NNN REIT Posts 2.7% FFO Growth, Sets $3.52–3.58 AFFO Guidance
NNN REIT reported 2025 core FFO per share of $3.41, up 2.7%, and AFFO per share of $3.44 while net earnings were $2.07 per diluted share. The company closed $931 million in investments at a 7.4% cash cap rate, sold $190.5 million of properties, and held $1.2 billion of liquidity.
1. 2025 Financial Highlights
NNN REIT delivered net earnings of $2.07 per diluted share for 2025. Core FFO rose 2.7% to $3.41 per share and AFFO climbed to $3.44 per share on revenues of $926.2 million.
2. Property Transactions and Portfolio
During 2025 the company deployed $931.0 million in new investments at an initial cash cap rate of 7.4% and maintained a weighted average lease term of 17.6 years. It sold 116 properties for $190.5 million and achieved a year-end occupancy rate of 98.3%.
3. Balance Sheet and Liquidity
NNN issued $500 million of 4.600% senior unsecured notes due 2031 and redeemed $400 million of 4.000% notes maturing in 2025, while closing a $300 million delayed draw term loan due 2029. The REIT ended 2025 with $1.2 billion of available liquidity and an average debt maturity of 10.8 years with no encumbered assets.
4. 2026 Guidance
The company introduced 2026 AFFO guidance of $3.52 to $3.58 per share, implying 3.2% growth at the midpoint. Management emphasized continued focus on freestanding property acquisitions and maintaining a conservative, flexible balance sheet.