Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 54

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 54
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venues from NNN's recent Property acquisitions (see "Results of Operations – Property Analysis – Property Acquisitions").

Analysis of Expenses

The following summarizes NNN's expenses for the year ended December 31 (dollars in thousands):

    2024

    2023

    2024Versus2023

    General and administrative
     
    $
    44,287

    $
    43,746

    1.2
    %

    Real estate:

    Reimbursed from tenants

    18,811

    18,763

    0.3
    %

    Non-reimbursed

    13,506

    9,615

    40.5
    %

    Total real estate

    32,317

    28,378

    13.9
    %

    Depreciation and amortization

    249,681

    238,625

    4.6
    %

    Leasing transaction costs

    99

    299

    (66.9
    )%

    Impairment losses – real estate, net of recoveries

    6,632

    5,990

    10.7
    %

    Executive retirement costs

    668

    3,454

    (80.7
    )%

    Total operating expenses
     
    $
    333,684

    $
    320,492

    4.1
    %

    Interest and other income
     
    $
    (2,980
    )
     
    $
    (1,134
    )

    162.8
    %

    Interest expense

    184,017

    163,898

    12.3
    %

    Total other expenses
     
    $
    181,037

    $
    162,764

    11.2
    %

    As a percentage of total revenues:

    General and administrative

    5.1
    %

    5.3
    %

    Non-reimbursed real estate

    1.6
    %

    1.2
    %

34

Real Estate. Total real estate expenses increased for the year ended December 31, 2024, as compared to the same period in 2023. NNN focuses on non-reimbursed real estate expenses (total real estate