National Retail Properties, Inc. (NNN): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de National Retail Properties, Inc. (NNN), une fiducie d'investissement immobilier puissant qui transforme les investissements immobiliers commerciaux en une symphonie financière méticuleusement conçue. Avec une approche au laser des propriétés de bail net, NNN a conçu un modèle commercial qui offre écurie et prévisible Fluents de revenus, attirant des investisseurs à la recherche de rendements fiables dans le paysage dynamique de l'immobilier de la vente au détail. Déstaurer le plan complexe de leur succès, où l'acquisition de propriétés stratégiques, les relations à long terme des locataires et les stratégies d'investissement innovantes convergent pour créer une proposition de valeur convaincante qui distingue NNN sur le marché concurrentiel des FPI.

National Retail Properties, Inc. (NNN) - Modèle commercial: partenariats clés

Les propriétaires fonciers de location nette et les fiducies d'investissement immobilier (FPI)

En 2024, National Retail Properties, Inc. gère un portefeuille de 3 355 propriétés dans 48 États. La structure des FPI de l'entreprise implique:

Métrique de partenariat	Données spécifiques
Nombre total de biens	3 355 propriétés
Couverture géographique	48 États américains
Taux d'occupation	99.5%

Sociétés de gestion immobilière commerciale

Les partenariats clés comprennent:

• Marcus & Services d'investissement immobilier de Millichap
• CBRE Group, Inc.
• Jll (Jones Lang Lasalle)

Les locataires de détail dans divers industries

Secteur de l'industrie	Nombre de locataires	Pourcentage de portefeuille
Dépanneurs	274 propriétés	8.2%
Restaurants	415 propriétés	12.4%
Services automobiles	312 propriétés	9.3%

Institutions financières et partenaires du marché des capitaux

Les propriétés nationales de vente au détail maintient des partenariats financiers avec:

• Banque d'Amérique
• Wells Fargo
• JPMorgan Chase

Les détails du partenariat financier comprennent:

Métrique financière	2024 données
Dette totale	2,1 milliards de dollars
Taux d'intérêt moyen pondéré	4.2%
Maturité de la dette	7,2 ans

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: activités clés

Acquérir et gérer les propriétés de vente au détail à location unique

Au quatrième trimestre 2023, National Retail Properties possède 3 355 propriétés dans 48 États, avec un investissement total de 10,1 milliards de dollars en actifs immobiliers.

Métrique immobilière	2023 données
Propriétés totales	3,355
Investissement total immobilier	10,1 milliards de dollars
Propagation géographique	48 États

Location immobilière et gestion des relations des locataires

La société maintient un Taux d'occupation de 99,2% avec une durée de location moyenne de 10,4 ans.

• Terme de location moyenne du portefeuille de location Portefeuille: 10,4 ans
• Taux d'occupation: 99,2%
• Loyer de base annuel: 693,5 millions de dollars

Optimisation du portefeuille immobilier

Segment de portefeuille	Pourcentage
Dépanneurs	13.6%
Restaurants	12.5%
Divertissement familial	8.3%
Services automobiles	7.2%

Stratégies d'investissement et d'allocation des capitaux

En 2023, la Société a investi 570,3 millions de dollars d'acquisitions de nouvelles propriétés avec un Taux de plafond moyen pondéré de 6,7%.

• 2023 Acquisitions de propriétés: 570,3 millions de dollars
• Taux de plafond moyen pondéré: 6,7%
• Fonds des opérations (FFO): 687,4 millions de dollars
• Rendement des dividendes: 5,2%

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie de propriétés de vente au détail productrices de revenus

Au 31 décembre 2023, National Retail Properties possède 3 355 propriétés dans 48 États. Zone le moins brute totale: 54,1 millions de pieds carrés. Taux d'occupation du portefeuille: 99,5%.

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Dépanneurs	1,252	37.3%
Restaurants	611	18.2%
Services automobiles	425	12.7%

Solides notations financières et de crédit

Capitalisation boursière: 10,2 milliards de dollars. Notes de crédit de qualité investissement: BBB + de la norme & Poor's, Baa1 de Moody's.

• Actif total: 7,9 milliards de dollars
• Dette totale: 3,6 milliards de dollars
• Ratio de capitalisation de la dette / totale: 42,5%

Équipe de gestion expérimentée et d'investissement immobilier

Expérience en équipe de gestion moyenne: 22 ans d'investissement immobilier. L'équipe de leadership exécutif fait partie de l'entreprise depuis 15 ans en moyenne.

