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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
NNN REIT
NNN REIT (NNN) investor relations material
NNN REIT Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 AFFO/share was $0.91, up 5.8% YoY; occupancy was 99.2%, and ABR reached $974.0M.
The $0.62 quarterly dividend marked a 37th consecutive annual increase; available liquidity totaled $1.4B.
Financial highlights
Q3 Core FFO/share was $0.90 vs. $0.85, up 5.9% YoY; AFFO/share was $0.91 vs. $0.86.
Q3 revenue was $249.7M vs. $230.2M YoY; net earnings were $109.9M vs. $96.8M, and diluted EPS was $0.57 vs. $0.51.
Q3 FFO was $172.4M, or $0.90 diluted/share, vs. $158.7M, or $0.84; AFFO was $174.4M vs. $161.1M.
9M revenue was $734.4M vs. $687.8M; net earnings were $301.8M vs. $293.8M, and diluted EPS was $1.58 vs. $1.56.
Q3 NOI margin was 96.7%; free cash flow after dividends was ~$56M.
Outlook and guidance
FY26 Core FFO/share guidance remained $3.50–$3.54 and AFFO/share guidance $3.55–$3.59.
Disposition guidance rose to $160M–$180M from $120M–$160M; acquisition volume guidance remained $700M–$800M.
FY26 bad-debt outlook fell to ~25 bps of ABR from 40 bps; Q4 acquisition pricing is expected to reflect higher cap rates.
Baseline self-funded AFFO growth was estimated at 3–4%; illustrative target growth was 4.0–5.0% with cost-of-capital-dependent acquisitions, not period guidance.
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Latest events from NNN REIT
- AFFO and Core FFO per share rose nearly 6%, with record occupancy and raised 2026 guidance.NNN
Q2 2026 - 36 years of dividend growth, high occupancy, and disciplined portfolio management drive strong results.NNNInvestor presentation
- Q1 2026 delivered 98.6% occupancy, $0.87 AFFO/share, and raised 2026 guidance.NNNQ1 2026
- Proxy covers director elections, executive pay, auditor ratification, and robust ESG initiatives.NNNProxy filing
- 2026 guidance targets 3.2% AFFO growth, $550–$650M acquisitions, and stable leverage.NNNQ4 2025
- Q3 2024 FFO per share up 3.7%, 99.3% occupancy, and acquisition guidance raised.NNNQ3 2024
- Q2 2024 delivered higher earnings, raised guidance, and marked 35 years of dividend growth.NNNQ2 2024
- Q1 2025 saw 3.6% Core FFO growth, 97.7%-98% occupancy, and $232M in new investments.NNNQ1 2025
- 2024 saw steady FFO growth, record dividends, and strong portfolio management amid tenant turnover.NNNQ4 2024
Next NNN REIT earnings date
Q4 202610 Feb, 2027
NNN REIT
Next NNN REIT earnings date
Q4 202610 Feb, 2027
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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.