NNN REIT, Inc.

NNN REIT, Inc.

NNN
NNN REIT, Inc.US flagNew York Stock Exchange
44.63
USD
-0.55
- -
8.49BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.33
3.5
3.6
3.7
3.92
4
4.07
3.84
4.16
4.38
4.57
4.73
4.94
5.05
Basic EPS, GAAP
1.12
1.25
1.21
1.39
1.52
1.66
1.63
1.23
1.57
1.9
2.17
2.16
2.08
2.04
Free Cash Flow per Basic Share
2.32
2.39
2.55
2.88
2.83
3.03
3.05
2.62
3.25
3.28
3.38
3.46
3.56
3.57
Dividend per Share
1.84
1.93
1.97
2.05
2.11
2.17
2.22
2.18
2.19
2.16
2.23
2.29
2.36
2.4
Book Value per Share
18.05
18.99
19.62
20.37
20.89
21.81
23.22
22.68
22.21
22.73
22.78
23.26
23.21
23.24
Tangible Book Value per Share
17.47
18.41
19.11
19.92
20.56
21.4
22.77
22.28
21.83
22.39
22.49
23.02
22.96
22.99
Basic Weighted Avg Shares
118
124
134
144
149
156
165
172
175
176
181
184
188
189
Sales/Revenue/Turnover
394
435
483
534
585
623
670
661
726
773
828
869
926
953
Operating Margin (%)
62.17
61.46
60.8
61.31
60.57
62.46
62.05
60.16
61.67
61.24
62.02
62.38
61.53
61.23
Depreciation Expense
100
116
135
149
174
174
189
197
205
224
239
250
268
277
Net Income, GAAP
160
191
198
240
265
292
299
229
290
335
392
397
390
385
Effective Tax Rate (%)
0.05
- -
5.22
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
40.7
43.83
40.97
44.88
45.3
46.97
44.62
34.63
39.94
43.29
47.38
45.65
42.08
40.35
Working Capital
18
88
104
332
-74
150
-106
314
195
-146
-115
26
-315
7
LT Debt
1,524
1,730
1,976
2,312
2,460
2,851
2,855
3,221
3,746
3,750
4,229
4,374
4,472
4,973
Total Equity
2,778
3,083
3,342
3,917
3,841
4,155
4,332
4,319
3,902
4,124
4,157
4,362
4,408
4,461
Return on Invested Capital (%)
5.94
- -
5.49
5.67
5.6
5.79
5.81
5.35
5.9
6.04
6.2
6.29
6.34
6.32
Return on Capital (%)
5.98
- -
5.59
5.82
5.91
6.08
5.85
4.82
5.64
6.15
6.72
6.73
6.61
6.47
Return on Common Equity (%)
6.28
6.59
6.16
6.97
7.32
7.67
7.14
5.3
6.99
8.34
9.48
9.32
8.89
8.72

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
348
80
28
LT Borrowings
4,472
4,774
4,973
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
190
190
192
Market Capitalization
7,527
7,996
8,931

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
74
72
73
Cash, Cash Equivalents & STI
5
5
4
Accounts Receivable, Net
3
4
3
Inventories
- -
- -
- -
Total Current Liabilities
389
152
66
Payables & Accruals
41
72
38
ST Debt
348
80
28
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.02%
0.57%
1.06%
Free Cash Flow
7.39%
8.53%
4.98%
Net Income, GAAP
7.96%
11.75%
-1.78%
Sales/Revenue/Turnover
6.78%
7%
6.55%
Total Cash Common Dividend
6.88%
4.46%
5.46%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
215
217
219
218
869
2025
231
227
230
238
926
2026
240
244
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.52
0.58
0.53
0.53
2.16
2025
0.52
0.54
0.52
0.51
2.08
2026
0.5
0.52
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.56
0.57
0.58
0.58
2.29
2025
0.58
0.58
0.6
0.6
2.36
2026
0.6
0.6
- -
- -
- -

Company Description

CEO
Stephen A. Horn Jr.
Full Time Employees
85
Sector
Real Estate
Industry
REIT - Retail
Address
450 South Orange Avenue Orlando FL United States of America 32801-9803
IPO Date
Oct 9, 1984
Business
NNN REIT, Inc. NNN REIT, Inc. is a real estate investment trust that acquires, owns, invests in, develops, and manages a diversified portfolio of 3,697 single-tenant, freestanding retail properties leased under long-term triple-net leases to approximately 400 tenants across 37 lines of trade, including convenience stores, automotive services, limited- and full-service restaurants, family entertainment centers, recreational vehicle dealers, theaters, health and fitness centers, equipment rental, wholesale clubs, automotive parts, drug stores, home improvement, medical service providers, general merchandise, and pet supplies and services; the portfolio spans 50 states with 39.2 million square feet of gross leasable area, 97.5% occupancy, and a weighted average remaining lease term of approximately 10 years. Headquartered in Orlando, Florida, the company was founded in 1984 as Golden Corral Realty Corp., went public in 1994, became self-managed in 1998, and changed its name to NNN REIT, Inc. in 2023. In recent developments, NNN REIT closed $283 million in investments during third-quarter 2025 at a 7.3% initial cash cap rate with 17.8-year weighted average lease terms, raised full-year 2025 acquisition guidance to $850-$950 million and dispositions to an unspecified increased range, increased Core FFO guidance to $3.36-$3.40 per share, and marked its 36th consecutive annual dividend increase.

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