REIT

NNN REIT, Inc. (NNN)

NNN REIT, Inc. trades as NNN on NYSE. This page collects what it has actually paid — every recorded payment, the calendar-year totals, the forward and trailing 12-month yields side by side against the last price, and the dates already declared.

$46.12 $-0.22 (-0.47%)
52-week range $38.90 – $50.00
REIT NYSEReal EstateREIT - Retail

Price as of Aug 25, 2026 (6 hours ago) · supplied by fmp. Quotes may be delayed. Verify with your broker before acting on anything here.

Forward yield 5.38% Last regular payment annualised, divided by the last price. An estimate of the next twelve months — not money that has been paid.
Trailing 12-month yield 5.25% Cash actually paid per share over the last 365 days ($2.42) divided by the last price. Backward-looking, and not comparable with a bond's yield to maturity or an index yield.
Forward annual payment $2.48 Forward estimate: the last regular payment multiplied by the number of payments a year. It is an estimate of the next twelve months, not cash that has been paid.
Pays Quarterly Cadence of the regular payment, accepted only after three consecutive payments were reported at the same frequency.
Next ex-date First day the shares trade without the next payment attached.
Next pay date When the declared payment reaches holders.
Growth streak 16 yr 16 consecutive complete years in which the highest regular payment was above the year before. Our stored payment history for this security begins in 1985. The run ends inside that history, so it is measured rather than a floor.
Years paying 41 Complete calendar years with a payment in our stored history, which begins in 1985. The issuer may have paid for longer than we hold.
Payout ratio 118% Not meaningful for this structure — GAAP earnings do not describe what it pays out.
Income score 83 0-100 research screen, not a recommendation.

The two yields above are different measurements and are not interchangeable. The forward yield annualises the last regular payment; the trailing 12-month yield counts the cash actually paid over the last 365 days. Neither is an interest rate, a bond's yield to maturity or an index effective yield, and none of those may be compared with these as like for like. See how we compute these numbers.

Our stored payment history for NNN begins in 1985. The run of increases above ends inside that history rather than at its edge, so the figure is measured within what we hold and is not a floor. A streak is counted on the split-adjusted payment, so a share split does not read as a cut.

A yield is just a payment divided by a price, so it moves every day even when the payment does not. The forward number is an estimate of the next twelve months; the trailing number is what was actually paid over the last twelve. Ex-date is the cut-off: own the shares before it and the next payment is yours, buy on or after it and the seller keeps it.

What NNN is

How REITs work →

NNN REIT primarily allocates capital to top-tier retail real estate, generally held under extended net lease contracts. As of September 30, 2020, their holdings encompassed 3,114 properties spanning 48 U.S. states. These assets collectively accounted for roughly 32.4 million square feet of gross leasable area, with an average remaining lease duration of 10.7 years.

Company description supplied by the issuer and relayed by our market-data provider, not written by Income Investing. See data sources.

NNN is a real estate investment trust: a company that owns or finances property and distributes the large majority of its taxable income to shareholders each year in exchange for paying little or no corporate tax on it. The distribution is therefore a structural obligation rather than a discretionary dividend, which is why REIT yields sit above the broad market's.

Because depreciation makes GAAP earnings a poor description of a property company, REITs are usually judged on funds from operations rather than net income. REIT distributions are mostly taxed as ordinary income and can include return of capital, so they are generally not qualified dividends. Read how REITs work.

Figures on this page are computed by Income Investing from the payment history and last price stored in our own database; the payment records come from fmp and the price from fmp, last recomputed Aug 25, 2026. They describe what has been paid, not what will be paid. Yield, payout ratio, our data sources and our methodology are explained elsewhere on the site.

Payment history

Each row is one payment as recorded by our data provider, newest first. The final column compares it with the nearest payment about a year earlier.

