$NNN
NNN REIT, INC.

2023 Q4 Form 10-Q Financial Statement

#000095017023057144 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $216.2M $205.1M
YoY Change 8.92% 6.03%
Cost Of Revenue $8.237M $6.500M
YoY Change 17.09% 10.64%
Gross Profit $208.0M $198.7M
YoY Change 8.62% 5.92%
Gross Profit Margin 96.19% 96.86%
Selling, General & Admin $10.53M $10.20M
YoY Change -2.4% 0.75%
% of Gross Profit 5.06% 5.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.13M $59.50M
YoY Change 4.89% 5.52%
% of Gross Profit 28.91% 29.94%
Operating Expenses $70.61M $77.46M
YoY Change 3.67% 4.66%
Operating Profit $137.4M $147.7M
YoY Change 11.36% 17.8%
Interest Expense -$43.01M $41.52M
YoY Change 14.27% 12.34%
% of Operating Profit -31.3% 28.12%
Other Income/Expense, Net -$76.00K -$40.88M
YoY Change 26.67% 10.7%
Pretax Income $96.68M $106.8M
YoY Change 6.64% 20.79%
Income Tax
% Of Pretax Income
Net Earnings $96.52M $106.8M
YoY Change 6.51% 20.77%
Net Earnings / Revenue 44.64% 52.06%
Basic Earnings Per Share $0.59
Diluted Earnings Per Share $0.53 $0.59
COMMON SHARES
Basic Shares Outstanding 0.000 182.4M
Diluted Shares Outstanding 181.7M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.189M $77.10M
YoY Change -52.53% 2252.76%
Cash & Equivalents $1.189M $77.14M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $3.649M $2.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.838M $79.20M
YoY Change -29.91% 658.91%
LONG-TERM ASSETS
Property, Plant & Equipment $8.536B $8.346B
YoY Change 6.43% 6.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.209M $24.90M
YoY Change -25.1% 325.06%
Total Long-Term Assets $8.657B $8.482B
YoY Change 6.36% 6.81%
TOTAL ASSETS
Total Short-Term Assets $4.838M $79.20M
Total Long-Term Assets $8.657B $8.482B
Total Assets $8.662B $8.561B
YoY Change 6.33% 7.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $34.37M $60.80M
YoY Change 44.27% 5.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.37M $60.80M
YoY Change 44.27% 5.95%
LONG-TERM LIABILITIES
Long-Term Debt $4.361B $4.227B
YoY Change 11.35% 11.34%
Other Long-Term Liabilities $109.6M $115.3M
YoY Change 32.58% 26.65%
Total Long-Term Liabilities $4.470B $4.343B
YoY Change 11.79% 11.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.37M $60.80M
Total Long-Term Liabilities $4.470B $4.343B
Total Liabilities $4.505B $4.403B
YoY Change 11.98% 11.62%
SHAREHOLDERS EQUITY
Retained Earnings -$805.9M -$799.9M
YoY Change 1.53% 1.7%
Common Stock $1.826M $1.825M
YoY Change 0.61% 2.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.157B $4.158B
YoY Change
Total Liabilities & Shareholders Equity $8.662B $8.561B
YoY Change 6.33% 7.66%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $96.52M $106.8M
YoY Change 6.51% 20.77%
Depreciation, Depletion And Amortization $60.13M $59.50M
YoY Change 4.89% 5.52%
Cash From Operating Activities $121.6M $191.5M
YoY Change 7.54% 0.81%
INVESTING ACTIVITIES
Capital Expenditures $271.1M $197.0M
YoY Change 1.65% -190.07%
Acquisitions
YoY Change
Other Investing Activities $26.73M $48.80M
YoY Change 68.53% 128.29%
Cash From Investing Activities -$244.4M -$148.2M
YoY Change -2.58% -24.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.73M 49.60M
YoY Change -78.95% 572.09%
NET CHANGE
Cash From Operating Activities 121.6M 191.5M
Cash From Investing Activities -244.4M -148.2M
Cash From Financing Activities 29.73M 49.60M
Net Change In Cash -93.02M 92.90M
YoY Change -2757.04% -774266.67%
FREE CASH FLOW
Cash From Operating Activities $121.6M $191.5M
Capital Expenditures $271.1M $197.0M
Free Cash Flow -$149.5M -$5.500M
YoY Change -2.68% -101.35%

