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NNN REIT
(NYSE:NNN)
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Rating:72Outperform
Price Target:
$50.00
â–²(10.77% Upside)
Action:Reiterated
Date:06/24/26
The score is supported primarily by constructive guidance and operational strength (raised AFFO outlook, very high occupancy, strong liquidity) and a steady technical uptrend. Offsetting factors are the weaker cash-flow snapshot (TTM free cash flow decline), meaningful leverage/near-term maturity considerations, and valuation that is supported by yield but not particularly inexpensive on P/E.
Positive Factors
High occupancy and strong lease renewals
Near‑100% occupancy and high renewal rates create durable, predictable rental cash flows. Consistent rent resets (renewals ~2% above prior levels) and successful leasing to new tenants support long‑term income stability and lower vacancy risk across the single‑tenant net‑lease portfolio.
Negative Factors
Moderate leverage: pro forma net debt/EBITDA 5.6x
A mid‑single‑digit net debt/EBITDA ratio constrains balance‑sheet flexibility relative to lower‑levered peers. Elevated leverage limits room for opportunistic acquisitions, increases refinancing exposure if growth accelerates, and raises sensitivity to cash‑flow downturns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and strong lease renewals
Near‑100% occupancy and high renewal rates create durable, predictable rental cash flows. Consistent rent resets (renewals ~2% above prior levels) and successful leasing to new tenants support long‑term income stability and lower vacancy risk across the single‑tenant net‑lease portfolio.
Read all positive factors
NNN REIT Key Performance Indicators (KPIs)
Any
Occupancy Rate
Share of total rentable space that is currently leased. High occupancy underpins steady income and dividend coverage; falling occupancy often precedes revenue drop, higher tenant improvement or leasing costs, and increased vacancy risk.
Share of total rentable space that is currently leased. High occupancy underpins steady income and dividend coverage; falling occupancy often precedes revenue drop, higher tenant improvement or leasing costs, and increased vacancy risk.
Data provided by:
The Fly
The FlyNNN REIT (NNN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.03B
Dividend Yield6.04%
Average Volume (3M)1.92M
Price to Earnings (P/E)23.0
Beta (1Y)0.19
Revenue Growth5.77%
EPS Growth-4.61%
CountryUS
Employees83
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.06
Shares Outstanding190,248,180
10 Day Avg. Volume2,013,416
30 Day Avg. Volume1,918,816
Financial Highlights & Ratios
PEG Ratio-4.59
Price to Book (P/B)1.69
Price to Sales (P/S)8.03
P/FCF Ratio11.14
Enterprise Value/Market Cap1.49
Enterprise Value/Revenue14.36
Enterprise Value/Gross Profit17.64
Enterprise Value/Ebitda15.44
Forecast
1Y Price Target
$46.25Price Target Upside2.46% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)2.02
Revenue Forecast (FY)$968.41M
NNN REIT Business Overview & Revenue Model
Company Description
NNN REIT primarily allocates capital to top-tier retail real estate, generally held under extended net lease contracts. As of September 30, 2020, their holdings encompassed 3,114 properties spanning 48 U.S. states. These assets collectively accoun...
How the Company Makes Money
NNN REIT makes money primarily by collecting contractual rental revenue from tenants under long-term, single-tenant net leases. Under net-lease arrangements, tenants are generally responsible for many property-level operating costs (often includin...
NNN REIT Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational execution, balance sheet strength, high occupancy, disciplined acquisitions, improved guidance, and meaningful liquidity—offset by flat reported AFFO/core FFO (driven in part by lower lease termination fees), some disposition margin compression, and a set of vacant/watch-list assets to resolve. Management conveyed confidence and multiple financing options for upcoming needs while remaining disciplined on acquisition recognition.Positive Updates
Acquisition Activity and Yield
Closed 15 transactions comprising 41 properties for $145 million with an initial cash yield of 7.5% and a weighted average lease term of 19 years, emphasizing long-duration, predictable cash flows from sale-leasebacks.
Negative Updates
Flat Reported Core FFO and AFFO
Reported core FFO of $0.86 and AFFO of $0.87 per share, both flat year-over-year; AFFO was held back by lower lease termination fees (see next item), though excluding that headwind AFFO grew 4.8%.
Read all updates
Q1-2026 Updates
Positive
Negative
Acquisition Activity and Yield
Closed 15 transactions comprising 41 properties for $145 million with an initial cash yield of 7.5% and a weighted average lease term of 19 years, emphasizing long-duration, predictable cash flows from sale-leasebacks.
