NNN REIT, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 4, 2026, reporting third-quarter net earnings of $109.9 million and continued growth in its net-lease real estate portfolio.

Key Highlights

  • Rental income: $248,356 thousand for the quarter ended September 30, 2026, up from $229,773 thousand in the same quarter of 2025, according to the filing.
  • Net earnings: $109,928 thousand for Q3 2026, compared with $96,839 thousand for Q3 2025, the company disclosed.
  • Nine-month net earnings: $301,803 thousand for the nine months ended September 30, 2026, versus $293,826 thousand for the same period in 2025.
  • Real estate portfolio: Net of accumulated depreciation and amortization, the portfolio was valued at $9,572,131 thousand as of September 30, 2026, up from $9,239,542 thousand at December 31, 2025.
  • Common stock outstanding: 193,949,937 shares as of October 30, 2026, the registrant reported.
  • Dividends declared and paid: $0.62 per share of common stock for the quarter, and $1.82 per share for the nine months ended September 30, 2026, per the filing.
  • ATM equity program: 3,667,232 shares were issued through the ATM equity program during the nine months ended September 30, 2026, raising $165,541 thousand before stock issuance costs.

NNN REIT's Net-Lease Portfolio and Third-Quarter Financial Results

NNN REIT, Inc., a Maryland corporation listed on the New York Stock Exchange as NYSE:NNN, operates as a real estate investment trust focused on single-tenant, net-leased commercial properties. The company disclosed that total assets reached $9,718,877 thousand as of September 30, 2026, an increase from $9,379,355 thousand at December 31, 2025. The growth was driven primarily by expansion of the real estate portfolio, which is the company's core revenue-generating segment, producing rental income that accounted for the overwhelming majority of total revenues in the quarter.

According to the filing, total revenues for Q3 2026 were $249,677 thousand, compared with $230,159 thousand in Q3 2025. Operating expenses for the quarter totaled $99,768 thousand, including depreciation and amortization of $74,157 thousand and impairment losses on real estate, net of recoveries, of $3,470 thousand. The company also reported a gain on disposition of real estate of $15,046 thousand for the quarter. Interest expense for the quarter was $55,142 thousand, up from $53,378 thousand in Q3 2025, the filing noted.

On the balance sheet, the company reported a line of credit payable of $19,000 thousand as of September 30, 2026, sharply reduced from $348,100 thousand at December 31, 2025. A new term loan payable, net of unamortized debt costs, of $497,136 thousand appeared on the September 30, 2026 balance sheet with no corresponding balance at year-end 2025. Notes payable, net of unamortized discount and debt costs, stood at $4,477,768 thousand. Total equity was $4,551,385 thousand at quarter end, up from $4,408,302 thousand at December 31, 2025, reflecting net earnings partially offset by dividends paid and bolstered by equity issuances under the ATM program. Basic earnings per share were $0.58 for Q3 2026, compared with $0.51 for Q3 2025, the registrant reported.

What Was Disclosed

NNN REIT, Inc. disclosed unaudited condensed consolidated financial statements for the quarter and nine months ended September 30, 2026, covering rental income, net earnings, balance sheet composition, equity activity including ATM issuances, and per-share earnings and dividend data for a large accelerated filer listed on NYSE:NNN.