National Retail Properties, Inc. (NNN): Business Model Canvas

Tauchen Sie ein in die strategische Welt von National Retail Properties, Inc. (NNN), einem leistungsstarken Immobilieninvestment-Trust, der Gewerbeimmobilieninvestitionen in eine sorgfältig gestaltete Finanzsymphonie verwandelt. Mit einem laserfokussierten Ansatz für Net-Lease-Immobilien hat NNN ein Geschäftsmodell entwickelt, das Ergebnisse liefert stabil und vorhersehbar Einkommensströme, die Investoren anziehen, die in der dynamischen Landschaft der Einzelhandelsimmobilien zuverlässige Renditen suchen. Enthüllen Sie den komplizierten Plan ihres Erfolgs, bei dem strategischer Immobilienerwerb, langfristige Mieterbeziehungen und innovative Anlagestrategien zusammenlaufen, um ein überzeugendes Wertversprechen zu schaffen, das NNN auf dem wettbewerbsintensiven REIT-Markt hervorhebt.

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer von Nettomietobjekten und Real Estate Investment Trusts (REITs)

Ab 2024 verwaltet National Retail Properties, Inc. ein Portfolio von 3.355 Immobilien in 48 Bundesstaaten. Die REIT-Struktur des Unternehmens umfasst:

Partnerschaftsmetrik	Spezifische Daten
Gesamtanzahl der Immobilien	3.355 Objekte
Geografische Abdeckung	48 US-Bundesstaaten
Auslastung	99.5%

Gewerbliche Immobilienverwaltungsunternehmen

Zu den wichtigsten Partnerschaften gehören:

• Marcus & Millichap Immobilien-Investmentdienstleistungen
• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)

Einzelhandelsmieter aus verschiedenen Branchen

Industriesektor	Anzahl der Mieter	Prozentsatz des Portfolios
Convenience-Stores	274 Objekte	8.2%
Restaurants	415 Objekte	12.4%
Automobildienstleistungen	312 Objekte	9.3%

Finanzinstitute und Kapitalmarktpartner

National Retail Properties unterhält finanzielle Partnerschaften mit:

• Bank of America
• Wells Fargo
• JPMorgan Chase

Zu den Einzelheiten der finanziellen Partnerschaft gehören:

Finanzkennzahl	Daten für 2024
Gesamtverschuldung	2,1 Milliarden US-Dollar
Gewichteter durchschnittlicher Zinssatz	4.2%
Fälligkeit der Schulden	7,2 Jahre

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Single-Tenant-Einzelhandelsimmobilien

Im vierten Quartal 2023 besitzt National Retail Properties 3.355 Immobilien in 48 Bundesstaaten mit einer Gesamtinvestition von 10,1 Milliarden US-Dollar in Immobilienvermögen.

Eigenschaftsmetrik	Daten für 2023
Gesamteigenschaften	3,355
Gesamte Immobilieninvestition	10,1 Milliarden US-Dollar
Geografische Verbreitung	48 Staaten

Immobilienleasing und Mieterbeziehungsmanagement

Das Unternehmen unterhält eine 99,2 % Auslastung mit einer durchschnittlichen Mietdauer von 10,4 Jahren.

• Gewichtete durchschnittliche Mietvertragslaufzeit des Mietportfolios: 10,4 Jahre
• Auslastung: 99,2 %
• Jährliche Grundmiete: 693,5 Millionen US-Dollar

Optimierung des Immobilienportfolios

Portfoliosegment	Prozentsatz
Convenience-Stores	13.6%
Restaurants	12.5%
Familienunterhaltung	8.3%
Autodienste	7.2%

Anlage- und Kapitalallokationsstrategien

Im Jahr 2023 investierte das Unternehmen 570,3 Millionen US-Dollar in den Erwerb neuer Immobilien gewichteter durchschnittlicher Cap-Satz von 6,7 %.

