Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 59

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 59
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's material cash requirements include (i) long-term debt maturities; (ii) interest on long-term debt; (iii) common stock dividends (although all future distributions will be declared and paid at the discretion of the Board of Directors); and (iv) to a lesser extent, Property construction and other Property related costs that may arise.

The table presents material cash requirements related to NNN's long-term obligations outstanding as of December 31, 2024 (see "Capital Structure") (dollars in thousands): 

    Date of Obligation

    Total

    2025

    2026

    2027

    2028

    2029

    Thereafter

    Long-term debt(1)
     
    $
    4,450,000

    $
    400,000

    $
    350,000

    $
    400,000

    $
    400,000

    $
    —

    $
    2,900,000

    Long-term debt – interest(2)

    2,062,506

    176,250

    161,725

    146,733

    132,067

    118,450

    1,327,281

    Total contractual cash obligations
     
    $
    6,512,506

    $
    576,250

    $
    511,725

    $
    546,733

    $
    532,067

    $
    118,450

    $
    4,227,281

    (1)
    Includes only principal amounts outstanding under notes payable and excludes unamortized note discounts and debt costs.

    (2)
    Interest calculation on notes payable based on stated rate of the principal amount. 

Property Construction. NNN has committed to fund construction of 15 Properties. The improvements of such Properties are estimated to be completed within 12 to 18 months. These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands):

    Total commitment(1)
     
    $
    165,550

    Less amount funded

    (116,767
    )

    Remaining commitment
     
    $
    48,783

    (1)
    Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

Management anticipates satisfying these obligations with a combination of