Track market-moving stories before they get noisy

Dividend investors can often be grouped between high-yield investors and dividend growth investors. Today, I'm looking at the higher-yielding income-focused investor and providing two potential opportunities. One of these names also gets to deliver a higher relative yield but has over 35 years of consecutive dividend raises under its belt as well, a blend of both.

Three household income names blended into a single portfolio promise a quiet monthly paycheck, but one just cut its distribution, another carries a tax trap most investors miss, and the principal you think you are protecting may already be moving.

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The pitch behind an $860,000 portfolio paying $5,100 a month is a blended yield of roughly 7%. That is achievable today with three well-known income names in the right mix, but the word quietly in the headline does a lot of work. One of the three holdings just cut its base distribution, another trades at a share price that is down double digits over the past year, and the tax treatment across the sleeve varies enough to change what actually lands in your account. Here is the real version.

Three-Holding Lineup A single portfolio, not a tiered menu: about 35% in Blue Owl Capital (NYSE:OBDC | OBDC Price Prediction), 30% in NNN REIT (NYSE:NNN), and 35% in British American Tobacco (NYSE:BTI). The three cover different engines: middle-market direct lending, U.S. net-lease real estate, and international consumer staples with a nicotine transformation story.

At current prices, NNN shares are around $45 with a forward annualized dividend of $2.48, BTI shares are around $55 with an annualized dividend of roughly $3.34, and OBDC shares are around $11. The math on the OBDC piece is where this gets interesting.

OBDC Just Cut Its Base Dividend The BDC OBDC lends to private middle-market businesses, mostly at floating rates. Those interest payments drop when base rates fall, and that is exactly what has played out. The regular quarterly payment has been cut from $0.37 to $0.31, and the recent supplementals have shrunk to just $0.02, down from as much as $0.06 to $0.08 in earlier quarters. CEO Craig W. Packer described the quarter as delivering “a 9.6% annualized return on adjusted net investment income with healthy dividend coverage,” and adjusted NII of $0.34 came in ahead of the $0.32 consensus. Coverage remains solid. But the income is lower than it used to be.

Build OBDC’s income off the current $0.31 base rate and treat supplementals as variable. The forward figure most data feeds display for OBDC right now is misleading because it annualizes that tiny $0.02 supplement. If rates fall further or non-accruals keep drifting up from the current 2.8% of the portfolio at cost, the base rate is not sacred either. Weighting the three holdings at 35/30/35 gets the sleeve into the 7% neighborhood on the base rates alone. Lose the supplementals, and it drifts toward the low 7s. That is the real range.

NNN Is the Growth Engine The net-lease REIT NNN just bumped its quarterly dividend from $0.60 to $0.62, marking 37 consecutive years of annual increases. Second-quarter core FFO came in at $0.89, up 6% from a year earlier. Occupancy sits at 99.1%, and the weighted average remaining lease term is 10.1 years. The prior quarter’s dividend worked out to a 5.2% annualized yield at a 67% AFFO payout ratio, while management raised its 2026 acquisition guidance to $700 million to $800 million. The current yield is lower than what you get from the BDC, but the compounding is doing real work over time.

BTI Brings Yield and a Tax Quirk The annualized dividend on the tobacco name BTI has climbed to roughly $3.34, up from the 2025 run rate of about $3.00. For U.S. investors, two details are worth knowing. Because the dividend comes from a UK company, it can qualify for the lower qualified dividend rate under the U.S.-UK tax treaty, and the UK does not withhold tax on dividends paid to American holders. That kind of treatment is unusual for foreign holdings. The risks are real, though. Combustibles revenue fell 2% last year. The pound-to-dollar conversion introduces currency exposure, and CEO Tadeu Marroco has guided 2026 toward the lower end of the 3-5% revenue and 5-8% adjusted EPS range. On the brighter side, Velo Modern Oral grew 48% at constant currency, and management is running a £1.3 billion buyback program in 2026.

Principal Is Not Safe Just Because You Are Not Selling Living on dividends means not selling shares. It does not mean the capital behind those dividends is intact. OBDC is down roughly 10% over the past year, and its NAV per share slipped to $14.26 from $14.41. NNN and BTI have held up better, with NNN up about 11% and BTI up roughly 6% over the same year. A portfolio can pay every promised dollar of income while the market value of the shares behind it erodes (building a ladder that funds retirement without ever selling a share is the whole point of our free dividend guide here). That is the pattern to watch in the BDC sleeve, especially.

Tax Wedge Between Headline Yield and Take-Home The tax treatment across these holdings varies noticeably. OBDC’s distributions are mostly ordinary income since BDCs pass through the interest they earn on their loan portfolios. NNN’s REIT distributions are also largely ordinary income, though the 20% Section 199A deduction helps soften the blow. BTI, on the other hand, may qualify for the lower qualified dividend rate. In a taxable account at a high bracket, that difference alone can shift after-tax income by a meaningful amount. Placement becomes important here. OBDC and NNN are better suited for an IRA or Roth, while BTI tends to be more efficient in a taxable account.

What to Do Next Rebuild the blended yield yourself using OBDC’s current $0.31 base rate, not the annualized forward figure many feeds display, and treat supplementals as a bonus rather than a plan. Model the after-tax income by account type. The 7% headline yield on this mix looks very different in a Roth than in a taxable brokerage in a high-tax state. Track NAV per share on the BDC sleeve every quarter. If non-accruals keep rising from the current 3%, that is your early warning that the next distribution adjustment is closer than it looks. Contact [email protected] for any questions or corrections.

When tenants foot the bill for taxes, insurance, and maintenance, the landlord's job gets a lot simpler and the dividend check gets a lot more predictable. Three net lease REITs have quietly built some of the most durable income streams…

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A net lease means the tenant, not the landlord, pays property taxes, building insurance, and maintenance costs. That structure strips the landlord’s expense line down to almost nothing, which is why net lease REITs can pass through unusually predictable rent to shareholders. For a sense of scale, Realty Income owns over 15,500 properties across all 50 U.S. states, the United Kingdom, and eight other European countries, and its portfolio ran at 98.8% occupancy at the end of Q2. All three names below are equity REITs, not mortgage REITs, so the cash flows come from owning buildings and collecting rent, not from spread lending.

Realty Income: Scale, Diversification, and a Monthly Check Realty Income (NYSE:O | O Price Prediction) is the largest name in the space, with a market cap of roughly $58.4B and a portfolio split across retail (78.3% of ABR), industrial (16.2%), gaming (3.1%), and other (2.4%). Tenants range from convenience stores to logistics warehouses, and the company recently expanded into digital infrastructure with a $6 billion programmatic hyperscale data center joint venture with Cloud Capital in which Realty Income expects to invest up to $1.4 billion over time for its 45% equity interest.

The latest declared monthly dividend was $0.271 per share, with a next payment date of September 15, 2026, and an annualized forward dividend of $3.252. The dividend yield sits at 5.02%, backed by 670 consecutive monthly dividends declared and 115 consecutive quarterly increases. On coverage, management raised 2026 AFFO per share guidance to $4.44 to $4.45, roughly 4% growth at the midpoint, which comfortably clears the annualized dividend rate. Q2 AFFO per share was $1.09, up 3.8% YoY, with same-store rent growth of 1.2% and rent recapture of 102.7%.

Scale gives Realty Income access to deals other REITs cannot underwrite, including the data center JV and its Realty Income Investment Management platform, which now holds $3.5B in third-party AUM. Q2 investment volume was roughly $2.6 billion at a 7.3% initial cash yield. The risk: tenant credit mix. 65.7% of ABR comes from non-investment-grade clients, and leverage ticked up to 5.4x net debt to annualized pro forma adjusted EBITDAre from 5.2x in Q1. First-half credit loss provisions ran $46.4M. This is a durable payer with a complexity discount attached.

Agree Realty: Investment Grade Retail, Monthly Cadence Agree Realty (NYSE:ADC) is a pure-play retail net lease REIT with a market cap of roughly $9.05B. Its top tenants read like a list of retail survivors: Walmart, Tractor Supply, Dollar General, Hobby Lobby, O’Reilly Auto Parts, TJX Companies, CVS, Best Buy, and Kroger. The portfolio holds 2,825 properties across all 50 states plus DC, with occupancy at 99.8% and approximately 65.8% of portfolio ABR from investment-grade retail tenants.

