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NNN REIT, Inc. Announces First Quarter 2026 Results and Increases 2026 GuidanceApril 30, 2026 8:30 AM
PR Newswire (US)
ORLANDO, Fla., April 30, 2026 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter ended March 31, 2026. Highlights include:First Quarter 2026 Highlights:Reported net earnings of $0.50 per diluted share and AFFO of $0.87 per diluted shareIncreased ABR by 6.9% over prior-year results to $934.6 millionIncreased portfolio occupancy to 98.6%, an increase of 30 and 90 basis points over the prior quarter and prior year periods, respectively, with a portfolio weighted average remaining lease term of 10.1 yearsClosed on $145.4 million of investments at an initial cash cap rate of 7.5%, with a weighted average lease term of 19 yearsSold 25 properties for $35.8 million, including $17.8 million of income producing properties at a weighted average cap rate of 7.2%Sold 1,667,232 common shares pursuant to forward sale agreements under the Company's at-the-market equity program ("ATM") at a weighted average price per share of $44.93Fully drew down the $300 million senior unsecured delayed draw term loan facility due in February 2029 (the "Term Loan") with the entire outstanding balance fully hedged at an all-in fixed rate of 4.10%Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.5 years, no encumbered assets, only 1.6% of floating rate exposure and $1.2 billion of total available liquidityPaid a $0.60 quarterly dividend, representing a 5.7% annualized dividend yield and a 69% AFFO payout ratio as of March 31, 2026Additional Highlights:Increased AFFO per share guidance to a new range of $3.53 to $3.59Increased Core FFO per share guidance to a new range of $3.48 to $3.54Steve Horn, Chief Executive Officer, commented: "We are pleased with our solid start to the year. Our strong first quarter performance enabled us to increase AFFO guidance for 2026. Portfolio occupancy climbed to 98.6%, surpassing our long-term average, and our balance sheet remains well positioned to fund future acquisitions. NNN's primarily self-funded model in the triple-net market, combined with our robust tenant relationship program, positions us to deliver consistent and sustainable per-share growth year after year."FINANCIAL RESULTS
Quarter Ended March 31,
(dollars in thousands, except per diluted share data)
2026
2025
Revenues
$240,424
$230,854
Net earnings
$93,951
$96,458
Net earnings per share
$0.50
$0.51
FFO
$163,150
$158,734
FFO per share
$0.86
$0.85
Core FFO
$163,584
$160,907
Core FFO per share
$0.86
$0.86
AFFO
$165,679
$163,015
AFFO per share
$0.87
$0.87
PORTFOLIO SNAPSHOT(dollars in thousands)
March 31,
2026
December 31,
2025
March 31,
2025
Number of properties
3,711
3,692
3,641
Total gross leasable area (square feet)
39,597,000
39,578,000
37,311,000
Occupancy rate
98.6%
98.3%
97.7%Weighted average remaining lease term (years)
10.1
10.2
9.9
ABR
$934,612
$928,081
$874,301
PROPERTY ACQUISITIONS(dollars in thousands)
Quarter Ended
March 31, 2026
Total dollars invested(1)
$145,394
Number of properties
41
Gross leasable area (square feet)(2)
304,000
Weighted average cap rate(3)
7.5%Weighted average lease term (years)
19.0
(1)Includes dollars invested in projects under construction or tenant improvements.(2)Includes additional square footage from completed construction on existing properties.(3)Calculated as the initial cash annual base rent divided by the total purchase price of the properties.PROPERTY DISPOSITIONS
Quarter Ended March 31, 2026
(dollars in thousands)
Occupied
Vacant
Total
Number of properties
9
16
25
Gross leasable area (square feet)
90,000
156,000
246,000
Net sale proceeds
$17,800
$18,027
$35,827
Weighted average cap rate(1)
7.2%
—
7.2%(1)Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.CAPITAL MARKETS ACTIVITYDuring the quarter ended March 31, 2026, NNN drew down the entire $300 million on the Term Loan. The Company previously entered into forward starting swaps with a total notional value of $300 million that fix the Secured Overnight Financing Rate ("SOFR") at 3.25% and fully hedge the outstanding balance on the Term Loan at an all-in fixed rate of 4.10%.During the quarter ended March 31, 2026, NNN sold 1,667,232 common shares pursuant to forward sale agreements under the Company's ATM at a weighted average price per share of $44.93.As of March 31, 2026, NNN had 1,667,232 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $74.0 million. Net proceeds include the impact of forward price adjustments through March 31, 2026.BALANCE SHEET AND LIQUIDITYAs of March 31, 2026, Gross Debt was $4.9 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.5 years. The Company ended the quarter with $1.2 billion of total available liquidity, including $1.1 billion of unused line of credit capacity, $74.0 million of outstanding forward equity, and $5.4 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.1x, respectively, as of March 31, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.6x as of March 31, 2026.DIVIDEND As previously announced on April 15, 2026, the Company's Board of Directors declared a quarterly dividend of $0.60 per share payable on May 15, 2026, to shareholders of record as of April 30, 2026. The quarterly dividend represents an annualized dividend of $2.40 per share and an annualized dividend yield of 5.7% as of March 31, 2026.2026 GUIDANCE(dollars in millions, except per diluted share data)
Initial 2026
Guidance
Updated 2026
GuidanceNet earnings per share excluding any gains on disposition of real estate,
impairment losses and retirement and severance costs
$2.02 - $2.08
$2.02 - $2.08Real estate depreciation and amortization per share
