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NNN REIT
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Updated Aug 17, 2026
NNN REIT appoints two board members with multifamily and public REIT expertise as part of succession planning ahead of Betsy Holden's February 2027 retirement.
NNN REIT announced the appointment of Christina Chiu (President of Empire State Realty Trust) and Charles Mueller (board member of Vivmark Residential, formed via the 2026 AvalonBay-Equity Residential merger) effective October 1, 2026, as part of staged Board succession planning. Chiu brings 18 years of Morgan Stanley real estate investment banking and REIT operations experience; Mueller brings over three decades spanning public REITs, capital markets, and multifamily property management, including previous CEO tenure at Progress Residential. Both will be appointed to the Audit Committee. Betsy Holden will retire from the Board on February 19, 2027. The additions signal NNN's focus on strengthening governance with seasoned real estate executives during a period of portfolio management and strategic execution.
Tone: neutralRevenue
$926.2M
NNN 10-K · FY 2025
Employees
85
Revenue FY2024
$869.3M
Founded
1984
Profile
NNN 10-K Item 1 · Feb 11, 2026NNN REIT is a fully integrated Maryland REIT that acquires, owns, and develops single-tenant, freestanding commercial properties leased under long-term triple-net structures across all 50 U.S. states, the District of Columbia, and Puerto Rico. The company's tenant base spans retail and service sectors including automotive service, convenience stores, restaurants, entertainment, and dealerships. NNN has increased its annual dividend per common share for 36 consecutive years.
Read filing description ↓ Collapse description ↑
NNN, a Maryland corporation, is a fully integrated real estate investment trust ('REIT') formed in 1984. NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment. NNN owned 3,692 Properties in all 50 states, the District of Columbia and Puerto Rico, with an aggregate gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years as of December 31, 2025. As of December 31, 2025, 98.3 percent of the Properties were leased. In most cases, the Property leases provide for initial terms of 10 to 20 years and a triple-net lease structure, pursuant to which the tenant bears responsibility for operating expenses of the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. NNN's management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN, including the composition of the Property Portfolio (such as tenant, line of trade and geographic diversification), the occupancy rate of the Property Portfolio, certain financial performance metrics and profitability measures, industry trends and industry performance compared to that of NNN. The operating strategies employed by NNN have allowed NNN to increase the annual dividend (paid quarterly) per common share for 36 consecutive years. NNN has the third longest record of consecutive annual dividend increases of all publicly traded REITs. The Property Portfolio is geographically concentrated in regions of historically above-average population growth, including the southeastern (25.3%) and southern (24.6%) United States.
Primary products
- triple-net lease properties
- single-tenant freestanding net lease properties
- real estate mortgages and interests in real estate entities
End markets
Geographies
Named customers
17.8% of the Property Portfolio annual base rent is generated from five tenants: 7-Eleven (4.3%), Mister Car Wash (3.8%), Dave & Buster's (3.6%), Camping World (3.5%) and Kent Distributors (2.6%)
Named competitors
“NNN faces active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial real estate.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $869.3 million in 2024 to $926.2 million in 2025, driven primarily by higher rental income.
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