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NNN REIT Q3 revenue beats estimates, raises 2026 disposition guidance

By Reuters News


Overview

  • US net lease REIT's Q3 revenue beat analyst expectations

  • Adjusted FFO per share grew 5.8% yr/yr to $0.91

  • Company raised 2026 property disposition guidance to $160-180 mln


Outlook

  • NNN REIT maintains 2026 Core FFO per share guidance at $3.50-$3.54

  • Company maintains 2026 AFFO per share guidance at $3.55-$3.59

  • NNN REIT raises 2026 disposition volume guidance to $160-$180 mln


Result Drivers

  • PORTFOLIO OCCUPANCY - Co said occupancy increased to 99.2%, up 170 basis points yr/yr, with weighted average lease term of 10.1 years

  • INVESTMENT ACTIVITY - Co closed on $221.7 mln of property acquisitions in Q3 at initial cash cap rate of 7.3%, with weighted average lease term of 19.6 years

  • RENTAL INCOME GROWTH - Rental income from operating leases rose to $248.4 mln in Q3 from $229.8 mln a yr earlier


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$249.68 mln

$245.30 mln (12 Analysts)

Q3 EPS

$0.57

Q3 Net Income

$109.93 mln

Q3 Adjusted FFO Per Share

$0.91

Q3 Income From Operations

$164.96 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 12 "hold" and 3 "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "buy."

  • Wall Street's median 12-month price target for NNN REIT, Inc. is $47.00, about 12.7% above its November 3 closing price of $41.69

  • The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 22 three months ago


Reuters Recommended Reads

  • Nov 2 - Realty Income's Q3 revenue beats; raises 2026 AFFO per share outlook

  • Nov 2 - Sabra Health Care REIT Q3 revenue rises year-over-year

  • Nov 2 - Empire State Realty Trust raises 2026 Core FFO outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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