01:30 AM EST, 11/07/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $43, 12.3x our 2026 FFO estimate, a discount to the three-year average (13.0x) as competition has increased in the triple-net real estate space. We increase our 2025 FFO estimate by $0.02 to $3.38 and maintain 2026 at $3.50. Renewal activity was strong in Q3 at 92% (above the 85% historical average) with rent recapture at 108% of prior rents, highlighted by new leases on seven vacant properties at 124%. Concerns about At Home's bankruptcy have subsided as it affirmed 100% of the leases during Q3, due to NNN's low-in place rents currently with full year bad debt assumption down to 25 bps from 60 bps in Q2. A headwind for NNN was the proactive termination of 64 restaurant leases due to an external legal dispute with the former tenant, these properties should be filled by 1H 2026. Given the recent increase in competition for acquisitions, we have new concerns that the spread between cap rates and NNN's cost of capital is becoming slim, making accretive growth more challenging.