NNN REIT 2025 AFFO $3.44 (+2.7% YoY); guides 2026 AFFO $3.52-$3.58

NNN REIT, INC.

2025-FY EPS reported $2.07 vs consensus $0.49 ▲ beat (+319.7%)

Net earnings $2.07/diluted share vs $2.15 in 2024; Core FFO $3.41, AFFO $3.44 per share.
Revenue $926.2M, up 6.6% YoY; portfolio occupancy 98.3% (+80bps vs Q3 2025).
2025 acquisitions $931M at 7.4% cap rate; 2026 guidance for $550-$650M in acquisitions.
Quarterly dividend raised to $0.60 ($2.40 annual), marking 36th consecutive annual increase.
2026 AFFO guidance $3.52-$3.58 per share; net debt/EBITDAre 5.6x, fixed charge 4.1x.

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