NNN REIT, Inc. is a fully integrated real estate investment trust that acquires owns invests in and develops high quality properties leased primarily to tenants under long term net leases. As of December 31 2025 the company owned 3,692 properties spread across all 50 states the District of Columbia and Puerto Rico. The total leasable area of the portfolio is approximately 39,578,000 square feet and about 98.3% of the units were leased. The weighted average remaining lease term stands at 10.2 years reflecting the durability of its tenant relationships. Most properties are single tenant facilities operating under triple net structures where tenants cover utilities taxes insurance maintenance and capital expenditures.

The company generates revenue principally from lease payments received under triple net lease agreements where tenants assume responsibility for property operating expenses. Rental income consists of base rent that often includes scheduled increases tied to consumer price index changes or fixed increments. In addition to recurring rent the firm may realize proceeds from the disposition of properties although sales constitute a secondary source of cash flow. NNN also holds the ability to invest in mortgages loans and securities of other real estate entities but its core earnings derive from the lease portfolio. The emphasis on long term leases with built in rent escalators helps to produce predictable and growing cash streams over time.

NNN REIT competes with other real estate investment trusts private equity funds and individual investors seeking net lease assets. Its competitive edge stems from a geographically diversified portfolio a strong track record of dividend growth and a disciplined approach to property acquisition. The firm has increased its annual dividend for 36 consecutive years which places it among the three longest dividend increase streaks in the publicly traded REIT sector. Management evaluates each acquisition based on location visibility tenant credit quality and lease terms aiming to secure assets that provide stable returns. The company maintains investment grade credit ratings and manages its debt load with a ratio of total debt to total gross assets of approximately 42% as of year end 2025.

The company serves a broad range of single tenant tenants primarily in the retail service and industrial sectors. While specific tenant names are not disclosed in the filing the portfolio includes businesses such as restaurants auto parts stores convenience stores and medical service providers. This industry diversification reduces reliance on any single economic segment and enhances the stability of rental income. The tenant base is spread across numerous markets which helps to insulate the portfolio from regional downturns. Many leases include renewal options that allow tenants to extend occupancy under the same terms which supports long term cash flow visibility.