Distribution diversifiée de propriétés géographiques

Région géographique	Nombre de propriétés	Pourcentage de portefeuille
Au sud-est	872	26.0%
Sud-ouest	621	18.5%
Midwest	545	16.2%

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: propositions de valeur

Slemes de revenus à long terme stables et prévisibles

Depuis le quatrième trimestre 2023, les propriétés nationales de vente au détail ont démontré un Taux de collecte de loyer à 99,4%. La société maintient un portefeuille diversifié avec 3 333 propriétés Dans 48 États, générant des revenus de location cohérents.

Métrique	Valeur
Propriétés totales	3,333
Taux de collecte de loyers	99.4%
Terme de location moyenne pondérée	12.1 ans

Investissements immobiliers au détail de haute qualité et bien situés

Le portefeuille d'investissement comprend des propriétés sur plusieurs secteurs:

• Dépanneurs: 16,3%
• Restaurants: 15,4%
• Services automobiles: 12,7%
• Divertissement familial: 10,6%
• Entrepôt / distribution: 8,9%

Modèle d'investissement à faible risque avec des paiements de dividendes cohérents

National Retail Properties a maintenu Des dividendes annuels consécutifs augmentent de 34 ans. Le rendement des dividendes de l'entreprise en décembre 2023 était 5.82%.

Performance de dividendes	Valeur
Dividendes consécutifs Augmentation des années	34
Rendement des dividendes (décembre 2023)	5.82%
Dividende annuel par action	$1.88

Stratégie d'investissement immobilier spécialisée sur le bail net

Les propriétés de location nettes représentent 100% du portefeuille de l'entreprise, avec les locataires responsables des frais de propriété, y compris les taxes, l'assurance et l'entretien.

• Taux d'occupation: 99,1%
• Diversification géographique: 48 États
• Diversification des locataires: plus de 500 locataires individuels

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: Relations clients

Accords de location à long terme avec des locataires nationaux et régionaux

Depuis le quatrième trimestre 2023, les propriétés nationales de vente au détail maintient un portefeuille de 3 272 propriétés dans 48 États, avec une durée de location moyenne de 14,4 ans. La base des locataires comprend:

Type de locataire	Pourcentage de portefeuille
Dépanneurs	16.7%
Restaurants	15.5%
Services automobiles	12.3%
Magasins de détail	11.9%

Gestion immobilière proactive et soutien aux locataires

Les mesures de support des locataires clés comprennent:

• Taux d'occupation: 99,2%
• Taux de rétention des locataires: 94,3%
• Investissement annuel sur la maintenance immobilière: 12,4 millions de dollars

Rapports financiers réguliers et communications des investisseurs

Détails de l'information financière:

Fréquence de rapport	Canaux de communication
Appels de résultats trimestriels	4 fois par an
Journée annuelle des investisseurs	1 fois par an
Présentations des investisseurs	Mises à jour numériques en cours

Suivi des performances d'investissement transparent

Mesures de suivi des performances:

• Rendement des dividendes: 5,6%
• Fonds des opérations (FFO): 2,15 $ par action en 2023
• Retour total des actionnaires: 12,3% en 2023

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: canaux

Relations avec les investisseurs directs

National Retail Properties, Inc. entretient des relations directes sur les investisseurs à travers plusieurs canaux:

• Numéro de téléphone de contact des investisseurs: (407) 265-7348
• Courriel des investisseurs: investirrémations@nnnreit.com
• Équipe de relations avec les investisseurs dévoués avec 3 professionnels à temps plein

Listes de bourses

Échange	Symbole de ticker	Date d'inscription
Bourse de New York (NYSE)	Nnn	1984

Conférences financières et présentations des investisseurs

Participation annuelle à des conférences financières clés:

• Conférence annuelle de Nareit Reitworld
• Citi Global Property Conference
• Conférence immobilière mondiale de Bank of America

Conférence	Fréquence	Format de présentation
Recents des appels trimestriels	4 fois par an	Webdiffusion et téléconférence

Plateformes numériques et site Web d'entreprise

Canaux de communication des investisseurs numériques:

• Site Web de l'entreprise: www.nnnreit.com
• Section Relations des investisseurs avec des rapports financiers téléchargeables
• Archives de classement de la SEC
• Suivi du cours des actions en temps réel

Plate-forme numérique	Visiteurs uniques mensuels	Disponibilité du contenu
Site Web de relations avec les investisseurs	42,500	Accès 24/7

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, National Retail Properties a 7,2 milliards de dollars de capitalisation boursière totale, attirant des investisseurs institutionnels.

