NNN REIT (NNN) Q3 2026 Earnings
Includes a $15,046 thousand gain on disposition of real estate, $3,470 thousand of real estate impairment losses (net of recoveries) and $167 thousand of retirement and severance costs. Core FFO per diluted share was $0.90 and AFFO per diluted share was $0.91.
How Did NNN Stock React to Q3 2026 Earnings?
Did NNN Beat Earnings? Q3 2026 Results
Yes. NNN REIT reported Q3 2026 earnings of $0.57 a share on Nov 4, 2026, beating the $0.52 consensus estimate by 8.8%. Revenue was $249.7M against a $247.0M estimate.
NNN REIT posted a stronger-than-expected third quarter, reporting GAAP earnings per share of $0.57 against a consensus estimate of $0.52, an 8.80% beat, while revenue of $249.68 million climbed 8.5% year over year and edged past the $247.02 million analyst forecast. The GAAP figure included a $15.05 million gain on real estate dispositions, $3.47 million of impairment losses and $167 thousand of retirement and severance costs. The clearest engine behind the results was accelerating portfolio growth: the net-lease REIT closed $221.70 million of property investments across 76 assets during the quarter at a 7.3% initial cash cap rate, pushing year-to-date acquisitions to $658.10 million and helping lift annualized base rent 6.8% to $974.00 million. Occupancy reached 99.2%, up 170 basis points from a year earlier. Core FFO rose 5.9% to $0.90 per diluted share, and AFFO reached $0.91. Despite recent analyst price-target reductions from several firms, management held its 2026 Core FFO guidance of $3.50 to $3.54 per share and raised disposition volume guidance to $160 to $180 million.
- ABR increased 6.8% year over year to $974.0 million
- Occupancy rose to 99.2%, up 10 bps sequentially and 170 bps year over year
- Closed $221.7 million of investments in 76 properties at a 7.3% initial cash cap rate with a 19.6-year weighted average lease term
- Core FFO per share grew 5.9% to $0.90 and AFFO per share grew 5.8% to $0.91
- Gain on disposition of real estate of $15.0 million versus $12.6 million in the prior-year quarter
- Lower impairment losses of $3.5 million versus $7.2 million in the prior-year quarter
- Lease termination fees of $1,367 thousand versus $669 thousand in the prior-year quarter
“We are pleased to report strong third quarter results, highlighted by continued healthy portfolio trends, solid investment activity, and well-timed equity capital markets execution. With $1.4 billion of available liquidity and a balance sheet built for all market cycles, we are well positioned to execute on our investment pipeline and capitalize on the opportunities that today's market volatility may create.”
NNN REIT CEO, on the earnings call
What Is NNN REIT's Outlook?
NNN maintained its 2026 outlook for Core FFO per share of $3.50–$3.54 and AFFO per share of $3.55–$3.59, as well as acquisition volume of $700–$800 million. It raised disposition volume guidance to $160–$180 million (from $120–$160 million) and G&A expense guidance to $54–$56 million (from $53–$55 million). It lowered net earnings per share guidance, excluding gains on dispositions, impairments and retirement/severance costs, to $2.00–$2.04 (from $2.01–$2.05). Real estate depreciation and amortization per share is now expected at $1.50 (from $1.49). Real estate expenses net of tenant reimbursements remain at $13.5–$14.5 million.
NNN YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $249.7M | $230.2M | +8.5% |
| Operating Income | $165.0M | $147.3M | +12.0% |
| Net Income | $109.9M | $96.8M | +13.5% |
NNN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.