Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 132

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 6
Chunk 132
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811

    18,763

    0.3
    %

    Rental income

    867,468

    826,090

    5.0
    %

    Interest and other income from real estate transactions

    1,798

    2,021

    (11.0
    )%

    Total revenues
     
    $
    869,266

    $
    828,111

    5.0
    %

    (1)
    Includes rental income from operating leases, earned income from direct financing leases and percentage rent ("Rental Revenues").

Rental Income. Rental income increased for the year ended December 31, 2024, as compared to the same period in 2023. The increase is primarily due to the Rental Revenues 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