• Immobilienerwerbe 2023: 570,3 Millionen US-Dollar
• Gewichtete durchschnittliche Kapitalisierungsrate: 6,7 %
• Funds from Operations (FFO): 687,4 Millionen US-Dollar
• Dividendenrendite: 5,2 %

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio ertragsgenerierender Einzelhandelsimmobilien

Zum 31. Dezember 2023 besitzt National Retail Properties 3.355 Immobilien in 48 Bundesstaaten. Gesamtbruttomietfläche: 54,1 Millionen Quadratfuß. Vermietungsgrad des Portfolios: 99,5 %.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Convenience-Stores	1,252	37.3%
Restaurants	611	18.2%
Automobildienstleistungen	425	12.7%

Starke Finanzkapital- und Kreditratings

Marktkapitalisierung: 10,2 Milliarden US-Dollar. Investment-Grade-Kreditratings: BBB+ von Standard & Poor's, Baa1 von Moody's.

• Gesamtvermögen: 7,9 Milliarden US-Dollar
• Gesamtverschuldung: 3,6 Milliarden US-Dollar
• Verhältnis von Schulden zu Gesamtkapitalisierung: 42,5 %

Erfahrenes Management- und Immobilieninvestment-Team

Durchschnittliche Erfahrung im Managementteam: 22 Jahre im Immobilieninvestment. Das Führungsteam ist durchschnittlich seit 15 Jahren im Unternehmen.

Vielfältige geografische Eigentumsverteilung

Geografische Region	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Südosten	872	26.0%
Südwesten	621	18.5%
Mittlerer Westen	545	16.2%

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Wertversprechen

Stabile, vorhersehbare langfristige Einnahmequellen

Ab dem vierten Quartal 2023 zeigte National Retail Properties a 99,4 % Mieteinzugsquote. Das Unternehmen unterhält ein diversifiziertes Portfolio mit 3.333 Objekte in 48 Bundesstaaten und generieren konstante Mieteinnahmen.

Metrisch	Wert
Gesamteigenschaften	3,333
Mieteinzugsquote	99.4%
Gewichtete durchschnittliche Mietlaufzeit	12,1 Jahre

Hochwertige, gut gelegene Einzelhandelsimmobilieninvestitionen

Das Anlageportfolio umfasst Immobilien aus mehreren Sektoren:

• Convenience-Stores: 16,3 %
• Restaurants: 15,4 %
• Autodienstleistungen: 12,7 %
• Familienunterhaltung: 10,6 %
• Lager/Verteilung: 8,9 %

Risikoarmes Anlagemodell mit konsistenten Dividendenzahlungen

National Retail Properties hat beibehalten Aufeinanderfolgende jährliche Dividendenerhöhungen für 34 Jahre. Die Dividendenrendite des Unternehmens betrug im Dezember 2023 5.82%.

Dividendenentwicklung	Wert
Aufeinanderfolgende Dividendenerhöhungsjahre	34
Dividendenrendite (Dezember 2023)	5.82%
Jährliche Dividende pro Aktie	$1.88

Spezialisierte Net-Lease-Immobilieninvestitionsstrategie

Nettomietobjekte repräsentieren 100 % des Portfolios des Unternehmens, wobei die Mieter für die Immobilienkosten einschließlich Steuern, Versicherungen und Instandhaltung verantwortlich sind.

• Auslastung: 99,1 %
• Geografische Diversifizierung: 48 Staaten
• Mieterdiversifizierung: Über 500 Einzelmieter

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit nationalen und regionalen Mietern

Im vierten Quartal 2023 verfügt National Retail Properties über ein Portfolio von 3.272 Immobilien in 48 Bundesstaaten mit einer durchschnittlichen Mietdauer von 14,4 Jahren. Zum Mieterstamm gehören:

Mietertyp	Prozentsatz des Portfolios
Convenience-Stores	16.7%
Restaurants	15.5%
Autodienste	12.3%
Einzelhandelsgeschäfte	11.9%

Proaktive Immobilienverwaltung und Mieterbetreuung

Zu den wichtigsten Kennzahlen zur Mieterunterstützung gehören:

• Auslastung: 99,2 %
• Mieterbindungsrate: 94,3 %
• Jährliche Investitionen in die Instandhaltung von Immobilien: 12,4 Millionen US-Dollar

Regelmäßige Finanzberichterstattung und Investorenkommunikation

Details zur Finanzberichterstattung:

