EarningsQ2 2026 Earnings Report
MX:NNN Q2 2026 EPS Results
Actual EPS$9.44
Consensus EPS$9.23
Beat/MissBeat by +$0.22
One Year Ago EPS$9.81
MX:NNN Q2 2026 Revenue Results
Actual Revenue$4.44B
Expected Revenue$4.36B
Beat/MissBeat by +$74.06M
YoY Revenue Growth+7.70%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:NNN Upcoming Earnings
NNN REIT's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NNN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational and financial picture: very high occupancy, improved rent collections and NOI, year‑over‑year AFFO/FFO growth, active disciplined acquisitions with long lease durations, a raised acquisition target, a conservative and liquid balance sheet, and a dividend increase marking 37 consecutive annual raises. Headwinds are present but largely manageable — short‑term funding timing (a December maturity), modest leverage above target, sector pockets with limited growth (movie theaters, limited‑service restaurants), and competitive acquisition markets that could compress yields. On balance the positives significantly outweigh the manageable risks.Company Guidance
High Occupancy and Strong Rent Collections
Portfolio occupancy 99.1% (up 50 bps Q/Q and up 110 bps YoY); uncollected rent under ~5 basis points; quarterly bad debt ~2 bps of ABR; company lowered full‑year bad debt expectation to ~40 bps (from 60 bps last quarter).
AFFO and Core FFO Growth
Q2 AFFO of $0.90 per share (+5.9% YoY) and core FFO of $0.89 per share (+6.0% YoY). Raised 2026 AFFO guidance to $3.55–$3.59, implying ~3.8% YoY growth at the midpoint and a $0.01 midpoint increase vs prior guide.
Improved NOI and Base Rent Expansion
NOI margin of 96.6% in Q2 (up 70 bps vs prior quarter); annualized base rent grew over 7% YoY to $959 million.
Active, Disciplined Acquisition Activity
Q2 acquisitions: just north of $290 million for 89 properties at an initial cash cap rate of 7.3% and average lease duration ~18 years. H1 total acquisitions ~$430 million for 130 properties at a 7.4% initial cash cap rate. Increased 2026 acquisition guidance midpoint to $750 million from $600 million (+25%).
Portfolio Optimization and Dispositions
Sold 26 properties in the quarter (including 19 vacant) generating approximately $37 million of proceeds; raised 2026 disposition midpoint to $140 million. Income-producing sales were transacted at cap rates ~170 bps below the company's acquisition cap rate, indicating strong buyer demand for net lease assets.
Very Strong Balance Sheet and Liquidity
Weighted average debt maturity ~10.1 years (nearly double nearest net lease peer), $1.4 billion of available liquidity, no encumbered assets, only 2.5% of debt floating. Pro forma net debt/EBITDA 5.4x (down from 5.6x last quarter). Swapped $400 million of term loan to an all‑in fixed rate of 4.1%.
Dividend Increase and Healthy Payout
Announced $0.62 quarterly dividend (+3.3%), marking the 37th consecutive year of annual dividend increases; annualized yield ~5.3% and an AFFO payout ratio of ~69%.
Positive Cash Flow and Capital Markets Execution
Free cash flow after dividends of approximately $56 million in Q2; executed ATM activity (sold ~6 million forward shares ~just under $46) and settled 1.7 million forward shares generating ~$73 million to pay down revolver. Unsettled forward equity ~$272 million plus expected FCF ~$215 million and expected dispositions ~$140 million provide ample near‑term liquidity.
MX:NNN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed