# NNN REIT, INC.

Summary updated: 2026-10-03T22:17:29.461319Z
Canonical: https://finbar.com/research/companies/nnn-reit-inc

## Overview

NNN REIT, Inc. is a U.S.-focused real estate investment trust that acquires, owns, invests in and develops commercial properties, primarily leased to tenants under long-term net leases. Its portfolio centers on single-tenant retail properties, including automotive service, convenience stores, restaurants, entertainment venues and dealerships. [1](https://app.finbar.com/go?id=P99899147)[2](https://app.finbar.com/go?id=P49256278)[3](https://app.finbar.com/go?id=P36342854)

At year-end 2025, the company owned 3,692 properties across all 50 states, Washington, D.C., and Puerto Rico, comprising approximately 39.6 million square feet. NNN REIT reported total revenue of $926.2 million for 2025. [4](https://app.finbar.com/go?id=P98645008)[5](https://app.finbar.com/go?id=T9169489) The company was formed in 1984; it adopted the NNN REIT name in 2023, while stating that the change did not represent a shift in strategy. [1](https://app.finbar.com/go?id=P99899147)[6](https://www.nnnreit.com/national-retail-properties-inc-changes-name-to-nnn-reit-inc/)

The company’s sustainability policy describes its aims as supporting stockholder success, providing a world-class working environment for associates, enriching communities and preserving environmental resources. [7](https://www.nnnreit.com/corporate-sustainability/governance/policies/)
[1](https://app.finbar.com/go?id=P99899147)[2](https://app.finbar.com/go?id=P49256278)[3](https://app.finbar.com/go?id=P36342854)[4](https://app.finbar.com/go?id=P98645008)[5](https://app.finbar.com/go?id=T9169489)[6](https://www.nnnreit.com/national-retail-properties-inc-changes-name-to-nnn-reit-inc/)[7](https://www.nnnreit.com/corporate-sustainability/governance/policies/)

## Products & services

NNN REIT’s core offering is the ownership and leasing of freestanding commercial properties, principally under long-term triple-net leases. Its portfolio includes properties used for automotive service, convenience stores, restaurants, automobile dealerships, automotive parts retail and travel plazas. [8](https://app.finbar.com/go?id=P89936185)[9](https://www.nnnreit.com/properties-leasing/our-portfolio/)

Most leases have initial terms of 10–20 years. Under the typical triple-net structure, tenants pay property utilities, taxes and assessments, insurance, maintenance, repairs and capital expenditures. Leases generally also provide for annual base-rent increases, often fixed or linked to CPI; specific lease terms can vary. [10](https://app.finbar.com/go?id=P146385760)

The company’s March 2026 investor presentation reports that automotive service represented 18.6% of annualized base rent (ABR) and convenience stores 15.9%, using year-end 2025 data. These figures describe rent mix, not revenue or NOI by property type. [11](https://www.nnnreit.com/wp-content/uploads/2026/02/030226_NNNInvestorPresentation_FINAL.pdf)
[8](https://app.finbar.com/go?id=P89936185)[10](https://app.finbar.com/go?id=P146385760)[9](https://www.nnnreit.com/properties-leasing/our-portfolio/)[11](https://www.nnnreit.com/wp-content/uploads/2026/02/030226_NNNInvestorPresentation_FINAL.pdf)

## Geographic presence

At December 31, 2025, NNN REIT owned 3,692 properties across all 50 U.S. states, the District of Columbia, and Puerto Rico, comprising approximately 39.6 million square feet of gross leasable area. It reported no properties in international markets. [4](https://app.finbar.com/go?id=P98645008)[12](https://app.finbar.com/go?id=P65827124)

Its largest state exposures by annual base rent (ABR) were Texas, with 594 properties and 18.4% of ABR; Florida, 270 properties and 8.7%; Illinois, 179 and 5.1%; Georgia, 172 and 4.5%; and Ohio, 215 and 4.2%. [13](https://app.finbar.com/go?id=T8537119)

The company’s headquarters are at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801. [14](https://app.finbar.com/go?id=P45882066)
[4](https://app.finbar.com/go?id=P98645008)[12](https://app.finbar.com/go?id=P65827124)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[13](https://app.finbar.com/go?id=T8537119)[14](https://app.finbar.com/go?id=P45882066)

