← NNN REIT, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Total Revenue $533.6m $584.9m $622.7m $670.5m $660.7m $726.4m $773.1m $828.1m $869.3m $926.2m
Revenues:
Operating Expenses $224.6m $247.4m $263.0m $286.2m $302.4m $300.4m $308.0m $320.5m $333.7m $384.9m
Total operating expenses $224.6m $247.4m $263.0m $286.2m $302.4m $300.4m $308.0m $320.5m $333.7m $384.9m
Operating Income (Loss) $309.1m $337.5m $424.8m $416.8m $374.5m $449.1m $482.5m $555.1m $577.9m $589.5m
Additional Financial Items
Operating Lease, Lease Income — — — $650.1m $639.3m $703.9m $751.7m $805.1m $846.7m $902.4m
Amortization of Intangible Assets — — $9.2m — — — — — — —
Gains (Losses) on Sales of Investment Real Estate $27.2m $36.7m $65.1m $32.5m $16.2m $23.1m $17.4m $47.5m $42.3m $48.2m
Income (Loss) from Continuing Operations before Income Taxes, Domestic $239.5m $265.0m — — — — — — — —
Interest Income, Operating $1.0m $724k $1.3m $1.5m $1.9m $2.5m $1.4m $2.0m $1.8m $1.8m
Lease Income — $583.6m $621.4m $669.0m $658.8m $723.9m $771.6m $826.1m $867.5m $924.4m
Other Income $1.7m $614k — — — — — — — —
Rental income — $583.6m $621.4m $669.0m $658.8m $723.9m $771.6m $826.1m $867.5m $924.4m
Interest and other income from real estate transactions $1.0m $724k $1.3m $1.5m $1.9m $2.5m $1.4m $2.0m $1.8m $1.8m
General and administrative $36.5m $33.8m $34.2m $37.7m $38.2m $44.6m $41.7m $43.7m $44.3m $46.9m
Real estate $20.9m $23.1m $25.1m $27.7m $28.4m $28.4m $26.3m $28.4m $32.3m $37.4m
Depreciation and amortization $149.1m $173.7m $174.4m $188.9m $196.6m $205.2m $223.8m $238.6m $249.7m $268.4m
Impairment losses - real estate, net of recoveries — — — $32.0m $37.4m $22.0m $8.3m $6.0m $6.6m $28.6m
Gain on disposition of real estate $27.2m $36.7m $65.1m $32.5m $16.2m $23.1m $17.4m $47.5m $42.3m $48.2m
Earnings from operations $309.1m $337.5m $424.8m $416.8m $374.5m $449.1m $482.5m $555.1m $577.9m $589.5m
Interest and other income ($170k) ($322k) ($1.8m) ($3.1m) ($417k) ($216k) ($149k) ($1.1m) ($3.0m) ($4.2m)
Net earnings $239.5m $265.4m $292.5m $299.6m $228.8m $290.1m $334.6m $392.3m $396.8m $389.8m
Basic (in shares) $144.2m $149.1m $155.7m $164.7m $172.1m $174.7m $176.4m $181.2m $183.7m $187.6m
Diluted (in shares) $144.7m $149.4m $156.3m $165.1m $172.2m $174.8m $177.1m $181.7m $184.0m $188.0m
Amortization of interest rate hedges $2.8m $1.9m $3.7m $1.3m $2.3m $3.1m $2.4m $2.5m $2.2m $1.7m
Fair value of forward starting swaps $13.3m ($7.7m) $4.1m ($5.5m) ($7.6m) ($1.6m) $0 $0 $0 ($52k)
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $212.3m — — — — — — — — —
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $0 — — — — — — — — —
Investment Income, Net $170k $322k $1.8m $3.1m $417k $216k $149k $1.1m $3.0m $4.2m
Total comprehensive income $251.7m $259.4m $300.5m $293.3m $223.5m $291.6m $337.0m $394.8m $399.0m $391.4m
Net Income (Loss) Attributable to Parent $239.5m $265.0m $292.4m $299.2m $228.8m $290.1m $334.6m $392.3m $396.8m $389.8m
Net Income (Loss) Available to Common Stockholders, Basic $200.9m $217.2m $258.1m $258.2m $210.9m $264.2m $334.6m $392.3m $396.8m $389.8m
Earnings Per Share, Basic $1.39 $1.45 $1.65 $1.56 $1.22 $1.51 $1.89 $2.16 $2.16 $2.07
Earnings Per Share, Diluted $1.38 $1.45 $1.65 $1.56 $1.22 $1.51 $1.89 $2.16 $2.15 $2.07
Common Stock, Dividends, Per Share, Declared $1.78 $1.86 $1.95 $2.03 $2.07 $2.10 $2.16 $2.23 $2.29 $2.36
Weighted Average Number of Shares Outstanding, Basic 144.2m 149.1m 155.7m 164.7m 172.1m 174.7m 176.4m 181.2m 183.7m 187.6m
Weighted Average Number of Shares Outstanding, Diluted 144.7m 149.4m 156.3m 165.1m 172.2m 174.8m 177.1m 181.7m 184.0m 188.0m
General and Administrative Expense $36.5m $33.8m $34.2m $37.7m $38.2m $44.6m $41.7m $43.7m $44.3m $46.9m
Other Nonoperating Income (Expense) ($96.7m) ($108.8m) ($132.3m) ($117.2m) ($145.7m) ($159.0m) ($147.9m) ($162.8m) ($181.0m) ($199.7m)
Business Combination, Acquisition Related Costs $563k $0 $0 — — — — — — —
Direct Costs of Leased and Rented Property or Equipment $20.9m $23.1m $25.1m — — — — — — —
Leasing transaction costs — $0 $0 $261k $76k $203k $320k $299k $99k $486k
Retirement And Severance Costs — — — — — — — $3.5m $668k $3.1m
Executive retirement costs — — — $0 $1.8m $0 $7.5m $3.5m $668k —
Interest Expense $96.4m $109.1m $115.8m $120.0m $129.4m $137.9m $148.1m $163.9m $184.0m $204.0m
Income Tax Expense (Benefit) $0 $0 $0 $0 $0 — — — — —
Total other expenses (revenues) $96.7m $108.8m $132.3m $117.2m $145.7m $159.0m $147.9m $162.8m $181.0m $199.7m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.