HIGHBuilt-inProperty_type
63%
top-6 lines of trade
“10-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%) ... and dealerships (6.6%)'”
NNN · Concentration risk · 10-K extracted
NNN REIT (NNN) concentration risks
Updated
The most significant concentration NNN REIT discloses is top-6 lines of trade at 63%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: NNN REIT’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
40.9%
top-5 states
“10-K Item 1A: '40.9% of the Property Portfolio annual base rent is generated from properties located in five states: Texas (18.4%) ... and Ohio (4.2%)'”
LOWOutside partyTenant
17.8%
top-5 tenants
“10-K Item 1A: '17.8% of the Property Portfolio annual base rent is generated from five tenants: 7-Eleven (4.3%) ... and Kent Distributors (2.6%)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile spans property type, geography, and tenant identity, with the property-type exposure carrying the largest disclosed share. Some 63.0% of the Property Portfolio annual base rent is generated from tenants in six lines of trade, with automotive service the largest at 18.6% of annual base rent and dealerships at 6.6% — a high-share structural exposure by disclosed size. The character is structural: the deliberate focus on retail and service-oriented, single-tenant net lease properties in specific trade categories means the portfolio's income is tied to those end-markets' long-term viability. A secular shift in how consumers purchase or service vehicles, for example, would affect a large portion of the rent base simultaneously. On the geographic side, 40.9% of annual base rent comes from properties in five states, with Texas the largest at 18.4% and Ohio the smallest of the five at 4.2% — a moderate-share structural exposure by disclosed size. Regional economic conditions, local retail supply and demand, and state-level regulatory environments in those five states collectively shape a meaningful portion of the rent roll. The tenant-level exposure is modest by disclosed share: the top five tenants together generated 17.8% of annual base rent, with 7-Eleven at 4.3% and Kent Distributors at 2.6% — a small-share dependency by disclosed size. The aggregate top-five share is limited, suggesting that individual tenant failures would each affect only a contained fraction of base rent. Together, the profile is dominated by trade-category and geographic structural factors, with tenant-level idiosyncratic risk being the least material of the three dimensions disclosed.
For the engine’s reasoning on NNN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| NNN● | NNN REIT, Inc. | 1 | 1 | 1 | 3 |
| AKR | Acadia Realty Trust | 1 | 0 | 0 | 1 |
| BRX | Brixmor Property Group Inc. | 1 | 0 | 0 | 1 |
| EPRT | Essential Properties Realty Tru | 0 | 0 | 2 | 2 |
| ADC | Agree Realty Corporation | 0 | 0 | 1 | 1 |
| CURB | Curbline Properties Corp. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.