Häufigkeit der Berichterstattung	Kommunikationskanäle
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr
Jährlicher Investorentag	1 Mal pro Jahr
Investorenpräsentationen	Laufende digitale Updates

Transparente Verfolgung der Anlageperformance

Kennzahlen zur Leistungsverfolgung:

• Dividendenrendite: 5,6 %
• Funds from Operations (FFO): 2,15 USD pro Aktie im Jahr 2023
• Total Shareholder Return: 12,3 % im Jahr 2023

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Kanäle

Direkte Investor Relations

National Retail Properties, Inc. pflegt direkte Investorenbeziehungen über mehrere Kanäle:

• Telefonnummer für Anlegerkontakt: (407) 265-7348
• E-Mail des Anlegers: investorrelations@nnnreit.com
• Engagiertes Investor-Relations-Team mit 3 Vollzeit-Experten

Börsennotierungen

Austausch	Tickersymbol	Listungsdatum
New Yorker Börse (NYSE)	NNN	1984

Finanzkonferenzen und Investorenpräsentationen

Jährliche Teilnahme an wichtigen Finanzkonferenzen:

• NAREIT REITworld Jahreskonferenz
• Citi Global Property Conference
• Globale Immobilienkonferenz der Bank of America

Konferenz	Häufigkeit	Präsentationsformat
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Webcast und Telefonkonferenz

Digitale Plattformen und Unternehmenswebsite

Digitale Kommunikationskanäle für Investoren:

• Unternehmenswebsite: www.nnnreit.com
• Investor-Relations-Bereich mit herunterladbaren Finanzberichten
• SEC-Einreichungsarchive
• Verfolgung des Aktienkurses in Echtzeit

Digitale Plattform	Monatliche einzigartige Besucher	Inhaltsverfügbarkeit
Investor-Relations-Website	42,500	Zugang rund um die Uhr

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 verfügt National Retail Properties über eine Gesamtmarktkapitalisierung von 7,2 Milliarden US-Dollar und zieht institutionelle Anleger an.

Institutionelles Eigentum	Prozentsatz
Gesamtes institutionelles Eigentum	89.4%
Top institutionelle Inhaber	Vanguard Group Inc.
Institutioneller Investitionswert	6,43 Milliarden US-Dollar

Immobilien-Investmentfonds

National Retail Properties betreut mehrere Immobilieninvestmentfonds mit spezialisierten REIT-Strategien.

• REIT-fokussierte Investmentfonds
• Diversifizierte Immobilienportfoliofonds
• Ertragsorientierte Investmentfonds

Einzelne Privatanleger

Individuelle Anlegerkennzahlen	Wert
Dividendenrendite	5.62%
Aktienkurs (Stand 2024)	$43.75
Prozentsatz der Einzelaktionäre	10.6%

Vermögende Investmentprofis

National Retail Properties zieht durch konstante Leistung vermögende Fachkräfte an.

Kennzahlen zur Investitionsleistung	Wert
Aufeinanderfolgende jährliche Dividendenerhöhungen	33 Jahre
Durchschnittliche jährliche Gesamtrendite (10 Jahre)	11.2%
Gesamtinvestitionsportfolio	10,1 Milliarden US-Dollar

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Laut Jahresbericht 2022 investierte National Retail Properties 465,5 Millionen US-Dollar in Immobilien. Die gesamten Immobilienerwerbskosten für das Jahr beliefen sich auf etwa 484,2 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Kaufpreis der Immobilie	465,500,000
Kosten der Erwerbstransaktion	18,700,000

Kosten für die Instandhaltung und Verwaltung von Immobilien

Die jährlichen Immobilienbetriebskosten für 2022 beliefen sich auf insgesamt 48,3 Millionen US-Dollar.

• Gebühren für die Immobilienverwaltung: 12,6 Millionen US-Dollar
• Reparatur- und Wartungskosten: 22,7 Millionen US-Dollar
• Kosten für die Sachversicherung: 13 Millionen US-Dollar

Betriebsgemeinkosten des Unternehmens

Die Betriebskosten des Unternehmens beliefen sich im Jahr 2022 auf 54,1 Millionen US-Dollar.