$1.45
$1.46Core FFO per share
$3.47 - $3.53
$3.48 - $3.54AFFO per share
$3.52 - $3.58
$3.53 - $3.59General and administrative expenses
$53 - $55
$53 - $55Real estate expenses, net of tenant reimbursements
$14 - $15
$14 - $15Acquisition volume
$550 - $650
$550 - $650Disposition volume
$110 - $150
$110 - $150Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").CONFERENCE CALL INFORMATIONThe Company will host a conference call on April 30, 2026 at 10:30 a.m. ET to discuss first quarter results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the United States ("U.S.") or 973-528-0011 for international callers and entering the participant code 188942 or referencing NNN REIT, Inc.A telephonic replay of the call will be available through Thursday, May 14, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53800.ABOUT NNN REIT, INC.NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of March 31, 2026, the Company owned 3,711 properties in all 50 states, the District of Columbia and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.1 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.FORWARD-LOOKING STATEMENTSStatements in this press release that are not strictly historical are "forward-looking" statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the global economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company's Commission filings, including, but not limited to, the Company's (i) Annual Report on Form 10-K for the year ended December 31, 2025 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.DEFINITIONSAnnualized Base Rent ("ABR") is a non-U.S. generally accepted accounting principles ("GAAP") metric which represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") as defined by the National Association of Real Estate Investment Trusts ("Nareit") is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.Funds From Operations ("FFO") is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the Nareit and is used by the Company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes on the disposition of certain assets and any impairment charges on a depreciable real estate asset, net of recoveries.FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the Company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the Company's operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the Company's core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land, retirement and severance costs or other non-core amounts as they occur.Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company's performance.Total Cash is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.Gross Assets represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.Total Debt is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, term loan payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.Gross Debt is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.Net Debt is defined by the Company as Gross Debt less Total Cash. Pro Forma Net Debt is defined by the Company as Net Debt less anticipated net proceeds from unsettled forward equity.Management considers the non-GAAP measures of Gross Debt, Net Debt and Pro Forma Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release. NNN REIT, Inc.Balance Sheet Summary(dollars in thousands)(unaudited)
March 31,
2026
December 31,
2025
Assets:
Real estate portfolio, net of accumulated depreciation and amortization
$9,280,628
$9,239,542
Cash and cash equivalents
4,570
5,046
Restricted cash and cash held in escrow
827
776
Receivables, net of allowance of $659 and $609, respectively
3,805
3,470
Accrued rental income, net of allowance of $3,475 and $3,393, respectively
36,021
34,914
Debt costs, net of accumulated amortization of $30,850 and $29,930, respectively
7,814
8,645
Other assets
88,626
86,962
Total assets
$9,422,291
$9,379,355
Liabilities:
Line of credit payable
$80,000
$348,100
Term loan payable
300,000
—
Notes payable, net of unamortized discount and unamortized debt costs
4,474,123
4,472,324
Accrued interest payable
72,320
40,557
Other liabilities
100,579
110,072
Total liabilities
5,027,022
4,971,053
Total equity
4,395,269
4,408,302
Total liabilities and equity
$9,422,291
$9,379,355
Common shares outstanding
190,249,614
189,937,404
NNN REIT, Inc.Income Statement Summary(dollars in thousands, except per share data)(unaudited)
Quarter Ended March 31,
2026
2025
Revenues:
Rental income
$240,014
$230,574
Interest and other income from real estate transactions
410
280
240,424
230,854
Operating expenses:
General and administrative
14,106
13,008
Real estate
9,799
9,375
Depreciation and amortization
70,797
64,617
Leasing transaction costs
144
130
Impairment losses – real estate, net of recoveries
10,680
1,512
Retirement and severance costs
434
2,173
105,960
90,815
Gain on disposition of real estate
12,185
3,813
Earnings from operations
146,649
143,852
Other expenses (revenues):
Interest and other income
(28)
(329)
Interest expense
52,726
47,723
52,698
47,394
Net earnings
$93,951
$96,458
Weighted average shares outstanding:
Basic
189,031,812
186,855,097
Diluted
189,458,620
187,080,084
Net earnings per share:
Basic
$0.50
$0.52
Diluted
$0.50
$0.51
NNN REIT, Inc.Other Information(dollars in thousands)(unaudited)
Quarter Ended March 31,
2026
2025
Rental income from operating leases(1) (2)
$233,571
$224,056
Earned income from direct financing leases(1)
$82
$114
Percentage rent(1)
$316
$886
Real estate expenses reimbursed from tenants(1)
$6,045
$5,518
Real estate expenses
(9,799)
(9,375)
Real estate expenses, net of tenant reimbursements
$(3,754)
$(3,857)
Amortization of debt costs
$1,752
$1,466
Non-real estate depreciation expense
$95
$43
