National Retail Properties Inc
NNN REIT, Inc. invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years. NNN is one of on… Read more
National Retail Properties Inc (NNN) - Net Assets
Latest net assets as of December 2025: $4.41 Billion USD
Based on the latest financial reports, National Retail Properties Inc (NNN) has net assets worth $4.41 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($9.38 Billion) and total liabilities ($4.97 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $4.41 Billion |
| % of Total Assets | 47.0% |
| Annual Growth Rate | 11.84% |
| 5-Year Change | 12.99% |
| 10-Year Change | 12.54% |
| Growth Volatility | 19.06 |
National Retail Properties Inc - Net Assets Trend (1994–2025)
This chart illustrates how National Retail Properties Inc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for National Retail Properties Inc (1994–2025)
The table below shows the annual net assets of National Retail Properties Inc from 1994 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $4.41 Billion | +1.06% |
| 2024-12-31 | $4.36 Billion | +4.93% |
| 2023-12-31 | $4.16 Billion | +0.82% |
| 2022-12-31 | $4.12 Billion | +5.69% |
| 2021-12-31 | $3.90 Billion | -9.67% |
| 2020-12-31 | $4.32 Billion | -0.29% |
| 2019-12-31 | $4.33 Billion | +4.26% |
| 2018-12-31 | $4.15 Billion | +8.17% |
| 2017-12-31 | $3.84 Billion | -1.94% |
| 2016-12-31 | $3.92 Billion | +17.19% |
| 2015-12-31 | $3.34 Billion | +8.41% |
| 2014-12-31 | $3.08 Billion | +10.97% |
| 2013-12-31 | $2.78 Billion | +20.92% |
| 2012-12-31 | $2.30 Billion | +14.66% |
| 2011-12-31 | $2.00 Billion | +31.08% |
| 2010-12-31 | $1.53 Billion | -2.43% |
| 2009-12-31 | $1.57 Billion | +1.52% |
| 2008-12-31 | $1.54 Billion | +9.49% |
| 2007-12-31 | $1.41 Billion | +28.43% |
| 2006-12-31 | $1.10 Billion | +31.76% |
| 2005-12-31 | $833.03 Million | +9.75% |
| 2004-12-31 | $759.03 Million | +3.87% |
| 2003-12-31 | $730.75 Million | +33.07% |
| 2002-12-31 | $549.14 Million | -2.74% |
| 2001-12-31 | $564.64 Million | +43.35% |
| 2000-12-31 | $393.90 Million | +0.65% |
| 1999-12-31 | $391.36 Million | +1.95% |
| 1998-12-31 | $383.89 Million | +6.00% |
| 1997-12-31 | $362.14 Million | +43.38% |
| 1996-12-31 | $252.57 Million | +85.93% |
| 1995-12-31 | $135.84 Million | -1.13% |
| 1994-12-31 | $137.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to National Retail Properties Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 882812.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $1.90 Million | 0.04% |
| Other Comprehensive Income | $-6.32 Million | -0.14% |
| Other Components | $5.30 Billion | 120.12% |
| Total Equity | $4.41 Billion | 100.00% |
National Retail Properties Inc Competitors by Market Cap
The table below lists competitors of National Retail Properties Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Qiagen NV
NYSE:QGEN
|
$8.48 Billion |
|
Shennan Circuits Co Ltd Class A
SHE:002916
|
$8.50 Billion |
|
Hithink RoyalFlush Info Network
SHE:300033
|
$8.50 Billion |
|
Svenska Cellulosa Aktiebolaget SCA (publ)
PINK:SVCBF
|
$8.51 Billion |
|
Hindustan Aeronautics Limited
NSE:HAL
|
$8.44 Billion |
|
MP Materials Corp
NYSE:MP
|
$8.43 Billion |
|
Obayashi Corporation
PINK:OBYCF
|
$8.43 Billion |
|
SK Holdings Co Ltd
KO:034730
|
$8.42 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in National Retail Properties Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,362,275,000 to 4,408,302,000, a change of 46,027,000 (1.1%).
- Net income of 389,777,000 contributed positively to equity growth.
- Dividend payments of 443,202,000 reduced retained earnings.
- Share repurchases of 85,425,000 reduced equity.
- New share issuances of 85,425,000 increased equity.
- Other comprehensive income increased equity by 1,638,000.
