NYSE : NNN
NNN REIT, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 41 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.87B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 950.00M | 924.38M | 867.47M | 826.09M | 771.62M | 723.86M |
| Total Revenue | 953.25M | 926.21M | 869.27M | 828.11M | 773.05M | 726.41M |
| Property Expenses | 37.23M | 37.38M | 32.32M | 28.38M | 26.28M | 28.39M |
| Selling, General & Administrative | 50.86M | 46.92M | 44.29M | 43.75M | 41.70M | 44.64M |
| Depreciation & Amortization | 277.30M | 268.44M | 249.68M | 238.62M | 223.83M | 205.22M |
| Other Operating Expenses | 638.00K | 486.00K | 99.00K | 299.00K | 320.00K | 203.00K |
| Total Operating Expenses | 366.03M | 353.23M | 326.38M | 311.05M | 292.13M | 278.45M |
| Operating Income | 587.22M | 572.98M | 542.88M | 517.06M | 480.92M | 447.96M |
| Interest Expense | -213.16M | -203.96M | -184.02M | -163.90M | -148.06M | -137.87M |
| Interest & Investment Income | 3.96M | 4.25M | 2.98M | 1.13M | 149.00K | 216.00K |
| EBT Excluding Unusual Items | 378.02M | 373.27M | 361.85M | 354.30M | 333.01M | 310.30M |
| Gain (Loss) on Sale of Assets | 49.50M | 48.22M | 42.29M | 47.48M | 17.44M | 23.09M |
| Asset Writedown | -41.30M | -28.60M | -6.63M | -5.99M | -8.31M | -21.96M |
| Other Unusual Items | -21.33M | |||||
| Pretax Income | 384.67M | 389.78M | 396.83M | 392.34M | 334.62M | 290.11M |
| Earnings From Continuing Operations | 384.67M | 389.78M | 396.83M | 392.34M | 334.62M | 290.11M |
| Minority Interest in Earnings | 5.00K | 3.00K | ||||
| Net Income | 384.67M | 389.78M | 396.83M | 392.34M | 334.63M | 290.11M |
| Preferred Dividends & Other Adjustments | 722.00K | 728.00K | 686.00K | 609.00K | 514.00K | 26.59M |
| Net Income to Common | 383.94M | 389.05M | 396.15M | 391.73M | 334.11M | 263.53M |
| Basic Shares Outstanding | 188.71M | 187.61M | 183.69M | 181.20M | 176.40M | 174.71M |
| Diluted Shares Outstanding | 189.26M | 187.99M | 184.04M | 181.69M | 177.07M | 174.82M |
| EPS (Basic) | 2.03 | 2.07 | 2.16 | 2.16 | 1.89 | 1.51 |
| EPS (Diluted) | 2.03 | 2.07 | 2.15 | 2.16 | 1.89 | 1.51 |
| Dividend Per Share | 2.40 | 2.36 | 2.29 | 2.23 | 2.16 | 2.10 |
| Operating Margin | 61.60% | 61.86% | 62.45% | 62.44% | 62.21% | 61.67% |
| Profit Margin | 40.28% | 42.00% | 45.57% | 47.30% | 43.22% | 36.28% |
| EBITDA | 860.66M | 837.57M | 792.07M | 755.26M | 704.25M | 652.47M |
| EBITDA Margin | 90.29% | 90.43% | 91.12% | 91.20% | 91.10% | 89.82% |
| D&A For Ebitda | 273.44M | 264.58M | 249.19M | 238.19M | 223.32M | 204.51M |
| EBIT | 587.22M | 572.98M | 542.88M | 517.06M | 480.92M | 447.96M |
| EBIT Margin | 61.60% | 61.86% | 62.45% | 62.44% | 62.21% | 61.67% |
| Funds From Operations (FFO) | 638.38M | 638.38M | 610.50M | 589.07M | 548.88M | 467.83M |
| FFO Per Share | 3.40 | 3.32 | 3.24 | 3.10 | 2.68 | |
| Adjusted Funds From Operations (AFFO) | 647.58M | 616.61M | 591.52M | 568.95M | 534.79M | |
| AFFO Per Share | 3.44 | 3.35 | 3.26 | 3.21 | 3.06 | |
| FFO Payout Ratio | 71.03% | 69.43% | 68.84% | 68.66% | 69.33% | 78.51% |
| Revenue as Reported | 953.25M | 926.21M | 869.27M | 828.11M | 773.05M | 726.41M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 9.44B | 9.22B | 8.74B | 8.53B | 8.02B | 7.44B |
| Cash & Equivalents | 4.22M | 5.05M | 8.73M | 1.19M | 2.50M | 171.32M |
