10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

Commission file number 001-11290

NNN REIT, INC.

(Exact name of registrant as specified in its charter)

Maryland	56-1431377
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: (407) 265-7348

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:	Trading Symbol(s):	Name of exchange on which registered:
Common Stock, $0.01 par value	NNN	New York Stock Exchange

Securities registered pursuant to section 12(g) of the Act:

None

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

At June 30, 2024, the aggregate market value of voting and non-voting common stock held by non-affiliates of the registrant was approximately $7,741,963,000 based upon the last reported sale price on the New York Stock Exchange on June 30, 2024, the last business day of the registrant's most recently completed second fiscal quarter. For purposes of this disclosure, shares of common stock held by each executive officer and director have been excluded in that such persons may be deemed to be "affiliates" as that term is defined under the Rules and Regulations of the Exchange Act. The determination of affiliate status is solely for the purpose of this report and shall not be construed as an admission for the purposes of determining affiliate status.

The number of shares of common stock outstanding as of January 31, 2025 was 187,553,140.

DOCUMENTS INCORPORATED BY REFERENCE:

Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of NNN REIT, Inc.'s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A.

TABLE OF CONTENTS

		PAGE
Part I
Item 1.	Business	2
Item 1A.	Risk Factors	9
Item 1B.	Unresolved Staff Comments	23
Item 1C.	Cybersecurity	23
Item 2.	Properties	24
Item 3.	Legal Proceedings	24
Item 4.	Mine Safety Disclosures	24
Part II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25
Item 6.	Reserved	27
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 8.	Financial Statements and Supplementary Data	44
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	75
Item 9A.	Controls and Procedures	75
Item 9B.	Other Information	77
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	77
Part III
Item 10.	Directors, Executive Officers and Corporate Governance	77
Item 11.	Executive Compensation	77
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	77
Item 13.	Certain Relationships and Related Transactions, and Director Independence	78
Item 14.	Principal Accountant Fees and Services	78
Part IV
Item 15.	Exhibits and Financial Statement Schedules	79
Item 16.	Form 10-K Summary	83
Signatures		84

PART 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”).

Forward-Looking Statements

Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Also, when NNN uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, NNN is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, NNN's actual results could differ materially from those set forth in the forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and NNN undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. NNN describes risks and uncertainties that could cause actual results and events to differ materially in "Item 1A. Risk Factors," "Item 7A. Quantitative and Qualitative Disclosures About Market Risk,” and "Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations” of this Annual Report on Form 10-K.

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Item 1. Business

The Company

NNN, a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. NNN's assets are primarily real estate assets. NNN's consolidated financial statements are included in "Item 8. Financial Statements and Supplementary Data" of this Annual Report on Form 10-K.

The common shares of NNN REIT, Inc. are traded on the New York Stock Exchange (the "NYSE") under the ticker symbol "NNN."

Real Estate Assets

NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). NNN owned 3,568 Properties with an aggregate gross leasable area of approximately 36,557,000 square feet, located in 49 states, with a weighted average remaining lease term of 10 years as of December 31, 2024. Approximately 98 percent of the Properties were leased as of December 31, 2024.

Competition

NNN faces active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial real estate. Competitors may be willing to accept rates of return, prices, lease terms, other transaction terms, or levels of risk that NNN finds unacceptable.

Qualification as a REIT

NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), and related regulations and intends to continue to operate so as to remain qualified as a REIT for federal income tax purposes. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. If NNN fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four years following the year during which qualification is lost. Such an event could materially adversely affect NNN's income and ability to pay dividends. NNN believes it has been structured as, and its past and present operations qualify NNN as, a REIT.

Business Strategies and Policies

The following is a discussion of NNN's operating strategy and certain of its investment, financing and other policies. These strategies and policies have been set by management and the Board of Directors and, in general, may be amended or revised from time to time by management and the Board of Directors without a vote of NNN's stockholders.

Operating Strategies

NNN's strategy is to invest primarily in retail real estate that is typically well located within each local market for its tenants' retail lines of trade. Management believes that these types of properties, generally leased pursuant to triple-net leases, provide attractive opportunities for stable current returns and the potential for increased returns and capital appreciation. Triple-net leases typically require the tenant to pay all utilities and real estate taxes and assessments, to maintain the interior and exterior of the property, and to carry property and liability insurance coverage. Initial lease terms are generally 10 to 20 years.

2

NNN holds each Property until it determines that the sale of such Property is advantageous in view of NNN's investment objectives. In deciding whether to sell a Property, factors NNN may consider include, but are not limited to, potential capital appreciation, net cash flow, tenant credit quality, tenant's line of trade, tenant's lease renewal probability, the composition of the Property Portfolio, market lease rates, local market conditions, future uses of the Property, potential use of sale proceeds and federal income tax considerations.

NNN's management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN. Key indicators include items such as: the composition of the Property Portfolio (such as tenant, line of trade and geographic diversification), the occupancy rate of the Property Portfolio, certain financial performance metrics and profitability measures, industry trends and industry performance compared to that of NNN.

NNN evaluates the creditworthiness of its significant current and prospective tenants. This evaluation may include reviewing available financial statements, store level financial performance, press releases, public credit ratings from major credit rating agencies, industry news publications and financial market data (debt and equity pricing). NNN may also evaluate the business and operations of its significant tenants, including past payment history and periodically meeting with senior management of certain tenants.

The operating strategies employed by NNN have allowed NNN to increase the annual dividend (paid quarterly) per common share for 35 consecutive years. NNN has the third longest record of consecutive annual dividend increases of all publicly traded REITs.

Investment in Real Estate or Interests in Real Estate

NNN's management believes that single-tenant, freestanding net lease retail properties will continue to provide attractive investment opportunities and that NNN is well suited to take advantage of these opportunities because of its experience in accessing capital markets, and its ability to source, underwrite and acquire such properties.

In evaluating a particular acquisition, management may consider a variety of factors, including but not limited to:

•the location, visibility, accessibility, zoning and use restrictions of the property,

•the geographic area and demographic characteristics of the community,

•the local real estate market conditions, including potential for growth, redevelopment, market rents and existing or potential competing properties or retailers,

•the title status of the property,

•the quality of construction and design of the improvements on the property and the current physical condition of the property, including the size and age of the improvements on the property,

•the potential for, and current extent of, any environmental issues on or around the property,

•the environmental sustainability related factors pertaining to the property,

•the purchase price,

•the non-financial lease terms of the proposed acquisition,

•the availability of funds or other consideration for the proposed acquisition and the cost thereof,

•the compatibility of the property with NNN's existing Property Portfolio,

•the property-level operating history,

•the financial and other characteristics of the existing tenant,

•the tenant's business plan, operating history and management team,

•the tenant's industry,

•the terms of any lease, including the rent to be paid by the tenant,

•any existing debt encumbering the property which may be assumed in connection with acquiring or refinancing these investments, and

•the merits relative to other opportunities.

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NNN intends to engage in future investment activities in a manner that is consistent with the maintenance of its status as a REIT for federal income tax purposes. Additionally, NNN does not intend to engage in activities that will make NNN an investment company under the Investment Company Act of 1940, as amended.

Investments in Real Estate Mortgages and Securities of or Interests in Entities Engaged in Real Estate Activities

While NNN's primary business objectives emphasize retail properties, NNN may invest in (i) a wide variety of property and tenant types, (ii) leases, mortgages and other types of real estate interests, (iii) loans secured by personal property, (iv) loans secured by partnership or membership interests in partnerships or limited liability companies, respectively, or (v) securities of other REITs, or other issuers, including for the purpose of exercising control over such entities.

Financing Strategy

NNN's financing objective is to manage its capital structure effectively in order to provide sufficient capital to execute its operating and investing strategies while servicing its debt requirements, maintaining its investment grade credit ratings, staggering debt maturities and providing value to NNN's stockholders. NNN's capital resources have and will continue to include, if available, (i) proceeds from issuing debt or equity in the capital markets; (ii) secured or unsecured borrowings from banks or other lenders; (iii) proceeds from the sale of Properties; and (iv) to a lesser extent, by internally generated funds as well as undistributed funds from operations. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to NNN.

NNN typically expects to fund both its short-term and long-term liquidity requirements, including investments in additional properties, with cash and cash equivalents, cash provided from operations, borrowings from its unsecured revolving credit facility ("Credit Facility"), or proceeds from the sale of Properties. As of December 31, 2024, NNN had $9,062,000 of cash, cash equivalents and restricted cash or cash held in escrow and $1,200,000,000 was available for future borrowings under the Credit Facility. NNN may also fund liquidity requirements with new debt or equity issuances, although newly issued debt may be at higher interest rates than the rates on NNN's existing outstanding debt. NNN also has the ability to limit future property acquisitions and strategically increase property dispositions. NNN expects these sources of liquidity and the discretionary nature of its property acquisition funding needs will allow NNN to meet its financial obligations over the long term.

