NNN REIT, Inc. released its third-quarter and nine-month financial and operating results on November 4, 2026, covering the period ended September 30, 2026, reporting growth in Core FFO, annualized base rent, and portfolio occupancy.

Key Highlights

  • Net earnings per diluted share: $0.57 for Q3 2026, up from $0.51 in Q3 2025, according to the filing.
  • Core FFO and AFFO per diluted share grew 5.9% and 5.8%, respectively, year over year, to $0.90 and $0.91 for the quarter.
  • Annualized base rent (ABR) reached $973,997 thousand as of September 30, 2026, a 6.8% increase over the prior-year period.
  • Portfolio occupancy increased to 99.2%, up 170 basis points from the prior-year period and 10 basis points from the prior quarter.
  • Investments closed: $221.7 million in Q3 2026 at an initial cash cap rate of 7.3% and a weighted average lease term of 19.6 years.
  • Quarterly dividend declared: $0.62 per share, payable November 13, 2026, to shareholders of record as of October 30, 2026.
  • Disposition volume guidance was raised to $160-$180 million from the previous range of $120-$160 million.

NNN REIT Reports Q3 2026 Portfolio and Financial Performance

NNN REIT, Inc. (NYSE:NNN), a real estate investment trust based in Orlando, Florida, disclosed revenues of $249,677 thousand for the quarter ended September 30, 2026, compared with $230,159 thousand in the same quarter of 2025. Net earnings for the quarter were $109,928 thousand, or $0.57 per diluted share, versus $96,839 thousand, or $0.51 per diluted share, in Q3 2025. For the nine months ended September 30, 2026, revenues totaled $734,367 thousand and net earnings reached $301,803 thousand, or $1.58 per diluted share.

The company reported that its portfolio consisted of 3,817 properties as of September 30, 2026, with approximately 40,764,000 square feet of gross leasable area and a weighted average remaining lease term of 10.1 years. During Q3 2026, NNN acquired 76 properties totaling $221,741 thousand invested, and sold 32 properties for net proceeds of $50,708 thousand, including $37,299 thousand from 21 income-producing properties at a weighted average cap rate of 7.8%. The filing also noted that for the nine months ended September 30, 2026, the company closed on $658,144 thousand of investments at an initial cash cap rate of 7.3%.

On the balance sheet, the filing reported Gross Debt of $5.1 billion as of September 30, 2026, with a weighted average interest rate of 4.2% and a weighted average debt maturity of 9.8 years. Total available liquidity stood at $1.4 billion, comprising $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 was 5.6x and fixed charge coverage was 4.1x. The company also disclosed that it entered into a new Equity Distribution Agreement allowing the issuance and sale of up to 25,000,000 shares of common stock. The filing stated that NNN is one of only three publicly traded REITs to have increased its annual dividend for 37 or more consecutive years. Full-year 2026 Core FFO per share guidance was maintained at $3.50-$3.54 and AFFO per share guidance at $3.55-$3.59.

What Was Disclosed

NNN REIT filed its Q3 2026 earnings release disclosing revenues, net earnings, FFO, Core FFO, AFFO, portfolio occupancy, investment and disposition activity, capital markets transactions, balance sheet metrics, a quarterly dividend declaration, and updated 2026 full-year guidance.