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NNN REIT
NNN REIT (NNN) investor relations material
NNN REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved 2.7% AFFO and Core FFO per share growth in 2025, with net earnings of $2.07 per diluted share and over $900 million in acquisitions, the highest annual volume in company history.
Increased annual dividend for the 36th consecutive year, reaching $2.36 per share, and maintained a top-tier payout ratio.
Maintained a low-risk, single-tenant net lease strategy with a diversified portfolio of 3,692 properties across all 50 states, D.C., and Puerto Rico.
Delivered a 12.0% total average annual shareholder return over the past 25 years.
Entered 2026 with strong momentum, driven by elevated acquisition activity and proactive portfolio management.
Financial highlights
Core FFO and AFFO per share for 2025 were $3.41 and $3.44, both up 2.7% year-over-year; total revenues reached $926.2 million.
Annualized base rent at year-end was $928.1 million, up 7.8% year-over-year.
Closed $931.0 million in investments at a 7.4% initial cash cap rate and sold 116 properties for $190.5 million.
Paid an annual dividend per share of $2.36, up 3.1% from 2024.
AFFO payout ratio for 2025 was 68.4%.
Outlook and guidance
2026 AFFO per share guidance is $3.52–$3.58, a 3.2% increase at the midpoint; Core FFO per share guidance is $3.47–$3.53.
2026 net earnings per share guidance (excluding certain items) is $2.02–$2.08.
Expected 2026 acquisition volume is $550–$650 million, with $110–$150 million in dispositions.
Guidance assumes funding from dispositions, free cash flow, and leverage-neutral incremental debt.
Embedded 75 basis points of bad debt in 2026 outlook, considered prudently conservative.
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Next NNN REIT earnings date
Q1 202630 Apr, 2026
NNN REIT
Next NNN REIT earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
NNN REIT Inc (formerly National Retail Properties) is a self-administered and self-managed real estate investment trust formed by affiliates of Leonard Green & Partners, LLC. National Retail Properties invest primarily in high-quality retail properties subject generally to long-term, net leases. Their portfolio of properties is diversified by tenant mix and geography, with concentrations in the major suburban markets of Detroit, Houston, Dallas, Phoenix and Denver. National Retail Properties currently owns interests in 46 properties totaling 4.6 million square feet of leasable space located in 15 states.
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