NNN REIT, Inc. Announces Third Quarter 2025 Results and Increased 2025 Guidance

Rhea-AI Summary

NNN REIT (NYSE: NNN) reported third quarter 2025 results and raised 2025 guidance on Nov 4, 2025. Core FFO and AFFO per share were $0.85 and $0.86 in Q3, up 1.2% and 2.4% YoY. Revenues were $230.2M and net earnings were $0.51 per diluted share. The company closed $283.0M of investments in Q3 and $748.0M year-to-date, and increased 2025 acquisition guidance to $850–$950M and disposition guidance to $170–$200M. Balance sheet highlights: $1.4B available liquidity, gross debt $4.95B, weighted debt maturity 10.7 years. Quarterly dividend: $0.60 (payable Nov 14, 2025).

Positive

• Core FFO per share guidance tightened to $3.36–$3.40
• AFFO per share guidance tightened to $3.41–$3.45
• Increased 2025 acquisition guidance to $850–$950 million
• $1.4 billion of total available liquidity preserved

Negative

• Occupancy rate declined to 97.5% from 99.3% year‑ago
• Net earnings per share down to $0.51 from $0.53 year‑ago
• Net debt to annualized EBITDAre at 5.6x

News Market Reaction

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-2.62% News Effect

On the day this news was published, NNN declined 2.62%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

ORLANDO, Fla., Nov. 4, 2025 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and nine months ended September 30, 2025. Highlights include:

Third Quarter 2025 Highlights:

• Reported net earnings of $0.51 per diluted share
• Grew Core FFO and AFFO per diluted share by 1.2% and 2.4% over prior-year results, respectively, to $0.85 and $0.86, respectively
• Increased ABR by 7.2% over prior-year results
• Closed on $283.0 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 17.8 years and $748.0 million of investments in the nine months ended September 30, 2025, exceeding the high end of the previously provided guidance range
• Sold 23 properties for $41.3 million, including $22.3 million of income producing properties at a weighted average cap rate of 5.9%
• Raised $71.7 million in gross proceeds from the issuance of 1,670,737 common shares at an average price per share of $42.89
• As previously announced, issued $500 million principal amount of 4.600% senior unsecured notes due 2031 ("2031 Notes")
• Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.7 years, no encumbered assets, no floating rate debt and $1.4 billion of total available liquidity
• Paid a $0.60 quarterly dividend, representing a 3.4% increase in the quarterly dividend rate, a 5.6% annualized dividend yield and a 70% AFFO payout ratio

Additional Highlights:

• Increased and tightened Core FFO per share guidance to a new range of $3.36 to $3.40
• Increased and tightened AFFO per share guidance to a new range of $3.41 to $3.45
• Increased 2025 acquisition volume guidance to a new range of $850 to $950 million
• Increased 2025 disposition volume guidance to a new range of $170 to $200 million

Steve Horn, Chief Executive Officer, commented: "In the third quarter, NNN's team invested over $280 million in real estate, attaining its highest quarterly acquisition volume since 2018. Our year-to-date activity positions NNN to achieve record-setting investment volume in 2025, while maintaining our strict underwriting standards. This strong operational execution, supported by $1.4 billion in liquidity and an industry-leading balance sheet, allows us to raise our earnings guidance for 2025."

FINANCIAL RESULTS

		Quarter Ended September 30,								Nine Months Ended September 30,
(dollars in thousands, except per share data)		2025				2024				2025				2024
Revenues		$	230,159			$	218,564			$	687,815			$	650,784
Net earnings		$	96,839			$	97,904			$	293,826			$	298,941
Net earnings per share		$	0.51			$	0.53			$	1.56			$	1.63
FFO		$	158,676			$	154,171			$	474,585			$	457,812
FFO per share		$	0.84			$	0.84			$	2.53			$	2.50
Core FFO		$	159,366			$	154,327			$	477,639			$	458,438
Core FFO per share		$	0.85			$	0.84			$	2.54			$	2.50
AFFO		$	161,063			$	155,701			$	482,601			$	462,556
AFFO per share		$	0.86			$	0.84			$	2.57			$	2.52

