Track market-moving stories before they get noisy

NNN maintains disciplined, accretive growth, favoring self-funding and conservative leverage over aggressive acquisitions. NNN's capital recycling program accelerated, selling $200M in properties and reinvesting at spreads over 100 bps, improving occupancy to 98.6%. Exposure to experiential retail and middle-market tenants presents long-term earnings risk if sector headwinds persist.

© Ilyas nasrulloh / Shutterstock.com

The 10-year Treasury yield sits at 4.49%, in the 93rd percentile of its 12-month range. That is the number every dividend investor should keep taped to their monitor this July, because it is the hurdle any equity income name has to clear before it earns a spot in the portfolio. Three large-cap payers do exactly that right now, each yielding well above the risk-free rate with multi-decade increase streaks behind them. Here is why I am eager to add to all three this month.

Altria (MO) Altria (NYSE:MO | MO Price Prediction) has quietly become one of 2026’s better mega-cap dividend stories. Shares are up 28.66% year to date and 28.73% over the past year, yet the stock still yields 5.78% and trades at a forward P/E of just 13. The quarterly dividend was lifted to $1.06, with the next payment landing on July 10, 2026, extending a payout streak the company describes as its 60th increase in the past 56 years.

The bull case is fundamental momentum. Q1 2026 adjusted EPS of $1.32 beat the $1.25 consensus, revenue jumped 20.1% year over year, and management reaffirmed full-year adjusted EPS guidance of $5.56 to $5.72. Smokeable operating income still grew 6.3% even as U.S. cigarette volumes decline, and the on! oral nicotine brand shipped 17.6% more units. The buyback program has $720 million remaining through year end.

The caveat: Marlboro retail share slipped 1.4 points to 39.7%, and the company still carries negative stockholders’ equity of roughly $3.2 billion. Altria is a cash-flow story, not a growth story. Investors who accept structural volume decline in exchange for a fat, growing check will love the setup.

Enbridge (ENB) Enbridge (NYSE:ENB) is the highest-yielding name on this list at 7.13%, and the recent pullback has made the entry point more interesting. Shares are off 5.04% over the past month while still holding a 14.79% year-to-date gain. The most recent U.S.-denominated quarterly dividend was $0.707, paid June 1, 2026, and the company just extended its streak to 31 consecutive annual dividend increases.

What I like is the visibility. Enbridge reaffirmed 2026 adjusted EBITDA guidance of C$20.2 billion to C$20.8 billion and distributable cash flow per share of C$5.70 to C$6.10, with management guiding to roughly 5% CAGR in EBITDA, EPS, and DCF beyond this year. The C$40 billion secured growth backlog, a data-center power partnership with Meta of more than 1 GW combined, and system-wide apportionment on the Mainline all point to booked, fee-based cash flow rather than commodity roulette.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Enbridge didn't make the cut. Grab the names FREE today.

The caveat: For U.S. investors, Enbridge is a Canadian issuer, so dividends are generally subject to Canadian withholding tax (typically recoverable in a taxable account via foreign tax credit, but not inside most IRAs). Leverage also sits at 5.0x, the top of management’s target band, and CAD/USD moves will keep the USD dividend a moving target.

NNN REIT (NNN) NNN REIT (NYSE:NNN) is the triple-net retail landlord I keep coming back to when rates spike. The stock yields 5.08% at a share price of $47.23, and has now rallied 19.48% year to date. Management raised the quarterly payout to 60 cents paid on May 15. The company cites 36 consecutive years of annual dividend increases, one of the longest streaks in the REIT sector.

Q1 2026 delivered revenue of $240.42 million against a $238.39 million estimate, portfolio occupancy of 98.6%, and $145.4 million of acquisitions at a 7.5% initial cash cap rate. Full-year AFFO per share guidance was nudged up to $3.53 to $3.59. With 97% of annual base rent carrying built-in escalators and 63.1% coming from public or rated tenants, the cash flow behind that dividend is unusually durable.

The caveat: interest expense climbed to $52.7 million from $47.7 million, and impairments jumped to $10.7 million after 2025 tenant bankruptcies (Frisch’s, Badcock). If the 10-year keeps pushing toward the 4.67% May 2026 high, expect net-lease multiples to be tested again.

What to Watch Next All three names clear the Treasury hurdle, all three have decades of dividend growth behind them, and all three come with a specific, identifiable risk rather than a fuzzy one. That is what a July buy-list should look like when the risk-free rate is this loud.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Enbridge didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company"), a real estate investment trust ("REIT"), today announced the exercise of its $200 million incremental term loan option under its senior unsecured term loan facility, increasing the aggregate facility size to $500 million (the "Term Loan"). The incremental borrowings carry identical terms to the existing $300 million term loan (after giving effect to the amendments described below). The Term Loan matures on February 15, 2029, with two one-year extension options. NNN expects to use proceeds from the incremental term loan for general corporate purposes.

