NNN REIT (NNN)
Acquires and leases single-tenant U.S. retail properties under long-term net leases.
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Owns and acquires thousands of single-tenant retail properties across the United States, mainly under long-term net leases that shift property-level operating costs to tenants. Rental income is diversified across retail lines of trade, while growth depends on sourcing properties, recycling capital, and continued access to debt and equity markets.
Owns and acquires single-tenant retail properties across the United States, leasing them primarily under long-term net leases. The portfolio spans automotive service, convenience stores, restaurants, entertainment venues, and dealerships within one reportable Property Portfolio segment.
Builds rental income by sourcing properties, funding acquisitions, and recycling capital through selective sales. Net leases generally shift property-level operating costs to tenants, limiting the landlord’s ongoing capital requirements. A small, self-managed Orlando team oversees thousands of sites while maintaining high occupancy.
Rent collection depends on tenant solvency and continued operation at each location. Expansion also depends on access to acceptable properties and debt and equity capital, while tenant, industry, and geographic concentrations continue to shape portfolio exposure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Morgan Stanley | Upgrade | ||
| Sep 21, 2026 | Evercore ISI | Target | Target: $48 | Target: $47 |
| Sep 4, 2026 | Barclays | Reiterate | Rating: —Target: $45 | Target: $47 |
| Sep 1, 2026 | Wells Fargo | Reiterate | Rating: —Target: $49 | Target: $47 |
| Aug 6, 2026 | Robert W. Baird | Target | Target: $46 | Target: $49 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $4.2M · Total debt $5.00B · Total assets $9.61B · Shareholders' equity $4.46B
- Revenue
- $244.3M
- Operating income
- $150.3M
- Net income
- $97.9M
HistoryDividendAnnual yield
| Institutions | ≈ 98.74% | 189.51M shares | |
|---|---|---|---|
| 614 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.06% | 2.03M shares | |
| 14 holders · as of Aug 3, 2026 | |||
| Other | ≈ 0.20% | 389.6K shares | |
| remainder | |||
191.93M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 13.92% | 26.71M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 8.74% | 16.78M | as of Jun 30, 2026 |
FMR LLCInstitution | 5.96% | 11.44M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.91% | 11.35M | as of Jun 30, 2026 |
AQR Capital Management LLCInstitution | 5.09% | 9.77M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 6, 2026 | Jonathan Adamo | officer: EVP Chief Portfolio Operations | −6,000 | $44.99 |
| Mar 9, 2026 | Stephen A. JR Horn | officer: President & CEO | −33,192 | $44.98 |
| Feb 20, 2026 | Michelle Lynn Miller | officer: EVP,Chief Acctg & Tech Officer | −4,000 | $44.03 |
- Realty Income
Largest broad-based rival for retail net-lease acquisitions
- Agree Realty
Investment-grade retail net-lease peer with broad sector overlap
- Essential Properties Realty Trust
Service-oriented net-lease peer across retail and experiences
- NETSTREIT
Defensive retail net-lease peer focused on essential uses
- Getty Realty
Specialist rival in convenience and automotive retail real estate
- Four Corners Property Trust
Restaurant-heavy net-lease peer expanding into broader retail
- EPR Properties
Experiential net-lease specialist overlapping entertainment sites
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NNN REIT | $41.55 | −0.19% | $7.92B | 20.4 | 19.8 | 8.3 | +7.2% |
| Realty Income | $56.68 | +0.05% | $52.83B | 41.4 | 35.1 | 8.9 | +1.1% |
| Agree Realty | $67.74 | +0.17% | $8.12B | 36.4 | 34.9 | 10.4 | +16.9% |
| Essential Properties Realty Trust | $27.13 | +1.36% | $5.79B | 20.7 | 21.2 | 8.7 | +10.3% |
| NETSTREIT | $18.39 | +1.32% | $1.77B | 129.8 | 52.0 | 8.2 | +19.8% |
| Getty Realty | $29.47 | −0.02% | $1.83B | 17.8 | 21.3 | 7.8 | +11.9% |
| Four Corners Property Trust | $22.56 | −0.27% | $2.48B | 20.4 | 20.4 | 8.1 | +7.7% |
| EPR Properties | $57.65 | +0.38% | $4.39B | 18.4 | 19.3 | 6.0 | +12.4% |
| Median | 20.7 | 21.3 | 8.2 | +11.9% |