The latest monthly dividend was $0.267 per share, with a next payment date of September 15, 2026, and an annualized forward dividend of $3.204. That July 2026 declaration represented a 4.3% YoY increase. On payout coverage, management stated the dividend is well covered, with a payout ratio of 70% of AFFO per share for the second quarter, and Q2 AFFO per share was $1.14, up 7.4% YoY. Full-year 2026 AFFO per share guidance was raised to $4.57 to $4.59, roughly 5.8% midpoint growth.

Agree ran Q2 credit and occupancy loss of just 0.06%, closed record quarterly acquisitions of $501.7M across 102 properties at a 7.0% cap rate with an 11.2-year weighted average lease term, and reports $1.9B of liquidity with net debt to recurring EBITDA of 5.2x, or 3.7x pro forma. Investment-grade issuer ratings from Fitch (A-), Moody’s (Baa1), and S&P (BBB+) anchor the funding cost. The risk: this is an equity-funded growth model. Interest expense rose to $40.3M from $32.3M YoY, and continued equity issuance to fund acquisitions can pressure per-share metrics. Q2 EPS of $0.44 came in missing estimates of $0.47 for that reason.

NNN REIT: Quarterly Payer With 37 Straight Annual Hikes NNN REIT (NYSE:NNN) is a pure-play retail net lease REIT with a market cap of roughly $8.6B. Unlike O and ADC, NNN pays a quarterly dividend, not a monthly one, which income planners should note when mapping cash flows. The portfolio holds 3,774 single-tenant freestanding properties across all 50 U.S. states, DC, and Puerto Rico, with tenant exposure concentrated in automotive service (18.6% of ABR), convenience stores (15.9%), restaurants (14.0%), entertainment (7.3%), and dealerships (6.4%). Top tenants include 7-Eleven, Mister Car Wash, Dave & Buster’s, Camping World, and Flynn Restaurant Group.

The latest quarterly dividend was $0.62 per share, paid August 14, 2026, with an annualized forward dividend of $2.48. That was a 3.3% increase and marked the 37th consecutive annual dividend increase. On AFFO coverage, management said on the call that “The new dividend rate equates to a 5.3% annualized dividend yield and a healthy 69% AFFO payout ratio.” Q2 AFFO per diluted share was $0.90, up 5.9% YoY, and 2026 AFFO per share guidance was raised to $3.55 to $3.59. Occupancy stood at 99.1%, up 110 basis points YoY, with a weighted average remaining lease term of 10.1 years.

NNN funds itself with only 2.5% floating-rate debt exposure, generated approximately $56 million of free cash flow after the dividend in the quarter, and describes its watch list as “immaterial at this time.” Q2 acquisitions were 89 properties for $291.0M at a 7.3% initial cash cap rate with a 17.9-year WALT, weighted toward direct sale-leaseback relationships. The risk: retail tenant concentration in categories exposed to consumer cyclicality, and interest expense of $53.5M vs $49.3M YoY is trending higher as debt reprices.

Roster Summary REIT Yield Cadence AFFO Payout 2026 AFFO Guide Realty Income (O) 5.02% Monthly Covered by $4.44-$4.45 AFFO guide vs $3.252 annualized dividend $4.44-$4.45 Agree Realty (ADC) See dividend/price data Monthly 70% of AFFO $4.57-$4.59 NNN REIT (NNN) 5.3% Quarterly 69% of AFFO $3.55-$3.59 Bottom Line for Income Investors These three do the same job in different flavors. Realty Income offers the deepest diversification and monthly cash, with real complexity to underwrite. Agree Realty offers the cleanest investment-grade retail book and the fastest AFFO growth of the three. NNN offers the longest dividend growth streak and the lowest floating-rate exposure, on a quarterly cadence. For a retiree building a rent-check ladder, all three clear the coverage bar on AFFO, which is the metric that matters for REIT payouts. If a monthly payment schedule is the whole point for you, we rounded up seven of our favorite monthly payers, across REITs and beyond, in a free report you can grab here.

Contact [email protected] for any questions or corrections.

NNN REIT and Agree Realty sent dividend checks on the same date with nearly identical payout ratios, but one number buried in the balance sheet separates a merely solid income stock from a genuinely fortress-grade one.

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Two of the largest net lease REITs cut checks to shareholders on the same day. NNN REIT (NYSE:NNN | NNN Price Prediction) sent out $0.62 per share on August 14, 2026, its first payment at a raised quarterly rate. Agree Realty (NYSE:ADC) delivered $0.267 per share on August 14, 2026 as part of its monthly payout schedule. Same date, same sector, and remarkably similar payout ratios. The grades diverge on what backs each dollar.

NNN REIT: A 37-Year Streak Built on Self-Funded Growth The August payment marked NNN’s 37th consecutive annual dividend increase, one of the longest streaks in the REIT universe. The 3.3% increase in the quarterly rate lifted the annualized dividend to $2.48 per share.

CFO Vin Chao called the streak “an achievement that we are extremely proud of and one that reflects the sustainability of our growth model.” The numbers support that framing. Second-quarter AFFO was $0.90 per share, up 5.9% year over year, and management flagged a “healthy 69% AFFO payout ratio” at the new rate. Full-year 2026 AFFO guidance sits at $3.55 to $3.59, implying roughly 3.8% growth at the midpoint.

Free cash flow after the dividend ran approximately $56 million in the second quarter, with management expecting $215 million for the full year. Occupancy hit 99.1%, uncollected rent stayed under five basis points, and the balance sheet carries $1.4 billion of available liquidity with only 2.5% of debt tied to floating rates.

The catch here is that NNN’s tenant roster leans heavily toward non-investment-grade credits, and shares have slipped 4.8% over the past month even as the stock holds a 18.92% year-to-date gain.

Agree Realty: Monthly Checks, Investment-Grade Backing Agree’s model looks similar on the surface and different underneath. The $0.267 monthly rate annualizes to $3.204 per share, up 4.3% year over year (Agree is one of a small group that pays every 30 days rather than quarterly, a list we rounded up in a free report on monthly dividend payers). President Peter Coughenour told analysts the payout is “very well covered with a payout ratio of 70% of AFFO per share for the second quarter.”

Second-quarter AFFO landed at $1.14 per share, a 7.4% year-over-year increase, and full-year guidance was raised to $4.57 to $4.59, implying nearly 6% AFFO growth. Free cash flow after the dividend is expected to exceed $140 million this year.

The differentiator is tenant quality. Agree’s 2,825 properties span all 50 states, with nearly two-thirds of the portfolio in investment-grade credits. Occupancy sits at a company-record 99.8%, credit and occupancy loss guidance was cut to 25 basis points, and fixed-charge coverage runs 4.1 times. Pro forma net debt to recurring EBITDA of 3.7 times is materially lower than NNN’s 5.7 times.

Scorecard: Where the Grades Land Metric NNN REIT Agree Realty AFFO payout ratio 69% 70% Dividend growth (YoY) 3.3% 4.3% AFFO/share growth (Q2) 5.9% 7.4% Occupancy 99.1% 99.8% Net debt/EBITDA 5.7x 3.7x (pro forma) Payout frequency Quarterly Monthly Consecutive years of hikes 37 N/A On payout coverage alone, both REITs earn high marks. NNN’s 69% AFFO payout ratio wins by a hair, and the 37-year streak is a track record few peers can match. Agree grades higher on portfolio quality: lower leverage, higher occupancy, faster AFFO growth, and an investment-grade tenant mix that reduces the tail risk in the coverage math.

What to Watch Next NNN’s $750 million acquisition target and the pace of cap-rate compression will drive whether the 3.3% dividend hike becomes a floor or a ceiling for future increases. For Agree, watch the $1.6 to $1.8 billion investment guidance and whether the 7% weighted cap rate on acquisitions holds as spreads tighten. Same payout date, same sector, and two coverage stories worth grading separately.

Contact [email protected] for any questions or corrections.

