NNN REIT Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	924.38	867.47	826.09	771.62	723.86
Total Revenue	926.21	869.27	828.11	773.05	726.41
Revenue Growth (YoY	6.55%	4.97%	7.12%	6.42%	9.95%
Property Expenses	37.38	32.32	28.38	26.28	28.39
Selling, General & Administrative	46.92	44.29	43.75	41.7	44.64
Depreciation & Amortization	268.44	249.68	238.63	223.83	205.22
Other Operating Expenses	0.49	0.1	0.3	0.32	0.2
Total Operating Expenses	353.23	326.38	311.05	292.13	278.45
Operating Income	572.98	542.88	517.06	480.92	447.96
Interest Expense	-203.96	-184.02	-163.9	-148.07	-137.87
Interest & Investment Income	4.25	2.98	1.13	0.15	0.22
EBT Excluding Unusual Items	373.28	361.85	354.3	333.01	310.3
Gain (Loss) on Sale of Assets	48.22	42.29	47.49	17.44	23.09
Asset Writedown	-28.6	-6.63	-5.99	-8.31	-21.96
Other Unusual Items	-	-	-	-	-21.33
Pretax Income	389.78	396.84	392.34	334.62	290.11
Earnings From Continuing Operations	389.78	396.84	392.34	334.62	290.11
Minority Interest in Earnings	-	-	-	0.01	0
Net Income	389.78	396.84	392.34	334.63	290.11
Preferred Dividends & Other Adjustments	0.73	0.69	0.61	0.51	26.59
Net Income to Common	389.05	396.15	391.73	334.11	263.53
Net Income Growth	-1.78%	1.15%	17.25%	15.34%	26.80%
Basic Shares Outstanding	188	184	181	176	175
Diluted Shares Outstanding	188	184	182	177	175
Shares Change (YoY)	2.14%	1.30%	2.61%	1.29%	1.51%
EPS (Basic)	2.07	2.16	2.16	1.89	1.51
EPS (Diluted)	2.07	2.15	2.16	1.89	1.51
EPS Growth	-3.72%	-0.46%	14.29%	25.30%	23.64%
Dividend Per Share	2.360	2.290	2.230	2.160	2.100
Dividend Growth	3.06%	2.69%	3.24%	2.86%	1.45%
Operating Margin	61.86%	62.45%	62.44%	62.21%	61.67%
Profit Margin	42.00%	45.57%	47.30%	43.22%	36.28%
EBITDA	837.57	792.07	755.26	704.25	652.47
EBITDA Margin	90.43%	91.12%	91.20%	91.10%	89.82%
D&A For Ebitda	264.58	249.19	238.2	223.32	204.51
EBIT	572.98	542.88	517.06	480.92	447.96
EBIT Margin	61.86%	62.45%	62.44%	62.21%	61.67%
Funds From Operations (FFO)	638.38	610.5	-	-	-
FFO Per Share	3.40	3.32	-	-	-
Adjusted Funds From Operations (AFFO)	647.58	616.61	-	-	-
AFFO Per Share	3.44	3.35	-	-	-
FFO Payout Ratio	69.43%	68.84%	-	-	-
Revenue as Reported	926.21	869.27	828.11	773.05	726.41

Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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