Schedule III - Real Estate and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation and Amortization

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2021

(dollars in thousands)

				Initial Costs to Company				Costs Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period (a) (c)
State	# of Properties	Encumbrances (e)		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
Alabama	151	$	—	$	71,938	$	167,623	$	39,580	$	—	$	71,652	$	207,202	$	278,854	$	44,755	1948 - 2020	2001 - 2021	10 - 40
Alaska	5		—		1,943		3,694		—		—		1,943		3,694		5,637		1,714	1971 - 2003	1996 - 2014	20 - 40
Arizona	60		4,388		70,516		92,020		62,853		—		70,516		154,873		225,389		35,303	1974 - 2018	1998 - 2021	10 - 40
Arkansas	66		—		29,598		85,825		16,927		—		29,598		102,752		132,350		13,900	1969 - 2020	1998 - 2021	20 - 40
California	65		—		131,057		188,503		35,459		—		129,100		215,617		344,717		50,603	1945 - 2018	1997 - 2021	20 - 40
Colorado	34		2,432		54,569		71,764		21,909		—		54,569		93,673		148,242		25,089	1969 - 2017	1994 - 2021	20 - 40
Connecticut	9		—		8,250		31,067		601		—		8,250		31,668		39,918		8,950	1929 - 1996	2006 - 2019	20 - 30
Delaware	1		—		2,994		6,062		71		—		2,994		6,133		9,127		4,120	1994 - 1994	1994 - 1994	40 - 40
District of    Columbia	1		—		624		578		—		—		624		578		1,202		243	1983 - 1983	2005 - 2005	40 - 40
Florida	229		—		247,539		336,470		147,571		—		247,539		484,041		731,580		107,618	1959 - 2020	1985 - 2021	5 - 40
Georgia	153		—		121,847		231,162		62,984		—		121,847		294,146		415,993		66,871	1967 - 2020	1996 - 2021	10 - 40
Idaho	9		—		6,999		6,719		8,331		—		6,999		15,050		22,049		4,325	1979 - 2017	2006 - 2018	20 - 40
Illinois	163		—		128,346		305,122		44,986		—		128,346		349,786		478,132		81,515	1924 - 2022	1995 - 2021	15 - 40
Indiana	149		—		99,469		201,978		79,675		—		99,469		280,984		380,453		65,721	1965 - 2020	2001 - 2021	15 - 40
Iowa	27		—		20,064		37,962		14,526		—		20,064		52,487		72,551		15,327	1964 - 2015	2005 - 2017	10 - 40
Kansas	36		—		17,044		34,678		9,776		—		16,920		44,312		61,232		8,830	1946 - 2017	1997 - 2019	15 - 40
Kentucky	55		—		40,724		96,870		13,385		—		40,724		110,255		150,979		24,654	1974 - 2020	2005 - 2021	25 - 40
Louisiana	41		—		30,165		61,652		37,684		—		30,165		99,336		129,501		18,634	1970 - 2018	1996 - 2021	15 - 40
Maine	12		—		3,781		13,017		—		—		3,781		13,017		16,798		4,087	1915 - 2002	1996 - 2017	10 - 40
Maryland	50		—		62,149		126,171		3,006		—		62,149		129,177		191,326		34,641	1946 - 2017	1996 - 2019	20 - 40
Massachusetts	23		—		32,668		90,750		—		—		32,668		90,750		123,418		14,065	1960 - 2017	2006 - 2019	20 - 40
Michigan	64		—		46,647		98,353		58,994		—		46,647		156,737		203,384		29,289	1963 - 2020	1996 - 2021	20 - 40
Minnesota	27		—		19,824		34,281		2,552		—		19,824		36,832		56,656		11,597	1950 - 2017	2005 - 2018	10 - 40
Mississippi	62		—		28,548		91,285		14,084		—		28,548		105,369		133,917		8,406	1959 - 2017	2006 - 2021	15 - 40
Missouri	97		—		62,095		115,114		67,132		—		61,916		181,157		243,073		35,933	1920 - 2021	1992 - 2021	15 - 40
Montana	26		3,791		4,102		11,865		2,654		—		4,102		14,518		18,620		4,350	1937 - 2016	2010 - 2016	20 - 40
Nebraska	6		—		5,608		3,066		5,033		—		5,608		8,099		13,707		1,600	1979 - 2015	2005 - 2017	20 - 40
Nevada	13		—		7,405		22,914		1,205		—		7,405		24,119		31,524		3,736	1961 - 2014	2012 - 2021	25 - 40
New Hampshire	9		—		8,913		32,168		—		—		8,913		32,168		41,081		6,443	1980 - 2004	2011 - 2018	25 - 30
New Jersey	20		—		37,144		152,600		732		—		37,144		153,331		190,475		44,019	1965 - 2015	1996 - 2019	25 - 40
New Mexico	29		—		20,739		69,182		21,795		—		20,739		90,977		111,716		11,345	1955 - 2019	2001 - 2019	25 - 40
New York	37		—		26,197		47,041		28,115		—		26,197		71,814		98,011		15,570	1925 - 2020	1997 - 2021	20 - 40
North Carolina	163		—		126,016		254,598		33,770		—		126,016		287,937		413,953		68,705	1906 - 2020	2004 - 2021	5 - 40
North Dakota	4		—		411		1,606		—		—		411		1,606		2,017		808	1974 - 1999	1997 - 2011	25 - 40
Ohio	192		—		133,262		304,824		73,954		—		131,231		376,750		507,981		85,107	1910 - 2019	1992 - 2019	15 - 40
Oklahoma	88		—		43,809		106,511		29,204		—		43,809		135,456		179,265		23,325	1964 - 2018	1996 - 2021	15 - 40
Oregon	6		—		4,184		6,888		735		—		4,184		7,623		11,807		3,297	1973 - 1999	1998 - 2012	20 - 40
Pennsylvania	82		—		59,036		109,324		29,956		—		58,851		136,248		195,099		39,892	1950 - 2017	1997 - 2019	15 - 40
Puerto Rico	1		—		1,729		—		2,732		—		1,729		2,131		3,860		782	1998 - 1998	2007 - 2007	33 - 33