Bank of New York Mellon Corp purchased a new stake in shares of NNN REIT, Inc. (NYSE:NNN – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,836,020 shares of the real estate investment trust’s stock, valued at approximately $85,430,000. Bank of New York Mellon Corp owned about 0.97% of NNN REIT as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Clearstead Trust LLC bought a new position in NNN REIT in the 2nd quarter valued at approximately $27,000. Avalon Trust Co bought a new stake in shares of NNN REIT in the 2nd quarter worth $38,000. Root Financial Partners LLC increased its holdings in shares of NNN REIT by 3,354.1% in the 1st quarter. Root Financial Partners LLC now owns 1,278 shares of the real estate investment trust’s stock worth $54,000 after purchasing an additional 1,241 shares in the last quarter. Ascentis Independent Advisors purchased a new position in shares of NNN REIT in the first quarter worth $76,000. Finally, GAMMA Investing LLC raised its stake in shares of NNN REIT by 24.4% in the second quarter. GAMMA Investing LLC now owns 2,917 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 573 shares during the last quarter. Institutional investors own 89.96% of the company’s stock.

Wall Street Analyst Weigh In Several equities research analysts recently commented on NNN shares. Morgan Stanley cut NNN REIT from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research report on Monday, July 20th. Citigroup boosted their target price on NNN REIT from $42.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Royal Bank Of Canada upped their target price on shares of NNN REIT from $44.00 to $47.00 and gave the company a “sector perform” rating in a research note on Thursday, August 6th. National Bank Financial set a $50.00 price target on shares of NNN REIT in a report on Monday, July 20th. Finally, Wells Fargo & Company lifted their price target on shares of NNN REIT from $45.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NNN REIT presently has an average rating of “Hold” and a consensus price target of $47.60.

Check Out Our Latest Report on NNN REIT NNN REIT Price Performance NYSE NNN opened at $46.13 on Wednesday. The business’s fifty day moving average is $47.06 and its 200 day moving average is $45.23. NNN REIT, Inc. has a fifty-two week low of $38.90 and a fifty-two week high of $50.00. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.15 and a current ratio of 1.15. The company has a market capitalization of $8.85 billion, a PE ratio of 22.61, a price-to-earnings-growth ratio of 7.49 and a beta of 0.79.

NNN REIT (NYSE:NNN – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $244.27 million during the quarter, compared to the consensus estimate of $240.19 million. NNN REIT had a return on equity of 8.70% and a net margin of 40.35%.NNN REIT has set its FY 2026 guidance at 3.500-3.540 EPS. Sell-side analysts predict that NNN REIT, Inc. will post 3.5 earnings per share for the current year.

NNN REIT Increases Dividend The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $0.62 dividend. The ex-dividend date was Friday, July 31st. This is an increase from NNN REIT’s previous quarterly dividend of $0.60. This represents a $2.48 dividend on an annualized basis and a dividend yield of 5.4%. NNN REIT’s dividend payout ratio (DPR) is currently 121.57%.

NNN REIT Company Profile (Free Report)

NNN REIT (NYSE: NNN), formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

Recommended Stories Five stocks we like better than NNN REIT Pathward’s Credit Scare Tests Its Comeback Story Wiring the AI Boom: Rumble’s $13.7B Pivot StoneX: Too Far Too Fast? DICK’s Sporting Goods Faces Pain Now for a Bigger Prize Want to see what other hedge funds are holding NNN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NNN REIT, Inc. (NYSE:NNN – Free Report).

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Deutsche Bank AG acquired a new stake in NNN REIT, Inc. (NYSE:NNN – Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 428,998 shares of the real estate investment trust’s stock, valued at approximately $19,961,000. Deutsche Bank AG owned 0.23% of NNN REIT at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Fifth Third Wealth Advisors LLC lifted its holdings in shares of NNN REIT by 4.4% during the first quarter. Fifth Third Wealth Advisors LLC now owns 5,999 shares of the real estate investment trust’s stock valued at $252,000 after acquiring an additional 251 shares during the period. Parallel Advisors LLC grew its holdings in shares of NNN REIT by 11.0% in the 3rd quarter. Parallel Advisors LLC now owns 5,713 shares of the real estate investment trust’s stock worth $243,000 after purchasing an additional 567 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of NNN REIT by 24.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,917 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 573 shares during the last quarter. Clearstead Trust LLC acquired a new stake in shares of NNN REIT during the 2nd quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of NNN REIT by 11.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,544 shares of the real estate investment trust’s stock worth $275,000 after purchasing an additional 658 shares in the last quarter. 89.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth NNN has been the topic of several recent analyst reports. National Bank Financial set a $50.00 target price on NNN REIT in a report on Monday, July 20th. Huntington initiated coverage on NNN REIT in a report on Wednesday, July 15th. They set an “outperform” rating and a $51.00 price target for the company. Wall Street Zen upgraded NNN REIT from a “sell” rating to a “hold” rating in a research report on Sunday, June 28th. Robert W. Baird set a $49.00 price objective on NNN REIT in a research note on Thursday, August 6th. Finally, Morgan Stanley cut NNN REIT from an “overweight” rating to an “equal weight” rating and set a $50.00 target price on the stock. in a report on Monday, July 20th. Three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $47.60.

Read Our Latest Stock Analysis on NNN NNN REIT Price Performance NNN opened at $45.83 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.15 and a quick ratio of 1.15. The stock has a market capitalization of $8.80 billion, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 7.41 and a beta of 0.79. The company’s 50 day simple moving average is $47.05 and its 200-day simple moving average is $45.15. NNN REIT, Inc. has a one year low of $38.90 and a one year high of $50.00.

NNN REIT (NYSE:NNN – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The firm had revenue of $244.27 million during the quarter, compared to analysts’ expectations of $240.19 million. NNN REIT had a net margin of 40.35% and a return on equity of 8.70%. NNN REIT has set its FY 2026 guidance at 3.500-3.540 EPS. Sell-side analysts anticipate that NNN REIT, Inc. will post 3.5 earnings per share for the current fiscal year.

NNN REIT Increases Dividend The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 5.4%. This is a boost from NNN REIT’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, July 31st. NNN REIT’s payout ratio is currently 121.57%.

NNN REIT Profile (Free Report)

NNN REIT (NYSE: NNN), formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

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First Capital Real Estate Investment Trust (OTCMKTS:FCXXF – Get Free Report) and NNN REIT (NYSE:NNN – Get Free Report) are both real estate companies, but which is the better business? We will contrast the two businesses based on the strength of their analyst recommendations, earnings, dividends, valuation, institutional ownership, profitability and risk.

Institutional and Insider Ownership 90.0% of NNN REIT shares are owned by institutional investors. 0.9% of NNN REIT shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a company is poised for long-term growth.

Analyst Ratings This is a summary of current ratings for First Capital Real Estate Investment Trust and NNN REIT, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score First Capital Real Estate Investment Trust 0 5 0 0 2.00 NNN REIT 2 9 3 0 2.07 NNN REIT has a consensus price target of $47.60, indicating a potential upside of 3.10%. Given NNN REIT’s stronger consensus rating and higher probable upside, analysts plainly believe NNN REIT is more favorable than First Capital Real Estate Investment Trust. Earnings and Valuation This table compares First Capital Real Estate Investment Trust and NNN REIT”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio First Capital Real Estate Investment Trust N/A N/A N/A N/A N/A NNN REIT $926.21 million 9.57 $389.78 million $2.04 22.63 NNN REIT has higher revenue and earnings than First Capital Real Estate Investment Trust.

Profitability This table compares First Capital Real Estate Investment Trust and NNN REIT’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets First Capital Real Estate Investment Trust N/A N/A N/A NNN REIT 40.35% 8.70% 4.06% Summary NNN REIT beats First Capital Real Estate Investment Trust on 9 of the 9 factors compared between the two stocks.

(Get Free Report)

First Capital Real Estate Investment Trust (First Capital, RCF or the Fund) is an unincorporated open-end mutual fund governed by the laws of the Province of Ontario, Canada, and established pursuant to a declaration of trust dated October 16, 2019, which may be amended from time to time (the Declaration of Trust). First Capital owns, operates and develops open-air centers with a supermarket as the main tenant in the neighborhoods with the highest demographic data in Canada. The Fund is listed on the Toronto Stock Exchange (the TSX) under the symbol FCR.UN and its head office is located at 85 Hanna Avenue, Suite 400, Toronto, Ontario M6K 3S3.

About NNN REIT (Get Free Report)

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2023, the company owned 3,532 properties in 49 states with a gross leasable area of approximately 36.0 million square feet and a weighted average remaining lease term of 10.1 years. NNN is one of only three publicly traded REITs to have increased annual dividends for 34 or more consecutive years.

