NNN REIT, INC.
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NNN FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Lease Income | 924,380 | 867,468 | +6.6% |
| Interest Income Operating | 1,833 | 1,798 | +1.9% |
| Revenue | 926,213 | 869,266 | +6.6% |
| General & Administrative | 46,923 | 44,287 | +6.0% |
| Lease Cost | 37,381 | 32,317 | +15.7% |
| Depreciation And Amortization | 268,439 | 249,681 | +7.5% |
| Lease Transaction Cost | 486 | 99 | +390.9% |
| Impairment Of Real Estate | 28,602 | 6,632 | +331.3% |
| Retirement And Severance Costs | 3,116 | 668 | +366.5% |
| Operating Expenses | 384,947 | 333,684 | +15.4% |
| Gains Losses On Sales Of Investment Real Estate | 48,220 | 42,290 | +14.0% |
| Operating Income | 589,486 | 577,872 | +2.0% |
| Investment Income Net | -4,246 | -2,980 | -42.5% |
| Interest Expense | 203,955 | 184,017 | +10.8% |
| Other Non-Operating Income (Expense) | 199,709 | 181,037 | +10.3% |
| Net Income | 389,777 | 396,835 | -1.8% |
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| Retained Earnings | 389,777 | 396,835 | -1.8% |
| EPS (Basic) | 2.07 | 2.16 | -4.2% |
| EPS (Diluted) | 2.07 | 2.15 | -3.7% |
| Wtd Avg Shares (Basic) | 187,611,451 | 183,688,562 | +2.1% |
| Wtd Avg Shares (Diluted) | 187,986,798 | 184,043,841 | +2.1% |
| Net Income | 389,777 | 396,835 | -1.8% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax | 1,690 | 2,152 | -21.5% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent | -6,678,000 | — | — |
| Accumulated Other Comprehensive Income | 1,690 | 2,152 | -21.5% |
| Fair Value Of Forward Starting Swap | -52 | — | — |
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| Accumulated Other Comprehensive Income | -52 | — | — |
| Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest | 391,415 | 398,987 | -1.9% |
| Other Comprehensive Income (FY) | — | — | — |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent | -52 | — | — |
| Net Income Loss Available To Common Stockholders Basic | 389,777 | 396,835 | -1.8% |
| Operating Lease Lease Income | 902,369 | 846,653 | +6.6% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 5,046 | 8,731 | -42.2% |
| Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current | 776 | 331 | +134.4% |
| Non-Current Assets | |||
| Total Assets | 9,379,355 | 8,872,728 | +5.7% |
| Intangible Assets (Q) | — | — | — |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Above Market Leases | 2,936 | 2,594 | +13.2% |
| Above-Market and Below-Market In-Place Lease Intangibles | 7,529 | — | — |
| Leases Acquired In Place | 34,376 | 30,808 | +11.6% |
| Other Assets | |||
| Real Estate Investment Property Net | 9,239,542 | 8,746,168 | +5.6% |
| Accounts And Notes Receivable Net | 3,470 | 2,975 | +16.6% |
| Deferred Rent Receivables Net | 34,914 | 34,005 | +2.7% |
| Deferred Finance Costs Net | 8,645 | 8,958 | -3.5% |
Show Long-Term Debt Type breakouts |
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| Delayed Draw Term Loan | 2,429,000 | — | — |
| Other Assets | 86,962 | 71,560 | +21.5% |
| Current Liabilities | |||
| Lines Of Credit Current | 348,100 | — | — |
| Non-Current Liabilities | |||
| Interest Payable Current And Noncurrent | 40,557 | 29,699 | +36.6% |
| Total Liabilities | 4,971,053 | 4,510,453 | +10.2% |
| Other Liabilities | |||
| Notes Payable | 4,472,324 | 4,373,803 | +2.3% |
| Other Liabilities | 110,072 | 106,951 | +2.9% |
| Stockholders' Equity | |||