Overhead-Kategorie	Betrag ($)
Allgemeines und Verwaltung	37,500,000
Mitarbeitervergütung	16,600,000

Zinsaufwendungen und Kapitalfinanzierung

Die gesamten Zinsaufwendungen für 2022 beliefen sich auf 134,2 Millionen US-Dollar.

• Langfristige Schuldenzinsen: 126,8 Millionen US-Dollar
• Zinsen für die Kreditfazilität: 7,4 Millionen US-Dollar

Gesamtkostenstruktur für 2022: 736,6 Millionen US-Dollar

National Retail Properties, Inc. (NNN) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus langfristigen Nettomietverträgen

Stand Q4 2023, berichtete National Retail Properties 267,8 Millionen US-Dollar an den gesamten Mieteinnahmen. Das Portfolio des Unternehmens besteht aus 3.290 Objekte quer 48 Staaten.

Mietmetrik	Wert
Durchschnittliche Mietdauer	14,4 Jahre
Auslastung	99.5%
Gewichtete durchschnittliche verbleibende Leasinglaufzeit	11,1 Jahre

Wertsteigerung von Immobilien

Gesamte Immobilieninvestitionen zum 31. Dezember 2023: 10,3 Milliarden US-Dollar.

• Bruttobuchwert des Immobilienportfolios: 10,1 Milliarden US-Dollar
• Immobilienwertsteigerung im Vergleich zum Vorjahr: 5.2%
• Akquisitionsvolumen im Jahr 2023: 382,5 Millionen US-Dollar

Dividendenausschüttungen an Aktionäre

Dividendenkennzahl	Wert
Jährliche Dividende pro Aktie	$2.08
Dividendenrendite	5.6%
Aufeinanderfolgende Jahre mit Dividendenerhöhungen	34 Jahre

Kapitalgewinne aus strategischen Immobilientransaktionen

Immobilienverkäufe im Jahr 2023: 129,6 Millionen US-Dollar

• Nettogewinne aus Immobilienveräußerungen: 47,3 Millionen US-Dollar
• Durchschnittlicher Immobilienverkaufspreis: 2,8 Millionen US-Dollar

National Retail Properties, Inc. (NNN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why National Retail Properties, Inc. (NNN) is structured the way it is, focusing on what they deliver to their stakeholders-the tenants and the investors. The value proposition is built on stability, minimal hassle, and consistent returns.

Stable, predictable cash flow from long-term leases is the bedrock. National Retail Properties, Inc. locks in revenue streams that are designed to weather economic shifts. The leases are long, which means less turnover and less time spent re-leasing space. For instance, as of September 30, 2025, the portfolio had a weighted average remaining lease term of 10.1 years. When they are acquiring new assets, the weighted average lease term on those Q3 2025 acquisitions was 17.8 years, showing a commitment to locking in long-term revenue visibility.

This stability is directly supported by the minimal landlord operating responsibility via triple-net (NNN) lease structure. In this arrangement, the tenant shoulders the bulk of the property's variable costs. Specifically, the tenant pays for property taxes, building insurance, and all maintenance, including repairs. This shifts operational burdens away from National Retail Properties, Inc., allowing them to focus on capital allocation rather than day-to-day property management, which is a key driver for their passive income model.

For tenants, a major value proposition is the access to capital for tenants through sale-leaseback financing. By selling a property to National Retail Properties, Inc. and immediately leasing it back, a business frees up capital tied in real estate to reinvest in its core operations. This is often attractive to creditworthy tenants who prefer to keep their balance sheets asset-light while securing long-term occupancy. The long lease terms National Retail Properties, Inc. secures, often exceeding 15 years on new deals, provide the tenant with the operational security they need to commit to the sale-leaseback structure.