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Replacing $17,500 a month in dividend income means generating $210,000 a year. That is roughly the after-tax lifestyle of a household pulling a $250,000 to $300,000 pre-tax salary. It is a high bar, and the capital required is the story.

The math is unforgiving. Income target divided by yield equals the portfolio you need. To keep the income durable, most of that portfolio should sit in dividend-safe holdings rather than the highest yield on the screen. The numbers land differently at three yield tiers, each anchored by real names.

Bucket 1: Dividend Growth Anchor (3% to 4% Yield) $210,000 divided by 0.035 equals $6,000,000. This is the “sleep at night” tier: broad dividend-growth equities where the yield is modest but the payout compounds annually and the principal tends to appreciate.

Johnson & Johnson (NYSE:JNJ | JNJ Price Prediction) is the archetype. The company has 64 consecutive years of dividend increases, raised the quarterly payout to $1.34 per share, and delivers a 2.0% yield on shares trading near $262. Over the past decade the stock is up 182% before dividends.

Procter & Gamble (NYSE:PG) pairs a 2.9% yield with 70 consecutive years of dividend increases and plans to return roughly $10 billion in dividends in FY2027.

For a diversified wrapper, the Schwab U.S. Dividend Equity ETF (NYSEARCA:SCHD) holds names like QUALCOMM, Texas Instruments, UnitedHealth, Coca-Cola, Merck, and Chevron and has returned 237% over the last ten years including distributions.

Bucket 2: REITs and High-Dividend Equity (5% to 7% Yield) $210,000 divided by 0.06 equals $3,500,000. Yield roughly doubles, and so does income per dollar invested. Growth slows and the price action gets more rate-sensitive.

Realty Income (NYSE:O) pays monthly, with an annualized rate of $3.252 per share and a 5.2% yield. It has now delivered 115 consecutive quarterly dividend increases and 670 consecutive monthly dividends, with portfolio occupancy at 98.8%.

NNN REIT (NYSE:NNN) just raised its quarterly payout 3.3% to $0.62, its 37th consecutive annual increase, and yields 5.3% with a 67% AFFO payout ratio and 99.1% occupancy. Both trade at meaningful spreads above the 4.7% 10-year Treasury.

Bucket 3: The High-Yield Sleeve (8% to 12% Yield) $210,000 divided by 0.10 equals $2,100,000. This is the smallest capital requirement and the largest set of tradeoffs. Categories include covered-call ETFs, business development companies, mortgage REITs, and high-yield bond funds.

Expect capped upside, distributions that can be trimmed, and NAV that often drifts lower over time. This bucket boosts current income while payouts tend to stagnate or shrink over time.

The Compounding Insight Wes Moss made the point cleanly on The Clark Howard Podcast: “dividends have grown at twice the rate on average of inflation”. A 3.5% starting yield that grows 6% to 8% a year doubles the income in roughly a decade. A 10% yield with a flat or shrinking distribution stays put, and the principal underneath it often shrinks too.

That is why a $17,500-a-month plan built entirely on 10% yielders is fragile. A blended portfolio, roughly 50% Bucket 1, 35% Bucket 2, 15% Bucket 3, lands the yield near 5% to 6% on capital of about $3.5 million to $4 million while keeping most of the income backed by growing payouts.

Three Moves Before You Commit Capital Price the after-tax number first. $17,500 a month pre-tax may be closer to $12,000 net once federal and state brackets are applied, and REIT distributions are taxed as ordinary income while qualified dividends from JNJ, PG, and most SCHD holdings are not. Compare 10-year total returns across positions. SCHD returned 237% over ten years; Realty Income returned 54%. Higher current yield did not equal higher wealth. Blend the buckets deliberately. Fix the mix in writing (for example 50/35/15) and rebalance annually so the aggressive sleeve does not quietly grow into a dividend-cut risk. One caveat: yields above 10% almost always carry a reason. Model every high-yield position at a 25% distribution cut before you buy it. If the plan still works, the position earns its seat.

Contact [email protected] for any questions or corrections.

3 'Boring' Dividend Stocks With Tasty Technical SetupsNNN REIT NYSE: NNN raised its 2026 outlook after reporting second-quarter growth in adjusted funds from operations, higher occupancy and increased acquisition activity, while management said its portfolio remains in strong condition with limited near-term tenant credit concerns.

The company reported second-quarter adjusted funds from operations, or AFFO, of $0.90 per share, up 5.9% from a year earlier. Core FFO was $0.89 per share, up 6.0% year over year. Chief Financial Officer Vin Chao said results exceeded the company’s internal projections, primarily because bad debt was lower than expected at roughly two basis points of quarterly annualized base rent.

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Annualized base rent rose more than 7% from the prior year to $959 million, supported by acquisition volume. NNN’s net operating income margin was 96.6%, up 70 basis points from the first quarter as occupancy increased and net real estate expenses declined. Free cash flow after dividends was about $56 million during the quarter.

Guidance Raised for Second Time This Year NNN increased its 2026 AFFO-per-share guidance to a range of $3.55 to $3.59, representing its second guidance increase of the year. At the midpoint, the updated outlook implies approximately 3.8% year-over-year growth, compared with 2.7% growth in 2025, according to Chao.

The company also raised the midpoint of its annual acquisition guidance to $750 million from $600 million. Chao said the stronger earnings outlook reflects better-than-expected second-quarter performance, an additional $150 million of expected acquisition volume and a $500,000 reduction in expected net real estate expenses due to faster-than-planned vacancy reductions.

NNN lowered its full-year bad-debt expectation to about 40 basis points from 60 basis points previously, while keeping its second-half credit-loss assumptions unchanged. The company also increased the midpoint of its annual disposition guidance by $10 million to $140 million.

Chao said the updated guidance range was narrowed as the year progresses rather than expanded fully at the high end. He identified bad debt, the timing and volume of acquisitions, and the timing of capital-markets activity as key factors that could influence full-year results.

Acquisitions, Occupancy and Portfolio Management During the second quarter, NNN invested just over $290 million in 89 properties at an initial cash capitalization rate of 7.3%. The acquisitions had an average lease duration of nearly 18 years and were concentrated in auto service, discount retail and early childhood education. The median purchase price was $2.1 million, while the average was $3.2 million.

For the first half of 2026, the company invested $430 million in 130 properties at an initial cash cap rate of 7.4% and an average lease duration of more than 18 years. Chief Executive Officer Steve Horn said cap rates have remained relatively stable over the past six quarters, although the company expects modest compression in the second half due to the makeup of its active pipeline and portfolios currently on the market.

Horn said most expected acquisitions are anticipated to come through direct, originated sale-leaseback transactions with relationship tenants. He described the company’s pipeline as robust, though he said NNN does not intend to assume potential transactions will close before they are completed.

The portfolio contained 3,774 freestanding, single-tenant properties at quarter-end. Occupancy increased 50 basis points from the first quarter to 99.1%, up 110 basis points from a year earlier. Rent collections were also strong, with less than five basis points of uncollected rent, Horn said.

Management said it sees particular acquisition opportunities in auto service, convenience stores and early childhood education, while limited-service restaurants and movie theaters have provided fewer growth opportunities. NNN completed a small early childhood education portfolio acquisition during the quarter involving a new relationship tenant that Chao described as having a strong management team, low leverage, attractive real estate and high initial rent coverage.

Horn said tenant mergers and acquisitions could affect future deal activity with individual tenants. He cited Mavis Tire’s announced agreement to acquire Pep Boys and Big Brand Tire’s agreement to acquire Belle Tire, which would create a network of more than 530 stores with over $1.5 billion in annual revenue. While acquired companies may no longer require NNN’s capital after a transaction, the company continues to seek new tenant relationships to support future growth, he said.

Dispositions Shift Toward Re-Leasing Vacant Assets NNN sold 26 properties during the second quarter for approximately $37 million in proceeds, including 19 vacant assets. Income-producing properties sold during the quarter were primarily non-core assets and were disposed of at cap rates roughly 170 basis points below the company’s acquisition cap rate, according to Horn.

Management said the income-producing dispositions included lower-performing Ruby Tuesday and Bob Evans locations. Horn said sales can involve defensive portfolio management where tenants indicate they may not renew, as well as sales to buyers that place greater value on specific properties, including 1031 exchange buyers.

