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Edge14 Nov 2025
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NNN REIT (NNN) investor relations material
NNN REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved strong Q3 2025 performance with 20 deals closed, 57 assets acquired for $283 million, and maintained $1.4 billion in liquidity with an industry-leading average debt maturity of nearly 11 years.
Reported 36 consecutive annual dividend increases, among the longest streaks in the REIT sector.
Owned 3,697 properties in 50 states with 39.2 million sq. ft. and 97.5% occupancy as of September 30, 2025.
Focused on single-tenant, net-leased properties with a disciplined acquisition strategy and high portfolio diversification.
Demonstrated proactive risk management, resolving major tenant bankruptcies and repositioning assets for future growth.
Financial highlights
Core FFO and AFFO per share for Q3 2025 were $0.85 and $0.86, up 1.2% and 2.4% year-over-year; rental income for Q3 was $229.8M, up 5.3% year-over-year.
Annualized base rent reached $912 million, a 7.2% increase year-over-year.
Closed $283 million in Q3 2025 investments at a 7.3% cap rate and $748 million YTD, exceeding guidance.
Sold 23 properties for $41.3 million, including $22.3 million of income-producing assets at a 5.9% cap rate.
Paid a $0.60 quarterly dividend, up 3.4%, with a 5.6% annualized yield and 70% AFFO payout ratio.
Outlook and guidance
Raised 2025 Core FFO per share guidance to $3.36–$3.40 and AFFO per share to $3.41–$3.45.
Increased acquisition guidance to $850–$950 million, with a midpoint of $900 million, and disposition outlook to $170–$200 million.
Exceeded the high end of previously provided investment guidance for the nine months ended September 30, 2025.
Bad debt assumption for the year reduced to 25 basis points from 60, reflecting successful tenant resolutions.
Management expects to meet long-term obligations through cash from operations, available credit, and capital market activities.
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Frequently asked questions
NNN REIT Inc (formerly National Retail Properties) is a self-administered and self-managed real estate investment trust formed by affiliates of Leonard Green & Partners, LLC. National Retail Properties invest primarily in high-quality retail properties subject generally to long-term, net leases. Their portfolio of properties is diversified by tenant mix and geography, with concentrations in the major suburban markets of Detroit, Houston, Dallas, Phoenix and Denver. National Retail Properties currently owns interests in 46 properties totaling 4.6 million square feet of leasable space located in 15 states.
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