Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 103

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 103
---
 with the Securities and Exchange Commission (the "Commission") which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering.At-The-Market Offerings. NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's ATM: 

        2023 ATM
         
        2020 ATM

        Shelf registration statement:

        Effective date
         
        August 2023
         
        August 2020

        Termination date
         
        August 2026
         
        August 2023

        Total allowable shares
         
        17,500,000
         
        17,500,000

        Total shares issued as of December 31, 2024
         
        4,652,100
         
        7,722,511
       
      The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data): 

        2024

        2023

        2022

        Shares of common stock

        4,652,100

        650,135

        5,473,072

        Average price per share (net)
         
        $
        45.49

        $
        43.52

        $
        45.15

        Net proceeds
         
        $
        211,619

        $
        28,292

        $
        247,129

        Stock issuance costs(1)
         
        $
        3,242

        $
        858

        $
        3,761

       (1)Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.Dividend Reinvestment and Stock Purchase Plan. In February 2024, NNN