As of December 31, 2024, NNN's ratio of total debt, none of which was secured debt, to total gross assets (before accumulated depreciation and amortization) was approximately 40 percent. The ratio of total debt to total market capitalization was approximately 37 percent. Certain financial agreements, to which NNN is a party, contain covenants that limit NNN's ability to incur additional debt under certain circumstances. The organizational documents of NNN do not limit the absolute amount or percentage of debt that NNN may incur.

Strategies and Policy Changes

Any of NNN's strategies or policies described above may be changed at any time by NNN without notice to or a vote of NNN's stockholders.

Corporate Sustainability Matters

NNN is focused on achieving success for its stockholders, providing a world-class working environment for NNN associates, enriching the community and preserving environmental resources. NNN operates its business in accordance with the highest ethical standards and strives to have class-leading corporate governance standards. Holding NNN to such standards is critical to the long-term success of NNN's stockholders, associates, and community.

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Corporate Sustainability Team. In 2022, NNN created a Corporate Sustainability Team, which reports directly to the Executive Vice President, General Counsel and Secretary, with oversight by the Governance and Nominating Committee of the Board of Directors. The Corporate Sustainability Team, led by the Corporate Sustainability Manager, is comprised of associates from a broad spectrum of seniority levels and departments of the Company. The team has both internal and external projects, including, but not limited to engaging with NNN's tenants on environmental data collection and property level sustainability, creating the annual sustainability report, and regularly engaging with raters and rankers.

Materiality. NNN’s process for assessing materiality includes compiling a range of topics found within global standards, refined based on best corporate responsibility practices published by the National Association of Real Estate Investment Trusts (“Nareit”) and on the practices of similar companies identified through a peer benchmarking exercise. The Corporate Sustainability Team then reviews the resulting categories, topics and definitions to create a Materiality Assessment Survey which is administered to key stakeholders, including all associates, executive management and the Board of Directors. The survey results inform company practices, policies, goals and data tracking mechanisms for relevant impacts. Impacts that occur along NNN’s value chain are also analyzed to understand NNN’s ability to manage or influence others to implement best corporate responsibility practices within their organizations with the goal of working collectively to mitigate impacts on the community and environment. The process is periodically revisited and refined to proactively engage key stakeholders and to keep NNN’s materiality assessment meaningful to stakeholders while monitoring the ever-changing landscape.

Human Capital Development. As of January 31, 2025, the Company employed 83 associates whose hard work and expertise drive the Company's success. Engrained in NNN's talent philosophy is ensuring associates have access to continuing professional and personal development opportunities that are meaningful and relevant to them as they engage in all aspects of NNN's business. Additionally, NNN offers associate mentoring and training programs and formalized talent development programs at all levels within the Company. The success of NNN's efforts to nurture the growth and development of its associates is evident in NNN's average tenure, with nearly half of its associates having been with the Company for 10 or more years. The Company's gender representation has also continued to reflect balance and diversity, with a workforce comprising 57% female and 43% male as of January 31, 2025. More information can also be found in NNN's Human Capital Policy available on the Company's website at www.nnnreit.com.

Total Rewards, Benefits & Work-Life Balance. NNN focuses on additional benefits for its associates in an effort to ensure associates are not only well compensated, but also engaged, developed and satisfied with their work-life balance. There are six key elements to NNN's total rewards system: Compensation, Benefits, Wellness, Work-Life Balance, Professional Development and Recognition. NNN's programs include, but are not limited to, a 401(k) plan with a company match, flexible work schedules, college saving plans, an educational assistance program, parental leave and adoption benefits, flexible spending and health savings accounts, health and wellness events, and access to a state-of-the-art online wellness platform.

Community Service and Partnerships. NNN is committed to expanding educational opportunities, strengthening neighborhoods, and encouraging volunteer service in the communities where associates live and work. NNN sponsors specific volunteer days throughout the year at various charities and organizations, including Ronald McDonald House of Central Florida and Orange County Animal Services. In addition to NNN's donation of time, NNN is also a meaningful benefactor to numerous charities in the Central Florida community, including the Boys and Girls Clubs of Central Florida and Elevate Orlando (a teacher mentor program for high-risk urban youth that help young women and men graduate high school with a plan for the future).

Environmental Practices and Impact. As an owner of a large number of properties throughout the United States, it is important that NNN be a good steward of the environment. NNN demonstrates its commitment in a variety of ways both at NNN's headquarters and at NNN's Properties across the country. Many of NNN's tenants have programs that address environmental stewardship of the Properties they occupy and control.

5

NNN Corporate Headquarters. NNN's corporate headquarters is located in a building that meets the Environmental Protection Agency's (“EPA”) strict energy performance standards to achieve ENERGY STAR® certification. As stated by the EPA, on average, ENERGY STAR certified buildings use 35 percent less energy and generate 35 percent fewer greenhouse gas emissions than typical buildings.

Property Portfolio. NNN's Properties are generally leased to tenants under long-term triple-net leases with initial lease terms of 10 to 20 years (plus option terms), which gives NNN's tenants exclusive control over the ability to institute energy conservation and environmental management programs at the Properties. The majority of NNN's tenants are large companies with sophisticated conservation and sustainability programs designed to conserve environmental resources and limit the impact of the use of NNN's Properties on the environment through, among other initiatives, the implementation of green building and lighting standards, emission reduction programs and recycling programs. NNN's leases generally require tenants to fully comply with all environmental laws, rules and regulations, including any remediation requirements. NNN's risk management associates actively monitor any environmental conditions on NNN's Properties to ensure that the tenants meet their obligations to remediate and/or mitigate any open environmental matters. NNN's acquisition process includes obtaining an environmental assessment from a licensed environmental consultant to understand any environmental risks and liabilities associated with a Property and to ensure that the tenant will address any environmental issues. NNN also researches and reviews climate change metrics primarily related to wildfire, water stress and depletion, flooding and sea level rise risks. Furthermore, NNN maintains a portfolio environmental insurance policy that covers substantially all of NNN's Properties for certain environmental risks.

Additionally, NNN's form leases contain "green lease clauses" (to require the tenants to report energy usage and emissions), which NNN encourages tenants to accept during negotiations.

Climate Preparedness. NNN regularly monitors the status of impending natural disasters and the impact of such disasters on its Property Portfolio. In the substantial majority of leases, NNN's tenants are required to carry full replacement cost coverage on all improvements located on the Properties. For those Properties located in a nationally designated flood zone, NNN typically requires the tenants to carry flood insurance pursuant to the federal flood insurance program. For those Properties located in an area of high earthquake risk, NNN aims to require its tenants carry earthquake insurance above what is generally covered in an extended coverage policy. In addition, NNN also carries a contingent extended coverage policy on the Property Portfolio, which provides coverage for certain casualty events, including fire and windstorm. In cases where NNN's tenants do not provide coverage, or if a Property is vacant, NNN carries the necessary direct insurance coverage.

Property Portfolio

As of December 31, 2024, NNN owned 3,568 Properties in 49 states with an aggregate gross leasable area of approximately 36,557,000 square feet, and a weighted average remaining lease term of 10 years. Approximately 98 percent of total Properties were leased as of December 31, 2024.

The following table summarizes NNN's Property Portfolio as of December 31, 2024 (in thousands):

	Size(1)						Total Dollars Invested(2)
	High		Low		Average		High		Low		Average
Land		3,733		5		102	$	10,571	$	5	$	829
Building		313		1		10		45,286		30		2,240

(1)	Approximate square feet.
(2)	Costs vary depending upon size, improvements, local market conditions and other factors.

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Leases

The following is a summary of the typical structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Typically, the Property leases provide for initial terms of 10 to 20 years. As of December 31, 2024, the weighted average remaining lease term of the Property Portfolio was approximately 10 years. The Properties are generally leased under triple-net leases, which require the tenant to pay all utilities and real estate taxes and assessments, to maintain the interior and exterior of the Property, and to carry property and liability insurance coverage. NNN's leases provide for annual base rental payments (generally payable in monthly installments) ranging from $7,000 to $4,085,000 (average of $245,000), and generally provide for limited increases in rent as a result of increases in the Consumer Price Index or fixed increases.

