NNN REIT Inc (NNN) financial statements: income statement, balance sheet and cash flow
NNN REIT Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NNN REIT Inc reported revenue of $926.2M (+6.6% year on year) and net income of $389.8M (-1.8% year on year).
Income statement
NNN REIT Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Rental income
$924.4M
$867.5M
$826.1M
$771.6M
Interest and other income from real estate transactions
$1.8M
$1.8M
$2.0M
$1.4M
Total revenues
$926.2M
$869.3M
$828.1M
$773.1M
General and administrative
$46.9M
$44.3M
$43.7M
$41.7M
Real estate
$37.4M
$32.3M
$28.4M
$26.3M
Depreciation and amortization
$268.4M
$249.7M
$238.6M
$223.8M
Leasing transaction costs
$486.0K
$99.0K
$299.0K
$320.0K
Impairment losses - real estate, net of recoveries
$28.6M
$6.6M
$6.0M
$8.3M
Retirement And Severance Costs
$3.1M
—
—
—
Total operating expenses
$384.9M
$333.7M
$320.5M
$308.0M
Gain on disposition of real estate
$48.2M
$42.3M
$47.5M
$17.4M
Earnings from operations
$589.5M
$577.9M
$555.1M
$482.5M
Interest and other income
($4.2M)
($3.0M)
($1.1M)
($149.0K)
Interest expense
$204.0M
$184.0M
$163.9M
$148.1M
Total other expenses (revenues)
$199.7M
$181.0M
$162.8M
$147.9M
Basic (in dollars per share)
$2.07
$2.16
$2.16
$1.89
Diluted (in dollars per share)
$2.07
$2.15
$2.16
$1.89
Basic (in shares)
187.6M
183.7M
181.2M
176.4M
Diluted (in shares)
188.0M
184.0M
181.7M
177.1M
Net earnings
$389.8M
$396.8M
$392.3M
$334.6M
Amortization of interest rate hedges
$1.7M
$2.2M
$2.5M
$2.4M
Fair value of forward starting swaps
($52.0K)
—
$0
$0
Total comprehensive income
$391.4M
$399.0M
$394.8M
$337.0M
NNN REIT Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Rental income
$242.7M
$240.0M
$229.8M
$226.5M
Interest and other income from real estate transactions
$1.6M
$410.0K
$386.0K
$304.0K
Total revenues
$244.3M
$240.4M
$230.2M
$226.8M
General and administrative
$14.1M
$14.1M
$11.1M
$11.2M
Real estate
$8.3M
$9.8M
$9.1M
$8.8M
Depreciation and amortization
$71.0M
$70.8M
$67.3M
$68.3M
Leasing transaction costs
$212.0K
$144.0K
$131.0K
$74.0K
Impairment losses – real estate, net of recoveries
$8.1M
$10.7M
$7.2M
$4.5M
Retirement and severance costs
$368.0K
$434.0K
$690.0K
$191.0K
Total operating expenses
$102.0M
$106.0M
$95.5M
$93.2M
Gain on disposition of real estate
$9.1M
$12.2M
$12.6M
$16.2M
Earnings from operations
$151.4M
$146.6M
$147.3M
$149.8M
Interest and other income
($35.0K)
($28.0K)
($2.9M)
($15.0K)
Interest expense
$53.5M
$52.7M
$53.4M
$49.3M
Total other expenses (revenues)
$53.5M
$52.7M
$50.4M
$49.3M
Basic
$0.52
$0.50
$0.51
$0.54
Diluted
$0.52
$0.50
$0.51
$0.54
Basic
189.1M
189.0M
187.8M
186.9M
Diluted
189.6M
189.5M
188.3M
187.1M
Net earnings
$97.9M
$94.0M
$96.8M
$100.5M
Amortization of interest rate hedges
$79.0K
$75.0K
$480.0K
$469.0K
Fair value of forward starting swap
$3.7M
$1.8M
—
($117.0K)
Total comprehensive income
$101.7M
$95.8M
$97.3M
$100.9M
Balance sheet
NNN REIT Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Real estate portfolio, net of accumulated depreciation and amortization
$9.2B
$8.7B
$8.5B
$8.0B
Cash and cash equivalents
$5.0M
$8.7M
$1.2M
$2.5M
Restricted cash and cash held in escrow
$776.0K
$331.0K
$4.0M
$4.3M
Receivables, net of allowance of $609 and $617, respectively
$3.5M
$3.0M
$3.6M
$3.6M
Accrued rental income, net of allowance of $3,393 and $4,156, respectively
$34.9M
$34.0M
$34.6M
$27.8M
Debt costs, net of accumulated amortization of $29,930 and $27,002, respectively
$8.6M
—
—
—
Other assets
$87.0M
$71.6M
$79.5M
$81.7M
Total assets
$9.4B
$8.9B
$8.7B
$8.1B
Line of credit payable
$348.1M
$0
$132.0M