The table lists the 24 most recent recorded dividends for NNN, newest first, with ex-dates running from Oct 29, 2020 to Jul 31, 2026. The latest is $0.6200 per share in USD, ex-date Jul 31, 2026, pay date Aug 14, 2026. Measured against the nearest payment about a year earlier, 24 are higher, 0 lower and 0 unchanged; the remaining 0 have no comparable payment in the record. None is flagged as a special or one-off payment. Payment records supplied by fmp.

How to read this table: one row is one payment, newest at the top, and the amount is what a single share received on that one date. It is not an annual figure — the yearly ones are in the tiles above and in the totals further down. A row marked Special is a one-off the issuer chose to make rather than part of the regular schedule, which is why it is left out of the year-on-year comparison and out of those yearly totals. Whether the amount repeats for several rows or moves every time is a fact about the structure rather than a sign of health: a company usually resets its dividend once a year, while a fund's distribution can change with every payment.

Recorded payments for NNN. Amounts are per share as declared, in USD.
Ex-dateOwn it before this day and this payment is yours. Pay date Amount per shareWhat one share received on that date, before tax. Cadence tagged by provider Type vs. a year earlier
Jul 31, 2026 Aug 14, 2026 $0.6200 Quarterly Regular +3.33%
Apr 30, 2026 May 15, 2026 $0.6000 Quarterly Regular +3.45%
Jan 30, 2026 Feb 13, 2026 $0.6000 Quarterly Regular +3.45%
Oct 31, 2025 Nov 14, 2025 $0.6000 Quarterly Regular +3.45%
Jul 31, 2025 Aug 15, 2025 $0.6000 Quarterly Regular +3.45%
Apr 30, 2025 May 15, 2025 $0.5800 Quarterly Regular +2.65%
Jan 31, 2025 Feb 14, 2025 $0.5800 Quarterly Regular +2.65%
Oct 31, 2024 Nov 15, 2024 $0.5800 Quarterly Regular +2.65%
Jul 31, 2024 Aug 15, 2024 $0.5800 Quarterly Regular +2.65%
Apr 29, 2024 May 15, 2024 $0.5650 Quarterly Regular +2.73%
Jan 30, 2024 Feb 15, 2024 $0.5650 Quarterly Regular +2.73%
Oct 30, 2023 Nov 15, 2023 $0.5650 Quarterly Regular +2.73%
Jul 28, 2023 Aug 15, 2023 $0.5650 Quarterly Regular +2.73%
Apr 27, 2023 May 15, 2023 $0.5500 Quarterly Regular +3.77%
Jan 30, 2023 Feb 15, 2023 $0.5500 Quarterly Regular +3.77%
Oct 28, 2022 Nov 15, 2022 $0.5500 Quarterly Regular +3.77%
Jul 28, 2022 Aug 15, 2022 $0.5500 Quarterly Regular +3.77%
Apr 28, 2022 May 16, 2022 $0.5300 Quarterly Regular +1.92%
Jan 28, 2022 Feb 15, 2022 $0.5300 Quarterly Regular +1.92%
Oct 28, 2021 Nov 15, 2021 $0.5300 Quarterly Regular +1.92%
Jul 29, 2021 Aug 16, 2021 $0.5300 Quarterly Regular +1.92%
Apr 29, 2021 May 14, 2021 $0.5200 Quarterly Regular +0.97%
Jan 28, 2021 Feb 16, 2021 $0.5200 Quarterly Regular +0.97%
Oct 29, 2020 Nov 16, 2020 $0.5200 Quarterly Regular +0.97%

The cadence column is the tag our provider attached to that individual payment (fmp), not the security's established schedule. The two can disagree, which is why the cadence shown in the tiles above is only accepted after three consecutive payments were tagged the same way.

A blank comparison means there was no comparable payment within sixty days of the same point a year earlier — a new payer, a changed cadence, or a gap in the record. Special and one-off payments are labelled and are excluded from the comparison.

Dividends by calendar year

Calendar-year totals, bucketed by ex-dividend date: every regular dividend whose ex-dividend date fell in that year, for the last ten complete years on record. These are amounts actually paid, never a forward estimate, and they are not the issuer's own annual dividend figure.