Generally, NNN's leases provide the tenant with one or more multi-year renewal options subject to generally the same terms and conditions provided under the initial lease term. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property. See "Results of Operations – Property Analysis."

Governmental Regulations Affecting Properties

Property Environmental Considerations

Subject to a determination of the level of risk and potential cost of remediation, NNN may acquire a property with some level of environmental contamination. Investments in real property create a potential for substantial environmental liability for the owner of such property from the presence or discharge of hazardous materials on the property or the improper disposal of hazardous materials emanating from the property, regardless of fault. In order to mitigate exposure to environmental liability, NNN maintains an environmental insurance policy which provides some environmental liability coverage for substantially all of its Properties. As a part of its acquisition due diligence process, NNN obtains an environmental site assessment for each property. In such cases where NNN intends to acquire a property where some level of contamination may exist, NNN generally requires the seller or tenant to (i) remediate the problem, (ii) indemnify NNN for environmental liabilities, and/or (iii) agree to other arrangements deemed appropriate by NNN, including, under certain circumstances, the purchase of environmental insurance to address environmental conditions at the property. NNN may incur costs if the seller or tenant does not comply with these requirements.

As of January 31, 2025, NNN had 66 Properties currently under some level of environmental remediation and/or monitoring. In general, the responsible party (which may include the seller, a previous owner, the tenant or an adjacent or former land owner) is liable for the cost of the environmental remediation for each of these Properties.

Americans with Disabilities Act of 1990 and Similar Local and State Laws

The Properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively, the "ADA"). NNN's tenants will typically have primary responsibility for complying with the ADA, but NNN may incur costs if the tenant does not comply. As of January 31, 2025, NNN had not been notified by any governmental authority of, nor is NNN's management aware of, any non-compliance with the ADA that NNN's management believes would have a material adverse effect on its business, financial position or results of operations.

7

Other Regulations, Rules and Laws

State and local governmental entities regulate the use of the Properties. NNN's leases generally require each tenant to undertake primary responsibility for complying with all regulations, rules and laws, but failure to comply could result in fines by governmental authorities, awards of damages to private litigants, or restrictions on the ability to conduct business on such Properties.

Additional Information

NNN's corporate headquarters is located at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, and its telephone number is (407) 265–7348.

NNN's website can be accessed at www.nnnreit.com. NNN intends to comply with the requirements of Item 5.05 of Form 8-K regarding amendments to and waivers under the code of business conduct and ethics applicable to its Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer by providing such information on its website within four days after effecting any amendment to, or granting any waiver under, that code, and NNN will maintain such information on its website for at least twelve months. The information contained on NNN's website does not constitute part of this Form 10-K.

On NNN's website you can also obtain, free of charge, a copy of this Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as amended, as soon as reasonably practicable, after NNN files such material electronically with, or furnishes it to, the Securities and Exchange Commission ("Commission" or "SEC"). The public may read and obtain a copy of any materials NNN files electronically with the Commission at www.sec.gov.

Additional information on NNN's website includes the guiding policies adopted by NNN, which include NNN's Corporate Governance Guidelines, Code of Business Conduct, Supplier Code of Conduct and Whistleblower Policy, as well as NNN's position on corporate governance and risk management, social responsibility and environmental practices and their impact in the 2023-24 Corporate Responsibility Report.

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Item 1A. Risk Factors

Carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K, including the consolidated financial statements and the notes thereto. If any of the events or developments described below were actually to occur, NNN's business, financial condition or results of operations could be adversely affected.

This “Risk Factors” section contains references to NNN's “stockholders.” Unless expressly stated otherwise, the references represent NNN's common stock and any class or series of preferred stock which may be outstanding from time to time.

Risks Related to NNN's Business and Operations

Changes in financial and economic conditions, including inflation, may have an adverse impact on NNN, its tenants, and commercial real estate in general.

Financial and economic conditions can be challenging and volatile and any worsening of such conditions, including any disruption in the capital markets, or an inflationary economic environment, both real or anticipated, could adversely affect NNN's business and results of operations. Such conditions could also affect the financial condition of NNN's tenants, developers, borrowers, lenders or the institutions that hold NNN's cash balances and short-term investments, which may expose NNN to increased risks of default by these parties.

There can be no assurance that actions of the United States Government, the Federal Reserve or other government and regulatory bodies attempting to stabilize the economy or financial markets will achieve their intended effect. Additionally, some of these actions may adversely affect financial institutions, capital providers, retailers, consumers, NNN's financial condition, NNN's results of operations or the trading price of NNN's shares.

Potential consequences of challenging and volatile financial and economic conditions include:

•the financial condition of NNN's tenants may be adversely affected, which may result in tenant defaults under the leases due to bankruptcy, lack of liquidity, operational failures or for other reasons,

•the ability to raise equity capital or borrow on terms and conditions that NNN finds acceptable may be limited or unavailable, which could reduce NNN's ability to pursue acquisition and development opportunities and refinance existing debt, reduce NNN's returns from acquisition and development activities, reduce NNN's ability to make cash distributions to its stockholders and increase NNN's future interest expense,

•the recognition of impairment charges on or reduced values of the Properties or tenant receivables, may adversely affect NNN's results of operations,

•reduced values of the Properties may limit NNN's ability to dispose of assets at attractive prices and reduce the availability of buyer financing, and

•the value and liquidity of NNN's short-term investments and cash deposits could be reduced as a result of (i) a deterioration of the financial condition of the institutions that hold NNN's cash deposits or the institutions or assets in which NNN has made short-term investments, (ii) the dislocation of the markets for NNN's short-term investments, (iii) increased volatility in market rates for such investments or (iv) other factors.

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Loss of rent from tenants would reduce NNN's cash flow.

NNN's tenants encounter significant macroeconomic, governmental and competitive forces. Adverse changes in consumer spending or consumer preferences for particular goods, services or store-based retailing could severely impact their ability to pay rent. Shifts from in-store to online shopping could increase due to changing consumer shopping patterns as well as the increase in consumer adoption and use of mobile electronic devices. This expansion of e-commerce could have an adverse impact on NNN's tenants' ongoing viability and the size, type and location of space tenants lease in the future. NNN cannot predict with certainty what tenants will want or what the impact will be on market rents. The default, financial distress, bankruptcy or liquidation of one or more of NNN's tenants could cause substantial vacancies in the Property Portfolio. Vacancies reduce NNN's revenues, increase property expenses and could decrease the value of each vacant Property. Upon the expiration of a lease, the tenant may choose not to renew the lease and NNN may not be able to re-lease the vacant Property at a comparable lease rate. Furthermore, NNN may incur additional expenditures in connection with such renewal or re-leasing.

A significant portion of the source of the Property Portfolio annual base rent is concentrated in specific industry classifications, tenants and geographic locations.

As of December 31, 2024, approximately,

•57.3% of the Property Portfolio annual base rent is generated from tenants in five retail lines of trade: convenience stores (17.0%), automotive service (16.9%), full-service and limited-service restaurants (16.2%) and family entertainment centers (7.2%),

•19.0% of the Property Portfolio annual base rent is generated from five tenants: 7-Eleven (4.5%), Mister Car Wash (4.1%), Dave & Buster's (3.8%), Camping World (3.8%) and GPM Investments (convenience stores) (2.8%), and

•41.3% of the Property Portfolio annual base rent is generated from properties located in five states: Texas (18.8%), Florida (8.7%), Illinois (5.1%), Georgia (4.5%) and Ohio (4.2%).

Any financial hardship and/or economic changes in these lines of trade, tenants or states could have an adverse effect on NNN's results of operations.

NNN may not be able to successfully execute its acquisition or development strategies.

NNN may not be able to implement its investment strategies successfully. Additionally, NNN cannot ensure that its Property Portfolio will expand at all, or if it will expand at any specified rate or to any specified size. In addition, investment in additional real estate assets is subject to a number of risks. Because NNN expects to invest in markets other than the ones in which its current Properties are located or properties which may be leased to tenants other than those to which NNN has historically leased properties, NNN will also be subject to the risks associated with investment in new markets, new lines of trade or with new tenants that may be relatively unfamiliar to NNN's management team.

NNN's development activities are subject to, without limitation, risks relating to the availability and timely receipt of zoning and other regulatory approvals, the cost and timely completion of construction (including risks from factors beyond NNN's control, such as weather, labor conditions or material shortages), the risk of finding tenants for the properties and the ability to obtain both construction and permanent financing on favorable terms. These risks could result in substantial unanticipated delays or expenses and, under certain circumstances, could prevent completion of development activities once undertaken or provide a tenant the opportunity to delay rent commencement, reduce rent or terminate a lease. Any of these situations may delay or eliminate proceeds or cash flows NNN expects from these projects, which could have an adverse effect on NNN's financial condition.

