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Companies / Real Estate / NNN REIT, Inc.
NNN

NNN REIT, Inc.

Ticker NNNORLANDO, FLFiscal year ends DecemberBook value per share $23.52Diluted shares 189.6M

NNN REIT, Inc. (NYSE: NNN) is a fully integrated real estate investment trust that acquires, owns, invests in and develops commercial properties, primarily leased to tenants under long-term, triple-net leases. Its freestanding, single-tenant properties are used mainly by retail businesses, including automotive… From the company’s description.

In fiscal 2025, NNN REIT, Inc. reported revenue of $926.21M, up 6.6% from fiscal 2024, and net income of $389.78M. Its operating margin was 63.6%, and operations generated $667.13M in cash. Over the twelve months to Jun 30, 2026, revenue was $953.25M.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$926.21MFY2025
+6.6% year over year
Last 12 mo $953.25M
63.64%FY2025
−2.8 percentage points
Last 12 mo 62.30%
$389.78MFY2025
−1.8% year over year
Last 12 mo $384.67M
8.84%FY2025
−0.3 percentage points
Last 12 mo 8.62%
Cash & financing
$667.13MFY2025
+5.0% year over year
Last 12 mo $673.01M
$667.13MFY2025
+5.0% year over year
Last 12 mo $673.01M
1.09FY2025
Was 1.00× a year earlier
Last 12 mo 1.12
188.0MFY2025
+2.1% year over year
Last 12 mo 189.6M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What NNN REIT, Inc. does

In the company’s own words

NNN REIT, Inc. (NYSE: NNN) is a fully integrated real estate investment trust that acquires, owns, invests in and develops commercial properties, primarily leased to tenants under long-term, triple-net leases. Its freestanding, single-tenant properties are used mainly by retail businesses, including automotive service, convenience stores, restaurants, entertainment venues and dealerships; tenants generally cover property operating costs, maintenance and capital expenditures. NNN operates as a property portfolio rather than through reportable business segments. As of December 31, 2025, it owned 3,692 properties across all 50 states, the District of Columbia and Puerto Rico, totaling approximately 39.6 million square feet; 98.3% were leased, with a weighted average remaining lease term of 10.2 years. Most leases have initial terms of 10 to 20 years and include rent increases. Its website is www.nnnreit.com.

Company details
Sector
Real Estate
Industry (SIC)
REITs
Headquarters
ORLANDO, FL
Fiscal year end
December
CIK
751364
SIC
6798

Financial performance, year by year

Fiscal 2013–2025 · USD
$-95.32M$190.65M$476.62M$762.60M$1.05B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns NNN REIT, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

412
funds hold it
0 of 35
superinvestors hold it
$3.81B
held by funds, at market
43.8%
of shares held by funds
11
bond issues held by funds

Largest fund holders · NNN REIT, Inc.’s weight in each

VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
—of fund net assets
iShares Core S&P Mid-Cap ETF
IJH · iShares Trust
0.24%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%of fund net assets
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.11%of fund net assets
Victory Sycamore Established Value Fund
VETAX · Victory Portfolios
1.28%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

NNN REIT, Inc.’s bonds, as funds hold them

Funds report holding 11 issues of NNN REIT, Inc.’s debt, $691.01M at market value — what funds hold, not the company’s total debt. Weighted-average coupon 4.55%, maturing 2026 to 2052.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do NNN REIT, Inc. and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of NNN REIT, Inc.'s earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in NNN REIT, Inc.'s last four quarterly filings that the numbers alone won't show?”
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