NNN REIT INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
NNN$41.76+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net earnings | $298,941 | $295,658 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Depreciation and amortization | 186,487 | 178,546 |
| Impairment losses – real estate, net of recoveries | 2,908 | 3,675 |
| Amortization of notes payable discount | 2,149 | 1,416 |
| Amortization of debt costs | 4,538 | 3,648 |
| Amortization of mortgages payable premium | — | (21) |
| Amortization of interest rate hedges | 1,692 | 1,843 |
| Gain on disposition of real estate | (30,207) | (40,222) |
| Performance incentive plan expense | 9,976 | 8,997 |
| Performance incentive plan payment | (1,274) | (916) |
| Change in operating assets and liabilities, net of assets acquired and liabilities assumed: | ||
| Decrease in receivables | 1,425 | 654 |
| Decrease (increase) in accrued rental income | 8 | (1,496) |
| Increase in other assets | (1,057) | (500) |
| Increase in accrued interest payable | 41,025 | 36,939 |
| Increase in other liabilities | 1,353 | 2,478 |
| Other | (138) | 114 |
| Net cash provided by operating activities | 517,826 | 490,813 |
| Cash flows from investing activities: | ||
| Proceeds from the disposition of real estate | 106,764 | 89,542 |
| Additions to real estate | (351,149) | (524,719) |
| Principal payments received on mortgages and notes receivable | 470 | 440 |
| Other | (1,099) | (1,534) |
| Net cash used in investing activities | (245,014) | (436,271) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED
(dollars in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from financing activities: | ||
| Proceeds from line of credit payable | $449,000 | $646,000 |
| Repayment of line of credit payable | (581,000) | (812,200) |
| Repayment of mortgages payable | — | (9,947) |
| Proceeds from notes payable | 493,840 | 488,380 |
| Repayment of notes payable | (350,000) | — |
| Payment of debt issuance costs | (13,103) | (4,248) |
| Proceeds from issuance of common stock | 216,934 | 31,528 |
| Stock issuance costs | (3,206) | (777) |
| Payment of common stock dividends | (311,920) | (301,793) |
| Net cash provided by (used in) financing activities | (99,455) | 36,943 |
| Net increase in cash, cash equivalents and restricted cash(1) | 173,357 | 91,485 |
| Cash, cash equivalents and restricted cash at beginning of period(1) | 5,155 | 6,778 |
| Cash, cash equivalents and restricted cash at end of period(1) | $178,512 | $98,263 |
| Supplemental disclosure of cash flow information: | ||
| Interest paid, net of amount capitalized | $92,477 | $79,058 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Change in other comprehensive income | $1,692 | $1,843 |
| Right-of-use asset recorded in connection with lease liability | $— | $6,401 |
| Change in work in progress accrual | $(2,539) | $24,498 |
| (1) | Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. As of September 30, 2024, December 31, 2023 and September 30, 2023, NNN had restricted cash of $4,986, $3,966 and $21,126, respectively. |
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