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NNN REIT
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Latest analysis
Updated Nov 4, 2026
NNN REIT reports 5.8% AFFO growth, reprices Q4 pipeline 30-40bps higher, maintains guidance amid market dislocation.
NNN delivered Q3 2026 AFFO per share of $0.91, up 5.8% year-over-year, driven by 99.2% occupancy, strong renewal spreads (106% year-to-date), and 37 consecutive years of dividend growth. Management repriced its acquisition pipeline in mid-September to reflect 30-40 basis point cap rate increases and expects further yield expansion in early 2027. Year-to-date acquisitions totaled $658 million at 7.3% initial yield with 8.6% projected long-term yield; Q4 activity is expected to decelerate as the company walks away from deals that no longer meet return thresholds. Balance sheet strength remains a competitive advantage with 1.4 billion in total liquidity, 9.8-year debt maturity, and leverage maintained at 5.6x net debt-to-EBITDA.
Tone: cautiousRevenue
$926.2M
NNN 10-K · FY 2025
Employees
85
Revenue FY2024
$869.3M
Founded
1984
Profile
NNN 10-K Item 1 · Feb 11, 2026NNN REIT is a fully integrated Maryland REIT formed in 1984 that acquires, owns, and develops single-tenant commercial properties leased under long-term triple-net leases across all 50 U.S. states, the District of Columbia, and Puerto Rico. The company's portfolio of 3,692 properties spans approximately 39.6 million square feet with a weighted average remaining lease term of 10.2 years. NNN has increased its annual dividend for 36 consecutive years, holding the third-longest such record among publicly traded REITs.
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NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment. 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. NNN's strategy is to invest in real estate that is well located within each local market for its tenants' lines of trade. In most cases, the Property leases provide for initial terms of 10 to 20 years and a triple-net lease structure, pursuant to 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's management team focuses on key indicators including the composition of the Property Portfolio (tenant, line of trade and geographic diversification), the occupancy rate of the Property Portfolio, certain financial performance metrics and profitability measures, industry trends and industry performance. The operating strategies employed by NNN have allowed NNN to increase the annual dividend (paid quarterly) per common share for 36 consecutive years. NNN has the third longest record of consecutive annual dividend increases of all publicly traded REITs. The Property Portfolio is geographically concentrated in regions of historically above-average population growth, including the southeastern (25.3%) and southern (24.6%) United States.
Primary products
- single-tenant freestanding net lease properties
- triple-net leases
- real estate development and funding
End markets
Geographies
Named customers
17.8% of the Property Portfolio annual base rent is generated from five tenants: 7-Eleven (4.3%), Mister Car Wash (3.8%), Dave & Buster's (3.6%), Camping World (3.5%) and Kent Distributors (2.6%)
Named competitors
“NNN faces active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial real estate.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $869.3 million in 2024 to $926.2 million in 2025, driven primarily by growth in rental income.
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