NNN REIT, Inc. (NNN) Stock

NNN REIT, Inc. (NNN) is a Real Estate stock trading at $45.82 (as of 2026-08-21), with a market capitalization of $8.79B and a trailing P/E of 22.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 million square feet and with a weighted average remaining lease term of 10.7 years.

Understand NNN REIT, Inc.: how it makes money

NNN REIT, Inc. owns retail properties that are generally leased under long-term, net lease agreements, earning rental revenues from tenants.

The profit engine is long-term net lease rental income, supported by a large, geographically spread portfolio and an average remaining lease term of 10.7 years.

Revenue by segment (latest quarter)
Revenues$0.2B

Business quality (Solid): Portfolio scale plus long-duration net leases can support earnings stability, but results are ultimately tied to retail property and tenant health as leases roll over.

Valuation: At 23× earnings, NNN trades 32% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Long-duration lease portfolio: Weighted average remaining lease term is 10.7 years (as of September 30, 2020).
  • Broad property footprint: Owned 3,114 properties across 48 states (as of September 30, 2020).

Bear case

  • Exposure to retail property outcomes: Because properties are in the retail sector, leasing and tenant performance can affect rental revenues over time.
  • Lease rollover over the long term: A 10.7 year weighted average remaining lease term implies leases will eventually expire and need renewal or replacement.
Valuation — source: SEC EDGAR (first-party)
Price$45.82
Market Cap$8.79B
P/E Ratio22.5
EV / EBITDA10.1
Price / Book1.97
Price / Sales9.36
DCF Value (model)$110.39
DCF Upside vs Price140.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$926.21M
Net Margin42.1%
Revenue Growth (YoY)7.7%
EPS Growth (YoY)-3.7%
Valuation vs Sector & Industry
Stock P/E22.5
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector-17.3%
vs Industry-36.4%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.09B)
Institutional Holders Tracked10
Congressional Trades (recent)4
Company
SectorReal Estate
IndustryTrading
CEOStephen A. Horn Jr.
Employees83
CountryUS
IPO Date1984-10-09

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • CareTrust REIT, Inc. (CTRE)
  • Alexandria Real Estate Equities, Inc. (ARE)
  • CubeSmart (CUBE)
  • Brixmor Property Group Inc. (BRX)
  • Agree Realty Corporation (ADC)
  • First Industrial Realty Trust, Inc. (FR)
  • JanOne Inc. (JAN)
  • Rexford Industrial Realty, Inc. (REXR)
NNN earnings history · NNN institutional & insider holders · NNN KPIs & operating metrics · NNN financials · NNN investor presentations & press releases · NNN SEC filings · NNN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.