NNN REIT, Inc. (NYSE: NNN), formerly National Retail Properties, is one of the largest U.S. REITs focused on single-tenant net lease properties. Its own senior unsecured debt is rated investment grade. This page summarizes its credit ratings, portfolio and dividend record from its SEC filings, explains the difference between the REIT’s rating and its tenants’ ratings, and compares owning NNN REIT shares with owning net lease property directly. For the rating scale, see the investment grade guide.
NNN REIT at a Glance
| Measure | Value | Source |
|---|---|---|
| Properties | 3,774 in 50 states, D.C. and Puerto Rico | Form 10-Q, June 30, 2026 |
| Share of properties leased | 99.1% | Form 10-Q, June 30, 2026 |
| Weighted average remaining lease term | 10.1 years | Form 10-Q, June 30, 2026 |
| Quarterly dividend | $0.620 per share declared July 2026 (up from $0.600) | Form 10-Q, June 30, 2026 |
| Consecutive annual dividend increases | 36 years through 2025 | Form 10-K for 2025 |
| Senior unsecured ratings | Moody’s Baa1; S&P BBB+ | Fourth quarter 2025 supplemental, February 2026 |
Figures as reported by NNN REIT. Check the company’s latest filings for current data.
Credit Rating and Investment Grade Status
NNN REIT’s senior unsecured debt is rated BBB+ by S&P and Baa1 by Moody’s, two notches above the investment grade minimum of BBB‑/Baa3. Realty Income, by comparison, is rated A‑ by S&P and A3 by Moody’s, one notch higher. The company’s reported credit metrics for 2025 included gross debt of 42.1% of gross assets, net debt of 5.6 times EBITDAre, and EBITDAre covering fixed charges 4.1 times.
The REIT’s rating is not its tenants’ rating
An investment grade REIT can own properties leased mostly to tenants that are not investment grade. NNN REIT reported that as of December 31, 2025, 13.4% of its annual base rent came from tenants with investment grade rated debt, and 63.1% came from tenants that are publicly traded or have rated debt. The REIT’s rating reflects its diversification across thousands of properties, its balance sheet and its access to capital, not the credit of each tenant. A single property bought directly must be underwritten on its own tenant or guarantor.
Portfolio
NNN REIT focuses on service-oriented retail. Its largest lines of trade by annual base rent as of June 30, 2026:
| Line of trade | Share of annual base rent |
|---|---|
| Automotive service | 18.6% |
| Convenience stores | 15.9% |
| Restaurants, limited service | 7.7% |
| Entertainment | 7.3% |
| Dealerships | 6.4% |
| Restaurants, full service | 6.3% |
| Health and fitness | 3.8% |
| Theaters | 3.5% |
Its largest tenants as of December 31, 2025 included 7-Eleven (4.3% of base rent), Mister Car Wash (3.8%), Dave & Buster’s (3.6%), Camping World (3.5%) and Kent Distributors (2.6%); its top 20 tenants accounted for 46.0% of base rent. Check individual tenant ratings in our tenant ratings database.
NNN REIT vs. Realty Income
| NNN REIT (NNN) | Realty Income (O) | |
|---|---|---|
| S&P / Moody’s | BBB+ / Baa1 | A‑ / A3 |
| Properties | 3,774 | 15,588 |
| Rent from investment grade tenants | 13.4% (Dec. 31, 2025) | 34.3% (June 30, 2026) |
| Dividend frequency | Quarterly | Monthly |
| Focus | U.S. service-oriented retail | Retail, industrial, gaming and other, U.S. and Europe |
NNN REIT: Form 10-Q for June 30, 2026 and fourth quarter 2025 supplemental. Realty Income: Form 10-Q for June 30, 2026.
Realty Income’s larger, more diversified portfolio and higher share of rent from investment grade tenants support its higher rating. NNN REIT has a longer record of consecutive annual dividend increases. See our Realty Income analysis and the investment grade REITs guide.
NNN REIT Shares vs. Owning Net Lease Property Directly
| NNN REIT shares | Direct net lease property | |
|---|---|---|
| Minimum investment | One share | The equity for a whole property, often $1 million or more |
| Liquidity | Trades daily on the NYSE | Weeks to months to sell |
| Diversification | Thousands of properties and hundreds of tenants | One tenant per property |
| Tenant credit | Mixed; 13.4% of rent from investment grade tenants | Whatever you buy; you can choose a rated tenant |
| Depreciation | Not passed through to shareholders | Yours to deduct |
| 1031 exchange | Shares do not qualify | Qualifies |
| Price volatility | Moves with the stock market and interest rates | Not marked to market daily, but values still change |
| Leverage | Set by the REIT | You choose |
For an investor completing a 1031 exchange, direct property is usually the relevant choice because REIT shares are not like-kind real property; see investment grade 1031 exchanges. For new capital, NNN REIT offers diversification and liquidity that a single property cannot. Browse properties in our NNN listings.
Risks
- Interest rates: REIT share prices and net lease values tend to fall when long-term rates rise.
- Tenant credit: most rent comes from tenants without investment grade ratings, so tenant failures can affect results, though diversification limits the impact of any one tenant.
- Concentration: automotive service, convenience stores and restaurants together are about half of base rent.
Prefer to Own the Property?
We help investors buy net lease properties leased to investment grade tenants, priced against current listings. On the majority of transactions, there is no separate fee to you as the buyer for representation; the listing broker pays a cooperating commission.
Frequently Asked Questions
What is NNN REIT’s credit rating?
Its senior unsecured debt is rated BBB+ by S&P and Baa1 by Moody’s, as reported in its fourth quarter 2025 supplemental, two notches above the investment grade minimum.
Are NNN REIT’s tenants investment grade?
Mostly not. NNN REIT reported that 13.4% of its annual base rent at December 31, 2025 came from tenants with investment grade rated debt. The REIT’s own rating reflects its diversified portfolio and balance sheet.
How many years has NNN REIT raised its dividend?
36 consecutive years through 2025, according to its 2025 Form 10-K. In July 2026 it declared a quarterly dividend of $0.620 per share, up from $0.600.
Can I use NNN REIT shares in a 1031 exchange?
No. REIT shares are not real property for 1031 purposes; an exchange requires buying real property.
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