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NNN may not be able to dispose of Properties consistent with its operating strategy.

NNN may be unable to sell Properties targeted for disposition under favorable terms due to adverse market conditions or possible prohibitive tax liability. This may adversely affect, among other things, NNN's ability to sell under favorable terms, execute its operating strategy, achieve target earnings or returns, retire or repay debt or pay dividends.

Certain provisions of NNN's leases or loan agreements may be unenforceable.

NNN's rights and obligations with respect to its leases and loans are governed by written agreements. A court could determine that one or more provisions of such an agreement are unenforceable, such as a particular remedy, a master lease covenant, a loan prepayment provision or a provision governing NNN's security interest in the underlying collateral of a borrower or lessee. NNN could be adversely impacted if this were to happen with respect to an asset or group of assets.

Competition from numerous other REITs, commercial developers, real estate limited partnerships and other investors or a lack of properties for sale may impede NNN's ability to grow.

NNN may not complete suitable property acquisitions or developments on advantageous terms, if at all, due to competition for such properties with others engaged in real estate investment activities or a lack of properties for sale on terms deemed acceptable to NNN. NNN's inability to successfully acquire or develop new properties may affect NNN's ability to achieve anticipated return on investment or realize its investment strategy, which could have an adverse effect on its results of operations.

A natural disaster or impacts of weather or other event resulting in an uninsured loss may adversely affect the operations of NNN's tenants and therefore the ability of NNN's tenants to pay rent, NNN's operating results and asset values of NNN's Property Portfolio.

The impacts of a natural disaster or weather event on NNN's Property Portfolio are highly uncertain. Such impacts may result from natural disasters, including floods, droughts, wind and fire. The Properties are generally covered by comprehensive liability, fire and extended insurance coverage. NNN believes that the insurance carried on its Properties is adequate and in accordance with industry standards. There are, however, types of losses (such as from hurricanes, floods, earthquakes or other types of natural disasters or wars, terrorism or other acts of violence) which may be uninsurable, self-insured by tenants, or the cost of insuring against these losses may not be economically justifiable in the opinion of tenants or NNN. If an uninsured loss occurs or a loss exceeds policy limits, NNN could lose both its invested capital and anticipated revenues from the Property, thereby reducing NNN's cash flow and asset value.

NNN's ability to fully control the management of its net-leased Properties may be limited.

The tenants of net-leased Properties are responsible for maintenance and other day-to-day management of the Properties. If a Property is not adequately maintained in accordance with the terms of the applicable lease, NNN may incur expenses for deferred maintenance expenditures or other liabilities when the lease expires. While NNN's leases generally provide for recourse against the tenant in these instances, a bankrupt or financially troubled tenant may be more likely to defer maintenance and it may be more difficult to enforce remedies against such a tenant. Although NNN endeavors to monitor compliance by tenants with their lease obligations, NNN may not always be able to ascertain or forestall deterioration in the condition of a property or the financial circumstances of a tenant.

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Bankrupt tenants or vacant Properties could adversely affect NNN's business or financial condition.

The occurrence of a tenant bankruptcy or insolvency could diminish or eliminate the income NNN receives from its tenant. A bankruptcy court might authorize a tenant to terminate one or more of its leases with NNN. If that happens, NNN's claim against the bankrupt tenant for unpaid future rent would be subject to statutory limitations that most likely would result in rent payments that would be substantially less than the remaining rent NNN is owed under the lease(s) or NNN may elect not to pursue claims against a tenant for a terminated lease(s). Any claims NNN has for unpaid past rent, may not be paid in full, or at all. Moreover, in the case of a tenant’s lease(s) that are not terminated as the result of its bankruptcy, NNN may be required or elect to reduce the rent payable under those leases or provide other concessions, reducing amounts NNN receives under such lease(s).

As a result, tenant bankruptcies may have a material adverse effect on NNN's results of operations and financial condition. Any of these events could adversely affect NNN's cash flow from operations.

As of January 31, 2025, less than one percent of total annualized base rent, less than one percent of total Properties and less than one percent of aggregate gross leasable area held in the Property Portfolio, was leased to three tenants that are currently in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, these tenants have the right to reject or affirm their leases with NNN.

As of December 31, 2024, NNN owned 54 vacant, un-leased Properties, which accounted for less than two percent of total Properties, and approximately two percent of aggregate gross leasable area held in the Property Portfolio. NNN is actively marketing these Properties for sale or lease but may not be able to sell or lease these Properties on favorable terms or at all.

Cybersecurity risks and cyber incidents as well as other significant disruptions of NNN's information technology networks and related systems and resources, or those of NNN's vendors or other third-parties, could adversely affect NNN's business, disrupt operations and expose NNN to liabilities to tenants, associates, capital providers, governmental regulators and other third parties.

NNN uses information technology and other computer resources to carry out important operational activities and to maintain its business records. This includes the use of third-party software, technologies, tools and a broad array of services and functions. As part of NNN's normal business activities, NNN (i) maintains operational and financial information related to NNN's business, (ii) collects, processes, stores and transmits certain personal identifying and confidential information relating to its tenants, associates and vendors, within NNN's systems and utilizing those of third-party providers, and (iii) allows associates to perform some or all of their business activities remotely.

NNN faces risks associated with security breaches through cyber-attacks or cyber-intrusions, malware, computer viruses and malicious codes, ransomware, attachments to e-mail, unauthorized access attempts, denial of service attacks, phishing, social engineering, persons with access to systems inside NNN's organization, and other significant disruptions of NNN's information technology networks and related systems. The risk of a security breach has generally increased as the frequency, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques, tools and tactics used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. Accordingly, NNN may be unable to anticipate these techniques or to implement adequate security barriers, disaster recovery or other preventative or corrective measures, and thus it is impossible for NNN to entirely counteract this risk or fully mitigate the harms after such an attack.

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NNN has implemented systems and processes intended to address ongoing and evolving cybersecurity risks, secure its information technology, applications and computer systems, and prevent unauthorized access to or loss of sensitive, confidential and personal data. Although NNN and its service providers employ what NNN believes are adequate security, disaster recovery and other preventative and corrective measures, NNN's security measures, taken as a whole, may not be sufficient for all possible situations and may be vulnerable to, among other things, fraud, hacking, associate error, system error, vendors' use of generative artificial intelligence technologies, and faulty password management.

NNN's ability to conduct its business may be impaired if its information technology networks, systems or resources, including its websites or e-mail systems, are compromised, degraded, damaged or fail, whether due to a virus or other harmful circumstance, fraud, intentional penetration or disruption of its information technology resources by:

•a third party,

•natural disaster,

•a failure of hardware or software due to a design or programmatic flaw,

•a failure of hardware or software security controls,

•telecommunications system failure,

•service provider error or failure,

•fraudulent transactions,

•intentional or unintentional personnel actions,

•lost connectivity to NNN's networked resources,

•a failure of disaster recovery system,

•denial of service attacks,

•office intrusion due to office or building security failures,

•data center cooling failure,

•fire or other catastrophic damage to equipment or facilities,

•water intrusion to equipment,

•supply chain attacks, or

•zero-day attacks.

A significant and extended disruption or other material cyber incident could damage NNN's business or reputation and cause:

•loss of revenues or tenant relationships,

•unintended and/or unauthorized public disclosure or the misappropriation of proprietary, personal identifying and confidential information, and

•NNN to incur significant expenses to address and remediate or otherwise resolve these kinds of issues.

The release of confidential information may also lead to litigation or other proceedings against NNN by affected individuals, business partners and/or regulators, and the outcome of such proceedings, which could include losses, penalties, fines, injunctions, expenses and charges recorded against NNN's earnings and cause NNN reputational harm, could have a material and adverse effect on NNN's business, financial position or results of operations.

In addition, the costs of maintaining adequate protection against data security threats, based on considerations of their evolution, increasing sophistication, pervasiveness and frequency and/or government-mandated standards or obligations regarding protective efforts, could be material to NNN's financial position, results of operations, cash flows, and the market price of NNN's common stock in a particular period or over various periods.

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NNN relies upon cloud computing services to operate certain aspects of its business and any disruption could have an adverse effect on its financial condition and results of operations.