| Accounts Receivable | 40.46M | 39.56M | 39.50M | 41.29M | 34.76M | 38.75M |
| Other Intangible Assets | 37.45M | 37.31M | 33.40M | 40.69M | 48.40M | 53.24M |
| Restricted Cash | 776.00K | 331.00K | 3.97M | 4.27M | ||
| Other Current Assets | 24.65M | 21.20M | 283.00K | 4.57M | 786.00K | |
| Deferred Long-Term Charges | 4.99M | 8.64M | 8.96M | 3.24M | 5.35M | 7.44M |
| Other Long-Term Assets | 56.64M | 49.65M | 37.70M | 37.77M | 31.76M | 37.64M |
| Total Assets | 9.61B | 9.38B | 8.87B | 8.66B | 8.15B | 7.75B |
| Current Portion of Long-Term Debt | 346.14M | 534.73M | 9.96M | |||
| Long-Term Debt | 4.66B | 4.29B | 4.37B | 4.36B | 3.91B | 3.75B |
| Accrued Expenses | 37.99M | 40.56M | 29.70M | 34.37M | 23.83M | 23.92M |
| Other Long-Term Liabilities | 106.53M | 110.07M | 106.95M | 109.59M | 82.66M | 79.00M |
| Total Liabilities | 5.15B | 4.97B | 4.51B | 4.50B | 4.02B | 3.85B |
| Common Stock | 1.92M | 1.90M | 1.88M | 1.83M | 1.81M | 1.76M |
| Additional Paid-In Capital | 5.38B | 5.30B | 5.20B | 4.97B | 4.93B | 4.66B |
| Retained Earnings | -917.96M | -882.71M | -829.29M | -805.88M | -793.76M | -747.85M |
| Comprehensive Income & Other | -671.00K | -6.32M | -7.96M | -10.11M | -12.58M | -14.96M |
| Total Common Equity | 4.46B | 4.41B | 4.36B | 4.16B | 4.12B | 3.90B |
| Minority Interest | 1.00K | |||||
| Shareholders' Equity | 4.46B | 4.41B | 4.36B | 4.16B | 4.12B | 3.90B |
| Total Liabilities & Equity | 9.61B | 9.38B | 8.87B | 8.66B | 8.15B | 7.75B |
| Total Debt | 5.00B | 4.82B | 4.37B | 4.36B | 3.92B | 3.75B |
| Net Cash (Debt) | -5.00B | -4.82B | -4.37B | -4.36B | -3.91B | -3.58B |
| Net Cash Per Share | -26.40 | -25.62 | -23.72 | -23.99 | -22.10 | -20.45 |
| Filing Date Shares Outstanding | 191.93M | 189.94M | 187.55M | 182.47M | 181.46M | 175.64M |
| Total Common Shares Outstanding | 191.93M | 189.94M | 187.54M | 182.47M | 181.42M | 175.64M |
| Book Value Per Share | 23.24 | 23.21 | 23.26 | 22.78 | 22.73 | 22.21 |
| Tangible Book Value | 4.42B | 4.37B | 4.33B | 4.12B | 4.08B | 3.85B |
| Tangible Book Value Per Share | 23.05 | 23.01 | 23.08 | 22.56 | 22.46 | 21.91 |
| Construction In Progress | 70.20M | 66.54M | 116.77M | 240.53M | 44.09M | 7.28M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 384.67M | 389.78M | 396.83M | 392.34M | 334.63M | 290.11M |
| Depreciation & Amortization | -1.62B | -1.63B | -245.32M | -191.38M | 223.32M | 204.51M |
| Other Amortization | 10.67M | 9.74M | 8.92M | 7.02M | 6.42M | 7.32M |
| Gain (Loss) on Sale of Assets | -49.50M | -48.22M | -42.29M | -47.48M | -17.44M | -23.09M |
| Gain (Loss) on Sale of Investments | 915.00K | 1.69M | 2.15M | 2.47M | 2.37M | 3.07M |
| Asset Writedown | 41.30M | 28.60M | 6.63M | 5.99M | 8.31M | 21.96M |
| Stock-Based Compensation | 14.12M | 13.34M | 11.56M | 12.46M | 17.23M | 13.77M |
| Change in Accounts Receivable | -4.34M | -2.42M | 380.00K | -8.31M | 3.92M | 22.32M |
| Change in Other Net Operating Assets | -2.12M | 6.59M | 1.63M | 9.32M | -822.00K | 8.09M |
| Other Operating Activities | 1.90B | 1.90B | 495.00M | 429.98M | 418.00K | 20.37M |
| Operating Cash Flow | 673.01M | 667.13M | 635.50M | 612.41M | 578.36M | 568.42M |
| Acquisition of Real Estate Assets | -912.50M | -937.08M | -572.87M | -795.79M | -842.87M | -553.32M |
