NNN REIT, INC. Files 2024 Annual Report

TL;DR

NNN REIT filed its 2024 10-K. Stock trades on NYSE.

AI Summary

NNN REIT, INC. filed its annual report for the fiscal year ended December 31, 2024. The company is incorporated in Maryland and its principal executive offices are located at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801. Its common stock trades on the New York Stock Exchange under the symbol NNN.

Why It Matters

This filing provides investors with a comprehensive overview of NNN REIT, Inc.'s financial performance and operational status for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual report filing for a publicly traded company, indicating routine compliance.

Key Players & Entities

• NNN REIT, INC. (company) — Registrant
• December 31, 2024 (date) — Fiscal year end
• Maryland (jurisdiction) — State of incorporation
• 450 South Orange Avenue, Suite 900 (address) — Principal executive offices
• Orlando, Florida 32801 (address) — Principal executive offices
• (407) 265-7348 (phone_number) — Registrant's telephone number
• NNN (ticker_symbol) — Trading symbol for Common Stock
• New York Stock Exchange (company) — Exchange where Common Stock is registered

FAQ

Key Financial Figures

• $0.01 — ge on which registered: Common Stock, $0.01 par value NNN New York Stock Exchan
• $9,062,000 — rties. As of December 31, 2024, NNN had $9,062,000 of cash, cash equivalents and restricte
• $1,200,000,000 — tricted cash or cash held in escrow and $1,200,000,000 was available for future borrowings und
• $7,000 — e in monthly installments) ranging from $7,000 to $4,085,000 (average of $245,000), an
• $4,085,000 — ly installments) ranging from $7,000 to $4,085,000 (average of $245,000), and generally pr
• $245,000 — g from $7,000 to $4,085,000 (average of $245,000), and generally provide for limited inc

Filing Documents

• nnn-20241231.htm (10-K) — 4788KB
• nnn-ex19.htm (EX-19) — 71KB
• nnn-ex21.htm (EX-21) — 16KB
• nnn-ex23_1.htm (EX-23.1) — 10KB
• nnn-ex31_1.htm (EX-31.1) — 19KB
• nnn-ex31_2.htm (EX-31.2) — 19KB
• nnn-ex32_1.htm (EX-32.1) — 11KB
• nnn-ex32_2.htm (EX-32.2) — 11KB
• nnn-ex99_1.htm (EX-99.1) — 19KB
• nnn-ex99_1.pdf (EX-99.1) — 115KB
• img228325758_0.jpg (GRAPHIC) — 45KB
• img228325758_1.jpg (GRAPHIC) — 323KB
• img228325758_2.jpg (GRAPHIC) — 489KB
• nnn-ex99_1s1.jpg (GRAPHIC) — 751KB
• nnn-ex99_1s2.jpg (GRAPHIC) — 1130KB
• nnn-ex99_1s3.jpg (GRAPHIC) — 994KB
• nnn-ex99_1s4.jpg (GRAPHIC) — 1356KB
• nnn-ex99_1s5.jpg (GRAPHIC) — 939KB
• 0000950170-25-017472.txt ( ) — 26255KB
• nnn-20241231.xsd (EX-101.SCH) — 1694KB
• nnn-20241231_htm.xml (XML) — 3658KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 Part III Item 10. Directors, Executive Officers and Corporate Governance 77 Item 11.

Executive Compensation

Executive Compensation 77 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 Part IV Item 15. Exhibits and Financial Statement Schedules 79 Item 16. Form 10-K Summary 83

Signatures

Signatures 84 PA RT I Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms "registrant" or "NNN" or the "Company" refer to NNN REIT, Inc., and all of its consolidated subsidiaries. NNN may elect to treat certain of its subsidiaries as taxable real estate investment trust subsidiaries ("TRS").

Forward-Looking Statements

Forward-Looking Statements Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Also, when NNN uses any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, NNN is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, NNN's actual results could differ materially from those set forth in the forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and NNN undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. NNN describes risks and uncertainties that could cause actual results and events to differ materially in "Item 1A. Risk Factors," "Item 7A. Quantitative and Qualitative Disclosures About Market Risk," and "Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations" of this Annual Report on Form 10-K. 1

Bu siness

Item 1. Bu siness The Company NNN, a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. NNN's assets are primarily real estate assets. NNN's consolidated financial statements are included in "Item 8. Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. The common shares of NNN REIT, Inc. are traded on the New York Stock Exchange (the "NYSE") under the ticker symbol "NNN." Real Estate Assets NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). NNN owned 3,568 Properties with an aggregate gross leasable area of approximately 36,557,000 square feet, located in 49 states, with a weighted average remaining lease term of 10 years as of December 31, 2024. Approximately 98 percent of the Properties were leased as of December 31, 2024. Competition NNN faces active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial real estate. Competitors may be willing to accept rates of return, prices, lease terms, other transaction terms, or levels of risk that NNN finds unacceptable. Qualification as a REIT NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), and related regulations and intends to continue to operate so as to remain qualified as a REIT for federal income tax purposes. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. If NNN fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT