Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 121

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 121
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quisitions and dollars invested in projects under construction or tenant improvements
        
       565,707

       820,238

       846,331

       Dispositions
        
       (147,339
       )

       (94,943
       )

       (77,481
       )

       Impairment losses
        
       (6,632
       )

       (5,990
       )

       (8,309
       )

       Ending balance, December 31
       $
       10,809,168

       $
       10,397,432

       $
       9,678,127

     (b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:

       2024

       2023

       2022

       Beginning balance, January 1
       $
       1,864,614

       $
       1,660,665

       $
       1,471,393

       Dispositions
        
       (41,046
       )

       (26,236
       )

       (25,757
       )

       Depreciation and amortization expense
        
       241,952

       230,185

       215,029

       Ending balance, December 31
       $
       2,065,520

       $
       1,864,614

       $
       1,660,665

     (c) For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2024, the net investment in real estate accounted for under the direct financing method was $2,520.(d) As of December 31, 2024, the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $10,665,000 (unaudited).(e) As of December 31, 2024, NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date.See accompanying report of independent registered public accounting firm.

F-3

NNN REIT, INC. AND SUBSIDIARIESSCHEDULE IV - MORTGAGE LOANS ON REAL ESTATEDecember 31, 2024 (dollars in thousands)