Through the first half, the company sold 35 vacant properties. Horn said NNN has largely completed the sale of vacant properties it wanted to dispose of and expects the majority of remaining vacant assets to be re-leased. Some re-leasing activity may begin contributing in the fourth quarter, while other properties could take until the third quarter of 2027 because of permitting and lease negotiations, he said.

NNN also said it remains focused on reducing movie theater exposure where properties have not fully recovered to pre-pandemic performance. Chao noted that the movie theater business has performed well this year, with stronger box-office activity and a recent S&P credit upgrade for AMC.

Balance Sheet and Dividend NNN ended the quarter with $1.4 billion of available liquidity, no encumbered assets and 2.5% of debt tied to floating rates. Net debt to EBITDA was 5.7 times, unchanged from the prior quarter, while pro forma net debt to EBITDA including unsettled forward equity was 5.4 times.

During the quarter, the company increased its term loan by $200 million to $500 million. It swapped $400 million of that loan to a 4.1% all-in fixed rate and lowered spreads on its term loan and revolving credit facility by five basis points. NNN also sold roughly 6 million common shares on a forward basis at just under $46 per share and had approximately $272 million of unsettled forward equity as of June 30.

The company declared a quarterly dividend of $0.62 per share, a 3.3% increase that marked its 37th consecutive annual dividend increase. Chao said the dividend equates to a 5.3% annualized yield and a 69% AFFO payout ratio.

About NNN REIT (NYSE:NNN)NNN REIT NYSE: NNN, formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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For the quarter ended June 2026, NNN REIT (NNN - Free Report) reported revenue of $242.68 million, up 7.1% over the same period last year. EPS came in at $0.90, compared to $0.54 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $242.96 million, representing a surprise of -0.12%. The company delivered an EPS surprise of +1.12%, with the consensus EPS estimate being $0.89.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how NNN REIT performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Interest and other income from real estate transactions: $1.58 million versus the three-analyst average estimate of $0.4 million. The reported number represents a year-over-year change of +421.1%.Revenues- Rental income: $242.68 million versus the three-analyst average estimate of $241.41 million. The reported number represents a year-over-year change of +7.2%.Net Earnings Per Share (Diluted): $0.52 compared to the $0.50 average estimate based on two analysts.View all Key Company Metrics for NNN REIT here>>>

Shares of NNN REIT have returned -0.6% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

, /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 six months ended June 30, 2026. Highlights include:

Second Quarter 2026 Highlights:

Reported net earnings of $0.52 per diluted share Grew Core FFO and AFFO per diluted share by 6.0% and 5.9%, respectively, over prior-year results to $0.89 and $0.90, respectively Increased ABR by 7.3% over prior-year results to $959.1 million Increased portfolio occupancy to 99.1%, an increase of 50 and 110 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 $291.0 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 17.9 years and $436.4 million of investments at an initial cash cap rate of 7.4% in the six months ended June 30, 2026 Sold 26 properties for $36.7 million, including $9.0 million of income producing properties at a weighted average cap rate of 5.6% Entered into forward sale agreements for 5,999,528 common shares under the Company's at-the-market equity program ("ATM") at a weighted average price per share of $45.91 Issued 1,681,785 common shares, primarily under the ATM, raising net proceeds of $74.0 million Exercised the $200 million incremental term loan option under NNN's senior unsecured term loan facility, increasing the aggregate facility size to $500 million (the "Term Loan") Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 10.1 years, no encumbered assets, only 2.5% of floating rate exposure and $1.4 billion of total available liquidity Paid a $0.60 quarterly dividend, representing a 5.2% annualized dividend yield and a 67% AFFO payout ratio as of June 30, 2026 Additional Highlights:

Announced a 3.3% increase in the quarterly dividend for the third quarter 2026 to $0.62 per share, marking the Company's 37th consecutive annual dividend increase Increased 2026 Core FFO per share guidance to a new range of $3.50 - $3.54 Increased 2026 AFFO per share guidance to a new range of $3.55 - $3.59 Raised 2026 acquisition volume guidance to a new range of $700 - $800 million Published the Company's fourth annual Corporate Sustainability Report Steve Horn, Chief Executive Officer, commented: "NNN delivered a strong first half of the year, driven by resilient portfolio performance, disciplined execution across the organization, and a robust real estate investment pipeline built on longstanding, proven relationships. Given this momentum, we are raising our acquisition volume outlook and 2026 AFFO guidance."

FINANCIAL RESULTS

Quarter Ended
June 30,

Six Months Ended
June 30,

(dollars in thousands, except per diluted share data)

2026

2025

2026

2025

Revenues

$

244,266

$

226,802

$

484,690

$

457,656

Net earnings

$

97,924

$

100,529

$

191,875

$

196,987

Net earnings per share

$

0.52

$

0.54

$

1.01

$

1.05

FFO

$

167,819

$

157,175

$

330,969

$

315,909

FFO per share

$

0.89

$

0.84

$

1.75

$

1.69

Core FFO

$

168,187

$

157,366

$

331,771

$

318,273

Core FFO per share

$

0.89

$

0.84

$

1.75

$

1.70

AFFO

$

170,020

$

158,523

$

335,699

$

321,538

AFFO per share

$

0.90

$

0.85

$

1.77

$

1.72

PORTFOLIO SNAPSHOT

(dollars in thousands)

June 30,
 2026

March 31,
2026

June 30,
 2025

Number of properties

3,774

3,711

3,663

Total gross leasable area (square feet)

40,440,000

39,597,000

38,322,000

Occupancy rate

99.1

%

98.6

%

98.0

%

Weighted average remaining lease term (years)

10.1

10.1

9.8

ABR

$

959,145

$

934,612

$

893,782

PROPERTY ACQUISITIONS

(dollars in thousands)

Quarter Ended
June 30, 2026

Six Months Ended
June 30, 2026

Total dollars invested(1)

$

291,009

$

436,403

Number of properties

89

130

Gross leasable area (square feet)(2)

1,061,000

1,365,000

Weighted average cap rate(3)

7.3

%

7.4

%

Weighted average lease term (years)

17.9

18.2

(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 June 30, 2026

Six Months Ended June 30, 2026

(dollars in thousands)

Occupied

Vacant

Total

Occupied

Vacant

Total

Number of properties

7

19

26

16

35

51

Gross leasable area (square feet)

25,000

170,000

195,000

115,000

326,000

441,000

Net sale proceeds

$

9,046

$

27,688

$

36,734

$

26,846

$

45,715

$

72,561

Weighted average cap rate(1)

5.6

%

—

5.6

%

6.6

%

—

6.6

%

(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 June 30, 2026, NNN exercised the incremental term loan option and drew down the remaining $200 million on the Term Loan for a total outstanding balance of $500 million. 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. The Company previously entered into forward starting swaps with a total notional value of $400 million that fix the Secured Overnight Financing Rate ("SOFR") at 3.30%.

During the quarter ended June 30, 2026, NNN entered into forward sale agreements for 5,999,528 common shares under the Company's ATM at a weighted average price per share of $45.91.

During the quarter ended June 30, 2026, NNN issued 1,681,785 common shares, primarily in settlement of forward sale agreements under the Company's ATM, raising $74.0 million in net proceeds.

As of June 30, 2026, NNN had 5,999,528 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $272.1 million. Net proceeds include the impact of forward price adjustments through June 30, 2026.

BALANCE SHEET AND LIQUIDITY

As of June 30, 2026, Gross Debt was $5.1 billion with a weighted average interest rate of 4.2% and a weighted average debt maturity of 10.1 years. The Company ended the quarter with $1.4 billion of total available liquidity, including $1.2 billion of unused line of credit capacity, $272.1 million of outstanding forward equity, and $4.2 million of cash. Net Debt to annualized EBITDAre and fixed charge coverage was 5.7x and 4.1x, respectively, as of June 30, 2026. Including the impact of unsettled forward equity, Pro Forma Net Debt to annualized EBITDAre was 5.4x as of June 30, 2026.

DIVIDEND

As previously announced on July 15, 2026, the Company's Board of Directors declared a quarterly dividend of $0.62 per share payable on August 14, 2026, to shareholders of record as of July 31, 2026. The new quarterly dividend represents an annualized dividend of $2.48 per share and an annualized dividend yield of 5.3% as of June 30, 2026. The 3.3% increase in the quarterly dividend marks the 37th consecutive annual dividend increase. NNN is one of only three publicly traded real estate investment trusts to have increased its annual dividend for 37 or more consecutive years.

