NNN REIT, INC. NNN

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 41.72 2026-10-23
Market cap $8.01B 2026-06-30 share count
52-week range 38.90 - 50.00

Valuation FY2025 figures against the last close

P/S8.6x
P/E20.2x
P/FCF12.0x
EV/EBITDA9.6x
Dividend yield5.5%
Diluted EPS2.07

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 2.072.162.161.891.511.221.561.651.451.39
EPS, diluted 2.072.152.161.891.511.221.561.651.451.38
Shares, diluted (wtd. avg.) 188.0M184.0M181.7M177.1M174.8M172.2M165.1M156.3M149.4M144.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 250M 500M 750M 1B Revenue, FY2016: 533.6M Net income, FY2016: 239.5M Revenue, FY2017: 584.9M Net income, FY2017: 265M Revenue, FY2018: 622.7M Net income, FY2018: 292.4M Revenue, FY2019: 670.5M Net income, FY2019: 299.2M Revenue, FY2020: 660.7M Net income, FY2020: 228.8M Revenue, FY2021: 726.4M Net income, FY2021: 290.1M Revenue, FY2022: 773.1M Net income, FY2022: 334.6M Revenue, FY2023: 828.1M Net income, FY2023: 392.3M Revenue, FY2024: 869.3M Net income, FY2024: 396.8M Revenue, FY2025: 926.2M Net income, FY2025: 389.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $533.6M $584.9M $622.7M $670.5M $660.7M $726.4M $773.1M $828.1M $869.3M $926.2M
Gross profit — — — — — — — — — —
Net income $239.5M $265.0M $292.4M $299.2M $228.8M $290.1M $334.6M $392.3M $396.8M $389.8M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6798

TickerCompanyMarket capP/ERevenue growth
WELL WELLTOWER INC. $167.53B 170.7x 40.2%
PLD Prologis, Inc. $117.89B 35.5x 7.2%
EQIX EQUINIX INC $94.23B 69.4x 5.4%
AMT AMERICAN TOWER CORP /MA/ $88.04B 35.0x 20.8%
SPG SIMON PROPERTY GROUP INC. $68.57B 14.9x 6.7%
DLR DIGITAL REALTY TRUST, INC. $60.57B 48.1x 10.0%
PSA Public Storage $54.42B 34.4x 2.7%
O REALTY INCOME CORP $53.83B 48.6x 9.1%