NNNMEDIUM SIGNALFINANCIAL10-K

NNN experienced a significant 42% decline in cash and equivalents alongside a 10% increase in total liabilities, indicating potential liquidity pressure.

The sharp reduction in cash reserves from $8.7M to $5.0M combined with rising liabilities suggests NNN may be deploying capital aggressively or facing cash flow challenges. For a REIT that relies on liquidity for property acquisitions and debt servicing, this cash decline warrants investor attention, though the company maintains a substantial property portfolio of 3,692 properties.

Comparing 2026-02-11 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

NNN's financial position shows mixed signals with cash and equivalents dropping precipitously by 42% to just $5.0M while total liabilities grew by over 10% to $5.0B. This combination of declining liquidity and increasing debt burden creates a potentially concerning leverage dynamic that investors should monitor closely, particularly given REITs' capital-intensive nature and reliance on access to funding markets.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-42.2%
$8.7M→$5.0M

Cash declined 42.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
+10.2%
$4.5B→$5.0B

Liabilities increased 10.2% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-11
ADDED
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.
Form 10-K Summary 78 Signatures 79 PA RT I Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms "registrant" or "NNN" or the "Company" refer to NNN REIT, Inc.
Also, when NNN uses any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend" or similar expressions, NNN is making forward-looking statements.
are traded on the New York Stock Exchange (the "NYSE") under the ticker symbol "NNN." NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property").
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REMOVED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.
Form 10-K Summary 83 Signatures 84 PA RT I Unless the context otherwise requires, references in this Annual Report on Form 10-K to the terms registrant or NNN or the Company refer to NNN REIT, Inc., and all of its consolidated subsidiaries.
NNN may elect to treat certain of its subsidiaries as taxable real estate investment trust subsidiaries ( TRS ).
Also, when NNN uses any of the words anticipate, assume, believe, estimate, expect, intend, or similar expressions, NNN is making forward-looking statements.
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