NNN REIT (NNN) Q3 2026 earnings summary

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.