NNN REIT, INC. NNN
NNN, a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The common shares of NNN REIT, Inc. are traded on the New York Stock Exchange (the "NYSE") under the ticker symbol "NNN."
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 ("Properties" or "Property Portfolio," or individually a "Property"). 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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $926.2M | $869.3M | $828.1M | $773.1M | $726.4M | $660.7M | $670.5M | $622.7M | $584.9M | $533.6M |
| SG&A | $46.9M | $44.3M | $43.7M | $41.7M | $44.6M | $38.2M | $37.7M | $34.2M | $33.8M | $36.5M |
| Total operating expenses | $384.9M | $333.7M | $320.5M | $308.0M | $300.4M | $302.4M | $286.4M | $263.0M | $247.4M | $224.6M |
| Operating income | $589.5M | $577.9M | $555.1M | $482.5M | $449.1M | $374.5M | $416.5M | $424.8M | $374.2M | $336.3M |
| Interest expense | $204.0M | $184.0M | $163.9M | $148.1M | $137.9M | $129.4M | $120.0M | $115.8M | $109.1M | $96.4M |
| Pre-tax income | — | — | — | — | — | $228.8M | $299.2M | $292.4M | $228.7M | $212.3M |
| Income tax | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Net income | $389.8M | $396.8M | $392.3M | $334.6M | $290.1M | $228.8M | $299.2M | $292.4M | $265.0M | $239.5M |
| EPS, basic | 2.07 | 2.16 | 2.16 | 1.89 | 1.51 | 1.22 | 1.56 | 1.65 | 1.45 | 1.39 |
| EPS, diluted | 2.07 | 2.15 | 2.16 | 1.89 | 1.51 | 1.22 | 1.56 | 1.65 | 1.45 | 1.38 |
| Shares, diluted (wtd. avg.) | $188.0M | $184.0M | $181.7M | $177.1M | $174.8M | $172.2M | $165.1M | $156.3M | $149.4M | $144.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.0M | $8.7M | $5.2M | $6.8M | $171.3M | $267.2M | $1.1M | $114.3M | $1.4M | $294.5M |
| Total assets | $9.38B | $8.87B | $8.66B | $8.15B | $7.75B | $7.64B | $7.43B | $7.10B | $6.56B | $6.33B |
| Long-term debt | $200.0M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $4.97B | $4.51B | $4.50B | $4.02B | $3.85B | $3.32B | $3.10B | $2.95B | $2.72B | $2.42B |
| Retained earnings | -$882.7M | -$829.3M | -$805.9M | -$793.8M | -$747.9M | -$644.8M | -$499.2M | -$424.2M | -$379.2M | -$319.3M |
| Total equity | $4.41B | $4.36B | $4.16B | $4.12B | $3.90B | $4.32B | $4.33B | $4.15B | $3.84B | $3.92B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $667.1M | $635.5M | $612.4M | $578.4M | $568.4M | $450.2M | $501.7M | $471.9M | $421.6M | $415.3M |
| Depreciation and amortisation | $268.4M | $249.7M | $238.6M | $223.8M | $205.2M | $196.6M | $188.9M | $174.4M | $173.7M | $149.1M |
| Investing cash flow | -$748.1M | -$424.3M | -$680.7M | -$777.6M | -$432.2M | -$142.8M | -$619.4M | -$609.4M | -$625.6M | -$779.9M |
| Financing cash flow | $77.7M | -$207.3M | $66.6M | $34.7M | -$232.2M | -$41.3M | $4.5M | $250.4M | -$89.2M | $644.9M |
| Dividends paid | $443.2M | $420.2M | $404.5M | $380.5M | $367.3M | $356.4M | $333.7M | $303.2M | $277.1M | $257.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-045617.
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