NNN REIT Earnings Call Transcripts
Fiscal Year 2026
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Delivered strong Q1 results with stable AFFO and FFO per share, raised 2026 guidance, and maintained high occupancy and liquidity. Acquisition activity remains robust, with proactive portfolio management and no material credit concerns.
Fiscal Year 2025
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AFFO and FFO per share grew 2.7% in 2025, with record acquisitions and strong portfolio occupancy. 2026 guidance targets 3.2% AFFO growth, $600 million in acquisitions, and stable leverage, with conservative bad debt assumptions and continued proactive asset management.
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Strong Q3 results with raised 2025 FFO and acquisition guidance, robust portfolio performance, and proactive risk management. Liquidity and balance sheet remain sector-leading, with stabilized cap rates and high tenant demand supporting continued growth.
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Second quarter 2025 saw strong financial results, increased guidance, and a 36th consecutive annual dividend hike. Liquidity and balance sheet strength remain sector-leading, with robust acquisition and disposition activity and stable portfolio performance.
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Q1 saw strong occupancy, robust leasing, and 3.6% FFO growth, with $232M in acquisitions and $16M in dispositions. Guidance for 2025 is unchanged, with stable credit and liquidity, and most vacancies expected resolved by Q3.
Fiscal Year 2024
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Reported 1.8% core FFO growth for 2024, strong acquisition and disposition activity, and maintained high occupancy despite tenant challenges. 2025 guidance projects continued growth, with disciplined capital allocation and a focus on relationship-driven deals.
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Q3 2024 saw strong portfolio performance, high occupancy, and increased acquisition guidance. Despite tenant credit issues, guidance was affirmed, with robust liquidity and disciplined capital allocation supporting growth. Cap rates stabilized and deal flow is expected to rise.
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Q2 2024 saw strong occupancy (99.3%), Core FFO up 3.8% year-over-year, and guidance raised. Acquisition and disposition activity remain robust, with a strong balance sheet and minimal risk from tenant bankruptcies.