Facts In Submission

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CY2022Q3 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1949
CY2022Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
88000
CY2022Q3 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
2084305
CY2022Q3 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
97556000
CY2022Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
12800
CY2022Q3 nnn Stock Issuance Costs
StockIssuanceCosts
1304000
CY2022Q3 nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
2025000
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
595000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4006932000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4123502000
us-gaap Profit Loss
ProfitLoss
295658000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.665
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
299638000
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
24097
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
833000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
5151
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
222000
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
650135
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
29150000
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
265467
nnn Stock Issuance Costs
StockIssuanceCosts
933000
nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
7421000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
1843000
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4158058000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3901663000
us-gaap Profit Loss
ProfitLoss
243959000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.61
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
280579000
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
24209
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
927000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
4516
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
200000
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
2801778
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
129149000
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
232751
nnn Stock Issuance Costs
StockIssuanceCosts
1879000
nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
12000000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
1770000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
278000
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4006932000
us-gaap Profit Loss
ProfitLoss
295658000
us-gaap Profit Loss
ProfitLoss
243959000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
178546000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
166512000
nnn Impairment Losses And Other Charges
ImpairmentLossesAndOtherCharges
3675000
nnn Impairment Losses And Other Charges
ImpairmentLossesAndOtherCharges
7221000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1416000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1262000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3648000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3533000
nnn Amortization Of Mortgages Premium
AmortizationOfMortgagesPremium
21000
nnn Amortization Of Mortgages Premium
AmortizationOfMortgagesPremium
65000
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1843000
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1770000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
40222000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
10656000
nnn Performance Incentive Plan Expense
PerformanceIncentivePlanExpense
8997000
nnn Performance Incentive Plan Expense
PerformanceIncentivePlanExpense
14000000
nnn Performance Incentive Plan Payment
PerformanceIncentivePlanPayment
916000
nnn Performance Incentive Plan Payment
PerformanceIncentivePlanPayment
103000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-654000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-1264000
nnn Increase Decrease In Accrued Rental Income
IncreaseDecreaseInAccruedRentalIncome
1496000
nnn Increase Decrease In Accrued Rental Income
IncreaseDecreaseInAccruedRentalIncome
-3298000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
500000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
822000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
36939000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
33461000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2478000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
641000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-114000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
4000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
490813000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
465271000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
89542000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
50919000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
524719000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
576188000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
440000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
412000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1534000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1951000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-436271000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-526808000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
646000000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
344000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
812200000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
296500000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9947000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
494000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
488380000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4248000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
127000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
31528000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
131407000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
777000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1879000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
301793000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
282637000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
278000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36943000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-106508000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
91485000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-168045000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6778000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171322000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98263000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3277000
us-gaap Interest Paid Net
InterestPaidNet
79058000
us-gaap Interest Paid Net
InterestPaidNet
70986000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1843000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1770000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6401000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
36661000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
19102000
CY2023Q3 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.064
CY2022Q3 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.068
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
44368000
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
46631000
CY2023Q3 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
14281000
CY2022Q3 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
15346000
CY2023Q3 nnn Investment Properties Total
InvestmentPropertiesTotal
3511
CY2023Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
35797000
CY2023Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y1M6D
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2374000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
547000
CY2023Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1248000
CY2022Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
273000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
348000000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2023Q3 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
8
CY2022Q3 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
8
CY2023Q3 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.048
CY2022Q3 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.052
CY2023Q3 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.069
CY2022Q3 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.071
CY2023Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
6401000
CY2022Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
786000
CY2023Q3 us-gaap Escrow Deposit
EscrowDeposit
21126000
CY2022Q4 us-gaap Escrow Deposit
EscrowDeposit
4273000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
106787000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