PORTFOLIO SNAPSHOT

(dollars in thousands)		September 30, 2025				June 30, 2025				September 30, 2024
Number of properties			3,697				3,663				3,549
Total gross leasable area (square feet)			39,209,000				38,322,000				36,550,000
Occupancy rate			97.5	%			98.0	%			99.3	%
Weighted average remaining lease term (years)			10.1				9.8				10.0
ABR		$	912,218			$	893,782			$	850,976

PROPERTY ACQUISITIONS

(dollars in thousands)		Quarter Ended September 30, 2025				Nine Months Ended September 30, 2025
Total dollars invested(1)		$	283,027			$	747,956
Number of properties			57				184
Gross leasable area (square feet)(2)			1,120,000				3,350,000
Weighted average cap rate(3)			7.3	%			7.4	%
Weighted average lease term (years)			17.8				17.8

(1)	Includes dollars invested in projects under construction or tenant improvements.
(2)	Includes additional square footage from completed construction on existing properties.
(3)	Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS

		Quarter Ended September 30, 2025												Nine Months Ended September 30, 2025
(dollars in thousands)		Occupied				Vacant				Total				Occupied				Vacant				Total
Number of properties			12				11				23				31				25				56
Gross leasable area (square feet)			81,000				111,000				192,000				301,000				321,000				622,000
Net sale proceeds		$	22,309			$	19,027			$	41,336			$	60,376			$	48,047			$	108,423
Weighted average cap rate(1)			5.9	%			—				5.9	%			5.8	%			—				5.8	%

(1)	Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.

CAPITAL MARKETS ACTIVITY

During the third quarter 2025, NNN issued 1,670,737 common shares, raising $71.7 million in gross proceeds at an average price per share of $42.89, primarily through the Company's at-the-market equity program.

As previously announced, on July 1, 2025, NNN issued the 2031 Notes and used the proceeds from the offering to repay the outstanding balance on the Company's unsecured revolving line of credit and to fund investment activity.

BALANCE SHEET AND LIQUIDITY

As of September 30, 2025, Gross Debt was $4.95 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.7 years. The Company ended the third quarter 2025 with $1.4 billion of total available liquidity, including full capacity on the $1.2 billion line of credit and $158.7 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of September 30, 2025.

DIVIDEND

As previously announced, on October 14, 2025, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable on November 14, 2025, to shareholders of record as of October 31, 2025. The quarterly dividend represents a 3.4% increase over the prior quarterly dividend rate, an annualized dividend of $2.40 per share and an annualized dividend yield of 5.6% as of September 30, 2025.

2025 GUIDANCE

(dollars in millions, except per diluted share data)		Previous 2025 Guidance		Updated 2025 Guidance
Net earnings per share excluding any gains on disposition of real estate,       impairment losses and retirement and severance costs		$1.93 - $1.98		$1.93 - $1.97
Real estate depreciation and amortization per share		$1.41		$1.43
Core FFO per share		$3.34 - $3.39		$3.36 - $3.40
AFFO per share		$3.40 - $3.45		$3.41 - $3.45
General and administrative expenses		$47 - $48		$47 - $48
Real estate expenses, net of tenant reimbursements		$17 - $18		$17 - $18
Acquisition volume		$600 - $700		$850 - $950
Disposition volume		$120 - $150		$170 - $200

Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").

 

CONFERENCE CALL INFORMATION

The Company will host a conference call on November 4, 2025 at 10:30 a.m. ET to discuss third quarter results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the U.S. or 973-528-0011 for international callers and entering the participant code 738951 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through November 11, 2025, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53003.

ABOUT NNN REIT, INC.

