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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. It is organized in Maryland with its principal office in Orlando, Florida. As of December 31, 2019, the company owned 3,118 properties containing 32.5 million square feet, 17.6% of the company's revenue was from properties in Texas, and 8.8% of the company's revenue was from properties in Florida.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 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 margin9
42.1%Net margin9
6.6%Revenue growth, 20259
8.8%Return on equity9

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.9

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.9

Financial statements

Revenue101112139$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 income101112139$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 income101112139$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.9

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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Corporate structure

National Retail Properties sits at the top of its group. 15 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of National Retail Properties

  • AQR CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on National Retail Properties, latest Aug 13, 2026
  • FMR LLC Filed SCHEDULE 13G/A on National Retail Properties, latest Aug 6, 2026 (7 filings since Feb 9, 2022)
  • VICTORY CAPITAL MANAGEMENT INC Filed SCHEDULE 13G/A on National Retail Properties, latest May 12, 2026 (5 filings since Feb 7, 2024)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on National Retail Properties, latest Apr 30, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on National Retail Properties, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on National Retail Properties, latest Mar 27, 2026 (5 filings since Feb 10, 2022)
  • State Street Corporation Filed SCHEDULE 13G on National Retail Properties, latest Feb 9, 2026 (4 filings since Feb 11, 2022)
  • BlackRock Filed SC 13G/A on National Retail Properties, latest Jan 24, 2024 (4 filings since Jan 25, 2022)
  • National Retail Properties Baltimore, Maryland, United States
    • CCMH V, LLC Subsidiary · Delaware, United States
    • CNL Commercial Mortgage Funding, Inc. Subsidiary · Delaware, United States
    • Net Lease Funding, Inc. Subsidiary · Maryland, United States
    • Net Lease Realty I, Inc. Subsidiary · Maryland, United States
    • NNN Athletic I LLC Subsidiary · Delaware, United States
    • NNN Brokerage Services, Inc. Subsidiary · Maryland, United States
    • NNN CA Auto Svc LLC Subsidiary · Delaware, United States
    • NNN GP Corp. Subsidiary · Delaware, United States
    • NNN PBY LLC Subsidiary · Delaware, United States
    • NNN REIT Trust Subsidiary · Maryland, United States
    • NNN REIT, LP Subsidiary · Delaware, United States
    • NNN SC Trust Subsidiary · Maryland, United States
    • NNN TRS, Inc. Subsidiary · Maryland, United States
    • Orange Avenue Mortgage Investments, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What National Retail Properties reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land and buildings$3.1B9 Dec 31, 2025$2.9B9 Dec 31, 2024+6.2%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$9.2B9 Dec 31, 2025$8.7B9 Dec 31, 2024+5.6%
Real estate investments, at cost$11.4B9 Dec 31, 2025$10.7B9 Dec 31, 2024+6.5%
Real estate accumulated depreciation$2.2B9 Dec 31, 2025$2.1B9 Dec 31, 2024+8.9%
Area of real estate39.6 million sq ft9 Dec 31, 202536.6 million sq ft13 Dec 31, 2024+8.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.0M9 Dec 31, 2025$8.7M9 Dec 31, 2024−42.2%

Properties, in its own words

Please refer to Item 1. "Business" and Item 7. "Management's Discussion and Analysis of Financial Conditions and Results of Operations."

Item 2 of the 10-K filed Feb 11, 2026.17

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)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CCMH V, LLC Delaware8
  • CNL Commercial Mortgage Funding, Inc. Delaware8
  • NNN Athletic I LLC Delaware8
  • NNN Brokerage Services, Inc. Maryland8
  • NNN CA Auto Svc LLC Delaware8
  • NNN GP Corp. Delaware8
  • NNN PBY LLC Delaware8
  • NNN REIT Trust Maryland8
  • NNN REIT, LP Delaware8
  • NNN SC Trust Maryland8
  • NNN TRS, Inc. Maryland8
  • Net Lease Funding, Inc. Maryland8
  • Net Lease Realty I, Inc. Maryland8
  • Orange Avenue Mortgage Investments, Inc. Delaware8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

