What were the terms of NNN REIT's new third-quarter 2026 forward share sales?

NNN entered into forward sale agreements for 502,305 common shares at a weighted average price of $47.28 per share under its at-the-market equity program. These new agreements are distinct from the common shares issued during the quarter, primarily to settle forward sales.

NNN REIT, Inc. Announces Third Quarter 2026 Results

Q: What were NNN REIT's third-quarter 2026 earnings results?

NNN REIT earned $0.57 per diluted share, compared with $0.51 a year earlier. Core FFO per diluted share increased 5.9% to $0.90, while AFFO per diluted share increased 5.8% to $0.91. Both are supplemental, non-GAAP real estate earnings measures.

Q: What is NNN REIT's updated 2026 guidance?

NNN maintained full-year Core FFO guidance of $3.50–$3.54 and AFFO guidance of $3.55–$3.59 per diluted share. Earnings guidance excluding disposition gains, impairment losses and retirement and severance costs fell to $2.00–$2.04. Disposition guidance increased to $160–$180 million.

Q: When is NNN REIT's next quarterly dividend payable?

NNN's $0.62 per-share quarterly dividend is payable November 13, 2026, to shareholders of record on October 30, 2026. The dividend represents $2.48 per share annualized and a 6.0% annualized yield as of September 30, 2026.

Q: What leverage and debt coverage ratios did NNN REIT report for September 30, 2026?

NNN reported net debt of 5.6 times annualized real estate earnings before interest, taxes, depreciation and amortization, and fixed charge coverage of 4.1 times. Including anticipated proceeds from unsettled forward equity, the pro forma net debt ratio was 5.3 times.

Occupancy improved while NNN lowered earnings guidance excluding specified items and raised its administrative expense outlook.

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Rhea-AI Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Rhea-AI Summary

NNN REIT (NYSE: NNN) reported third-quarter 2026 net earnings of $0.57 per diluted share, up from $0.51 a year earlier. Revenue rose to $249.677 million from $230.159 million. Core funds from operations (Core FFO), an adjusted real estate earnings measure, increased 5.9% per diluted share to $0.90; adjusted funds from operations (AFFO) rose 5.8% to $0.91.

Occupancy reached 99.2%, versus 97.5% a year earlier. Quarterly property investments totaled $221.741 million, while sales generated $50.708 million. Share issuance raised $89.5 million net. At September 30, gross debt was $5.1 billion and available liquidity was $1.4 billion. NNN maintained 2026 Core FFO guidance of $3.50–$3.54 and AFFO guidance of $3.55–$3.59 per diluted share. It raised disposition guidance to $160–$180 million from $120–$160 million and lowered earnings guidance excluding specified items to $2.00–$2.04 from $2.01–$2.05.

21 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 6 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointThird-quarter revenue increased to $249.677 million from $230.159 million a year earlier.
Moderate pointThird-quarter net earnings rose to $109.928 million from $96.839 million; diluted earnings increased to $0.57 from $0.51.
Moderate pointThird-quarter Core FFO per diluted share grew 5.9% to $0.90 from $0.85.
Moderate pointThird-quarter AFFO per diluted share grew 5.8% to $0.91 from $0.86.
Moderate pointThird-quarter funds from operations per diluted share increased to $0.90 from $0.84 a year earlier.
Moderate pointOccupancy reached 99.2%, up 10 basis points quarter over quarter and 170 basis points year over year.
Moderate pointAnnualized base rent increased 6.8% year over year to $973.997 million at September 30, 2026.
Moderate pointThird-quarter investments of $221.741 million covered 76 properties, with a 7.3% initial cash capitalization rate. 2.8% of market cap
Moderate pointCommon share issuance raised $89.5 million in net proceeds during the third quarter. 1.1% of market cap
Moderate point. Forward-looking: it has not happened yet and may not happen.Outstanding forward equity is anticipated to raise approximately $204.0 million net upon settlement. 2.5% of market cap

