Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 52

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 52
---
 stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record. 

30

New Accounting Pronouncements. Refer to Note 1 of the December 31, 2024, Consolidated Financial Statements for a summary and the anticipated impact of each accounting pronouncement on NNN's financial position and results of operations. 

Results of Operations

Property Analysis

General. The following table summarizes the Property Portfolio as of December 31:

    2024

    2023

    Properties Owned:

    Number

    3,568

    3,532

    Total gross leasable area (square feet)

    36,557,000

    35,966,000

    Properties:

    Leased and unimproved land

    3,514

    3,514

    Percent of Properties – leased and unimproved land

    98
    %

    99
    %

    Weighted average remaining lease term (years)

    10

    10

    Total gross leasable area (square feet) – leased

    35,826,000

    35,683,000

    Total annualized base rent
     
    $
    860,562,000

    $
    818,749,000

    (1)
    Annualized base rent is calculated by multiplying the monthly cash base rent in place on each respective date by 12.

The following table summarizes the lease expirations, assuming none of the tenants exercise renewal options, of the Property Portfolio for each of the next 10 years and then thereafter in the aggregate as of December 31, 2024:

    % ofAnnualBaseRent(1)
     
    # ofProperties
     
    GrossLeasableArea(2)

    % ofAnnualBaseRent(1)
     
    # ofProperties
     
    GrossLeasableArea(2)

    2025
     
    3.2%
     
    132
     
    874,000
     
    2031
     
    7.0%
     
    184