NNN REIT, Inc. (NNN) Stock Price & How to Invest

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 an investor is actually buying is a spread business dressed as a landlord. NNN acquires property at an initial cash cap rate near 7.4%, carries gross debt of about $5.1 billion at a 4.2% weighted average rate with a sector-leading 10.1-year average maturity, and distributes roughly 67% of adjusted funds from operations as a quarterly dividend. Trailing twelve-month revenue through June 30, 2026 came to approximately $953 million against a market capitalization near $8.9 billion, and management raised full-year 2026 AFFO guidance to $3.55 to $3.59 per share alongside an acquisition target lifted to $700 to $800 million. Against that, the shares carry the sensitivity every income REIT carries: when Treasury yields rise, the equity has to compete with risk-free paper and the acquisition spread narrows from both ends. Tenant concentration in car washes, casual dining and theaters is the other live variable, since a single large operator's restructuring can move occupancy in a portfolio this size.

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.

15 analysts publish price targets on NNN, averaging $47.80 against a $46.16 price as of August 2026, or +3.6%. The published targets run from $45.00 to $50.50, a narrow spread, and the ratings split 2 buy, 12 hold, 3 sell. Over the last six months there have been 10 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full NNN forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on NNN REIT, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. A 37-year dividend increase streak with room underneath it. NNN declared a 3.3% raise to $0.62 per quarter for the third quarter of 2026, an annualized $2.48 per share and its 37th consecutive annual increase, a record matched by only two other publicly traded REITs. The most optimistic published target, $50.50, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $45.00, is roughly what NNN is worth if this bites instead.

Read the full bull and bear case on NNN, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see NNN REIT, Inc.'s investor relations page or your broker.

• 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
• Dividend (annualized, Q3 2026 rate): ~$2.48 per share, ~5.3% yield, 37th consecutive annual increase
• Net debt to annualized EBITDAre: ~5.7x (~5.4x pro forma for forward equity)

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.

Other names that sit close to NNN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NNN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so NNN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NNN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

NNN is a slow, deliberate net-lease compounder whose entire model is buying single-tenant retail property at roughly a 7.4% cash cap rate, funding it with debt near a 4.2% average rate and forward-sold equity, and paying out about two thirds of the resulting AFFO, which makes the spread between those two numbers, and the credit of the service-retail tenants behind it, the two things worth watching.

Whether NNN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NNN a buy or a sell?, and where the stock could go from here in the NNN stock forecast.

For income investors, whether NNN pays a dividend and how the payout looks is covered in does NNN pay a dividend? And to weigh NNN against a peer, read the full side-by-side comparisons: NNN vs O and NNN vs ADC.