NNN REIT, Inc. NNN
Single-tenant retail net lease specialist with over 35 consecutive years of annual dividend increases and a conservative 10-year average lease duration.
Executive Summary: NNN REIT, Inc. (NNN) Institutional Rating
Quantitative Verdict: NNN REIT, Inc. (NNN) trades at an annualized dividend yield of 5.61% with an AFFO payout ratio of 70.5%, earning a Dividend Safety Score of 91 / 100 (Very Safe). The stock currently trades at a 10.0% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $46.80, backed by an institutional portfolio of 3,540 commercial properties operating at 99.3% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
NNN REIT, Inc. operates as a Passive Capital Allocator in the Retail / Net Lease real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 99.3%.
Labor & Overhead Efficiency
- • Total Global Employees: 85
- • Estimated Market Cap: $8.01 B
- • Capital Per Employee: $94.20M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.67%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.17% | $60.38 | +29.0% | $41.72 | Undervalued |
| 5.67% | $55.05 | +17.6% | $41.72 | Undervalued |
| 6.17% | $50.59 | +8.1% | $41.72 | Undervalued |
| 6.67% Base Case | $46.80 | 0.0% | $41.72 | Undervalued |
| 7.17% | $43.54 | -7.0% | $41.72 | Undervalued |
| 7.67% | $40.70 | -13.0% | $41.72 | Overvalued |
| 8.17% | $38.21 | -18.4% | $41.72 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.5850 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| NNN REIT, Inc. Core Physical Asset Portfolio | United States (Nationwide Footprint) | 424,800,000 sq ft (implied) | 99.3% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: NNN vs Peers
Institutional CompsDirect peer benchmark comparing NNN REIT, Inc. against its top competitors in the Retail / Net Lease industry.
| Metric | NNN (Current) | ADC | O | EPRT |
|---|---|---|---|---|
| Share Price | $41.72 | $66.70 | $56.89 | $26.67 |
| Dividend Yield | 5.61% | 4.59% | 5.61% | 5.62% |
| Dividend Safety Score | 91 / 100 | 94 / 100 | 92 / 100 | 93 / 100 |
| Price / AFFO Multiple | 12.6x | 15.96x | 12.78x | 13.01x |
| NAV Premium / Discount | -10.0% | -9.3% | -11.8% | -8.3% |
| Portfolio Occupancy | 99.3% | 99.6% | 98.8% | 98.8% |
| Commercial Properties | 3,540 | 2,200 | 15,450 | 150 |
Frequently Asked Questions (NNN FAQ)
NNN REIT, Inc. (NNN) currently pays an annualized dividend of $2.34 per share, representing an annualized dividend yield of 5.61%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 70.5%, earning a Dividend Safety Score of 91/100 with a risk rating of 'Very Safe'.
Based on REITwave's institutional property-level valuation models, NNN REIT, Inc.'s consensus base NAV is $46.80 per share. Trading at $41.72, the stock reflects an implied market cap rate of 6.67% and trades at a 10.0% discount to NAV (undervalued).
NNN REIT, Inc. owns and operates approximately 3,540 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 99.3% with a weighted average lease term (WALT) of 10.1 years.
NNN REIT, Inc. currently trades at a Price / AFFO multiple of 12.6x based on forward AFFO per share of $3.32. Its Price / FFO multiple stands at 12.3x against forward FFO per share of $3.38.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Stephen A. Horn, Jr.. Total annual reported compensation was $5,250,000, reflecting a CEO-to-median-worker pay ratio of 61:1.
NNN REIT, Inc. maintains a Net Debt-to-EBITDA ratio of 5.4x and carries an investment-grade credit rating of BBB+ / Baa1. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.