2026 GUIDANCE

(dollars in millions, except per diluted share data)

Previous 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

$2.01 - $2.05

Real estate depreciation and amortization per share

$1.46

$1.49

Core FFO per share

$3.48 - $3.54

$3.50 - $3.54

AFFO per share

$3.53 - $3.59

$3.55 - $3.59

General and administrative expenses

$53 - $55

$53 - $55

Real estate expenses, net of tenant reimbursements

$14 - $15

$13.5 - $14.5

Acquisition volume

$550 - $650

$700 - $800

Disposition volume

$110 - $150

$120 - $160

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 August 5, 2026 at 10:30 a.m. ET to discuss second 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 623622 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through Wednesday, August 19, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 54164.

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 June 30, 2026, the Company owned 3,774 properties across 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.4 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 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 quarters ended March 31, 2026 and June 30, 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 the line of credit payable, and term loan payable and notes payable, each net of unamortized discount and unamortized 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)

June 30,
2026

December 31,
2025

Assets:

Real estate portfolio, net of accumulated depreciation and amortization

$

9,463,681

$

9,239,542

Cash and cash equivalents

4,223

5,046

Restricted cash and cash held in escrow

—

776

Receivables, net of allowance of $567 and $609, respectively

2,874

3,470

Accrued rental income, net of allowance of $3,528 and $3,393, respectively

36,672

34,914

Debt costs, net of accumulated amortization of $31,348 and $29,930, respectively

4,987

8,645

Other assets

94,086

86,962

Total assets

$

9,606,523

$

9,379,355

Liabilities:

Line of credit payable

$

28,500

$

348,100

Term loan payable, net of unamortized debt costs

496,835

—

Notes payable, net of unamortized discount and unamortized debt costs

4,475,938

4,472,324

Accrued interest payable

37,989

40,557

Other liabilities

106,525

110,072

Total liabilities

5,145,787

4,971,053

Total equity

4,460,736

4,408,302

Total liabilities and equity

$

9,606,523

$

9,379,355

Common shares outstanding

191,931,110

189,937,404

NNN REIT, Inc.

Income Statement Summary

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenues:

Rental income

$

242,682

$

226,498

$

482,696

$

457,072

Interest and other income from real estate transactions

1,584

304

1,994

584

244,266

226,802

484,690

457,656

Operating expenses:

General and administrative

14,057

11,217

28,163

24,225

Real estate

8,266

8,838

18,065

18,213

Depreciation and amortization

71,025

68,349

141,822

132,966

Leasing transaction costs

212

74

356

204

Impairment losses – real estate, net of recoveries

8,067

4,535

18,747

6,047

Retirement and severance costs

368

191

802

2,364

101,995

93,204

207,955

184,019

Gain on disposition of real estate

9,105

16,198

21,290

20,011

Earnings from operations

151,376

149,796

298,025

293,648

Other expenses (revenues):

Interest and other income

(35)

(15)

(63)

(344)

Interest expense

53,487

49,282

106,213

97,005

53,452

49,267

106,150

96,661

Net earnings

$

97,924

$

100,529

$

191,875

$

196,987

Weighted average shares outstanding:

Basic

189,078,464

186,876,693

189,055,792

186,865,955

Diluted

189,620,010

187,070,288

189,635,670

187,088,160

Net earnings per share:

Basic

$

0.52

$

0.54

$

1.01

$

1.05

Diluted

$

0.52

$

0.54

$

1.01

$

1.05

NNN REIT, Inc.

Other Information

(dollars in thousands)

(unaudited)

Quarter Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Rental income from operating leases(1) (2)

$

237,240

$

221,714

$

470,811

$

445,770

Earned income from direct financing leases(1)

$

79

$

112

$

161

$

226

Percentage rent(1)

$

508

$

284

$

824

$

1,170

Real estate expenses reimbursed from tenants(1)

$

4,855

$

4,388

$

10,900

$

9,906

Real estate expenses

(8,266)

(8,838)

(18,065)

(18,213)

Real estate expenses, net of tenant reimbursements

$

(3,411)

$

(4,450)

$

(7,165)

$

(8,307)

Amortization of debt costs

$

1,776

$

1,478

$

3,528

$

2,944

Non-real estate depreciation expense

$

96

$

43

$

191

$

86

(1)

For the quarters ended June 30, 2026 and 2025, the aggregate of such amounts is $242,682 and $226,498, respectively, and $482,696 and $457,072 for the six months ended June 30, 2026 and 2025, respectively, and is classified as rental income on the income statement summary.

(2)

Includes lease termination fees of $1,633 and $2,248 for the quarters ended June 30, 2026 and 2025, respectively, and $2,372 and $10,452 for the six months ended June 30, 2026 and 2025, respectively.

NNN REIT, Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands, except per share data)

(unaudited)

Quarter Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net earnings

$

97,924

$

100,529

$

191,875

$

196,987

Real estate depreciation and amortization

70,933

68,309

141,637

132,886

Gain on disposition of real estate

(9,105)

(16,198)

(21,290)

(20,011)

Impairment losses – depreciable real estate, net of recoveries

8,067

4,535

18,747

6,047

FFO

167,819

157,175

330,969

315,909

Retirement and severance costs

368

191

802

2,364

Core FFO

168,187

157,366

331,771

318,273

Straight-line accrued rent, net of reserves

(838)

425

(2,129)

(84)

Net capital lease rent adjustment

46

62

92

122

Below-market rent amortization

(189)

(1,620)

(315)

(1,713)

Stock based compensation expense

3,368

2,832

7,414

6,403

Capitalized interest expense

(554)

(542)

(1,134)

(1,463)

AFFO

$

170,020

$

158,523

$

335,699

$

321,538

FFO per share:

Basic

$

0.89

$

0.84

$

1.75

$

1.69

Diluted

$

0.89

$

0.84

$

1.75

$

1.69

Core FFO per share:

Basic

$

0.89

$

0.84

$

1.75

$

1.70

Diluted

$

0.89

$

0.84

$

1.75

$

1.70

AFFO per share:

Basic

$

0.90

$

0.85

$

1.78

$

1.72

Diluted

$

0.90

$

0.85

$

1.77

$

1.72

Dividend per share

$

0.60

$

0.58

$

1.20

$

1.16

AFFO payout ratio(1)

67

%

68

%

68

%

67

%

(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
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net earnings

$

97,924

$

100,529

$

191,875

$

196,987

Interest expense

53,487

49,282

106,213

97,005

Depreciation and amortization

71,025

68,349

141,822

132,966

Gain on disposition of real estate

(9,105)

(16,198)

(21,290)

(20,011)

Impairment losses – real estate, net of recoveries

8,067

4,535

18,747

6,047

EBITDAre

$

221,398

$

206,497

$

437,367

$

412,994

Interest expense

$

53,487

$

49,282

$

106,213

$

97,005

Add back: capitalized interest

554

542

1,134

1,463

Fixed charges

$

54,041

$

49,824

$

107,347

$

98,468

June 30,
2026

December 31,
2025

Total assets

$

9,606,523

$

9,379,355

Accumulated depreciation & amortization

2,352,708

2,259,469

Amortization of direct financing leases

2,546

2,546

Gross Assets

$

11,961,777

$

11,641,370

Debt outstanding:

Line of credit

$

28,500

$

348,100

Term loan, net of unamortized debt costs

496,835

—

Notes payable, net of unamortized discount and
     unamortized debt costs

4,475,938

4,472,324

Total Debt

5,001,273

4,820,424

Unamortized note discount

45,064

47,005

Unamortized debt costs

32,163

30,670

Gross Debt

5,078,500

4,898,099

Total Cash

(4,223)

(5,822)

Net Debt

5,074,277

4,892,277

Net proceeds from unsettled forward equity

(272,109)

—

Pro Forma Net Debt

$

4,802,168

$

4,892,277

NNN REIT, Inc.