The chart covers 10 complete calendar years for NNN, 2016 to 2025, per share, in USD. Each bar totals the regular dividends with an ex-dividend date in that calendar year. The year is assigned by ex-dividend date, which is not necessarily the issuer's own dividend year. Our stored payment history for NNN begins in 1985. The total went from $1.78 in 2016 to $2.36 in 2025 — 33% higher. Within that span 10 years were higher than the year before and 0 lower. The three most recent years shown are 2023 $2.23, 2024 $2.29 and 2025 $2.36. The current year is still in progress and is left out, and special or one-off payments are excluded. This is a record of what was paid, not a projection. Every year shown holds the 4 dividends a quarterly cadence implies, so no year on this chart is short or long because a payment shifted across a year end.

Each bar, and each row underneath it, is one calendar year of regular payments added together for a single share. Read left to right and you are reading whether the payment has grown, held or been cut — a record of what was paid, never a forecast of what will be. One thing to watch for: a year here is decided by the date the payment went ex, so when that date slips across a year end one year holds an extra payment and its neighbour is one short while the payment itself never moved. Any year where that has happened is drawn as a dashed bar and marked with an asterisk, and it is the usual reason these totals differ from the annual figure the issuer itself publishes.

2016: $1.7800 per share from 4 payments, matching the 4 a year the recorded cadence implies. 1.78 2016 2017: $1.8600 per share from 4 payments, matching the 4 a year the recorded cadence implies. 1.86 2017 2018: $1.9500 per share from 4 payments, matching the 4 a year the recorded cadence implies. 1.95 2018 2019: $2.0300 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.03 2019 2020: $2.0700 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.07 2020 2021: $2.1000 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.10 2021 2022: $2.1600 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.16 2022 2023: $2.2300 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.23 2023 2024: $2.2900 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.29 2024 2025: $2.3600 per share from 4 payments, matching the 4 a year the recorded cadence implies. 2.36 2025
Bar height is the total per share of the regular dividends whose ex-dividend date fell in that calendar year, in USD. The year is assigned by ex-dividend date, not by the issuer's own dividend year and not by the date the cash arrived. These are a trailing record — never the forward estimate shown in the tiles above.
Complete calendar years only, bucketed by ex-dividend date — the current year is still in progress and is left out.
Year Paid per share that yearEvery regular payment dated in that year, added up, for one share. Payments in the yearA count that differs from the usual one means a payment moved across a year end. Change on the year before
2016 $1.78 4 +4.09%
2017 $1.86 4 +4.49%
2018 $1.95 4 +4.84%
2019 $2.03 4 +4.10%
2020 $2.07 4 +1.97%
2021 $2.10 4 +1.45%
2022 $2.16 4 +2.86%
2023 $2.23 4 +3.24%
2024 $2.29 4 +2.69%
2025 $2.36 4 +3.06%
What can go wrong
A REIT is a leveraged, cyclical property owner. Rents depend on tenant solvency and on leases signed years ago, debt has to be refinanced at whatever rate exists on the day, and rising rates hit both the cost of that debt and the value of the buildings. Mortgage REITs carry interest-rate and prepayment risk instead of tenant risk and have historically been far more volatile than equity REITs. Distributions are mostly taxed as ordinary income.

Similar securities

The eight closest reit entries by trailing 12-month yield, in the same sector. A research screen, not a recommendation.

Open Commercial Real Estate →

These are not the best-paying securities of this kind, and no ranking is meant by the order. They are the ones whose trailing 12-month yield sits nearest to this one, in the same structure and usually the same sector, so that this security can be seen in company rather than on its own. Every figure here is backward-looking cash that has already been paid. A row that sits well away from the rest is a question to take to that security's own page, not an answer.