| Sale of Real Estate Assets | 197.80M | 191.16M | 149.83M | 116.33M | 66.96M | 123.05M |
| Net Sale / Acq. of Real Estate Assets | -714.70M | -745.91M | -423.04M | -679.46M | -775.91M | -430.27M |
| Other Investing Activities | -3.10M | -2.61M | -1.90M | -1.76M | -2.24M | -2.39M |
| Investing Cash Flow | -717.80M | -748.06M | -424.34M | -680.66M | -777.63M | -432.18M |
| Long-Term Debt Issued | 1.59B | 1.04B | 1.36B | 688.00M | 881.17M | |
| Long-Term Debt Repaid | -1.14B | -1.03B | -916.65M | -522.46M | -350.63M | |
| Net Debt Issued (Repaid) | 356.71M | 444.01M | 11.84M | 444.23M | 165.54M | 530.54M |
| Issuance of Common Stock | 149.79M | 85.42M | 217.58M | 32.33M | 253.97M | 4.05M |
| Preferred Share Repurchases | -345.00M | |||||
| Common Dividends Paid | -453.42M | -443.20M | -420.24M | -404.46M | -380.54M | -367.29M |
| Preferred Dividends Paid | -15.00M | |||||
| Total Dividends Paid | -453.42M | -443.20M | -420.24M | -404.46M | -380.54M | -382.29M |
| Other Financing Activities | -10.80M | -8.54M | -16.44M | -5.48M | -4.24M | -39.47M |
| Net Cash Flow | -2.52M | -3.24M | 3.91M | -1.62M | -164.54M | -95.91M |
| Levered Free Cash Flow | -1.37B | -1.39B | 4.75M | 49.13M | 452.07M | 453.66M |
| Unlevered Free Cash Flow | -1.25B | -1.27B | 110.84M | 144.55M | 538.18M | 532.51M |
| Cash Interest Paid | 196.30M | 184.03M | 183.43M | 148.17M | 140.33M | 123.38M |
| Change in Working Capital | -6.46M | 4.17M | 2.01M | 1.01M | 3.10M | 30.41M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.00B | 7.53B | 7.66B | 7.86B | 8.18B | 8.44B |
| Enterprise Value | 13.00B | 12.24B | 11.86B | 12.01B | 11.97B | 12.00B |
| Last Close Price | 41.00 | 37.46 | 36.44 | 36.46 | 36.68 | 36.68 |
| Price/FFO Ratio | 11.02 | 10.97 | 11.25 | 11.83 | 13.69 | |
| Price/AFFO Ratio | 10.89 | 10.88 | 11.18 | 11.43 | 11.99 | |
| PE Ratio | 20.54 | 19.35 | 19.34 | 20.07 | 24.48 | 32.03 |
| PS Ratio | 8.31 | 8.13 | 8.81 | 9.49 | 10.58 | 11.62 |
| PB Ratio | 1.76 | 1.71 | 1.76 | 1.89 | 1.98 | 2.16 |
| P/OCF Ratio | 11.78 | 11.28 | 12.05 | 12.84 | 14.14 | 14.85 |
| EV/Sales Ratio | 13.56 | 13.21 | 13.64 | 14.51 | 15.49 | 16.52 |
| EV/EBITDA Ratio | 15.01 | 14.61 | 14.97 | 15.91 | 17.00 | 18.39 |
| EV/EBIT Ratio | 22.01 | 21.36 | 21.84 | 23.23 | 24.89 | 26.79 |
| Debt / Equity Ratio | 1.12 | 1.09 | 1.00 | 1.05 | 0.95 | 0.96 |
| Debt / EBITDA Ratio | 5.81 | 5.76 | 5.52 | 5.77 | 5.56 | 5.74 |
| Net Debt / Equity Ratio | 1.12 | 1.09 | 1.00 | 1.05 | 0.95 | 0.92 |
| Net Debt / EBITDA Ratio | 5.81 | 5.75 | 5.51 | 5.77 | 5.56 | 5.48 |
| Asset Turnover | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 |
| Quick Ratio | 0.12 | 0.08 | 1.62 | 1.24 | 1.10 | 8.78 |
| Current Ratio | 0.18 | 0.12 | 1.65 | 1.48 | 1.25 | 8.78 |
| Return on Equity (ROE) | 8.72% | 8.89% | 9.32% | 9.48% | 8.34% | 7.06% |
| Return on Assets (ROA) | 3.91% | 3.92% | 3.87% | 3.84% | 3.78% | 3.64% |
| Return on Invested Capital (ROIC) | 6.28% | 6.38% | 6.29% | 6.25% | 6.13% | 5.90% |
| Earnings Yield | 4.87% | 5.18% | 5.18% | 4.99% | 4.09% | 3.44% |
| Dividend Yield | 5.95% | 5.96% | 5.61% | 5.17% | 4.79% | 4.37% |
| Payout Ratio | 122.16% | 113.71% | 105.90% | 103.09% | 113.72% | 131.77% |
| Buyback Yield / Dilution | -1.58% | -2.14% | -1.30% | -2.61% | -1.29% | -1.51% |
| Total Shareholder Return | 4.44% | 3.81% | 4.31% | 2.56% | 3.50% | 2.86% |