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of September 30, 2025, the Company owned 3,697 properties in 50 states with a gross leasable area of approximately 39.2 million square feet and a weighted average remaining lease term of 10.1 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not strictly historical are "forward-looking" statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company's Commission filings, including, but not limited to, the Company's (i) Annual Report on Form 10-K for the year ended December 31, 2024 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

DEFINITIONS

Funds From Operations ("FFO")  is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the National Association of Real Estate Investment Trusts ("Nareit") and is used by the Company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes on the disposition of certain assets and any impairment charges on a depreciable real estate asset, net of recoveries.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.

Core Funds From Operations ("Core FFO")  is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the Company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the Company's operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the Company's core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land, retirement and severance costs or other non-core amounts as they occur.

Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company's performance.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by Nareit ("EBITDAre")  is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.

Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.

Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.

Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.

Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.

Net Debt  is defined by the Company as Gross Debt less Total Cash.

Management considers the non-GAAP measures of Gross Debt and Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.

The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.

Annualized Base Rent ("ABR") represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.

 

NNN REIT, Inc. Balance Sheet Summary (dollars in thousands) (unaudited)
		September 30, 2025				December 31, 2024
Assets:
Real estate portfolio, net of accumulated depreciation and amortization		$	9,204,697			$	8,746,168
Cash and cash equivalents			157,917				8,731
Restricted cash and cash held in escrow			776				331
Receivables, net of allowance of $573 and $617, respectively			2,266				2,975
Accrued rental income, net of allowance of $3,325 and $4,156, respectively			33,897				34,005
Debt costs, net of accumulated amortization of $29,174 and $27,002, respectively			6,973				8,958
Other assets			73,580				71,560
Total assets		$	9,480,106			$	8,872,728
Liabilities:
Notes payable, net of unamortized discount and unamortized debt costs		$	4,870,460			$	4,373,803
Accrued interest payable			79,926				29,699
Other liabilities			109,357				106,951
Total liabilities			5,059,743				4,510,453
Total equity			4,420,363				4,362,275
Total liabilities and equity		$	9,480,106			$	8,872,728
Common shares outstanding			189,884,648				187,540,929

 

NNN REIT, Inc. Income Statement Summary (dollars in thousands, except per share data) (unaudited)
		Quarter Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenues:
Rental income		$	229,773			$	218,155			$	686,845			$	649,120
Interest and other income from real estate transactions			386				409				970				1,664
			230,159				218,564				687,815				650,784
Operating expenses:
General and administrative			11,056				11,209				35,281				35,582
Real estate			9,128				7,263				27,341				21,175
Depreciation and amortization			67,252				63,369				200,218				186,487
Leasing transaction costs			131				22				335				75
Impairment losses – real estate, net of recoveries			7,195				760				13,242				2,908
Retirement and severance costs			690				156				3,054				626
			95,452				82,779				279,471				246,853
Gain on disposition of real estate			12,570				7,765				32,581				30,207
Earnings from operations			147,277				143,550				440,925				434,138
Other expenses (revenues):
Interest and other income			(2,940)				(845)				(3,284)				(1,940)
Interest expense			53,378				46,491				150,383				137,137
			50,438				45,646				147,099				135,197
Net earnings		$	96,839			$	97,904			$	293,826			$	298,941
Weighted average shares outstanding:
Basic			187,838,711				184,007,176				187,200,093				182,757,097
Diluted			188,332,789				184,561,431				187,686,331				183,301,570
Net earnings per share available to stockholders:
Basic		$	0.51			$	0.53			$	1.57			$	1.63
Diluted		$	0.51			$	0.53			$	1.56			$	1.63

 

NNN REIT, Inc. Other Information (dollars in thousands) (unaudited)
		Quarter Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Rental income from operating leases(1) (2)		$	225,053			$	213,447			$	670,823			$	634,088
Earned income from direct financing leases(1)		$	111			$	116			$	337			$	353
Percentage rent(1)		$	211			$	200			$	1,381			$	1,347
Real estate expenses reimbursed from tenants(1)		$	4,398			$	4,392			$	14,304			$	13,332
Real estate expenses			(9,128)				(7,263)				(27,341)				(21,175)
Real estate expenses, net of tenant reimbursements		$	(4,730)			$	(2,871)			$	(13,037)			$	(7,843)
Amortization of debt costs		$	1,630			$	1,450			$	4,574			$	4,538
Non-real estate depreciation expense		$	44			$	101			$	130			$	327

(1)	For the quarters ended September 30, 2025 and 2024, the aggregate of such amounts is $229,773 and $218,155, respectively, and $686,845 and $649,120, for the nine months ended September 30, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.
(2)	Includes lease termination fees of $669 and $3,860 for the quarters ended September 30, 2025 and 2024, respectively, and $11,121 and $10,152 for the nine months ended September 30, 2025 and 2024, respectively.