## Business segments

NNN REIT, Inc. reports one operating and reportable segment: its consolidated real-estate portfolio, consisting primarily of properties leased to tenants under long-term net leases. The company does not disclose separate reportable business segments or a revenue allocation among them; accordingly, this single segment accounts for effectively all consolidated operations and revenue. [15](https://app.finbar.com/go?id=P55163956)[16](https://app.finbar.com/go?id=P75369263)[17](https://app.finbar.com/go?id=P7877481)[18](https://app.finbar.com/go?id=P7043982) Portfolio analyses by line of trade and state are additional ways of describing the holdings, not separately reported segments. [19](https://app.finbar.com/go?id=P747233)
[15](https://app.finbar.com/go?id=P55163956)[16](https://app.finbar.com/go?id=P75369263)[17](https://app.finbar.com/go?id=P7877481)[18](https://app.finbar.com/go?id=P7043982)[19](https://app.finbar.com/go?id=P747233)[20](https://www.sec.gov/Archives/edgar/data/751364/000119312526045617/nnn-20251231.htm)

## Company history

NNN REIT was founded in 1984 as Golden Corral Realty Corp. and completed an IPO that year. In 1992, it broadened its investment strategy across retail-property sectors and listed on the American Stock Exchange; it moved to the New York Stock Exchange in 1994 under the ticker NNN. [21](https://www.nnnreit.com/about-us/)

The company became self-managed and self-advised in 1998 and surpassed $1 billion in assets in 2001. It changed its name to National Retail Properties, Inc. in 2006, and later joined the S&P 400 Mid Cap Index in 2011. [21](https://www.nnnreit.com/about-us/)[22](https://www.sec.gov/edgar/browse/?CIK=751364)

Jay Whitehurst succeeded Craig Macnab as CEO in 2017, followed by Stephen A. Horn succeeding Whitehurst in 2022. In 2023, National Retail Properties changed its name to NNN REIT, Inc.; its ticker remained NNN. [23](https://www.sec.gov/Archives/edgar/data/751364/000119312516726506/d248558dex991.htm)[24](https://www.nnnreit.com/julian-e-jay-whitehurst-to-retire-as-ceo-of-national-retail-properties-inc-stephen-a-horn-jr-named-as-successor/)[6](https://www.nnnreit.com/national-retail-properties-inc-changes-name-to-nnn-reit-inc/)
[21](https://www.nnnreit.com/about-us/)[22](https://www.sec.gov/edgar/browse/?CIK=751364)[23](https://www.sec.gov/Archives/edgar/data/751364/000119312516726506/d248558dex991.htm)[24](https://www.nnnreit.com/julian-e-jay-whitehurst-to-retire-as-ceo-of-national-retail-properties-inc-stephen-a-horn-jr-named-as-successor/)[6](https://www.nnnreit.com/national-retail-properties-inc-changes-name-to-nnn-reit-inc/)

## Sources

1. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P99899147)
2. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P49256278)
3. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P36342854)
4. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P98645008)
5. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T9169489)
6. [www.nnnreit.com](https://www.nnnreit.com/national-retail-properties-inc-changes-name-to-nnn-reit-inc/)
7. [www.nnnreit.com](https://www.nnnreit.com/corporate-sustainability/governance/policies/)
8. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P89936185)
9. [www.nnnreit.com](https://www.nnnreit.com/properties-leasing/our-portfolio/)
10. [NNN REIT, INC. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P146385760)
11. [www.nnnreit.com](https://www.nnnreit.com/wp-content/uploads/2026/02/030226_NNNInvestorPresentation_FINAL.pdf)
12. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P65827124)
13. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8537119)
14. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P45882066)
15. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P55163956)
16. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P75369263)
17. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P7877481)
18. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P7043982)
19. [NNN REIT, INC. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P747233)
20. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/751364/000119312526045617/nnn-20251231.htm)
21. [www.nnnreit.com](https://www.nnnreit.com/about-us/)
22. [www.sec.gov](https://www.sec.gov/edgar/browse/?CIK=751364)
23. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/751364/000119312516726506/d248558dex991.htm)
24. [www.nnnreit.com](https://www.nnnreit.com/julian-e-jay-whitehurst-to-retire-as-ceo-of-national-retail-properties-inc-stephen-a-horn-jr-named-as-successor/)

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