11 minor points

Minor pointQuarterly acquisitions carried a 19.6-year weighted average lease term.
Minor pointNine-month investments totaled $658.144 million across 206 properties, with a 7.3% capitalization rate and 18.5-year average lease term.
Minor pointThird-quarter property sales generated $50.708 million; income-producing properties sold at a 7.8% weighted average capitalization rate.
Minor pointNine-month property sales generated $123.269 million across 83 properties; income-producing properties sold at a 7.3% capitalization rate.
Minor pointAvailable liquidity totaled $1.4 billion at September 30, including $1.2 billion of unused credit capacity.
Minor pointDebt had a 9.8-year weighted average maturity, with no encumbered assets and only 2.3% floating-rate exposure.
Minor pointNine-month revenue increased to $734.367 million from $687.815 million a year earlier.
Minor pointNine-month net earnings rose to $301.803 million from $293.826 million; diluted earnings increased to $1.58 from $1.56.
Minor pointNine-month funds from operations per diluted share increased to $2.65 from $2.53 a year earlier.
Minor pointNine-month Core FFO per diluted share increased to $2.65 from $2.54 a year earlier.
Minor pointNine-month AFFO per diluted share increased to $2.68 from $2.57 a year earlier.

Negative

Moderate point. Forward-looking: it has not happened yet and may not happen.2026 earnings guidance excluding disposition gains, impairments and retirement/severance costs fell to $2.00–$2.04 from $2.01–$2.05.
Moderate pointThird-quarter issuance of 2,014,352 common shares, primarily settling forward sales, diluted existing holders.
Moderate point. Forward-looking: it has not happened yet and may not happen.Outstanding forward sales covered 4,501,833 common shares at September 30, representing additional potential dilution.
Moderate point. Forward-looking: it has not happened yet and may not happen.The new equity distribution agreement permits sales of up to 25,000,000 common shares, creating further potential dilution.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 general and administrative expense guidance increased to $54–$56 million from $53–$55 million.
Minor pointGross debt totaled $5.1 billion at September 30, with a 4.2% weighted average interest rate.

News Explained

Potential share issuance remains distinct from completed issuance, and the stated liquidity total partly relies on proceeds not yet received.

As of September 30, 2026, NNN had 4,501,833 common shares under outstanding forward sale agreements, expected to raise $204.0 million when settled. If issued at settlement, those additional shares would increase the share count and reduce existing holders’ percentage ownership, absent offsetting changes.

Separately, an equity distribution agreement permits NNN to sell up to 25,000,000 common shares at a price agreed at the time of sale. The release gives this as a permitted maximum, not a report that all those shares have been sold.

The reported $1.4 billion of available liquidity includes $204.0 million of outstanding forward equity alongside $1.2 billion of unused line capacity and $2.7 million of cash, so the total includes anticipated equity proceeds rather than only cash and unused credit.

Key Figures

Net earnings per diluted share: $0.57 Core FFO per diluted share: $0.90; 5.9% growth AFFO per diluted share: $0.91; 5.8% growth +5 more

Net earnings per diluted share: $0.57; Q3 2026; $0.51 in Q3 2025
Core FFO per diluted share: $0.90; 5.9% growth; Q3 2026, year over year
AFFO per diluted share: $0.91; 5.8% growth; Q3 2026, year over year
Revenue: $249.677 million; Q3 2026; $230.159 million in Q3 2025
Portfolio occupancy: 99.2%; At September 30, 2026; up 170 basis points year over year
2026 Core FFO guidance: $3.50–$3.54 per share; Maintained
2026 AFFO guidance: $3.55–$3.59 per share; Maintained
2026 disposition volume guidance: $160–$180 million; Increased from $120–$160 million

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

Aug 05
Q2 earnings report

24h Move

+0.4%

Reported growth in Core FFO and AFFO per share alongside higher occupancy and raised annual guidance.
Nov 04
Q3 earnings report

24h Move

-2.6%

Reported year-over-year Core FFO and AFFO per-share growth and increased annual acquisition guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

core ffo, affo, ebitdare, gaap

4 terms

core ffo financial

"Grew Core FFO and AFFO per diluted share by 5.9% and 5.8%"

Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.

affo financial

"Grew Core FFO and AFFO per diluted share by 5.9% and 5.8%"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

ebitdare financial

"Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x"

