NNN REIT Cash Flow 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
Net Income	389.78	396.84	392.34	334.63	290.11
Depreciation & Amortization	-1,630	-245.32	-191.38	223.32	204.51
Other Amortization	9.74	8.92	7.02	6.43	7.32
Gain (Loss) on Sale of Assets	-48.22	-42.29	-47.49	-17.44	-23.09
Gain (Loss) on Sale of Investments	1.69	2.15	2.47	2.37	3.07
Asset Writedown	28.6	6.63	5.99	8.31	21.96
Stock-Based Compensation	13.34	11.56	12.46	17.23	13.77
Change in Accounts Receivable	-2.42	0.38	-8.31	3.92	22.32
Change in Other Net Operating Assets	6.59	1.63	9.32	-0.82	8.09
Other Operating Activities	1,898	495	429.98	0.42	20.37
Operating Cash Flow	667.13	635.5	612.41	578.36	568.43
Operating Cash Flow Growth	4.98%	3.77%	5.89%	1.75%	26.26%
Acquisition of Real Estate Assets	-937.08	-572.87	-795.79	-842.87	-553.32
Sale of Real Estate Assets	191.16	149.83	116.33	66.96	123.05
Net Sale / Acq. of Real Estate Assets	-745.92	-423.04	-679.46	-775.91	-430.27
Other Investing Activities	-2.61	-1.9	-1.76	-2.24	-2.39
Investing Cash Flow	-748.06	-424.34	-680.66	-777.63	-432.18
Long-Term Debt Issued	1,589	1,039	1,361	688	881.17
Long-Term Debt Repaid	-1,145	-1,028	-916.65	-522.46	-350.63
Net Debt Issued (Repaid)	444.01	11.84	444.23	165.54	530.54
Issuance of Common Stock	85.43	217.58	32.33	253.97	4.05
Preferred Share Repurchases	-	-	-	-	-345
Common Dividends Paid	-443.2	-420.24	-404.46	-380.54	-367.29
Preferred Dividends Paid	-	-	-	-	-15
Total Dividends Paid	-443.2	-420.24	-404.46	-380.54	-382.29
Other Financing Activities	-8.54	-16.44	-5.48	-4.24	-39.47
Net Cash Flow	-3.24	3.91	-1.62	-164.54	-95.91
Cash Interest Paid	184.03	183.43	148.17	140.33	123.38
Levered Free Cash Flow	-1,386	4.75	49.13	452.07	453.66
Unlevered Free Cash Flow	-1,268	110.84	144.55	538.18	532.51
Change in Working Capital	4.17	2.01	1.01	3.1	30.41

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

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