National Retail Properties, Inc. (NYSE: NNN), commonly known as NNN REIT, is a publicly traded real estate investment trust specializing in the acquisition, ownership and management of single‐tenant retail properties across the United States. The company’s core business model involves securing long‐term, net leases with credit‐worthy tenants, under which tenants are generally responsible for property operating expenses, maintenance and insurance. This structure aims to provide predictable cash flows and capital preservation for investors.
NNN REIT’s diversified portfolio comprises over 3,000 properties in more than 40 states, with a focus on convenience‐based retail, automotive service centers, dollar and discount outlets, and select healthcare and professional service assets. Its tenant roster features a mix of national, regional and local operators, including essential service providers such as pharmacies, grocery stores and quick‐service restaurants. By targeting single‐tenant assets in well‐established trade areas, the company seeks to mitigate vacancy risk and benefit from stable income streams.
Founded in 1984 and structured as a REIT since the late 1990s, NNN REIT has grown through disciplined underwriting and opportunistic acquisitions, emphasizing properties with strong demographic characteristics and favorable lease terms. The company maintains an active approach to asset management, periodically reviewing lease expirations and credit profiles to ensure alignment with long-term strategic objectives. This track record of acquisition and portfolio optimization underpins its reputation in the net‐lease sector.
NNN REIT is internally managed by a leadership team with deep experience in real estate investment and operations. Chief Executive Officer Dolf Berle, who has helmed the company since 2005, is supported by dedicated departments overseeing capital markets, property oversight and legal affairs. Together, the management team focuses on disciplined capital allocation, tenant diversification and maintaining a robust balance sheet to support sustainable growth and shareholder value over time.
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