# NNN REIT Inc. (NNN) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NNN/thesis · /stocks/NNN/memo

## Financial Snapshot

---
ticker: NNN
step: 04
generated: 2026-05-13
source: quick-research
---

### NNN REIT, Inc. (NNN) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$800M | ~$870M | ~$900M | ~+3.5% |
| NOI Margin | ~90%+ | ~90%+ | ~90%+ | |
| Core FFO (total) | ~$520M | ~$540M | ~$570M | +5.6% |
| Core FFO/Share | ~$2.98 | ~$3.12 | ~$3.25 | +4.2% |
| Net Income | ~$360M | ~$380M | ~$400M | |

*NNN leases are triple-net, so operating expenses are paid by tenants — NOI margins exceed 90% of revenue. AFFO (Adjusted FFO) is the preferred metric, removing straight-line rent and other non-cash items.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| AFFO (estimated) | ~$550M |
| Annual Dividend | $2.40/share (annualized 2026 Q1 rate); ~5.5% yield |
| Total Debt | ~$4.8B |
| Net Debt / EBITDA | ~5.5x |
| Average Debt Maturity | 10.8 years |
| Annualized Base Rent (as of Sept 2025) | ~$912M |

*NNN maintains a clean, unencumbered balance sheet (no mortgaged properties) with BBB+ rating, $1.2B in liquidity, and 10.8-year average debt maturity — extremely low refinancing risk.*

#### Key Ratios (approximate)
- Price/AFFO: ~13x | Cap Rate (acquired): 7.4% (2025) | Dividend Yield: ~5.5%
- AFFO/Share Growth (FY2025E): +2.4% | AFFO/Share Growth (FY2026E): +3.5%
- Occupancy: 98.6% (3Q2025); recovered to 98.3% year-end (80-bps sequential improvement)
- 36 consecutive years of dividend increases (one of only 3 publicly traded REITs)

#### Growth Profile
NNN's revenue grows at a low-but-predictable rate driven by contractual rent escalators (1–2%/year on existing leases) plus accretive acquisitions. FY2023 core FFO grew 3.8%; FY2024 growth of ~4–5% reflects continued disciplined capital deployment. Record $900M+ in 2025 acquisitions at 7.4% initial cap rates — meaningfully above NNN's implied cap rate (~6%), creating positive spread investing. AFFO per share growth consensus of 2.4% (2025) and 3.5% (2026) reflects the steady-compounding nature of the net lease model.

#### Forward Estimates
- FY2025 AFFO/Share growth: +2.4%
- FY2026 AFFO/Share growth: +3.5%
- 2026 initial cap rate target: ~7%+ on acquisitions (positive spread vs. implied cap rate)
- Dividend: $2.40/share annualized (36th consecutive year of increase); $0.60/quarter

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NNN/fundamental

## Navigation

- Overview: /stocks/NNN
- Financials (this page): /stocks/NNN/financials
- Thesis: /stocks/NNN/thesis
- Investment Memo: /stocks/NNN/memo
- Coverage universe: /stocks