N
ational Retail Properties (NRP), a U.S.‑focused REIT that specializes in triple‑net leases, has highlighted its concentration in convenience‑store sites as a key driver of stability. The company owns thousands of single‑tenant retail properties leased long‑term to major convenience operators, automotive, restaurant and essential‑service brands. Convenience tenants contribute roughly 17 % of the REIT’s annual base rent, reflecting a mix that relies on location, daily footfall and necessity rather than discretionary spending.

    With almost 3,700 assets spread across 37 trade lines and occupied by about 400 tenants, NRP’s portfolio has maintained occupancy rates near historic peaks. Even as e‑commerce and shifting consumer habits pressure broader retail, the triple‑net structure—where tenants shoulder most operating costs—keeps the REIT’s occupancy above 97 %. This level of stability is attractive to income‑focused investors seeking predictable cash flows.

    The focus on convenience and other essential tenants underscores a broader retail‑net‑lease trend: properties that serve everyday needs generate steady traffic and weather economic cycles better, reducing cash‑flow volatility and supporting dividend sustainability. This is especially relevant as malls and department‑store‑anchored centers continue to adjust to long‑term structural changes.

    For REITs and capital allocators prioritizing long‑term leases, a portfolio tilted toward convenience and necessity tenants offers a compelling mix of high occupancy, operational simplicity, and predictable returns.