NNN
NNN REIT, Inc.40.06
-0.38-0.94%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms with pruning details
Q&A largely reaffirmed NNN's prepared outlook, emphasizing proactive portfolio pruning to preempt non-renewals and extend lease duration via defensive sales at 6.4% caps. Management called 75bps bad debt 'prudently conservative' given stable rent coverage, no material watch list changes, and historical 30-50bps realization. Slight cap rate compression looms from peer pressure in Q2/Q3. Auto services and convenience stores top pipeline focus. No concerns on car washes. Occupancy to plateau near 98%. Confident on self-funded growth; watch vacancy resolutions.
Key Stats
Market Cap
7.61BP/E (TTM)
19.26Basic EPS (TTM)
2.08Dividend Yield
0.06%Recent Filings
8-K
Board Chair retires, successor named
NNN REIT's Board Chair Steven D. Cosler retired effective February 18, 2026, after serving since 2016 and leading through market disruptions. Independent director Edward J. Fritsch, ex-CEO of Highwoods Properties REIT, steps in as Chair. Smooth transition. Fritsch's deep REIT expertise bolsters continuity amid steady strategy execution.
8-K
NNN posts AFFO growth, 2026 guide
10-K
FY2025 results
NNN REIT grew its portfolio to 3,692 properties with 98.3% leased and $928M annualized base rent, up from $861M in 2024, fueled by 239 acquisitions totaling $931M at 7.4% cap rate while disposing 116 for $48M gain. Revenues hit $926M, up 6.5% y/y, with net earnings of $390M or $2.07 diluted EPS on 188M shares; yet impairments jumped to $29M on 49 properties. Q4 momentum shone through aggressive buying versus prior quarters. Debt stands at $4.8B (42% of assets), with $852M Credit Facility availability and $300M Term Loan undrawn. Tenant bankruptcies threaten rent streams.
8-K
NNN REIT secures $300M term loan
NNN REIT locked in a $300M senior unsecured term loan on December 17, 2025, with a six-month delayed draw and accordion to $500M, maturing February 15, 2029 (extendable). SOFR + 0.85% pricing; $200M swaps fix SOFR at 3.22% through 2029. No draws yet; funds earmarked for general corporate purposes. Covenants include leverage and fixed charge tests.
10-Q
Q3 FY2025 results
NNN REIT pushed rental income to $229.8M in Q3 ended September 30, 2025, up 5.3% y/y from $218.2M, while total revenues climbed 5.3% y/y to $230.2M on 184 property acquisitions totaling $748M. Operating earnings rose to $147.3M, up 2.6% y/y, yet net earnings dipped slightly to $96.8M from $97.9M as interest expense jumped 14.8% y/y to $53.4M after issuing $500M 4.6% notes due 2031 in July. Cash swelled to $158M with $541M operating cash flow; debt hit $4.9B but $1.2B revolver stands fully available. Portfolio hit 3,697 properties at 97.5% occupancy. Tenant bankruptcies expose rent collection risks.
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