Debt Summary

As of June 30, 2026

(dollars in thousands)

(unaudited)

Unsecured Debt

Principal

Principal,
Net of
Unamortized
Discount

Stated
Rate

Effective
Rate

Maturity Date

Line of credit payable

$

28,500

$

28,500

SOFR +
72.5 bps

4.345

%

April 2028

Term loan payable

500,000

500,000

SOFR +
80 bps

4.126

%

(1)

February 2029

Notes payable:

2026

350,000

349,790

3.600

%

3.733

%

December 2026

2027

400,000

399,758

3.500

%

3.548

%

October 2027

2028

400,000

399,238

4.300

%

4.388

%

October 2028

2030

400,000

399,478

2.500

%

2.536

%

April 2030

2031

500,000

496,559

4.600

%

4.766

%

February 2031

2033

500,000

491,002

5.600

%

5.905

%

October 2033

2034

500,000

494,852

5.500

%

5.662

%

June 2034

2048

300,000

296,350

4.800

%

4.890

%

October 2048

2050

300,000

294,776

3.100

%

3.205

%

April 2050

2051

450,000

442,503

3.500

%

3.602

%

April 2051

2052

450,000

440,630

3.000

%

3.118

%

April 2052

Total

4,550,000

4,504,936

Total unsecured debt(2)

$

5,078,500

$

5,033,436

Reconciliation of Debt

Term Loan
Payable

Notes
Payable

Principal, net of unamortized discount

$

500,000

$

4,504,936

Debt costs

(3,604)

(44,420)

Accumulated amortization

439

15,422

Debt costs, net of accumulated
     amortization

(3,165)

(28,998)

Principal, net of unamortized
     discount and unamortized debt costs

$

496,835

$

4,475,938

(1)

SOFR swapped to a weighted average fixed rate of 3.30% on $400,000.

(2)

Unsecured debt has a weighted average interest rate of 4.2% and a weighted average maturity of 10.1 years.

NNN REIT, Inc.

Debt Summary – Continued

As of June 30, 2026

(unaudited)

Credit Metrics

June 30,
2026

December 31,
2025

Gross Debt / Gross Assets

42.5 %

42.1 %

Net Debt / EBITDAre (last quarter annualized)

5.7x

5.6x

Pro Forma Net Debt / EBITDAre (last quarter annualized)

5.4x

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 June 30, 2026, the Company believes it is in compliance with the covenants.

Key Covenants

Required

June 30,
2026

Unsecured Bank Credit Facility and Term Loan:

Maximum leverage ratio

< 0.60x

0.38x

Minimum fixed charge coverage ratio

> 1.50x

4.08x

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%

42 %

Limitation on incurrence of secured debt

≤ 40%

—

Debt service coverage ratio

≥ 1.5x

4.0x

Maintenance of total unencumbered assets

≥ 150%

239 %

NNN REIT, Inc.

Property Portfolio

As of June 30, 2026

Top 20 Lines of Trade

Lines of Trade

# of
Tenants

# of
Properties

% of
ABR

1.

Automotive service

48

761

18.6 %

2.

Convenience stores

32

682

15.9 %

3.

Restaurants – limited service

64

622

7.7 %

4.

Entertainment

7

96

7.3 %

5.

Dealerships

17

112

6.4 %

6.

Restaurants – full service

71

332

6.3 %

7.

Health and fitness

9

37

3.8 %

8.

Theaters

5

32

3.5 %

9.

Automotive parts

7

144

3.2 %

10.

Equipment rental

4

105

3.0 %

11.

Wholesale clubs

1

13

2.2 %

12.

Early childhood education

10

102

2.2 %

13.

Drug stores

3

59

1.9 %

14.

Home improvement

10

49

1.9 %

15.

Discount retail

7

112

1.9 %

16.

Medical service providers

28

84

1.7 %

17.

Pet supplies and services

12

62

1.7 %

18.

Furniture

14

43

1.2 %

19.

Travel plazas

4

24

1.1 %

20.

Automobile auctions, wholesale

2

18

1.1 %

Other

87

285

7.4 %

Total

3,774

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of June 30, 2026

Top 20 States

State

# of
Tenants

# of
Properties

% of
ABR

1.

Texas

97

596

17.9 %

2.

Florida

96

277

8.7 %

3.

Illinois

53

184

5.2 %

4.

Georgia

64

174

4.4 %

5.

Ohio

77

215

4.2 %

6.

Michigan

34

147

3.9 %

7.

North Carolina

49

164

3.8 %

8.

Tennessee

50

160

3.6 %

9.

Indiana

47

165

3.5 %

10.

Arizona

38

88

3.5 %

11.

Virginia

48

126

3.4 %

12.

California

27

75

2.8 %

13.

Alabama

38

155

2.8 %

14.

Missouri

34

107

2.3 %

15.

New Jersey

19

32

2.2 %

16.

Pennsylvania

39

80

2.1 %

17.

Maryland

21

53

2.0 %

18.

Colorado

30

49

2.0 %

19.

South Carolina

31

85

2.0 %

20.

Oklahoma

30

89

1.9 %

Other

167

753

17.8 %

Total

3,774

100.0 %

NNN REIT, Inc.

Property Portfolio – Continued

As of June 30, 2026

Top 20 Tenants

Tenant

Primary Line of Trade

# of
Properties

% of
ABR

1.

7-Eleven

Convenience stores

145

4.2 %

2.

Mister Car Wash

Automotive service

120

3.7 %

3.

Dave & Buster's

Entertainment

34

3.5 %

4.

Camping World

Dealerships

46

3.4 %

5.

Kent Distributors

Convenience stores

64

2.6 %

6.

Flynn Restaurant Group

Restaurants - limited service

203

2.4 %

7.

GPM Investments

Convenience stores

140

2.3 %

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

141

2.0 %

12.

Couche-Tard

Convenience stores

91

2.0 %

13.

Sunoco

Convenience stores

53

1.7 %

14.

Chuck E. Cheese

Entertainment

51

1.6 %

15.

Walgreens

Drug stores

48

1.6 %

16.

Casey's General Stores

Convenience stores

62

1.5 %

17.

United Rentals

Equipment rental

49

1.5 %

18.

Tidal Wave Auto Spa

Automotive service

35

1.4 %

19.

Super Star Car Wash

Automotive service

33

1.3 %

20.

BMW Kar Wash LLC

Automotive service

41

1.3 %

Other

2,362

55.4 %

Total

3,774

100.0 %

Lease Expirations(1)

# of
Properties

Gross
Leasable
Area(2)

% of
ABR

# of
Properties

Gross
Leasable
Area(2)

% of
ABR

2026

37

244,000

0.5 %

2032

199

2,046,000

5.0 %

2027

195

2,534,000

5.8 %

2033

133

1,395,000

4.2 %

2028

222

1,971,000

4.8 %

2034

194

2,838,000

5.7 %

2029

139

2,049,000

4.1 %

2035

136

1,805,000

4.1 %

2030

185

2,427,000

4.6 %

Thereafter

1,988

19,178,000

52.5 %

2031

309

3,593,000

8.7 %

(1)

As of June 30, 2026, the weighted average remaining lease term is 10.1 years.

(2)

Square feet.

SOURCE NNN REIT, Inc.

NNN REIT Q2 Preview: Solid Outlook Is Largely Priced In

-- Marks 37th Consecutive Annual Dividend Increase --

, /PRNewswire/ -- The Board of Directors of NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company"), a real estate investment trust, today announced a quarterly dividend of 62 cents per share payable August 14, 2026 to shareholders of record as of July 31, 2026. The 3.3 percent increase in the quarterly dividend marks the 37th consecutive annual dividend increase. NNN is one of only three publicly traded REITs to have increased its annual dividend for 37 or more consecutive years.

Steve Horn, Chief Executive Officer, commented: "Our steadfast commitment to a long-term approach has once again enabled NNN to increase its annual dividend for the 37th consecutive year. This achievement underscores our high-quality portfolio, disciplined capital allocation, and flexible balance sheet, all of which continue to deliver sustainable growth for our shareholders."

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.

, /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company"), a real estate investment trust ("REIT"), today announced that it will release its second quarter 2026 results before the market opens on Wednesday, August 5, 2026. The Company will host a conference call that day at 10:30 a.m. ET to discuss its financial and operating 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 U.S. or 973-528-0011 for international callers and entering the participant code 623622 or referencing NNN REIT, Inc.

A telephonic replay of the call will be available through Wednesday, August 19, 2026, by dialing 877-481-4010 in the U.S. or 919-882-2331 internationally and entering the code 54164.

