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NNN REIT (NNN) investor relations material
NNN REIT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Achieved 36 consecutive annual dividend increases, with a 3.4% rise in Q3 2025 dividend to $0.60 per share.
Core FFO and AFFO per share grew 1.2% year-over-year to $0.84 and $0.85, respectively.
Portfolio included 3,663 properties across 50 states, with 98% occupancy and a weighted average remaining lease term of 10 years.
$232.5 million invested in Q2 at a 7.4% cap rate; $464.9 million invested YTD, 85% of full-year plan midpoint.
Published third annual Corporate Sustainability Report.
Financial highlights
Q2 2025 revenues rose 4.6% year-over-year to $226.8 million; six-month revenues at $457.7 million, up 5.9%.
Net earnings for Q2 2025 were $100.5 million ($0.54 per diluted share), compared to $106.7 million ($0.58) in Q2 2024.
Annualized base rent increased 6.7% year-over-year to $893.8 million.
NOI margin was 98% for the quarter; G&A was about 5% of total revenues.
Free cash flow after dividend was about $50M in Q2.
Outlook and guidance
2025 Core FFO per share guidance raised to $3.34–$3.39; AFFO per share to $3.40–$3.45.
Acquisition volume guidance increased to $600–$700 million; disposition volume to $120–$150 million.
Strategy targets mid-single-digit annual per share growth and consistent dividend increases.
Embedded 60 basis points of bad debt in full-year outlook, with 15 basis points booked through Q2.
Management expects to meet obligations through operating cash flow, credit facility borrowings, and property sales.
What drove the increase in real estate expenses?
How does portfolio pricing compare to individual assets?
Discuss strategy for vacant property re-leasing.
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Next NNN REIT earnings date
Q3 20254 Nov, 2025
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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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