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 · 2026-08-05 vs the prior 10-Q · 2026-04-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +10 | −5 | ~29 | 63 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~6 | 3 |
| 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 · 2026-08-05
$1,337,000 in net proceeds from the issuance of 30,874 shares of common stock in connection with the Dividend Reinvestment and Stock Purchase Plan ("DRIP"), and
Additionally, as of July 31, 2026, less than one percent of total ABR, total Properties and aggregate gross leasable area held in the Property Portfolio, was leased to one tenant currently in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, this tenant has the right to reject or…
Term Loan. In December 2025, NNN entered into a $300,000,000 senior unsecured term loan (the "Term Loan") featuring a six-month delayed draw commitment period. In June 2026, NNN exercised its accordion option to increase the facility size to $500,000,000 and amended the Term Loan to reduce the appli…
Total unsettled shares subject to forward sale agreements(1)
NNN may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sales of those shares on one or more forward settlement dates, which shall occur no later than July 2027.
Text removed vs the prior filing · source: 10-Q · 2026-04-30
Additionally, as of April 27, 2026, NNN had no tenants currently in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
Term Loan. In December 2025, NNN entered into the Term Loan. The Term Loan has a six-month delayed draw commitment period and a $300,000,000 capacity with an accordion option to increase the aggregate facility size up to $500,000,000. The Term Loan matures in February 2029, unless the Company exerci…
During the quarter ended March 31, 2026, NNN sold 1,667,232 shares of common stock pursuant to forward sale agreements under the Company's ATM at a weighted average price of $44.93 per share. NNN may physically settle the forward sale agreements (by the delivery of shares of common stock) and receiv…
There were no issuances of common stock pursuant to NNN's ATM for the quarters ended March 31, 2026 and 2025.
As of March 31, 2026, the Company had 1,667,232 shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise net proceeds of approximately $74,000,000. Net proceeds include the impact of forward price adjustments through March 31, 2026.
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