National Retail Properties, Inc. (NNN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de National Retail Properties, Inc. (NNN), un fideicomiso de inversión inmobiliaria poderosa que transforma las inversiones de propiedades comerciales en una sinfonía financiera meticulosamente elaborada. Con un enfoque centrado en el láser para las propiedades de arrendamiento neto, NNN ha diseñado un modelo de negocio que entrega estable y previsible flujos de ingresos, que atraen a los inversores que buscan rendimientos confiables en el panorama dinámico de bienes raíces minoristas. Desentrave el intrincado plan de su éxito, donde la adquisición estratégica de propiedades, las relaciones de inquilinos a largo plazo y las estrategias de inversión innovadores convergen para crear una propuesta de valor convincente que distingue a NNN en el mercado competitivo de REIT.

National Retail Properties, Inc. (NNN) - Modelo de negocios: asociaciones clave

Los propietarios de propiedades netas de arrendamiento y fideicomisos de inversión inmobiliaria (REIT)

A partir de 2024, National Retail Properties, Inc. administra una cartera de 3.355 propiedades en 48 estados. La estructura REIT de la compañía implica:

Métrico de asociación	Datos específicos
Recuento total de propiedades	3,355 propiedades
Cobertura geográfica	48 estados de EE. UU.
Tasa de ocupación	99.5%

Empresas de administración de propiedades comerciales

Las asociaciones clave incluyen:

• Marco & Servicios de inversión inmobiliaria de Millichap
• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)

Inquilinos minoristas en varias industrias

Sector industrial	Número de inquilinos	Porcentaje de cartera
Tiendas de conveniencia	274 propiedades	8.2%
Restaurantes	415 propiedades	12.4%
Servicios automotrices	312 propiedades	9.3%

Instituciones financieras y socios del mercado de capitales

National Retail Properties mantiene asociaciones financieras con:

• Banco de América
• Wells Fargo
• JPMorgan Chase

Los detalles de la asociación financiera incluyen:

Métrica financiera	2024 datos
Deuda total	$ 2.1 mil millones
Tasa de interés promedio ponderada	4.2%
Vencimiento de la deuda	7.2 años

National Retail Properties, Inc. (NNN) - Modelo de negocio: actividades clave

Adquirir y gestionar propiedades minoristas de un sineante único

A partir del cuarto trimestre de 2023, National Retail Properties posee 3,355 propiedades en 48 estados, con una inversión total de $ 10.1 mil millones en activos inmobiliarios.

Métrico de propiedad	2023 datos
Propiedades totales	3,355
Inversión inmobiliaria total	$ 10.1 mil millones
Extensión geográfica	48 estados

Gestión de la relación de arrendamiento de propiedades y inquilinos

La compañía mantiene un Tasa de ocupación del 99,2% con un plazo de arrendamiento promedio de 10.4 años.

• Término de arrendamiento promedio ponderado por la cartera de arrendamiento: 10.4 años
• Tasa de ocupación: 99.2%
• Alquiler base anual: $ 693.5 millones

Optimización de la cartera de bienes raíces

Segmento de cartera	Porcentaje
Tiendas de conveniencia	13.6%
Restaurantes	12.5%
Entretenimiento familiar	8.3%
Servicios automáticos	7.2%

Estrategias de inversión y asignación de capital

En 2023, la compañía invirtió $ 570.3 millones en nuevas adquisiciones de propiedades con un tasa de tapa promedio ponderada de 6.7%.

• 2023 Adquisiciones de propiedades: $ 570.3 millones
• Tasa de tapa promedio ponderada: 6.7%
• Fondos de Operaciones (FFO): $ 687.4 millones
• Rendimiento de dividendos: 5.2%

National Retail Properties, Inc. (NNN) - Modelo de negocios: recursos clave

Extensa cartera de propiedades minoristas productoras de ingresos

Al 31 de diciembre de 2023, National Retail Properties posee 3.355 propiedades en 48 estados. Área gruesa total, de 54.1 millones de pies cuadrados. Tasa de ocupación de cartera: 99.5%.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Tiendas de conveniencia	1,252	37.3%
Restaurantes	611	18.2%
Servicios automotrices	425	12.7%

Capital financiero sólido y calificaciones crediticias

Capitalización de mercado: $ 10.2 mil millones. Calificaciones crediticias de grado de inversión: BBB+ de Standard & Pobres, Baa1 de Moody's.