(1)For the quarters ended March 31, 2026 and 2025, the aggregate of such amounts is $240,014 and $230,574, respectively, and is classified as rental income on the income statement summary.(2)Includes lease termination fees of $739 and $8,203 for the quarters ended March 31, 2026 and 2025, respectively. NNN REIT, Inc.Reconciliation of Non-GAAP Financial Measures(dollars in thousands, except per share data)(unaudited)
Quarter Ended March 31,
2026
2025
Net earnings
$93,951
$96,458
Real estate depreciation and amortization
70,704
64,577
Gain on disposition of real estate
(12,185)
(3,813)
Impairment losses – depreciable real estate, net of recoveries
10,680
1,512
FFO
163,150
158,734
Retirement and severance costs
434
2,173
Core FFO
163,584
160,907
Straight-line accrued rent, net of reserves
(1,291)
(509)
Net capital lease rent adjustment
46
60
Below-market rent amortization
(126)
(93)
Stock based compensation expense
4,046
3,571
Capitalized interest expense
(580)
(921)
AFFO
$165,679
$163,015
FFO per share:
Basic
$0.86
$0.85
Diluted
$0.86
$0.85
Core FFO per share:
Basic
$0.87
$0.86
Diluted
$0.86
$0.86
AFFO per share:
Basic
$0.88
$0.87
Diluted
$0.87
$0.87
Dividend per share
$0.600
$0.580
AFFO payout ratio(1)
69%
66%(1)Calculated as total dividends paid as a percentage of AFFO for each respective period. NNN REIT, Inc.Reconciliation of Non-GAAP Financial Measures (continued)(dollars in thousands)(unaudited)
Quarter Ended March 31,
2026
2025
Net earnings
$93,951
$96,458
Interest expense
52,726
47,723
Depreciation and amortization
70,797
64,617
Gain on disposition of real estate
(12,185)
(3,813)
Impairment losses – real estate, net of recoveries
10,680
1,512
EBITDAre
$215,969
$206,497
Interest expense
$52,726
$47,723
Add back: capitalized interest
580
921
Fixed charges
$53,306
$48,644
March 31,
2026
December 31,
2025
Total assets
$9,422,291
$9,379,355
Accumulated depreciation & amortization
2,307,623
2,259,469
Amortization of direct financing leases
2,592
2,546
Gross Assets
$11,732,506
$11,641,370
Debt outstanding:
Line of credit
$80,000
$348,100
Term Loan
300,000
—
Notes payable, net of unamortized discount and unamortized debt costs
4,474,123
4,472,324
Total Debt
4,854,123
4,820,424
Unamortized note discount
46,039
47,005
Unamortized debt costs
29,838
30,670
Gross Debt
4,930,000
4,898,099
Total Cash
(5,397)
(5,822)
Net Debt
4,924,603
4,892,277
Net proceeds from unsettled forward equity
(73,966)
—
Pro Forma Net Debt
$4,850,637
$4,892,277
NNN REIT, Inc.Debt SummaryAs of March 31, 2026(dollars in thousands)(unaudited)
Unsecured Debt
Principal
Principal,
Net of
Unamortized
Discount
Stated
Rate
Effective
Rate
Maturity DateLine of credit payable
$80,000
$80,000
SOFR +
77.5bps
4.405%
April 2028
Term loan payable
300,000
300,000
SOFR +
85 bps
4.097%(1)February 2029
Notes payable:
2026
350,000
349,678
3.600%
3.733%
December 2026
2027
400,000
399,712
3.500%
3.548%
October 2027
2028
400,000
399,158
4.300%
4.388%
October 2028
2030
400,000
399,446
2.500%
2.536%
April 2030
2031
500,000
496,393
4.600%
4.766%
February 2031
2033
500,000
490,755
5.600%
5.905%
October 2033
2034
500,000
494,725
5.500%
5.662%
June 2034
2048
300,000
296,328
4.800%
4.890%
October 2048
2050
300,000
294,739
3.100%
3.205%
April 2050
2051
450,000
442,456
3.500%
3.602%
April 2051
2052
450,000
440,571
3.000%
3.118%
April 2052Total
4,550,000
4,503,961
Total unsecured debt(2)
$4,930,000
$4,883,961
Debt costs
$(44,420)
Accumulated amortization
14,582
Debt costs, net of accumulated amortization
(29,838)
Notes payable, net of unamortized discount and
unamortized debt costs
$4,474,123
(1)
SOFR swapped to a weighted average fixed rate of 3.25%.(2)
Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.5 years. NNN REIT, Inc.Debt Summary – ContinuedAs of March 31, 2026(unaudited)
Credit Metrics
March 31,
2026
December 31,
2025Gross Debt / Gross Assets
42.0 %
42.1 %Net Debt / EBITDAre (last quarter annualized)
5.7x
5.6xPro Forma Net Debt / EBITDAre (last quarter annualized)
5.6x
5.6xEBITDAre / fixed charges
4.1x
4.1xCredit Facility, Term Loan and Notes CovenantsThe following is a summary of key financial covenants for the Company's unsecured credit facility, Term Loan and notes, as defined and calculated per the terms of the agreements and indentures governing such debt, which are included in the Company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of March 31, 2026, the Company believes it is in compliance with the covenants.Key Covenants
Required
March 31,
2026Unsecured Bank Credit Facility and Term Loan:
Maximum leverage ratio
< 0.60x
0.38xMinimum fixed charge coverage ratio
> 1.50x
4.09xMaximum secured indebtedness ratio
< 0.40x
—Unencumbered asset value ratio
> 1.67x
2.66xUnencumbered interest ratio
> 1.75x
4.04xUnsecured Notes:
Limitation on incurrence of total debt
≤ 60%
41 %Limitation on incurrence of secured debt
≤ 40%
—Debt service coverage ratio
≥ 1.5x
4.0xMaintenance of total unencumbered assets
≥ 150%
241 % NNN REIT, Inc.Property PortfolioAs of March 31, 2026
Top 20 Lines of Trade
Lines of Trade
# of
Tenants
# of
Properties
% of
ABR1.
Automotive service
47
748
18.7 %2.
Convenience stores
31
688
16.3 %3.
Restaurants – limited service
63
622
8.0 %4.
Entertainment
7
96
7.1 %5.
Dealerships
18
110
6.4 %6.
Restaurants – full service
71
334
6.4 %7.
Health and fitness
9
37
3.9 %8.
Theaters
5
32
3.6 %9.
Automotive parts
7
144
3.3 %10.
Equipment rental
4
105
3.0 %11.
Wholesale clubs
1
13
2.2 %12.
Drug stores
3
59
1.9 %13.
Home improvement
10
49
1.9 %14.
Medical service providers
29
85
1.8 %15.
Early childhood education
8
80
1.8 %16.
Pet supplies and services
12
59
1.7 %17.
Discount retail
7
66
1.3 %18.
Furniture
14
43
1.2 %19.
Travel plazas
4
24
1.2 %20.
