NNN REIT Files Q2 2024 10-Q
Ticker: NNN · Form: 10-Q · Filed: 2024-08-01T00:00:00.000Z
Sentiment: neutral
Topics: real-estate, REIT, financials, quarterly-report
TL;DR
NNN REIT's Q2 10-Q is in: check retained earnings & common stock data for 2023-2024.
AI Summary
NNN REIT, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data includes retained earnings and common stock values as of various dates in 2023 and 2024. The company, formerly known as National Retail Properties, Inc., is headquartered in Orlando, Florida.
Why It Matters
This filing provides investors with a detailed look at NNN REIT's financial health and operational status for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 2024-06-30 — Reporting Period End Date (The end of the fiscal quarter for this filing.)
- 2024-08-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 12/31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)
Key Players & Entities
- NNN REIT, INC. (company) — Filer of the 10-Q
- National Retail Properties, Inc. (company) — Former name of NNN REIT, Inc.
- 450 S ORANGE AVE (location) — Street address of NNN REIT, Inc.
- ORLANDO (location) — City of NNN REIT, Inc. headquarters
- FL (location) — State of NNN REIT, Inc. headquarters
- 32801 (location) — ZIP code of NNN REIT, Inc. headquarters
FAQ
What were the key financial metrics reported for NNN REIT, Inc. as of June 30, 2024?
The filing indicates values for us-gaap:RetainedEarningsMember, us-gaap:CommonStockMember, us-gaap:AboveMarketLeasesMember, and nnn:NotesPayableJuneTwoThousandThirtyFourMember as of or for periods ending around June 30, 2024.
What is the company's primary business classification?
NNN REIT, Inc. is classified under Standard Industrial Classification code 6798, which corresponds to Real Estate Investment Trusts.
When did NNN REIT, Inc. change its name from National Retail Properties, Inc.?
The date of the name change from National Retail Properties, Inc. to NNN REIT, Inc. was May 1, 2006.
What is the physical address of NNN REIT, Inc.'s business operations?
The business address is listed as 450 S Orange Ave, Suite 900, Orlando, FL 32801.
What is the SEC file number assigned to NNN REIT, Inc.?
The SEC file number for NNN REIT, Inc. is 001-11290.
Filing Stats: 4,451 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-08-01 08:33:09
Key Financial Figures
- $0.01 — ge on which registered: Common Stock, $0.01 par value NNN New York Stock Exchan
Filing Documents
- nnn-20240630.htm (10-Q) — 2171KB
- nnn-ex31_1.htm (EX-31.1) — 17KB
- nnn-ex31_2.htm (EX-31.2) — 17KB
- nnn-ex32_1.htm (EX-32.1) — 10KB
- nnn-ex32_2.htm (EX-32.2) — 10KB
- img228299810_0.jpg (GRAPHIC) — 45KB
- 0000950170-24-088971.txt ( ) — 7342KB
- nnn-20240630.xsd (EX-101.SCH) — 923KB
- nnn-20240630_htm.xml (XML) — 1227KB
– 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 7 Notes to Condensed Consolidated Financial Statements 9 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 21 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.
Controls and Procedures
Controls and Procedures 34
– Other Information
Part II – Other Information Item 1.
Legal Proceedings
Legal Proceedings 35 Item 1A.
Risk Factors
Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 35
Signatures
Signatures 37
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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Real estate portfolio, net of accumulated depreciation and amortization $ 8,586,936 $ 8,535,851 Cash and cash equivalents 2,130 1,189 Restricted cash and cash held in escrow 14,672 3,966 Receivables, net of allowance of $ 639 and $ 669 , respectively 2,551 3,649 Accrued rental income, net of allowance of $ 4,087 and $ 4,168 , respectively 33,956 34,611 Debt costs, net of accumulated amortization of $ 25,552 and $ 23,952 , respectively 10,460 3,243 Other assets 76,590 79,459 Total assets $ 8,727,295 $ 8,661,968 LIABILITIES AND EQUITY Liabilities: Line of credit payable $ 12,000 $ 132,000 Notes payable, net of unamortized discount and unamortized debt costs 4,370,807 4,228,544 Accrued interest payable 30,931 34,374 Other liabilities 118,635 109,593 Total liabilities 4,532,373 4,504,511 Equity: Stockholders' equity: Common stock, $ 0.01 par value. Authorized 375,000,000 shares; 183,666,067 and 182,474,770 shares issued and outstanding, respectively 1,838 1,826 Capital in excess of par value 5,012,642 4,971,625 Accumulated deficit ( 810,689 ) ( 805,883 ) Accumulated other comprehensive income (loss) ( 8,869 ) ( 10,111 ) Total equity 4,194,922 4,157,457 Total liabilities and equity $ 8,727,295 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Rental income $ 216,140 $ 202,426 $ 430,965 $ 406,056 Intere