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NNN REIT Inc Com (NNN+0.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details NNN's operations as a fully integrated real estate investment trust, focusing on acquiring, owning, and developing properties leased primarily to retail tenants under long-term net leases.
As of December 31, 2024, NNN owned 3,568 properties across 49 states, with a total gross leasable area of approximately 36,557,000 square feet, and a weighted average remaining lease term of 10 years.
The company's property portfolio was 98% leased as of the end of 2024, with significant concentrations in convenience stores, automotive service, and restaurant sectors.
NNN reported total revenues of $869.3 million for the year ended December 31, 2024, a 5% increase from the previous year, primarily driven by rental income from recent property acquisitions.
Operating expenses totaled $333.7 million, a 4.1% increase from the previous year, with depreciation and amortization expenses accounting for the largest portion.
NNN's net earnings for 2024 were $396.8 million, slightly up from $392.3 million in 2023.
The company declared dividends totaling $420.2 million, or $2.29 per share, for the year ended December 31, 2024.
NNN's financing strategy includes managing its capital structure to support its operating and investment strategies, with a focus on maintaining investment-grade credit ratings and staggering debt maturities.
As of December 31, 2024, NNN had no outstanding balance on its $1.2 billion unsecured revolving credit facility, with $1.2 billion available for future borrowings.
NNN's total outstanding debt was $4.4 billion as of December 31, 2024, with a weighted average interest rate of 4.1% and a weighted average maturity of 12.1 years.
The filing also addresses various risks, including those related to financial and economic conditions, tenant defaults, and cybersecurity threats, which could impact NNN's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NNN REIT Inc Com annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.