NNN's business depends upon cloud computing services provided by third-parties to provide a distributed computing infrastructure platform for certain NNN business operations, including data processing, storage capabilities, communications, disaster recovery and other services. Such third-party cloud computing services are vulnerable to damage or interruption from infrastructure changes, natural disasters, cybersecurity attacks, power outages, terrorist attacks and other events or acts. NNN expects that in the future it will experience interruptions, delays and outages in service and availability from its third-party cloud computing providers from time to time due to a variety of factors, including, but not limited to, infrastructure changes, human or software errors, website hosting disruptions and capacity constraints. Because NNN cannot easily switch its cloud computing operations to other third-party providers without significant costs, any disruption of or interference with its use of third-party cloud computing service providers could have a materially negative impact on NNN's business and results of operations.

Future investment in international markets could subject NNN to additional risks.

If NNN expands its operating strategy to include investment in international markets, NNN could face additional risks, including foreign currency exchange rate fluctuations, operational risks due to local economic and political conditions and laws and policies of the United States affecting foreign investment.

NNN may suffer a loss in the event of a default or bankruptcy of a borrower.

As of December 31, 2024, NNN held mortgages receivable of $454,000, which represented less than one percent of total assets. If a borrower defaults on a mortgage or other loan made by NNN, and does not have sufficient assets to satisfy the loan, NNN may suffer a loss of principal and interest. In the event of the bankruptcy of a borrower, NNN may not be able to recover against all or any of the assets of the borrower, or the collateral may not be sufficient to satisfy the balance due on the loan. In addition, certain of NNN's loans may be subordinate to other debt of a borrower. These investments are typically loans secured by a borrower's pledge of its ownership interests in the entity that owns the real estate or other assets and are typically subordinated to senior loans encumbering the underlying real estate or assets. Subordinated positions are generally subject to a higher risk of nonpayment of principal and interest than the more senior loans. If a borrower defaults on the debt senior to NNN's loan, or in the event of the bankruptcy of a borrower, NNN's loan will be satisfied only after the borrower's senior creditors' claims are satisfied. Where debt senior to NNN's loans exists, the presence of intercreditor arrangements may limit NNN's ability to amend loan documents, assign the loans, accept prepayments, exercise remedies and control decisions made in bankruptcy proceedings relating to borrowers. Bankruptcy proceedings and litigation can significantly increase the time needed for NNN to acquire underlying collateral, if any, in the event of a default, during which time the collateral may decline in value. In addition, there are significant costs and delays associated with the foreclosure process.

Property ownership through joint ventures and partnerships could limit NNN's control of those investments.

Joint ventures or partnerships involve risks not otherwise present for direct investments by NNN. It is possible that NNN's co-venturers or partners may have different interests or goals than NNN at any time, and they may take actions contrary to NNN's requests, policies or objectives, including NNN's policy with respect to maintaining its qualification as a REIT. Other risks of joint venture or partnership investments include impasses on decisions because in some instances no single co-venturer or partner has full control over the joint venture or partnership, respectively, or the co-venturer or partner may become insolvent, bankrupt or otherwise unable to contribute to the joint venture or partnership, respectively. Further, disputes may develop with a co-venturer or partner over decisions affecting the property, joint venture or partnership that may result in litigation, arbitration or some other form of dispute resolution.

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Risks Related to Financing NNN's Business

NNN may be unable to obtain debt or equity capital on favorable terms, if at all.

NNN may be unable to obtain capital on favorable terms, if at all, to further its business objectives or meet its existing obligations. Nearly all of NNN's debt, including the Credit Facility, is subject to balloon principal payments due at maturity. These maturities range from 2025 to 2052. NNN's ability to make these scheduled principal payments may be adversely impacted by NNN's inability to extend or refinance the Credit Facility, the inability to dispose of assets at an attractive price or the inability to obtain additional debt or equity capital. Capital that may be available may be materially more expensive or available under terms that are materially more restrictive which would have an adverse impact on NNN's business, financial condition and results of operations.

The amount of debt NNN has and the restrictions imposed by that debt could adversely affect NNN's business and financial condition.

As of December 31, 2024, NNN had outstanding debt, including total unsecured notes payable of $4,373,803,000 and no outstanding balance on the Credit Facility. NNN's organizational documents do not limit the level or amount of debt that it may incur. If NNN incurs additional debt and permits a higher degree of leverage, debt service requirements would increase and could adversely affect NNN's financial condition and results of operations, as well as NNN's ability to pay principal and interest on the outstanding debt or cash dividends to its stockholders. In addition, increased leverage could increase the risk that NNN may default on its debt obligations.

The amount of outstanding debt at any time could have important consequences to NNN's stockholders. For example, it could:

•require NNN to dedicate a substantial portion of its cash flow from operations to payments on its debt, thereby reducing funds available for operations, real estate investments and other business opportunities that may arise in the future,

•increase NNN's vulnerability to general adverse economic and industry conditions,

•limit NNN's ability to obtain any additional financing it may need in the future for working capital, debt refinancing, capital expenditures, real estate investments, development or other general corporate purposes,

•make it difficult to satisfy NNN's debt service requirements,

•limit NNN's ability to pay dividends in cash on its outstanding stock,

•limit NNN's flexibility in planning for, or reacting to, changes in its business and the factors that affect the profitability of its business, and

•limit NNN's flexibility in conducting its business, which may place NNN at a disadvantage compared to competitors with less debt or debt with less restrictive terms.

NNN's ability to make scheduled payments of principal or interest on its debt, or to retire or refinance such debt will depend primarily on its future performance, which to a certain extent is subject to the creditworthiness of its tenants, competition, and economic, financial, and other factors beyond its control. There can be no assurance that NNN's business will continue to generate sufficient cash flow from operations in the future to service its debt or meet its other cash needs. If NNN is unable to generate sufficient cash flow from its business, it may be required to refinance all or a portion of its existing debt, sell assets or obtain additional financing to meet its debt obligations and other cash needs.

NNN cannot assure stockholders that any such refinancing, sale of assets or additional financing would be possible or, if possible, on terms and conditions, including but not limited to the interest rate, which NNN would find acceptable or would not result in a material decline in earnings.

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NNN is obligated to comply with financial and other covenants in its debt instruments that could restrict its operating activities, and the failure to comply with such covenants could result in defaults that accelerate the payment of such debt.

As of December 31, 2024, NNN had approximately $4,373,803,000 of outstanding debt, none of which was secured debt. NNN's unsecured debt instruments contain various restrictive covenants which include, among others, provisions restricting NNN's ability to:

•incur or guarantee additional debt,

•make certain distributions, investments and other restricted payments,

•enter into transactions with certain affiliates,

•create certain liens,

•consolidate, merge or sell NNN's assets, and

•prepay debt.

Secured debt instruments generally contain customary covenants, including, among others, provisions:

•requiring the maintenance of the property securing the debt,

•restricting its ability to sell, assign or further encumber the properties securing the debt,

•restricting its ability to incur additional debt on the property securing the debt,

•restricting modifications to property improvements,

•restricting its ability to amend or modify existing leases on the property securing the debt, and

•establishing certain prepayment restrictions.

In addition, NNN's debt instruments may contain cross-default provisions, in which case a default of NNN under one debt instrument will be a default of NNN under multiple or all debt instruments of NNN.

NNN's ability to meet some of its debt covenants, including covenants related to the condition of the property or payment of real estate taxes, may be dependent on the performance by NNN's tenants under their leases.

In addition, certain covenants in NNN's debt instruments, including its Credit Facility, require NNN, among other things, to:

•limit certain leverage ratios,

•maintain certain minimum interest and debt service coverage ratios, and

•limit investments in certain types of assets.

NNN's failure to comply with certain of its debt covenants could result in defaults that accelerate the payment under such debt and limit the dividends paid to NNN's stockholders which would likely have a material adverse impact on NNN's financial condition and results of operations. In addition, these defaults could impair its access to the debt and equity markets.

NNN's ability to pay dividends in the future is subject to many factors.

NNN's ability to pay dividends may be impaired if any of the risks described in this section were to occur. In addition, payment of NNN's dividends depends upon NNN's earnings, financial condition, maintenance of NNN's REIT status and other factors as NNN's Board of Directors may deem relevant from time to time.

Future issuances of NNN's equity securities could dilute the interest of NNN's common stockholders.

Raising additional capital through the issuance of common or preferred equity securities can dilute or otherwise adversely affect the interests of holders of NNN's common stock and in the case of certain series of preferred equity securities, create a priority interest for holders of such series of preferred equity securities. The interests of NNN's common stockholders could also be diluted by the issuance of shares of common stock pursuant to NNN's performance incentive plan.

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Risks Related to – Real Estate Ownership

Owning real estate and indirect interests in real estate carries inherent risks.

