Management maintains a conservative capitalization strategy, with a debt-to-equity ratio that has consistently hovered near 1.0x over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 9.42B | 9.38B | 8.87B | 8.66B | 8.15B | 7.75B | 7.64B | 7.43B | 7.1B | 6.56B | 6.33B | 5.46B | 4.93B | 4.45B | 3.99B | 3.43B | 2.71B | 2.59B | 2.65B | 2.54B | 1.92B | 1.73B | 1.3B | 1.21B | 954.11M | 1.01B | 761.61M | 749.79M | 685.6M | 537.01M | 370.95M |
| Asset Growth % | 21.21% | 5.71% | 2.43% | 6.33% | 5.1% | 1.48% | 2.73% | 4.67% | 8.28% | 3.57% | 16.01% | 10.83% | 10.6% | 11.7% | 16.12% | 26.56% | 4.73% | -2.2% | 4.42% | 32.45% | 10.52% | 33.33% | 7.59% | 26.64% | -5.22% | 32.17% | 1.58% | 9.36% | 27.67% | 44.77% | 69.19% |
| Real Estate & Other Assets | 0 | 28.09M | 8.77B | 8.57B | 8.04B | 7.46B | 7.24B | 7.31B | 46.84M | 64.96M | 39.31M | 56.78M | 80.37M | 37.43M | 36.13M | 164.62M | 126.05M | 109.78M | 123.98M | -2.16B | -1.77B | -182.16M | -103.61M | -1.16B | -914.41M | -957.77M | -655.33M | -707.63M | -662.61M | -523.65M | -361.44M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.85B | 6.4B | 5.88B | 5.23B | 4.69B | 4.26B | 3.79B | 3.22B | 2.52B | 2.36B | 2.39B | 2.09B | 1.74B | 131.07M | 58.05M | 990.09M | 811.77M | 813.55M | 638.18M | 671.68M | 658.76M | 519.72M | 361.44M |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 8.38M | 74.05M | 55.28M | 51.23M | 44.32M | 219.42M | 333.12M | 45.62M | 161.14M | 41.06M | 350.91M | 99.61M | 83.83M | 87.45M | 113.28M | 41.43M | 63.06M | 115.34M | 131.32M | 342.07M | 260.78M | 190.39M | 47.51M | 8.82M | 2.96M | 9.06M | 4.26M | 21.69M | 4.97M | 2.69M | 2.22M |
| Cash & Equivalents | 4.57M | 5.05M | 8.73M | 1.19M | 2.5M | 171.32M | 267.24M | 1.11M | 114.27M | 1.36M | 294.54M | 14.26M | 10.6M | 1.49M | 2.08M | 2.08M | 2.05M | 15.22M | 2.63M | 27.5M | 1.68M | 8.23M | 1.95M | 4.36M | 1.74M | 6.97M | 2.19M | 3.33M | 1.44M | 2.16M | 1.41M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 527K | 812K |
| Other Current Assets | 0 | 30.62M | 9.57M | 11.78M | 10.41M | 13M | 7.59M | 12.74M | 26M | 34.75M | 28.8M | 62.13M | 38.07M | 22.2M | 30.33M | 47.77M | 25.54M | 25.75M | 23.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 37.31M | 44.33M | 40.69M | 61.65M | 67.5M | 69.54M | 76.42M | 50.01M | 50.87M | 64.88M | 72.24M | 77.52M | 70.26M | 44.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.03B | 4.97B | 4.51B | 4.5B | 4.02B | 3.85B | 3.32B | 3.1B | 2.95B | 2.72B | 2.42B | 2.12B | 1.84B | 1.68B | 1.69B | 1.43B | 1.18B | 1.02B | 1.11B | 1.13B | 818.08M | 900.39M | 541.02M | 477.56M | 404.97M | 441.99M | 367.71M | 358.43M | 301.7M | 174.87M | 118.38M |
| Total Debt | 0 | 4.82B | 4.37B | 4.36B | 3.92B | 3.75B | 3.22B | 2.99B | 2.85B | 2.58B | 2.31B | 1.98B | 1.74B | 1.57B | 1.59B | 1.25B | 948.42M | 962.06M | 1.03B | 902.79M | 776.74M | 861.04M | 524.24M | 465.14M | 384.59M | 435.33M | 360.38M | 350.97M | 292.91M | 171.84M | 117.05M |