 

NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (dollars in thousands, except per share data) (unaudited)
		Quarter Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net earnings		$	96,839			$	97,904			$	293,826			$	298,941
Real estate depreciation and amortization			67,212				63,272				200,098				186,170
Gain on disposition of real estate			(12,570)				(7,765)				(32,581)				(30,207)
Impairment losses – depreciable real estate, net of       recoveries			7,195				760				13,242				2,908
FFO			158,676				154,171				474,585				457,812
Retirement and severance costs			690				156				3,054				626
Core FFO			159,366				154,327				477,639				458,438
Straight-line accrued rent, net of reserves			(631)				(123)				(715)				8
Net capital lease rent adjustment			62				56				184				164
Below-market rent amortization			(68)				(109)				(1,781)				(351)
Stock based compensation expense			2,791				2,818				9,194				9,041
Capitalized interest expense			(457)				(1,268)				(1,920)				(4,744)
AFFO		$	161,063			$	155,701			$	482,601			$	462,556
FFO per share:
Basic		$	0.84			$	0.84			$	2.54			$	2.51
Diluted		$	0.84			$	0.84			$	2.53			$	2.50
Core FFO per share:
Basic		$	0.85			$	0.84			$	2.55			$	2.51
Diluted		$	0.85			$	0.84			$	2.54			$	2.50
AFFO per share:
Basic		$	0.86			$	0.85			$	2.58			$	2.53
Diluted		$	0.86			$	0.84			$	2.57			$	2.52
Dividend per share		$	0.600			$	0.580			$	1.760			$	1.710
AFFO payout ratio(1)			70	%			68	%			68	%			67	%

(1)	Calculated as total dividends paid as a percentage of AFFO for each respective period.

 

NNN REIT, Inc. Reconciliation of Non-GAAP Financial Measures (continued) (dollars in thousands) (unaudited)
		Quarter Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net earnings		$	96,839			$	97,904			$	293,826			$	298,941
Interest expense			53,378				46,491				150,383				137,137
Depreciation and amortization			67,252				63,369				200,218				186,487
Gain on disposition of real estate			(12,570)				(7,765)				(32,581)				(30,207)
Impairment losses – real estate, net of       recoveries			7,195				760				13,242				2,908
EBITDAre		$	212,094			$	200,759			$	625,088			$	595,266
Interest expense		$	53,378			$	46,491			$	150,383			$	137,137
Add back: capitalized interest			457				1,268				1,920				4,744
Fixed charges		$	53,835			$	47,759			$	152,303			$	141,881
		September 30, 2025				December 31, 2024
Total assets		$	9,480,106			$	8,872,728
Accumulated depreciation & amortization			2,225,580				2,065,520
Amortization of direct financing leases			2,840				2,655
Gross Assets		$	11,708,526			$	10,940,903
Debt outstanding:
Line of credit		$	—			$	—
Notes payable, net of unamortized discount and       unamortized debt costs			4,870,460				4,373,803
Total Debt			4,870,460				4,373,803
Unamortized note discount			47,983				46,437
Unamortized debt costs			31,557				29,760
Gross Debt			4,950,000				4,450,000
Total Cash			(158,693)				(9,062)
Net Debt		$	4,791,307			$	4,440,938

 

