NNN REIT, Inc. (NNN) SEC Filings & Earnings Calls
EquiReason read 14 NNN REIT, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-08-17 — Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update).
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 8.0B
- P/E TTM
- 20.5
- Dividend yield
- 5.8%
- 52-week
- —
- Next earnings
- 4 Nov, in 11 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
7 Aug 20268-K · 8.01NNN REIT entered new equity distribution agreement to sell up to 25M shares via forward sale agreements; replaces prior 2023 agreement; potential future capital raise.open
Risks flagged
Potential dilution from equity issuance
“Up to 25M shares may be issued, diluting existing shareholders.”
5 Aug 202610-QNNN REIT reported Q2 2026 results with rental income growth but net earnings declined slightly due to higher impairments and interest expense; dividend increased.earningsopen
Figures in the filing · each found in the filing text
| Revenue · H1-2026 | $485M | +6% y/y |
| Net income · H1-2026 | $192M | -3% y/y |
| Occupancy rate · 2026-06-30 | 98.3% | |
| Annualized base rent · 2026-06-30 | $959M | +7% y/y |
| Acquisitions · H1-2026 | $429M | -5% y/y |
| Impairment losses · H1-2026 | $19M | +210% y/y |
| Dividends per share · H1-2026 | $1.20 | +3% y/y |
| Operating cash flow · H1-2026 | $329M | +2% y/y |
| Count property · 2026-06-30 | 3,774 |
Risks flagged
Tenant credit risk
“Cash basis tenants as a percent of Total ABR 4.0%” · word for word
Interest rate risk
“Interest expense increased to $106.2M in H1 2026 from $97.0M in H1 2025, +9.5%”
Impairment risk
“Impairment losses increased significantly to $18.7M in H1 2026 from $6.0M in H1 2025.”
5 Aug 20268-K · 2.02NNN REIT reported Q2 2026 Core FFO $0.89 (+6.0% YoY), AFFO $0.90 (+5.9% YoY). Raised FY2026 Core FFO guidance to $3.50-$3.54, AFFO to $3.55-$3.59, acquisition volume to $700-$800M. Occupancy 99.1%, ABR $959M (+7.3% YoY).earningsopen
Figures in the filing · each found in the filing text
| Revenues · Q2-2026 | $244M | +8% y/y |
| Net earnings · Q2-2026 | $98M | -3% y/y |
| Net earnings per share · Q2-2026 | $0.52 | -4% y/y |
| FFO per share · Q2-2026 | $0.89 | +6% y/y |
| Core FFO per share · Q2-2026 | $0.89 | +6% y/y |
| AFFO per share · Q2-2026 | $0.90 | +6% y/y |
| Occupancy rate · Q2-2026 | 99.1% | |
| Annual Base Rent (ABR) · Q2-2026 | $959M | +7% y/y |
| Weighted average remaining lease term · Q2-2026 | $10.10 | |
| Number of properties · Q2-2026 | 3,774 | +3% y/y |
Guidance
FY2026 Core FFO per share raised to $3.50-$3.54 from prior; AFFO per share raised to $3.55-$3.59; acquisition volume raised to $700-$800M
Raised FFO, AFFO and acquisition guidance driven by strong portfolio performance and robust investment pipeline
Risks flagged
Interest rate exposure managed via swaps but floating rate debt could increase costs if rates rise
“only 2.5% of floating rate exposure; forward starting swaps fix SOFR at 3.30%”
23 Jun 20268-K · 1.01, 2.03NNN REIT exercised a $200M incremental term loan option, increasing facility to $500M, with improved pricing grid and a $100M swap fixing SOFR at 3.43%.open
Risks flagged
Increased debt obligations may raise leverage, but terms are favorable.
“Creation of a Direct Financial Obligation under Item 2.03.”
30 Apr 20268-K · 2.02Net earnings per share $0.50 (-2% y/y); AFFO per share $0.87 (+0% y/y); Annualized Base Rent (ABR) $935M (+7% y/y); Guidance: AFFO per share $3.53-$3.59; Core FFO per share $3.48-$3.54earningsopen
Figures in the filing · each found in the filing text
| Net earnings per share · Q1-2026 | $0.50 | -2% y/y |
| AFFO per share · Q1-2026 | $0.87 | 0% y/y |
| Annualized Base Rent (ABR) · Q1-2026 | $935M | +7% y/y |
| Occupancy rate · Q1-2026 | 98.6% | |
| Total revenues · Q1-2026 | $240M | +4% y/y |
| Net earnings · Q1-2026 | $94M | -3% y/y |
| FFO per share · Q1-2026 | $0.86 | +1% y/y |
| Core FFO per share · Q1-2026 | $0.86 | 0% y/y |
| Acquisition volume · Q1-2026 | $145M | |
| Dividend per share · Q1-2026 | $0.60 |
Guidance
AFFO per share $3.53-$3.59; Core FFO per share $3.48-$3.54
Raised AFFO and Core FFO guidance due to strong Q1 performance and portfolio metrics.
