Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 226

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 8
Chunk 226
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,946
        )

        (29,117
        )

        Below-market in-place leases, net
         
        $
        10,923

        $
        12,127

       The amounts amortized as a net increase to rental income for above-market and below-market leases for the years ended December 31, 2024, 2023 and 2022 were $495,000, $430,000 and $510,000, respectively. The value of in-place leases amortized to expense for the years ended December 31, 2024, 2023 and 2022 was $6,108,000, $6,793,000 and $7,132,000, respectively.

66

The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2024 (dollars in thousands): 

        Above-Marketand Below-MarketIn-PlaceLeaseIntangibles(1)

        In-Place LeaseIntangibles(2)

        2025
         
        $
        392

        $
        5,293

        2026

        402

        4,711

        2027

        460

        3,963

        2028

        638

        3,526

        2029

        686

        3,100

        Thereafter

        5,751

        10,215

        $
        8,329

        $
        30,808

        Weighted average amortization period (years)

        15

        8

       (1)Recorded as a net increase to rental income over the life of the lease.(2)Amortized as an increase to amortization expense. Real Estate – DispositionsThe following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands): 

        2024

        2023

        2022

        # of SoldProperties

        NetGain

        # of SoldProperties

        NetGain

        # of SoldProperties

        NetGain

        Gain on disposition of real estate

        41

        $
        42,290

        45

        $
        47,485