| Net Debt | -4.57M | 4.82B | 4.37B | 4.36B | 3.91B | 3.58B | 2.95B | 2.99B | 2.74B | 2.58B | 2.02B | 1.96B | 1.73B | 1.57B | 1.58B | 1.25B | 946.37M | 946.83M | 1.02B | 875.29M | 775.06M | 852.81M | 522.29M | 460.77M | 382.85M | 428.36M | 358.19M | 347.64M | 291.46M | 169.68M | 115.64M |
| Long-Term Debt | 0 | 4.47B | 4.37B | 4.23B | 3.75B | 3.75B | 3.22B | 2.85B | 2.85B | 2.58B | 2.31B | 1.98B | 1.73B | 1.42B | 1.35B | 1.27B | 0 | 0 | 0 | 184.5M | 0 | 0 | 0 | 467.42M | 384.59M | 435.33M | 360.38M | 108.7M | 138.1M | 115.1M | 117.05M |
| Short-Term Borrowings | 0 | 348.1M | 0 | 132M | 166.2M | 0 | 0 | 133.6M | 0 | 0 | 0 | 0 | 0 | 0 | 237.63M | 65.6M | 948.42M | 962.06M | 1.03B | 718.29M | 0 | 0 | 0 | 437.34M | 345.69M | 327.93M | 258.68M | 242.27M | 154.81M | 56.74M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.04M | 26.04M | 26.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 388.66M | 29.7M | 166.37M | 190.03M | 23.92M | 19.4M | 151.85M | 19.52M | 140.81M | 19.66M | 20.11M | 17.4M | 63.54M | 174.2M | 1.34B | 1.14B | 994.82M | 1.06B | 72.2M | 69.6M | 70.3M | 44.9M | 12.5M | 345.69M | 6.7M | 7.3M | 7.4M | 8.8M | 3.1M | 1.4M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 185.27M | 25.29M | 26.29M | 27.48M | 57.55M | 0 | 0 | 0 | 0 | 0 | 1.08M | 1.76M | 5.39M | 1.36M | 151K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.95B | 2.72B | 2.42B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.04M | -26.04M | -26.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 5.03B | 110.07M | 106.95M | 109.59M | 82.66M | 79M | 78.22M | 96.58M | 77.92M | -856K | 85.87M | 121.59M | 85.17M | 192.64M | 166.9M | -1.18B | 43.77M | 29.28M | 45.53M | -127.5M | 786.8M | 860.6M | 514.28M | -467.42M | -384.59M | -435.33M | -360.38M | -108.7M | -138.1M | -115.1M | -117.05M |
| Total Equity | 4.4B | 4.41B | 4.36B | 4.16B | 4.12B | 3.9B | 4.32B | 4.33B | 4.15B | 3.84B | 3.92B | 3.34B | 3.08B | 2.78B | 2.3B | 2B | 1.53B | 1.57B | 1.54B | 1.41B | 1.1B | 833.03M | 759.03M | 730.75M | 549.14M | 564.64M | 393.9M | 391.36M | 383.89M | 362.14M | 252.57M |
| Equity Growth % | 7.12% | 1.06% | 4.93% | 0.82% | 5.69% | -9.67% | -0.29% | 4.26% | 8.17% | -1.94% | 17.19% | 8.41% | 10.97% | 20.92% | 14.66% | 31.08% | -2.43% | 1.52% | 9.49% | 28.43% | 31.76% | 9.75% | 3.87% | 33.07% | -2.74% | 43.35% | 0.65% | 1.95% | 6% | 43.38% | 85.93% |
| Shareholders Equity | 4.4B | 4.41B | 4.36B | 4.16B | 4.12B | 3.9B | 4.32B | 4.33B | 4.15B | 3.84B | 3.92B | 3.34B | 3.08B | 2.78B | 2.3B | 2B | 1.53B | 1.56B | 1.54B | 1.41B | 1.1B | 828.09M | 757M | 730.75M | 549.14M | 564.64M | 393.9M | 391.36M | 383.89M | 362.14M | 252.57M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 1K | 4K | 7K | 355K | 317K | 129K | 259K | 577K | 1.24M | 1.3M | 1.38M | 1.29M | 2.62M | 1.22M | 2.33M | 1.1M | 4.94M | 2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 1.9M | 1.9M | 1.88M | 1.83M | 1.81M | 1.76M | 1.75M | 1.72M | 1.62M | 1.54M | 1.47M | 1.41M | 1.32M | 1.22M | 1.12M | 1.05M | 838K | 825K | 784K | 725K | 598K | 551K | 521K | 500K | 404K | 406K | 305K | 303K | 295K | 280K | 208K |
