt maturity and just 1% floating‑rate debt—management says this supports resilience amid macro uncertainty.
• Portfolio health improved with occupancy up to 98.3% and management reports no material watchlist changes, but several furniture and restaurant vacancies remain (32 restaurant assets, 5 furniture) and the company is conservatively modeling 75 bps of bad‑debt for 2026.

NNN REIT Price Performance

NNN stock traded up $0.95 during midday trading on Thursday, reaching $44.03. The company had a trading volume of 618,464 shares, compared to its average volume of 1,466,258. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of 21.12, a price-to-earnings-growth ratio of 3.08 and a beta of 0.86. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.44 and a quick ratio of 2.44. NNN REIT has a 1-year low of $35.80 and a 1-year high of $44.23. The stock has a 50 day moving average price of $41.02 and a 200-day moving average price of $41.55.

NNN REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Friday, January 30th. NNN REIT’s payout ratio is 115.38%.

Key Headlines Impacting NNN REIT

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

• Positive Sentiment: Management issued strong FY‑2026 guidance (EPS 3.470–3.530 vs. consensus ~2.60), signaling confidence in cash flow growth for the year — this is the main driver of the rally. NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance
• Positive Sentiment: Quarterly FFO and revenues slightly beat estimates (FFO $0.87 vs. $0.86; revenue $238.4M vs. est. $233.4M), showing underlying operating resilience. NNN REIT (NNN) Q4 FFO and Revenues Top Estimates
• Positive Sentiment: Company set a 2026 AFFO per‑share growth target of ~3.2% and disclosed a record ~$900M of acquisition volume, supporting future income growth and the guidance outlook. NNN REIT outlines 2026 AFFO per share growth target of 3.2% as acquisition volume hits record $900M
• Neutral Sentiment: Earnings call transcript, slide deck and presentations are available for deeper read — useful for investors who want detail on assumptions behind guidance and acquisition plans. NNN REIT, Inc. (NNN) Q4 2025 Earnings Call Transcript
• Negative Sentiment: GAAP EPS missed consensus materially (reported $0.51 vs. est. $0.86), which may concern some investors focused on short‑term earnings volatility. NNN REIT Q4 earnings report and call
• Negative Sentiment: BNP Paribas Exane nudged its price target to $44 but kept an “underperform” rating, signalling limited upside in some analysts’ views and keeping a check on momentum. Analyst price target change

Institutional Trading of NNN REIT

A number of institutional investors and hedge funds have recently made changes to their positions in NNN. Parallel Advisors LLC increased its stake in NNN REIT by 11.0% in the third quarter. Parallel Advisors LLC now owns 5,713 shares of the real estate investment trust’s stock valued at $243,000 after acquiring an additional 567 shares during the last quarter. Horizon Investments LLC increased 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 last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of NNN REIT by 3.5% during the 2nd quarter. Captrust Financial Advisors now owns 115,265 shares of the real estate investment trust’s stock worth $4,977,000 after buying an additional 3,897 shares in the last quarter. Institutional investors own 89.96% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on NNN. Deutsche Bank Aktiengesellschaft raised shares of NNN REIT from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Tuesday, January 20th. B. Riley Financial reissued a “neutral” rating and issued a $43.00 price objective (down previously from $44.00) on shares of NNN REIT in a research report on Friday, November 14th. Evercore reduced their price target on NNN REIT from $44.00 to $43.00 and set an “in-line” rating for the company in a report on Monday, December 15th. Wells Fargo & Company upped their price objective on NNN REIT from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 25th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of NNN REIT in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $44.61.

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.