Nnn Reit, Inc. (NNN)

Price$44.63Cached quoteAs of 2026-09-05 00:02 UTC

AI: Fair-priced

Price checkThe shares look fairly priced, with good income but only a modest safety cushion.

Management expects 2026 adjusted funds from operations of $3.55-$3.59 per share; this is a cash-oriented property-profit measure that removes major accounting distortions such as real-estate depreciation. The observed price equals about 12.7 times the guidance midpoint and the new annual dividend provides about a 5.5% yield. A simple dividend valuation assuming 3% lasting growth produces values from roughly the low forties to low fifties as required returns move from 9% to 8%. That range brackets the market rather than revealing a large bargain.

Big pictureRent and cash generation have grown steadily, while the dividend remains comfortably supported.

The supplied SEC history shows revenue rising from $661 million in 2020 to $926 million in 2025, about 7% annual growth, while operating cash flow rose from $450 million to $667 million, about 8% annually. Second-quarter 2026 adjusted funds from operations increased 5.9% per share from a year earlier. The dividend now consumes roughly 69% of the midpoint of 2026 guidance, leaving some cash capacity for growth. Net income dipped slightly in 2025, but underlying rental cash generation has remained much steadier.

Business strengthLong leases, high occupancy, and manageable debt make the rental stream unusually resilient.

NNN owned 3,774 properties with 99.1% occupancy and 10.1 years remaining on the average lease at June quarter-end. Gross debt was $5.1 billion, carrying a 4.2% average interest rate and 10.1-year average maturity; only 2.5% was floating-rate, fixed-charge coverage was 4.1 times, and available liquidity was $1.4 billion. Risk is still concentrated by activity: automotive service supplied 18.6% of rent, convenience stores 15.9%, and restaurants 14.0%, so weakness in those tenant groups could matter despite broad property diversification.

What could change the storyFuture returns depend on buying properties cheaply enough to offset new debt and share dilution.

NNN invested $436 million during the first half at an initial rental yield of about 7.4% and now expects $700-$800 million of acquisitions for the year. Funding is the key test. It arranged nearly six million forward-sale shares, about 3% of June shares outstanding, expected to bring roughly $272 million, while gross debt reached $5.1 billion. Shares outstanding are already about 9.5% above 2020 levels. If acquisition yields stay comfortably above blended financing costs, per-share growth can continue; tighter spreads would make dilution and leverage much harder to justify.

AI: News

Q2 guidance raisedSecond-quarter results improved, while stronger occupancy and acquisitions supported higher full-year expectations.

On August 5, NNN reported adjusted funds from operations of $0.90 per share, up 5.9% from a year earlier, with occupancy reaching 99.1%. It completed $291 million of investments at a 7.3% initial rental yield and raised full-year adjusted funds guidance to $3.55-$3.59 per share while lifting acquisition guidance to $700-$800 million. Financial reporting described the shares as little changed early and modestly lower later; that timing does not establish that the results caused the move.

Dividend increased againThe board raised the dividend 3.3%, reinforcing an unusually long record of dependable payments.

On July 15, the quarterly dividend increased from 60 cents to 62 cents per share, marking NNN's 37th consecutive annual increase. The new annualized payment is $2.48 per share, roughly 69% of the midpoint of current adjusted funds guidance, so the increase remains supported by operating earnings rather than requiring an aggressive payout. The stock gained only about 0.1% during the announcement session according to market data; such a small same-day move cannot reliably be attributed to the dividend news alone.

Cheaper funding addedNNN added borrowing capacity at lower pricing, helping growth while increasing its debt commitment.