NNN's financial performance and the value of its real estate assets are subject to the risk that if the Properties do not generate revenues sufficient to meet its operating expenses, and debt service, NNN's cash flow and ability to pay distributions to its stockholders will be adversely affected. NNN is susceptible to the following real estate industry risks, which are beyond its control:

•changes in national, regional and local economic conditions and outlook,

•decreases in consumer spending and retail sales or adverse changes in consumer preferences for particular goods, services or store-based retailing,

•economic downturns in the areas where the Properties are located,

•adverse changes in local real estate market conditions, such as an oversupply of space, reduction in demand for space, loss of a large employer, intense competition for tenants, or a demographic change,

•changes in tenant or consumer preferences that reduce the attractiveness of the Properties to tenants,

•a decrease in demand for fossil fuels,

•changes in zoning, regulatory restrictions, or tax laws, and

•changes in interest rates or availability of financing.

All of these factors could result in decreases in market rental rates and increases in vacancy rates, which could adversely affect NNN's results of operations.

NNN's real estate investments are illiquid.

Because real estate investments are relatively illiquid, NNN's ability to adjust the Property Portfolio promptly in response to economic or other conditions is limited. Certain significant expenditures generally do not change in response to economic or other conditions, including: (i) debt service, (ii) real estate taxes, and (iii) operating and maintenance costs. This combination of variable revenue and relatively fixed expenditures may result, under certain market conditions, in reduced earnings and could have an adverse effect on NNN's financial condition.

NNN may be subject to known or unknown environmental liabilities and risks, including but not limited to liabilities and risks resulting from the existence of hazardous materials on or under Properties owned by NNN.

There may be known or unknown environmental liabilities associated with Properties owned or acquired in the future by NNN. Certain particular uses of some Properties may also have a heightened risk of environmental liability because of the hazardous materials used in performing services on those Properties, such as convenience stores with underground petroleum storage tanks or auto parts and auto service businesses using petroleum products, paint and machine solvents. Some of the Properties may contain asbestos or asbestos-containing materials, or may contain or may develop mold or other bio-contaminants.

Asbestos-containing materials must be handled, managed and removed in accordance with applicable governmental laws, rules and regulations. Mold and other bio-contaminants can produce airborne toxins, may cause a variety of health issues in individuals and must be remediated in accordance with applicable governmental laws, rules and regulations.

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As part of its due diligence process, NNN generally obtains an environmental site assessment for each property it acquires. In cases where NNN intends to acquire real estate where evidence of some level of known contamination may exist, NNN generally requires the seller or tenant to (i) remediate the contamination in accordance with applicable laws, rules and regulations, (ii) indemnify NNN for environmental liabilities, and/or (iii) agree to other arrangements deemed appropriate by NNN, including, under certain circumstances, the purchase of environmental insurance. Although sellers or tenants may be contractually responsible for remediating hazardous materials on a property and may be responsible for indemnifying NNN for any liability resulting from the use of a Property and for any failure to comply with any applicable environmental laws, rules or regulations, NNN has no assurance that sellers, tenants or any other responsible party shall be able to meet their remediation and indemnity obligations to NNN. A tenant, seller or any other responsible party may not have the financial ability to meet its remediation and indemnity obligations to NNN when required. Furthermore, NNN may have strict liability to governmental agencies or third parties as a result of the existence of hazardous materials on Properties, whether or not NNN knew about or caused such hazardous materials to exist.

As of January 31, 2025, NNN had 66 Properties currently under some level of environmental remediation and/or monitoring. In general, the responsible party (which may include the seller, a previous owner, the tenant or an adjacent or former land owner) is liable for the cost of the environmental remediation for each of these Properties.

If NNN is responsible for hazardous materials located on its Properties, NNN's liability may include investigation and remediation costs, property damage to third parties, personal injury to third parties, and governmental fines and penalties. Furthermore, the presence of hazardous materials on a Property may adversely impact the Property value or NNN's ability to sell the Property. Significant environmental liability could impact NNN's results of operations, ability to make distributions to stockholders, and its ability to meet its debt obligations.

In order to mitigate exposure to environmental liability, NNN maintains an environmental insurance policy which provides environmental insurance coverage for substantially all of its Properties. However, the policy is subject to exclusions and limitations and does not cover all of the Properties owned by NNN. For those Properties covered under the policy, insurance may not fully compensate NNN for any environmental liability. NNN has no assurance that the insurer on its environmental insurance policy will be able to meet its obligations under the policy. NNN may not desire to renew the environmental insurance policy in place upon expiration or a replacement policy may not be available at a reasonable cost, if at all.

Risks Related to – Tax Matters

NNN's failure to qualify as a REIT for federal income tax purposes could result in significant tax liability.

NNN intends to operate in a manner that will allow NNN to continue to qualify as a REIT. NNN believes it has been organized as, and its past and present operations qualify NNN as a REIT. However, the Internal Revenue Service (“IRS”) could successfully assert that NNN is not qualified as such. In addition, NNN may not remain qualified as a REIT in the future. Qualification as a REIT involves the application of highly technical and complex provisions of the Code for which there are only limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within NNN's control. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for NNN to qualify, or desirable to continue, as a REIT or avoid significant tax liability.

If NNN fails to qualify as a REIT, it would not be allowed a deduction for dividends paid to stockholders in computing taxable income and would become subject to federal income tax at regular corporate rates. In this event, NNN could be subject to potentially significant tax liabilities and penalties. Unless entitled to relief under certain statutory provisions, NNN would also be disqualified from treatment as a REIT for the four taxable years following the year during which the qualification was lost.

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Compliance with REIT requirements, including distribution requirements, may limit NNN's flexibility and may negatively affect NNN's operating decisions.

To maintain its status as a REIT for United States federal income tax purposes, NNN must meet certain requirements on an ongoing basis, including requirements regarding its sources of income, the nature and diversification of its assets, the amounts NNN distributes to its stockholders and the ownership of its shares. NNN may also be required to make distributions to its stockholders when it does not have funds readily available for distribution or at times when NNN's funds are otherwise needed to fund expenditures or debt service requirements. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, providing it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, NNN believes it has qualified as a REIT. Notwithstanding NNN's qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes.

The share ownership restrictions of the Code for REITs and the 9.8% share ownership limit in NNN's charter may inhibit market activity in NNN's shares of stock and restrict NNN's business combination opportunities.

In order to qualify as a REIT, five or fewer individuals, as defined in the Code, may not own, actually or constructively, more than 50 percent in value of NNN's issued and outstanding shares of stock at any time during the last half of each taxable year, other than the first year for which a REIT election is made. Attribution rules in the Code determine if any individual or entity actually or constructively owns NNN's shares of stock under this requirement. Additionally, at least 100 persons must beneficially own NNN's shares of stock during at least 335 days of a taxable year for each taxable year, other than the first year for which a REIT election is made. To help ensure that NNN meets these tests, among other purposes, NNN's charter restricts the acquisition and ownership of NNN's shares of stock.

NNN's charter, with certain exceptions, authorizes NNN's Board of Directors to take such actions as are necessary and desirable to preserve NNN's qualification as a REIT while NNN so qualifies. Unless exempted by the Board of Directors, for so long as NNN qualifies as a REIT, NNN's charter prohibits, among other limitations on ownership and transfer of shares of NNN's stock, any person from beneficially or constructively owning (applying certain attribution rules under the Code) more than 9.8% in value of the aggregate of NNN's outstanding shares of stock and more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of NNN's shares of stock. The Board of Directors, in its sole discretion and upon receipt of certain representations and undertakings, may exempt a person (prospectively or retrospectively) from the ownership limits. However, the Board of Directors may not, among other limitations, grant an exemption from these ownership restrictions to any proposed transferee whose ownership, direct or indirect, in excess of the 9.8% ownership limit would result in the termination of NNN's qualification as a REIT. These restrictions on transferability and ownership will not apply, however, if the Board of Directors determines that it is no longer in NNN's best interest to continue to qualify as a REIT or that compliance with the restrictions is no longer required in order for NNN to continue to so qualify as a REIT. These ownership limits could delay or prevent a transaction or a change in control that might involve a premium price for NNN's common stock or otherwise be in the best interest of NNN's stockholders.

Risks Related to – Governmental Laws and Regulations

Costs of complying with changes in governmental laws and regulations may adversely affect NNN's results of operations.