Risk is managed through significant diversification. National Retail Properties, Inc. doesn't rely too heavily on any single business or industry sector. As of Q3 2025, the portfolio spanned 37 distinct lines of trade and was leased to approximately 400 tenants across all 50 states. This broad exposure helps insulate the overall cash flow from a downturn in any one specific retail segment. Here's a quick look at the portfolio scale and top tenant concentration as of September 30, 2025:

Metric	Value (as of Q3 2025)
Total Properties Owned	3,697
Gross Leasable Area (Approximate)	39.2 million square feet
Occupancy Rate	97.5%
Weighted Average Remaining Lease Term	10.1 years

The top tenant concentration remains manageable:

• 7-Eleven: 4.3% of Annual Base Rent (ABR)
• Mister Car Wash: 3.9% of ABR
• Dave & Buster's: 3.7% of ABR

Finally, the commitment to shareholders is quantified by consistent dividend growth for 36 consecutive years. National Retail Properties, Inc. announced its 36th consecutive annual dividend increase in July 2025. The quarterly dividend declared in July 2025 was $0.60 per share, equating to an annualized dividend of $2.40 per share, which represented a 5.6% annualized dividend yield as of September 30, 2025. This payout is supported by the underlying cash flow, with the Q3 2025 AFFO payout ratio at 70%.

• Dividend Streak: 36 consecutive years of annual increases.
• Latest Quarterly Dividend (as of July 2025): $0.60 per share.
• Annualized Dividend Yield (as of Q3 2025): 5.6%.

Finance: draft 13-week cash view by Friday.

National Retail Properties, Inc. (NNN) - Canvas Business Model: Customer Relationships

You're looking at how National Retail Properties, Inc. (NNN) manages the core of its business: the tenants. For NNN, the relationship isn't transactional; it's about long-term, stable partnerships built on the triple-net lease structure.

Direct, long-term relationships with national and regional tenants

National Retail Properties, Inc. cultivates relationships directly with its tenants, avoiding the complexities of anchor tenants or co-tenancy clauses that can complicate landlord-tenant dynamics. As of September 30, 2025, the portfolio spanned 3,697 properties across all 50 states, leased to more than 400 national and regional tenants operating in over 35 lines of trade. This diversification across many tenants and industries is a direct result of this relationship strategy. The commitment to long-term contracts is clear in the lease duration metrics. As of September 30, 2025, the weighted average remaining lease term stood at 10.1 years. Furthermore, new acquisitions in the third quarter of 2025 were underwritten with a weighted average lease term of 17.8 years, showing a clear preference for locking in decades-long relationships upfront.

This focus on long-term commitment translates directly into stability, evidenced by the company's operational consistency. The occupancy rate remained high, at 97.5% in the third quarter of 2025, with only 2% of the total portfolio vacant as of September 30, 2025.

High-touch engagement for lease renewals and expansion opportunities

The relationship strategy is designed to encourage renewal, which is critical given the long-term nature of the leases. The company's model is built on the expectation that retail operators are more likely to renew at the end of the initial term because they have invested heavily in the single-tenant location. While specific renewal rate data for late 2025 isn't explicitly stated, the company's ability to maintain a high occupancy rate and its 36 consecutive years of annual dividend increases suggest strong tenant retention and successful lease escalations. The company actively seeks expansion opportunities with existing tenants, as seen in its acquisition strategy, which focuses on relationship-based transactions with its current tenant pool.

Dedicated asset management for resolving tenant-specific issues

The triple-net lease structure means tenants are responsible for operating expenses, taxes, and capital expenditures, which minimizes landlord management headaches, but dedicated asset management is still key for relationship health. The internal structure supports this consistency; the average tenure for National Retail Properties, Inc. associates is 10 years, with senior leadership averaging 20 years of tenure. This deep institutional knowledge helps in resolving tenant-specific issues efficiently. Furthermore, rent collections have remained strong, staying in the 99% range. The company monitors tenant financial health regularly, which is a proactive step in managing potential relationship strains before they escalate.

Focus on sophisticated, creditworthy tenants for stability

Stability is achieved by targeting tenants with proven staying power. National Retail Properties, Inc. maintains a BBB+ rating from S&P Global, partly due to its tenant base quality. The portfolio is diversified, but the top 20 tenants still represent 46.8% of the total rent. The company prioritizes sectors with historically stable demand, such as automotive service (17.9% of ABR), convenience stores (16.8%), and restaurants (15.4%) as of the first quarter of 2025. Top individual tenants as of September 30, 2025, include 7-Eleven at 4.3% of Annual Base Rent (ABR), Mister Car Wash at 3.9% ABR, and Dave & Buster's at 3.7% ABR. This focus on established, creditworthy operators, often secured by long-term leases, underpins the relationship strategy.