88421000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
295658000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
243964000
CY2023Q3 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
171000
CY2022Q3 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
135000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
448000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
471000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
106616000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
88286000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
295210000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
243493000
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
182424814
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
177881613
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
182092117
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
176510417
CY2023Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
290458
CY2022Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
246116
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
268713
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
292433
CY2023Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
736083
CY2022Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
734711
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
702441
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
675628
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181398273
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
176900786
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181120963
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
175542356
CY2023Q3 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
323194
CY2022Q3 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
466924
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
339659
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
451551
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181721467
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
177367710
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181460622
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175993907
CY2023Q3 us-gaap Variable Lease Income
VariableLeaseIncome
336000
CY2022Q3 us-gaap Variable Lease Income
VariableLeaseIncome
235000
us-gaap Variable Lease Income
VariableLeaseIncome
1390000
us-gaap Variable Lease Income
VariableLeaseIncome
1231000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Calibri',sans-serif;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 which are required to prepare the unaudited 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 purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.</span></p>
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y1M6D
CY2023Q3 nnn Number Of Investment Properties Leased Under Operating Leases
NumberOfInvestmentPropertiesLeasedUnderOperatingLeases
3521
CY2023Q3 nnn Number Of Investment Properties Leased Under Direct Financing Leases
NumberOfInvestmentPropertiesLeasedUnderDirectFinancingLeases
5
CY2023Q3 us-gaap Land And Land Improvements
LandAndLandImprovements
2823053000
CY2022Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
2669498000
CY2023Q3 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7226852000
CY2022Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
6985394000
CY2023Q3 us-gaap Tenant Improvements
TenantImprovements
355000
CY2022Q4 us-gaap Tenant Improvements
TenantImprovements
355000
CY2023Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10050260000
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9655247000
CY2023Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1813920000
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1660308000
CY2023Q3 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8236340000
CY2022Q4 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
7994939000
CY2023Q3 us-gaap Development In Process
DevelopmentInProcess
106615000
CY2022Q4 us-gaap Development In Process
DevelopmentInProcess
21737000
CY2023Q3 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8342955000
CY2022Q4 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8016676000
CY2023Q3 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3107000
CY2022Q4 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3352000
CY2023Q3 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
0
CY2022Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
786000
CY2023Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8346062000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8020814000
CY2023Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
200287000
CY2022Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
188840000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
596099000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
558942000
CY2023Q3 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
140000
CY2022Q3 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
148000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
427000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
449000
CY2023Q3 nnn Rental Revenues
RentalRevenues
200763000
CY2022Q3 nnn Rental Revenues
RentalRevenues
189223000
nnn Rental Revenues
RentalRevenues
597916000
nnn Rental Revenues
RentalRevenues
560622000
CY2023Q3 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4093000
CY2022Q3 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
3879000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
12996000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
12779000
CY2023Q3 us-gaap Lease Income
LeaseIncome
204856000
CY2022Q3 us-gaap Lease Income
LeaseIncome
193102000
us-gaap Lease Income
LeaseIncome
610912000
us-gaap Lease Income
LeaseIncome
573401000
CY2021Q4 nnn Rent Due
RentDue
4722000
CY2020Q4 nnn Rent Due
RentDue
51723000
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
2648000
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
11520000
CY2023Q3 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
476000
CY2022Q3 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
3458000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
1496000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
3298000
CY2023Q3 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
493000
CY2022Q3 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
655000
CY2023Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41217000
CY2022Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41371000
CY2023Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
28849000
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
28121000
CY2023Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
12368000
CY2022Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
13250000
CY2023Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
19992000
CY2022Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
5889000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
40222000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
10656000
CY2023Q3 nnn Real Estate Investment Funding Construction Commitments Number Of Properties
RealEstateInvestmentFundingConstructionCommitmentsNumberOfProperties
57
CY2023Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
2321000
CY2023Q3 nnn Real Estate Investment Funding Commitments
RealEstateInvestmentFundingCommitments
391604000
CY2023Q3 nnn Real Estate Investment Funding Commitments Amount Funded
RealEstateInvestmentFundingCommitmentsAmountFunded
-207403000
CY2023Q3 nnn Real Estate Investment Funding Commitments Remaining Commitment
RealEstateInvestmentFundingCommitmentsRemainingCommitment
184201000
CY2023Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
1001000
CY2022Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
971000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
3675000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
7221000
CY2023Q3 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
1
CY2022Q3 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
2
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
4
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
8
CY2023Q3 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
1
CY2022Q3 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
1
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
2
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
6
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
201296000000
CY2023Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0579
CY2023Q3 nnn Line Of Credit Facility Accordion Feature Increase Limit
LineOfCreditFacilityAccordionFeatureIncreaseLimit
2000000000000
CY2023Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1100000000000
CY2023Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3529934000
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3140774000

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