NNN REIT, Inc. NNN
NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of March 31, 2026, the Company owned 3,711 properties in all 50 states, the District of Columbia and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.1 years.
Snapshot
Reported FFO / AFFO / leverage are from the Q1 2026 earnings release (filed 2026-04-30) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $926.21M | $389.78M | $268.44M | $860.48M | $667.13M |
| 2024 | $869.27M | $396.83M | $249.68M | $830.53M | $635.50M |
| 2023 | $828.11M | $392.34M | $238.62M | $794.86M | $612.41M |
| 2022 | $773.05M | $334.63M | $223.83M | $706.52M | $578.36M |
| 2021 | $726.41M | $290.11M | $205.22M | $633.20M | $568.42M |
| 2020 | $660.68M | $228.80M | $196.62M | $554.85M | $450.19M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-04-30 | 2026-04-30 | 2026-05-15 | 2026-04-15 | $0.60 | Quarterly |
| 2026-01-30 | 2026-01-30 | 2026-02-13 | 2026-01-15 | $0.60 | Quarterly |
| 2025-10-31 | 2025-10-31 | 2025-11-14 | 2025-10-14 | $0.60 | Quarterly |
| 2025-07-31 | 2025-07-31 | 2025-08-15 | 2025-07-15 | $0.60 | Quarterly |
| 2025-04-30 | 2025-04-30 | 2025-05-15 | 2025-04-15 | $0.58 | Quarterly |
| 2025-01-31 | 2025-01-31 | 2025-02-14 | 2025-01-14 | $0.58 | Quarterly |
| 2024-10-31 | 2024-10-31 | 2024-11-15 | 2024-10-15 | $0.58 | Quarterly |
| 2024-07-31 | 2024-07-31 | 2024-08-15 | 2024-07-15 | $0.58 | Quarterly |
| 2024-04-29 | 2024-04-30 | 2024-05-15 | 2024-04-15 | $0.56 | Quarterly |
| 2024-01-30 | 2024-01-31 | 2024-02-15 | 2024-01-16 | $0.56 | Quarterly |
| 2023-10-30 | 2023-10-31 | 2023-11-15 | 2023-10-16 | $0.56 | Quarterly |
| 2023-07-28 | 2023-07-31 | 2023-08-15 | 2023-07-14 | $0.56 | Quarterly |
| 2023-04-27 | 2023-04-28 | 2023-05-15 | 2023-04-14 | $0.55 | Quarterly |
| 2023-01-30 | 2023-01-31 | 2023-02-15 | 2023-01-13 | $0.55 | Quarterly |
| 2022-10-28 | 2022-10-31 | 2022-11-15 | 2022-10-14 | $0.55 | Quarterly |
| 2022-07-28 | 2022-07-29 | 2022-08-15 | 2022-07-15 | $0.55 | Quarterly |
| 2022-04-28 | 2022-04-29 | 2022-05-16 | 2022-04-14 | $0.53 | Quarterly |
| 2022-01-28 | 2022-01-31 | 2022-02-15 | 2022-01-14 | $0.53 | Quarterly |
| 2021-10-28 | 2021-10-29 | 2021-11-15 | 2021-10-15 | $0.53 | Quarterly |
| 2021-07-29 | 2021-07-30 | 2021-08-16 | 2021-07-15 | $0.53 | Quarterly |
| 2021-04-29 | 2021-04-30 | 2021-05-14 | 2021-04-15 | $0.52 | Quarterly |
| 2021-01-28 | 2021-01-29 | 2021-02-16 | 2021-01-15 | $0.52 | Quarterly |
| 2020-10-29 | 2020-10-30 | 2020-11-16 | 2020-10-15 | $0.52 | Quarterly |
| 2020-07-30 | 2020-07-31 | 2020-08-14 | 2020-07-15 | $0.52 | Quarterly |
Coverage (payout of operating cash flow): 67.63%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.