$166.2M
Notes payable, net of unamortized discount and unamortized debt costs
$4.5B
$4.4B
$4.2B
$3.7B
Accrued interest payable
$40.6M
$29.7M
$34.4M
$23.8M
Other liabilities
$110.1M
$107.0M
$109.6M
$82.7M
Total liabilities
$5.0B
$4.5B
$4.5B
$4.0B
Common stock, $0.01 par value. Authorized 375,000,000 shares; 189,937,404 and 187,540,929 shares issued and outstanding, respectively
1.9M
1.9M
1.8M
1.8M
Capital in excess of par value
$5.3B
$5.2B
$5.0B
$4.9B
Accumulated deficit
($882.7M)
($829.3M)
($805.9M)
($793.8M)
Accumulated other comprehensive income (loss)
($6.3M)
($8.0M)
($10.1M)
($12.6M)
Total equity
$4.4B
$4.4B
$4.2B
$4.1B
Total liabilities and equity
$9.4B
$8.9B
$8.7B
$8.1B
NNN REIT Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Real estate portfolio, net of accumulated depreciation and amortization
$9.5B
$9.3B
$9.2B
$9.0B
Cash and cash equivalents
$4.2M
$4.6M
$157.9M
$6.0M
Restricted cash and cash held in escrow
$0
$827.0K
$776.0K
$775.0K
Receivables, net of allowance of $567 and $609, respectively
$2.9M
$3.8M
$2.3M
$2.5M
Accrued rental income, net of allowance of $3,528 and $3,393, respectively
$36.7M
$36.0M
$33.9M
$33.6M
Debt costs, net of accumulated amortization of $31,348 and $29,930, respectively
$5.0M
$7.8M
$7.0M
$7.7M
Other assets
$94.1M
$88.6M
$73.6M
$75.0M
Total assets
$9.6B
$9.4B
$9.5B
$9.1B
Line of credit payable
$28.5M
$80.0M
—
$267.7M
Term loan payable, net of unamortized debt costs
$496.8M
$300.0M
—
—
Notes payable, net of unamortized discount and unamortized debt costs
$4.5B
$4.5B
$4.9B
$4.4B
Accrued interest payable
$38.0M
$72.3M
$79.9M
$30.7M
Other liabilities
$106.5M
$100.6M
$109.4M
$111.0M
Total liabilities
$5.1B
$5.0B
$5.1B
$4.8B
Common stock, $0.01 par value. Authorized 375,000,000 shares; 191,931,110 and 189,937,404 shares issued and outstanding, respectively
1.9M
1.9M
1.9M
1.9M
Capital in excess of par value
$5.4B
$5.3B
$5.3B
$5.2B
Accumulated deficit
($918.0M)
($902.3M)
($865.2M)
($849.2M)
Accumulated other comprehensive income (loss)
($671.0K)
($4.4M)
($7.0M)
($7.4M)
Total equity
$4.5B
$4.4B
$4.4B
$4.4B
Total liabilities and equity
$9.6B
$9.4B
$9.5B
$9.1B
Cash flow statement
NNN REIT Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings
$389.8M
$396.8M
$392.3M
$334.6M
Depreciation and amortization
$268.4M
$249.7M
$238.6M
$223.8M
Impairment losses – real estate, net of recoveries
$28.6M
$6.6M
$6.0M
$8.3M
Amortization of notes payable discount
$3.5M
$2.9M
$2.1M
$1.7M
Amortization of debt costs
$6.2M
$6.0M
$4.9M
$4.7M
Amortization of mortgages payable premium
$0
$0
($21.0K)
($87.0K)
Amortization of interest rate hedges
$1.7M
$2.2M
$2.5M
$2.4M
Settlement of forward starting swaps
($409.0K)
—
$0
$0
Gain on disposition of real estate
($48.2M)
($42.3M)
($47.5M)
($17.4M)
Performance incentive plan expense
$15.0M
$12.8M
$13.4M
$17.3M
Performance incentive plan payment
($1.7M)
($1.3M)
($916.0K)
($103.0K)
Decrease (increase) in receivables
($495.0K)
$674.0K
($853.0K)
$358.0K
Increase in accrued rental income
($1.9M)
($294.0K)
($7.5M)
$3.6M
Decrease (increase) in other assets
($7.6M)
($190.0K)
$243.0K
$424.0K
Increase (decrease) in accrued interest payable
$10.9M
($4.7M)
$10.5M
($97.0K)
Increase (decrease) in other liabilities
$3.5M
$6.6M
($1.6M)
($1.2M)
Other
($147.0K)
($82.0K)
$79.0K
$68.0K
Net cash provided by operating activities
$667.1M
$635.5M
$612.4M
$578.4M
Proceeds from the disposition of real estate
$191.2M
$149.8M
$116.3M
$67.0M
Additions to real estate
($937.1M)
($572.9M)
($795.8M)
($842.9M)
Principal payments received on mortgages and notes receivable
$460.0K
$599.0K
$559.0K
