NNN REIT, Inc. (NYSE: NNN) reported fourth‑quarter 2025 results on February 11 2026, posting revenue of $237.54 million, a 5.3% year‑over‑year increase driven by a 7.4% rise in base rent and disciplined cost management. The company’s net earnings rose to $95.95 million, while funds from operations (FFO) reached $163.8 million, or $0.87 per share, up from $0.82 per share in the same quarter a year earlier.
The earnings beat consensus estimates of $0.85 per share by $0.02, a margin that reflects the company’s ability to contain operating expenses while benefiting from higher rental income. Management highlighted a record $900 million in acquisitions at a 7.4% cash cap rate, underscoring its strategy of relationship‑driven growth and reinforcing the company’s defensively positioned, high‑yield profile.
NNN reaffirmed its 2026 guidance, projecting core FFO per share of $3.47‑$3.53 and AFFO per share of $3.52‑$3.58, and maintaining a 60‑40 equity‑debt mix. The guidance signals confidence in sustaining high occupancy and margin levels while continuing to pursue strategic acquisitions.
The company’s dividend remains unchanged at $0.60 per share, preserving a 6.1% yield for investors. The combination of steady dividend, robust FFO, and disciplined capital allocation positions NNN to navigate market volatility while delivering consistent returns.
Overall, the results reinforce NNN’s reputation as a defensively positioned REIT with a strong balance sheet, disciplined growth strategy, and a clear focus on maintaining high occupancy and margin levels in a competitive market.
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