NNN on NYSE

National Retail Properties

Logo: The logo is from the following website: http://dynamicdividend.com/national-retail-properties-nnn-dividend-increase-2011/ The Dynamic Dividend, Non-free logo, via Wikipedia5

(ticker symbol: NNN) a real estate investment trust in the US

NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 19, 2026.

Overview

1984Founded1

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  • TickerNNN on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersOrlando1
  • Websitewww.nnnreit.com
  • Incorporated inMD6
  • Business address450 S Orange Ave, Suite 900, Orlando, Fl 328016
  • Filer categoryLarge accelerated filer6
  • Legal formStock Corporation4
  • LEI5493008JKH5SOTI0JS974
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O CORPORATE CREATIONS NETWORK INC., 21093 Baltimore, United States4
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D038873614

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NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

63.6%Operating margin8
42.1%Net margin8
6.6%Revenue growth, 20258
8.8%Return on equity8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs36¢$332.5M
  • Interest22¢$204.0M
  • Profit42¢$389.8M

Out of $926.2M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid66¢$443.2M
  • Kept or used elsewhere34¢$223.9M

Out of $667.1M of cash from operations.8

Financial statements

Revenue91011128$926.2M in 2025+38% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $670.5M$670.5M20192020: $660.7M$660.7M2020−1%2021: $726.4M$726.4M2021+10%2022: $773.1M$773.1M2022+6%2023: $828.1M$828.1M2023+7%2024: $869.3M$869.3M2024+5%2025: $926.2M$926.2M2025+7%
Operating income91011128$589.5M in 2025+42% since 2019
0$200.0M$400.0M$600.0M2019: $416.5M$416.5M20192020: $374.5M$374.5M2020−10%2021: $449.1M$449.1M2021+20%2022: $482.5M$482.5M2022+7%2023: $555.1M$555.1M2023+15%2024: $577.9M$577.9M2024+4%2025: $589.5M$589.5M2025+2%
Net income91011128$389.8M in 2025+30% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $299.2M$299.2M20192020: $228.8M$228.8M2020−24%2021: $290.1M$290.1M2021+27%2022: $334.6M$334.6M2022+15%2023: $392.3M$392.3M2023+17%2024: $396.8M$396.8M2024+1%2025: $389.8M$389.8M2025−2%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Rental income$924.4M$867.5M$826.1M
Interest and other income from real estate transactions$1.8M$1.8M$2.0M
Total revenues$926.2M$869.3M$828.1M
General and administrative$46.9M$44.3M$43.7M
Real estate$37.4M$32.3M$28.4M
Depreciation and amortization$268.4M$249.7M$238.6M
Leasing transaction costs$486.0K$99.0K$299.0K
Impairment losses - real estate, net of recoveries$28.6M$6.6M$6.0M
Retirement And Severance Costs$3.1M$668.0K$3.5M
Total operating expenses$384.9M$333.7M$320.5M
Gain on disposition of real estate$48.2M$42.3M$47.5M
Earnings from operations$589.5M$577.9M$555.1M
Interest and other income-$4.2M-$3.0M-$1.1M
Interest expense$204.0M$184.0M$163.9M
Total other expenses (revenues)$199.7M$181.0M$162.8M
Net earnings$389.8M$396.8M$392.3M
Basic (in dollars per share)$2.07$2.16$2.16
Diluted (in dollars per share)$2.07$2.15$2.16
Basic (in shares)187.6M shares183.7M shares181.2M shares
Diluted (in shares)188.0M shares184.0M shares181.7M shares
Net earnings$389.8M$396.8M$392.3M
Amortization of interest rate hedges$1.7M$2.2M$2.5M
Fair value of forward starting swaps-$52.0K$0$0
Total comprehensive income$391.4M$399.0M$394.8M

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The story

The company was formed in 1984 as Golden Corral Realty Corp. as a way for the owners of the Golden Corral restaurant chain to allow employees to invest in the company.

In 1993, the company split from Golden Corral, and changed its name to Commercial Net Lease Realty. The company also moved its listing to the New York Stock Exchange.

On January 1, 1998, the company merged with its former external adviser, CNL Realty Advisor Inc., and became a self-advised, self-managed REIT.

In February 2004, Craig Macnab was named chief executive officer of the company. In May 2004, he was also named president.

In 2005, the company acquired National Properties Corporation for $61 million.

In May 2006, the company changed its name to National Retail Properties, Inc.

In 2015, the company acquired 19 Frisch's restaurants in the Cincinnati, Ohio area for $47 million in a leaseback transaction. Eventually, they acquired the majority of the restaurants.

In April 2017, Craig Macnab retired and Jay Whitehurst became CEO & President of the company.

From Wikipedia’s article on NNN Reit, shared under CC BY-SA 4.0.7

Leadership

Who has led National Retail Properties, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Craig Macnab2007–2017
  2. Julian E. Whitehurst2017–2022
  3. Stephen A. Horn Jr.2023–now

President

  1. Julian E. Whitehurst2006–2022
  2. Stephen A. Horn Jr.2023–now

Chief financial officer

  1. Kevin B. Habicht2006–2026
  2. Vincent H. Chao2026–now

Chief operating officer

  1. Julian E. Whitehurst2006–2017
  2. Stephen A. Horn Jr.2020–2022
1990200020102020
Board members and other officers (25)

Former names

  • NATIONAL RETAIL PROPERTIES, INC.May 2, 2006 to Apr 27, 20236
  • COMMERCIAL NET LEASE REALTY INCSep 1, 1995 to May 1, 20066

Timeline

  1. Feb 16, 2023New chief executive Stephen A. Horn Jr. becomes CEO16
  2. May 26, 2017New chief executive Julian E. Whitehurst becomes CEO17
  3. Feb 7, 2007New chief executive Craig Macnab becomes CEO18
  4. 1984Founded Founded1

Filings

322 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 193 insider forms, 28 large holders, 34 other. The latest 20:

  1. Oct 8, 20263 EDGAR
  2. Oct 8, 20263 EDGAR
  3. Aug 17, 20268-K EDGAR
  4. Aug 13, 2026SCHEDULE 13G EDGAR
  5. Aug 7, 20268-K EDGAR
  6. Aug 6, 2026424B5 EDGAR
  7. Aug 6, 2026SCHEDULE 13G/A EDGAR
  8. Aug 5, 2026S-3ASR EDGAR
  9. Aug 5, 202610-Q EDGAR
  10. Aug 5, 20268-K EDGAR
  11. Aug 3, 20264 EDGAR
  12. Aug 3, 20264 EDGAR
  13. Aug 3, 20264 EDGAR
  14. Aug 3, 20264 EDGAR
  15. Aug 3, 20264 EDGAR
  16. Aug 3, 20264 EDGAR
  17. Jun 23, 20268-K EDGAR
  18. May 12, 20268-K EDGAR
  19. May 12, 2026SCHEDULE 13G/A EDGAR
  20. May 1, 20264 EDGAR

The 322 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

15 open-market trades by officers, directors and large owners since October 2021: 0 buys and 15 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 9, 2026Horn Stephen A JRPresident & CEOSale33,192$44.98$1.5MForm 4
Mar 6, 2026Adamo JonathanEVP Chief Portfolio OperationsSale6,000$44.99$269.9KForm 4
Feb 20, 2026Miller Michelle LynnEVP,Chief Acctg & Tech OfficerSale4,000$44.03$176.1KForm 4
Aug 21, 2025Miller Michelle LynnEVP,Chief Acctg & Tech OfficerSale10,000$42.20$422.0KForm 4
Jun 11, 2025Adamo JonathanEVP Chief Portfolio OperationsSale4,800$42.47$203.9KForm 4
Mar 17, 2025Horn Stephen A JRPresident & CEOSale55,356$42.46$2.4MForm 4
Dec 10, 2024Miller Michelle LynnEVP,Chief Acctg & Tech OfficerSale1,000$42.51$42.5KForm 4
Aug 26, 2024Adamo JonathanEVP Chief Portfolio OperationsSale5,000$47.10$235.5KForm 4
Aug 23, 2024Horn Stephen A JRPresident & CEOSale28,192$46.62$1.3MForm 4
Aug 20, 2024HABICHT KEVIN BEVP, Chief Financial OfficerSale24,222$45.93$1.1MForm 4
Aug 6, 2024Miller Michelle LynnEVP,Chief Acctg & Tech OfficerSale4,000$46.88$187.5KForm 4
Dec 13, 2023Tessitore Christopher PaulEVPSale38,056$41.68$1.6MForm 4
Nov 27, 2023Adamo JonathanEVP Chief Portfolio OperationsSale4,000$39.85$159.4KForm 4
Nov 7, 2023Miller Michelle LynnEVP,Chief Acctg & Tech OfficerSale1,250$38.27$47.8KForm 4
Aug 12, 2022HABICHT KEVIN BEVP, Chief Financial OfficerSale10,520$48.06$505.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.26,708,613$1.2B0.0%+780,005
Vanguard Portfolio Management LLC16,778,215$780.7M0.0%+169,434
Fmr LLC11,436,861$532.2M0.0%−7,799,724
State Street Corp11,346,545$528.0M0.0%+14,751
Aqr Capital Management LLC9,773,107$454.7M0.2%+5,915,740
Vanguard Capital Management LLC8,557,962$398.2M0.0%+84,053
Victory Capital Management Inc6,051,488$281.6M0.2%−2,267,194
Geode Capital Management, LLC4,403,909$205.0M0.0%+53,850
Morgan Stanley3,810,780$177.3M0.0%+885,619
Federated Hermes, Inc.3,127,776$145.5M0.2%+96,121
Charles Schwab Investment Management Inc3,115,354$145.0M0.0%+138,202
Dimensional Fund Advisors LP2,818,943$131.2M0.0%+2,415
Massachusetts Financial Services Co /ma/2,558,445$128.7M0.0%−416,250
Quantinno Capital Management LP2,576,763$119.9M0.1%+819,147
Norges Bank2,523,970$117.4M0.0%New
Rush Island Management, LP2,474,091$115.1M7.6%−625,193
Jpmorgan Chase & Co2,414,562$114.7M0.0%+156,905
Goldman Sachs Group Inc2,023,201$94.1M0.0%+13,034
Northern Trust Corp1,972,015$91.8M0.0%+50,996
Daiwa Securities Group Inc.1,930,802$89.8M0.2%+1,852,320
Two Sigma Investments, LP1,928,645$89.7M0.1%+79,957
Bank Of America Corp /de/1,885,611$87.7M0.0%+802,087
Bank of New York Mellon Corp1,836,020$85.4M0.0%−63,832
Equity Investment Corp1,667,015$77.6M1.5%+4,619
Jefferies Financial Group Inc.1,431,000$66.6M0.6%+889,325

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 13, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+20.8%Report
Jun 17, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−32.1%Report
May 25, 2023Zoe LofgrenDemocratic, HouseSale$1,001 - $15,000+87.5%Report
Sep 30, 2021Zoe LofgrenDemocratic, HouseBuy$1,001 - $15,000−84.6%Report
Mar 23, 2020Zoe LofgrenDemocratic, HouseSale$1,001 - $15,000+193.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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