NNN REIT, Inc. (NNN) 10-Year Financial Performance & Capital Metrics

NNN • • REIT / Real Estate

Real EstateRetail REITsSingle-Tenant Net Lease RetailSingle-Tenant Net Lease Leaders

AboutNational 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.Show more

Revenue $869M +5.0%
FFO $647M +2.5%
FFO/Share 3.51 +1.2%
FFO Payout 65% +1.4%
FFO per Share 3.51 +1.2%
NOI Margin 96.28% -0.3%
FFO Margin 74.37% -2.4%
ROE 9.32% -1.7%
ROA 4.53% -3.0%
Debt/Assets 49.29% -2.1%
Net Debt/EBITDA 5.27 -4.0%
Book Value/Share 23.70 +3.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 65.0%
✓High NOI margin of 96.3%
✓Healthy dividend yield of 5.4%
✓Trading near 52-week high

✗Weaknesses

✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.17%

5Y5.33%

3Y6.17%

TTM4.53%

Profit (Net Income) CAGR

10Y7.61%

5Y5.81%

3Y11.01%

TTM-0.99%

EPS CAGR

10Y5.66%

5Y6.63%

3Y12.5%

TTM27.61%

ROCE

10Y Avg5.87%

5Y Avg6.09%

3Y Avg6.52%

Latest6.67%

Peer Comparison

Single-Tenant Net Lease Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ORealty Income Corporation	55.75B	60.72	61.96	29.23%	17.18%	2.45%	6.41%	0.69
ADCAgree Realty Corporation	8.28B	72.01	40.46	14.81%	27.57%	3.23%	5.22%	0.51
NNNNNN REIT, Inc.	8.02B	42.21	19.63	4.97%	43.22%	8.86%	7.93%	1.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	482.91M	533.65M	584.93M	622.66M	670.49M	660.68M	726.41M	773.05M	828.11M	869.27M
Revenue Growth %	0.11%	0.11%	0.1%	0.06%	0.08%	-0.01%	0.1%	0.06%	0.07%	0.05%
Property Operating Expenses	19.78M	20.85M	23.11M	25.1M	27.66M	28.36M	28.39M	26.28M	28.38M	32.32M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	174.49M	176.54M	187.67M	172.8M	226.31M	257.83M	248.93M	264.24M	244.63M	259.08M
G&A Expenses	34.74M	36.51M	33.8M	34.25M	37.91M	38.24M	44.84M	49.53M	47.5M	45.05M
EBITDA+	423.45M	458.17M	511.22M	599.16M	605.65M	571.11M	654.32M	706.37M	793.73M	827.55M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	134.8M	149.1M	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	288.65M	309.07M	337.5M	424.76M	416.78M	374.49M	449.1M	482.54M	555.1M	577.87M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	90.01M	96.35M	109.11M	115.85M	120.02M	129.43M	137.87M	148.06M	163.9M	184.02M
Interest Coverage	3.21x	3.21x	3.09x	3.67x	3.47x	2.89x	3.26x	3.26x	3.39x	3.14x
Non-Operating Income	818K	393K	-322K	16.43M	-3.11M	16.26M	21.11M	-149K	-1.13M	-2.98M
Pretax Income+	197.83M	212.32M	228.72M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	10.32M	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	197.84M	239.5M	264.97M	292.45M	299.18M	228.8M	290.11M	334.63M	392.34M	396.83M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.04%	0.21%	0.11%	0.1%	0.02%	-0.24%	0.27%	0.15%	0.17%	0.01%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.08%	0.17%	0.13%	0.06%	0.05%	-0.13%	0.16%	0.13%	0.13%	0.02%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.20	1.38	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.15
EPS Growth %	-0.03%	0.15%	0.05%	0.14%	-0.05%	-0.22%	0.24%	0.25%	0.14%	-0%
EPS (Basic)	1.21	1.39	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16
Diluted Shares Outstanding	134.49M	144.66M	149.43M	156.3M	165.08M	172.22M	174.82M	174.74M	181.69M	184.04M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.46B	6.33B	6.56B	7.1B	7.43B	7.64B	7.75B	8.15B	8.66B	8.87B
Asset Growth %	0.11%	0.16%	0.04%	0.08%	0.05%	0.03%	0.01%	0.05%	0.06%	0.02%
Real Estate & Other Assets+	56.78M	39.31M	64.96M	46.84M	7.31B	7.24B	7.46B	8.04B	8.57B	8.77B
PP&E (Net)	5.23B	5.88B	6.4B	6.85B	0	0	0	0	0	0
Investment Securities	0	-1000K	-1000K	-1000K	0	0	0	0	0	0
Total Current Assets+	99.61M	350.91M	41.06M	161.14M	45.62M	333.12M	219.42M	44.32M	51.23M	55.28M
Cash & Equivalents	14.26M	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	2.5M	1.19M	8.73M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	62.13M	28.8M	34.75M	26M	12.74M	7.59M	13M	10.41M	11.78M	9.57M
Intangible Assets	72.24M	64.88M	50.87M	50.01M	76.42M	69.54M	67.5M	61.65M	40.69M	44.33M
Total Liabilities	2.12B	2.42B	2.72B	2.95B	3.1B	3.32B	3.85B	4.02B	4.5B	4.51B
Total Debt+	1.98B	2.31B	2.58B	2.85B	2.99B	3.22B	3.75B	3.92B	4.36B	4.37B
Net Debt	1.96B	2.02B	2.58B	2.74B	2.99B	2.95B	3.58B	3.91B	4.36B	4.37B
Long-Term Debt	1.98B	2.31B	2.58B	2.85B	2.85B	3.22B	3.75B	3.75B	4.23B	4.37B
Short-Term Borrowings	0	0	0	0	1000K	0	0	1000K	1000K	0
Capital Lease Obligations	25.77M	22.1M	18.41M	16.3M	0	0	0	0	12.13M	0
Total Current Liabilities+	20.11M	19.66M	140.81M	19.52M	151.85M	19.4M	23.92M	190.03M	166.37M	29.7M
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	121.59M	85.87M	-856K	77.92M	96.58M	78.22M	79M	82.66M	109.59M	106.95M
Total Equity+	3.34B	3.92B	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B
Equity Growth %	0.08%	0.17%	-0.02%	0.08%	0.04%	-0%	-0.1%	0.06%	0.01%	0.05%
Shareholders Equity	3.34B	3.92B	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B
Minority Interest	259K	129K	317K	355K	7K	4K	1K	0	0	0
Common Stock	1.41M	1.47M	1.54M	1.62M	1.72M	1.75M	1.76M	1.81M	1.83M	1.88M
Additional Paid-in Capital	3.05B	3.32B	3.6B	3.95B	4.5B	4.63B	4.66B	4.93B	4.97B	5.2B
Retained Earnings	-263.12M	-319.25M	-379.18M	-424.23M	-499.23M	-644.78M	-747.85M	-793.76M	-805.88M	-829.29M
Preferred Stock	575M	920M	632.5M	632.5M	345M	345M	0	0	0	0
Return on Assets (ROA)	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.04%	0.04%	0.05%	0.05%
Return on Equity (ROE)	0.06%	0.07%	0.07%	0.07%	0.07%	0.05%	0.07%	0.08%	0.09%	0.09%
Debt / Assets	0.36%	0.36%	0.39%	0.4%	0.4%	0.42%	0.48%	0.48%	0.5%	0.49%
Debt / Equity	0.59x	0.59x	0.67x	0.69x	0.69x	0.75x	0.96x	0.95x	1.05x	1.00x
Net Debt / EBITDA	4.63x	4.40x	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x
Book Value per Share	24.85	27.08	25.70	26.58	26.24	25.08	22.32	23.60	22.88	23.70

