Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 139

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 6
Chunk 139
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 Property Portfolio, was leased to three tenants currently in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, these tenants have the right to reject or affirm their leases with NNN.

NNN generally monitors the financial performance of its significant tenants on an ongoing basis.

Dividends. One of NNN's primary objectives is to distribute a substantial portion of its funds available from operations to its stockholders in the form of dividends, while retaining sufficient cash for reserves and working capital purposes and maintaining its status as a REIT.

The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (dollars in thousands, except per share data):

    2024

    2023

    Dividends
     
    $
    420,239

    $
    404,458

    Per share

    2.290

    2.230

The following table presents the characterizations for tax purposes of NNN's common stock dividends for the years ended December 31:

    2024

    2023

    Ordinary dividends(1)
     
    $
    2.286498

    99.8471
    %
     
    $
    2.192636

    98.3245
    %

    Nontaxable distributions

    0.003502

    0.1529
    %

    0.037364

    1.6755
    %

    $
    2.290000

    100.0000
    %
     
    $
    2.230000

    100.0000
    %

    (1)
    Eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code of 1986, as amended (the "Code").

On January 14, 2025, NNN declared a dividend of $0.580 per share, payable February 14, 2025, to its common stockholders of record as of January 31, 2025.

Capital Structure

NNN has used, and expects to use in the future, various forms of debt and equity securities primarily to fund property acquisitions and construction on its Properties and to pay down or refinance its outstanding debt. 

The following is a summary of NNN's total outstanding debt as of December 31 (dollars in thousands):

    2024

    Percentage