Every material Form 8-K NNN Reit has filed with the SEC since October 31, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
NNN REIT reported third quarter 2026 results, with revenue of $249.7 million and diluted earnings of $0.57 per share, up from $0.51 a year earlier. Core FFO per diluted share rose to $0.90 from $0.85, but the company lowered the low and high ends of its 2026 earnings-per-share guidance (excluding certain gains, impairments and severance costs) by $0.01, while keeping its Core FFO and AFFO guidance unchanged.
Q3 2026 diluted EPS $0.57 vs. $0.51 a year earlier; revenue $249.7 million vs. $230.2 million
Core FFO per diluted share $0.90 vs. $0.85; AFFO per diluted share $0.91 vs. $0.86
2026 EPS guidance (excluding certain items) lowered to $2.00-$2.04 from $2.01-$2.05; Core FFO ($3.50-$3.54) and AFFO ($3.55-$3.59) guidance maintained
2026 disposition volume guidance raised to $160-$180 million from $120-$160 million
NNN REIT said Christina Chiu and Charles “Chaz” D. Mueller, Jr. will join its Board effective October 1, 2026, as part of staged succession planning. Director Betsy D. Holden plans to retire from the Board on February 19, 2027, and the Board expects both new directors to serve on the Audit Committee.
Chiu and Mueller join the Board effective October 1, 2026.
Holden's planned retirement from the Board is effective February 19, 2027.
The Board expects to appoint both Chiu and Mueller to the Audit Committee.
Chiu is President of Empire State Realty Trust; Mueller sits on the Board of Trustees of Vivmark Residential.
NNN REIT reported second quarter 2026 revenue of $244.3 million, up from $226.8 million a year earlier, and Core FFO per diluted share of $0.89, up from $0.84. Net earnings fell to $97.9 million, or $0.52 per diluted share, from $100.5 million, or $0.54. The company raised its 2026 Core FFO and AFFO per share guidance and its acquisition volume outlook, while lowering its net earnings per share guidance.
Q2 2026 revenue $244.3 million vs. $226.8 million in Q2 2025; net earnings $97.9 million vs. $100.5 million
Updated 2026 AFFO per share guidance $3.55-$3.59, up from $3.53-$3.59; Core FFO guidance $3.50-$3.54, up from $3.48-$3.54
Updated 2026 net earnings per share guidance $2.01-$2.05, down from $2.02-$2.08
Quarterly dividend raised 3.3% to $0.62 per share, payable August 14, 2026, the 37th consecutive annual increase
NNN REIT entered into amendments to its term loan and revolving credit agreements with Wells Fargo as administrative agent. The company exercised a $200 million incremental option, raising its senior unsecured term loan to $500 million, and lowered the SOFR-based margins on its term loan and revolver based on its current credit ratings. The filing says proceeds will fund general corporate purposes, and the added borrowing and lower pricing are the key changes for shareholders.
Term loan facility increased by $200 million to $500 million; matures February 15, 2029, with two one-year extension options
Term loan SOFR margin lowered to 0.800% from 0.850%; revolver margin lowered to 0.725% from 0.775%
Company entered a $100 million forward starting swap fixing SOFR at 3.43% through February 15, 2029
Amendments dated June 23, 2026; proceeds expected for general corporate purposes
NNN REIT reported first quarter 2026 results on April 30, 2026, with revenue of $240.4 million, up from $230.9 million a year earlier, while net earnings fell to $94.0 million from $96.5 million. The company raised its 2026 AFFO and Core FFO per share guidance by one cent at each end of the range.
Revenue of $240.4 million vs. $230.9 million in Q1 2025; net earnings of $94.0 million vs. $96.5 million.
Diluted EPS of $0.50 vs. $0.51; AFFO per diluted share of $0.87, unchanged year over year.
2026 AFFO per share guidance raised to $3.53 to $3.59 from $3.52 to $3.58; Core FFO per share guidance raised to $3.48 to $3.54 from $3.47 to $3.53.
Portfolio occupancy was 98.6% at March 31, 2026, up from 97.7% a year earlier.
NNN REIT announced that Chair Steven D. Cosler retired from its Board effective February 18, 2026, and that independent director Edward J. Fritsch will succeed him as Chair. The change is a board leadership transition with no financial results or guidance included in the filing.