In anticipation of the incremental term loan, NNN entered into a $100 million forward starting swap that fixes SOFR at 3.43% through February 15, 2029.

"We are pleased with today's transactions, which enhance our financial flexibility, provide capital to fund our business plans, and lower our cost of capital," said Vincent H. Chao, Chief Financial Officer. "We greatly appreciate the continued support and long-standing relationships with our bank group."

Additionally, the Company amended the pricing grids on the Term Loan and its existing senior unsecured revolving credit facility, (the "Revolving Credit Facility"). Based on NNN's current credit ratings, the applicable SOFR-based margin was lowered to 0.800% from 0.850% for all outstanding Term Loan borrowings and 0.725% from 0.775% for all Revolving Credit Facility borrowings.

Wells Fargo Securities, LLC and BofA Securities, Inc., served as the Joint Lead Arrangers and Joint Bookrunners, with Wells Fargo Bank, National Association acting as the Administrative Agent and Bank of America, N.A. acting as the Syndication Agent.

Truist Securities, Inc., PNC Capital Markets LLC, U.S. Bank National Association, Royal Bank of Canada and TD Bank, N.A., served as Joint Lead Arrangers, with Truist Bank, PNC Bank, National Association, U.S. Bank National Association, Royal Bank of Canada, TD Bank, N.A., and Mizuho Bank Ltd., acting as Documentation Agents. Sumitomo Mitsui Banking Corporation, New York Branch, and Raymond James Bank also participated in the transaction.

About NNN REIT, Inc.
NNN is a REIT that 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 across all 50 states, the District of Columbia and Puerto Rico, encompassing approximately 39.6 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. For additional information, please visit www.nnnreit.com.

SOURCE NNN REIT, Inc.

HomeDividends AnalysisREITs AnalysisReal Estate Analysis

SummaryNNN REIT remains a buy for its unmatched defensive profile and disciplined acquisition strategy, favoring small, high-quality deals.NNN boasts a diversified portfolio with 3,700+ properties, 98.6% occupancy, and a 10.2-year WALT, reflecting robust tenant health and lease management.Management raised 2026 AFFO and core FFO guidance, now targeting 3.5% AFFO growth, with a conservative 68.4% payout ratio supporting 36 consecutive dividend increases.NNN trades at a 13.1x forward P/FFO, below sector peers, offering value and stability for income-focused investors despite macroeconomic and rate risks. Mongkol Onnuan/iStock via Getty Images

I've covered NNN REIT (NNN) many times before. The last time I covered it was 3 months ago. I said it was a buy. And since then, it delivered less than 5% total return.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NNN, O, ADC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The information, opinions, and thoughts included in this article do not constitute an investment recommendation or any form of investment advice.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NNN REIT (NNN) offers reliable income with a 5.27% yield and strong dividend safety, making it ideal for income-focused investors. NNN's 2025 guidance projects AFFO growth of 3.2%, with total returns expected in the 9%–10% range, supported by resilient fundamentals. NNN trades at a forward P/AFFO multiple of 12.90x, below the 15.28x peer average, implying meaningful upside if tenant issues resolve.

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)---- $VENU #NNN--Venu Holding Corporation ("VENU" or the "Company") (NYSE American: VENU), owner, operator, and developer of premium live entertainment destinations, today announced that its Luxe FireSuite™ and Aikman Club ownership programs have surpassed $255.9 million in sales since launching the opportunities, a milestone that reflects sustained and growing investor demand for one of the most distinctive passive real estate offerings in the booming live entertainmen.

, /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 share Increased ABR by 6.9% over prior-year results to $934.6 million Increased 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 years Closed on $145.4 million of investments at an initial cash cap rate of 7.5%, with a weighted average lease term of 19 years Sold 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 $44.93 Fully 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 liquidity Paid a $0.60 quarterly dividend, representing a 5.7% annualized dividend yield and a 69% AFFO payout ratio as of March 31, 2026 Additional Highlights:

Increased AFFO per share guidance to a new range of $3.53 to $3.59 Increased Core FFO per share guidance to a new range of $3.48 to $3.54 Steve 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 ACTIVITY

During 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 LIQUIDITY

As 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
Guidance

Net earnings per share excluding any gains on disposition of real estate,
      impairment losses and retirement and severance costs

$2.02 - $2.08

$2.02 - $2.08

Real estate depreciation and amortization per share

$1.45

$1.46

Core FFO per share

$3.47 - $3.53

$3.48 - $3.54

AFFO per share

$3.52 - $3.58

$3.53 - $3.59

General and administrative expenses

$53 - $55

$53 - $55

Real estate expenses, net of tenant reimbursements

$14 - $15

$14 - $15

Acquisition volume

$550 - $650

$550 - $650

Disposition volume

$110 - $150

$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 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 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 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.

