SCHEDULE 13G/A: FMR LLC and Abigail P. Johnson Disclose 8.4% Stake in NNN REIT INC
Beneficial Ownership Disclosure
FMR LLC and its Chairman and CEO, Abigail P. Johnson, have filed an amended Schedule 13G, reporting a beneficial ownership of 8.4% of NNN REIT INC's common stock as of December 31, 2024.
Summary
- FMR LLC and Abigail P. Johnson jointly reported beneficial ownership of 15,827,176.36 shares of NNN REIT INC common stock.
- This aggregate amount represents 8.4% of the total outstanding common stock of NNN REIT INC.
- FMR LLC holds sole voting power over 15,630,156.00 shares and sole dispositive power over 15,827,176.36 shares.
- Abigail P. Johnson holds sole dispositive power over 15,827,176.36 shares, with no sole or shared voting power directly attributed.
- The filing is an Amendment No. 5 to Schedule 13G, indicating a previous disclosure and an update to the ownership stake.
- The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of NNN REIT INC.
- FMR LLC is classified as a parent holding company (HC), and Abigail P. Johnson is classified as an individual (IN).
- Several FMR LLC subsidiaries, including FIAM LLC, Fidelity Diversifying Solutions LLC, Fidelity Institutional Asset Management Trust Company, Fidelity Management & Research Company LLC, Fidelity Management Trust Company, and Strategic Advisers LLC, are identified as entities beneficially owning shares.
Sentiment
Score: 5
Explanation: The document is a factual disclosure of beneficial ownership, providing neutral information without expressing positive or negative sentiment about the issuer's performance or outlook.
Risks
- The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating control-related risks from this specific filing.
Future Outlook
This document is a beneficial ownership disclosure and does not contain forward-looking statements or guidance regarding NNN REIT INC's future performance or outlook.
Industry Context
NNN REIT INC operates in the real estate investment trust (REIT) sector, focusing on single-tenant net lease properties. FMR LLC, a major investment management firm, holds a significant passive stake, which is common for large institutional investors in publicly traded REITs. This filing reflects a standard disclosure of a substantial, but non-controlling, investment by a prominent financial institution in a real estate sector company.
Stakeholder Impact
- Shareholders: Provides transparency regarding a significant institutional ownership stake, which can be viewed positively as a vote of confidence from a major investor, though it's a passive stake.
- Management: Awareness of a large, passive institutional holder, but no direct impact on operational or strategic decisions as the stake is not for control purposes.
Key Dates
| Date | Description |
|---|---|
| 2023-01-03 | Effective date of Power of Attorney for FMR LLC and its direct and indirect subsidiaries. |
| 2023-01-10 | Date of Schedule 13G filing by FMR LLC where the Power of Attorney (accession number -23-000003) was incorporated by reference. |
| 2023-01-26 | Effective date of Power of Attorney for Abigail P. Johnson. |
| 2023-01-31 | Date of Schedule 13G filing by FMR LLC where Abigail P. Johnson's Power of Attorney (accession number -23-000038) was incorporated by reference. |
| 2024-12-31 | Date of event which requires filing of this statement (reporting period end date). |
| 2025-02-11 | Signature date of the Schedule 13G filing. |
Keywords
NNN REIT INC, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Common Stock, SEC Filing, Investment Management, Real Estate Investment Trust, Institutional Investor
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