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Jun 30, 2025
NNN Q2 2025 Earnings Report
NNN REIT reported stable revenue and strong acquisition momentum in Q2 2025 while raising full-year guidance.
Key Takeaways
NNN REIT posted solid Q2 2025 results with increased AFFO per share, higher ABR, significant property investments, and improved liquidity following a successful notes issuance.
Total revenue reached $226.8 million, up from $216.8 million in Q2 2024.
AFFO per share rose to $0.85, with an AFFO payout ratio of 68%.
Invested $232.5 million in acquisitions across 45 properties during the quarter.
Raised 2025 AFFO guidance and increased quarterly dividend for the 36th consecutive year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NNN raised its 2025 AFFO and Core FFO guidance and increased the acquisition target by $100 million.
Positive Outlook
- Raised AFFO guidance to $3.40–$3.45 per share
- Increased Core FFO guidance to $3.34–$3.39 per share
- Expanded acquisition volume guidance to $600–$700 million
- Raised quarterly dividend to $0.60 per share
- Improved liquidity to $1.4 billion post-Q2
Challenges Ahead
- Reduced net earnings per share guidance
- Higher real estate expenses expected ($17–$18 million)
- Lower EPS due to impairments and dispositions
- Continued property vacancies (98% occupancy)
- Exposure to interest rate impacts on cost of capital
Historical Earnings Impact
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Avg. Return Before/After Earnings
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