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NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

NNN Reit, Inc. NNN

18 fiscal years on record · USD · FY2025 reported · SEC filings only
17 YEARS OF DIVIDEND GROWTH
$926.2M
▲ 6.6% YoY
$389.8M
▼ 1.8% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

NNN acquires, owns, invests in and develops properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment. In most cases, its property leases provide for initial terms of 10 to 20 years and a triple-net lease structure, under which the tenant bears responsibility for operating expenses of the property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. NNN owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico, with an aggregate gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years as of December 31, 2025. As of December 31, 2025, 98.3 percent of the properties were leased. As of January 30, 2026, the Company employed 85 associates. NNN is a Maryland corporation, formed in 1984, that operates as a fully integrated real estate investment trust. The common shares of NNN REIT, Inc. are traded on the New York Stock Exchange under the ticker symbol NNN.

Written from the business description in NNN REIT, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 11 February 2026. Every sentence was checked against that document before publication.

Growth

USD 926.2M
Revenue, FY2025 · full 18-year series below
Revenue $M Net income $M
FY2025 · Revenue 926.2 · Net income 389.8
400M800M
2008201120142017202020232025
Compound annual growth
+6.2%
+7.0%
+6.7%
+10.0%
+5.2%
+11.2%
+7.0%
+11.8%
+3.1%
+11.2%
+5.6%
+6.5%
+3.0%
+2.7%
+3.3%
+3.0%
+5.2%
+4.5%
+6.8%
+8.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +7.0% a year over the five years to FY2025 — but profit grew faster: net income at +11.2%, earnings per share at +11.2%.

The share count rose from 0.18B to 0.19B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

42 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 63.6% · Net 42.1%
20%40%60%
200820162025
ROE
FY2025 · ROE 8.9%
5%
200820162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

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

Cash & shareholders

USD 443.2M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2010 · FCF -43.0
50M100M-50M-100M
200820162025
Net buybacks $M Dividends $M
FY2025 · Dividends 443.2 · Net buybacks ·
200M400M
2008201120142017202020232025

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

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.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
NNN, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B0.90.90.80.80.70.70.70.60.60.50.50.40.40.30.30.20.20.2
Operating income $B0.60.60.60.50.40.40.40.40.40.30.30.30.20.20.20.10.10.1
EBITDA $B0.90.80.80.70.70.60.60.60.50.50.40.40.30.30.20.20.20.2
Income tax $B◌◌◌◌◌0.00.00.00.00.00.0−0.00.0−0.00.00.0−0.0−0.0
Net income $B0.40.40.40.30.30.20.30.30.30.20.20.20.20.10.10.10.10.1
Free cash flow $B◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌−0.00.1−0.1
EPS, diluted $2.072.152.161.891.511.221.561.651.451.381.201.241.101.110.960.800.601.48
Dividend / sh $2.362.292.232.162.102.072.031.951.861.781.711.651.601.561.531.511.501.48
Payout %11410610311412715611210410510711610711811814517221994
ROE %8.99.39.58.37.15.37.17.36.86.66.26.56.36.65.24.73.57.5
Shares out B0.190.190.180.180.180.180.170.160.150.150.140.130.120.110.100.080.08◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 53 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2009. One check was skipped: EPS is not tagged before 2008. One check was skipped: revenue is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2008

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