Automobile auctions, wholesale
2
18
1.1 %
Other
84
299
7.2 %
Total
3,711
100.0 % NNN REIT, Inc.Property Portfolio – ContinuedAs of March 31, 2026
Top 20 States
State
# of
Tenants
# of
Properties
% of
ABR1.
Texas
97
592
18.2 %2.
Florida
95
271
8.8 %3.
Illinois
52
181
5.2 %4.
Georgia
65
172
4.4 %5.
Ohio
74
211
4.2 %6.
Michigan
33
146
4.0 %7.
Tennessee
47
156
3.6 %8.
Indiana
44
164
3.5 %9.
North Carolina
46
157
3.5 %10.
Arizona
36
86
3.5 %11.
Virginia
44
119
3.3 %12.
Alabama
39
154
2.9 %13.
California
26
71
2.8 %14.
New Jersey
20
33
2.3 %15.
Pennsylvania
39
84
2.2 %16.
Missouri
33
102
2.2 %17.
Maryland
20
52
2.0 %18.
Colorado
28
47
2.0 %19.
South Carolina
29
80
2.0 %20.
Louisiana
30
65
1.8 %
Other
167
768
17.6 %
Total
3,711
100.0 % NNN REIT, Inc.Property Portfolio – ContinuedAs of March 31, 2026
Top 20 Tenants
Tenant
Primary Line of Trade
# of
Properties
% of
ABR1.
7-Eleven
Convenience stores
145
4.3 %2.
Mister Car Wash
Automotive service
120
3.8 %3.
Dave & Buster's
Entertainment
34
3.6 %4.
Camping World
Dealerships
46
3.5 %5.
Kent Distributors
Convenience stores
64
2.6 %6.
Flynn Restaurant Group
Restaurants - limited service
204
2.5 %7.
GPM Investments
Convenience stores
143
2.5 %8.
AMC Theatres
Theaters
19
2.3 %9.
BJ's Wholesale Club
Wholesale clubs
13
2.2 %10.
LA Fitness
Health and fitness
24
2.1 %11.
Mavis Tire Express Services
Automotive service
140
2.1 %12.
Couche-Tard
Convenience stores
92
2.0 %13.
Sunoco
Convenience stores
53
1.7 %14.
Chuck E. Cheese
Entertainment
51
1.7 %15.
Walgreens
Drug stores
48
1.6 %16.
Casey's General Stores
Convenience stores
62
1.6 %17.
United Rentals
Equipment rental
49
1.6 %18.
Tidal Wave Auto Spa
Automotive service
35
1.5 %19.
Super Star Car Wash
Automotive service
33
1.3 %20.
BMW Kar Wash LLC
Automotive service
41
1.3 %
Other
2,295
54.2 %
Total
3,711
100.0 % Lease Expirations(1)
# of
Properties
Gross Leasable
Area(2)
% of
ABR
# of
Properties
Gross Leasable
Area(2)
% of
ABR2026
76
524,000
1.0 %
2032
192
1,898,000
4.9 %2027
202
2,633,000
6.1 %
2033
133
1,395,000
4.2 %2028
221
1,970,000
4.9 %
2034
194
2,838,000
5.8 %2029
139
2,049,000
4.2 %
2035
136
1,805,000
4.2 %2030
184
2,417,000
4.7 %
Thereafter
1,895
18,128,000
51.5 %2031
284
3,394,000
8.5 %
(1)
As of March 31, 2026, the weighted average remaining lease term is 10.1 years.(2)
Square feet.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nnn-reit-inc-announces-first-quarter-2026-results-and-increases-2026-guidance-302757995.htmlSOURCE NNN REIT, Inc.
Original: NNN REIT, Inc. Announces First Quarter 2026 Results and Increases 2026 Guidance
US Market News
5月前
NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 GuidanceFebruary 11, 2026 8:30 AM
PR Newswire (US)
ORLANDO, Fla., Feb. 11, 2026 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and year ended December 31, 2025. Highlights include:
2025 Highlights:
Reported net earnings of $2.07 per diluted share
Grew Core FFO and AFFO per diluted share by 2.7% over prior-year results to $3.41 and $3.44, respectively
Increased ABR by 7.8% over prior-year results to $928.1 million
Closed on $931.0 million of investments at an initial cash cap rate of 7.4%, with a weighted average remaining lease term of 17.6 years
Sold 116 properties for $190.5 million, including $90.7 million of income-producing properties, at a weighted average cap rate of 6.4%
Raised $85.4 million in gross proceeds from the issuance of 1,992,955 common shares at an average price per share of $42.86
Issued $500 million principal amount of 4.600% senior unsecured notes due February 2031 (the "2031 Notes")
Redeemed $400 million principal amount of 4.000% senior unsecured notes due November 2025
Closed on a $300 million senior unsecured delayed draw term loan facility due February 2029 (the "Term Loan")
Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.8 years, no encumbered assets and $1.2 billion of total available liquidity
Paid an annual dividend per common share of $2.36 in 2025, representing a 3.1% increase over 2024, marking the 36th consecutive year of annual dividend increases – the third longest record of consecutive annual dividend increases of all public REITs
Delivered a 12.0% total average annual shareholder return over the past 25 years
Fourth Quarter 2025 and Additional Highlights:
Increased portfolio occupancy by 80 basis points over the prior quarter to 98.3%, with a weighted average remaining lease term of 10.2 years
Closed on $183.1 million of investments at an initial cash cap rate of 7.4%, with a weighted average remaining lease term of 18.1 years
Sold 60 properties for $82.1 million, including $30.4 million of income-producing properties, at a weighted average cap rate of 7.6%
Introduced 2026 AFFO guidance of $3.52 to $3.58 per share, representing an increase of 3.2% over the prior year, at the midpoint
Steve Horn, Chief Executive Officer, commented: "NNN achieved 2.7 percent AFFO growth per share and had a record year deploying over $900 million in real estate investments. Our proactive portfolio management and strategic acquisitions position NNN to deliver solid per share growth in 2026. We remain committed to enhancing value and focusing on increasing per share results, by allocating capital to the disciplined acquisition of freestanding properties and maintaining a conservative and flexible balance sheet."
