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Net-lease REIT that owns single-tenant retail properties (convenience stores, restaurants, auto) on long-term leases.
Net-lease REIT that owns single-tenant retail properties (convenience stores, restaurants, auto) on long-term leases.
Collects rent on single-tenant stores under long triple-net leases, where the tenant pays taxes, insurance and repairs, with small fixed rent steps built in, and grows by acquiring new properties. The portfolio is spread across hundreds of tenants. Formerly called National Retail Properties.
Moat: narrow (scale, switching costs). Long, largely triple-net leases give predictable cash flow; little pricing power over tenants.
Headquarters: Orlando, Florida, United States · Founded: 1984 · Employees: 85
Size NNN REIT (NNN) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $7.89B, the 896th largest of 3,117 United States companies the cockpit tracks. Shares closed at $41.12 on 6 Nov 2026.
Performance Over six months the shares fell 7.3%, against +0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +7.2%); the operating margin is 61.4% (peer median 40.7%).
Valuation It trades at 1.75× book value against a peer median of 1.48× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 12.9%; NNN REIT delivers 8.9%, so the price asks more than the business earns today.
Credit NNN REIT has 9 bonds outstanding ($3.95B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 84 bp.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $973M | $926M | $869M | $828M | $773M |
| Revenue growth | — | +7% | +5% | +7% | — |
| Gross profit | $652M | $620M | $587M | $561M | $523M |
| EBITDA | $881M | $838M | $792M | $752M | $697M |
| Net income | $398M | $390M | $397M | $392M | $335M |
| Free cash flow | $675M | $667M | $636M | $612M | $578M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $5.00B | $4.83B | $4.38B | $4.37B | $3.93B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| NNN REIT NNN | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% |
| Realty Income O | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% |
| Agree Realty ADC | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% |
| Essential Properties Realty Trust EPRT | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% |
| Four Corners Property Trust FCPT | $2.57B | -7% | +10% | 8% | 1.58× | 12.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NNN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | +6.5% | 7th lowest of 21 |
| 6-month return | -7.3% | +0.4% | 6th lowest of 21 |
| Return on equity | 8.9% | 9.2% | 10th lowest of 21 |
| Price / book | 1.75× | 1.48× | 10th most expensive of 21 |
| Trailing P/E | 19.7× | 19.9× | 8th cheapest of 16 |
| ROE the price implies | 12.9% | 12.9% | 11th least demanding of 21 |
| ROE delivered | 8.9% | 9.1% | 10th lowest of 21 |
| Bond spread | 84 bp | 101 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
| CareTrust REIT CTRE | United States | $9.03B | -8% | +53% | 9% | 2.01× | 14.7% | 9.1% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Agree Realty ADC | United States | $9.09B | -8% | +18% | 4% | 1.34× | 8.2% | 3.8% |
| Ryman Hospitality Properties RHP | United States | $9.11B | +19% | +13% | 26% | 6.58× | 55.9% | 26.0% |
| Brixmor Property BRX | United States | $9.21B | +1% | +5% | 14% | 3.05× | 23.1% | 14.2% |
NNN REIT has 9 bonds outstanding with $3.95B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.69%, a spread of 84 bp over government bonds.