NNN REIT
Acquires and leases single-tenant U.S. retail properties under long-term net leases.
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Profile
Owns and acquires thousands of single-tenant retail properties across the United States, mainly under long-term net leases that shift property-level operating costs to tenants. Rental income is diversified across retail lines of trade, while growth depends on sourcing properties, recycling capital, and continued access to debt and equity markets.
Owns and acquires single-tenant retail properties across the United States, leasing them primarily under long-term net leases. The portfolio spans automotive service, convenience stores, restaurants, entertainment venues, and dealerships within one reportable Property Portfolio segment.
Builds rental income by sourcing properties, funding acquisitions, and recycling capital through selective sales. Net leases generally shift property-level operating costs to tenants, limiting the landlord’s ongoing capital requirements. A small, self-managed Orlando team oversees thousands of sites while maintaining high occupancy.
Rent collection depends on tenant solvency and continued operation at each location. Expansion also depends on access to acceptable properties and debt and equity capital, while tenant, industry, and geographic concentrations continue to shape portfolio exposure.
Company facts
Key statistics
Year to date +15.5% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Robert W. Baird | Target | $46 | $49 | ||
| Aug 6, 2026 | Evercore ISI | Target | $43 | $48 | ||
| Jul 20, 2026 | Morgan Stanley | Downgrade | Overweight | Neutral | ||
| Jul 20, 2026 | National Bank | Target | $50 | |||
| Jul 15, 2026 | Wells Fargo | Reiterate | Equal Weight | $44 | $49 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.51 | $0.52 | +2.4% | $240.2M | $242.7M | +1.0% | +0.40% |
| Apr 30, 2026Q1 FY26 | $0.51 | $0.87 | +71.3% | $237.8M | $240.0M | +1.0% | +0.37% |
| Feb 11, 2026Q4 FY25 | $0.49 | $0.87 | +76.2% | $231.7M | $237.5M | +2.5% | +1.28% |
| Nov 4, 2025Q3 FY25 | $0.86 | $0.86 | 0.0% | $233.4M | $230.2M | −1.4% | +0.03% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $230.9M | $226.8M | $230.2M | $238.4M | $240.4M | $244.3M | |
| Gross profit | $221.5M | $218.0M | $221.0M | $91.9M | $230.6M | $236.0M | |
| Operating income | $143.9M | $149.8M | $147.3M | $148.6M | $145.1M | $150.3M | |
| Net income | $96.5M | $100.5M | $96.8M | $96.0M | $94.0M | $97.9M | |
| Diluted EPS | $0.51 | $0.54 | $0.51 | $0.51 | $0.50 | $0.52 | |
| Gross margin | 95.9% | 96.1% | 96.0% | 38.6% | 95.9% | 96.6% | |
| Operating margin | 62.3% | 66.0% | 64.0% | 62.3% | 60.4% | 61.5% |
Fiscal years (4-quarter sums)FY21 $726.4M · FY22 $773.1M · FY23 $828.1M · FY24 $869.3M · FY25 $926.2M
Balance sheet, Jun 30, 2026Cash & short-term investments $4.2M · Total debt $5.00B · Total assets $9.61B · Shareholders' equity $4.46B
Dividends
Raised for 37 straight years — most recently to $0.62 from $0.60 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 31, 2026 | Jul 31 | Aug 14 | $0.62 | raised from $0.60 |
| Apr 30, 2026 | Apr 30 | May 15 | $0.60 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.60 | |
| Oct 31, 2025 | Oct 31 | Nov 14 | $0.60 | |
| Jul 31, 2025 | Jul 31 | Aug 15 | $0.60 | raised from $0.58 |
| Apr 30, 2025 | Apr 30 | May 15 | $0.58 | |
| Jan 31, 2025 | Jan 31 | Feb 14 | $0.58 | |
| Oct 31, 2024 | Oct 31 | Nov 15 | $0.58 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 190.25M · Float 188.59M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 26.71M | 14.04% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 16.78M | 8.82% | 13F | Aug 13, 2026 |
| FMR LLC | 11.44M | 6.01% | 13F | Aug 13, 2026 |
| State Street Corp | 11.35M | 5.96% | 13F | Aug 7, 2026 |
| AQR Capital Management LLC | 9.77M | 5.14% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 6, 2026 | Jonathan Adamo | officer: EVP Chief Portfolio Operations | −6,000 | $44.99 |
| Mar 9, 2026 | Stephen A. JR Horn | officer: President & CEO | −33,192 | $44.98 |
| Feb 20, 2026 | Michelle Lynn Miller | officer: EVP,Chief Acctg & Tech Officer | −4,000 | $44.03 |
Peers
- Realty Income
Largest broad-based rival for retail net-lease acquisitions
- Agree Realty
Investment-grade retail net-lease peer with broad sector overlap
- Essential Properties Realty Trust
Service-oriented net-lease peer across retail and experiences
- NETSTREIT
Defensive retail net-lease peer focused on essential uses
- Getty Realty
Specialist rival in convenience and automotive retail real estate
- Four Corners Property Trust
Restaurant-heavy net-lease peer expanding into broader retail
- EPR Properties
Experiential net-lease specialist overlapping entertainment sites
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| NETSTREIT | $20.47 | 0.00% | $1.99B | 146.4 | 57.9 | 9.2 | +19.8% |
| Getty Realty | $32.87 | −0.03% | $2.04B | 19.8 | 23.7 | 8.7 | +7.8% |
| Four Corners Property Trust | $25.23 | 0.00% | $2.77B | 22.7 | 22.5 | 9.0 | +7.7% |
| EPR Properties | $59.58 | +0.03% | $4.56B | 19.1 | 19.8 | 6.2 | +1.9% |
| Median | 23.5 | 23.7 | 9.2 | +7.8% |