FINANCIAL RESULTS
Quarter Ended
Year Ended
December 31,
December 31,
(dollars in thousands, except per share data)
2025
2024
2025
2024
Revenues
$
238,398
$
218,482
$
926,213
$
869,266
Net earnings
$
95,951
$
97,894
$
389,777
$
396,835
Net earnings per share
$
0.51
$
0.52
$
2.07
$
2.15
FFO
$
163,797
$
152,689
$
638,382
$
610,501
FFO per share
$
0.87
$
0.82
$
3.40
$
3.32
Core FFO
$
163,859
$
152,731
$
641,498
$
611,169
Core FFO per share
$
0.87
$
0.82
$
3.41
$
3.32
AFFO
$
164,977
$
154,057
$
647,578
$
616,613
AFFO per share
$
0.87
$
0.82
$
3.44
$
3.35
PORTFOLIO SNAPSHOT
(dollars in thousands)
December 31,
2025
September 30,
2025
December 31,
2024
Number of properties
3,692
3,697
3,568
Total gross leasable area (square feet)
39,578,000
39,209,000
36,557,000
Occupancy rate
98.3
%
97.5
%
98.5
%
Weighted average remaining lease term (years)
10.2
10.1
9.9
ABR
$
928,081
$
912,218
$
860,562
PROPERTY ACQUISITIONS
(dollars in thousands)
Quarter Ended
December 31,
2025
Year Ended
December 31,
2025
Total dollars invested(1)
$
183,060
$
931,017
Number of properties
55
239
Gross leasable area (square feet)(2)
843,000
4,193,000
Weighted average cap rate (3)
7.4
%
7.4
%
Weighted average lease term (years)
18.1
17.6
(1)
Includes dollars invested in projects under construction or tenant improvements.
(2)
Includes additional square footage from completed construction on existing properties.
(3)
Calculated as the initial cash annual base rent divided by the total purchase price of the properties.
PROPERTY DISPOSITIONS
Quarter Ended December 31, 2025
Year Ended December 31, 2025
(dollars in thousands)
Occupied
Vacant
Total
Occupied
Vacant
Total
Number of properties
18
42
60
49
67
116
Gross leasable area (square feet)
119,000
338,000
457,000
420,000
659,000
1,079,000
Net sale proceeds
$
30,362
$
51,689
$
82,051
$
90,738
$
99,736
$
190,474
Weighted average cap rate(1)
7.6
%
—
7.6
%
6.4
%
—
6.4
%
(1)
Calculated as the cash annual base rent divided by the total gross proceeds received for the occupied properties.
CAPITAL MARKETS ACTIVITY
During the year ended 2025, NNN issued 1,992,955 common shares, raising $85.4 million in gross proceeds at an average price per share of $42.86, primarily through the Company's at-the-market equity program.In November 2025, NNN redeemed $400 million aggregate principal amount of 4.000% notes due November 2025.In December 2025, NNN closed on the $300 million Term Loan and entered into forward starting swaps totaling $200 million that fix the Secured Overnight Financing Rate ("SOFR") at 3.22% through January 15, 2029. The Term Loan has a six-month delayed draw feature and an accordion option to increase the aggregate size to up to $500 million. The Term Loan matures in February 2029, with two, one-year extension options. On January 15, 2026, the Company drew $200 million on the Term Loan.
BALANCE SHEET AND LIQUIDITY
As of December 31, 2025, Gross Debt was $4.9 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.8 years. The Company ended 2025 with $1.2 billion of total available liquidity, including $851.9 million of unused line of credit capacity, $300 million of unused Term Loan capacity and $5.8 million of cash and restricted cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.6x and 4.1x, respectively, as of December 31, 2025.
DIVIDEND
As previously announced, on January 15, 2026, the Board of Directors of NNN declared a quarterly dividend of $0.60 per share payable on February 13, 2026, to shareholders of record as of January 30, 2026. The quarterly dividend represents an annualized dividend of $2.40 per share and an annualized dividend yield of 6.1% as of December 31, 2025.
INITIAL 2026 GUIDANCE
(dollars in millions, except per diluted share data)
Initial
2026 Guidance
Net earnings per share excluding any gains on disposition of real estate,
impairment losses and retirement and severance costs
$2.02 - $2.08
Real estate depreciation and amortization per share
$1.45
Core FFO per share
$3.47 - $3.53
AFFO per share
$3.52 - $3.58
General and administrative expenses
$53 - $55
Real estate expenses, net of tenant reimbursements
$14 - $15
Acquisition volume
$550 - $650
Disposition volume
$110 - $150
Guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission (the "Commission").
CONFERENCE CALL INFORMATION
The Company will host a conference call on February 11, 2026, at 10:30 a.m. ET to discuss these results. A live webcast of the conference call will be available on the Company's website at www.nnnreit.com or by using the following link. The conference call can also be accessed by dialing 888-506-0062 in the United States ("U.S.") or 973-528-0011 for international callers and entering the participant code 423417 or referencing NNN REIT, Inc. A telephonic replay of the call will be available through February 25, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 53462.
ABOUT NNN REIT, INC.
NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. For more information on the Company, visit www.nnnreit.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not strictly historical are "forward-looking" statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the Company's tenants, the availability of capital, risks related to the Company's status as a real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the Company's business operations, financial results and financial position on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company's Commission filings, including, but not limited to, the Company's Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
DEFINITIONS
Annualized Base Rent ("ABR")
is a non-U.S. generally accepted accounting principles ("GAAP") measure which represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Accordingly, this methodology produces an annualized amount as of a point in time but does not take into consideration future (i) scheduled rent increases, (ii) leasing activity, or (iii) lease expirations.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") as defined by the National Association of Real Estate Investment Trusts ("Nareit")
is a metric established by Nareit and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges, net of recoveries and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDAre to be an appropriate measure of the Company's performance and should be considered in addition to, net earnings or loss, as a measure of the Company's operating performance.
Funds From Operations ("FFO")
is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by Nareit and is used by the Company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes on the disposition of certain assets and any impairment charges on a depreciable real estate asset, net of recoveries.
FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.
Core Funds From Operations ("Core FFO")
is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the Company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the Company's operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the Company's core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land, retirement and severance costs or other non-core amounts as they occur.
Adjusted Funds From Operations ("AFFO")
is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net earnings in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the Company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company's performance.
Total Cash
is comprised of cash and cash equivalents and restricted cash and cash held in escrow per GAAP as reported on the balance sheet summary.
Gross Assets
represents total assets (reported in accordance with GAAP) adjusted to exclude accumulated amortization and depreciation and amortization of direct financing leases. The result provides an estimate of the investments made by the Company.
Total Debt
is defined by the Company as total debt per GAAP as reported on the balance sheet summary including line of credit payable, term loan payable, notes payable, net of unamortized discount and unamortized debt costs and mortgages payable, net of unamortized premium and debt costs, as applicable.
Gross Debt
is defined by the Company as Total Debt adjusted to exclude unamortized debt discounts and premiums and unamortized debt costs.
Net Debt
is defined by the Company as Gross Debt less Total Cash.
Management considers the non-GAAP measures of Gross Debt and Net Debt each to be a key supplemental measure of the Company's overall liquidity, capital structure and leverage.
The Company's computation of FFO, Core FFO, AFFO, EBITDAre, Total Cash, Gross Assets, Gross Debt and Net Debt may differ from the methodology for calculating these non-GAAP financial measures used by other REITs, and therefore, may not be comparable to such other REITs. Reconciliations of net earnings, Total Debt and total assets (all computed in accordance with GAAP) to FFO, Core FFO, AFFO, EBITDAre, Gross Assets, Gross Debt and Net Debt (each of which is a non-GAAP financial measure), as applicable, are included in the financial information accompanying this release.
NNN REIT, Inc.
Balance Sheet Summary
(dollars in thousands)
(unaudited)
December 31,
2025
December 31,
2024
Assets:
Real estate portfolio, net of accumulated depreciation and amortization
$
9,239,542
$
8,746,168
Cash and cash equivalents
5,046
8,731
Restricted cash and cash held in escrow
776
331
Receivables, net of allowance of $609 and $617, respectively
3,470
2,975
Accrued rental income, net of allowance of $3,393 and $4,156, respectively
34,914
34,005
Debt costs, net of accumulated amortization of $29,930 and $27,002, respectively
8,645
8,958
Other assets
86,962
71,560
Total assets
$
9,379,355
$
8,872,728
Liabilities:
Line of credit payable
$
348,100
$
—
Notes payable, net of unamortized discount and unamortized debt costs
4,472,324
4,373,803
Accrued interest payable
40,557
29,699
Other liabilities
110,072
106,951
Total liabilities
4,971,053
4,510,453
Total equity
4,408,302
4,362,275
Total liabilities and equity
$
9,379,355
$
8,872,728
Common shares outstanding
189,937,404
187,540,929
NNN REIT, Inc.
Income Statement Summary
(dollars in thousands, except per share data)
(unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Revenues:
Rental income
$
237,535
$
218,348
$
924,380
$
867,468
Interest and other income from real estate transactions
863
134
1,833
1,798
238,398
218,482
926,213
869,266
Operating expenses:
General and administrative
11,642
8,705
46,923
44,287
Real estate
10,040
11,142
37,381
32,317
Depreciation and amortization
68,221
63,194
268,439
249,681
Leasing transaction costs
151
24
486
99
Impairment losses – real estate, net of recoveries
15,360
3,724
28,602
6,632
Retirement and severance costs
62
42
3,116
668
105,476
86,831
384,947
333,684
Gain on disposition of real estate
15,639
12,083
48,220
42,290
Earnings from operations
148,561
143,734
589,486
577,872
Other expenses (revenues):
Interest and other income
(962)
(1,040)
(4,246)
(2,980)
Interest expense
53,572
46,880
203,955
184,017
52,610
45,840
199,709
181,037
Net earnings
$
95,951
$
97,894
$
389,777
$
396,835
Weighted average shares outstanding:
Basic
188,832,131
186,449,345
187,611,451
183,688,562
Diluted
189,237,718
186,833,150
187,986,798
184,043,841
Net earnings per share:
Basic
$
0.51
$
0.52
$
2.07
$
2.16
Diluted
$
0.51
$
0.52
$
2.07
$
2.15
NNN REIT, Inc.
Other Information
(dollars in thousands)
(unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Rental income from operating leases(1)(2)
$
231,546
$
212,565
$
902,369
$
846,653
Earned income from direct financing leases(1)
$
87
$
115
$
424
$
468
Percentage rent(1)
$
168
$
189
$
1,549
$
1,536
Real estate expenses reimbursed from tenants(1)
$
5,734
$
5,479
$
20,038
$
18,811
Real estate expenses
(10,040)
(11,142)
(37,381)
(32,317)
Real estate expenses, net of tenant reimbursements
$
(4,306)
$
(5,663)
$
(17,343)
$
(13,506)
Amortization of debt costs
$
1,644
$
1,455
$
6,218
$
5,993
Non-real estate depreciation expense
$
99
$
43
$
229
$
370
(1)
For the quarters ended December 31, 2025 and 2024, the aggregate of such amounts is $237,535 and $218,348, respectively, and $924,380 and $867,468, for the year ended December 31, 2025 and 2024, respectively, and is classified as rental income on the income statement summary.
