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NNN

NNN REIT, Inc.

NNN

NNN REIT, Inc. • NYSE
$41.35 ▲ 0.66% (+0.27)
Market Cap $7.85 B
52w High $44.23
52w Low $35.80
Dividend Yield 2.36%
P/E 19.88
Volume 460.33K
Outstanding Shares 189.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $230.159M ▲ $73.754M ▲ $96.839M ▼ 42.075% ▼ $0.51 ▼ $212.748M ▼
Q2-2025 $226.802M ▼ $68.168M ▼ $100.529M ▲ 44.325% ▲ $0.54 ▲ $218.16M ▲
Q1-2025 $230.854M ▲ $77.627M ▲ $96.458M ▼ 41.783% ▼ $0.52 $208.798M ▲
Q4-2024 $218.482M ▼ $63.606M ▼ $97.894M ▼ 44.806% ▲ $0.52 ▼ $207.968M ▲
Q3-2024 $218.564M $67.751M $97.904M 44.794% $0.53 $207.764M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $157.917M ▲ $9.48B ▲ $5.06B ▲ $4.42B ▲
Q2-2025 $5.973M ▲ $9.149B ▲ $4.786B ▲ $4.362B ▲
Q1-2025 $5.097M ▼ $9.022B ▲ $4.665B ▲ $4.356B ▼
Q4-2024 $8.731M ▼ $8.873B ▼ $4.51B ▼ $4.362B ▼
Q3-2024 $173.526M $8.924B $4.555B $4.369B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $96.839M ▼ $218.261M ▲ $-247.876M ▼ $181.56M ▲ $151.945M ▲ $218.261M ▲
Q2-2025 $100.529M ▲ $119.42M ▼ $-171.667M ▲ $53.471M ▲ $1.224M ▲ $119.42M ▼
Q1-2025 $96.458M ▼ $203.282M ▲ $-215.302M ▼ $8.482M ▲ $-3.538M ▲ $203.282M ▲
Q4-2024 $97.894M ▼ $117.678M ▼ $-179.322M ▼ $-107.806M ▼ $-169.45M ▼ $117.678M ▼
Q3-2024 $97.904M $206.632M $-105.666M $60.744M $161.71M $206.632M

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a steady, almost step‑like climb in the business over the past several years. Rental revenue has risen consistently each year, and profits have grown along with it. Operating earnings have expanded as the company has scaled, suggesting that costs are well controlled and the triple‑net model is doing what it is supposed to do: turning rent into relatively predictable profit. Net income and earnings per share have trended upward through different market conditions, including the pandemic period, which points to resilience in the tenant base and lease structure. Growth is not explosive, but it is steady, disciplined, and characteristic of a mature, income‑focused REIT rather than a high‑volatility growth story.

Balance Sheet

Balance Sheet The balance sheet reflects a large real estate portfolio financed with a mix of debt and equity that looks typical for a long‑tenured REIT. Total assets have gradually increased, showing ongoing portfolio growth. Debt has risen over time but roughly in line with assets, suggesting leverage is being used in a controlled way rather than aggressively. Equity has edged up over the years, indicating that the business is adding value despite paying out substantial dividends. The cash balance is very low, which is common for REITs that distribute most of their cash and rely on credit lines and capital markets for flexibility. Overall, the balance sheet points to a reasonably conservative, steady operator rather than a highly leveraged risk taker, though the model does depend on continued access to financing at acceptable rates.

Cash Flow

Cash Flow Cash flow from operations has grown at a measured, consistent pace, closely tracking the rise in rental income. Free cash flow essentially mirrors operating cash flow, reflecting the fact that traditional capital expenditures are minimal in this reporting view and that property acquisitions are treated separately. The pattern suggests a business that reliably converts rents into cash, which is crucial for a dividend‑oriented REIT. There are no signs of sharp swings or stress in cash generation; instead, the picture is one of stability and predictability, with cash flows that appear well aligned with the company’s steady, income‑focused strategy.

Competitive Edge

Competitive Edge NNN occupies a focused niche in single‑tenant, triple‑net retail properties and has built its strength on specialization and relationships rather than on chasing every corner of the real estate market. The triple‑net structure shifts many property costs to tenants, leaving NNN with a cleaner, more predictable income stream and lower operating risk. Its long history, conservative reputation, and relationship‑based deal sourcing provide an edge in securing off‑market transactions and repeat business from tenants. A deep track record of high occupancy, disciplined underwriting of tenant risk, and a multi‑decade dividend growth record reinforce its positioning as a stability‑oriented REIT. The main competitive risk is the ongoing evolution of brick‑and‑mortar retail and how well NNN continues to favor tenants and property types that are resistant to e‑commerce and changing consumer behavior.

Innovation and R&D

Innovation and R&D Innovation at NNN is less about cutting‑edge technology and more about refining a proven business model. The company leans on data analytics to support decision‑making—such as understanding tenant performance, local market dynamics, and portfolio risk—but it does not appear to be a leader in proprietary proptech or digital platforms. Instead, its “R&D” shows up in deal structuring and portfolio management: expertise in sale‑leaseback transactions, long‑term triple‑net leases, careful tenant selection, and active recycling of capital from mature assets into better opportunities. It is also gradually weaving in sustainability efforts in partnership with tenants. Future innovation is likely to stay incremental and process‑oriented, focused on adapting the tenant mix, refining underwriting, and embedding more ESG considerations, rather than any dramatic technological shift.

Summary

Overall, NNN REIT looks like a classic, income‑oriented real estate platform built for durability rather than excitement. The financials show steady growth in revenue, operating profit, and earnings over several years, including through challenging economic periods. The balance sheet appears reasonably conservative for a REIT, with leverage used in a measured way and equity gradually compounding over time. Cash generation is stable and well aligned with its role as a dividend payer. Competitively, NNN benefits from a focused triple‑net retail strategy, long‑standing tenant relationships, and disciplined underwriting, which together create a meaningful moat in a mature industry. Innovation is subtle and centered on execution, deal structure, and portfolio management rather than headline‑grabbing technology. Key watchpoints going forward include the impact of interest rates on financing costs, the health and evolution of brick‑and‑mortar retail tenants, and the company’s continued ability to maintain high occupancy and incremental growth while preserving its conservative posture.

NEWS

November 4, 2025 · 8:30 AM UTC

NNN REIT, Inc. Announces Third Quarter 2025 Results and Increased 2025 Guidance

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October 14, 2025 · 8:30 AM UTC

Common Dividend Declared by NNN REIT, Inc.

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September 24, 2025 · 4:30 PM UTC

NNN REIT, Inc. Announces Third Quarter 2025 Earnings Release Date and Conference Call Details

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