Read all positive updates
Company Guidance
Management raised 2026 AFFO guidance to $3.53–$3.59 and core FFO to $3.48–$3.54 (each with a $0.01 higher midpoint), with the AFFO midpoint implying 3.5% year‑over‑year growth (versus 2.7% last year); line‑item guidance is unchanged but the company is tracking to the low end of $14–$15 million for net real estate expenses and toward the high end of its $550–$650 million acquisition target, supported by roughly $212 million of expected free cash flow, $130 million of expected dispositions and $1.2 billion of available liquidity; balance‑sheet metrics include pro forma net debt/EBITDA of 5.6x, debt duration of 10.5 years (lease duration 10.1 years), only 1.6% of debt floating, a lowered bad‑debt assumption from 75 bps to 60 bps, a $0.60 quarterly dividend (+3.4% YoY) representing a 5.7% annualized yield and a 69% AFFO payout ratio, and near‑term financing actions (a $300M term loan swapped to a 4.1% all‑in fixed rate and roughly $74M of expected net proceeds from unsettled forward equity after selling ~1.7M shares via ATM at just under $45).NNN REIT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 935.78M | 926.21M | 869.27M | 828.11M | 773.05M | 726.41M |
| Gross Profit | 761.54M | 351.95M | 836.95M | 799.73M | 746.77M | 698.02M |
| EBITDA | 870.06M | 860.48M | 830.53M | 794.86M | 706.52M | 633.20M |
| Net Income | 387.27M | 389.78M | 396.83M | 392.34M | 334.63M | 290.11M |
Balance Sheet | ||||||
| Total Assets | 9.42B | 9.38B | 8.87B | 8.66B | 8.15B | 7.75B |
| Cash, Cash Equivalents and Short-Term Investments | 4.57M | 5.05M | 8.73M | 1.19M | 2.50M | 171.32M |
| Total Debt | 4.85B | 4.82B | 4.37B | 4.36B | 3.92B | 3.75B |
| Total Liabilities | 5.03B | 4.97B | 4.51B | 4.50B | 4.02B | 3.85B |
| Stockholders Equity | 4.40B | 4.41B | 4.36B | 4.16B | 4.12B | 3.90B |
Cash Flow | ||||||
| Free Cash Flow | 650.88M | 667.13M | 635.50M | 612.41M | 578.36M | 568.42M |
| Operating Cash Flow | 650.88M | 667.13M | 635.50M | 612.41M | 578.36M | 568.42M |
| Investing Cash Flow | -639.13M | -748.06M | -424.34M | -680.66M | -777.63M | -432.18M |
| Financing Cash Flow | -11.88M | 77.69M | -207.26M | 66.63M | 34.73M | -232.16M |
NNN REIT Technical Analysis
Positive
45.14
Price Trends
44.68
Positive
43.94
Positive
41.95
Positive
Market Momentum
0.57
Negative
66.75
Neutral
86.44
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNN, the sentiment is Positive. The current price of 45.14 is below the 20-day moving average (MA) of 45.42, above the 50-day MA of 44.68, and above the 200-day MA of 41.95, indicating a bullish trend. The MACD of 0.57 indicates Negative momentum. The RSI at 66.75 is Neutral, neither overbought nor oversold. The STOCH value of 86.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NNN.
NNN REIT Risk Analysis
NNN REIT disclosed 33 risk factors in its most recent earnings report. NNN REIT reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NNN REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.87B | 21.57 | 15.55% | 4.38% | 7.43% | 65.72% | |
75 Outperform | $9.96B | 22.23 | 14.86% | 4.41% | 5.92% | 37.44% | |
73 Outperform | $5.94B | 21.98 | 9.22% | 4.55% | -3.59% | 1197.42% | |
72 Outperform | $9.03B | 23.04 | 8.81% | 6.04% | 5.77% | -4.61% | |
70 Outperform | $5.87B | 46.02 | 5.05% | 3.52% | 9.06% | 59.27% | |
67 Neutral | $9.25B | 41.41 | 3.65% | 4.28% | 17.67% | 3.73% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
NNN
NNN REIT
47.47
6.70
16.44%
ADC
Agree Realty
77.03
6.76
9.62%
KRG
Kite Realty Group
29.23
7.77
36.20%
FRT
Federal Realty
125.08
34.25
37.72%
BRX
Brixmor Property
32.45
7.54
30.26%
PECO
Phillips Edison & Company
42.34
8.53
25.22%
NNN REIT Corporate Events
Business Operations and StrategyPrivate Placements and Financing
NNN REIT Expands Term Loan and Lowers Borrowing Costs
Positive
Jun 23, 2026
On June 23, 2026, NNN REIT, Inc. amended its senior unsecured term loan agreement, exercising a $200 million incremental term loan option that increased the total facility to $500 million, with the loan maturing on February 15, 2029 and two one-ye...
Executive/Board ChangesShareholder Meetings
NNN REIT Stockholders Approve Board, Pay and Auditor
Positive
May 12, 2026
On May 12, 2026, NNN REIT, Inc. held its 2026 annual meeting of stockholders, where shareholders elected seven directors to serve until the next annual meeting or until their successors are duly chosen. The director slate, which received strong su...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.