NNN REIT Chairperson Steven Cosler Retires
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
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Should l Buy NNN?
The Board of Directors of NNN REIT announced that Steven Cosler, Chairperson, has retired from the Board effective February 18. Edward Fritsch, an independent director, has been appointed by the Board to succeed Cosler and serve as Chair effective upon Cosler's retirement.
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Analyst Views on NNN
Wall Street analysts forecast NNN stock price to fall
8 Analyst Rating
1 Buy
6 Hold
1 Sell
Hold
Current: 45.830
Low
43.00
Averages
43.88
High
48.00
Current: 45.830
Low
43.00
Averages
43.88
High
48.00
About NNN
NNN REIT, Inc. is a fully integrated real estate investment trust (REIT). The Company acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment. The Company invests primarily in retail real estate that is typically well located within each local market for its tenants' retail lines of trade. The Company's property portfolio includes convenience stores; automotive service; restaurants - limited service; restaurants - full service; family entertainment centers; recreational vehicle dealers, parts and accessories; theaters; health and fitness; equipment rental; wholesale clubs; automotive parts; drug stores; home improvement; medical service providers; general merchandise, and pet supplies and services. The Company owns approximately 3,568 properties in 49 states with a gross leasable area of approximately 36.6 million square feet and a weighted average remaining lease term of 9.9 years.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
NNN REIT Chair Steven D. Cosler Retires, Edward J. Fritsch Appointed as Successor
- Board Transition: NNN REIT's Board announced the retirement of Chair Steven D. Cosler effective February 18, 2026, with independent director Edward J. Fritsch appointed as his successor, ensuring continuity and stability in governance.
- Leadership Contributions: Cosler has been on the Board since August 2016 and served as Chair since May 2021, providing crucial leadership and guidance during significant market disruptions, thereby enhancing investor confidence in the company.
- New Chair Background: Fritsch has been a Board member since February 2012 and previously served as President and CEO of Highwoods Properties, Inc., bringing extensive REIT experience that will offer new perspectives and strategic direction for the company.
- Company Performance Overview: As of December 31, 2025, NNN owned 3,692 properties across all 50 states and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years, demonstrating the company's strong capability for stable long-term returns.
See More
NNN REIT Chairperson Retires, Successor Appointed
- Board Transition: NNN REIT's Board announced the retirement of Chairperson Steven D. Cosler effective February 18, 2026, with independent director Edward J. Fritsch appointed as his successor, marking a significant leadership change that may influence the company's strategic direction moving forward.
- Leadership Contributions: Cosler has been on the Board since August 2016 and served as Chair since May 2021, providing steady leadership during market disruptions, while Fritsch's appointment is expected to continue driving long-term shareholder value creation.
- Board Experience: Fritsch has been on NNN's Board since February 2012 and previously served as President and CEO of Highwoods Properties, Inc., bringing extensive REIT experience that is likely to enhance the Board's decision-making capabilities.
- Company Performance: As of December 31, 2025, NNN owned 3,692 properties with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years, demonstrating the company's strong position in the long-term leasing market and its ability to sustain dividend growth.
See More
Comparison of ADC and NNN Q4 Earnings Highlights
- Financial Performance Comparison: ADC reported Q4 AFFO of $1.11 per share, a 6.5% year-over-year increase, with full-year AFFO reaching $4.33, indicating strong financial health; in contrast, NNN's AFFO was $0.87 per share, up 6.1%, with revenue rising 9.1%, both exceeding expectations.
- Growth Model Differences: ADC accelerates growth through external financing, raising capital via forward equity offerings and bond issuances, with liquidity exceeding $2 billion and a 2026 investment guidance of $1.4 to $1.6 billion; conversely, NNN relies on internal funding, planning $550 to $650 million in acquisitions for 2026, reducing dependence on capital markets.
- Balance Sheet Defense: ADC's net debt-to-EBITDA ratio stands at 3.8x, demonstrating strong leverage control, while NNN's ratio is 5.6x, higher in absolute terms but with a weighted average debt maturity of 10.8 years, providing a longer defensive period.
- Future Outlook: ADC anticipates 2026 AFFO of $4.54 to $4.58, implying a 5.4% growth rate, while NNN expects $3.52 to $3.58, with a 3.2% growth rate; their dividend yields are 4.2% and 5.5%, respectively, reflecting differing market expectations for growth potential.
See More
NNN REIT Reports Record Acquisitions and Growth Outlook for 2026
- Performance Growth: NNN REIT achieved a 2.7% increase in AFFO per share for Q4 2025, with over $900 million in acquisitions for the year, marking the highest annual volume in the company's history, indicating strong market demand and expansion capability.
- Consecutive Dividend Increase: The company celebrated its 36th consecutive annual dividend increase, reflecting stable cash flows and robust financial management, which enhances investor confidence and attracts more long-term investments.
- Effective Asset Management: The occupancy rate rose to 98.3% in Q4, up 80 basis points from the previous quarter, showcasing the asset management team's high execution efficiency, which helps boost rental income and overall investment returns.
- Optimistic Future Outlook: The CFO announced a guidance range for AFFO per share of $3.52 to $3.58 for 2026, projecting a year-over-year growth rate of 3.2%, demonstrating the company's growth potential under ongoing investments and proactive management, thereby strengthening market confidence in its future performance.
See More
NNN REIT NNN Q4 2025 Earnings Call Transcript
See More
NNN REIT Issues 2026 Financial Guidance in Line with Consensus
- Earnings Beat: NNN REIT reported a Q4 core FFO of $0.87 per share, exceeding analyst expectations of $0.85, and rising from $0.85 in Q3 and $0.82 a year ago, indicating strong market performance.