| Common Stock | 1,901 | 1,877 | +1.3% |
| Additional Paid-In Capital | 5,295,434 | 5,197,644 | +1.9% |
| Retained Earnings | -882,712 | -829,287 | -6.4% |
| Accumulated Other Comprehensive Income | -6,321 | -7,959 | +20.6% |
| Total Stockholders' Equity | 4,408,302 | 4,362,275 | +1.1% |
| Total Liabilities & Equity | 9,379,355 | 8,872,728 | +5.7% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization | 268,439 | 249,681 | +7.5% |
| Impairment Losses And Other Charges | 28,602 | 6,632 | +331.3% |
| Amortization Of Debt Discount Premium | 3,521 | 2,926 | +20.3% |
| Amortization of Financing Costs | 6,218 | 5,993 | +3.8% |
| Amortization Of Deferred Hedge Gains | 1,690 | 2,152 | -21.5% |
| Settlement Of Forward Starting Swaps Gain Loss | -409 | — | — |
| Gain Loss On Sale Of Properties | -48,220 | -42,290 | -14.0% |
| Performance Incentive Plan Expense | 15,043 | 12,835 | +17.2% |
| Performance Incentive Plan Payment | -1,702 | -1,274 | -33.6% |
| Increase Decrease In Receivables | -495 | 674 | -173.4% |
| Increase Decrease In Accrued Rental Income | -1,921 | -294 | -553.4% |
| Increase Decrease In Other Operating Assets | -7,589 | -190 | -3894.2% |
| Increase Decrease In Interest Payable Net | 10,858 | -4,675 | +332.3% |
| Increase Decrease In Other Operating Liabilities | 3,466 | 6,581 | -47.3% |
| Increase Decrease In Other Operating Capital Net | -147 | -82 | -79.3% |
| Net Cash from Operations | 667,131 | 635,504 | +5.0% |
| Investing Activities | |||
| Proceeds From Sale Of Real Estate Heldforinvestment | 191,163 | 149,834 | +27.6% |
| Payments To Acquire Real Estate Held For Investment | -937,078 | -572,874 | -63.6% |
| Proceeds From Collection Of Notes Receivable | 460 | 599 | -23.2% |
| Other Investing Activities | -2,609 | -1,895 | -37.7% |
| Net Cash from Investing | -748,064 | -424,336 | -76.3% |
| Supplemental Change In Other Comprehensive Income | 1,638 | 2,152 | -23.9% |
| Right Of Use Asset Obtained In Exchange For Operating Lease Liability | 3,382 | — | — |
| Increase Decrease In Finished Goods And Work In Process Inventories | -6,061 | -7,458 | +18.7% |
| Financing Activities | |||
| Proceeds From Long Term Lines Of Credit | 1,092,800 | 545,500 | +100.3% |
| Repayments Of Long Term Lines Of Credit | -744,700 | -677,500 | -9.9% |
| Proceeds From Notes Payable | 495,910 | 493,840 | +0.4% |
| Repayments Of Notes Payable | -400,000 | -350,000 | -14.3% |
| Debt Issuance Costs | -6,849 | -13,127 | +47.8% |
Show Equity Plan Name [Axis] breakouts |
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| ATM Equity Programs | -1,691 | -3,242 | +47.8% |
| Proceeds From Issuance Of Common Stock | 85,425 | 217,581 | -60.7% |
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| ATM Equity Programs | 81,106 | 211,619 | -61.7% |
| DRIP | 2,628 | 2,634 | -0.2% |
| Payments Of Stock Issuance Costs | -1,691 | -3,316 | +49.0% |
| Payments Of Dividends Common Stock | -443,202 | -420,239 | -5.5% |
Show Equity Plan Name [Axis] breakouts |
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| DRIP | -443,202 | -420,239 | -5.5% |
| Net Cash from Financing | 77,693 | -207,261 | +137.5% |
| Supplemental | |||
| Interest Paid | 184,027 | 183,426 | +0.3% |
| Other Cash Flow | |||
| Net Change in Cash | -3,240 | 3,907 | -182.9% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 5,822 | 9,062 | -35.8% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.