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. Aug 17, 20268-K Executive or director change; Regulation FD disclosure48
  2. Aug 7, 20268-K Other events49
  3. Aug 5, 20268-K Results of operations50
  4. Jun 23, 20268-K Entered a material agreement; New debt or obligation51
  5. May 12, 20268-K Shareholder vote52
  6. Apr 30, 20268-K Results of operations53
  7. Feb 19, 20268-K Executive or director change; Regulation FD disclosure54
  8. Feb 11, 20268-K Results of operations55
  9. Dec 17, 20258-K Entered a material agreement; New debt or obligation56
  10. Nov 4, 20258-K Results of operations57
  11. Aug 15, 20258-K Other events58
  12. Aug 5, 20258-K Results of operations59
  13. Feb 16, 2023New chief executive Stephen A. Horn Jr. becomes CEO18
  14. May 26, 2017New chief executive Julian E. Whitehurst becomes CEO19
  15. Feb 7, 2007New chief executive Craig Macnab becomes CEO20
  16. 1984Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.86 a share, on Nov 4, 2025.60

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results50
  2. Apr 30, 2026Reported quarterly or annual results53
  3. Feb 11, 2026Reported quarterly or annual results55
  4. Nov 4, 2025Reported quarterly or annual results57
  5. Aug 5, 2025Reported quarterly or annual results59
  6. May 1, 2025Reported quarterly or annual results61
  7. Feb 11, 2025Reported quarterly or annual results62
  8. Oct 31, 2024Reported quarterly or annual results63

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Stephen A. HornJr. President and Chief Executive Officer$975.0K$9.7M72
2025Vincent H. ChaoExecutive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer$489.0K$3.3M72
2025Jonathan A. AdamoExecutive Vice President, Chief Portfolio Officer$420.0K$2.1M72
2025Gina M. SteffensExecutive Vice President, General Counsel and Secretary$450.0K$1.9M72
2025Michelle L. MillerExecutive Vice President, Chief Accounting Officer and Chief Technology Officer$400.0K$1.7M72
2024Stephen A. HornJr. President and Chief Executive Officer$925.0K$8.4M72
2024Vincent H. ChaoExecutive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer$675.0K$4.0M72
2024Gina M. SteffensExecutive Vice President, General Counsel and Secretary$425.0K$1.6M72
2024Jonathan A. AdamoExecutive Vice President, Chief Portfolio Officer$375.0K$1.5M72
2024Michelle L. MillerExecutive Vice President, Chief Accounting Officer and Chief Technology Officer$350.0K$1.3M72
2023Stephen A. HornJr. President and Chief Executive Officer$825.0K$7.2M72
2023Vincent H. ChaoExecutive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer$650.0K$3.8M72
2023Jonathan A. AdamoExecutive Vice President, Chief Portfolio Officer$269.8K$1.5M72
2023Michelle L. MillerExecutive Vice President, Chief Accounting Officer and Chief Technology Officer$320.0K$1.3M72

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).

SEC filer profile

How National Retail Properties is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNNN REIT, INC.2
  • CIK0000751364
  • Employer ID (EIN)56-143137717
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inMaryland17
  • Fiscal year endsDecember 312
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address450 S Orange Ave, Suite 900, Orlando, FL 328012
  • Mailing address450 South Orange Ave, Suite 900, Orlando, FL 328012
  • Phone407-265-73482
  • Shares outstanding191,931,400 as of Jul 30, 202615
  • Public float$8.1B as of Jun 30, 202517
  • AuditorErnst & Young LLP, Orlando, Florida PCAOB ID 42; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceMay 11, 19952
  • Filings1,948 in all: 4 (1,085), 8-K (269), 10-Q (95), SC 13G/A (79), 424B5 (73), SC 13G (42), 3 (31), DEF 14A (31)2
    All 46 form types

    10-K (27), 5 (23), FWP (23), 424B3 (17), UPLOAD (17), S-3ASR (15), CORRESP (11), 144 (8), S-3 (8), 8-K/A (7), SCHEDULE 13G/A (7), 25-NSE (6), SCHEDULE 13G (6), 8-A12B (5), S-8 (5), 10-K/A (4), 10-K405 (4), 4/A (4), 424B2 (4), ARS (4), CERTNYS (4), PRE 14A (4), S-3/A (4), 10-Q/A (3), 425 (3), S-4/A (3), 305B2 (2), DEFA14A (2), S-4 (2), SC TO-I (2), SC TO-I/A (2), 10-K405/A (1), 3/A (1), 424B4 (1), 8-A12G (1), DEFR14A (1), POS AM (1), S-3D (1)

  • Latest filingsAnnual report (10-K) Feb 11, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 23, 2026
    Latest 8-K (8-K) Aug 17, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueNNNNew York Stock Exchange

From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks National Retail Properties names in Item 1A of its 10-K filed Feb 11, 2026: 33 risks under these headings, as written.17