- Other factors increased equity by 97,814,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $389.78 Million | +8.84% |
| Dividends Paid | $443.20 Million | -10.05% |
| Share Repurchases | $85.42 Million | -1.94% |
| Share Issuances | $85.42 Million | +1.94% |
| Other Comprehensive Income | $1.64 Million | +0.04% |
| Other Changes | $97.81 Million | +2.22% |
| Total Change | $- | 1.06% |
Book Value vs Market Value Analysis
This analysis compares National Retail Properties Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.92x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 4.86x to 1.92x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $9.28 | $45.07 | x |
| 1986-12-31 | $8.66 | $45.07 | x |
| 1987-12-31 | $8.69 | $45.07 | x |
| 1988-12-31 | $8.96 | $45.07 | x |
| 1989-12-31 | $8.53 | $45.07 | x |
| 1990-12-31 | $8.33 | $45.07 | x |
| 1991-12-31 | $7.91 | $45.07 | x |
| 1992-12-31 | $8.55 | $45.07 | x |
| 1993-12-31 | $50.10 | $45.07 | x |
| 1994-12-31 | $15.97 | $45.07 | x |
| 1995-12-31 | $11.65 | $45.07 | x |
| 1996-12-31 | $15.05 | $45.07 | x |
| 1997-12-31 | $14.95 | $45.07 | x |
| 1998-12-31 | $13.06 | $45.07 | x |
| 1999-12-31 | $12.87 | $45.07 | x |
| 2000-12-31 | $12.95 | $45.07 | x |
| 2001-12-31 | $17.80 | $45.07 | x |
| 2002-12-31 | $13.53 | $45.07 | x |
| 2003-12-31 | $16.65 | $45.07 | x |
| 2004-12-31 | $14.63 | $45.07 | x |
| 2005-12-31 | $15.16 | $45.07 | x |
| 2006-12-31 | $18.88 | $45.07 | x |
| 2007-12-31 | $21.19 | $45.07 | x |
| 2008-12-31 | $20.69 | $45.07 | x |
| 2009-12-31 | $19.56 | $45.07 | x |
| 2010-12-31 | $18.44 | $45.07 | x |
| 2011-12-31 | $22.54 | $45.07 | x |
| 2012-12-31 | $21.04 | $45.07 | x |
| 2013-12-31 | $23.17 | $45.07 | x |
| 2014-12-31 | $24.72 | $45.07 | x |
| 2015-12-31 | $24.85 | $45.07 | x |
| 2016-12-31 | $27.08 | $45.07 | x |
| 2017-12-31 | $25.70 | $45.07 | x |
| 2018-12-31 | $26.58 | $45.07 | x |
| 2019-12-31 | $26.24 | $45.07 | x |
| 2020-12-31 | $25.08 | $45.07 | x |
| 2021-12-31 | $22.32 | $45.07 | x |
| 2022-12-31 | $23.60 | $45.07 | x |
| 2023-12-31 | $22.88 | $45.07 | x |
| 2024-12-31 | $23.70 | $45.07 | x |
| 2025-12-31 | $23.45 | $45.07 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently National Retail Properties Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 8.84%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 42.08%
- • Asset Turnover: 0.10x
- • Equity Multiplier: 2.13x
- Recent ROE (8.84%) is above the historical average (8.33%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 11.85% | 80.00% | 0.15x | 1.01x | $250.00K |
| 1986 | 12.12% | 80.00% | 0.15x | 1.00x | $280.00K |
| 1987 | 11.63% | 78.95% | 0.15x | 1.00x | $210.00K |
| 1988 | 10.16% | 72.22% | 0.14x | 1.01x | $20.00K |
| 1989 | 10.32% | 72.22% | 0.14x | 1.01x | $40.00K |
| 1990 | 11.29% | 73.68% | 0.15x | 1.00x | $160.00K |
| 1991 | 10.74% | 68.42% | 0.16x | 1.01x | $90.00K |
| 1992 | 11.11% | 61.54% | 0.11x | 1.60x | $160.00K |
| 1993 | 3.84% | 63.64% | 0.06x | 1.01x | $-5.61 Million |
| 1994 | 6.51% | 72.36% | 0.08x | 1.11x | $-4.77 Million |