Ticker Name Price Trailing 12m yieldCash paid out over the last year, over today's price. Paid over 12 months Pays
CUBE CubeSmart $40.62 5.19% $2.11 Quarterly
RLJ RLJ Lodging Trust $11.56 5.19% $0.60 Quarterly
INN Summit Hotel Properties, Inc. $6.20 5.16% $0.32 Quarterly
O Realty Income Corporation $62.83 5.16% $3.24 Monthly
WPC W. P. Carey Inc. $71.78 5.15% $3.70 Quarterly
LINE Lineage, Inc. $41.24 5.14% $2.12 Quarterly
FVR FrontView REIT, Inc. $19.95 5.39% $1.07 Quarterly
BNL Broadstone Net Lease, Inc. $21.55 5.41% $1.17 Quarterly

Every row in this table is on the same basis — cash actually paid per share over the last 365 days, divided by that security's last price — so the column can be read down. Forward estimates are deliberately not used here, because they exist for some securities and not others and a mixed column would invite a comparison that does not hold. A dash means no payment was recorded in the last 365 days, or no price is on file. Open a security to see both of its yields.

Where these are traded

LoopNet

A CoStar-operated listing marketplace for US commercial property for sale and for lease, searchable by asset type and market.

Asking prices, not transaction prices

Visit LoopNet ↗
Crexi

A commercial real estate marketplace covering for-sale listings, online auctions and lease space, with broker-supplied offering memoranda.

Visit Crexi ↗
CrowdStreet

An online marketplace where accredited investors commit capital to individual commercial property deals run by third-party sponsors.

Deal-level risk sits with the sponsor; the platform is not the operator

Visit CrowdStreet ↗
Fundrise

A platform that pools retail money into non-traded real estate and credit funds, with redemptions handled through periodic windows rather than an exchange.

Share values are set by the sponsor's NAV, not by a market price

Visit Fundrise ↗

Listed because they offer access to this kind of security, not as an endorsement of it.

Questions about NNN

Does NNN pay a dividend, and how often?
Yes. The regular payment cadence recorded for NNN is quarterly. The annual figure works out at $2.48 per share. Forward estimate: the last regular payment multiplied by the number of payments a year. It is an estimate of the next twelve months, not cash that has been paid. The last ex-date in our history is Jul 31, 2026.
What is the yield on NNN, and is it forward or trailing?
There are two, and they measure different things. The forward yield is 5.38%: the last regular payment annualised to $2.48 a year and divided by the last price of $46.12. That is an estimate of the next twelve months. The trailing 12-month yield is 5.25%: the $2.42 per share actually paid over the last 365 days, divided by the same price. Neither number is a bond's yield to maturity, an index effective yield or an interest rate, and none of those should be compared with these as like for like. Yield also moves inversely with price, so it rises when the market marks the security down — a high number is a question, not an answer.
When is the next NNN ex-dividend date?
No future ex-date has been declared or collected for NNN yet. The last one on record was Jul 31, 2026.
Why is there no meaningful payout ratio for NNN?
A payout ratio compares a dividend to accounting earnings. For a reit the payment is not funded out of GAAP net income — REITs and BDCs pay out of taxable income under distribution rules, funds pass through whatever the portfolio produced, and partnerships distribute cash flow. Analysts use structure-specific measures instead, such as funds from operations for REITs or net investment income for BDCs.
Has the NNN payment grown?
Over the complete calendar years in our history, the total went from $1.78 in 2016 to $2.36 in 2025. The payment rose in 16 consecutive complete years to the end of that record, measured within the history we hold, which begins in 1985. The chart on this page shows every year in between, including any cuts. Those totals bucket each payment by its ex-dividend date, so a year can hold more or fewer payments than the cadence implies when a payment shifts across a year end. Past payment history describes what happened, not what will happen.
How to read this page
Nothing on this page is investment advice or a recommendation to buy, hold or sell NNN. Figures are drawn from third-party market data and our own calculations, may be delayed or wrong, and can change without notice. Confirm every number with the issuer and with your own broker, tax adviser and financial adviser before acting.

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