Propriété institutionnelle	Pourcentage
Propriété institutionnelle totale	89.4%
Meilleurs titulaires institutionnels	Vanguard Group Inc.
Valeur d'investissement institutionnelle	6,43 milliards de dollars

Fonds d'investissement immobilier

National Retail Properties sert plusieurs fonds d'investissement immobilier avec des stratégies de FPI spécialisées.

• Fonds d'investissement axé sur les REI
• Fonds de portefeuille immobilier diversifié
• Fonds d'investissement orientés vers le revenu

Investisseurs de détail individuels

Métriques des investisseurs individuels	Valeur
Rendement des dividendes	5.62%
Prix ​​de l'action (à partir de 2024)	$43.75
Pourcentage d'actionnaire individuel	10.6%

Professionnels d'investissement à haute teneur

Les propriétés nationales de vente au détail attirent des professionnels à haute naissance grâce à des performances cohérentes.

Métriques de performance d'investissement	Valeur
Augmentation du dividende annuel consécutif	33 ans
Rendement total annuel moyen (10 ans)	11.2%
Portefeuille d'investissement total	10,1 milliards de dollars

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

À partir du rapport annuel de 2022, National Retail Properties a investi 465,5 millions de dollars dans les propriétés immobilières. Les coûts totaux d'acquisition de biens pour l'année étaient d'environ 484,2 millions de dollars.

Catégorie de dépenses	Montant ($)
Prix ​​d'achat de la propriété	465,500,000
Coûts de transaction d'acquisition	18,700,000

Coûts de maintenance et de gestion des biens

Les dépenses d'exploitation annuelles pour 2022 ont totalisé 48,3 millions de dollars.

• Frais de gestion immobilière: 12,6 millions de dollars
• Frais de réparation et d'entretien: 22,7 millions de dollars
• Coûts d'assurance immobilière: 13 millions de dollars

Avergures opérationnelles de l'entreprise

Les dépenses opérationnelles des entreprises pour 2022 étaient de 54,1 millions de dollars.

Catégorie aérienne	Montant ($)
Général et administratif	37,500,000
Compensation des employés	16,600,000

Frais d'intérêt et financement des capitaux

Les frais d'intérêt total pour 2022 étaient de 134,2 millions de dollars.

• Intérêt de dette à long terme: 126,8 millions de dollars
• Intérêt de facilité de crédit: 7,4 millions de dollars

Structure totale des coûts pour 2022: 736,6 millions de dollars

National Retail Properties, Inc. (NNN) - Modèle d'entreprise: Strots de revenus

Revenu locatif des accords de location nets à long terme

Depuis le quatrième trimestre 2023, les propriétés nationales de vente au détail ont rapporté 267,8 millions de dollars dans le total des revenus de location. Le portefeuille de la société est composé de 3 290 propriétés à travers 48 États.

Métrique de location	Valeur
Terme de location moyenne	14,4 ans
Taux d'occupation	99.5%
Terme de location restante moyenne pondérée	11.1 ans

Appréciation de la valeur de la propriété

Investissements immobiliers totaux au 31 décembre 2023: 10,3 milliards de dollars.

• Portefeuille de propriétés Valeur comptable brute: 10,1 milliards de dollars
• Augmentation de la valeur de la propriété d'une année sur l'autre: 5.2%
• Volume d'acquisition en 2023: 382,5 millions de dollars

Distributions de dividendes aux actionnaires

Métrique du dividende	Valeur
Dividende annuel par action	$2.08
Rendement des dividendes	5.6%
Des années consécutives d'augmentation des dividendes	34 ans

Gains en capital des transactions immobilières stratégiques

Ventes de propriétés en 2023: 129,6 millions de dollars

• Gains nets des dispositions de propriété: 47,3 millions de dollars
• Prix ​​moyen de vente de la propriété: 2,8 millions de dollars

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.