At a glance
National Retail Properties Inc is worth $7.85B, about 20 times its fiscal 2025 earnings. Revenue grew 6.6% to $926.2M in fiscal 2025, with 42.1% kept as profit; over 5 years it has grown 7.0% a year. It pays a 5.92% dividend yield, raised every year for at least 9 years, and returned $2.02B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.0% over the past year with dividends reinvested and +2.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.0% in the 2020 crash (S&P 500: 33.7%) and 19.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 53 months and 3 months after the lows.
The business in plain English
NNN REIT, formerly National Retail Properties, is a real estate investment trust (REIT). A REIT is a company that owns property and generally pays no federal income tax on the taxable income it distributes to shareholders. NNN was formed in 1984. It acquires, owns and develops freestanding buildings leased to single tenants, with a focus on retail. As of December 31, 2025, it owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico, and 98.3% were leased.
NNN makes money by collecting rent. Most leases are triple-net, meaning the tenant pays the property's taxes, insurance, utilities, maintenance and repairs, so NNN spends little on upkeep. Leases usually start at 10 to 20 years, and the average remaining term was 10.2 years. Annual base rent per lease ranges from $11,000 to about $4.1 million, with an average of $256,000. Most leases include fixed rent increases or increases tied to the Consumer Price Index, a measure of inflation.
Revenue was $926 million in 2025, up 6.6%. NNN's annual report (10-K) says a significant share of its rent comes from particular industries, tenants and regions. It does not give a clean revenue split by segment or region. NNN had 85 employees as of January 30, 2026. It grows by acquiring properties, paid for with borrowing, new shares and property sales.
Price history
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NNN +4.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $244.3M, up 7.7% from a year earlier, and net income was $97.9M (-2.6%).
- For fiscal 2025, revenue was $926.2M (+6.6% year over year; +7.0% a year from FY2020 to FY2025) with a 42.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.0% good |
|---|---|
| Operating margin | 63.6% good |
| Return on equity (FY2025) | 8.8% watch |
| Return on assets (FY2025) | 4.2% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $660.7M | $228.8M | — |
| FY2021 | $726.4M | $290.1M | — |
| FY2022 | $773.1M | $334.6M | — |
| FY2023 | $828.1M | $392.3M | — |
| FY2024 | $869.3M | $396.8M | — |
| FY2025 | $926.2M | $389.8M | — |
Valuation snapshot
| Market value | $7.85B |
|---|---|
| P/E ratio | 19.8 |
| Dividend yield | 5.92% |
Rank among 1514 US companies
Market value at each year end
National Retail Properties’s market value went from $6.50B at the end of 2016 to $7.85B on Oct 28, 2026, up 21%; since the end of 2025 it is up 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.85B | +4.3% |
| 2025 | $7.53B | -1.7% |
| 2024 | $7.66B | -2.6% |
| 2023 | $7.86B | -3.9% |
| 2022 | $8.18B | -3.1% |
| 2021 | $8.44B | +18.8% |
| 2020 | $7.11B | -22.8% |
| 2019 | $9.20B | +19.2% |
| 2018 | $7.72B | +17.7% |
| 2017 | $6.56B | +0.8% |
| 2016 | $6.50B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NNN price data to Oct 28, 2026 | +7.5% | +4.0% | +11.2% | +2.7% | +4.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.5% |
| 2025 | +2.8% |
| 2024 | +0.0% |
| 2023 | -0.6% |
| 2022 | -0.1% |
| 2021 | +23.0% |
| 2020 | -19.3% |
| 2019 | +14.8% |
| 2018 | +17.8% |
| 2017 | +2.0% |
| 2016 | +14.8% |
| 2015 | +6.2% |
| 2014 | +36.1% |
| 2013 | +1.8% |
| 2012 | +24.9% |
| 2011 | +5.6% |
| 2010 | +33.2% |
| 2009 | +34.2% |
| 2008 | -20.9% |
| 2007 | +8.2% |
| 2006 | +19.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.8% over that stretch · deepest drop along the way 56.1%, back to its old high 15 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.4% over that stretch · deepest drop along the way 55%, back to its old high 52.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.8% over that stretch · deepest drop along the way 19.5%, back to its old high 3.2 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($1.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 9, 2026 | Stephen A JR Horn President & CEO | sell | $1.5M |
| Mar 6, 2026 | Jonathan Adamo EVP Chief Portfolio Operations | sell | $270K |
| Feb 20, 2026 | Michelle Lynn Miller EVP,Chief Acctg & Tech Officer | sell | $176K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 8.74% | Mar 31, 2026 |
| FMR LLC | 6% | Jun 30, 2026 |
| STATE STREET CORPORATION | 6% | Dec 31, 2025 |
| Vanguard Capital Management | 5.28% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.14% | Jun 30, 2026 |
| Victory Capital Management, Inc. | 4.39% | Mar 31, 2026 |
ETFs with the most weight in NNN
| NETL NETLease Corporate Real Estate ETF | 8.02% |
| FPRO Fidelity Real Estate Investment ETF | 3.82% |
| SRET Global X SuperDividend REIT ETF | 3.36% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.27% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.03% |
| RIET Hoya Capital High Dividend Yield ETF | 1.55% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.4% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 0.83% |
What could go wrong
- Each building depends on one tenant. NNN's business is built on freestanding, single-tenant buildings. When a tenant leaves, all of that building's rent stops at once, and NNN pays the property costs until it finds a replacement.