DEFINITIONS

Annualized 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 Summary

As of March 31, 2026

(dollars in thousands)

(unaudited) 

Unsecured Debt

Principal

Principal,
Net of
Unamortized
Discount

Stated
Rate

Effective
Rate

Maturity Date

Line 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 2052

Total

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 – Continued

As of March 31, 2026

(unaudited)

Credit Metrics

March 31,
2026

December 31,
2025

Gross Debt / Gross Assets

42.0 %

42.1 %

Net Debt / EBITDAre (last quarter annualized)

5.7x

5.6x

Pro Forma Net Debt / EBITDAre (last quarter annualized)

5.6x

5.6x

EBITDAre / fixed charges

4.1x

4.1x

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 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,
2026

Unsecured Bank Credit Facility and Term Loan:

Maximum leverage ratio

< 0.60x

0.38x

Minimum fixed charge coverage ratio

> 1.50x

4.09x

Maximum secured indebtedness ratio

< 0.40x

—

Unencumbered asset value ratio

> 1.67x

2.66x

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

4.0x

Maintenance of total unencumbered assets

≥ 150%

241 %

NNN REIT, Inc.

Property Portfolio

As of March 31, 2026

Top 20 Lines of Trade

Lines of Trade

# of
Tenants

# of
Properties

% of
ABR

1.

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 – Continued

As of March 31, 2026

Top 20 States

State

# of
Tenants

# of
Properties

% of
ABR

1.

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 – Continued

As of March 31, 2026

Top 20 Tenants

Tenant

Primary Line of Trade

# of
Properties

% of
ABR

1.

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
ABR

2026

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.

SOURCE NNN REIT, Inc.

NNN REIT, Inc. (NNN) Q1 2026 Earnings Call Transcript

NNN REIT remains a Buy, offering an attractive valuation with a solid margin of safety and a sustainable, growing dividend yield. NNN delivered a strong Q1, with AFFO of $0.87 per share, 98.6% occupancy, and several acquisitions at a 7.5% cap rate. Management's proactive portfolio optimization and zero exposure to recent major tenant bankruptcies—unlike peers—underscore NNN's resilience versus peers.

SAN FRANCISCO, May 12, 2026 (GLOBE NEWSWIRE) --

Advisor Access spoke at length with Steve Horn, president and CEO.

Advisor Access: Would you give us a brief overview of NNN REIT and describe what sets it apart in the REIT sector?

Steve Horn: We own a robust portfolio of 3,711 properties across all 50 states with more than 39 million square feet of gross leasable area and a 20-year average occupancy rate of 98.3%...

AA: NNN has just released its first quarter 2026 earnings. What are some of the highlights?

SH: NNN continued its momentum from 2025 and delivered solid operating and financial performance to kick off 2026. We acquired $145 million of real estate in the first quarter, following a record year in 2025. Our acquisition activity drove an almost 7% year-over-year increase in our annualized base rent, while our leasing and asset management teams remained active, increasing overall occupancy to 98.6%…

AA: Over the past 25 years, NNN has delivered a 12.0% average annual total shareholder return and 2025 marked the 36th consecutive year of annual dividend increases, the third longest such track record of all public REITs. How have you been able to accomplish these?

SH: As you can imagine, there is a lot that goes into this long of a track record, but at the heart of it all is the disciplined execution of our time-tested investment philosophy…

AA: In 2025, you made investments of $931 million. What is your strategy for selling and buying assets?

SH: We typically think about portfolio diversification in terms of tenant, line of trade, and geography. We lease to over 400 tenants, which helps further diversify our cash flows…

AA: Is there anything else you would like our readers to know?

SH: NNN has been investing in net lease real estate since 1984 and utilizes a proven investment framework that has delivered disciplined growth over multiple decades…

AA: Thank you for your insights, Steve.

Click here to read the complete answers to these questions and more about NNN REIT

Click Here to View the NNN Investor Presentation

Click Here to View the NNN REIT Fact Sheet

DISCLOSURES

ABOUT ADVISOR ACCESS

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Amid volatile equity markets, NNN REIT provides a fortress of sustainable and growing income. The net lease REIT appears set up to maintain consistent core FFO per share growth. NNN REIT's debt maturities remain well staggered, and it has plenty of dry powder.