EQUITY RESEARCH | DEEP VALUE RESEARCH
NNN REIT, Inc. (NNN)
Sector: Real Estate / Net Lease REIT |
Published: 2026-10-06 |
Pages: 7
Price at publication: $40.38
Themes: REIT Net lease Dividend growth
Executive Summary
NNN REIT closed at $40.38 on October 5, about 11.3 times the midpoint of 2026 AFFO guidance, against a 2019 to 2025 year-end average of 14.6 times. Second-quarter AFFO per share rose 5.9%, occupancy reached 99.1%, and management raised guidance. The $2.48 dividend yields 6.1%, is about 69% of guided AFFO, and was raised in July for the 37th consecutive year. With 97.5% of its debt fixed, a hiking Fed hurts NNN mainly through refinancing and slower growth.
What’s Inside The Full Report
- Executive summary and key points
- How NNN makes money
- Seven years of per-share growth
- What the price implies
- The balance sheet and the dividend
- What a hiking Fed does to NNN
- Selling calls against it
- The risks
- Putting it together
- TTCM rating and position disclosure
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