NNN

EX-99.1

2 nnn-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

NEWS RELEASE

For information contact:

Vincent H. Chao

Chief Financial Officer

(407) 265-7348

FOR IMMEDIATE RELEASE

November 4, 2026

NNN REIT, Inc. Announces Third Quarter 2026 Results

Orlando, Florida, November 4, 2026 – NNN REIT, Inc. (NYSE: NNN) (the "Company" or "NNN"), a real estate investment trust, today announced financial and operating results for the quarter and nine months ended September 30, 2026. Highlights include:

Third Quarter 2026 Highlights:

• Reported net earnings of $0.57 per diluted share

• Grew Core FFO and AFFO per diluted share by 5.9% and 5.8%, respectively, over prior-year results to $0.90 and $0.91, respectively

• Increased ABR by 6.8% over prior-year results to $974.0 million

• Increased portfolio occupancy to 99.2%, an increase of 10 and 170 basis points over the prior quarter and prior year periods, respectively, with a portfolio weighted average remaining lease term of 10.1 years

• Closed on $221.7 million of investments at an initial cash cap rate of 7.3%, with a weighted average lease term of 19.6 years and $658.1 million of investments at an initial cash cap rate of 7.3% in the nine months ended September 30, 2026

• Sold 32 properties for $50.7 million, including $37.3 million of income producing properties at a weighted average cap rate of 7.8%

• Entered into forward sale agreements for 502,305 common shares under the Company’s at-the-market equity program (“ATM”) at a weighted average price per share of $47.28

• Issued 2,014,352 common shares, primarily under the ATM, raising net proceeds of $89.5 million

• Maintained balance sheet flexibility with a sector-leading weighted average debt maturity of 9.8 years, no encumbered assets, only 2.3% of floating rate exposure and $1.4 billion of total available liquidity

• Paid a $0.62 quarterly dividend, representing a 6.0% annualized dividend yield and a 68% AFFO payout ratio as of September 30, 2026

Additional Highlights:

• Maintained 2026 Core FFO per share guidance of $3.50 - $3.54

• Maintained 2026 AFFO per share guidance of $3.55 - $3.59

• Increased 2026 disposition volume guidance to a new range of $160 - $180 million

Steve Horn, Chief Executive Officer, commented: "We are pleased to report strong third quarter results, highlighted by continued healthy portfolio trends, solid investment activity, and well-timed equity capital markets execution. With $1.4 billion of available liquidity and a balance sheet built for all market cycles, we are well positioned to execute on our investment pipeline and capitalize on the opportunities that today’s market volatility may create."

1

FINANCIAL RESULTS

Quarter Ended September 30,

Nine Months Ended September 30,

(dollars in thousands, except per diluted share data)

2026

2025

2026

2025

Revenues

$

249,677

$

230,159

$

734,367

$

687,815

Net earnings

$

109,928

$

96,839

$

301,803

$

293,826

Net earnings per share

$

0.57

$

0.51

$

1.58

$

1.56

FFO

$

172,409

$

158,676

$

503,378

$

474,585

FFO per share

$

0.90

$

0.84

$

2.65

$

2.53

Core FFO

$

172,576

$

159,366

$

504,347

$

477,639

Core FFO per share

$

0.90

$

0.85

$

2.65

$

2.54

AFFO

$

174,366

$

161,063

$

510,065

$

482,601

AFFO per share

$

0.91

$

0.86

$

2.68

$

2.57

PORTFOLIO SNAPSHOT

(dollars in thousands)

September 30, 2026

June 30, 2026

September 30, 2025

Number of properties

3,817

3,774

3,697

Total gross leasable area (square feet)

40,764,000

40,440,000

39,209,000

Occupancy rate

99.2

%

99.1

%

97.5

%

Weighted average remaining lease term (years)

10.1

10.1

10.1

ABR

$

973,997

$

959,145

$

912,218

PROPERTY ACQUISITIONS

(dollars in thousands)

Quarter Ended September 30, 2026

Nine Months Ended September 30, 2026

Total dollars invested(1)

$

221,741

$

658,144

Number of properties

76

206

Gross leasable area (square feet)(2)

572,000

1,937,000

Weighted average cap rate(3)

7.3

%

7.3

%

Weighted average lease term (years)

19.6

18.5

(1)

Includes dollars invested in projects under construction or tenant improvements.

(2)

Includes additional square footage from completed construction on existing properties.

(3)

Calculated as the initial cash annual base rent divided by the total purchase price of the properties.

PROPERTY DISPOSITIONS

Quarter Ended September 30, 2026

Nine Months Ended September 30, 2026

(dollars in thousands)

Income Producing

Vacant

Total

Income Producing

Vacant

Total

Number of properties

21

11

32

37

46

83

Gross leasable area (square feet)

150,000

63,000

213,000

265,000

389,000

654,000

Net sale proceeds

$

37,299

$

13,409

$

50,708

$

64,145

$

59,124

$

123,269

Weighted average cap rate(1)

7.8

%

—

7.8

%

7.3

%

—

7.3

%

(1)

Calculated as the cash annual base rent divided by the total gross proceeds received for the income producing properties.

2

CAPITAL MARKETS ACTIVITY

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