| Additional Paid-in Capital | 0 | 5.3B | 5.2B | 4.97B | 4.93B | 4.66B | 4.63B | 4.5B | 3.95B | 3.6B | 3.32B | 3.05B | 2.71B | 2.35B | 2.1B | 1.96B | 1.43B | 1.41B | 1.3B | 1.18B | 873.88M | 778.49M | 725.34M | 691.7M | 528.89M | 531.68M | 398.45M | 396.4M | 386.75M | 361.79M | 254.3M |
| Retained Earnings | -902.26M | -882.71M | -829.29M | -805.88M | -793.76M | -747.85M | -644.78M | -499.23M | -424.23M | -379.18M | -319.25M | -263.12M | -196.83M | -147.84M | -90.95M | -44.95M | 3.23M | 62.41M | 143.79M | 137.6M | 80.26M | -20.49M | -35.19M | -28.17M | -21.66M | -14.53M | -4.85M | -5.34M | -3.16M | 71K | -1.93M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 345M | 345M | 632.5M | 632.5M | 920M | 575M | 575M | 575M | 287.5M | 92M | 92M | 92M | 92M | 92M | 136.54M | 69.54M | 69.54M | 69.54M | 44.55M | 50M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 4.14% | 4.27% | 4.53% | 4.67% | 4.21% | 3.77% | 3.04% | 4.12% | 4.28% | 4.11% | 4.06% | 3.81% | 4.06% | 3.79% | 3.83% | 3% | 2.75% | 2.09% | 4.75% | 7.06% | 10% | 5.89% | 5.18% | 4.95% | 5.18% | 3.28% | 5.06% | 4.92% | 5.31% | 6.69% | 6.71% |
| Return on Equity (ROE) | 8.81% | 8.89% | 9.32% | 9.48% | 8.34% | 7.06% | 5.29% | 7.05% | 7.32% | 6.83% | 6.6% | 6.16% | 6.5% | 6.31% | 6.6% | 5.23% | 4.72% | 3.52% | 8.34% | 12.53% | 18.91% | 11.23% | 8.72% | 8.36% | 9.11% | 6.04% | 9.74% | 9.11% | 8.7% | 9.89% | 10.2% |
| Debt / Assets | 0% | 51.39% | 49.29% | 50.34% | 48.07% | 48.33% | 42.17% | 40.19% | 40.14% | 39.33% | 36.5% | 36.19% | 35.34% | 35.25% | 39.79% | 36.41% | 34.95% | 37.13% | 38.75% | 35.58% | 40.55% | 49.67% | 40.32% | 38.49% | 40.31% | 43.25% | 47.32% | 46.81% | 42.72% | 32% | 31.55% |
| Debt / Equity | 0.00x | 1.09x | 1.00x | 1.05x | 0.95x | 0.96x | 0.75x | 0.69x | 0.69x | 0.67x | 0.59x | 0.59x | 0.56x | 0.57x | 0.69x | 0.62x | 0.62x | 0.61x | 0.67x | 0.64x | 0.71x | 1.03x | 0.69x | 0.64x | 0.70x | 0.77x | 0.91x | 0.90x | 0.76x | 0.47x | 0.46x |
| Net Debt / EBITDA | -0.01x | 5.74x | 5.27x | 5.49x | 5.54x | 5.46x | 5.17x | 4.93x | 4.57x | 5.04x | 4.40x | 4.63x | 4.53x | 4.63x | 5.81x | 5.59x | 5.14x | 5.60x | 5.36x | 5.69x | 6.52x | 8.03x | 5.78x | 5.33x | 4.68x | 7.19x | 4.86x | 5.78x | 5.80x | 3.66x | 3.79x |
| Book Value per Share | 23.20 | 23.45 | 23.70 | 22.88 | 23.60 | 22.32 | 25.08 | 26.24 | 26.58 | 25.70 | 27.08 | 24.85 | 24.72 | 23.18 | 21.06 | 22.56 | 18.45 | 19.60 | 20.71 | 21.23 | 18.90 | 15.25 | 14.67 | 16.65 | 13.53 | 17.80 | 12.95 | 12.87 | 13.06 | 14.95 | 15.05 |
Debt maturity concentration