30 Apr 202610-QRental income $240M (+4% y/y); Net earnings $94M (-3% y/y); Impairment losses – real estate, net of recoveries $11M (+606% y/y)open
Figures in the filing · each found in the filing text
| Rental income · Q1-2026 | $240M | +4% y/y |
| Net earnings · Q1-2026 | $94M | -3% y/y |
| Impairment losses – real estate, net of recoveries · Q1-2026 | $11M | +606% y/y |
| Additions to real estate · Q1-2026 | $142M | -39% y/y |
| Total Annualized Base Rent (ABR) · 2026-03-31 | $935M | +7% y/y |
| Occupancy rate · 2026-03-31 | 98.6% | |
| Weighted average remaining lease term · 2026-03-31 | $10.10 | |
| Number of properties · 2026-03-31 | 3,711 | |
| Dividends per share · Q1-2026 | $0.60 | +3% y/y |
Risks flagged
Tenant credit risk
“Cash basis tenants as a percent of Total ABR: 4.1% as of March 31, 2026 vs 3.4% as of March 31, 2025” · word for word
Impairment risk
“Impairment losses – real estate, net of recoveries $10,680 ... $1,512 (increase of 606% YoY)” · word for word
23 Mar 2026DEF 14AAnnual proxy filing disclosing executive compensation, pay-for-performance metrics, and governance structure; highlights strong operational performance with Core FFO growth, dividend increase, and high occupancy.open
Figures in the filing · each found in the filing text
| Core FFO per share · FY2025 | $3.41 | +3% y/y |
| Dividends per share · FY2025 | $2.36 | +3% y/y |
| Acquisition volume · FY2025 | $931M | |
| Occupancy rate · FY2025 | 98.3% | |
| Net income · FY2025 | $390M | -2% y/y |
| Weighted average remaining lease term · FY2025 | $10.20 | |
| Leverage ratio (total liabilities / gross book assets) · FY2025 | 42.1% |
Risks flagged
Relative TSR Underperformance
“Based on our TSR for the three-year period ending December 31, 2025, which ranked at the 40.9th percentile vs comparator companies in the FNER” · word for word
19 Feb 20268-K · 5.02, 7.01Properties owned 3,692; Gross leasable area 39,600,000; Weighted average remaining lease term 10.2open
Figures in the filing · each found in the filing text
| Properties owned · Q4-2025 | 3,692 | |
| Gross leasable area · Q4-2025 | $40M | |
| Weighted average remaining lease term · Q4-2025 | $10.20 |
11 Feb 20268-K · 2.02Rental income $238M (+9% y/y); FFO per share $0.87 (+6% y/y); Core FFO per share $0.87 (+6% y/y)earningsopen
Figures in the filing · each found in the filing text
| Rental income · Q4-2025 | $238M | +9% y/y |
| FFO per share · Q4-2025 | $0.87 | +6% y/y |
| Core FFO per share · Q4-2025 | $0.87 | +6% y/y |
| Net earnings · Q4-2025 | $96M | -2% y/y |
| Common shares outstanding · Q4-2025 | 189,937,404 | +1% y/y |
Risks flagged
Higher impairment losses on real estate may indicate portfolio stress or market softening
“Impairment losses – real estate, net of recoveries $15,360 vs $3,724 YoY” · word for word
Rising interest expense from higher debt balances and rates
“Interest expense $53,572 vs $46,880 YoY; Notes payable $4.47B vs $4.37B YoY; Line of credit $348.1M vs $0 YoY”
11 Feb 202610-KAnnual base rent concentration - automotive service 18.6; Annual base rent concentration - convenience stores 16.3; Annual base rent concentration - restaurants 14.3open
Figures in the filing · each found in the filing text
| Annual base rent concentration - automotive service · FY2025 | 18.6% | |
| Annual base rent concentration - convenience stores · FY2025 | 16.3% | |
| Annual base rent concentration - restaurants · FY2025 | 14.3% | |
| Annual base rent concentration - entertainment · FY2025 | 7.2% | |
| Annual base rent concentration - dealerships · FY2025 | 6.6% | |
| Top tenant concentration - 7-Eleven · FY2025 | 4.3% | |
| Top tenant concentration - Mister Car Wash · FY2025 | 3.8% | |
| Top tenant concentration - Dave & Buster's · FY2025 | 3.6% | |
