NNN grows portfolio 2% YoY, cuts vacancies 36%, raises dividend 3.4% on new $300M term loan

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

• high

  Portfolio expanded to 3,711 properties (+70 net, +2.3M sq ft) with occupancy improving from 98.0% to 98.6%; vacant properties fell from 83 to 53 (-36%), reflecting successful re-leasing and disposition of non-core assets.

  MD&A: Portfolio Metrics verify on EDGAR →
• high

  Quarterly dividend increased from $0.58 to $0.60 per share (+3.4%); company raised $74M via forward equity sale agreements (1.67M shares at $44.93, settling by Feb 2027) to fund growth without immediate dilution.

  MD&A: Dividends & Equity verify on EDGAR →
• high

  New $300M term loan (SOFR + 85 bps, hedged to 4.10% all-in) and $500M 4.600% notes issued Jul 2025 to refinance $400M 4.000% notes; interest expense rose $5.0M (+10.5%) to $52.7M as debt stack repriced higher.

  MD&A: Debt & Interest verify on EDGAR →