NNN REIT reported its third‑quarter 2025 earnings, posting revenue of $230.2 million, net earnings of $96.8 million, funds from operations of $158.7 million, Core FFO of $159.4 million, and AFFO of $161.1 million. Per‑share figures were $0.84 for FFO, $0.85 for Core FFO, and $0.86 for AFFO, reflecting year‑over‑year increases of 2.9%, 3.0%, and 3.4% respectively. For comparison, Q2 2025 Core FFO and AFFO per share were $0.84 and $0.85, while Q3 2024 Core FFO and AFFO were $0.81 and $0.82.
Occupancy for the quarter stood at 97.5%, and the portfolio included 3,697 properties across all 50 states. The company owned 3,663 properties as of June 30 2025, indicating a modest expansion during the year.
Core FFO per share guidance was raised to $3.36–$3.40, and AFFO per share guidance was increased to $3.41–$3.45. Acquisition volume guidance was expanded to $850–$950 million, and disposition volume guidance was raised to $170–$200 million. Management cited strong demand for necessity‑based retail tenants and favorable lease terms as drivers of the guidance lift.
Quarterly activity included $283 million invested across 57 properties and $22.3 million in net sale proceeds from 12 occupied properties. Other reports noted 23 properties sold for $41.3 million during the year.
The company maintained a strong balance sheet, reporting $1.4 billion in liquidity and a weighted average debt maturity of 10.7 years. In September, NNN REIT issued $500 million in senior unsecured notes due 2031 at a 4.600% interest rate to refinance credit facility debt and fund future acquisitions.
NNN REIT continues its dividend growth streak, having increased dividends for 36 consecutive years. Operating in the net‑lease retail sector, the company competes with firms such as Realty Income and Agree Realty. The guidance lift reflects confidence in its long‑term lease portfolio and the resilience of its tenant mix.
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