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

gaap financial

"Annualized Base Rent ("ABR") is a non-U.S. generally accepted accounting principles"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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11/04/2026 - 08:30 AM EST

ORLANDO, Fla., Nov. 4, 2026 /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, 2026. Highlights include:

Third Quarter 2026 Highlights:

Reported net earnings of $0.57 per diluted share
Grew Core FFO and AFFO per diluted share by 5.9% and 5.8%, respectively, over prior-year results to $0.90 and $0.91, respectively
Increased ABR by 6.8% over prior-year results to $974.0 million
Increased portfolio occupancy to 99.2%, an increase of 10 and 170 basis points over the prior quarter and prior year periods, respectively, with a portfolio weighted average remaining lease term of 10.1 years
Closed on $221.7 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 19.6 years and $658.1 million of investments at an initial cash cap rate of 7.3% in the nine months ended September 30, 2026
Sold 32 properties for $50.7 million, including $37.3 million of income producing properties at a weighted average cap rate of 7.8%
Entered into forward sale agreements for 502,305 common shares under the Company's at-the-market equity program ("ATM") at a weighted average price per share of $47.28
Issued 2,014,352 common shares, primarily under the ATM, raising net proceeds of $89.5 million
Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 9.8 years, no encumbered assets, only 2.3% of floating rate exposure and $1.4 billion of total available liquidity
Paid a $0.62 quarterly dividend, representing a 6.0% annualized dividend yield and a 68% AFFO payout ratio as of September 30, 2026

Additional Highlights:

Maintained 2026 Core FFO per share guidance of $3.50 - $3.54
Maintained 2026 AFFO per share guidance of $3.55 - $3.59
Increased 2026 disposition volume guidance to a new range of $160 - $180 million

Steve Horn, Chief Executive Officer, commented: "We are pleased to report strong third quarter results, highlighted by continued healthy portfolio trends, solid investment activity, and well-timed equity capital markets execution. With $1.4 billion of available liquidity and a balance sheet built for all market cycles, we are well positioned to execute on our investment pipeline and capitalize on the opportunities that today's market volatility may create."

FINANCIAL RESULTS

	Quarter Ended September 30,				Nine Months Ended September 30,
(dollars in thousands, except per diluted share data)	2026		2025		2026		2025
Revenues	$	249,677	$	230,159	$	734,367	$	687,815

Net earnings	$	109,928	$	96,839	$	301,803	$	293,826
Net earnings per share	$	0.57	$	0.51	$	1.58	$	1.56

FFO	$	172,409	$	158,676	$	503,378	$	474,585
FFO per share	$	0.90	$	0.84	$	2.65	$	2.53

Core FFO	$	172,576	$	159,366	$	504,347	$	477,639
Core FFO per share	$	0.90	$	0.85	$	2.65	$	2.54

AFFO	$	174,366	$	161,063	$	510,065	$	482,601
AFFO per share	$	0.91	$	0.86	$	2.68	$	2.57

PORTFOLIO SNAPSHOT

(dollars in thousands)	September 30, 2026			June 30, 2026			September 30, 2025
Number of properties		3,817			3,774			3,697
Total gross leasable area (square feet)		40,764,000			40,440,000			39,209,000
Occupancy rate		99.2	%		99.1	%		97.5	%
Weighted average remaining lease term (years)		10.1			10.1			10.1
ABR	$	973,997		$	959,145		$	912,218

PROPERTY ACQUISITIONS

(dollars in thousands)	Quarter Ended September 30, 2026			Nine Months Ended September 30, 2026
Total dollars invested⁽¹⁾	$	221,741		$	658,144
Number of properties		76			206
Gross leasable area (square feet)⁽²⁾		572,000			1,937,000
Weighted average cap rate⁽³⁾		7.3	%		7.3	%
Weighted average lease term (years)		19.6			18.5


⁽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, 2026								Nine Months Ended September 30, 2026
(dollars in thousands)	Income Producing			Vacant		Total			Income Producing			Vacant		Total
Number of properties		21			11		32			37			46		83
Gross leasable area (square feet)		150,000			63,000		213,000			265,000			389,000		654,000
Net sale proceeds	$	37,299		$	13,409	$	50,708		$	64,145		$	59,124	$	123,269
Weighted average cap rate⁽¹⁾		7.8	%		—		7.8	%		7.3	%		—		7.3	%


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

CAPITAL MARKETS ACTIVITY

During the quarter ended September 30, 2026, NNN entered into forward sale agreements for 502,305 common shares under the Company's ATM at a weighted average price per share of $47.28.