Steven D. Cosler retired from the Board effective February 18, 2026; he had served on the Board since August 2016 and as Chair since May 2021.
Edward J. Fritsch, a director since February 2012, becomes Chair upon Mr. Cosler's retirement.
Mr. Fritsch is a former President and CEO of Highwoods Properties, Inc. (retired 2019).
NNN REIT reported fourth-quarter and full-year 2025 results and initial 2026 guidance. Full-year revenue rose to $926.2 million from $869.3 million and Core FFO per diluted share rose to $3.41 from $3.32, but GAAP net earnings per diluted share fell to $2.07 from $2.15. The company guided 2026 AFFO per share to $3.52 to $3.58, which it says is a 3.2% increase at the midpoint over the prior year.
Full-year 2025 revenue was $926.2 million, up from $869.3 million in 2024; fourth-quarter revenue was $238.4 million, up from $218.5 million.
Full-year 2025 net earnings per diluted share were $2.07, down from $2.15; fourth-quarter net earnings per diluted share were $0.51, down from $0.52.
Full-year 2025 Core FFO per diluted share was $3.41 versus $3.32, and AFFO per diluted share was $3.44 versus $3.35.
Initial 2026 guidance: Core FFO per share $3.47 to $3.53 and AFFO per share $3.52 to $3.58.
NNN REIT, Inc. entered into a Term Loan Agreement dated December 17, 2025, with Wells Fargo Bank as administrative agent, providing up to $300 million of senior unsecured borrowing capacity during a six-month delayed draw period. The company also amended its revolving credit agreement to remove a 10 basis point SOFR credit spread adjustment. No funds have been drawn on the term loan to date, and the company expects to use future proceeds for general corporate purposes.
Term loan provides $300 million of senior unsecured borrowing capacity during a six-month delayed draw period, with an accordion option up to $500 million
Maturity date is February 15, 2029, with two one-year extension options at the company's option
Forward starting swaps totaling $200 million fix SOFR at 3.22% through January 15, 2029; margin of 0.85% for SOFR borrowings may change with credit ratings
NNN REIT reported third quarter 2025 revenue of $230.2 million, up from $218.6 million a year earlier, but net earnings per diluted share fell to $0.51 from $0.53. Core FFO per diluted share rose to $0.85 from $0.84, and the company raised its 2025 Core FFO and AFFO per share guidance and its acquisition and disposition volume guidance.
Q3 2025 revenue was $230.2 million, versus $218.6 million in Q3 2024
Net earnings per diluted share were $0.51, versus $0.53 a year earlier
Core FFO per diluted share was $0.85, versus $0.84, and 2025 Core FFO per share guidance rose to $3.36-$3.40 from $3.34-$3.39
2025 acquisition volume guidance was raised to $850-$950 million from $600-$700 million
NNN REIT reported second quarter 2025 revenue of $226.8 million, up from $216.8 million a year earlier, and diluted net earnings of $0.54 per share, down from $0.58. Core FFO per share rose to $0.84 from $0.83, and the company raised its 2025 Core FFO and AFFO per share guidance, though its net earnings per share guidance (excluding certain gains, impairments and severance costs) was lowered. Shareholders get higher operating-based per-share measures and a 3.4% dividend increase, but lower reported GAAP earnings per share.
Q2 2025 revenue $226.8 million vs. $216.8 million in Q2 2024; diluted net earnings $0.54 per share vs. $0.58
Q2 2025 Core FFO per share $0.84 (vs. $0.83) and AFFO per share $0.85 (vs. $0.84)
2025 Core FFO per share guidance raised to $3.34-$3.39 from $3.33-$3.38; net earnings per share guidance lowered to $1.93-$1.98 from $1.97-$2.02
Third quarter 2025 dividend raised 3.4% to $0.60 per share, the 36th consecutive annual increase
NNN REIT, Inc. promoted Joshua P. Lewis, previously Senior Vice President and Head of Acquisitions, to Executive Vice President and Chief Investment Officer, effective August 1, 2025. He will lead the company's real estate investments, and his employment letter sets a $375,000 base salary plus bonus and equity eligibility, with severance terms under the Executive Severance Plan.
