NNN REIT, INC.
boothcheck covers NNN REIT, INC. (NNN) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
• NNN owns 3,711 single-tenant retail properties leased on long-term net terms, where the tenant pays taxes, insurance, and maintenance, leaving the landlord with rent that is almost pure margin: the FY2025 portfolio ran 98.6% occupied at a 10.2-year weighted average remaining lease term ⟦the weighted average remaining lease term of the Property Portfolio was 10.2 years⟧. • The clearest risk is funding cost: the business grows by buying properties at a cash cap rate (7.5% on Q1 2026 purchases) a
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524 institutional managers reported holding NNN in 13F filings for the quarter ended 2026-03-31. Together they hold about 93% of the company; the top 10 hold 58%. 64 opened new positions that quarter. Held by Vanguard Group, BlackRock, FMR (Fidelity), among others. On the short side, 7.7M shares were sold short as of the 2026-06-15 count, about 4% of shares outstanding (3.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NNN's share count grew 6.2% over the past five years. It pays a dividend, and has paid one every year in our records (17 and counting), raised 13 years straight; the current rate is $2.36 a share annually. Cash returned over the past three years: $1.07B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at NNN over the trailing three years. Absence is a fact about the company, not a signal. 14 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NNN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-03 | +0.4% | -0.2% |
| 2023-08-03 | -5.4% | -12.7% |
| 2023-11-02 | +6.9% | +10.2% |
| 2024-02-09 | -0.7% | +2.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NNN's latest 8-K filings: 2026-08-07 (items 8.01, 9.01); 2026-08-05 (items 2.02, 9.01); 2026-06-23 (items 1.01, 2.03); 2026-05-12 (items 5.07); 2026-04-30 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.