NNN REIT

What NNN REIT does

NNN REIT, Inc. (NYSE: NNN), formerly National Retail Properties, Inc., is a publicly traded real estate investment trust founded in 1984 and listed on the NYSE since 1994. The company invests in single-tenant retail properties subject to long-term triple-net leases, owning 3,711 properties across all 50 U.S. states, the District of Columbia, and Puerto Rico, comprising approximately 39.6 million square feet of gross leasable area leased to roughly 400 tenants in 37 lines of trade. As of Q1 2026, portfolio occupancy stood at 98.6% with a weighted average remaining lease term of 10.1 years.

The business model is built on acquiring retail real estate through sale-leaseback transactions with corporate tenants and direct property purchases, with acquisition sizes ranging from $1 million to $250 million and lease terms of 5-20 years. Under the triple-net lease structure, tenants pay property taxes, insurance, and maintenance in addition to rent, transferring most operating risk to the tenant. Revenue is generated primarily through rental income; Q1 2026 revenue was $240.42 million and annualized base rent reached $934.6 million, up 6.9% year-over-year. The company employs approximately 82 associates at its Orlando headquarters and uses no proprietary software platform or AI/ML systems — the operating model is conventional real estate management. NNN is one of only three publicly traded REITs to have raised its annual dividend for 36 consecutive years; the current quarterly dividend is $0.60 per share, equating to approximately a 4.9% yield.

Growth is funded through a mix of senior unsecured notes (roughly $1.5 billion issued across 2023-2025), a $1.2 billion revolving credit facility, and at-the-market equity offerings. Recent acquisition activity reached a record $931 million in 2025 at a 7.4% initial cash cap rate, with Q1 2026 adding $145.4 million at a 7.5% cap rate and a 19-year weighted average lease term. The 25-year average annual total shareholder return is reported at 11.5% (or 12.0% per Q1 2026 management commentary), placing NNN above the NAREIT Equity and Morgan Stanley REIT indices over the long term.

Name

NNN REIT

Legal name

National Retail Properties, Inc.

Website

https://nnnreit.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

251–500 employees

Short description

NNN REIT (NYSE: NNN) is a publicly traded real estate investment trust that owns 3,711 single-tenant retail properties under long-term triple-net leases across all 50 U.S. states, leased to approximately 400 tenants across 37 industries, with 36 consecutive years of dividend increases.

Ownership category

akta.pro rank

Headquarters

HQ city

Orlando

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Rental Income from Real Estate: NNN REIT generates revenue primarily through rental income from its portfolio of single-tenant net-leased retail properties. Properties are leased under long-term triple-net leases where tenants pay property taxes, insurance, and maintenance in addition to rent. The company owned 3,711 properties as of Q1 2026 across all 50 states, the District of Columbia, and Puerto Rico, with approximately 39.6 million square feet of gross leasable area.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

NNN REIT acquires, owns, and leases single-tenant retail properties under long-term triple-net leases to approximately 400 corporate tenants across 37 lines of trade throughout the United States. The company generated approximately $934.6 million in annualized base rent in Q1 2026 from a portfolio of 3,711 properties totaling roughly 39.6 million square feet, achieving a 98.6% occupancy rate. The Corporate Sale-Leaseback Program enables retailers to monetize owned real estate and redeploy capital into operations, with acquisition sizes ranging from $1-250 million and lease terms of 5-20 years.

Product overview

NNN REIT, Inc. operates as a single-tenant net-lease real estate investment trust with a focused portfolio of approximately 3,711 retail properties across all 50 U.S. states. The company's core offering is single-tenant net-leased properties leased to approximately 400 tenants in 37 lines of trade under long-term net leases. Supporting this core business, NNN offers a corporate sale-leaseback program enabling retailers to monetize their real estate while continuing operations, and a Dividend Reinvestment and Stock Purchase Plan (DRIP) for shareholder value enhancement. The portfolio achieves 98.6% occupancy with an average lease term of approximately 10.1 years remaining.

Differentiator

Problem solved

Functional benefit

Products and services

• Single-Tenant Net-Leased Properties Investment, ownership, and leasing of high-quality single-tenant retail properties subject to long-term net leases across all 50 U.S. states, the District of Columbia, and Puerto Rico. The portfolio comprises approximately 3,711 properties with roughly 39.6 million square feet of gross leasable area leased to approximately 400 tenants across 37 lines of trade under triple-net leases with 98.6% occupancy.
• Corporate Sale-Leaseback Program Structured transaction program in which corporate retailers sell their owned building and property to NNN REIT and lease it back under long-term triple-net leases, enabling retailers to redeploy real estate equity into core operations. Acquisition sizes range from $1-250 million with lease terms of 5-20 years.
• Dividend Reinvestment and Stock Purchase Plan (DRIP) Shareholder dividend reinvestment and stock purchase plan allowing investors to automatically reinvest cash dividends to purchase additional shares of NNN REIT common stock, potentially at a discount to market price.

Quantifiable outcome

• 98.6% portfolio occupancy rate
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Getty Realty Corp. Getty Realty (NYSE: GTY) is a net-lease REIT focused on convenience stores, automotive services, and other retail tenants. Operates a directly comparable net-lease single-tenant retail model in a narrower subsegment of NNN's tenant universe.
• Broadstone Net Lease: Broadstone Net Lease (NYSE: BNL) is a diversified net-lease REIT owning single-tenant properties across industrial, restaurant, office, and retail. Operates a comparable net-lease acquisition strategy targeting sale-leaseback and direct property acquisitions.
• Realty Income Corporation: Realty Income (NYSE: O) is the largest publicly traded net-lease REIT, focused primarily on single-tenant retail and industrial properties under long-term triple-net leases. It is the most direct comparable to NNN REIT, offering similar products to similar tenants with similar lease structures.
• Global Net Lease: Global Net Lease (NYSE: GNL) is a diversified net-lease REIT owning single-tenant properties across retail, industrial, and office. Operates a comparable net-lease acquisition and leasing model, though with greater industrial and office exposure than NNN.
• EPR Properties: EPR Properties (NYSE: EPR) is a net-lease REIT focused on experiential properties including movie theaters, restaurants, and entertainment venues. Operates a comparable net-lease model in adjacent retail segments.
• STORE Capital: STORE Capital was a major net-lease REIT serving primarily middle-market retail and service tenants before going private via acquisition by GIC and Oak Street in 2023. Historical direct peer with directly comparable single-tenant net-lease retail business.
• Spirit Realty Capital: Spirit Realty was a leading net-lease retail REIT operating a directly comparable business model to NNN before its 2024 acquisition by Realty Income. Listed here as historical direct peer for context on the competitive landscape NNN operates within.
• Four Corners Property Trust: Four Corners (NYSE: FCPT) is a net-lease REIT primarily focused on restaurant properties leased to high-quality franchisees. Operates a directly comparable single-tenant net-lease model within a specific retail subset.
• Agree Realty Corporation: Agree Realty (NYSE: ADC) is a net-lease REIT focused on retail properties leased to high-quality tenants under long-term triple-net agreements. Targets similar retail tenants with similar lease economics and is a closely comparable single-tenant retail net-lease peer.
• W. P. Carey Inc. W. P. Carey (NYSE: WPC) is a diversified net-lease REIT owning single-tenant commercial and industrial properties. While broader in scope than NNN, it operates a directly comparable net-lease business model serving corporate tenants with sale-leaseback transactions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nnnreit
• LinkedInlinkedin.com/company/national-retail-properties-inc.

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds10 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NNN REIT