NNN REIT Q2 Preview: Solid Outlook Is Largely Priced In

NNN REIT has improved its portfolio and dividend, but the stock's 20% price rise has outpaced AFFO per share growth. At $49, NNN trades at 13.8x P/AFFO with a 5.1% yield; current valuation reflects base-case expectations, limiting upside. I maintain a Hold rating, seeking clear AFFO per share acceleration or a price drop to ~$44 for a more attractive risk/reward. Key metrics to watch include AFFO per share, cap rates on acquisitions, occupancy stability, debt leverage, and dilution risk.