NNN REIT Inc
Q2 2026 Earnings
Market Reaction
Did NNN Beat Earnings? Q2 2026 Results
NNN REIT delivered a clean beat across the board in Q2 2026, posting earnings per diluted share of $0.52 against a consensus estimate of $0.51 and revenue of $244.27 million, topping forecasts by 1.21% and rising 7.7% year-over-year from $226.80 million a year ago. The primary driver behind the revenue strength was robust rental income growth, which climbed to $242.68 million from $226.50 million, underpinned by a portfolio occupancy rate of 99.1%, up 110 basis points year-over-year, and annualized base rent expanding 7.3% to $959.14 million. The company acquired 89 properties for $291.01 million at a 7.3% initial cash cap rate during the quarter, accelerating portfolio expansion and prompting management to raise full-year acquisition guidance to $700 million to $800 million. Core FFO per diluted share grew 6.0% to $0.89, reflecting operational momentum that also supported the board's declaration of a $0.62 quarterly dividend, a 3.3% increase representing the company's 37th consecutive annual dividend raise.
- Core FFO per diluted share grew 6.0% year-over-year to $0.89
- AFFO per diluted share grew 5.9% year-over-year to $0.90
- ABR increased 7.3% year-over-year to $959.1 million
- Portfolio occupancy improved to 99.1%, up 110 basis points year-over-year
- Rental income from operating leases grew to $237.2 million from $221.7 million year-over-year
- Weighted average remaining lease term of 10.1 years
“NNN delivered a strong first half of the year, driven by resilient portfolio performance, disciplined execution across the organization, and a robust real estate investment pipeline built on longstanding, proven relationships. Given this momentum, we are raising our acquisition volume outlook and 2026 AFFO guidance.”
NNN REIT CEO, on the earnings call
Forward Guidance & Outlook
NNN raised its full-year 2026 guidance: Core FFO per share increased to $3.50–$3.54 (from $3.48–$3.54), AFFO per share increased to $3.55–$3.59 (from $3.53–$3.59), and acquisition volume guidance raised to $700–$800 million (from $550–$650 million). Disposition volume guidance was also updated to $120–$160 million (from $110–$150 million). Net earnings per share guidance (excluding gains, impairments, and severance) was narrowed to $2.01–$2.05. G&A expenses expected at $53–$55 million and real estate expenses net of tenant reimbursements at $13.5–$14.5 million.
NNN YoY Financials
Figures from SEC filings and company reports. Not investment advice.