| 1995 | 9.35% | 61.74% | 0.09x | 1.61x | $-876.94K |
| 1996 | 7.85% | 59.45% | 0.09x | 1.47x | $-5.42 Million |
| 1997 | 8.39% | 60.61% | 0.09x | 1.48x | $-5.83 Million |
| 1998 | 8.45% | 50.60% | 0.09x | 1.79x | $-5.95 Million |
| 1999 | 9.02% | 46.13% | 0.10x | 1.92x | $-3.83 Million |
| 2000 | 9.71% | 47.29% | 0.11x | 1.93x | $-1.14 Million |
| 2001 | 5.13% | 35.97% | 0.08x | 1.78x | $-27.50 Million |
| 2002 | 9.24% | 54.10% | 0.10x | 1.74x | $-4.16 Million |
| 2003 | 7.32% | 52.09% | 0.08x | 1.65x | $-19.60 Million |
| 2004 | 8.58% | 50.22% | 0.10x | 1.72x | $-10.77 Million |
| 2005 | 10.80% | 61.58% | 0.08x | 2.09x | $6.59 Million |
| 2006 | 16.64% | 114.94% | 0.08x | 1.75x | $72.85 Million |
| 2007 | 11.16% | 84.13% | 0.07x | 1.80x | $16.38 Million |
| 2008 | 7.98% | 53.19% | 0.09x | 1.72x | $-31.14 Million |
| 2009 | 3.50% | 22.07% | 0.10x | 1.66x | $-101.61 Million |
| 2010 | 4.78% | 27.28% | 0.10x | 1.78x | $-79.75 Million |
| 2011 | 4.61% | 29.69% | 0.09x | 1.72x | $-107.92 Million |
| 2012 | 6.18% | 40.49% | 0.09x | 1.74x | $-87.61 Million |
| 2013 | 5.77% | 40.82% | 0.09x | 1.60x | $-117.56 Million |
| 2014 | 6.18% | 43.83% | 0.09x | 1.60x | $-117.65 Million |
| 2015 | 5.92% | 40.97% | 0.09x | 1.63x | $-136.38 Million |
| 2016 | 6.11% | 44.88% | 0.08x | 1.62x | $-152.18 Million |
| 2017 | 6.90% | 45.30% | 0.09x | 1.71x | $-119.09 Million |
| 2018 | 7.04% | 46.97% | 0.09x | 1.71x | $-122.98 Million |
| 2019 | 6.91% | 44.62% | 0.09x | 1.72x | $-133.99 Million |
| 2020 | 5.30% | 34.63% | 0.09x | 1.77x | $-203.13 Million |
| 2021 | 7.44% | 39.94% | 0.09x | 1.99x | $-100.05 Million |
| 2022 | 8.12% | 43.29% | 0.09x | 1.98x | $-77.72 Million |
| 2023 | 9.44% | 47.38% | 0.10x | 2.08x | $-23.41 Million |
| 2024 | 9.10% | 45.65% | 0.10x | 2.03x | $-39.39 Million |
| 2025 | 8.84% | 42.08% | 0.10x | 2.13x | $-51.05 Million |
Industry Comparison
This section compares National Retail Properties Inc's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $22,048,860,627
- Average return on equity (ROE) among peers: 3.28%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| National Retail Properties Inc (NNN) | $4.41 Billion | 11.85% | 1.13x | $8.46 Billion |
| Agree Realty Corporation (ADC) | $137.98 Million | 10.88% | 0.90x | $9.41 Billion |
| AEORF (AEORF) | $210.91 Billion | 5.61% | 0.83x | $1.34 Billion |
| Acadia Realty Trust (AKR) | $83.00 Million | 4.58% | 2.01x | $2.69 Billion |
| Alexander & Baldwin Holdings Inc (ALEX) | $1.07 Billion | 3.30% | 0.75x | $1.50 Billion |
| Alexanders Inc (ALX) | $50.92 Million | -34.84% | 17.09x | $515.62 Million |
| Saul Centers Inc (BFS) | $-4.60 Million | 0.00% | 0.00x | $453.57 Million |
| Brixmor Property (BRX) | $2.72 Billion | 9.94% | 2.08x | $8.61 Billion |
| CBL & Associates Properties Inc (CBL) | $1.08 Billion | 10.83% | 4.49x | $694.28 Million |
| Capital & Counties Properties PLC (CCPPF) | $2.51 Billion | 17.90% | 0.23x | $1.88 Billion |
| CapitaLand China Trust (CLDHF) | $1.93 Billion | 4.63% | 1.02x | $745.61 Million |