---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-061453"
form_type: "8-K"
ticker: "NNN"
cik: "0000751364"
company_name: "NNN REIT, INC."
filed_at: "2025-05-01T23:59:59+00:00"
generated_at: "2026-05-23T01:27:03.394093+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# NNN REIT Q1 net earnings $0.51 per share; Core FFO up 3.6% to $0.86

## Summary
- Net earnings $96.5M ($0.51/diluted share) vs $94.4M ($0.52) a year ago.
- Core FFO per share $0.86, AFFO per share $0.87, each up 3.6% YoY.
- Closed $232.4M in investments at 7.4% cap rate, 40% of 2025 plan midpoint.
- Occupancy 97.7% (near 20-yr avg 98.2%); eviction of 64 restaurant properties completed.
- Maintains 2025 guidance: Core FFO $3.33-$3.38, AFFO $3.39-$3.44 per share.

## SEC filing metadata
- accession: 0000950170-25-061453
- form_type: 8-K
- ticker: NNN
- cik: 0000751364
- company_name: NNN REIT, INC.
- filed_at: 2025-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/751364/000095017025061453/0000950170-25-061453-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/751364/000095017025061453/nnn-20250501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-061453
- JSON: https://secwatch.observer/filing/0000950170-25-061453.json
- Plain text: https://secwatch.observer/filing/0000950170-25-061453.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.