According to the reported financial data, NNN has grown its total assets from $8.7 billion in 2023Q4 to $9.4 billion in 2026Q1, suggesting a disciplined approach to portfolio expansion that prioritizes incremental growth over aggressive, debt-fueled acquisition cycles in the current interest rate environment.
The steady increase in total assets indicates that the company continues to deploy capital into its net-lease retail strategy despite broader market headwinds. This trajectory appears consistent with a management team focused on long-term value preservation rather than rapid, speculative scaling of the property footprint.
As indicated by the financial statements, NNN maintains a debt-to-equity ratio that has hovered near 1.0x over the last ten quarters, which, based on reported figures, suggests a conservative capitalization strategy that provides a significant buffer against potential volatility in the retail real estate sector.
The stability of the debt-to-equity ratio implies that management is not over-leveraging the balance sheet to chase yield. Investors should monitor whether this leverage profile remains sustainable if the company faces pressure to increase acquisition volumes or if interest rates remain elevated for an extended period.
Based on the quarterly filings, NNN's cash balance has fluctuated significantly, dropping from $173.5 million in 2024Q3 to just $4.6 million in 2026Q1, which may indicate a shift toward immediate capital deployment or a reliance on revolving credit facilities for short-term liquidity needs.
The sharp decline in cash reserves suggests that the company is actively utilizing its liquidity to fund operations or acquisitions. Analysts should investigate the availability and cost of the company's undrawn credit lines to ensure that this low cash position does not create operational constraints during periods of market stress.
While the provided balance sheet shows zero net property, plant, and equipment for most periods, this anomaly warrants further investigation as it may mask the capitalization of recurring tenant improvements or leasing commissions that are essential to maintaining the long-term occupancy of the retail portfolio.
The absence of reported PPE in the data is highly unusual for a REIT and suggests that the company may be expensing items that peers typically capitalize. This accounting treatment could be artificially depressing the reported asset base and potentially distorting the true economic return on the company's real estate investments.
Quick answers to the most common questions about buying NNN stock.
As of 2025, NNN REIT, Inc. (NNN) had total assets of $9.38B including $74.0M in current assets.
NNN REIT, Inc. (NNN) carries total debt of $4.82B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NNN REIT, Inc. (NNN) has total shareholders' equity (book value) of $4.41B ($23.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NNN REIT, Inc. (NNN) reported a current ratio of 0.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.