On June 23, NNN exercised a $200 million expansion that increased its term loan to $500 million, maturing in February 2029 with extension options. Pricing margins on both that loan and the revolving facility fell by 0.05 percentage points, and a $100 million interest-rate swap fixed the benchmark rate at 3.43% for part of the borrowing. Cheaper funding can improve returns on new properties, but the extra borrowing contributed to leverage that reached 5.7 times annualized property earnings by quarter-end.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$926.2M	$869.3M	$828.1M	$773.1M	$726.4M	$660.7M	$670.5M	$622.7M	$584.9M	$533.6M	$482.9M	$434.9M	$393.5M	$332.6M	$258.7M	$222.1M	$228.8M	$227.0M
Operating expenses	$384.9M	$333.7M	$320.5M	$308.0M	$300.4M	$302.4M	$286.4M	$263.0M	$247.4M	$224.6M	$194.3M	$168.6M	$153.6M	$129.8M	$101.9M	$94.3M	$118.8M	$80.7M
Operating income	$589.5M	$577.9M	$555.1M	$482.5M	$449.1M	$374.5M	$416.5M	$424.8M	$374.2M	$336.3M	$288.7M	$266.2M	$239.9M	$203.3M	$158.8M	$129.1M	$110.4M	$146.3M
Operating margin	63.64%	66.48%	67.03%	62.42%	61.82%	56.68%	62.12%	68.22%	63.97%	63.01%	59.77%	61.22%	60.96%	61.13%	61.39%	58.14%	48.25%	64.46%
EBITDA	$857.9M	$827.6M	$793.7M	$706.4M	$654.3M	$571.1M	$605.4M	$599.2M	$547.9M	$485.4M	$423.5M	$382.4M	$339.5M	$278.7M	$217.6M	$178.2M	$158.9M	$191.6M
EBITDA margin	92.63%	95.20%	95.85%	91.37%	90.08%	86.44%	90.29%	96.23%	93.67%	90.95%	87.69%	87.94%	86.27%	83.78%	84.13%	80.24%	69.44%	84.44%
Net income	$389.8M	$396.8M	$392.3M	$334.6M	$290.1M	$228.8M	$299.2M	$292.4M	$265.0M	$239.5M	$197.8M	$190.6M	$160.1M	$142.0M	$92.3M	$73.0M	$54.8M	$117.2M
Net profit margin	42.08%	45.65%	47.38%	43.29%	39.94%	34.63%	44.62%	46.97%	45.30%	44.88%	40.97%	43.83%	40.70%	42.69%	35.69%	32.87%	23.95%	51.62%
Basic EPSper basic share	$2.07	$2.16	$2.16	$1.89	$1.51	$1.22	$1.56	$1.65	$1.45	$1.39	$1.21	$1.24	$1.11	$1.13	$0.96	$0.80	$0.60	$1.48
Diluted EPSper diluted share	$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

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.92%of listed shares

BlackRock, Inc.26.71M shares · Jun 30, 2026

View holders

Top 20 reported holders of NNN
Holder	% owned
BlackRock, Inc.	13.92%26.71M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	8.74%16.78M shares
FMR LLC	5.96%11.44M shares
STATE STREET CORP	5.91%11.35M shares
AQR CAPITAL MANAGEMENT LLC	5.09%9.77M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.46%8.56M shares
VICTORY CAPITAL MANAGEMENT INC	3.15%6.05M shares
COHEN & STEERS, INC.	2.59%4.98M shares
GEODE CAPITAL MANAGEMENT, LLC	2.29%4.4M shares
MORGAN STANLEY	1.99%3.81M shares
FEDERATED HERMES, INC.	1.63%3.13M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.62%3.12M shares
DIMENSIONAL FUND ADVISORS LP	1.47%2.82M shares
Quantinno Capital Management LP	1.34%2.58M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.33%2.56M shares
NORGES BANK	1.32%2.52M shares
RUSH ISLAND MANAGEMENT, LP	1.29%2.47M shares
JPMORGAN CHASE & CO	1.26%2.41M shares
GOLDMAN SACHS GROUP INC	1.05%2.02M shares
NORTHERN TRUST CORP	1.03%1.97M shares

Percentages use 191.93M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)11$7.81M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 9, 2026Form 4	Horn Stephen A JRPresident & CEO	SellCommon Stock	33.2K	$44.98	$1.49M	822.7K
Mar 6, 2026Form 4	Adamo JonathanEVP Chief Portfolio Operations	SellCommon Stock	6.0K	$44.99	$269.9K	126.4K
Feb 20, 2026Form 4	Miller Michelle LynnEVP,Chief Acctg & Tech Officer	SellCommon Stock	4.0K	$44.03	$176.1K	93.8K
Aug 21, 2025Form 4	Miller Michelle LynnEVP,Chief Acctg & Tech Officer	SellCommon Stock	10.0K	$42.20	$422.0K	81.8K
Jun 11, 2025Form 4	Adamo JonathanEVP, Portfolio Operations	SellCommon Stock	4.8K	$42.47	$203.9K	95.5K

Review ownership filings at SEC.gov ↗

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Nnn Reit, Inc. (NNN)

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