(2)
Includes lease termination fees of $243 and $1,234 for the quarters ended December 31, 2025 and 2024, respectively, and $11,363 and $11,386 for the year ended December 31, 2025 and 2024, respectively.
NNN REIT, Inc.
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands, except per share data)
(unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net earnings
$
95,951
$
97,894
$
389,777
$
396,835
Real estate depreciation and amortization
68,125
63,154
268,223
249,324
Gain on disposition of real estate
(15,639)
(12,083)
(48,220)
(42,290)
Impairment losses – depreciable real estate, net of recoveries
15,360
3,724
28,602
6,632
FFO
163,797
152,689
638,382
610,501
Retirement and severance costs
62
42
3,116
668
Core FFO
163,859
152,731
641,498
611,169
Straight-line accrued rent, net of reserves
(1,206)
(302)
(1,921)
(294)
Net capital lease rent adjustment
49
58
233
222
Below-market rent amortization
(117)
(144)
(1,898)
(495)
Stock based compensation expense
2,831
2,775
12,025
11,816
Capitalized interest expense
(439)
(1,061)
(2,359)
(5,805)
AFFO
$
164,977
$
154,057
$
647,578
$
616,613
FFO per share:
Basic
$
0.87
$
0.82
$
3.40
$
3.32
Diluted
$
0.87
$
0.82
$
3.40
$
3.32
Core FFO per share:
Basic
$
0.87
$
0.82
$
3.42
$
3.33
Diluted
$
0.87
$
0.82
$
3.41
$
3.32
AFFO per share:
Basic
$
0.87
$
0.83
$
3.45
$
3.36
Diluted
$
0.87
$
0.82
$
3.44
$
3.35
Dividend per share
$
0.60
$
0.58
$
2.36
$
2.29
AFFO payout ratio(1)
68.8
%
70.3
%
68.4
%
68.2
%
(1)
Calculated as total dividends paid as a percentage of AFFO for each respective period.
NNN REIT, Inc.
Reconciliation of Non-GAAP Financial Measures (continued)
(dollars in thousands)
(unaudited)
Quarter Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net earnings
$
95,951
$
97,894
$
389,777
$
396,835
Interest expense
53,572
46,880
203,955
184,017
Depreciation and amortization
68,221
63,194
268,439
249,681
Gain on disposition of real estate
(15,639)
(12,083)
(48,220)
(42,290)
Impairment losses – real estate, net of
recoveries
15,360
3,724
28,602
6,632
EBITDAre
$
217,465
$
199,609
$
842,553
$
794,875
Interest expense
$
53,572
$
46,880
$
203,955
$
184,017
Add back: capitalized interest
439
1,061
2,359
5,805
Fixed charges
$
54,011
$
47,941
$
206,314
$
189,822
December 31,
2025
December 31,
2024
Total assets
$
9,379,355
$
8,872,728
Accumulated depreciation & amortization
2,259,469
2,065,520
Amortization of direct financing leases
2,546
2,655
Gross Assets
$
11,641,370
$
10,940,903
Debt outstanding:
Line of credit
$
348,100
$
—
Notes payable, net of unamortized discount and
unamortized debt costs
4,472,324
4,373,803
Total Debt
4,820,424
4,373,803
Unamortized note discount
47,005
46,437
Unamortized debt costs
30,670
29,760
Gross Debt
4,898,099
4,450,000
Total Cash
(5,822)
(9,062)
Net Debt
$
4,892,277
$
4,440,938
NNN REIT, Inc.
Debt Summary
As of December 31, 2025
(dollars in thousands)
(unaudited)
Unsecured Debt
Principal
Principal,
Net of
Unamortized
Discount
Stated
Rate
Effective
Rate
Maturity
Date
Line of credit payable
$
348,100
$
348,100
SOFR +
77.5bps
4.435
%
April 2028
Term loan payable(1)
—
—
SOFR + 85 bps
—
February 2029
Notes payable:
2026
350,000
349,566
3.600
%
3.733
%
December 2026
2027
400,000
399,667
3.500
%
3.548
%
October 2027
2028
400,000
399,081
4.300
%
4.388
%
October 2028
2030
400,000
399,413
2.500
%
2.536
%
April 2030
2031
500,000
496,224
4.600
%
4.766
%
February 2031
2033
500,000
490,514
5.600
%
5.905
%
October 2033
2034
500,000
494,598
5.500
%
5.662
%
June 2034
2048
300,000
296,305
4.800
%
4.890
%
October 2048
2050
300,000
294,703
3.100
%
3.205
%
April 2050
2051
450,000
442,410
3.500
%
3.602
%
April 2051
2052
450,000
440,513
3.000
%
3.118
%
April 2052
Total
4,550,000
4,502,994
Total unsecured debt(2)
$
4,898,100
$
4,851,094
Debt costs
$
(44,420)
Accumulated amortization
13,750
Debt costs, net of accumulated amortization
(30,670)
Notes payable, net of unamortized discount and
unamortized debt costs
$
4,472,324
(1)
On January 15, 2026, the Company drew $200 million on the Term Loan and previously entered into swaps with a notional value of $200 million that fix SOFR at 3.22% through January 15, 2029.
(2)
Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.8 years.
NNN REIT, Inc.
