$NNN
NNN REIT, INC.

2022 Q3 Form 10-Q Financial Statement

#000095017022014015 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $193.5M $190.8M $187.3M
YoY Change 7.27% 6.58% 14.67%
Cost Of Revenue $5.875M $6.173M $7.520M
YoY Change -9.91% -6.74% -7.16%
Gross Profit $187.6M $184.6M $179.7M
YoY Change 7.92% 7.09% 15.81%
Gross Profit Margin 96.96% 96.76% 95.98%
Selling, General & Admin $10.12M $9.740M $9.947M
YoY Change -8.6% -17.93% 8.12%
% of Gross Profit 5.4% 5.28% 5.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.39M $57.44M $53.39M
YoY Change 10.62% 12.96% 8.74%
% of Gross Profit 30.06% 31.12% 29.7%
Operating Expenses $74.01M $80.71M $63.34M
YoY Change 0.77% 4.65% 8.45%
Operating Profit $125.4M $110.9M $116.4M
YoY Change 7.7% 4.51% 20.25%
Interest Expense $36.96M $36.74M -$36.63M
YoY Change 10.28% 11.04% 14.46%
% of Operating Profit 29.49% 33.14% -31.47%
Other Income/Expense, Net -$36.93M $36.69M -$57.00K
YoY Change -210.38% 11.0%
Pretax Income $88.42M $74.17M $77.57M
YoY Change 6.62% 1.57% 26.54%
Income Tax
% Of Pretax Income
Net Earnings $88.42M $74.17M $77.57M
YoY Change 6.62% 1.57% 26.54%
Net Earnings / Revenue 45.7% 38.88% 41.42%
Basic Earnings Per Share $0.50 $0.42
Diluted Earnings Per Share $0.50 $0.42 $442.9K
COMMON SHARES
Basic Shares Outstanding 177.1M 175.0B 175.6M
Diluted Shares Outstanding 177.4M 175.1B

