NNN Reit (NNN)
NYSEReal EstateReit - RetailSnapshot 2026-09-04
$44.63-1.22%
Close 2026-09-04 · 1-day change
NYSEReal EstateReit - RetailSnapshot 2026-09-04
Intact: The reason to own it still holds.
NNN Reit owns high-quality retail properties with long-term leases. Management raised Core FFO per share guidance to about $3.51 for 2026. The company showed a 4% revenue growth last quarter and beat EPS estimates by 70.6%. Dividend yield is stable near 5%.
NNN trades at a high price-to-earnings ratio of 24.08, well above the peer median of 13.22. Free cash flow yield is negative at -0.17, signaling cash flow challenges. The sector faces headwinds that could pressure rental income and property values.
The market prices NNN about 26% above our fair value near $37, reflecting roughly 7% revenue growth. Our fair value is 19% below the Street median, indicating some optimism in consensus that we do not fully share.
Breaks if: Core FFO per share falls below $3.48 in 2026
Breaks if: Dividend yield falls below 4.5%
Breaks if: Revenue growth falls below 6.9% year-over-year
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
NNN represents a durable compounder in the real estate sector. The current thesis state is stable, with management focused on increasing earnings and acquisition volumes while maintaining strong occupancy rates.
The market currently prices NNN with a neutral valuation, suggesting that expectations are aligned with its recent performance. There is a slight expectations gap, indicating that the market does not anticipate significant surprises in the near term.
Fundamentals are likely to show steady growth as management continues to execute on its priorities. Recent financial performance has been neutral, with low risk of missing guidance, although the company operates in a high-miss-rate industry.
The thesis hinges on management's ability to maintain guidance and deliver on its growth priorities. Additionally, external factors such as Federal Reserve interest rate decisions and the performance of sector peers will play a crucial role in shaping outcomes.
The most important moves since the prior daily snapshot.
Our read on the company is unchanged since the prior snapshot.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: PE ratio expands further without growth above 6.9%
Overall, NNN's multi-year view is supported by solid management execution and a stable market position. Not investment advice.