During the quarter ended September 30, 2026, NNN issued 2,014,352 common shares, primarily in settlement of forward sale agreements under the Company's ATM, raising $89.5 million in net proceeds.

During the quarter ended September 30, 2026, NNN entered into an Equity Distribution Agreement which allows the Company to issue and sell up to 25,000,000 shares of common stock, par value $0.01 per share, through the agents acting as sales agents, or directly to the agents acting as principals for their own account, in each case at a price agreed upon at the time of sale.

As of September 30, 2026, NNN had 4,501,833 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $204.0 million. Net proceeds include the impact of forward price adjustments through September 30, 2026.

BALANCE SHEET AND LIQUIDITY

As of September 30, 2026, Gross Debt was $5.1 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 9.8 years. The Company ended the quarter with $1.4 billion of total available liquidity, including $1.2 billion of unused line of credit capacity, $204.0 million of outstanding forward equity, and $2.7 million of cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of September 30, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.3x as of September 30, 2026.

DIVIDEND

As previously announced on October 15, 2026, the Company's Board of Directors declared a quarterly dividend of $0.62 per share payable on November 13, 2026, to shareholders of record as of October 30, 2026. The quarterly dividend represents an annualized dividend of $2.48 per share and an annualized dividend yield of 6.0% as of September 30, 2026. NNN is one of only three publicly traded real estate investment trusts to have increased its annual dividend for 37 or more consecutive years.

2026 GUIDANCE

(dollars in millions, except per diluted share data)	Previous 2026 Guidance	Updated 2026 Guidance
Net earnings per share excluding any gains on disposition of real estate, impairment losses and retirement and severance costs	$2.01 - $2.05	$2.00 - $2.04
Real estate depreciation and amortization per share	$1.49	$1.50
Core FFO per share	$3.50 - $3.54	$3.50 - $3.54
AFFO per share	$3.55 - $3.59	$3.55 - $3.59
General and administrative expenses	$53 - $55	$54 - $56
Real estate expenses, net of tenant reimbursements	$13.5 - $14.5	$13.5 - $14.5
Acquisition volume	$700 - $800	$700 - $800
Disposition volume	$120 - $160	$160 - $180

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, 2026 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 United States ("U.S.") or 973-528-0011 for international callers and entering the participant code 975248 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through Wednesday, November 18, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 54559.

ABOUT NNN REIT, INC.

NNN is a REIT that invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of September 30, 2026, the Company owned 3,817 properties across all 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.8 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. For additional information, please 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 global 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, 2025 and (ii) Quarterly Report on Form 10-Q for the quarters ended March 31, 2026, June 30, 2026 and September 30, 2026. 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. The Company 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

Annualized Base Rent ("ABR") is a non-U.S. generally accepted accounting principles ("GAAP") metric which 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.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") as defined by the National Association of Real Estate Investment Trusts ("Nareit") is a metric established by the 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.

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 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.

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 the line of credit payable, and term loan payable and notes payable, each net of unamortized discount and unamortized 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.

Pro Forma Net Debt is defined by the Company as Net Debt less anticipated net proceeds from unsettled forward equity.

Management considers the non-GAAP measures of Gross Debt, Net Debt and Pro Forma 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.