Here is a snapshot of the tenant base as of late 2025:

Metric	Value	Date/Context
Total Properties Owned	3,697	September 30, 2025
Total Tenants	More than 400	As of Q3 2025
Weighted Average Remaining Lease Term	10.1 years	September 30, 2025
Occupancy Rate	97.5%	Q3 2025
Top 20 Tenants Rent % of Total	46.8%	As of Q3 2025
New Acquisition Weighted Avg. Lease Term	17.8 years	Q3 2025 Acquisitions
Rent Collection Rate	99% range	Recent Quarters

The relationship management at National Retail Properties, Inc. is fundamentally about risk mitigation through long-term contracts with proven operators. You see this in the 10.1-year average remaining term and the high percentage of rent derived from top-tier names.

• Focus on national and regional operators.
• Triple-net lease structure minimizes landlord involvement.
• Long associate tenure supports relationship continuity.
• New leases often secured for 15 to 20 years initially.
• Contractual rent escalations drive internal growth.

National Retail Properties, Inc. (NNN) - Canvas Business Model: Channels

You're looking at how National Retail Properties, Inc. (NNN) gets its properties and capital to the market, which is all about direct action and smart financing. This is how they move product, so to speak.

Direct acquisition team for sourcing off-market deals

The acquisition team is clearly busy, driving a high volume of investment activity that suggests strong sourcing capabilities, often through established channels. Management noted a high level of activity across our acquisition team in the third quarter of 2025. This team focuses on disciplined underwriting and leveraging existing partnerships to secure deals.

• 2025 full-year acquisition volume guidance increased to a range of $850 to $950 million as of Q3 2025.
• For the nine months ended September 30, 2025, National Retail Properties, Inc. closed on $748.0 million of investments.
• Investments in the first half of 2025 totaled $460 million across 127 properties.
• Q3 2025 acquisitions involved $283.0 million invested at an initial cash cap rate of 7.3% with a weighted average lease term of 17.8 years.

Sale-leaseback transactions with existing and new tenants

The company actively uses dispositions, which often stem from sale-leaseback activity with existing or new partners, to recycle capital into higher-yielding assets. They remain committed to a disciplined approach while emphasizing acquisition volume through sale leaseback transactions with our long standing relationships. This channel is key for funding new growth.

Metric	Q3 2025 Activity	YTD (Nine Months) 2025 Activity
Properties Sold	23 properties	Not explicitly stated as total dispositions, but Q2 dispositions were 33 properties.
Total Proceeds from Sales	$41.3 million	Not explicitly stated as total dispositions proceeds.
Proceeds from Income Producing Properties Sold (Q3)	$22.3 million	Not explicitly stated.
Cap Rate on Income Producing Properties Sold (Q3)	5.9%	Not explicitly stated.

To be fair, the Q2 activity showed dispositions of 33 properties, including 14 vacant assets, raising over $65,000,000 in proceeds. Also in Q2, National Retail Properties, Inc. sold seven properties previously leased to a bankrupt furniture retailer and re-leased five of those.

Capital markets for issuing common stock and senior unsecured notes

National Retail Properties, Inc. uses both equity and debt markets to maintain its sector-leading liquidity and fund its investment pipeline. They definitely improved balance sheet flexibility following capital markets activity.

The debt issuance was significant for extending maturity and funding acquisitions:

• Issued $500 million principal amount of 4.600% senior unsecured notes due February 15, 2031, in July 2025.
• The notes were priced at 99.182% of principal, resulting in a yield to maturity of 4.766%.
• Net proceeds were used to repay outstanding credit facility debt and fund future property acquisitions.
• Pro forma for the 2031 Notes, total available liquidity reached $1.4 billion as of June 30, 2025.

Equity issuance was primarily through the at-the-market program:

• In Q3 2025, raised $71.7 million in gross proceeds by issuing 1,670,737 common shares at an average price of $42.89 per share.
• In Q2 2025, raised $10.9 million in gross proceeds from issuing 254,222 common shares at an average price of $43.03 per share.