• Activos totales: $ 7.9 mil millones
• Deuda total: $ 3.6 mil millones
• Relación de capitalización de deuda / total: 42.5%

Equipo experimentado de gestión e inversión inmobiliaria

Experiencia de equipo de gestión promedio: 22 años en inversión inmobiliaria. El equipo de liderazgo ejecutivo ha estado con la compañía durante un promedio de 15 años.

Distribución diversa de propiedades geográficas

Región geográfica	Número de propiedades	Porcentaje de cartera
Sudeste	872	26.0%
Suroeste	621	18.5%
Medio oeste	545	16.2%

National Retail Properties, Inc. (NNN) - Modelo de negocio: propuestas de valor

Flujos de ingresos a largo plazo estables y predecibles

A partir del cuarto trimestre de 2023, National Retail Properties demostró un 99.4% Tasa de cobro de alquiler. La compañía mantiene una cartera diversificada con 3.333 propiedades En 48 estados, generando ingresos de alquiler consistentes.

Métrico	Valor
Propiedades totales	3,333
Tarifa de recaudación de alquiler	99.4%
Término de arrendamiento promedio ponderado	12.1 años

Inversiones de propiedad minorista bien ubicadas de alta calidad y bien ubicadas

La cartera de inversiones incluye propiedades en múltiples sectores:

• Tiendas de conveniencia: 16.3%
• Restaurantes: 15.4%
• Servicios automáticos: 12.7%
• Entretenimiento familiar: 10.6%
• Almacén/distribución: 8.9%

Modelo de inversión de bajo riesgo con pagos de dividendos consistentes

National Retail Properties ha mantenido Aumentos de dividendos anuales consecutivos durante 34 años. El rendimiento de dividendos de la compañía a diciembre de 2023 fue 5.82%.

Rendimiento de dividendos	Valor
Aumento de dividendos consecutivos años	34
Rendimiento de dividendos (diciembre de 2023)	5.82%
Dividendo anual por acción	$1.88

Estrategia de inversión inmobiliaria de arrendamiento neto especializado

Las propiedades de arrendamiento neto representan 100% de la cartera de la compañía, con inquilinos responsables de los gastos de propiedad, incluidos impuestos, seguros y mantenimiento.

• Tasa de ocupación: 99.1%
• Diversificación geográfica: 48 estados
• Diversificación de inquilinos: más de 500 inquilinos individuales

National Retail Properties, Inc. (NNN) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos nacionales y regionales

A partir del cuarto trimestre de 2023, National Retail Properties mantiene una cartera de 3.272 propiedades en 48 estados, con un plazo de arrendamiento promedio de 14.4 años. La base del inquilino incluye:

Tipo de inquilino	Porcentaje de cartera
Tiendas de conveniencia	16.7%
Restaurantes	15.5%
Servicios automáticos	12.3%
Tiendas minoristas	11.9%

Gestión de propiedades proactivas y soporte de inquilinos

Las métricas clave de soporte de inquilinos incluyen:

• Tasa de ocupación: 99.2%
• Tasa de retención de inquilinos: 94.3%
• Inversión anual de mantenimiento de propiedades: $ 12.4 millones

Información financiera regular y comunicaciones de inversores

Detalles de informes financieros:

Frecuencia de informes	Canales de comunicación
Llamadas de ganancias trimestrales	4 veces al año
Día anual de los inversores	1 vez por año
Presentaciones de inversores	Actualizaciones digitales en curso

Seguimiento de rendimiento de inversión transparente

Métricas de seguimiento de rendimiento:

• Rendimiento de dividendos: 5.6%
• Fondos de Operaciones (FFO): $ 2.15 por acción en 2023
• Retorno total de los accionistas: 12.3% en 2023

National Retail Properties, Inc. (NNN) - Modelo de negocios: canales

Relaciones directas de inversores

National Retail Properties, Inc. mantiene las relaciones directas de los inversores a través de múltiples canales:

• Número de teléfono de contacto del inversor: (407) 265-7348
• Correo electrónico de inversionista: investorrelations@nnnreit.com
• Equipo dedicado de relaciones con inversores con 3 profesionales a tiempo completo

Listados del mercado de valores

Intercambio	Símbolo de ticker	Fecha de listado
Bolsa de Nueva York (NYSE)	Nnn	1984

Conferencias financieras y presentaciones de inversores

Participación anual en conferencias financieras clave:

• Conferencia anual de Nareit ReitWorld
• Conferencia de Propiedad Global Citi
• Conferencia de bienes raíces globales del Bank of America