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 attractively valued at a forward P/FFO of 13.2 and a 5.2% dividend yield, supporting a 'Buy' rating.NNN's high occupancy, necessity-driven tenant base, and robust sale-leaseback pipeline underpin steady growth and income reliability.Strong balance sheet and a conservative 69% payout ratio ensure dividend safety and growth funding.While the valuation has risen, NNN's disciplined capital allocation and mid-single digit FFO/share growth potential offer double-digit total return prospects.Looking for a portfolio of ideas like this one? Members of iREIT®+HOYA Capital get exclusive access to our subscriber-only portfolios. Learn More »Sitewide Sale 2026: Get 20% Off ISerg/iStock via Getty Images

In a market where parabolic moves have become normalized, it pays to be disciplined around valuation and cash flows. This is especially the case for retirees and income investors who rely on steady income and growth over chasing volatility. That’s where discipline matters

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NNN 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.

I am not an investment advisor. This article is for informational purposes and does not constitute as financial advice. Readers are encouraged and expected to perform due diligence and draw their own conclusions prior to making any investment decisions.

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.

Every month, we screen for dividend growth stocks, looking for potentially enticing names to consider. The screen focuses on safety, growth, and consistency, then sorts by the yield itself. It often presents several REIT names and turnaround potentials, with this month highlighting exactly that, with 3 REITs and 2 potential turnaround plays.

Posted by Defense World Staff on Apr 27th, 2026

Shares of NNN REIT, Inc. (NYSE:NNN – Get Free Report) have earned an average rating of “Reduce” from the nine analysts that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $45.0556.

NNN has been the topic of several recent analyst reports. Stifel Nicolaus set a $48.50 target price on shares of NNN REIT in a research note on Wednesday, February 11th. Robert W. Baird set a $46.00 target price on shares of NNN REIT in a research note on Thursday, February 12th. Barclays boosted their target price on shares of NNN REIT from $43.00 to $45.00 and gave the company an “underweight” rating in a research note on Tuesday, April 21st. Raymond James Financial reissued a “market perform” rating on shares of NNN REIT in a research note on Tuesday, March 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NNN REIT in a research note on Thursday, January 22nd.

Read Our Latest Analysis on NNN REIT

Insider Buying and Selling at NNN REIT In other NNN REIT news, CEO Stephen A. Horn, Jr. sold 33,192 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $44.98, for a total transaction of $1,492,976.16. Following the sale, the chief executive officer directly owned 822,711 shares of the company’s stock, valued at $37,005,540.78. The trade was a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jonathan Adamo sold 6,000 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $44.99, for a total transaction of $269,940.00. Following the sale, the executive vice president directly owned 126,358 shares in the company, valued at approximately $5,684,846.42. This trade represents a 4.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On NNN REIT A number of hedge funds have recently modified their holdings of NNN. Quent Capital LLC acquired a new position in shares of NNN REIT in the third quarter worth $51,000. Root Financial Partners LLC increased its stake in shares of NNN REIT by 3,354.1% in the first quarter. Root Financial Partners LLC now owns 1,278 shares of the real estate investment trust’s stock worth $54,000 after acquiring an additional 1,241 shares during the last quarter. Ameriflex Group Inc. increased its stake in shares of NNN REIT by 1,266.1% in the third quarter. Ameriflex Group Inc. now owns 2,336 shares of the real estate investment trust’s stock worth $99,000 after acquiring an additional 2,165 shares during the last quarter. Rothschild Investment LLC increased its stake in shares of NNN REIT by 1,066.9% in the third quarter. Rothschild Investment LLC now owns 4,271 shares of the real estate investment trust’s stock worth $182,000 after acquiring an additional 3,905 shares during the last quarter. Finally, Hanson & Doremus Investment Management acquired a new position in shares of NNN REIT in the fourth quarter worth $187,000. 89.96% of the stock is owned by institutional investors and hedge funds.

NNN REIT Price Performance NYSE NNN opened at $43.89 on Monday. The stock has a market capitalization of $8.35 billion, a P/E ratio of 21.20, a P/E/G ratio of 5.89 and a beta of 0.85. NNN REIT has a 1 year low of $38.90 and a 1 year high of $46.03. The business’s fifty day moving average is $44.04 and its two-hundred day moving average is $42.20. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.09 and a current ratio of 1.09.

NNN REIT Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Thursday, April 30th. NNN REIT’s payout ratio is 115.94%.

NNN REIT Company Profile (Get Free Report)

NNN REIT (NYSE: NNN), formally known as National Retail Properties, is a publicly traded real estate investment trust focused on acquiring, owning and managing a diversified portfolio of retail properties across the United States. As a net-lease REIT, the company enters into long-term, triple-net leases with national and regional tenants, shifting most property-related expenses, including maintenance, taxes and insurance, to its lessees. This structure provides NNN REIT with predictable cash flows and a stable income stream rooted in essential retail uses such as convenience stores, dollar stores, drug stores and quick-service restaurants.

Founded in 1984 and headquartered in Orlando, Florida, NNN REIT has steadily grown its footprint through disciplined acquisitions and selective lease underwriting.

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Public Storage (PSA - Free Report) came out with quarterly funds from operations (FFO) of $4.22 per share, beating the Zacks Consensus Estimate of $4.13 per share. This compares to FFO of $4.12 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +2.16%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $4.21 per share when it actually produced FFO of $4.26, delivering a surprise of +1.19%.

Over the last four quarters, the company has surpassed consensus FFO estimates four times.

Public Storage, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $1.22 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.97%. This compares to year-ago revenues of $1.18 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Public Storage shares have added about 18.8% since the beginning of the year versus the S&P 500's gain of 4.7%.

What's Next for Public Storage?While Public Storage has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Public Storage was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $4.28 on $1.22 billion in revenues for the coming quarter and $16.95 on $4.92 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, NNN REIT (NNN - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 30.

This retail real estate investment trust is expected to post quarterly earnings of $0.87 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level.

NNN REIT's revenues are expected to be $239.63 million, up 3.9% from the year-ago quarter.

NNN REIT (NNN - Free Report) reported $240.01 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 4.1%. EPS of $0.87 for the same period compares to $0.51 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $240 million, representing a surprise of +0.01%. The company delivered an EPS surprise of +0.23%, with the consensus EPS estimate being $0.87.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how NNN REIT performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Interest and other income from real estate transactions: $0.41 million compared to the $0.36 million average estimate based on three analysts. The reported number represents a change of +46.4% year over year.Revenues- Rental income: $240.01 million compared to the $238.52 million average estimate based on three analysts. The reported number represents a change of +4.1% year over year.Net Earnings Per Share (Diluted): $0.50 versus $0.50 estimated by two analysts on average.View all Key Company Metrics for NNN REIT here>>>

Shares of NNN REIT have returned +2.5% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

, /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company"), a real estate investment trust, announced that it has published its annual Corporate Sustainability Report.

The NNN REIT 2025-26 Corporate Sustainability Report The report details the Company's continued commitment to sustainable strategies and actions concerning environmental, social and governance issues. The reporting process is guided by the GRI (Global Reporting Initiative), SASB (Sustainability Accounting Standards Board), and TCFD (Task Force on Climate-Related Financial Disclosures) standards as well as other disclosure efforts, including industry best practices, investor requests and the United Nations Sustainable Development Goals (SDGs).

"We are pleased to share this year's Corporate Sustainability Report, which highlights our focus on creating long-term value for our shareholders," said Steve Horn, Chief Executive Officer. "Our approach is grounded in disciplined corporate governance, a supportive and engaging environment for our associates, meaningful investment in the communities we serve, and an ongoing commitment to sustainability."

To learn more about the Company's corporate sustainability efforts, please view the full report here: www.nnnreit.com/corporate-sustainability/governance/reporting/corporate-sustainability-reports/.

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.

SOURCE NNN REIT, Inc.

NNN REIT, Inc. is reaffirmed as a hold, with valuation reflecting a justified premium to invested capital based on current investment spreads. NNN's stock performance closely tracks the NAREIT Free Standing Retail sector, with an R-squared of 0.88 and beta of 1.02, indicating near-pure sector exposure. The current investment spread is 59 basis points (cap rate 7.3% vs. WACC 6.71%), which is positive but not compelling for sector outperformance.

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