NYSE$NNN

National Retail Properties Inc · Q1 2025 earnings

Q1 2025 earnings · · Before market open · Investor relations

Briefing

NNN REIT reported Q1 2025, revenue of $210M, net income of $95M, diluted EPS of $0.52.

For Q1 2025, NNN REIT reported revenue of $210M, net income of $95M, diluted EPS was $0.52. The filing highlights segment performance, liquidity, and management commentary on the period.

  • Revenue $210M.
  • Net income $95M.
  • Diluted EPS $0.52.

Headline financials

Total Revenue

$231M

Previous: $215M+7.2%
EPS (adj)

$0.52

Previous: $0.52+0.0%
AFFO

$163M

Previous: $153M+6.4%
Core FFO

$161M

Previous: $152M+6.2%
EBITDAre

$206M

Previous: $195M+5.7%
Fixed Charges

$48.6M

Previous: $45.9M+5.9%
AFFO Payout Ratio

66.0%

Previous: 67.0%-1.5%
Dividend Yield

5.4%

No prior period
Gross Debt

$4.57B

No prior period
Net Debt

$4.56B

No prior period
Gross Debt / Gross Assets

41.0%

Previous: 40.7%+0.7%
Net Debt / EBITDAre

5.5

Previous: 5.6-1.8%
EBITDAre / Fixed Charges

4.2

Previous: 4.2+0.0%
Weighted Avg Interest Rate

4.1%

No prior period
Weighted Avg Debt Maturity

11.6

No prior period
Total Available Liquidity

$1.1B

No prior period
Annualized Base Rent

$874M

Previous: $831M+5.2%
Occupancy Rate

97.7%

Previous: 99.4%-1.7%
WALT

9.9

Previous: 10-1.0%
Properties Owned

3.6K

Previous: 3.5K+2.7%
Total GLA

37.3M

Previous: 36.1M+3.2%
Capital Expenditures

$0.00

Previous: $0.00
Net Income

$96.5M

Previous: $94.4M+2.2%
Operating Income

$144M

Previous: $138M+4.0%

Revenue & EPS history

NNN · Revenue · Quarterly

$231M

Q1 2025+7.2%vs Q1 2024
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

NNN · $205M total across 5 segments · Q3 2023

  • Rental income - operating leases
    $200M+6.1%
  • Tenant reimbursements
    $4.09M+5.5%
  • Percentage rent
    $336K+43.0%
  • Interest & other income
    $276K-25.2%
  • Direct financing lease income
    $140K-5.4%

Forward guidance

Management discusses operating priorities, capital allocation, and sector risks in the quarterly filing.

Tailwinds

  • Headline results and segment trends anchor the quarter.
  • Liquidity and balance-sheet capacity support operations.
  • Strategic initiatives outlined in MD&A.

Headwinds

  • Macro, rates, or input costs may pressure margins.
  • One-time items affect year-over-year comparability.
  • Execution risk on growth or restructuring plans.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2025

Historical avgQ1 2025

+0.1%

Avg return

Earnings day

+1.1%

Avg return

5 days after

+1.6%

Avg return

30 days after

51%

35 / 68 earnings

Positive

+6.9%

Q3 2023

Best reaction

-5.6%

Q3 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.6%+2.0%+2.3%
Q4 2025-0.5%+2.4%+3.9%
Q3 2025-2.6%-0.5%-0.6%
Q1 2025+0.3%+2.2%+1.6%
Q4 2024+5.7%+6.3%+9.9%
Q3 2024-5.6%-6.9%-4.3%
Q2 2024+3.7%+4.1%+4.7%
Q1 2024+2.6%+3.9%+3.1%
Q4 2023-0.7%-0.7%+6.4%
Q3 2023+6.9%+6.6%+13.8%
Q2 2023-5.4%-4.6%-7.6%
Q1 2023+0.4%+2.7%-1.7%
Q4 2022-0.3%-0.6%-8.7%
Q3 2022+0.9%+1.9%+9.3%
Q2 2022-0.7%-0.4%-4.7%
Q1 2022+5.3%+1.2%+2.8%
Q4 2021-1.4%-1.3%+0.7%
Q3 2021+1.6%+2.4%-2.7%
Q2 2021-1.9%-0.6%-2.2%
Q1 2021+0.0%+3.3%+1.8%
Q4 2020+0.5%-0.8%+5.1%
Q3 2020+5.1%+3.9%+19.0%
Q2 2020+1.4%+2.6%+2.3%
Q1 2020-3.4%+4.5%+16.5%
Q4 2019-2.4%-0.3%-23.5%
Q3 2019-1.1%-4.5%-4.4%
Q2 2019+1.8%+2.5%+7.5%
Q1 2019+0.7%+2.2%+1.7%
Q4 2018-3.3%-2.1%-0.5%
Q3 2018+0.3%+3.0%+7.1%
Q2 2018+0.9%+2.4%+3.3%
Q1 2018+1.2%+4.8%+8.9%
Q4 2017-1.1%+2.2%+2.0%
Q3 2017+1.4%+3.4%+3.8%
Q2 2017+1.5%+1.3%+4.6%
Q1 2017-1.0%-4.5%-8.1%
Q4 2016-0.5%+0.4%-2.2%
Q3 2016+0.1%+2.0%-3.3%
Q2 2016-2.1%-4.1%-6.6%
Q1 2016+3.5%
Q4 2015+1.2%
Q3 2015-0.5%
Q2 2015+0.8%
Q1 2015-5.0%
Q4 2014+1.1%
Q3 2014-0.1%
Q2 2014+0.3%
Q1 2014+1.6%
Q4 2013+1.6%
Q3 2013-2.4%
Q2 2013-1.2%
Q1 2013+2.5%
Q4 2012+1.4%
Q3 2012-1.3%
Q2 2012+0.3%
Q1 2012+0.8%
Q2 2009-0.2%
Q4 2011-0.2%
Q3 2011-2.6%
Q2 2011-2.4%
Q1 2010-1.1%
Q1 2011+0.7%
Q4 2008+2.0%
Q4 2010+2.0%
Q3 2009-0.9%
Q3 2010-0.9%
Q4 2009-0.8%
Q2 2010-0.8%

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