NNN REIT Files Q3 2024 10-Q

TL;DR

**NNN REIT Q3 10-Q FILED: Financials and operations update for period ending 9/30/24.**

AI Summary

NNN REIT, INC. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data points and disclosures related to their real estate investment trust operations are presented.

Why It Matters

This filing provides investors with crucial financial data and operational insights into NNN REIT's performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — As a REIT, NNN is subject to real estate market fluctuations, interest rate sensitivity, and tenant-related risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial reporting period covered by the 10-Q.)
• 2024-10-31 — Filing Date (The date the 10-Q was officially filed with 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.
• COMMERCIAL NET LEASE REALTY INC (company) — Former name of NNN REIT, Inc.
• CNL REALTY INVESTORS INC /DE/ (company) — Former name of NNN REIT, Inc.
• 450 S ORANGE AVE, SUITE 900, ORLANDO, FL 32801 (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.01 — ge on which registered: Common Stock, $0.01 par value NNN New York Stock Exchan

Filing Documents

• nnn-20240930.htm (10-Q) — 2219KB
• nnn-ex31_1.htm (EX-31.1) — 17KB
• nnn-ex31_2.htm (EX-31.2) — 18KB
• nnn-ex32_1.htm (EX-32.1) — 10KB
• nnn-ex32_2.htm (EX-32.2) — 10KB
• img228302693_0.jpg (GRAPHIC) — 45KB
• 0000950170-24-119258.txt ( ) — 7611KB
• nnn-20240930.xsd (EX-101.SCH) — 927KB
• nnn-20240930_htm.xml (XML) — 1281KB

– 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 36

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) September 30, 2024 December 31, 2023 (unaudited) ASSETS Real estate portfolio, net of accumulated depreciation and amortization $ 8,625,489 $ 8,535,851 Cash and cash equivalents 173,526 1,189 Restricted cash and cash held in escrow 4,986 3,966 Receivables, net of allowance of $ 592 and $ 669 , respectively 2,224 3,649 Accrued rental income, net of allowance of $ 4,117 and $ 4,168 , respectively 33,849 34,611 Debt costs, net of accumulated amortization of $ 26,280 and $ 23,952 , respectively 9,656 3,243 Other assets 73,913 79,459 Total assets $ 8,923,643 $ 8,661,968 LIABILITIES AND EQUITY Liabilities: Line of credit payable $ — $ 132,000 Notes payable, net of unamortized discount and unamortized debt costs 4,372,293 4,228,544 Accrued interest payable 75,399 34,374 Other liabilities 107,025 109,593 Total liabilities 4,554,717 4,504,511 Equity: Stockholders' equity: Common stock, $ 0.01 par value. Authorized 375,000,000 shares; 187,525,891 and 182,474,770 shares issued and outstanding, respectively 1,877 1,826 Capital in excess of par value 5,194,330 4,971,625 Accumulated deficit ( 818,862 ) ( 805,883 ) Accumulated other comprehensive income (loss) ( 8,419 ) ( 10,111 ) Total equity 4,368,926 4,157,457 Total liabilities and equity $ 8,923,643 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Rental income $ 218,155 $ 204,856 $ 649,120 $ 610,9