NNN REIT Files Q1 2024 10-Q
Ticker: NNN · Form: 10-Q · Filed: 2024-05-01T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, REIT, financials
TL;DR
NNN REIT's Q1 2024 10-Q is in. Check financials.
AI Summary
NNN REIT, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as National Retail Properties, Inc., is a real estate investment trust. Key financial data and operational details for the first quarter of 2024 are presented in this filing.
Why It Matters
This filing provides investors with an update on NNN REIT's financial performance and position as of the end of the first quarter of 2024, crucial for understanding its ongoing operations and investment strategy.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial information for a publicly traded REIT.
Key Numbers
- 20240331 — Reporting Period End Date (The filing covers financial data up to this date.)
- 20240501 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- NNN REIT, INC. (company) — Filer
- National Retail Properties, Inc. (company) — Former Company Name
- Commercial Net Lease Realty Inc (company) — Former Company Name
- CNL Realty Investors Inc /DE/ (company) — Former Company Name
- 0000950170-24-050913 (filing_id) — Accession Number
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is March 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on May 1, 2024.
What was NNN REIT, Inc. previously known as?
NNN REIT, Inc. was formerly known as National Retail Properties, Inc., Commercial Net Lease Realty Inc, and CNL Realty Investors Inc /DE/.
What is the Central Index Key (CIK) for NNN REIT, Inc.?
The Central Index Key (CIK) for NNN REIT, Inc. is 0000751364.
What is the business address of NNN REIT, Inc.?
The business address of NNN REIT, Inc. is 450 S Orange Ave, Suite 900, Orlando, FL 32801.
Filing Stats: 4,473 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2024-05-01 08:34:29
Key Financial Figures
- $0.01 — ge on which registered: Common Stock, $0.01 par value NNN New York Stock Exchan
Filing Documents
- nnn-20240331.htm (10-Q) — 1652KB
- nnn-ex31_1.htm (EX-31.1) — 16KB
- nnn-ex31_2.htm (EX-31.2) — 17KB
- nnn-ex32_1.htm (EX-32.1) — 10KB
- nnn-ex32_2.htm (EX-32.2) — 10KB
- img228296928_0.jpg (GRAPHIC) — 45KB
- 0000950170-24-050913.txt ( ) — 6260KB
- nnn-20240331.xsd (EX-101.SCH) — 903KB
- nnn-20240331_htm.xml (XML) — 953KB
– Financial Information
Part I – Financial Information Item 1.
Financial Statements (unaudited)
Financial Statements (unaudited): Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income and Comprehensive Income 2 Condensed Consolidated Statements of Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.
Controls and Procedures
Controls and Procedures 30
– Other Information
Part II – Other Information Item 1.
Legal Proceedings
Legal Proceedings 31 Item 1A.
Risk Factors
Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31
Signatures
Signatures 33
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Fin ancial Statements
Item 1. Fin ancial Statements NNN REIT, INC. and SUBSIDIARIES CONDENSED CONSOLID ATED BALANCE SHEETS (dollars in thousands, except per share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Real estate portfolio, net of accumulated depreciation and amortization $ 8,586,856 $ 8,535,851 Cash and cash equivalents 1,128 1,189 Restricted cash and cash held in escrow — 3,966 Receivables, net of allowance of $ 717 and $ 669 , respectively 3,569 3,649 Accrued rental income, net of allowance of $ 4,153 and $ 4,168 , respectively 34,404 34,611 Debt costs, net of accumulated amortization of $ 24,525 and $ 23,952 , respectively 2,723 3,243 Other assets 77,062 79,459 Total assets $ 8,705,742 $ 8,661,968 LIABILITIES AND EQUITY Liabilities: Line of credit payable $ 116,200 $ 132,000 Notes payable, net of unamortized discount and unamortized debt costs 4,229,933 4,228,544 Accrued interest payable 75,487 34,374 Other liabilities 109,264 109,593 Total liabilities 4,530,884 4,504,511 Equity: Stockholders' equity: Common stock, $ 0.01 par value. Authorized 375,000,000 shares; 183,350,322 and 182,474,770 shares issued and outstanding, respectively 1,835 1,826 Capital in excess of par value 4,996,698 4,971,625 Accumulated deficit ( 814,196 ) ( 805,883 ) Accumulated other comprehensive income (loss) ( 9,479 ) ( 10,111 ) Total equity 4,174,858 4,157,457 Total liabilities and equity $ 8,705,742 $ 8,661,968 See accompanying notes to condensed consolidated financial statements. 1 NNN REIT, INC. and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS O F INCOME AND COMPREHENSIVE INCOME (dollars in thousands, except per share data) (unaudited) Quarter Ended March 31, 2024 2023 Revenues: Rental income $ 214,825 $ 203,630 Interest and other income from real estate transactions 582 478 215,407