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Sep 30
NNN Q3 2025 Earnings Report
NNN REIT delivered stable Q3 2025 results and raised full-year guidance following robust investment activity and a strong balance sheet.
Key Takeaways
NNN REIT reported steady earnings in Q3 2025 with strong AFFO and acquisition volume. The company increased full-year guidance and maintained a conservative debt profile while investing over $280 million in new properties.
Reported EPS of $0.51 and AFFO per share of $0.86
Completed $283 million in property acquisitions with 17.8-year average lease terms
Maintained high occupancy at 97.5% and increased ABR to $912 million
Raised 2025 AFFO guidance to $3.41–$3.45 per share
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NNN Revenue by Segment
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Revenue by Segment
Rental Income Revenue
CapyFin.comDirect Financing Lease Revenue
CapyFin.comPercentage Rent Revenue
CapyFin.comTenant Reimbursements Revenue
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CapyFin.comRevenue by Geographic Location
Texas Revenue
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CapyFin.com Forward Guidance
NNN REIT raised full-year 2025 guidance for AFFO and Core FFO, reflecting strong acquisition performance and continued operational efficiency.
Positive Outlook
- Raised AFFO per share guidance to $3.41–$3.45
- Increased Core FFO guidance to $3.36–$3.40
- Raised acquisition volume outlook to $850–$950 million
- Maintained strong liquidity with $1.4 billion available
- Balance sheet remains unencumbered with no floating-rate debt
Challenges Ahead
- Occupancy rate declined slightly to 97.5% from 99.3% YoY
- G&A and real estate expenses remained elevated
- Higher impairment losses on real estate in the quarter
- Cap rate on dispositions lower than acquisitions
- AFFO payout ratio increased to 70% from 68% YoY