NNN REIT, Inc. (NNN) Stock Analysis
Breakout setup
Real Estate · REIT - Retail
Sell if holding. Analyst target reached at $46.59 — A.R:R is negative (-1.5) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (0.7% away).
NNN REIT is a net-lease REIT owning 3,692 single-tenant commercial properties in all 50 states with 98.3% occupancy and a 10.2-year weighted average lease term as of December 31, 2025. Revenue comes primarily from triple-net lease rents from tenants in retail, automotive,... Read more
Sell if holding. Analyst target reached at $46.59 — A.R:R is negative (-1.5) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (0.7% away). Chart setup: Golden cross, above all MAs, RSI 63, MACD bullish. Score 4.6/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 52d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About NNN REIT, Inc.
About NNN REIT, Inc.
NNN REIT's 3,692 single-tenant net-lease properties were 98.3% leased with a 10.2-year weighted average remaining lease term at December 31, 2025, spanning all 50 states and Puerto Rico across ~39.6 million square feet. Automotive service, convenience stores, restaurants, entertainment, and dealerships generate 63.0% of annual base rent, with Texas accounting for 18.4% of that base rent. NNN has raised its annual dividend per common share for 36 consecutive years, holding the third-longest consecutive annual dividend increase record among all publicly traded REITs.
NNN earns revenue primarily under triple-net leases in which tenants bear full responsibility for utilities, real estate taxes, property insurance, maintenance, repairs, and capital expenditures—minimizing the REIT's direct property operating cost. Initial lease terms are typically 10 to 20 years, the majority including rent escalators tied to the Consumer Price Index or fixed annual increases. Annual base rent per property ranged from $11,000 to $4,085,000 (average $256,000) at December 31, 2025. The company's capital structure at year-end consisted entirely of unsecured debt: $4.47 billion in unsecured notes payable and $348.1 million outstanding on its revolving Credit Facility, with no secured debt and a total-debt-to-gross-assets ratio of approximately 42%. Debt maturities range from 2026 to 2052. NNN competes for single-tenant acquisition opportunities against other REITs, commercial developers, and institutional investors.
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NNN's geographic concentration adds correlated risk: 40.9% of annual base rent comes from properties in five states, with Texas alone at 18.4% and Florida at 8.7%. A significant portion of NNN's tenants are unrated; the company evaluates their credit through internal underwriting rather than published ratings, a methodology the 10-K acknowledges may not accurately assess investment-related credit risk. Single-tenant structures magnify this exposure because a default or lease non-renewal at a property built to suit a specific tenant may result in vacancy or substantial re-tenanting costs. As of December 31, 2025, no tenants were in bankruptcy with projected material losses.
See also: Real Estate · REIT - Retail
From NNN REIT, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-06-13Recent Developments — NNN REIT, Inc.
Latest news
- NEWS NNN REIT in the spotlight: Can earnings sustain dividend streak? - Investing.com UK — Investing.com UK neutral
- NEWS NNN REIT in the spotlight: Can earnings sustain dividend streak? By Investing.com - Investing.com Australia — Investing.com Australia neutral
- NEWS NNN REIT in the spotlight: Can earnings sustain dividend streak? - Investing.com — Investing.com neutral
- NEWS What is the sentiment on NNN REIT (NNN) stock today | Q4 2025: Earnings Beat Estimates - Balance Sheet - Cổng thông tin — Cổng thông tin điện tử tỉnh Tây Ninh positive
- NEWS NNN REIT: A Reliable Yield To Shield You From An Inflationary World - Seeking Alpha — Seeking Alpha positive
Generated 2026-06-17T09:07:23Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- MEDIUMGeographicTexas18%10-K Item 1A: '40.9% of the Property Portfolio annual base rent is generated from properties located in five states: Texas (18.4%), Florida (8.7%), Illinois (5.1%), Georgia (4.5%) and Ohio (4.2%).'
- LOWTenant7-Eleven4.3%10-K Item 1A: '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%)'
- MEDIUMPropertyautomotive service / convenience stores / restaurants10-K Item 1A: '63.0% of the Property Portfolio annual base rent is generated from tenants in six lines of trade: automotive service (18.6%), convenience stores (16.3%), restaurants (including full and limited service) (14.3%)'
Material Events(8-K, last 90d)
- 2026-02-19Item 5.02LOWSteven D. Cosler retired as Board Chairperson effective February 18, 2026. Edward J. Fritsch, independent director since 2012, appointed as new Chair. No disagreement cited.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
3 floor-breakers
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $46.59 — A.R:R is negative (-1.5) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (0.7% away). Chart setup: Golden cross, above all MAs, RSI 63, MACD bullish. Prior stop was $44.91. Score 4.6/10, moderate confidence.
Take-profit target: $45.96 (-1.4% upside). Prior stop was $44.91. Stop-loss: $44.91.
Analyst target reached - limited upside remaining; Near 52-week high (0.7% away); Leverage penalty (D/E 1.1): -0.5.
NNN REIT, Inc. trades at a P/E of 22.7 (forward 22.2). TrendMatrix value score: 3.6/10. Verdict: Sell.
25 analysts cover NNN with a consensus score of 2.8/5. Average price target: $46.
What does NNN REIT, Inc. do?NNN REIT is a net-lease REIT owning 3,692 single-tenant commercial properties in all 50 states with 98.3% occupancy and...
NNN REIT is a net-lease REIT owning 3,692 single-tenant commercial properties in all 50 states with 98.3% occupancy and a 10.2-year weighted average lease term as of December 31, 2025. Revenue comes primarily from triple-net lease rents from tenants in retail, automotive, restaurant, entertainment and other sectors; NNN has raised its annual dividend for 36 consecutive years. Its largest tenants and geographies are disclosed with material concentration in automotive service (18.6%), convenience (16.3%), Texas (18.4%), and top-5 tenants at 17.8% of rent.