- Revenue Growth: The company achieved $238.4 million in revenue for Q4, surpassing the consensus estimate of $233.4 million, and increasing from $230.2 million in the previous quarter and $218.5 million year-over-year, reflecting sustained business growth potential.
- Investment Strategy: NNN closed $183.1 million in investments during Q4 2025, with an initial cap rate of 7.4% and a weighted average lease term of 18.1 years, demonstrating proactive portfolio management aimed at long-term profitability.
- Future Outlook: The company projects core FFO per share for 2026 to be between $3.47 and $3.53, with acquisition volume expected to be $550 million to $650 million, showcasing confidence in future growth despite operating expenses rising to $105.5 million.
See More
NNN REIT Chair Steven D. Cosler Retires, Edward J. Fritsch Appointed as Successor
- Board Transition: NNN REIT's Board announced the retirement of Chair Steven D. Cosler effective February 18, 2026, with independent director Edward J. Fritsch appointed as his successor, ensuring continuity and stability in governance.
- Leadership Contributions: Cosler has been on the Board since August 2016 and served as Chair since May 2021, providing crucial leadership and guidance during significant market disruptions, thereby enhancing investor confidence in the company.
- New Chair Background: Fritsch has been a Board member since February 2012 and previously served as President and CEO of Highwoods Properties, Inc., bringing extensive REIT experience that will offer new perspectives and strategic direction for the company.
- Company Performance Overview: As of December 31, 2025, NNN owned 3,692 properties across all 50 states and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years, demonstrating the company's strong capability for stable long-term returns.
See More
NNN REIT Chairperson Retires, Successor Appointed
- Board Transition: NNN REIT's Board announced the retirement of Chairperson Steven D. Cosler effective February 18, 2026, with independent director Edward J. Fritsch appointed as his successor, marking a significant leadership change that may influence the company's strategic direction moving forward.
- Leadership Contributions: Cosler has been on the Board since August 2016 and served as Chair since May 2021, providing steady leadership during market disruptions, while Fritsch's appointment is expected to continue driving long-term shareholder value creation.
- Board Experience: Fritsch has been on NNN's Board since February 2012 and previously served as President and CEO of Highwoods Properties, Inc., bringing extensive REIT experience that is likely to enhance the Board's decision-making capabilities.
- Company Performance: As of December 31, 2025, NNN owned 3,692 properties with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years, demonstrating the company's strong position in the long-term leasing market and its ability to sustain dividend growth.
See More
Comparison of ADC and NNN Q4 Earnings Highlights
- Financial Performance Comparison: ADC reported Q4 AFFO of $1.11 per share, a 6.5% year-over-year increase, with full-year AFFO reaching $4.33, indicating strong financial health; in contrast, NNN's AFFO was $0.87 per share, up 6.1%, with revenue rising 9.1%, both exceeding expectations.
- Growth Model Differences: ADC accelerates growth through external financing, raising capital via forward equity offerings and bond issuances, with liquidity exceeding $2 billion and a 2026 investment guidance of $1.4 to $1.6 billion; conversely, NNN relies on internal funding, planning $550 to $650 million in acquisitions for 2026, reducing dependence on capital markets.
- Balance Sheet Defense: ADC's net debt-to-EBITDA ratio stands at 3.8x, demonstrating strong leverage control, while NNN's ratio is 5.6x, higher in absolute terms but with a weighted average debt maturity of 10.8 years, providing a longer defensive period.
- Future Outlook: ADC anticipates 2026 AFFO of $4.54 to $4.58, implying a 5.4% growth rate, while NNN expects $3.52 to $3.58, with a 3.2% growth rate; their dividend yields are 4.2% and 5.5%, respectively, reflecting differing market expectations for growth potential.
See More
NNN REIT Reports Record Acquisitions and Growth Outlook for 2026
- Performance Growth: NNN REIT achieved a 2.7% increase in AFFO per share for Q4 2025, with over $900 million in acquisitions for the year, marking the highest annual volume in the company's history, indicating strong market demand and expansion capability.
- Consecutive Dividend Increase: The company celebrated its 36th consecutive annual dividend increase, reflecting stable cash flows and robust financial management, which enhances investor confidence and attracts more long-term investments.
- Effective Asset Management: The occupancy rate rose to 98.3% in Q4, up 80 basis points from the previous quarter, showcasing the asset management team's high execution efficiency, which helps boost rental income and overall investment returns.
- Optimistic Future Outlook: The CFO announced a guidance range for AFFO per share of $3.52 to $3.58 for 2026, projecting a year-over-year growth rate of 3.2%, demonstrating the company's growth potential under ongoing investments and proactive management, thereby strengthening market confidence in its future performance.
See More
NNN REIT NNN Q4 2025 Earnings Call Transcript
See More
NNN REIT Issues 2026 Financial Guidance in Line with Consensus
- Earnings Beat: NNN REIT reported a Q4 core FFO of $0.87 per share, exceeding analyst expectations of $0.85, and rising from $0.85 in Q3 and $0.82 a year ago, indicating strong market performance.
- Revenue Growth: The company achieved $238.4 million in revenue for Q4, surpassing the consensus estimate of $233.4 million, and increasing from $230.2 million in the previous quarter and $218.5 million year-over-year, reflecting sustained business growth potential.
- Investment Strategy: NNN closed $183.1 million in investments during Q4 2025, with an initial cap rate of 7.4% and a weighted average lease term of 18.1 years, demonstrating proactive portfolio management aimed at long-term profitability.
- Future Outlook: The company projects core FFO per share for 2026 to be between $3.47 and $3.53, with acquisition volume expected to be $550 million to $650 million, showcasing confidence in future growth despite operating expenses rising to $105.5 million.
See More
