$NNN
NNN REIT, INC.

2024 Q2 Form 10-Q Financial Statement

#000095017024050913 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $216.8M $215.4M
YoY Change 6.99% 5.54%
Cost Of Revenue $6.758M $7.154M
YoY Change -1.14% 4.5%
Gross Profit $210.1M $208.3M
YoY Change 7.28% 5.57%
Gross Profit Margin 96.88% 96.68%
Selling, General & Admin $11.79M $12.58M
YoY Change 9.77% 2.72%
% of Gross Profit 5.61% 6.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.50M $60.62M
YoY Change 4.39% 2.48%
% of Gross Profit 29.76% 29.11%
Operating Expenses $82.17M $73.20M
YoY Change 16.36% -10.06%
Operating Profit $152.3M $135.1M
YoY Change 21.63% 4.67%
Interest Expense $46.58M -$43.95M
YoY Change -216.38% -213.01%
% of Operating Profit 30.59% -32.54%
Other Income/Expense, Net -$45.60M -$33.00K
YoY Change 87594.23% -99.92%
Pretax Income $106.7M $94.37M
YoY Change 8.07% 4.66%
Income Tax
% Of Pretax Income
Net Earnings $106.7M $94.22M
YoY Change 8.24% 4.49%
Net Earnings / Revenue 49.2% 43.74%
Basic Earnings Per Share $0.58 $0.52
Diluted Earnings Per Share $0.58 $0.52
COMMON SHARES
Basic Shares Outstanding 183.3M 182.5M
Diluted Shares Outstanding 182.8M 182.2M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.130M $1.128M
YoY Change -6.62% -65.19%
Cash & Equivalents $2.130M $1.128M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.551M $3.569M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.681M $4.697M
YoY Change 3.4% -19.13%
LONG-TERM ASSETS
Property, Plant & Equipment $8.587B $8.587B
YoY Change 4.45% 5.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.13M $2.723M
YoY Change 244.09% -60.63%
Total Long-Term Assets $8.723B $8.701B
YoY Change 4.57% 5.69%
TOTAL ASSETS
Total Short-Term Assets $4.681M $4.697M
Total Long-Term Assets $8.723B $8.701B
Total Assets $8.727B $8.706B
YoY Change 4.57% 5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $30.93M $75.49M
YoY Change 24.83% 29.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.93M $75.49M
YoY Change 24.83% 29.66%
LONG-TERM LIABILITIES
Long-Term Debt $4.383B $4.346B
YoY Change 7.57% 9.76%
Other Long-Term Liabilities $118.6M $109.3M
YoY Change 23.05% 28.09%
Total Long-Term Liabilities $4.501B $4.455B
YoY Change 7.92% 10.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.93M $75.49M
Total Long-Term Liabilities $4.501B $4.455B
Total Liabilities $4.532B $4.531B
YoY Change 8.02% 10.42%
SHAREHOLDERS EQUITY
Retained Earnings -$810.7M -$814.2M
YoY Change 0.83% 1.39%
Common Stock $1.838M $1.835M
YoY Change 0.71% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.195B $4.175B
YoY Change
Total Liabilities & Shareholders Equity $8.727B $8.706B
YoY Change 4.57% 5.68%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $106.7M $94.22M
YoY Change 8.24% 4.49%
Depreciation, Depletion And Amortization $62.50M $60.62M
YoY Change 4.39% 2.48%
Cash From Operating Activities $120.5M $190.7M
YoY Change 1.69% 5.47%
INVESTING ACTIVITIES
Capital Expenditures $108.6M $116.4M
YoY Change -37.6% -24.28%
Acquisitions
YoY Change
Other Investing Activities $66.96M $18.67M
YoY Change 137.04% 2053.86%
Cash From Investing Activities -$41.62M -$97.73M
YoY Change -71.45% -31.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.19M -97.01M
YoY Change -332.17% 142.96%
NET CHANGE
Cash From Operating Activities 120.5M 190.7M
Cash From Investing Activities -41.62M -97.73M
Cash From Financing Activities -63.19M -97.01M
Net Change In Cash 15.67M -4.027M
YoY Change -21281.08% 177.34%
FREE CASH FLOW
Cash From Operating Activities $120.5M $190.7M
Capital Expenditures $108.6M $116.4M
Free Cash Flow $11.90M $74.31M
YoY Change -121.42% 174.24%

