NNN REIT's second quarter AFFO of $0.90 beats estimates as the company raises full-year guidance.

NNN REIT reported second quarter 2026 revenue of $244.3 million and Adjusted Funds From Operations (AFFO) of $0.90 per share, beating analyst expectations. Revenue increased 7.7% year-over-year, while AFFO per share grew 5.9% from $0.85 in the prior-year period, driven by strong portfolio performance and accretive acquisitions.

Key Highlights

• Second quarter AFFO per share grew 5.9% year-over-year to $0.90, exceeding the consensus estimate of $0.87.
• Portfolio occupancy increased to 99.1%, up 110 basis points from the prior year and surpassing the 98.6% estimate.
• The company raised its full-year 2026 guidance, with the AFFO per share range lifted to $3.55 - $3.59 and acquisition volume guidance increased to $700 - $800 million.
• NNN invested $291.0 million in 89 properties during the quarter at an initial cash cap rate of 7.3%.