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. …
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Competitive advantage assessment
Key strengths
Strong NOI MarginsNOI margins are strong (score 0.97), demonstrating rent pricing power.
Stable NOI PerformanceNOI stability is excellent (score 0.81), suggesting reliable rent streams.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 100
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 51
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 68
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 99
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 67
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
NNN REIT, Inc. (NNN) scores 79 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #1 of 33 scored companies in REIT - Retail, the top 3%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 37 companies in REIT - Retail. Its strongest defense is AFFO Strength (100/100) and its weakest is Balance Sheet & Cost of Capital (51/100).
How does NNN REIT, Inc. compare with other REIT - Retail companies?
NNN REIT, Inc. ranks #1 of 33 scored companies in REIT - Retail by moat score. That is the widest moat in REIT - Retail. The companies ranked closest are Simon Property Group, Inc. (SPG) at 79 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 37 companies in REIT - Retail. The defenses are then weighted to produce the overall score out of 100.
Why is NNN REIT, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for NNN REIT, Inc.?
The REIT Specialized template measures 6 defenses, and NNN scores: Rent Pricing Power (90), AFFO Strength (100), Balance Sheet & Cost of Capital (51), Capital Recycling & Growth (68), Operational Efficiency (99), Portfolio Quality & Diversification (67). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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