NNN · NNN REIT, Inc.

NNN REIT delivered a solid first quarter 2026, marked by stable core operating metrics and proactive capital management. While GAAP net earnings per share declined modestly year-over-year (from $0.51 to $0.50), AFFO per share held steady at $0.87 — underscoring the resilience of recurring rental income and disciplined expense control. The increase in full-year AFFO guidance to $3.53–$3.59 reflects confidence in sustained portfolio performance, supported by a 6.9% year-over-year rise in Annualized Base Rent to $934.6 million and record-high 98.6% occupancy — up 90 basis points YoY — indicating strong tenant retention and minimal vacancy risk. Acquisitions totaled $145.4 million at an attractive 7.5% initial cash cap rate and a very long 19-year weighted average lease term, reinforcing NNN’s focus on durable, long-duration cash flows. On the balance sheet, the Company fully drew its $300 million Term Loan and locked in an all-in fixed rate of 4.10% via forward-starting swaps, eliminating floating-rate exposure and extending its already sector-leading weighted average debt maturity to 10.5 years. With $1.2 billion of total available liquidity and only 1.6% floating-rate debt exposure, NNN maintains exceptional financial flexibility. Management’s commentary highlights its self-funded acquisition model and tenant relationship program as key drivers of consistent per-share growth — a message reinforced by the 36th consecutive year of dividend increases and a sustainable 69% AFFO payout ratio on the $0.60 quarterly dividend. These developments collectively affirm NNN’s defensive positioning and execution capability in a higher-for-longer interest rate environment.