ES
MARKETS / NYSE / NNN
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

NNN Reit, Inc. NNN

18 fiscal years on record · USD · FY2025 reported
SEC FILINGS ONLY17 YEARS OF DIVIDEND GROWTH
Revenue · FY2025
$926.2M
▲ 6.6% vs FY2024
Dividend streak
17 yrs
Raised every year since 2009
EPS · FY25
$2.07
Dividend / sh · FY25
$2.36
Payout · FY25
114%
ROE · FY25
8.9%
Net margin · FY25
42.1%
Dividend coverage
0.9×
Advertisement
AdSense · Leaderboard 728×90320×100
Result
USD 926.2M
Revenue, FY2025 · full 18-year series below
Revenue Net income
0.250.50.7510.90.42008201120142017202020232025
0.250.50.7510.90.42016201920222025

42 cents of every revenue dollar became profit this year.

Per share
USD 2.07
Diluted EPS, FY2025
EPS Dividend
0.81.62.42.362.072008201120142017202020232025
0.81.62.42.362.072016201920222025

Earnings covered only a fraction of the dividend — the rest came from cash or borrowing.

Profitability
8.9%
Return on equity, FY2025
ROE
2.557.5108.9%2008201120142017202020232025
2.557.5108.9%2016201920222025
Operating margin63.6%
Net margin42.1%
Return on assets4.3%

Each USD of equity produced 9 cents of profit this year.

Returned to shareholders
USD 443.2M
returned in FY2025 · dividends + net buybacks
Dividends paidUSD 443.2M
Net buybacks—
Share of profit113.7%
Consecutive raises17 years

USD 443.2M in dividends — 114% of the year's profit, so the payout drew on cash built up earlier.

Growth
+7.0% a year
revenue, compounded over five years
CAGR
3 yrs
5 yrs
10 yrs
15 yrs
Revenue
+6.2%
+7.0%
+6.7%
+10.0%
Net income
+5.2%
+11.2%
+7.0%
+11.8%
EPS, diluted
+3.1%
+11.2%
+5.6%
+6.5%
Dividend / share
+3.0%
+2.7%
+3.3%
+3.0%
Returned to shareholders
+5.2%
+4.5%
+6.8%
+8.8%

Compound annual rates per period — left blank where the series crosses a loss.

Share base
0.19B
Shares outstanding, FY2025
0.080.192008201120142017202020232025
0.150.192016201920222025
Change, 5 years+8.4%
Change, 10 years+34.7%

The share count grew 8% in five years — the same company, cut into more, smaller slices.

Advertisement
AdSense · Leaderboard 728×90300×250
Balance sheet
USD 9.4B
total assets, end of FY2025
Total assetsUSD 9.4B
EquityUSD 4.4B
CashUSD 5.0M
Gross debtUSD 4.5B
Net debtUSD 4.5B

Net debt stands at 101% of equity.

History
18 fiscal years
Every figure from documents filed with the SEC · USD
Metric
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
Revenue $B
0.9
0.9
0.8
0.8
0.7
0.7
0.7
0.6
0.6
0.5
0.5
0.4
0.4
0.3
0.3
0.2
0.2
0.2
Operating income $B
0.6
0.6
0.6
0.5
0.4
0.4
0.4
0.4
0.4
0.3
0.3
0.3
0.2
0.2
0.2
0.1
0.1
0.1
EBITDA $B
0.9
0.8
0.8
0.7
0.7
0.6
0.6
0.6
0.5
0.5
0.4
0.4
0.3
0.3
0.2
0.2
0.2
0.2
Income tax $B
·
·
·
·
·
0.0
0.0
0.0
0.0
0.0
0.0
−0.0
0.0
−0.0
0.0
0.0
−0.0
−0.0
Net income $B
0.4
0.4
0.4
0.3
0.3
0.2
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
EPS, diluted $
2.07
2.15
2.16
1.89
1.51
1.22
1.56
1.65
1.45
1.38
1.20
1.24
1.10
1.11
0.96
0.80
0.60
1.48
Dividend / sh $
2.36
2.29
2.23
2.16
2.10
2.07
2.03
1.95
1.86
1.78
1.71
1.65
1.60
1.56
1.53
1.51
1.50
1.48
Payout %
114
106
103
114
127
156
112
104
105
107
116
107
118
118
145
172
219
94
ROE %
8.9
9.3
9.5
8.3
7.1
5.3
7.1
7.3
6.8
6.6
6.2
6.5
6.3
6.6
5.2
4.7
3.5
·
Shares out B
0.19
0.19
0.18
0.18
0.18
0.18
0.17
0.16
0.15
0.15
0.14
0.13
0.12
0.11
0.10
0.08
0.08
·

Slide the table for earlier years · "·" marks figures not disclosed in the filing for that year.

How we verifyAUDITED
35 of 35
checks passed before publication
EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidity

Every figure was compared against the original statement: 0 failures and 0 presentation gaps.

What we don’t show

We’d rather say what’s missing than fill the gap with an estimate.

P/E rationeeds a market quote — not yet licensed
Market capitalizationneeds a market quote — not yet licensed
Dividend yieldneeds a market quote — not yet licensed
Price-to-bookneeds a market quote — not yet licensed