Investor Relations for communication with shareholders

Investor Relations communicates performance through key financial metrics, guidance updates, and a long-standing commitment to dividend growth. The company ended Q3 2025 with $1.4 billion of total available liquidity and a sector-leading weighted average debt maturity of 10.7 years.

Key financial results and guidance as of the Q3 2025 report:

Metric	Q3 2025 Result	Updated Full-Year 2025 Guidance
Core FFO per Share	$0.85	$3.36 to $3.40
AFFO per Share	$0.86	$3.41 to $3.45
Annualized Base Rent (ABR)	Increased 7.2% over prior-year results.	N/A
Portfolio Size (as of 9/30/2025)	3,697 properties	N/A

The dividend policy is a core communication point:

• Announced a 3.4% increase in the quarterly dividend to $0.60 per share in July 2025.
• This marks 36 consecutive years of annual dividend increases.
• The quarterly dividend represents an annualized dividend yield of 5.6% and a 70% AFFO payout ratio as of Q3 2025.

Finance: draft 13-week cash view by Friday.

National Retail Properties, Inc. (NNN) - Canvas Business Model: Customer Segments

National Retail Properties, Inc. (NNN) serves a customer base comprised of operators seeking to secure real estate assets via net lease structures.

The portfolio as of September 30, 2025, consisted of 3,697 properties across 50 states, leased to approximately 400 tenants operating in 37 different lines of trade. The Annualized Base Rent (ABR) for all leases in place as of September 30, 2025, was $912,218,000.

The customer segments are heavily weighted toward essential service and non-discretionary retail sectors.

• 85% of ABR is derived from tenants in service or non-discretionary sectors.
• Top performing tenant categories include Quick-Service Restaurants (QSR), Auto Parts Stores, Dollar Stores, Medical Retail, and Convenience & Fuel.

The company's largest individual tenants contribute the following percentages to the ABR:

Tenant	Number of Properties	% of ABR (as of 9/30/2025)
7-Eleven	146	4.3%
Mister Car Wash	120	3.9%
Dave & Buster's	34	3.7%
Camping World	46	3.6%

The top 20 tenants accounted for 46.8% of rent as of June 30, 2025.

Retail operators utilize National Retail Properties, Inc. (NNN) for real estate financing solutions, often structured as sale-leaseback transactions. The company secured financing in Q3 2025 by issuing $500,000,000 principal amount of 4.600% senior unsecured notes due 2031, with proceeds intended to repay outstanding credit facility debt and fund future property acquisitions.

National Retail Properties, Inc. (NNN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for National Retail Properties, Inc. (NNN) as of late 2025. For a net-lease REIT like NNN, the cost structure is heavily influenced by financing costs and the relatively low operational overhead due to the lease structure.

Significant interest expense on Gross Debt of $4.95 billion

The cost of capital is a major component here. As of September 30, 2025, National Retail Properties, Inc. reported a Gross Debt level of $4.95 billion. This debt carried a weighted average interest rate of 4.2% at that time. For the third quarter of 2025, the reported Interest Expense on Debt was $53.38M. This debt profile is managed with a sector-leading weighted average debt maturity of 10.7 years as of September 30, 2025, which helps lock in rates and manage refinancing risk.

General and administrative (G&A) expenses, which are low relative to revenue

The triple-net lease structure is designed to keep day-to-day property management costs off the company's books, which keeps G&A low. For the third quarter of 2025, Cash G&A as a percentage of Total Revenues was reported at 3.6%. In a broader view, G&A as a percentage of total revenues was about 5% for the quarter, while the Net Operating Income (NOI) margin stood strong at 98%. Selling and Administration Expenses for the quarter ending September 2025 were $11.06M. Low G&A relative to revenue is a hallmark of this business model; it's defintely a key cost advantage.

Depreciation and amortization expenses

Because real estate assets are not depreciated for tax purposes in the same way as other assets for REITs, this is often excluded from key performance metrics like Funds From Operations (FFO). However, for GAAP reporting, it remains a cost. The 2025 full-year guidance, based on data from late 2024, projected Real estate depreciation and amortization per share to be $1.36 per share.