- Tenant failures and bankruptcies. If a tenant goes bankrupt, a court can let it cancel leases, and the law limits NNN's claim for future rent. NNN may not find a new tenant at the same rent.
- Rent concentrated in certain tenants and industries. NNN's annual report warns that a significant share of rent comes from specific industries, tenants and regions. Trouble at one large tenant or in one industry could cause an outsized drop in income.
- Many tenants lack public credit ratings. A significant portion of properties are leased to tenants with no public credit rating, so NNN relies on its own analysis, which may misjudge risk. Franchisee tenants could struggle to pay if their franchise ends.
- Online shopping could weaken store-based tenants. NNN's portfolio is built around retail properties. A continued shift to online shopping could threaten some tenants and change the size, type and location of the space they lease.
- Reliance on borrowing and issuing new shares. NNN funds growth with debt, new stock and property sales. Debt was about 42% of gross assets as of December 31, 2025. Higher rates could raise borrowing costs, and new shares shrink existing owners' stakes.
Recent events
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
For income and retirement investors
NNN's annual report for 2025 reports 36 consecutive years of annual dividend increases, the third-longest streak of any publicly traded REIT. Dividends per share rose from $2.07 in 2020 to $2.36 in 2025, about 2.7% a year. The 2025 dividend was about 114% of earnings per share. That is common for REITs, because depreciation, a non-cash charge, lowers reported earnings. NNN repurchased no shares from 2021 through 2025, and its share count rose about 9% between October 2021 and July 2026. The dividend yield was 5.92% as of October 28, 2026.
The share price has fallen hard in past crises. It dropped 56% in the 2008 financial crisis and was back at its prior peak 15 months after the low. It fell 55% in the 2020 COVID crash and did not recover until August 2024, about 52 months after the low. In 2022 it fell 19.5% and took about 3 months to recover. The dividend kept rising through all three. Single stocks carry more risk than diversified funds.
Questions investors ask
How does NNN REIT make money?
NNN makes money by collecting rent. As of December 31, 2025, it owned 3,692 freestanding properties across all 50 states, the District of Columbia and Puerto Rico, with a focus on retail. Most leases are triple-net, meaning the tenant pays property taxes, insurance and upkeep. Leases usually start at 10 to 20 years. Average annual base rent is $256,000 per lease, and most leases include fixed or inflation-linked increases. Revenue was $926 million in 2025.
Does NNN REIT raise its dividend every year?
Yes, so far. NNN's annual report for 2025 says it has raised its annual dividend, which is paid quarterly, for 36 consecutive years. That is the third-longest record of any publicly traded REIT. Dividends per share rose from $2.29 in 2024 to $2.36 in 2025. Increases have been modest, about 2.7% a year from 2020 to 2025. A long streak is no guarantee. The company lists its ability to pay future dividends as a risk that depends on many factors.
What is NNN REIT's dividend yield?
NNN's dividend yield was 5.92% as of October 28, 2026. The yield moves opposite to the share price, so it rises when the price falls. Dividends per share were $2.36 in 2025, about 114% of earnings per share. That is common for REITs, because depreciation, a non-cash charge, lowers reported earnings. Most REIT dividends don't qualify for the lower tax rate on qualified dividends, which matters in a taxable account.
Is NNN REIT the same company as National Retail Properties?
Yes. NNN REIT, Inc. was previously named National Retail Properties, Inc., and before that Commercial Net Lease Realty Inc. It is the same real estate investment trust, a Maryland corporation formed in 1984. Its shares trade on the New York Stock Exchange under the ticker NNN. As of December 31, 2025, it owned 3,692 freestanding properties leased to single tenants on long-term net leases.
How much debt does NNN REIT have?
NNN had about $4.97 billion of total debt as of June 30, 2026, compared with $9.61 billion of total assets and $4.46 billion of shareholder equity. As of December 31, 2025, debt was about 42% of gross assets, and none of it was secured by specific properties. NNN also had $851.9 million available on its revolving credit line and $300 million on a term loan. Its stated goal is to keep investment-grade credit ratings, which signal lower default risk.