Facts In Submission

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116406000
CY2023Q1 us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
153726000
CY2024Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
120000
CY2023Q1 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
111000
CY2024Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
386000
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
867000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-97732000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-142346000
CY2024Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
152000000
CY2023Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
218000000
CY2024Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
167800000
CY2023Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
175200000
CY2024Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
173000
CY2024Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
53000
CY2023Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
50000
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
21693000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17190000
CY2024Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
166000
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
294000
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
102684000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
99401000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-97010000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-39928000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4027000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1452000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5155000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6778000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1128000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5326000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
2221000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2687000
CY2024Q1 nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
632000
CY2023Q1 nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
607000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6401000
CY2024Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
8086000
CY2023Q1 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
1811000
CY2023Q1 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
2086000
CY2023Q4 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
3966000
CY2024Q1 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
0
CY2024Q1 nnn Investment Properties Total
InvestmentPropertiesTotal
3546
CY2024Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
36137000
CY2024Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
CY2024Q1 nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1859000
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
405000
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
444000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
232000
CY2024Q1 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
10
CY2023Q1 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
10
CY2024Q1 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.035
CY2023Q1 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.05
CY2024Q1 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.051
CY2023Q1 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.071
CY2024Q1 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.049
CY2023Q1 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.067
CY2024Q1 nnn Lease Income Annualized On Base Rent
LeaseIncomeAnnualizedOnBaseRent
831010000
CY2023Q1 nnn Lease Income Annualized On Base Rent
LeaseIncomeAnnualizedOnBaseRent
781909000
CY2024Q1 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
9775000
CY2023Q1 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
15565000
CY2024Q1 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
22239000
CY2023Q1 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4573000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
94371000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
90167000
CY2024Q1 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
153000
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
3966000
CY2024Q1 us-gaap Escrow Deposit
EscrowDeposit
0
CY2024Q1 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<p style="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:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Revenue Recognition.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">,</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.</span></p>
CY2023Q1 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
132000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
94218000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
90035000
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
182700682
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
181720238
CY2024Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
270664
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
240699
CY2024Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
635810
CY2023Q1 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
634036
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181794208
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180845503
CY2024Q1 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
418689
CY2023Q1 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
588842
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182212897
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181434345
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="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:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates.</span><span style="color:#000000;white-space:pre-wrap;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>
CY2024Q1 nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y
CY2024Q1 nnn Number Of Investment Properties Leased Under Operating Leases
NumberOfInvestmentPropertiesLeasedUnderOperatingLeases
3554
CY2024Q1 nnn Number Of Investment Properties Leased Under Direct Financing Leases
NumberOfInvestmentPropertiesLeasedUnderDirectFinancingLeases
4
CY2024Q1 us-gaap Land And Land Improvements
LandAndLandImprovements
2888657000
CY2023Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
2878400000
CY2024Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7459462000
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7368873000
CY2024Q1 us-gaap Tenant Improvements
TenantImprovements
355000
CY2023Q4 us-gaap Tenant Improvements
TenantImprovements
355000
CY2024Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10348474000
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10247628000
CY2024Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1913861000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1863451000
CY2024Q1 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8434613000
CY2023Q4 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8384177000
CY2024Q1 us-gaap Development In Process
DevelopmentInProcess
127025000
CY2023Q4 us-gaap Development In Process
DevelopmentInProcess
144068000
CY2024Q1 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8561638000
CY2023Q4 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8528245000
CY2024Q1 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
2979000
CY2023Q4 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3033000
CY2024Q1 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
22239000
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4573000
CY2024Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8586856000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8535851000
CY2024Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
5
CY2024Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
209084000
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
198183000
CY2024Q1 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
119000
CY2023Q1 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
144000
CY2024Q1 us-gaap Variable Lease Income
VariableLeaseIncome
888000
CY2023Q1 us-gaap Variable Lease Income
VariableLeaseIncome
763000
CY2024Q1 nnn Rental Revenues
RentalRevenues
210091000
CY2023Q1 nnn Rental Revenues
RentalRevenues
199090000
CY2024Q1 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4734000
CY2023Q1 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4540000
CY2024Q1 us-gaap Lease Income
LeaseIncome
214825000
CY2023Q1 us-gaap Lease Income
LeaseIncome
203630000
CY2024Q1 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
-36000
CY2023Q1 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
469000
CY2024Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
40996000
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41244000
CY2024Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
29145000
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
29117000
CY2024Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
11851000
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
12127000
CY2024Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4821000
CY2023Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
6300000
CY2024Q1 nnn Real Estate Investment Funding Construction Commitments Number Of Properties
RealEstateInvestmentFundingConstructionCommitmentsNumberOfProperties
39
CY2024Q1 nnn Real Estate Investment Funding Commitments
RealEstateInvestmentFundingCommitments
320410000
CY2024Q1 nnn Real Estate Investment Funding Commitments Amount Funded
RealEstateInvestmentFundingCommitmentsAmountFunded
-203306000
CY2024Q1 nnn Real Estate Investment Funding Commitments Remaining Commitment
RealEstateInvestmentFundingCommitmentsRemainingCommitment
117104000
CY2024Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
1204000
CY2023Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2640000
CY2024Q1 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
0
CY2023Q1 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
3
CY2024Q1 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
3
CY2023Q1 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
1
CY2024Q1 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
116067000000
CY2024Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0626
CY2024Q1 nnn Line Of Credit Facility Accordion Feature Increase Limit
LineOfCreditFacilityAccordionFeatureIncreaseLimit
2000000000000
CY2024Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
983800000000
CY2024Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
1980000
CY2024Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3762576000
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3801367000
CY2024Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
1100000000
CY2024Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1200000000

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