National Retail Properties, Inc. (NNN): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da National Retail Properties, Inc. (NNN), uma confiança de investimento imobiliário Powerhouse que transforma investimentos em propriedades comerciais em uma sinfonia financeira meticulosamente criada. Com uma abordagem focada em laser para as propriedades de arrendamento de rede, a NNN projetou um modelo de negócios que entrega estável e previsível Fluxos de renda, atraindo investidores que buscam retornos confiáveis ​​no cenário dinâmico dos imóveis de varejo. Desvenda o intrincado plano de seu sucesso, onde a aquisição estratégica de propriedades, relações de inquilinos de longo prazo e estratégias inovadoras de investimento convergem para criar uma proposta de valor convincente que diferencia a NNN no mercado competitivo do REIT.

National Retail Properties, Inc. (NNN) - Modelo de negócios: Parcerias -chave

Proprietários de imóveis para arrendamento líquido e fundos de investimento imobiliário (REITs)

A partir de 2024, a National Retail Properties, Inc. gerencia um portfólio de 3.355 propriedades em 48 estados. A estrutura REIT da empresa envolve:

Métrica de Parceria	Dados específicos
Contagem total de propriedades	3.355 propriedades
Cobertura geográfica	48 Estados dos EUA
Taxa de ocupação	99.5%

Empresas de gerenciamento de propriedades comerciais

As principais parcerias incluem:

• Marcus & Serviços de investimento imobiliário de Millichap
• CBRE Group, Inc.
• JLL (Jones Lang Lasalle)

Inquilinos de varejo em vários setores

Setor da indústria	Número de inquilinos	Porcentagem de portfólio
Lojas de conveniência	274 propriedades	8.2%
Restaurantes	415 Propriedades	12.4%
Serviços automotivos	312 Propriedades	9.3%

Instituições financeiras e parceiros do mercado de capitais

As propriedades nacionais de varejo mantêm parcerias financeiras com:

• Bank of America
• Wells Fargo
• JPMorgan Chase

Os detalhes da parceria financeira incluem:

Métrica financeira	2024 dados
Dívida total	US $ 2,1 bilhões
Taxa de juros médio ponderada	4.2%
Maturidade da dívida	7,2 anos

National Retail Properties, Inc. (NNN) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar propriedades de varejo de inquilinos únicos

A partir do quarto trimestre de 2023, a National Retail Properties possui 3.355 propriedades em 48 estados, com um investimento total de US $ 10,1 bilhões em ativos imobiliários.

Métrica de propriedade	2023 dados
Propriedades totais	3,355
Investimento imobiliário total	US $ 10,1 bilhões
Propagação geográfica	48 estados

Leasing de propriedades e gerenciamento de relacionamento inquilino

A empresa mantém um 99,2% da taxa de ocupação com um prazo médio de arrendamento de 10,4 anos.

• Portfólio de arrendamento Ponteiro de arrendamento médio: 10,4 anos
• Taxa de ocupação: 99,2%
• Aluguel de base anual: US $ 693,5 milhões

Otimização do portfólio imobiliário

Segmento de portfólio	Percentagem
Lojas de conveniência	13.6%
Restaurantes	12.5%
Entretenimento familiar	8.3%
Serviços de automóveis	7.2%

Estratégias de investimento e alocação de capital

Em 2023, a empresa investiu US $ 570,3 milhões em novas aquisições de propriedades com um Taxa média de tampa média de 6,7%.

• 2023 Aquisições de propriedade: US $ 570,3 milhões
• Taxa média ponderada de tampa: 6,7%
• Fundos das operações (FFO): US $ 687,4 milhões
• Rendimento de dividendos: 5,2%

National Retail Properties, Inc. (NNN) - Modelo de negócios: Recursos -chave

Extenso portfólio de propriedades de varejo produtoras de renda

Em 31 de dezembro de 2023, a National Retail Properties possui 3.355 propriedades em 48 estados. Área total de arrepio bruto: 54,1 milhões de pés quadrados. Taxa de ocupação de portfólio: 99,5%.

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Lojas de conveniência	1,252	37.3%
Restaurantes	611	18.2%
Serviços automotivos	425	12.7%

Fortes classificações de capital financeiro e crédito

Capitalização de mercado: US $ 10,2 bilhões. Classificações de crédito de grau de investimento: BBB+ do padrão & Poor's, Baa1 da Moody's.

