NNN REIT, Inc.

nnnreit.com

What Do They Do?

Owns, acquires and leases commercial properties, primarily to retail tenants under long-term net leases.

How Do They Make Money?

Tenants pay rent under long-term leases, generally in monthly installments. For properties under construction, rent begins when construction is complete and the leased property is delivered to the tenant.

FY2025 revenue

Who Are Their Customers?

NNN leases properties directly to tenants, primarily in retail-related sectors such as automotive service, convenience stores and restaurants.

Do Revenues Turn Into Profits?

Yes. It kept 42 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

64% of revenue

▲ +2% vs FY2024 ($577.9M, 66%)

Net income, FY2025

42% of revenue

▼ −2% vs FY2024 ($396.8M, 46%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $226.8M in Q2 FY2025
Net income: ▼ −3%; vs $100.5M in Q2 FY2025

Aug 5, 2026 Raised 2026 Core FFO per-share guidance Updated the Core FFO range to $3.50 - $3.54 per share and acquisition-volume guidance to $700 - $800 million.
Feb 19, 2026 Chair Steven D. Cosler retired; Edward J. Fritsch succeeded him

Growing. Revenue grew 28% in 4 years, from $726.4M in FY2021 to $926.2M in FY2025, about 6% a year.

Comments