NNN cannot predict what laws or regulations will be enacted in the future, how future laws or regulations will be administered or interpreted, or how future laws or regulations will affect NNN, its Properties or its tenants, including, but not limited to environmental laws and regulations. Compliance with new laws or regulations, or stricter interpretation of existing laws, may require NNN, its tenants, or consumers to incur significant expenditures, impose significant liability, restrict or prohibit business activities and could cause a material adverse effect on NNN's results of operation.

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Non-compliance with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws could have an adverse effect on NNN's business and operating results.

The Properties, as commercial facilities, are required to comply with the ADA. NNN's tenants will typically have primary responsibility for complying with the ADA, but NNN may incur costs if the tenant does not comply. As of January 31, 2025, NNN had not been notified by any governmental authority of, nor is NNN's management aware of, any non-compliance with the ADA that NNN's management believes would have a material adverse effect on its business, financial position or results of operations.

General Risks

NNN's loss of key management personnel could adversely affect performance and the value of its securities.

NNN is dependent on the efforts of its key management. As of January 31, 2025, the executive team and senior managers average over 20 years of experience with NNN. Competition for senior management personnel can be intense and NNN may not be able to retain its key management. Although NNN believes qualified replacements could be found for any departures of key management, the loss of their services could adversely affect NNN's performance and the value of its securities.

NNN's failure to maintain effective internal control over financial reporting could have a material adverse effect on its business, operating results and the market value of NNN's securities.

Section 404 of the Sarbanes-Oxley Act of 2002 requires annual management assessments of the effectiveness of the Company's internal control over financial reporting. If NNN fails to maintain the adequacy of its internal control over financial reporting, as such standards may be modified, supplemented or amended from time to time, NNN may not be able to ensure that it can conclude on an ongoing basis that it has effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. Moreover, effective internal control over financial reporting, particularly those related to revenue recognition, are necessary for NNN to produce reliable financial reports and to maintain its qualification as a REIT and are important in helping to prevent financial fraud. If NNN cannot provide reliable financial reports or prevent fraud, its business and operating results could be harmed, REIT qualification could be jeopardized, investors could lose confidence in the Company's reported financial information, the company's access to capital could be impaired, and the trading price of NNN's shares could drop significantly.

An epidemic or pandemic and/or the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially exacerbate one or more of the other risks, and may significantly disrupt NNN's tenants' ability to operate their businesses and/or pay rent to NNN or prevent NNN from operating its business in the ordinary course for an extended period.

An epidemic or pandemic, or the government mandates implemented to address such epidemic or pandemic, could have a material and adverse effect on or cause disruption to NNN's business or financial condition, results of operations, cash flows and the market value and trading price of NNN's securities due to, among other factors:

•A complete or partial closure of, or other operational issues with, NNN's Property Portfolio as a result of government or tenant action;

•The declines in or instability of the economy or financial markets may result in a recession or negatively impact consumer discretionary spending, which could adversely affect retailers and consumers;

•The reduction of economic activity may severely impact NNN's tenants' business operations, financial condition, liquidity and access to capital resources and may cause one or more of NNN's tenants to be unable to meet their obligations to NNN in full, or at all, to default on their lease, or to otherwise seek modifications of such obligations;

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•The inability to access debt and equity capital on favorable terms, if at all, or a severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may affect NNN's access to capital necessary to fund business operations, pursue acquisition and development opportunities, refinance existing debt, reduce NNN's ability to make cash distributions to its stockholders and increase NNN's future interest expense;

•A general decline in business activity and demand for real estate transactions would adversely affect NNN's ability to successfully execute investment strategies or expand the Property Portfolio;

•A significant reduction in NNN's cash flows could impact NNN's ability to continue paying cash dividends to NNN stockholders at expected levels or at all;

•The financial impact could negatively affect NNN's future compliance with financial and other covenants of NNN's Credit Facility and other debt instruments, and the failure to comply with such covenants could result in a default that accelerates the payment of such debt; and

•The potential negative impact on the health of NNN's associates or Board of Directors, particularly if a significant number are impacted, or the impact of government actions or restrictions, including stay-at-home orders, restricting access to NNN's headquarters located in Orlando, Florida, could result in a deterioration in NNN's ability to ensure business continuity during a disruption.

A prolonged continuation of or repeated temporary business closures, reduced capacity at businesses or other social-distancing practices, and quarantine orders may adversely impact NNN's tenants' ability to generate sufficient revenues to meet financial obligations, and could force tenants to default on their leases, or result in the bankruptcy of tenants, which would diminish the rental revenue NNN receives under its leases. Additionally, an increase in the number of vacant properties would increase NNN's real estate expenses, including expenses associated with ongoing maintenance and repairs, utilities, real estate taxes and assessments, and property and liability insurance.

The rapid development and fluidity of an epidemic or pandemic precludes any prediction as to the ultimate adverse impact on NNN. Nevertheless, an epidemic or pandemic would present a material uncertainty and risk with respect to NNN's performance, business or financial condition, results of operations and cash flows. While NNN's leases generally do not allow tenants to withhold rent if the tenants are not operating on its Properties, some tenants may pay rent under protest, not pay rent at all, request rent deferrals, and assert legal or equitable claims in the courts that such tenants are not obligated to pay rent while closed or while operating at reduced capacity, because of an epidemic or pandemic. While NNN believes such claims would be without merit it has no assurances on how courts would rule on such claims, if any.

Acts of violence, terrorist attacks or war may affect NNN's Properties, the markets in which NNN operates and NNN's results of operations.

Terrorist attacks or other domestic acts of violence may negatively affect NNN's operations. There can be no assurance that there will not be attacks against businesses within the United States. These attacks may directly or indirectly impact NNN's physical facilities or the businesses or the financial condition of its tenants, developers, borrowers, lenders or financial institutions with which NNN has a relationship. The United States is engaged in armed conflict, which could have an impact on these parties. The consequences of armed conflict are unpredictable, and NNN may not be able to foresee events that could have an adverse effect on its business or be insured for such.

More generally, any of these events or threats of these events could cause consumer confidence and spending to decrease or result in increased volatility in the United States and worldwide financial markets and economies. They also could result in, or cause a deepening of, economic recession in the United States or abroad. Any of these occurrences could have an adverse impact on NNN's financial condition or results of operations.

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Changes in accounting pronouncements could adversely impact NNN's or NNN's tenants' reported financial performance.

Accounting policies and methods are fundamental to how NNN records and reports its financial condition and results of operations. From time to time the Financial Accounting Standards Board (“FASB”) and the Commission, who create and interpret appropriate accounting standards, may change the financial accounting and reporting standards or their interpretation and application of these standards that govern the preparation of NNN's financial statements. These changes could have a material impact on NNN's reported financial condition and results of operations. In some cases, NNN could be required to apply a new or revised standard retroactively, resulting in restating prior period financial statements. Similarly, these changes could have a material impact on NNN's tenants' reported financial condition or results of operations and affect their preferences regarding leasing real estate.

The market value of NNN's equity and debt securities is subject to various factors that may cause significant fluctuations or volatility.

As with other publicly traded securities, the market price of NNN's equity and debt securities depends on various factors, which may change from time-to-time and/or may be unrelated to NNN's financial condition, operating performance or prospects that may cause significant fluctuations or volatility in such prices. These factors, among others, include:

•general economic and financial market conditions,

•level and trend of interest rates,

•changes in government fiscal, monetary, regulatory, or taxation policies,

•NNN's ability to access the capital markets to raise additional capital,

•the issuance of additional equity or debt securities,

•changes in NNN's funds from operations or earnings estimates,

•changes in NNN's debt ratings or analyst ratings,

•NNN's financial condition and performance,

•market perception of NNN compared to other REITs, and

•market perception of REITs compared to other investment sectors.

Even if NNN remains qualified as a REIT, NNN faces other tax liabilities that reduce operating results and cash flow.

Even if NNN remains qualified for taxation as a REIT, NNN is subject to certain federal, state and local taxes on its income and assets, including taxes on any undistributed income, tax on income from some activities conducted as a result of a foreclosure, and state or local income, franchise, property and transfer taxes. Any increase of these taxes would decrease earnings and cash available for distribution to stockholders. In addition, in order to meet certain REIT qualification requirements, NNN may elect to own some of its assets in a TRS.

Adverse legislative or regulatory tax changes could reduce NNN's earnings and cash flow and the market value of NNN's securities.

At any time, the federal and state tax laws or the administrative interpretations of those laws may change. Any such changes may have current and retroactive effects, and could adversely affect NNN or its stockholders. Legislation could cause shares in non-REIT entities to be a more attractive investment to individual investors than shares in REITs, and could have an adverse effect on the value of NNN's securities.