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.277M $3.289M $171.3M
YoY Change -99.4% -98.68% -35.88%
Cash & Equivalents $3.277M $3.289M $171.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $4.181M $3.461M $5.557M
Prepaid Expenses
Receivables $2.978M $2.612M $3.154M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.44M $9.362M $180.0M
YoY Change -98.12% -96.48% -35.05%
LONG-TERM ASSETS
Property, Plant & Equipment $7.822B $7.675B $7.444B
YoY Change 5.1% 5.56% 3.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.858M $6.427M $7.443M
YoY Change -26.41% -24.46% 291.74%
Total Long-Term Assets $7.941B $7.795B $7.571B
YoY Change 4.8% 5.2% 2.86%
TOTAL ASSETS
Total Short-Term Assets $10.44M $9.362M $180.0M
Total Long-Term Assets $7.941B $7.795B $7.571B
Total Assets $7.952B $7.804B $7.751B
YoY Change -2.23% 1.67% 1.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $57.38M $23.18M $23.92M
YoY Change 8.68% 6.24% -15.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.38M $23.18M $23.92M
YoY Change 8.68% 6.24% -15.47%
LONG-TERM LIABILITIES
Long-Term Debt $3.796B $3.788B $3.746B
YoY Change 1.36% 14.44% 16.32%
Other Long-Term Liabilities $91.04M $77.41M $79.00M
YoY Change 22.43% 6.27% 14.0%
Total Long-Term Liabilities $3.888B $3.866B $3.825B
YoY Change 1.77% 14.26% 16.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.38M $23.18M $23.92M
Total Long-Term Liabilities $3.888B $3.866B $3.825B
Total Liabilities $3.945B $3.889B $3.849B
YoY Change 1.86% 14.21% 16.0%
SHAREHOLDERS EQUITY
Retained Earnings -$786.5M -$777.9M -$747.9M
YoY Change 9.2% 10.2% 15.99%
Common Stock $1.788M $1.767M $1.757M
YoY Change 1.76% 0.57% 0.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.007B $3.916B $3.902B
YoY Change
Total Liabilities & Shareholders Equity $7.952B $7.804B $7.751B
YoY Change -2.23% 1.67% 1.48%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $88.42M $74.17M $77.57M
YoY Change 6.62% 1.57% 26.54%
Depreciation, Depletion And Amortization $56.39M $57.44M $53.39M
YoY Change 10.62% 12.96% 8.74%
Cash From Operating Activities $190.0M $111.0M $115.3M
YoY Change 10.19% -7.18% 13.68%
INVESTING ACTIVITIES
Capital Expenditures -$218.7M -$148.0M -$98.58M
YoY Change -11.43% 46.09% -7.44%
Acquisitions
YoY Change
Other Investing Activities $21.38M $8.164M $50.56M
YoY Change -28.83% -63.8% 314.41%
Cash From Investing Activities -$197.4M -$139.8M -$48.02M
YoY Change -9.02% 77.57% -49.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.380M -21.61M -439.5M
YoY Change -97.82% -78.92% 1162.81%
NET CHANGE
Cash From Operating Activities 190.0M 111.0M 115.3M
Cash From Investing Activities -197.4M -139.8M -48.02M
Cash From Financing Activities 7.380M -21.61M -439.5M
Net Change In Cash -12.00K -50.45M -372.2M
YoY Change -100.0% -18.21% 1248.57%
FREE CASH FLOW
Cash From Operating Activities $190.0M $111.0M $115.3M
Capital Expenditures -$218.7M -$148.0M -$98.58M
Free Cash Flow $408.7M $258.9M $213.9M
YoY Change -2.54% 17.25% 2.86%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities and are required to prepare the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the useful lives used in calculating depreciation expense relating to real estate asset purchase accounting for acquisition of real estate subject to a lease, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates.</span></p>
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y7M6D
CY2022Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
2579427000
CY2021Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
2527483000
CY2022Q2 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
6630545000
CY2021Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
6375583000
CY2022Q2 us-gaap Tenant Improvements
TenantImprovements
355000
CY2021Q4 us-gaap Tenant Improvements
TenantImprovements
355000
CY2022Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9210327000
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8903421000
CY2022Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1561310000
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1470062000
CY2022Q2 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
7649017000
CY2021Q4 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
7433359000
CY2022Q2 us-gaap Development In Process
DevelopmentInProcess
21987000
CY2021Q4 us-gaap Development In Process
DevelopmentInProcess
7277000
CY2022Q2 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
7671004000
CY2021Q4 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
7440636000
CY2021Q4 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3653000
CY2022Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
7674508000
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
7444289000
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
185791000
CY2021Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
173371000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
370102000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
346954000
CY2022Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
150000
CY2021Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
157000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
301000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
315000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8900000
CY2021Q4 us-gaap Inventory Real Estate Held For Sale
InventoryRealEstateHeldForSale
5557000
CY2022Q2 nnn Number Of Properties Classified As Held For Sale
NumberOfPropertiesClassifiedAsHeldForSale
3
CY2022Q2 us-gaap Variable Lease Income
VariableLeaseIncome
295000
CY2021Q2 us-gaap Variable Lease Income
VariableLeaseIncome
231000
us-gaap Variable Lease Income
VariableLeaseIncome
996000
us-gaap Variable Lease Income
VariableLeaseIncome
335000
CY2022Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4300000
CY2021Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4245000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
9598000
CY2022Q2 us-gaap Lease Income
LeaseIncome
190536000
CY2021Q2 us-gaap Lease Income
LeaseIncome
178004000
us-gaap Lease Income
LeaseIncome
380299000
us-gaap Lease Income
LeaseIncome
357202000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
2643000000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
15692000000
CY2022Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
1547000000
CY2021Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
7359000000
us-gaap Straight Line Rent
StraightLineRent
-3509000
us-gaap Straight Line Rent
StraightLineRent
-17706000
CY2022Q2 us-gaap Straight Line Rent
StraightLineRent
-1729000
CY2021Q2 us-gaap Straight Line Rent
StraightLineRent
-8323000
CY2022Q2 us-gaap Deferred Rent Credit
DeferredRentCredit
29065000
CY2021Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
31942000
CY2022Q2 nnn Deferred Lease Income Allowances
DeferredLeaseIncomeAllowances
4090000
CY2021Q4 nnn Deferred Lease Income Allowances
DeferredLeaseIncomeAllowances
4587000
CY2022Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41160000
CY2021Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41705000
CY2022Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
27527000
CY2021Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
27447000
CY2022Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
13633000
CY2021Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
14258000
CY2022Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
2313000
CY2021Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
6440000
CY2022Q2 nnn Inventory Building Held For Sale
InventoryBuildingHeldForSale
5306000
CY2021Q4 nnn Inventory Building Held For Sale
InventoryBuildingHeldForSale
4313000
CY2022Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
7619000
CY2021Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
10753000
CY2022Q2 nnn Inventory Real Estate Held For Sale Accumulated Depreciation
InventoryRealEstateHeldForSaleAccumulatedDepreciation
2393000
CY2021Q4 nnn Inventory Real Estate Held For Sale Accumulated Depreciation
InventoryRealEstateHeldForSaleAccumulatedDepreciation
1331000
CY2022Q2 nnn Accumulated Impairment Real Estate Held For Sale
AccumulatedImpairmentRealEstateHeldForSale
1765000
CY2021Q4 nnn Accumulated Impairment Real Estate Held For Sale
AccumulatedImpairmentRealEstateHeldForSale
3865000
CY2022Q2 us-gaap Inventory Real Estate Held For Sale
InventoryRealEstateHeldForSale
3461000
CY2021Q4 nnn Number Of Properties Classified As Held For Sale
NumberOfPropertiesClassifiedAsHeldForSale
2
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
14
CY2022Q2 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
3
CY2021Q2 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
7
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
5
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
8
CY2021Q2 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
8
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
6
CY2022Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
775000
CY2021Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4181000
nnn Period For Improvements To Construction Commitments
PeriodForImprovementsToConstructionCommitments
P12M
CY2022Q2 nnn Real Estate Investment Funding Commitments
RealEstateInvestmentFundingCommitments
81315000
CY2022Q2 nnn Real Estate Investment Funding Commitments Amount Funded
RealEstateInvestmentFundingCommitmentsAmountFunded
36078000
CY2022Q2 nnn Real Estate Investment Funding Commitments Remaining Commitment
RealEstateInvestmentFundingCommitmentsRemainingCommitment
45237000
CY2022Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
4618000
CY2021Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
7735000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
6250000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
9866000
CY2022Q2 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
3
CY2021Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
900000000000
CY2021Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1100000000000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
181819000
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.5300
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
9028000000
CY2022Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0204
CY2021Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.5200
CY2022Q2 nnn Line Of Credit Facility Accordion Feature Increase Limit
LineOfCreditFacilityAccordionFeatureIncreaseLimit
2000000000000
CY2022Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1060000000000
CY2022Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
10144000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.0600
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.0400
CY2022Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
2422000
CY2022Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
92878000
CY2021Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
90971000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
185629000
CY2022Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3336524000
CY2021Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
4032757000

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