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	341.1M	415.34M	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M
Operating CF Growth %	0.15%	0.22%	0.01%	0.12%	0.06%	-0.1%	0.26%	0.02%	0.06%	0.04%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	197.96M	239.51M	265.37M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M
Depreciation & Amortization	134.8M	149.1M	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M
Stock-Based Compensation	10.47M	11.4M	14.22M	10.42M	11.55M	14.48M	14.49M	17.33M	0	0
Other Non-Cash Items	-13.98M	17.1M	-3.35M	11.44M	4.61M	-6.03M	4.93M	-525K	-19.57M	-13.03M
Working Capital Changes	1.36M	4.49M	1.36M	-1.87M	-3.74M	-23.86M	30.41M	3.1M	1.01M	2.01M
Cash from Investing+	-644.54M	-779.94M	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-644.54M	-779.94M	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M
Cash from Financing+	307.11M	644.89M	-89.18M	250.37M	4.53M	-41.25M	-232.16M	34.73M	66.63M	-207.26M
Dividends Paid	-264.13M	-295.63M	-315.05M	-337.49M	-364.83M	-374.35M	-382.29M	-380.54M	-404.46M	-420.24M
Common Dividends	-264.13M	-257.01M	-277.12M	-303.16M	-333.69M	-356.41M	-367.29M	-380.54M	-404.46M	-420.24M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	-287.5M	0	-287.5M	0	0	0	0	0
Other Financing	-28K	-136K	-84K	-18.24M	-776K	-16.68M	-39.47M	-278K	0	-13.13M
Net Change in Cash+	3.66M	280.28M	-293.18M	112.9M	-113.16M	266.12M	-95.91M	-164.54M	-1.62M	3.91M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	10.6M	14.26M	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M
Cash at End	14.26M	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	9.06M
Free Cash Flow+	341.1M	415.34M	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M
FCF Growth %	0.15%	0.22%	0.01%	0.12%	0.06%	-0.1%	0.26%	0.02%	0.06%	0.04%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.47	2.69	2.94	2.99	2.96	2.47	2.83	3.2	3.47	3.51
FFO Payout Ratio	79.41%	66.14%	63.17%	64.94%	68.37%	83.78%	74.15%	68.14%	64.1%	65%
NOI Margin	95.9%	96.09%	96.05%	95.97%	95.88%	95.71%	96.09%	96.6%	96.57%	96.28%
Net Debt / EBITDA	4.63x	4.40x	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x
Debt / Assets	36.19%	36.5%	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%
Interest Coverage	3.21x	3.21x	3.09x	3.67x	3.47x	2.89x	3.26x	3.26x	3.39x	3.14x
Book Value / Share	24.85	27.08	25.7	26.58	26.24	25.08	22.32	23.6	22.88	23.7
Revenue Growth	11.05%	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%

Frequently Asked Questions

Valuation & Price

NNN REIT, Inc. (NNN) has a price-to-earnings (P/E) ratio of 19.6x. This is roughly in line with market averages.

Growth & Financials

NNN REIT, Inc. (NNN) reported $906.3M in revenue for fiscal year 2024. This represents a 191% increase from $310.9M in 2011.

NNN REIT, Inc. (NNN) grew revenue by 5.0% over the past year. Growth has been modest.

Yes, NNN REIT, Inc. (NNN) is profitable, generating $391.7M in net income for fiscal year 2024 (45.7% net margin).

Dividend & Returns

Yes, NNN REIT, Inc. (NNN) pays a dividend with a yield of 5.41%. This makes it attractive for income-focused investors.

NNN REIT, Inc. (NNN) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

Industry Metrics

NNN REIT, Inc. (NNN) generated Funds From Operations (FFO) of $653.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

NNN REIT, Inc. (NNN) offers a 5.41% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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