Debt Summary – Continued
As of December 31, 2025
(unaudited)
Credit Metrics
December 31,
2025
December 31,
2024
Gross Debt / Gross Assets
42.1 %
40.7 %
Net Debt / EBITDAre (last quarter annualized)
5.6x
5.6x
EBITDAre / fixed charges
4.1x
4.2x
Credit Facility, Term Loan and Notes Covenants
The following is a summary of key financial covenants for the Company's unsecured credit facility, Term Loan and notes, as defined and calculated per the terms of agreements and indentures governing such debt, which are included in the Company's filings with the Commission. These calculations, which are not based on GAAP measurements, are presented to investors to show that as of December 31, 2025, the Company believes it is in compliance with the covenants.
Key Covenants
Required
December 31,
2025
Unsecured Bank Credit Facility and Term Loan:
Maximum leverage ratio
< 0.60x
0.38x
Minimum fixed charge coverage ratio
> 1.50x
4.14x
Maximum secured indebtedness ratio
< 0.40x
—
Unencumbered asset value ratio
> 1.67x
2.65x
Unencumbered interest ratio
> 1.75x
4.04x
Unsecured Notes:
Limitation on incurrence of total debt
≤ 60%
41 %
Limitation on incurrence of secured debt
≤ 40%
—
Debt service coverage ratio
≥ 1.5x
4.1x
Maintenance of total unencumbered assets
≥ 150%
241 %
NNN REIT, Inc.
Property Portfolio
As of December 31, 2025
Top 20 Lines of Trade
% of ABR
As of December 31,
Lines of Trade
2025
2024
1.
Automotive service
18.6 %
17.1 %
2.
Convenience stores
16.3 %
17.0 %
3.
Restaurants – limited service
7.9 %
8.4 %
4.
Entertainment
7.2 %
7.2 %
5.
Dealerships
6.6 %
5.8 %
6.
Restaurants – full service
6.4 %
7.8 %
7.
Health and fitness
3.9 %
3.9 %
8.
Theaters
3.7 %
4.0 %
9.
Automotive parts
3.2 %
2.4 %
10.
Equipment rental
3.1 %
3.2 %
11.
Wholesale clubs
2.3 %
2.4 %
12.
Drug stores
2.0 %
2.2 %
13.
Home improvement
1.9 %
2.1 %
14.
Medical service providers
1.8 %
1.8 %
15.
Pet supplies and services
1.7 %
1.3 %
16.
Early childhood education
1.4 %
1.1 %
17.
Discount retail
1.4 %
1.6 %
18.
Furniture
1.2 %
1.3 %
19.
Travel plazas
1.2 %
1.2 %
20.
Consumer electronics
1.1 %
1.3 %
Other
7.1 %
6.9 %
Total
100.0 %
100.0 %
NNN REIT, Inc.
Property Portfolio – Continued
As of December 31, 2025
Top 20 States
State
# of
Properties
% of
ABR
1.
Texas
594
18.4 %
2.
Florida
270
8.7 %
3.
Illinois
179
5.1 %
4.
Georgia
172
4.5 %
5.
Ohio
215
4.2 %
6.
Michigan
136
3.8 %
7.
Indiana
165
3.7 %
8.
Tennessee
156
3.7 %
9.
Arizona
86
3.5 %
10.
North Carolina
158
3.5 %
11.
Virginia
119
3.3 %
12.
Alabama
155
2.9 %
13.
California
71
2.9 %
14.
Pennsylvania
87
2.3 %
15.
New Jersey
33
2.3 %
16.
Missouri
102
2.2 %
17.
Colorado
46
2.0 %
18.
Maryland
50
2.0 %
19.
South Carolina
80
2.0 %
20.
Louisiana
65
1.8 %
Other
753
17.2 %
Total
3,692
100.0 %
NNN REIT, Inc.
Property Portfolio – Continued
As of December 31, 2025
Top 20 Tenants
Tenant
# of
Properties
% of
ABR
1.
7-Eleven
145
4.3 %
2.
Mister Car Wash
120
3.8 %
3.
Dave & Buster's
34
3.6 %
4.
Camping World
46
3.5 %
5.
Kent Distributors
64
2.6 %
6.
Flynn Restaurant Group
204
2.5 %
7.
GPM Investments
143
2.5 %
8.
AMC Theatres
20
2.4 %
9.
BJ's Wholesale Club
13
2.3 %
10.
LA Fitness
25
2.2 %
11.
Mavis Tire Express Services
140
2.1 %
12.
Couche-Tard
92
2.0 %
13.
Chuck E. Cheese
51
1.7 %
14.
Walgreens
49
1.7 %
15.
Sunoco
53
1.7 %
16.
United Rentals
49
1.6 %
17.
Casey's General Stores
62
1.6 %
18.
Tidal Wave Auto Spa
35
1.4 %
19.
Super Star Car Wash
33
1.3 %
20.
BMW Kar Wash LLC
40
1.2 %
Other
2,274
54.0 %
Total
3,692
100.0 %
Lease Expirations
(1)
# of
Properties
Gross
Leasable
Area(2)
% of
ABR
# of
Properties
Gross
Leasable
Area(2)
% of
ABR
2026
117
1,019,000
2.1 %
2032
188
1,840,000
4.9 %
2027
203
2,714,000
6.3 %
2033
134
1,401,000
4.3 %
2028
221
1,970,000
4.9 %
2034
194
2,838,000
5.9 %
2029
137
2,043,000
4.2 %
2035
135
1,794,000
4.2 %
2030
184
2,417,000
4.7 %
Thereafter
1,853
17,833,000
50.6 %
2031
261
3,086,000
7.9 %
(1)
As of December 31, 2025, the weighted average remaining lease term is 10.2 years.
(2)
Square feet.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nnn-reit-inc-announces-2025-annual-results-and-initial-2026-guidance-302684376.htmlSOURCE NNN REIT, Inc.
Original: NNN REIT, Inc. Announces 2025 Annual Results and Initial 2026 Guidance
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