NNN REIT, Inc. Debt Summary As of September 30, 2025 (dollars in thousands) (unaudited)
Unsecured Debt		Principal				Principal, Net of Unamortized Discount				Stated Rate				Effective Rate				Maturity Date
Line of credit payable		$	—			$	—			SOFR + 87.5 bps					—			April 2028
Unsecured notes payable:
2025			400,000				399,985				4.000	%			4.029	%		November 2025
2026			350,000				349,455				3.600	%			3.733	%		December 2026
2027			400,000				399,622				3.500	%			3.548	%		October 2027
2028			400,000				399,004				4.300	%			4.388	%		October 2028
2030			400,000				399,381				2.500	%			2.536	%		April 2030
2031			500,000				496,053				4.600	%			4.766	%		February 2031
2033			500,000				490,274				5.600	%			5.905	%		October 2033
2034			500,000				494,475				5.500	%			5.662	%		June 2034
2048			300,000				296,283				4.800	%			4.890	%		October 2048
2050			300,000				294,667				3.100	%			3.205	%		April 2050
2051			450,000				442,364				3.500	%			3.602	%		April 2051
2052			450,000				440,454				3.000	%			3.118	%		April 2052
Total			4,950,000				4,902,017
Total unsecured debt(1)		$	4,950,000			$	4,902,017
Debt costs						$	(48,020)
Accumulated amortization							16,463
Debt costs, net of accumulated amortization							(31,557)
Notes payable, net of unamortized discount and     unamortized debt costs						$	4,870,460

(1)		Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.7 years.

 

NNN REIT, Inc. Debt Summary – Continued As of September 30, 2025 (unaudited)
Credit Metrics
		September 30, 2025		December 31, 2024
Gross Debt / Gross Assets		42.3 %		40.7 %
Net Debt / EBITDAre (last quarter annualized)		5.6		5.6
EBITDAre / fixed charges		4.1		4.2

Credit Facility and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the Company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of September 30, 2025, the Company believes it is in compliance with the covenants.

Key Covenants		Required		September 30, 2025
Unsecured Bank Credit Facility:
Maximum leverage ratio		< 0.60		0.39
Minimum fixed charge coverage ratio		> 1.50		4.18
Maximum secured indebtedness ratio		< 0.40		—
Unencumbered asset value ratio		> 1.67		2.62
Unencumbered interest ratio		> 1.75		4.07
Unsecured Notes:
Limitation on incurrence of total debt		≤ 60%		42 %
Limitation on incurrence of secured debt		≤ 40%		—
Debt service coverage ratio		≥ 1.5		4.1
Maintenance of total unencumbered assets		≥ 150%		240 %

 

NNN REIT, Inc. Property Portfolio As of September 30, 2025
Top 20 Lines of Trade
				% of ABR
				As of September 30,
		Lines of Trade		2025		2024
1.		Automotive service		18.4 %		17.0 %
2.		Convenience stores		16.2 %		15.9 %
3.		Restaurants – limited service		8.0 %		8.4 %
4.		Entertainment		7.2 %		7.2 %
5.		Dealerships		6.6 %		5.6 %
6.		Restaurants – full service		6.5 %		8.3 %
7.		Health and fitness		4.0 %		4.0 %
8.		Theaters		3.8 %		4.0 %
9.		Automotive parts		3.2 %		2.4 %
10.		Equipment rental		3.1 %		3.2 %
11.		Wholesale clubs		2.3 %		2.4 %
12.		Drug stores		2.0 %		2.2 %
13.		Home improvement		1.9 %		2.1 %
14.		Medical service providers		1.9 %		1.8 %
15.		Pet supplies and services		1.7 %		1.3 %
16.		Discount retail		1.4 %		1.6 %
17.		Early childhood education		1.3 %		1.1 %
18.		Furniture		1.2 %		1.9 %
19.		Travel plazas		1.2 %		1.2 %
20.		Consumer electronics		1.2 %		1.3 %
		Other		6.9 %		7.1 %
		Total		100.0 %		100.0 %

 

NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2025
Top 20 States
		State		# of Properties		% of ABR
1.		Texas		592		18.5 %
2.		Florida		273		8.7 %
3.		Illinois		175		5.0 %
4.		Georgia		176		4.5 %
5.		Ohio		227		4.2 %
6.		Tennessee		155		3.7 %
7.		Indiana		167		3.7 %
8.		Michigan		134		3.7 %
9.		North Carolina		160		3.6 %
10.		Arizona		87		3.6 %
11.		Virginia		119		3.3 %
12.		California		71		2.9 %
13.		Alabama		150		2.8 %
14.		Pennsylvania		86		2.3 %
15.		New Jersey		33		2.3 %
16.		Missouri		105		2.3 %
17.		Maryland		50		2.0 %
18.		Colorado		45		2.0 %
19.		South Carolina		81		2.0 %
20.		Oklahoma		90		1.8 %
		Other		721		17.1 %
		Total		3,697		100.0 %

 

NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2025
Top 20 Tenants
		Tenant		# of Properties		% of ABR
1.		7-Eleven		146		4.3 %
2.		Mister Car Wash		120		3.9 %
3.		Dave & Buster's		34		3.7 %
4.		Camping World		46		3.6 %
5.		GPM Investments (convenience stores)		147		2.6 %
6.		Flynn Restaurant Group (Taco Bell/Arby's)		204		2.5 %
7.		AMC Theatres		20		2.5 %
8.		BJ's Wholesale Club		13		2.3 %
9.		LA Fitness		25		2.3 %
10.		Kent Distributors (convenience stores)		49		2.2 %
11.		Mavis Tire Express Services		140		2.1 %
12.		Couche Tard (Pantry)		92		2.0 %
13.		Chuck E. Cheese		51		1.7 %
14.		Walgreens		49		1.7 %
15.		Sunoco		53		1.7 %
16.		United Rentals		49		1.6 %
17.		Casey's General Stores (convenience stores)		62		1.6 %
18.		Tidal Wave Auto Spa		35		1.4 %
19.		Super Star Car Wash		33		1.3 %
20.		Bob Evans Restaurants		105		1.2 %
		Other		2,224		53.8 %
		Total		3,697		100.0 %

 

Lease Expirations (1)
		% of ABR		# of Properties		Gross Leasable Area(2)				% of ABR		# of Properties		Gross Leasable Area(2)
2025		0.2 %		16		132,000		2031		7.4 %		216		2,953,000
2026		3.0 %		163		1,572,000		2032		4.9 %		188		1,840,000
2027		6.7 %		206		3,179,000		2033		4.4 %		134		1,401,000
2028		5.2 %		229		2,137,000		2034		5.7 %		191		2,376,000
2029		4.3 %		138		2,055,000		Thereafter		53.4 %		1,938		18,375,000
2030		4.8 %		183		2,284,000

(1)		As of September 30, 2025, the weighted average remaining lease term is 10.1 years.
(2)		Square feet.

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SOURCE NNN REIT, Inc.

FAQ

What did NNN (NYSE: NNN) report for Core FFO and AFFO per share in Q3 2025?

NNN reported Core FFO $0.85 and AFFO $0.86 per diluted share for Q3 2025.

How did NNN change its 2025 acquisition and disposition guidance on Nov 4, 2025?

NNN raised acquisition guidance to $850–$950M and disposition guidance to $170–$200M for 2025.

What liquidity and debt metrics did NNN report as of September 30, 2025?

NNN reported $1.4B total available liquidity, gross debt $4.95B, and weighted debt maturity 10.7 years.

When is NNN's quarterly dividend payable and what is the yield?

The quarterly dividend of $0.60 is payable Nov 14, 2025, implying a 5.6% annualized yield as of Sept 30, 2025.

How much did NNN invest in real estate in Q3 2025 and year‑to‑date through Sept 30, 2025?

NNN invested $283.0M in Q3 2025 and $748.0M for the nine months ended Sept 30, 2025.

Did NNN change its Core FFO and AFFO per share guidance for full‑year 2025?

Yes. Core FFO guidance was tightened to $3.36–$3.40 and AFFO guidance to $3.41–$3.45.