NNN REIT, Inc. Balance Sheet Summary (dollars in thousands) (unaudited)

	September 30, 2026		December 31, 2025
Assets:
Real estate portfolio, net of accumulated depreciation and amortization	$	9,572,131	$	9,239,542
Cash and cash equivalents		2,726		5,046
Restricted cash and cash held in escrow		—		776
Receivables, net of allowance of $600 and $609, respectively		2,573		3,470
Accrued rental income, net of allowance of $3,598 and $3,393, respectively		37,440		34,914
Debt costs, net of accumulated amortization of $32,073 and $29,930, respectively		4,262		8,645
Other assets		99,745		86,962
Total assets	$	9,718,877	$	9,379,355

Liabilities:
Line of credit payable	$	19,000	$	348,100
Term loan payable, net of unamortized debt costs		497,136		—
Notes payable, net of unamortized discount and unamortized debt costs		4,477,768		4,472,324
Accrued interest payable		73,168		40,557
Other liabilities		100,420		110,072
Total liabilities		5,167,492		4,971,053

Total equity		4,551,385		4,408,302

Total liabilities and equity	$	9,718,877	$	9,379,355

Common shares outstanding		193,947,411		189,937,404

NNN REIT, Inc. Income Statement Summary (dollars in thousands, except per share data) (unaudited)

	Quarter Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues:
Rental income	$	248,356	$	229,773	$	731,052	$	686,845
Interest and other income from real estate transactions		1,321		386		3,315		970
		249,677		230,159		734,367		687,815

Operating expenses:
General and administrative		13,591		11,056		41,754		35,281
Real estate		8,237		9,128		26,302		27,341
Depreciation and amortization		74,157		67,252		215,979		200,218
Leasing transaction costs		146		131		502		335
Impairment losses – real estate, net of recoveries		3,470		7,195		22,217		13,242
Retirement and severance costs		167		690		969		3,054
		99,768		95,452		307,723		279,471
Gain on disposition of real estate		15,046		12,570		36,336		32,581
Earnings from operations		164,955		147,277		462,980		440,925

Other expenses (revenues):
Interest and other income		(115)		(2,940)		(178)		(3,284)
Interest expense		55,142		53,378		161,355		150,383
		55,027		50,438		161,177		147,099

Net earnings	$	109,928	$	96,839	$	301,803	$	293,826

Weighted average shares outstanding:
Basic		190,793,962		187,838,711		189,641,201		187,200,093
Diluted		191,335,050		188,332,789		190,154,582		187,686,331

Net earnings per share:
Basic	$	0.58	$	0.51	$	1.59	$	1.57
Diluted	$	0.57	$	0.51	$	1.58	$	1.56

NNN REIT, Inc. Other Information (dollars in thousands) (unaudited)

	Quarter Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Rental income from operating leases^{(1) (2)}	$	243,161	$	225,053	$	713,972	$	670,823
Earned income from direct financing leases⁽¹⁾	$	75	$	111	$	236	$	337
Percentage rent⁽¹⁾	$	263	$	211	$	1,087	$	1,381

Real estate expenses reimbursed from tenants⁽¹⁾	$	4,857	$	4,398	$	15,757	$	14,304
Real estate expenses		(8,237)		(9,128)		(26,302)		(27,341)
Real estate expenses, net of tenant reimbursements	$	(3,380)	$	(4,730)	$	(10,545)	$	(13,037)

Amortization of debt costs	$	1,873	$	1,630	$	5,401	$	4,574
Non-real estate depreciation expense	$	104	$	44	$	295	$	130


⁽¹⁾	For the quarters ended September 30, 2026 and 2025, the aggregate of such amounts is $248,356 and $229,773, respectively, and $731,052 and $686,845 for the nine months ended September 30, 2026 and 2025, respectively, and is classified as rental income on the income statement summary.
⁽²⁾	Includes lease termination fees of $1,367 and $669 for the quarters ended September 30, 2026 and 2025, respectively, and $3,739 and $11,121 for the nine months ended September 30, 2026 and 2025, 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,
	2026			2025			2026			2025
Net earnings	$	109,928		$	96,839		$	301,803		$	293,826
Real estate depreciation and amortization		74,057			67,212			215,694			200,098
Gain on disposition of real estate		(15,046)			(12,570)			(36,336)			(32,581)
Impairment losses – depreciable real estate, net of recoveries		3,470			7,195			22,217			13,242
FFO		172,409			158,676			503,378			474,585
Retirement and severance costs		167			690			969			3,054
Core FFO		172,576			159,366			504,347			477,639
Straight-line accrued rent, net of reserves		(1,038)			(631)			(3,167)			(715)
Net capital lease rent adjustment		44			62			136			184
Below-market rent amortization		(123)			(68)			(438)			(1,781)
Stock based compensation expense		3,446			2,791			10,860			9,194
Capitalized interest expense		(539)			(457)			(1,673)			(1,920)
AFFO	$	174,366		$	161,063		$	510,065		$	482,601