  • Risks Related to NNN's Business and Operations
  • Changes in financial and economic conditions, including inflation and tariffs, may have an adverse impact on NNN and its tenants.
  • Owning real estate and indirect interests in real estate carries inherent risks.
  • NNN's business is dependent upon its tenants successfully operating their businesses and their failure to do so could materially and adversely affect NNN's cash flow and results of operations.
  • A significant portion of the source of the Property Portfolio annual base rent is concentrated in specific industry classifications, tenants and geographic locations.
  • NNN’s business is significantly dependent on single-tenant properties.
  • NNN may not be able to successfully execute its acquisition strategies.
  • NNN's real estate investments are generally illiquid, which could significantly impede its ability to respond to market conditions or adverse changes in the performance of its tenants or its Properties and which would harm NNN’s financial condition.
  • Competition from other REITs, commercial developers, real estate entities and other investors or a lack of properties for sale may impede NNN's ability to grow.
  • Climate change, natural disasters and impacts of weather may adversely affect the operations of NNN's tenants and their ability to pay rent, NNN's operating results and asset values of NNN's Property Portfolio.
  • A significant portion of Properties are leased to unrated tenants whose credit is evaluated through NNN's internal underwriting and credit analysis. However, the tools and methods utilized by NNN may not accurately assess the investment related credit risk.
  • Some of NNN's tenants operate under franchise or license agreements, which, if terminated or not renewed prior to the expiration of their leases with NNN, would likely impair their ability to pay NNN rent.
The other 22 risks
  • NNN may experience a decline in the fair value of its long-lived real estate assets, which may have a material impact on its financial condition, liquidity and results of operations.
  • Investments in international markets could subject NNN to additional risks.
  • NNN may suffer a loss in the event of a default or bankruptcy of a borrower.
  • Risks Related to Financing NNN's Business
  • NNN may be unable to obtain debt or equity capital on favorable terms, if at all.
  • The amount of debt NNN has and the restrictions imposed by that debt could adversely affect NNN's business and financial condition.
  • NNN is obligated to comply with financial and other covenants in its debt instruments that could restrict its operating activities, and the failure to comply with such covenants could result in defaults that accelerate the payment of such debt.
  • Risks Related to NNN's Common Stock
  • NNN's ability to pay dividends in the future is subject to many factors.
  • Future issuances of NNN's equity securities could dilute the interest of NNN's common stockholders.
  • The share ownership restrictions of the Code for REITs and the 9.8% share ownership limit in NNN's charter may inhibit market activity in NNN's shares of stock and restrict NNN's business combination opportunities.
  • Risks Related to Tax Matters
  • NNN's failure to qualify as a REIT for federal income tax purposes could result in significant tax liability.
  • Compliance with REIT requirements, including distribution requirements, may limit NNN's flexibility and may negatively affect NNN's operating decisions.
  • Even if NNN remains qualified as a REIT, NNN may face other tax liabilities that could reduce operating results and cash flow.
  • Risks Related to Governmental Laws and Regulations
  • NNN may be subject to known or unknown environmental liabilities and risks, including but not limited to liabilities and risks resulting from the existence of hazardous materials on or under Properties owned by NNN.
  • Costs of complying with changes in governmental laws and regulations may adversely affect NNN's results of operations.
  • Non-compliance with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws could have an adverse effect on NNN's business and operating results.
  • General Risks
  • Cybersecurity risks and cyber incidents as well as other significant disruptions of NNN's information technology networks and related systems and resources, or those of NNN's vendors or other third-parties, could adversely affect NNN's business, disrupt operations and expose NNN to liabilities to tenants, associates, capital providers, governmental regulators and other third parties.
  • The use of AI presents risks and challenges that may adversely impact NNN's business and operating results or that of its tenants.
  • NNN's loss of key management personnel could adversely affect performance and the value of its securities.
  • NNN's failure to maintain effective internal control over financial reporting could have a material adverse effect on its business, operating results and the market value of NNN's securities.
  • Terrorist attacks, other acts of violence, war, pandemics or other unexpected events may affect the markets in which NNN operates and its results of operations.
  • Changes in accounting pronouncements could adversely impact NNN's or NNN's tenants' reported financial performance.
  • The market value of NNN's equity and debt securities is subject to various factors that may cause significant fluctuations or volatility.

Legal proceedings

In the ordinary course of its business, NNN is a party to various legal actions that management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material.

The opening of Item 3, Legal Proceedings.17

Sources

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