$521.0K
Other
($2.6M)
($1.9M)
($1.8M)
($2.2M)
Net cash used in investing activities
($748.1M)
($424.3M)
($680.7M)
($777.6M)
Proceeds from line of credit payable
$1.1B
$545.5M
$872.5M
$688.0M
Repayment of line of credit payable
($744.7M)
($677.5M)
($906.7M)
($521.8M)
Repayment of mortgages payable
$0
$0
($9.9M)
($664.0K)
Proceeds from notes payable
$495.9M
$493.8M
$488.4M
$0
Repayment of notes payable
($400.0M)
($350.0M)
$0
$0
Payment of debt issuance costs
($6.8M)
($13.1M)
($4.5M)
($199.0K)
Proceeds from issuance of common stock
$85.4M
$217.6M
$32.3M
$254.0M
Stock issuance costs
($1.7M)
($3.3M)
($966.0K)
($3.8M)
Payment of common stock dividends
($443.2M)
($420.2M)
($404.5M)
($380.5M)
Net cash provided by (used in) financing activities
$77.7M
($207.3M)
$66.6M
$34.7M
Net increase (decrease) in cash, cash equivalents and restricted cash
($3.2M)
$3.9M
($1.6M)
($164.5M)
Cash, cash equivalents and restricted cash at beginning of year
$9.1M
$5.2M
$6.8M
$171.3M
Cash, cash equivalents and restricted cash at end of year
$5.8M
$9.1M
$5.2M
$6.8M
Interest paid, net of amount capitalized
$184.0M
$183.4M
$148.2M
$140.3M
Change in other comprehensive income
$1.6M
$2.2M
$2.5M
$2.4M
Right-of-use assets recorded in connection with lease liabilities
$3.4M
$0
$6.4M
—
Change in work in progress accrual
($6.1M)
($7.5M)
$23.1M
—
NNN REIT Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net earnings
$191.9M
$94.0M
$293.8M
$197.0M
Depreciation and amortization
$141.8M
$70.8M
$200.2M
$133.0M
Impairment losses – real estate, net of recoveries
$18.7M
$10.7M
$13.2M
$6.0M
Amortization of notes payable discount
$1.9M
$967.0K
$2.5M
$1.6M
Amortization of debt costs
$3.5M
$1.8M
$4.6M
$2.9M
Amortization of interest rate hedges
$154.0K
$75.0K
$1.4M
$929.0K
Settlement of forward starting swaps
$0
—
($409.0K)
($409.0K)
Gain on disposition of real estate
($21.3M)
($12.2M)
($32.6M)
($20.0M)
Performance incentive plan expense
$8.3M
$4.3M
$12.2M
$8.7M
Performance incentive plan payment
($487.0K)
($487.0K)
($1.7M)
($1.7M)
Decrease in receivables
$596.0K
($335.0K)
$709.0K
$476.0K
Increase in accrued rental income
($2.1M)
($1.3M)
($715.0K)
($84.0K)
Increase in other assets
($1.3M)
($792.0K)
($190.0K)
($1.6M)
Increase (decrease) in accrued interest payable
($2.6M)
$31.8M
$50.2M
$986.0K
Decrease in other liabilities
($10.3M)
($12.0M)
($2.5M)
($5.2M)
Other
($307.0K)
($157.0K)
$95.0K
$95.0K
Net cash provided by operating activities
$328.6M
$187.0M
$541.0M
$322.7M
Proceeds from the disposition of real estate
$73.8M
$36.3M
$108.7M
$67.2M
Additions to real estate
($429.3M)
($142.3M)
($742.4M)
($453.9M)
Principal payments received on mortgages and notes receivable
$0
$0
$460.0K
$460.0K
Other
($1.2M)
($347.0K)
($1.6M)
($718.0K)
Net cash used in investing activities
($356.7M)
($106.4M)
($634.8M)
($387.0M)
Proceeds from line of credit payable
$592.0M
$149.0M
$618.0M
$618.0M
Repayment of line of credit payable
($911.6M)
($417.1M)
($618.0M)
($350.3M)
Proceeds from term loan payable
$500.0M
$300.0M
$495.9M
$0
Less: stock issuance costs
($1.4M)
($89.0K)
($4.4M)
($187.0K)
Proceeds from issuance of common stock
$76.0M
$699.0K
$83.3M
$11.6M
Stock issuance costs
($1.3M)
($100.0K)
($1.5M)
($252.0K)
Payment of common stock dividends
($227.1M)
($113.5M)
($329.7M)
($216.9M)
Net cash provided by financing activities
$26.5M
($81.1M)
$243.5M
$62.0M
Net decrease in cash, cash equivalents and restricted cash
($1.6M)
($425.0K)
$149.6M
($2.3M)
Cash, cash equivalents and restricted cash at beginning of period
$5.8M
$5.8M
$9.1M
$9.1M
Cash, cash equivalents and restricted cash at end of period