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Dec 31, 2025
NNN Q4 2025 Earnings Report
NNN REIT reported fourth quarter 2025 revenue growth with stable AFFO per share and high portfolio occupancy.
Key Takeaways
For Q4 2025, NNN generated revenue of 238398000 and net earnings of 95951000, with diluted EPS of 0.51. AFFO totaled 164977000, or 0.87 per share, while portfolio occupancy increased to 98.3% and liquidity remained strong at 1200000000.
Total Q4 revenue increased to 238398000 from 218482000 year-over-year.
AFFO was 164977000, with AFFO per share of 0.87 and a payout ratio of 68.8%.
Portfolio occupancy improved to 98.3% with a weighted average remaining lease term of 10.2 years.
Gross debt stood at 4898099000 with net debt of 4892277000 and total available liquidity of 1200000000.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, NNN expects AFFO per share of 3.52 to 3.58 and Core FFO per share of 3.47 to 3.53, supported by continued acquisition activity and stable portfolio performance.
Positive Outlook
- AFFO per share guidance implies approximately 3.2% growth at midpoint.
- Planned acquisition volume of 550000000 to 650000000.
- Strong occupancy and long lease terms provide cash flow visibility.
- Conservative leverage and strong liquidity position.
- Continued disciplined capital allocation strategy.
Challenges Ahead
- Planned disposition volume of 110000000 to 150000000.
- Exposure to interest rate environment.
- Potential tenant credit risk in certain sectors.
- General and administrative expenses projected at 53000000 to 55000000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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