FFO per share:
Basic	$	0.90		$	0.84		$	2.65		$	2.54
Diluted	$	0.90		$	0.84		$	2.65		$	2.53

Core FFO per share:
Basic	$	0.90		$	0.85		$	2.66		$	2.55
Diluted	$	0.90		$	0.85		$	2.65		$	2.54

AFFO per share:
Basic	$	0.91		$	0.86		$	2.69		$	2.58
Diluted	$	0.91		$	0.86		$	2.68		$	2.57

Dividend per share	$	0.62		$	0.60		$	1.82		$	1.76
AFFO payout ratio⁽¹⁾		68	%		70	%		68	%		68	%


⁽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,
	2026		2025		2026		2025
Net earnings	$	109,928	$	96,839	$	301,803	$	293,826
Interest expense		55,142		53,378		161,355		150,383
Depreciation and amortization		74,157		67,252		215,979		200,218
Gain on disposition of real estate		(15,046)		(12,570)		(36,336)		(32,581)
Impairment losses – real estate, net of recoveries		3,470		7,195		22,217		13,242
EBITDAre	$	227,651	$	212,094	$	665,018	$	625,088

Interest expense	$	55,142	$	53,378	$	161,355	$	150,383
Add back: capitalized interest		539		457		1,673		1,920
Fixed charges	$	55,681	$	53,835	$	163,028	$	152,303

	September 30, 2026		December 31, 2025
Total assets	$	9,718,877	$	9,379,355
Accumulated depreciation & amortization		2,400,049		2,259,469
Amortization of direct financing leases		2,590		2,546
Gross Assets	$	12,121,516	$	11,641,370

Debt outstanding:
Line of credit	$	19,000	$	348,100
Term loan, net of unamortized debt costs		497,136		—
Notes payable, net of unamortized discount and unamortized debt costs		4,477,768		4,472,324
Total Debt		4,993,904		4,820,424
Unamortized note discount		44,079		47,005
Unamortized debt costs		31,017		30,670
Gross Debt		5,069,000		4,898,099
Total Cash		(2,726)		(5,822)
Net Debt		5,066,274		4,892,277
Net proceeds from unsettled forward equity		(204,046)		—
Pro Forma Net Debt	$	4,862,228	$	4,892,277

NNN REIT, Inc. Debt Summary As of September 30, 2026 (dollars in thousands) (unaudited)

Unsecured Debt	Principal		Principal, Net of Unamortized Discount		Stated Rate			Effective Rate				Maturity Date
Line of credit payable	$	19,000	$	19,000	SOFR + 72.5 bps				4.595	%		April 2028⁽¹⁾

Term loan payable		500,000		500,000	SOFR + 80 bps				4.181	%	⁽²⁾	February 2029⁽³⁾

Notes payable:
2026		350,000		349,905		3.600	%		3.733	%		December 2026
2027		400,000		399,804		3.500	%		3.548	%		October 2027
2028		400,000		399,317		4.300	%		4.388	%		October 2028
2030		400,000		399,511		2.500	%		2.536	%		April 2030
2031		500,000		496,726		4.600	%		4.766	%		February 2031
2033		500,000		491,251		5.600	%		5.905	%		October 2033
2034		500,000		494,982		5.500	%		5.662	%		June 2034
2048		300,000		296,373		4.800	%		4.890	%		October 2048
2050		300,000		294,812		3.100	%		3.205	%		April 2050
2051		450,000		442,550		3.500	%		3.602	%		April 2051
2052		450,000		440,690		3.000	%		3.118	%		April 2052
Total		4,550,000		4,505,921

