Q3 25 EPS
$0.51
BEAT +6.65%
Est. $0.48
Q3 25 Revenue
$230.2M
BEAT +0.56%
Est. $228.9M
vs S&P Since Q3 25
+10.7%
BEATING MARKET
NNN +18.9% vs S&P +8.2%
Market Reaction
Did NNN Beat Earnings? Q3 2025 Results
NNN REIT delivered a strong third quarter, posting earnings per share of $0.51 against a consensus estimate of $0.48, a 6.65% beat, while revenue climbed 5.3% year over year to $230.16 million, edging past the $228.87 million estimate by 0.56%. The s… Read more NNN REIT delivered a strong third quarter, posting earnings per share of $0.51 against a consensus estimate of $0.48, a 6.65% beat, while revenue climbed 5.3% year over year to $230.16 million, edging past the $228.87 million estimate by 0.56%. The standout driver behind the quarter was the company's highest acquisition volume since 2018, with $283.03 million deployed into 57 properties at a 7.3% initial cash cap rate and a weighted average lease term of 17.8 years, pushing year-to-date investment to $747.96 million. That momentum prompted management to sharply raise full-year acquisition guidance to $850 million–$950 million from a prior range of $600 million–$700 million. Core FFO grew 1.2% year over year to $0.85 per diluted share, and annualized base rent expanded 7.2% to $912.22 million, underscoring the durability of the portfolio. For income-focused investors exploring high-yielding REIT options, NNN also raised its quarterly dividend 3.4% to $0.60 per share, extending its streak of 36 consecutive years of annual dividend increases.
Key Takeaways
- • ABR increased 7.2% year-over-year to $912.2 million
- • Highest quarterly acquisition volume since 2018 at $283.0 million
- • Year-to-date acquisition volume of $748.0 million exceeded high end of prior guidance
- • Initial cash cap rate of 7.3% on Q3 acquisitions with 17.8-year weighted average lease term
- • Core FFO per diluted share grew 1.2% YoY; AFFO per diluted share grew 2.4% YoY
- • Rental income from operating leases grew to $225.1 million from $213.4 million YoY
NNN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“In the third quarter, NNN's team invested over $280 million in real estate, attaining its highest quarterly acquisition volume since 2018. Our year-to-date activity positions NNN to achieve record-setting investment volume in 2025, while maintaining our strict underwriting standards. This strong operational execution, supported by $1.4 billion in liquidity and an industry-leading balance sheet, allows us to raise our earnings guidance for 2025.”
— Steve Horn, Q3 2025 Earnings Press Release
NNN Earnings Trends
NNN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NNN EPS Trend
Earnings per share: estimate vs actual
NNN Revenue Trend
Quarterly revenue: estimate vs actual
NNN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.51 | $0.50 | -2.32% | $240.4M | +0.85% |
| Q4 25 BEAT FY | $0.50 | $0.51 | +1.84% | $238.4M | +2.15% |
| FY Full Year | $1.98 | $2.07 | +4.69% | $926.2M | +0.83% |
| Q3 25 BEAT | $0.48 | $0.51 | +6.65% | $230.2M | +0.56% |
| Q2 25 BEAT | $0.49 | $0.54 | +10.43% | $226.8M | +1.13% |
| Q1 25 BEAT | $0.48 | $0.51 | +7.14% | $230.9M | +5.01% |