NNN vs NTST: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
NNN is the larger of the two ($8.86B market cap): the incumbent the market prices for continued execution (21.93x forward earnings, beta 0.78). NTST is the smaller challenger ($2.10B), actually pricier on forward earnings (52.32x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
NNN vs NTST: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | NNN | NTST | What it tells you |
|---|---|---|---|
| Market cap | $8.86B | $2.10B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 21.93 | 52.32 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 22.74 | 153.21 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.78 | 0.82 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 65% of range | 81% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.99 | 1.38 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: NNN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how NNN and NTST affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. NNN and NTST share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined NNN and NTST exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does NNN REIT (NNN) do?
NNN REIT, Inc. is a Maryland corporation formed in 1984 and headquartered in Orlando, Florida, and it operates as a fully integrated real estate investment trust focused on freestanding, single-tenant retail property leased under long-term net leases. Known as National Retail Properties before its 2023 renaming, the company owned 3,774 properties covering roughly 40.4 million square feet as of June 30, 2026, with occupancy at 99.1% and a weighted average remaining lease term of 10.1 years. Tenants sign leases where they cover taxes, insurance and maintenance, which keeps NNN's own capital expenditure minimal and makes rent close to a pass-through. Annualized base rent reached $959.1 million at the end of the second quarter, up 7.3% year over year. Exposure skews toward service and experience retail rather than goods that ship in a box: automotive service was 18.6% of annualized base rent at the end of 2025, convenience stores 16.3%, restaurants of both kinds 14.3%, entertainment 7.2% and dealerships 6.6%. Its five largest tenants, 7-Eleven, Mister Car Wash, Dave & Buster's, Camping World and Kent Distributors, together account for 17.8% of rent, and no single tenant reached 10% of rental income.
What does NETSTREIT Corp (NTST) do?
NETSTREIT Corp. is a Dallas-based real estate investment trust that acquires and owns single-tenant net-lease retail properties leased to what it calls e-commerce-resistant, necessity-based tenants such as dollar stores, discount retailers, drug stores, and quick-service and grocery operators. Under net leases the tenant covers taxes, insurance, and maintenance, so the REIT collects relatively predictable rent over long lease terms. As of the first quarter of 2026 the portfolio spanned roughly 804 investments at about 99.9% occupancy, with a weighted average lease term near 10 years and a majority of rent coming from investment-grade or investment-grade-profile tenants.
NNN vs NTST: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- NNN drivers: A 37-year dividend increase streak with room underneath it; Acquisition spread wider than the cost of the money funding it.
- NTST drivers: External growth from acquisitions; Balance-sheet conservatism.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Interest rates sit at the center of the risk list, because a higher risk-free yield both compresses what income investors will pay for NNN's dividend and raises the borrowing cost that determines whether new acquisitions are accretive at all. For NTST, interest rates are the dominant swing factor: higher rates raise NETSTREIT's cost of capital, can compress the spread on new acquisitions, and tend to pressure REIT share prices as income investors demand higher yields.
NNN or NTST: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick NNN if you believe its drivers more; NTST if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the NNN and NTST guides.
NNN vs NTST: the full fundamentals
NNN. Net-lease REITs are valued on funds from operations rather than earnings, because heavy real estate depreciation makes GAAP net income understate cash generation; NNN reported trailing twelve-month diluted EPS near $2.03, which puts the trailing P/E around 23x while the price to AFFO multiple sits near 13x, and the second figure is the one the sector trades on. Second quarter 2026 results, reported August 5, showed revenue of $244.3 million (up 7.7% year over year), Core FFO of $0.89 per share (up 6.0%) and AFFO of $0.90 per share (up 5.9%), with management raising both AFFO guidance and its acquisition volume target. Compared with larger peer Realty Income, NNN trades at a similar AFFO multiple on a smaller, U.S.-only, service-retail-weighted portfolio, so the valuation debate usually comes down to whether a more concentrated tenant roster deserves the same multiple as a globally diversified one.
NTST. NETSTREIT trades at a mid-teens multiple of AFFO, roughly in line with or modestly below larger net-lease peers, reflecting its smaller scale offset by low leverage and high occupancy. The 2026 AFFO guidance range of about $1.36 to $1.39 per share implies continued mid-single-digit per-share growth. Revenue rose sharply year-over-year (Q1 2026 revenue of about $57 million versus $46 million a year earlier) as the acquisition portfolio scaled.
Headline figures (approximate, August 2026): NNN shows revenue (ttm through june 30, 2026) ~$953 million, market capitalization ~$8.9 billion (~192 million shares near ~$46), affo per share (2026 guidance, raised august 2026) ~$3.55 to $3.59, price to affo (2026 guidance midpoint) ~13x; NTST shows revenue (ttm) ~$210M, affo per share (2026 guidance) ~$1.36-$1.39, net income (q1 2026) ~$5.7M, market cap ~$1.9B.
The bottom line: NNN vs NTST
NNN and NTST are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined NNN and NTST exposure against your real portfolio. It is not an investment adviser.
Wondering how NNN or NTST fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in NNN REIT with AI
Connect the broker you already use and ask Walnut's AI how NNN fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between NNN and NTST?
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NNN REIT, Inc. NETSTREIT Corp. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is NNN or NTST the better stock?
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Neither is universally better. NNN is the larger incumbent; NTST is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, NNN or NTST?
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On forward P/E (as of August 2026), NNN trades at 21.93x and NTST at 52.32x, so NNN is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both NNN and NTST?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of NNN vs NTST?
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NNN: Interest rates sit at the center of the risk list, because a higher risk-free yield both compresses what income investors will pay for NNN's dividend and raises the borrowing cost that determines whether new acquisitions are accretive at all. Tenant concentration is the second issue: 17.8% of annualized base rent comes from five tenants, and several of the largest exposures, including car washes, a casual dining and entertainment chain, an RV retailer and theaters at 3.7% of rent, sit in categories that have seen operator distress through prior cycles. Geographic clustering adds to it, with Texas alone at 18.4% of rent and the top five states at 40.9%. Because NNN funds growth partly through at-the-market equity issuance, a sustained share price decline makes external growth dilutive rather than accretive, which is the mechanism that stalls net-lease REITs in bad tape. One more structural point: as a REIT NNN must distribute most of its taxable income, so it cannot retain earnings the way an operating company can, and any prolonged capital markets closure would slow the acquisition engine directly. NTST: Interest rates are the dominant swing factor: higher rates raise NETSTREIT's cost of capital, can compress the spread on new acquisitions, and tend to pressure REIT share prices as income investors demand higher yields. Tenant credit is a second risk, since much of the rent comes from discount and drug-store formats (including names like Dollar General and, historically, Walgreens) whose ratings and store economics can weaken. As a relatively small REIT, NETSTREIT relies on regular equity and debt issuance to fund growth, which can dilute existing holders or become expensive if capital markets tighten. Occupancy is currently near full, so there is little upside from lease-up and meaningful downside if key tenants vacate or go bankrupt. Broader retail and consumer weakness could also slow acquisition pipelines and rent growth.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell NNN or NTST; figures are approximate and dated (as of August 2026). Verify current data before investing.