Total unsecured debt⁽⁴⁾	$	5,069,000	$	5,024,921

Reconciliation of Debt	Term Loan Payable		Notes Payable
Principal, net of unamortized discount	$	500,000	$	4,505,921
Debt costs		(3,604)		(44,420)
Accumulated amortization		740		16,267
Debt costs, net of accumulated amortization		(2,864)		(28,153)
Principal, net of unamortized discount and unamortized debt costs	$	497,136	$	4,477,768


⁽¹⁾		Excludes the impact of two six-month extension options.
⁽²⁾		SOFR swapped to a weighted average fixed rate of 3.30% on $400,000. Effective November 16, 2026, SOFR will swap to 3.55% on $500,000.
⁽³⁾		Excludes the impact of two one-year extension options.
⁽⁴⁾		Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 9.8 years.

NNN REIT, Inc. Debt Summary – Continued As of September 30, 2026 (unaudited)

Credit Metrics

	September 30, 2026	December 31, 2025
Gross Debt / Gross Assets	41.8 %	42.1 %
Net Debt / EBITDAre (last quarter annualized)	5.6x	5.6x
Pro Forma Net Debt / EBITDAre (last quarter annualized)	5.3x	5.6x
EBITDAre / fixed charges	4.1x	4.1x


Credit Facility, Term Loan and Notes Covenants

The following is a summary of key financial covenants for the Company's unsecured credit facility, term loan and notes, as defined and calculated per the terms of the agreements and indentures governing such debt, 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, 2026, the Company believes it is in compliance with the covenants.

Key Covenants	Required	September 30, 2026
Unsecured Bank Credit Facility and Term Loan:
Maximum leverage ratio	< 0.60x	0.38x
Minimum fixed charge coverage ratio	> 1.50x	4.12x
Maximum secured indebtedness ratio	< 0.40x	—
Unencumbered asset value ratio	> 1.67x	2.69x
Unencumbered interest ratio	> 1.75x	4.10x
Unsecured Notes:
Limitation on incurrence of total debt	≤ 60%	41 %
Limitation on incurrence of secured debt	≤ 40%	—
Debt service coverage ratio	≥ 1.5x	4.1x
Maintenance of total unencumbered assets	≥ 150%	242 %

NNN REIT, Inc. Property Portfolio As of September 30, 2026

Top 20 Lines of Trade

	Lines of Trade	# of Tenants	# of Properties	% of ABR
1.	Automotive service	48	786	19.2 %
2.	Convenience stores	31	670	15.5 %
3.	Restaurants – limited service	63	618	7.6 %
4.	Entertainment	6	95	7.2 %
5.	Dealerships	17	112	6.3 %
6.	Restaurants – full service	67	325	6.2 %
7.	Health and fitness	7	36	3.7 %
8.	Theaters	5	32	3.5 %
9.	Automotive parts	9	144	3.2 %
10.	Equipment rental	4	104	2.9 %
11.	Discount retail	7	159	2.4 %
12.	Early childhood education	10	105	2.2 %
13.	Wholesale clubs	1	13	2.2 %
14.	Home improvement	11	50	1.9 %
15.	Drug stores	3	58	1.8 %
16.	Medical service providers	28	84	1.7 %
17.	Pet supplies and services	12	62	1.7 %
18.	Furniture	14	43	1.2 %
19.	Travel plazas	4	24	1.1 %
20.	Automobile auctions, wholesale	2	18	1.1 %
	Other	86	279	7.4 %
	Total		3,817	100.0 %

NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2026

Top 20 States

	State	# of Tenants	# of Properties	% of ABR
1.	Texas	93	587	17.6 %
2.	Florida	95	278	8.6 %
3.	Illinois	52	188	5.3 %
4.	Georgia	63	179	4.4 %
5.	Ohio	78	211	4.3 %
6.	North Carolina	49	169	3.9 %
7.	Michigan	34	148	3.9 %
8.	Tennessee	51	164	3.7 %
9.	Indiana	47	169	3.5 %
10.	Arizona	38	89	3.5 %
11.	Virginia	48	129	3.4 %
12.	California	27	82	2.9 %
13.	Alabama	39	157	2.8 %
14.	Missouri	34	110	2.4 %
15.	New Jersey	18	32	2.2 %
16.	Pennsylvania	39	81	2.1 %
17.	Colorado	31	51	2.1 %
18.	Maryland	21	53	2.0 %
19.	South Carolina	31	85	2.0 %
20.	Oklahoma	31	91	1.9 %
	Other	165	764	17.5 %
	Total		3,817	100.0 %