Joshua P. Lewis, 52, promoted to Executive Vice President, Chief Investment Officer, effective August 1, 2025
Base salary set at $375,000 per year, with eligibility for a performance-based cash bonus and equity awards
NNN REIT reported first quarter 2025 results on May 1, 2025, with revenues of $230.9 million, up from $215.4 million a year earlier. Core FFO per share rose to $0.86 from $0.83, while diluted net earnings per share slipped to $0.51 from $0.52. The company kept its 2025 guidance, including Core FFO of $3.33 to $3.38 per share.
Revenues were $230.9 million for the quarter ended March 31, 2025, compared with $215.4 million a year earlier.
Diluted net earnings per share were $0.51, versus $0.52 in the first quarter of 2024; Core FFO per share was $0.86, versus $0.83.
Occupancy was 97.7% as of March 31, 2025, down from 99.4% a year earlier.
2025 guidance was maintained, with Core FFO per share of $3.33 to $3.38 and a quarterly dividend of $0.58 per share.
NNN REIT reported results for the fourth quarter and full year ended December 31, 2024, with full-year revenue of $869.3 million, up from $828.1 million, and full-year Core FFO of $3.32 per share, up from $3.26. It also issued 2025 guidance of $3.33 to $3.38 per share for Core FFO, above the 2024 level, while full-year diluted net earnings per share edged down to $2.15 from $2.16.
Full-year 2024 revenue was $869.3 million versus $828.1 million in 2023; full-year diluted net earnings per share were $2.15 versus $2.16.
Fourth-quarter 2024 revenue was $218.5 million versus $216.2 million, and diluted net earnings per share were $0.52 versus $0.53.
2025 guidance: Core FFO of $3.33 to $3.38 per share and AFFO of $3.39 to $3.44 per share; acquisition volume of $500 to $600 million.
Occupancy was 98.5% at December 31, 2024, and the annual dividend per share was increased to $2.29.
NNN REIT said its CFO and board member Kevin B. Habicht will retire effective March 31, 2025, and will assist with transition matters afterward. The board appointed Vincent H. Chao, a former RPT Realty managing director, as Executive Vice President from January 9, 2025, and he will become CFO and principal financial officer on April 1, 2025. The CFO transition is a planned leadership change with a scheduled handover period.
Kevin B. Habicht retires as EVP, CFO and board member effective March 31, 2025
Vincent H. Chao appointed EVP as of January 9, 2025, and becomes CFO on April 1, 2025
Chao's base salary is $500,000, with a $75,000 sign-on bonus plus a 25% tax gross-up
Habicht will receive a $45,000 monthly consulting fee for 20 months after retirement
NNN REIT replaced the executive officer's 2018 employment agreement with a new employment letter and enrolled her in the company's Executive Severance and Change of Control Plan, both effective January 1, 2025. The filing sets a $350,000 base salary and severance terms tied to a two-times payment multiple, which matter to shareholders because they define potential future cash obligations to a senior officer.
Michelle L. Miller, Executive Vice President, Chief Accounting Officer and Chief Technology Officer, will receive an annual base salary of $350,000.
She is designated a participant in the Executive Severance and Change of Control Plan with a termination payment multiple of two and a change of control termination payment multiple of two.
Change of control protection period runs from three months before to 12 months after a change of control.
The letter and plan participation take effect January 1, 2025; the board committee approved the letter on December 16, 2024.
NNN REIT reported third-quarter 2024 revenue of $218.6 million, up from $205.1 million a year earlier, while net earnings fell to $97.9 million, or $0.53 per share, from $106.8 million, or $0.59 per share. Core FFO per share rose to $0.84 from $0.81, and the company narrowed its 2024 Core FFO per share guidance to $3.28 to $3.32 from $3.27 to $3.33, which keeps the midpoint unchanged at $3.30.
Q3 2024 revenue was $218.6 million versus $205.1 million in Q3 2023.
Q3 2024 net earnings were $97.9 million ($0.53 per share) versus $106.8 million ($0.59 per share), with gains on sales of real estate at $7.8 million versus $20.0 million.
Core FFO per share was $0.84 versus $0.81; AFFO per share was $0.84 versus $0.82.
2024 Core FFO per share guidance was narrowed to $3.28 to $3.32 from $3.27 to $3.33.
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