• Total de ativos: US $ 7,9 bilhões
• Dívida total: US $ 3,6 bilhões
• Índice de capitalização dívida / total: 42,5%

Equipe experiente de gestão e investimento imobiliário

Experiência média da equipe de gerenciamento: 22 anos em investimento imobiliário. A equipe de liderança executiva está na empresa há uma média de 15 anos.

Distribuição diversificada de propriedades geográficas

Região geográfica	Número de propriedades	Porcentagem de portfólio
Sudeste	872	26.0%
Sudoeste	621	18.5%
Centro -Oeste	545	16.2%

National Retail Properties, Inc. (NNN) - Modelo de negócios: proposições de valor

Fluxos estáveis ​​e previsíveis de renda de longo prazo

A partir do quarto trimestre 2023, as propriedades nacionais de varejo demonstraram um 99,4% de taxa de cobrança de aluguel. A empresa mantém um portfólio diversificado com 3.333 propriedades em 48 estados, gerando renda consistente de aluguel.

Métrica	Valor
Propriedades totais	3,333
Taxa de cobrança de aluguel	99.4%
Termo de arrendamento médio ponderado	12,1 anos

Investimentos de propriedade de alta qualidade e bem localizados

O portfólio de investimentos inclui propriedades em vários setores:

• Lojas de conveniência: 16,3%
• Restaurantes: 15,4%
• Serviços de automóveis: 12,7%
• Entretenimento familiar: 10,6%
• Armazém/distribuição: 8,9%

Modelo de investimento de baixo risco com pagamentos de dividendos consistentes

As propriedades nacionais de varejo mantiveram Os dividendos anuais consecutivos aumentam por 34 anos. O rendimento de dividendos da empresa em dezembro de 2023 foi 5.82%.

Desempenho de dividendos	Valor
Dividendos consecutivos aumentam anos	34
Rendimento de dividendos (dezembro de 2023)	5.82%
Dividendo anual por ação	$1.88

Estratégia de investimento imobiliário de arrendamento líquido especializado

As propriedades de arrendamento líquidas representam 100% do portfólio da empresa, com inquilinos responsáveis ​​pelas despesas de propriedade, incluindo impostos, seguros e manutenção.

• Taxa de ocupação: 99,1%
• Diversificação geográfica: 48 estados
• Diversificação de inquilinos: mais de 500 inquilinos individuais

National Retail Properties, Inc. (NNN) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com inquilinos nacionais e regionais

A partir do quarto trimestre de 2023, as propriedades nacionais de varejo mantêm um portfólio de 3.272 propriedades em 48 estados, com um prazo médio de arrendamento de 14,4 anos. A base do inquilino inclui:

Tipo de inquilino	Porcentagem de portfólio
Lojas de conveniência	16.7%
Restaurantes	15.5%
Serviços de automóveis	12.3%
Lojas de varejo	11.9%

Gerenciamento de propriedades proativas e suporte de inquilino

As principais métricas de suporte do inquilino incluem:

• Taxa de ocupação: 99,2%
• Taxa de retenção de inquilinos: 94,3%
• Investimento anual de manutenção de propriedades: US $ 12,4 milhões

Relatórios financeiros regulares e comunicações de investidores

Detalhes dos relatórios financeiros:

Frequência de relatório	Canais de comunicação
Chamadas de ganhos trimestrais	4 vezes por ano
Dia do Investidor Anual	1 tempo por ano
Apresentações de investidores	Atualizações digitais em andamento

Rastreamento de desempenho de investimento transparente

Métricas de rastreamento de desempenho:

• Rendimento de dividendos: 5,6%
• Fundos das operações (FFO): US $ 2,15 por ação em 2023
• Retorno total do acionista: 12,3% em 2023

National Retail Properties, Inc. (NNN) - Modelo de negócios: canais

Relações diretas dos investidores

A National Retail Properties, Inc. mantém as relações diretas dos investidores por meio de vários canais:

• Número de telefone de contato do investidor: (407) 265-7348
• E -mail do investidor: investtorrelations@nnnreit.com
• Equipe dedicada de relações com investidores com 3 profissionais em tempo integral

Listagens do mercado de ações

Intercâmbio	Símbolo do ticker	Data de listagem
Bolsa de Valores de Nova York (NYSE)	Nnn	1984

Conferências financeiras e apresentações de investidores

Participação anual em conferências financeiras importantes:

• Conferência Anual de Nareit Reitworld
• Conferência de Propriedade Global do Citi
• Conferência Real Estate Global do Bank of America

