NNN REIT, Inc. reported its financial results for the first quarter of 2026, revealing a rental income of $240.0 million, an increase of 4.0% from $230.6 million in the same period last year. The company's net earnings for the quarter were $94.0 million, translating to earnings per share of $0.50, down from $0.52 in the prior year. The total revenues for the quarter reached $240.4 million, compared to $230.9 million in the first quarter of 2025, reflecting a growth of 4.9%. The increase in revenue was primarily driven by recent property acquisitions and a rise in rental income.
In terms of operational metrics, NNN's real estate portfolio consisted of 3,711 properties across all 50 states, with a gross leasable area of approximately 39.6 million square feet. The weighted average remaining lease term for these properties was 10.1 years, and the occupancy rate stood at 98.6%. The company also reported a total annualized base rent (ABR) of $934.6 million, up from $874.3 million a year earlier. The number of cash basis tenants increased to 14, representing 1.7% of total properties, with a total ABR of 4.1%.
During the quarter, NNN completed the acquisition of 41 properties, investing approximately $145.4 million, while also disposing of 25 properties for net proceeds of $35.8 million, resulting in a gain of $12.2 million. The company’s total assets increased to $9.4 billion, up from $9.4 billion at the end of 2025, with total liabilities rising to $5.0 billion. Notably, NNN's line of credit was reduced significantly to $80.0 million from $348.1 million, while a new term loan of $300.0 million was established.
Looking ahead, NNN's management expressed confidence in the company's ability to navigate market conditions and continue its growth trajectory. The company has committed to funding construction on 24 properties, with an estimated completion timeline of 12 to 18 months. NNN also plans to maintain its dividend policy, having declared a dividend of $0.600 per share for the quarter, which is payable in May 2026. The company remains focused on strategic acquisitions and maintaining a diversified portfolio to mitigate risks associated with tenant defaults and market fluctuations.
About NNN REIT, INC.
NNN REIT, Inc. is a Maryland-based real estate investment trust specializing in acquiring, owning, and managing long-term leased retail properties across the U.S. Its portfolio includes thousands of properties leased primarily under triple-net agreements, providing stable income streams. The company emphasizes environmental sustainability, tenant creditworthiness, and strategic capital management to deliver consistent dividends and value to shareholders.
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