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED)

December 31, 2021

(dollars in thousands)

				Initial Costs to Company				Costs Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period (a) (c)
State	# of Properties	Encumbrances (e)		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
Rhode Island	5		—		2,377		7,450		—		—		2,377		7,450		9,827		1,484	1989 - 2004	2016 - 2016	25 - 30
South Carolina	71		—		50,000		100,307		8,959		—		50,000		109,265		159,265		25,801	1921 - 2021	2005 - 2021	10 - 40
South Dakota	2		—		1,595		4,447		788		—		1,595		5,234		6,829		1,360	1985 - 2000	2012 - 2012	30 - 35
Tennessee	150		—		91,733		210,065		55,949		—		91,733		266,014		357,747		50,909	1958 - 2019	1996 - 2021	5 - 40
Texas	502		—		402,511		851,361		166,356		—		402,511		1,015,755		1,418,266		265,700	1890 - 2021	1993 - 2021	15 - 40
Utah	13		—		12,021		15,506		13,216		—		12,021		28,722		40,743		5,611	1951 - 2016	2006 - 2019	20 - 40
Virginia	116		—		95,192		173,980		30,027		—		94,082		199,848		293,930		55,780	1939 - 2022	1995 - 2021	5 - 40
Washington	27		—		22,568		34,547		15,894		—		22,568		50,441		73,009		14,309	1955 - 2017	1997 - 2019	20 - 40
West Virginia	22		—		13,640		24,423		1,385		—		13,640		25,808		39,448		5,675	1970 - 2013	2006 - 2017	25 - 40
Wisconsin	44		—		27,026		57,395		13,542		—		27,026		70,937		97,963		18,184	1940 - 2020	2006 - 2021	20 - 40
Wyoming	6		—		1,150		3,815		—		—		1,150		3,815		4,965		1,411	1949 - 2001	2010 - 2012	20 - 30
	3,223	$	10,611	$	2,537,766	$	5,134,603	$	1,278,087	$	—	$	2,531,894	$	6,385,692	$	8,917,586	$	1,471,393

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2021

(dollars in thousands)

(a) The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31:

	2021			2020			2019
Beginning balance, January 1	$	8,534,275		$	8,448,702		$	7,883,633
Acquisitions and dollars invested in projects under construction or tenant improvements		551,287			177,901			733,376
Dispositions		(146,019	)		(54,886	)		(138,332	)
Impairment losses		(21,957	)		(37,442	)		(29,975	)
Ending balance, December 31	$	8,917,586		$	8,534,275		$	8,448,702

(b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:

	2021			2020			2019
Beginning balance, January 1	$	1,319,943		$	1,151,667		$	1,016,271
Dispositions		(44,509	)		(17,828	)		(44,185	)
Depreciation and amortization expense		195,959			186,104			179,581
Ending balance, December 31	$	1,471,393		$	1,319,943		$	1,151,667

(c) For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2021, the net investment in real estate accounted for under the direct financing method was $3,653.

(d) As of December 31, 2021, the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $8,828,431 (unaudited).

(e) NNN's $15,151 long-term, fixed rate loan is secured by a first mortgage lien on five Properties, located in three states. Mortgage payable, including unamortized premium and net of unamortized debt costs was $10,697 at December 31, 2021.