Conferencia	Frecuencia	Formato de presentación
Ganancias llamadas trimestrales	4 veces al año	Transmisión web y teleconferencia

Plataformas digitales y sitio web corporativo

Canales de comunicación de inversores digitales:

• Sitio web corporativo: www.nnnreit.com
• Sección de relaciones con los inversores con informes financieros descargables
• SEC Archivos de presentación
• Seguimiento del precio de las acciones en tiempo real

Plataforma digital	Visitantes únicos mensuales	Disponibilidad de contenido
Sitio web de relaciones con los inversores	42,500	Acceso 24/7

National Retail Properties, Inc. (NNN) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, National Retail Properties tiene $ 7.2 mil millones en capitalización total de mercado que atrae inversores institucionales.

Propiedad institucional	Porcentaje
Propiedad institucional total	89.4%
Los principales titulares institucionales	Vanguard Group Inc.
Valor de inversión institucional	$ 6.43 mil millones

Fondos de inversión inmobiliaria

National Retail Properties atiende múltiples fondos de inversión inmobiliaria con estrategias especializadas de REIT.

• Fondos de inversión centrados en REIT
• Fondos de cartera de bienes raíces diversificadas
• Fondos de inversión orientados a los ingresos

Inversores minoristas individuales

Métricas de inversores individuales	Valor
Rendimiento de dividendos	5.62%
Precio de las acciones (a partir de 2024)	$43.75
Porcentaje de accionistas individuales	10.6%

Profesionales de inversión de alto nivel de red

Las propiedades minoristas nacionales atraen a profesionales de alto valor de la red a través de un rendimiento consistente.

Métricas de rendimiento de la inversión	Valor
Aumentos de dividendos anuales consecutivos	33 años
Rendimiento total anual promedio (10 años)	11.2%
Cartera de inversiones totales	$ 10.1 mil millones

National Retail Properties, Inc. (NNN) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del informe anual de 2022, National Retail Properties invirtió $ 465.5 millones en propiedades inmobiliarias. Los costos totales de adquisición de propiedades para el año fueron de aproximadamente $ 484.2 millones.

Categoría de gastos	Monto ($)
Precio de compra de la propiedad	465,500,000
Costos de transacción de adquisición	18,700,000

Costos de mantenimiento y gestión de la propiedad

Los gastos operativos de propiedad anual para 2022 totalizaron $ 48.3 millones.

• Tarifas de administración de propiedades: $ 12.6 millones
• Gastos de reparación y mantenimiento: $ 22.7 millones
• Costos de seguro de propiedad: $ 13 millones

Sobrecarga operativa corporativa

Los gastos operativos corporativos para 2022 fueron de $ 54.1 millones.

Categoría de gastos generales	Monto ($)
General y administrativo	37,500,000
Compensación de empleados	16,600,000

Gastos de intereses y financiamiento de capital

Los gastos de intereses totales para 2022 fueron de $ 134.2 millones.

• Intereses de la deuda a largo plazo: $ 126.8 millones
• Interés de la facilidad de crédito: $ 7.4 millones

Estructura de costos totales para 2022: $ 736.6 millones

National Retail Properties, Inc. (NNN) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de contratos de arrendamiento neto a largo plazo

A partir del cuarto trimestre de 2023, informó National Retail Properties $ 267.8 millones En ingresos totales de alquiler. La cartera de la compañía consiste en 3,290 propiedades al otro lado de 48 estados.

Métrico de arrendamiento	Valor
Término de arrendamiento promedio	14.4 años
Tasa de ocupación	99.5%
Término de arrendamiento promedio ponderado restante	11.1 años

Apreciación del valor de la propiedad

Inversiones inmobiliarias totales al 31 de diciembre de 2023: $ 10.3 mil millones.

• Propiedad Portafolio Gross Book Valor: $ 10.1 mil millones
• Aumento de valor de propiedad año tras año: 5.2%
• Volumen de adquisición en 2023: $ 382.5 millones

Distribuciones de dividendos a los accionistas

Métrico de dividendos	Valor
Dividendo anual por acción	$2.08
Rendimiento de dividendos	5.6%
Años consecutivos de dividendos	34 años

Ganancias de capital de transacciones de propiedades estratégicas

Ventas de propiedades en 2023: $ 129.6 millones

• Ganancias netas de las disposiciones de la propiedad: $ 47.3 millones
• Precio promedio de venta de propiedades: $ 2.8 millones

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.