Property-related expenses for vacant or re-tenanting assets

While triple-net leases shift most property expenses to tenants, National Retail Properties, Inc. still incurs costs for properties that are vacant or undergoing re-tenanting. The 2025 full-year guidance projected Real estate expenses, net of tenant reimbursements, to be in the range of $15 - $16 Million. Occupancy at the end of Q3 2025 was 97.5%, indicating a small portion of the portfolio was incurring these costs. Management has stated that costs associated with vacant properties are generally met with funds from operations and working capital.

Here's a quick look at some of the key financial figures impacting the cost structure as of the latest reported quarter in 2025:

Cost/Metric Category	Financial Number/Amount (Latest Available 2025 Data)
Gross Debt (as of Sep 30, 2025)	$4.95 billion
Weighted Average Interest Rate on Debt (as of Sep 30, 2025)	4.2%
Interest Expense on Debt (Q3 2025)	$53.38M
Selling and Administration Expenses (Q3 2025)	$11.06M
Cash G&A as % of Total Revenues (Q3 2025)	3.6%
Real Estate Expenses, net of tenant reimbursements (2025 Guidance)	$15 - $16 Million
Real estate depreciation and amortization per share (2025 Guidance)	$1.36 per share

The company's ability to maintain a high NOI margin, around 98% for the quarter, shows how effectively the lease structure controls variable operating costs.

Finance: draft 13-week cash view by Friday.

National Retail Properties, Inc. (NNN) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for National Retail Properties, Inc. (NNN) as of late 2025. The business model is built on the predictable nature of triple-net leases, but there are other ways cash flows in, too.

The primary engine is the Annualized Base Rent (ABR) from long-term triple-net leases. This is the recurring, predictable income stream where tenants cover property taxes, insurance, and maintenance. As of September 30, 2025, the ABR for all leases in place stood at $912,218,000.

This rent is generated from a substantial physical footprint. As of the third quarter of 2025, National Retail Properties, Inc. owned a portfolio covering approximately 39.2 million square feet of gross leasable area. The rental income component for the third quarter of 2025 specifically was reported at $229.8 million.

Beyond the base rent, National Retail Properties, Inc. generates revenue from transactional activities and lease adjustments. Lease termination fees are a component of this, with fees totaling $669,000 reported for the third quarter of 2025. Gains on property sales also contribute; for instance, in the second quarter of 2025, the company sold 23 properties for $51.2 million.

Management is actively managing the portfolio to optimize returns, which is reflected in their full-year expectations for property dispositions. The proceeds from property dispositions for the full year 2025 are guided to a range of $170 million to $200 million.

The overall health and expected profitability of the business, which underpins the entire revenue structure, is summarized in the latest guidance metrics. The projected 2025 Core FFO per share (Core Funds From Operations per share) has been raised to a range of $3.36 to $3.40.

Here's a quick look at the key financial metrics driving the revenue picture for 2025:

Revenue Component/Metric	Latest Reported Figure or 2025 Guidance
Annualized Base Rent (ABR) as of 9/30/2025	$912,218,000
Portfolio Gross Leasable Area (as of 9/30/2025)	39.2 million square feet
Q3 2025 Rental Income	$229.8 million
Q3 2025 Lease Termination Fees	$669,000
Full-Year 2025 Disposition Proceeds Guidance	$170 million to $200 million
Projected 2025 Core FFO per Share Guidance	$3.36 to $3.40

The revenue stream is heavily reliant on the stability of the underlying leases, which is why National Retail Properties, Inc. emphasizes the structure of those agreements:

• Leases are predominantly long-term triple-net leases.
• Tenants are responsible for property taxes, insurance, and maintenance.
• The portfolio is highly diversified across 37 lines of trade.

The company is also actively recycling capital through sales, which feeds into the revenue stream via property dispositions. For example, in Q1 2025, 10 properties were sold for net sale proceeds of $15,839 thousand (or $15.839 million).

Finance: review the impact of the $170 million to $200 million disposition target on Q4 2025 cash flow projections by next Tuesday.