NNN Reit
American real estate investment trust
From Wikipedia, the free encyclopedia
NNN Reit, Inc. is an American real estate investment trust (REIT) that invests primarily in single-tenant retail properties subject to long-term triple-net leases, typically structured as leaseback arrangements. The company is organized in Maryland and headquartered in Orlando, Florida.[1]
- Commercial Net Lease Realty, Inc. (1995–2006)
- National Retail Properties, Inc. (2006–2023)
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| Formerly |
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|---|---|
| Type | Public company |
| Industry | Real estate investment trust |
| Founded | October 1984 (as Golden Corral Realty Corp.) |
| Headquarters | 450 S. Orange Avenue, Suite 900 Orlando, Florida 32801, U.S. |
Key people | Julian E. Whitehurst (CEO & President) Don DeFosset (Chairman) Kevin B. Habicht (CFO) |
| Products | Freestanding retail properties under triple-net leases |
| Revenue |  US$0.926 billion (2025) |
| US$0.390 billion (2025) | |
| Total assets | US$9.379 billion (2025) |
| Total equity | US$4.408 billion (2025) |
| Website | www |
| Footnotes [1] | |
History
The company was incorporated in October 1984 as Golden Corral Realty Corp., established by the founders of the Golden Corral restaurant chain to allow employees to invest in the company's real estate.[2][3]
In 1993, the company separated from Golden Corral and was renamed Commercial Net Lease Realty;[2] the listing was later moved to the New York Stock Exchange.[4] On January 1, 1998, the company merged with its external adviser, CNL Realty Advisor Inc., becoming a self-advised, self-managed REIT.[5]
In February 2004, Craig Macnab was appointed chief executive officer; he was named president that May.[6][7] The company acquired National Properties Corporation for $61 million in 2005,[8] and in May 2006 was renamed National Retail Properties, Inc.[9] In April 2017, Macnab retired and Julian E. ("Jay") Whitehurst became CEO and president.[10]
The company changed its corporate name from National Retail Properties, Inc. to NNN Reit, Inc. effective April 27, 2023, retaining the long-standing NYSE ticker "NNN".[11]
Frisch's Big Boy properties
In September 2015, the company acquired 19 Frisch's Big Boy restaurants in the Cincinnati, Ohio area for $47 million in a leaseback transaction;[12] further leaseback purchases brought the eventual count to 74 of the chain's 121 owned stores.[13]
In 2024, after Frisch's failed to meet escalating rent obligations, NNN Reit initiated eviction proceedings against most of the chain's leased locations across Ohio and Kentucky; by the end of the year, more than 60 Frisch's restaurants had been evicted, reducing the chain from about 95 stores to 31.[14][15] Real-estate analysts at the University of Cincinnati partly attributed Frisch's distress to the 2015 sale-leaseback structure, citing annual rent escalations that the chain was unable to absorb.[16]
In early 2026, NNN Reit sold 11 former Frisch's properties to real-estate developer Lee Greer of Greer Properties for $20 million; the buyer indicated some sites might be reopened as Frisch's restaurants.[17]
Operations
As of December 2025[update], NNN Reit owned approximately 3,600 freestanding retail properties leased to single-tenant operators across the United States, predominantly in the convenience store, restaurant, automotive-services, and general-merchandise categories.[1]