Conferência	Freqüência	Formato de apresentação
Ganhos trimestrais	4 vezes por ano	Webcast e teleconferência

Plataformas digitais e site corporativo

Canais de comunicação de investidores digitais:

• Site corporativo: www.nnreit.com
• Seção de relações com investidores com relatórios financeiros para download
• Arquivos de arquivamento da SEC
• Rastreamento de preços das ações em tempo real

Plataforma digital	Visitantes únicos mensais	Disponibilidade de conteúdo
Site de Relações com Investidores	42,500	Acesso 24/7

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

Investidores institucionais

A partir do quarto trimestre de 2023, a National Retail Properties tem US $ 7,2 bilhões em capitalização de mercado total, atraindo investidores institucionais.

Propriedade institucional	Percentagem
Propriedade institucional total	89.4%
Principais detentores institucionais	Vanguard Group Inc.
Valor institucional de investimento	US $ 6,43 bilhões

Fundos de investimento imobiliário

A National Retail Properties serve a vários fundos de investimento imobiliário com estratégias REIT especializadas.

• Fundos de investimento focados em REIT
• Fundos diversificados de portfólio imobiliário
• Fundos de investimento orientados a renda

Investidores de varejo individuais

Métricas de investidores individuais	Valor
Rendimento de dividendos	5.62%
Preço das ações (a partir de 2024)	$43.75
Porcentagem individual do acionista	10.6%

Profissionais de investimento de alta rede

As propriedades nacionais de varejo atraem profissionais de alta rede por meio de desempenho consistente.

Métricas de desempenho de investimento	Valor
Os dividendos anuais consecutivos aumentam	33 anos
Retorno total médio anual (10 anos)	11.2%
Portfólio total de investimentos	US $ 10,1 bilhões

National Retail Properties, Inc. (NNN) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir de 2022, o Relatório Anual, a National Retail Properties investiu US $ 465,5 milhões em propriedades imobiliárias. Os custos totais de aquisição de propriedades para o ano foram de aproximadamente US $ 484,2 milhões.

Categoria de despesa	Valor ($)
Preço de compra de propriedade	465,500,000
Custos de transação de aquisição	18,700,000

Custos de manutenção e gerenciamento de propriedades

As despesas operacionais anuais de propriedade para 2022 totalizaram US $ 48,3 milhões.

• Taxas de gerenciamento de propriedades: US $ 12,6 milhões
• Despesas de reparo e manutenção: US $ 22,7 milhões
• Custos de seguro de propriedade: US $ 13 milhões

Overtite operacional corporativo

As despesas operacionais corporativas para 2022 foram de US $ 54,1 milhões.

Categoria de sobrecarga	Valor ($)
Geral e Administrativo	37,500,000
Compensação dos funcionários	16,600,000

Despesas de juros e financiamento de capital

As despesas totais de juros para 2022 foram de US $ 134,2 milhões.

• Juros de dívida de longo prazo: US $ 126,8 milhões
• Interesses da linha de crédito: US $ 7,4 milhões

Estrutura de custo total para 2022: US $ 736,6 milhões

National Retail Properties, Inc. (NNN) - Modelo de negócios: fluxos de receita

Receita de aluguel de acordos de arrendamento líquido de longo prazo

A partir do quarto trimestre 2023, as propriedades nacionais de varejo relataram US $ 267,8 milhões em receitas totais de aluguel. O portfólio da empresa consiste em 3.290 propriedades entre 48 estados.

Métrica de arrendamento	Valor
Termo de arrendamento médio	14,4 anos
Taxa de ocupação	99.5%
Termo de arrendamento restante médio ponderado	11,1 anos

Valorização do valor da propriedade

Total de investimentos imobiliários em 31 de dezembro de 2023: US $ 10,3 bilhões.

• Portfólio de propriedades Valor contábil bruto: US $ 10,1 bilhões
• Aumento do valor da propriedade ano a ano: 5.2%
• Volume de aquisição em 2023: US $ 382,5 milhões

Distribuições de dividendos aos acionistas

Métrica de dividendos	Valor
Dividendo anual por ação	$2.08
Rendimento de dividendos	5.6%
Anos consecutivos de dividendos aumentam	34 anos

Ganhos de capital de transações estratégicas de propriedades

Vendas de propriedades em 2023: US $ 129,6 milhões

• Ganhos líquidos de disposições de propriedade: US $ 47,3 milhões
• Preço médio de venda de propriedades: US $ 2,8 milhões

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.