NNN — what changed in the latest 10-Q
A section-by-section comparison of NNN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-04-30 vs the prior 10-Q · 2025-11-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +44 | −57 | ~18 | 35 |
| Market risk (Item 3) | Text added/removed | +6 | −3 | ~2 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-04-30
inherent risks related to owning real estate and indirect interests in real estate;
the financial failure of, or other default in payment by, tenants under their leases and the potential resulting vacancies;
NNN’s concentration with certain tenants, industries and geographic locations;
climate change or impacts of weather on NNN's Property Portfolio (as defined below);
the accuracy of the tools NNN uses to determine the creditworthiness of its tenants;
Text removed vs the prior filing · source: 10-Q · 2025-11-04
Changes in financial and economic conditions, including inflation and tariffs impacting international trade, may have an adverse impact on NNN, its tenants and commercial real estate in general;
A significant portion of the source of the Property Portfolio annual base rent is concentrated in specific industry classifications, tenants and geographic locations;
NNN may not be able to successfully execute its acquisition or development strategies;
NNN may not be able to dispose of Properties consistent with its operating strategy;
Certain provisions of NNN's leases or loan agreements may be unenforceable;
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-04-30
As of March 31, 2026, the Term Loan had an outstanding balance of $300,000,000. The Company previously entered into forward starting swaps, each effective during the quarter ended March 31, 2026, with a total notional value of $300,000,000. The swaps exchange the variable interest rate SOFR componen…
During the quarter ended March 31, 2026, the Term Loan had a weighted average outstanding balance of $222,222,000 and an all-in fixed interest rate of 4.10%, inclusive of the swaps and the applicable margin. As of March 31, 2026, the interest rate swaps were valued as an asset of approximately $2,15…
The table below summarizes NNN's market risks associated with its outstanding debt obligations as of March 31, 2026, detailing principal payments and related interest rates by maturity year. The table incorporates only debt obligations that existed as of March 31, 2026, and it does not account for f…
NNN's unsecured debt obligations have a weighted average interest rate of 4.2% and a weighted average maturity of 10.5 years.
SOFR component swapped to a weighted average fixed rate of 3.25% on $300,000 notional.
Text removed vs the prior filing · source: 10-Q · 2025-11-04
The table below summarizes NNN's market risks associated with its debt obligations as of September 30, 2025, detailing principal payments and related interest rates by maturity year. The table incorporates only debt obligations that existed as of September 30, 2025, and it does not account for futur…
NNN's unsecured debt obligations have a weighted average interest rate of 4.2% and a weighted average maturity of 10.7 years.
Weighted average effective interest rate for years after 2029.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice