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Jun 30
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.
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NNN Revenue by Segment
NNN Revenue by Geographic Location
Revenue by Segment
Rental Income Revenue
CapyFin.comDirect Financing Leases Revenue
CapyFin.comPercentage Rent Revenue
CapyFin.comTenant Reimbursements Revenue
CapyFin.comInterest & Other Income Revenue
CapyFin.comRevenue by Geographic Location
Texas Revenue
CapyFin.comFlorida Revenue
CapyFin.comIllinois Revenue
CapyFin.comGeorgia Revenue
CapyFin.comOhio Revenue
CapyFin.comIndiana Revenue
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CapyFin.comNorth Carolina Revenue
CapyFin.comVirginia Revenue
CapyFin.comArizona Revenue
CapyFin.com 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