| Top tenant concentration - Camping World · FY2025 | 3.5% | |
| Top tenant concentration - Kent Distributors · FY2025 | 2.6% |
Risks flagged
Tenant credit risk from unrated tenants
“A significant portion of Properties are leased to unrated tenants whose credit is evaluated through NNN's internal underwriting and credit analysis.” · word for word
E-commerce shift pressuring retail tenants
“Shifts from in-store to online shopping could increase due to changing consumer shopping patterns as well as the increase in consumer adoption and use of mobile electronic devices.” · word for word
Debt refinancing risk
“NNN may be unable to obtain capital on favorable terms, if at all, to further its business objectives or meet its existing obligations.” · word for word
17 Dec 20258-K · 1.01, 2.03Term loan facility size $300M; forward starting swaps notional $200Mopen
Figures in the filing · each found in the filing text
| term loan facility size · Q4-2025 | $300M | |
| forward starting swaps notional · Q4-2025 | $200M |
Risks flagged
Interest rate risk partially hedged; floating rate exposure remains on $100M unhedged.
“forward starting swaps totaling $200 million that fix SOFR at 3.22% through January 15, 2029” · word for word
4 Nov 202510-QNNN REIT reported Q3 2025 results with rental income growth but slight net earnings decline.earningsopen
Figures in the filing · each found in the filing text
| Rental income · Q3-2025 | $229773.00 | +5% y/y |
| Net earnings · Q3-2025 | $96839.00 | -1% y/y |
| Annualized Base Rent (ABR) · 2025-09-30 | $912M | |
| Number of properties · 2025-09-30 | 3,697 | |
| Dividends per share · Q3-2025 | $0.60 | +3% y/y |
| Additions to real estate · 9M-2025 | $742419.00 | +111% y/y |
Risks flagged
Interest rate risk
“Interest expense increased to $53,378 for Q3 2025 from $46,491 in Q3 2024.”
Tenant credit risk
“Cash basis tenants represent 4.4% of ABR as of September 30, 2025.”
Impairment risk
“Impairment losses – real estate, net of recoveries $7,195 for Q3 2025 vs $760 in Q3 2024.” · word for word
4 Nov 20258-K · 2.02Net earnings per share $0.51 (-4% y/y); Core FFO per share $0.85 (+1% y/y); AFFO per share $0.86 (+2% y/y); Guidance: Core FFO per share raised to $3.36-$3.40 from $3.34-$3.39; AFFO per share raised to $3.41-$3.45 from $3.40-$3.45; acquisitearningsopen
Figures in the filing · each found in the filing text
| Net earnings per share · Q3-2025 | $0.51 | -4% y/y |
| Core FFO per share · Q3-2025 | $0.85 | +1% y/y |
| AFFO per share · Q3-2025 | $0.86 | +2% y/y |
| Annualized Base Rent (ABR) · Q3-2025 | $912M | +7% y/y |
| Occupancy rate · Q3-2025 | 97.5% | |
| Acquisition volume · Q3-2025 | $283M | |
| Dividends per share · Q3-2025 | $0.60 | +3% y/y |
| Number of properties · Q3-2025 | 3,697 | +4% y/y |
| Revenue · Q3-2025 | $230M | +5% y/y |
| Net earnings · Q3-2025 | $97M | -1% y/y |
Guidance
Core FFO per share raised to $3.36-$3.40 from $3.34-$3.39; AFFO per share raised to $3.41-$3.45 from $3.40-$3.45; acquisition volume raised to $850-$950M
Guidance raised across earnings and investment metrics, supported by strong YTD acquisition volume and balance sheet flexibility.
Risks flagged
Occupancy decline from 99.3% to 97.5% YoY may signal tenant credit risk or property churn.
“Occupancy rate decreased from 99.3% to 97.5% year-over-year.”
Net earnings per share declined 3.8% YoY despite revenue growth, indicating higher depreciation or costs.
“Net earnings per share $0.51 vs $0.53 in prior year.”
NNN REIT, Inc. — questions
- What did NNN REIT, Inc. file recently?
- 14 SEC filings in the last 12 months. Latest: 8-K on 2026-08-17 — Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)
Every figure on this page comes from NNN REIT, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.