NNN REIT, Inc. Property Portfolio – Continued As of September 30, 2026

Top 20 Tenants

	Tenant	Primary Line of Trade	# of Properties	% of ABR
1.	7-Eleven	Convenience stores	145	4.1 %
2.	Mister Car Wash	Automotive service	121	3.7 %
3.	Dave & Buster's	Entertainment	34	3.5 %
4.	Camping World	Dealerships	46	3.3 %
5.	Mavis Tire Express Services	Automotive service	154	2.6 %
6.	Kent Distributors	Convenience stores	64	2.5 %
7.	Flynn Restaurant Group	Restaurants - limited service	203	2.4 %
8.	GPM Investments	Convenience stores	140	2.3 %
9.	AMC Theatres	Theaters	19	2.2 %
10.	BJ's Wholesale Club	Wholesale clubs	13	2.2 %
11.	LA Fitness	Health and fitness	24	2.0 %
12.	Couche-Tard	Convenience stores	91	2.0 %
13.	Sunoco	Convenience stores	54	1.7 %
14.	Chuck E. Cheese	Entertainment	51	1.6 %
15.	Walgreens	Drug stores	48	1.6 %
16.	United Rentals	Equipment rental	48	1.5 %
17.	Tidal Wave Auto Spa	Automotive service	35	1.5 %
18.	Casey's General Stores	Convenience stores	52	1.4 %
19.	Club Car Wash	Automotive service	36	1.4 %
20.	Super Star Car Wash	Automotive service	33	1.3 %
	Other		2,406	55.2 %
	Total		3,817	100.0 %

Lease Expirations⁽¹⁾

	# of Properties	Gross Leasable Area⁽²⁾	% of ABR		# of Properties	Gross Leasable Area⁽²⁾	% of ABR
2026	33	198,000	0.3 %	2032	220	2,310,000	5.5 %
2027	153	2,107,000	4.8 %	2033	135	1,410,000	4.1 %
2028	219	2,017,000	4.7 %	2034	192	2,823,000	5.6 %
2029	138	1,977,000	3.9 %	2035	135	1,785,000	4.0 %
2030	185	2,422,000	4.6 %	Thereafter	2,065	19,753,000	53.9 %
2031	310	3,598,000	8.6 %


⁽¹⁾		As of September 30, 2026, the weighted average remaining lease term is 10.1 years.
⁽²⁾		Square feet.

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SOURCE NNN REIT, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were NNN REIT's third-quarter 2026 earnings results?

NNN REIT earned $0.57 per diluted share, compared with $0.51 a year earlier. Core FFO per diluted share increased 5.9% to $0.90, while AFFO per diluted share increased 5.8% to $0.91. Both are supplemental, non-GAAP real estate earnings measures.

What is NNN REIT's updated 2026 guidance?

NNN maintained full-year Core FFO guidance of $3.50–$3.54 and AFFO guidance of $3.55–$3.59 per diluted share. Earnings guidance excluding disposition gains, impairment losses and retirement and severance costs fell to $2.00–$2.04. Disposition guidance increased to $160–$180 million.

When is NNN REIT's next quarterly dividend payable?

NNN's $0.62 per-share quarterly dividend is payable November 13, 2026, to shareholders of record on October 30, 2026. The dividend represents $2.48 per share annualized and a 6.0% annualized yield as of September 30, 2026.

What leverage and debt coverage ratios did NNN REIT report for September 30, 2026?

NNN reported net debt of 5.6 times annualized real estate earnings before interest, taxes, depreciation and amortization, and fixed charge coverage of 4.1 times. Including anticipated proceeds from unsettled forward equity, the pro forma net debt ratio was 5.3 times.

NNN REIT, Inc. Announces Third Quarter 2026 Results