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Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

With oversight from the Board of Directors, NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs. Primary cybersecurity risk oversight has been delegated to the Audit Committee. The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture.

The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO.

NNN's information systems process and store critical and sensitive NNN data. Management and the Board of Directors are committed to protecting NNN systems and data through layered perimeter, interrogation and access controls, as well as following a constant process of researching, assessing, patching and remediating. Processes to assess, identify, isolate, remediate and manage cybersecurity risks have been integrated into NNN's overall risk management system. Below are examples of actions NNN takes to protect NNN's information systems and data from cybersecurity risk:

•Align systems and processes with best practices, including the National Institute of Standards and Technology Cybersecurity Framework, for securing NNN information systems and data;

•Perform continuous systems monitoring and tactical measures for impending viruses, malware, tampering, exploits and other cyber threats;

•Deploy systems tools to detect, prevent and neutralize cyber threats;

•Engage independent third-party consultants to assist in evaluating cybersecurity risks and response profile and plans;

•Identify, oversee and evaluate the risks associated with third-party service providers and consultants;

•Continuously educate and provide procedural training to all associates and the Board of Directors regarding cybersecurity awareness and risks such as enterprise security, malware, data protection best practices, anti-phishing exercises and updates with respect to other implemented information security measures;

•Periodically measure the effectiveness of associate training;

•Cybersecurity risk management is periodically reviewed with NNN's Enterprise Risk Management Team;

•Perform ongoing internal and external penetration testing and vulnerability assessments with a high priority for timely remediation; and

•Establish reporting deadlines and hierarchies so that data regarding an incident or possible incident is communicated in a timely manner to NNN's management, to the Audit Committee of the Board of Directors, and if, appropriate or required by law, to the Commission.

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Management is aware that preventive measures cannot prevent all cyber incidents. The CATO has direct oversight over the Company's security programs on a daily basis. When a cyber incident occurs, NNN's actions are guided by an incident response plan decision tree to (i) detect, contain and eradicate any threats, (ii) assess materiality, (iii) notify internal parties and the Audit Committee Chairperson, (iv) recover any compromised NNN data and information systems, (v) limit impacts of any such incident on NNN's operations, and (vi) report any such incident as require by law or as otherwise necessary. For a detailed discussion of risks from cybersecurity threats, please see “Item 1A. Risk Factors.”

Item 2. Properties

Please refer to Item 1. “Business" and Item 7. "Management's Discussion and Analysis of Financial Conditions and Results of Operations."

Item 3. Legal Proceedings

In the ordinary course of its business, NNN is a party to various legal actions that management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material.

Item 4. Mine Safety Disclosures

None.

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PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

The common stock of NNN currently is traded on the NYSE under the symbol “NNN.”

Performance Graphs

Set forth below is a line graph comparing the cumulative total stockholder return on NNN's common stock, based on the market price of the common stock and assuming reinvestment of dividends, with the FTSE National Association of Real Estate Investment Trusts Equity Index (“FNER”) and the S&P 500 Index (“S&P 500”) for the five-year period commencing December 31, 2019 and ending December 31, 2024. The graph assumes an investment of $100 on December 31, 2019.

Comparison to Five-Year Cumulative Total Return

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Set forth below is a line graph comparing the cumulative total stockholder return on NNN's common stock, based on the market price of the common stock and assuming reinvestment of dividends, with the FNER and the S&P 500 for the twenty-five-year period commencing December 31, 1999 and ending December 31, 2024. The graph assumes an investment of $100 on December 31, 1999.

Comparison to Twenty-Five-Year Cumulative Total Return

Dividends

NNN intends to pay regular quarterly dividends to its stockholders, although all future distributions will be declared and paid at the discretion of the Board of Directors and will depend upon cash generated by operating activities, NNN's financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant.

In January 2025, NNN declared dividends payable to its stockholders of $108,335,000, or $0.580 per share, of common stock.

Holders

On January 31, 2025, there were 1,425 registered holders of record of NNN's common stock. Many of NNN's shares of common stock are held by brokers and institutions on behalf of stockholders, NNN is unable to estimate the total number of stockholders represented by these record holders.

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Securities Authorized for Issuance Under Equity Compensation Plans

None.

Sale of Unregistered Securities

None.

Issuer Purchases of Equity Securities

None.

Item 6. [Reserved]

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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

This section generally discusses 2024 and 2023 and year-to-year comparisons. Discussions of 2023 and 2022 year-to-year comparisons that are not included in this annual report on Form 10-K can be found in “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("Commission" or "SEC") on February 8, 2024.

The term "NNN" or the "Company" refers 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").

Forward-Looking Statements

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. NNN makes statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.” Certain risks may cause NNN's actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see “Item 1A. Risk Factors.”

Overview

NNN, a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. NNN's assets are primarily real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties," or "Property Portfolio," or individually a "Property").

As of December 31, 2024, NNN owned 3,568 Properties in 49 states, with an aggregate gross leasable area of approximately 36,557,000 square feet, and a weighted average remaining lease term of 10 years. Approximately 98 percent of the Properties were leased as of December 31, 2024.

NNN's management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN. Key indicators include items such as: the composition of the Property Portfolio (such as tenant, line of trade and geographic diversification), the occupancy rate of the Property Portfolio, certain financial performance metrics and profitability measures, industry trends and industry performance compared to that of NNN.

NNN evaluates the creditworthiness of its significant current and prospective tenants. This evaluation may include reviewing available financial statements, store level financial performance, press releases, public credit ratings from major credit rating agencies, industry news publications and financial market data (debt and equity pricing). NNN may also evaluate the business and operations of its significant tenants, including past payment history and periodically meeting with senior management of certain tenants.

NNN continues to maintain its diversification by tenant, line of trade and geography. NNN's largest line of trade concentrations are the convenience store (17.0%), automotive service (16.9%), restaurant (16.2%) (including full and limited service) and family entertainment centers (7.2%) sectors. These sectors represent a large part of the freestanding retail property marketplace and NNN's management believes these sectors present attractive investment opportunities. The Property Portfolio is geographically concentrated in the southeast (25.5%) and south (24.7%) United States, which are regions of historically above-average population growth. Given these concentrations, any financial hardship within these sectors or geographic regions could have a material adverse effect on the financial condition and operating performance of NNN.

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As of December 31, 2024 and 2023, the Property Portfolio remained at least 98 percent leased and had a weighted average remaining lease term of approximately 10 years. High occupancy levels coupled with a net lease structure, provides enhanced probability of achieving consistent operating results.

Critical Accounting Estimates

The preparation of NNN's consolidated financial statements in conformance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as other disclosures in the financial statements. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on NNN's consolidated financial statements. A summary of NNN's accounting policies and procedures is included in Note 1 of the December 31, 2024 Consolidated Financial Statements. Management believes the following critical accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of NNN's consolidated financial statements.

Real Estate Portfolio. NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest, third-party costs and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy.

Purchase Accounting for Acquisition of Real Estate. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and value of in-place leases, as applicable, based on their respective fair values.

The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar.

Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("ASC 842").

NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures.

NNN's Property Portfolio primarily consists of leases accounted for using the operating method. Under the operating method, revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.

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Collectability. In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections and the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims.

When NNN deems the collection of rental income from a tenant not probable, uncollected previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, any rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored.

NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income.

Real Estate – Held For Sale. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant and Equipment, including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months.

Impairment – Real Estate. NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN's Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term.

Revenue Recognition. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842, based on the terms of the lease of the leased asset. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.

FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

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New Accounting Pronouncements. Refer to Note 1 of the December 31, 2024, Consolidated Financial Statements for a summary and the anticipated impact of each accounting pronouncement on NNN's financial position and results of operations.

Results of Operations

Property Analysis

General. The following table summarizes the Property Portfolio as of December 31:

	2024			2023
Properties Owned:
Number		3,568			3,532
Total gross leasable area (square feet)		36,557,000			35,966,000
Properties:
Leased and unimproved land		3,514			3,514
Percent of Properties – leased and unimproved land		98	%		99	%
Weighted average remaining lease term (years)		10			10
Total gross leasable area (square feet) – leased		35,826,000			35,683,000
Total annualized base rent	$	860,562,000		$	818,749,000

(1) Annualized base rent is calculated by multiplying the monthly cash base rent in place on each respective date by 12.

The following table summarizes the lease expirations, assuming none of the tenants exercise renewal options, of the Property Portfolio for each of the next 10 years and then thereafter in the aggregate as of December 31, 2024:

	% of Annual Base Rent(1)	# of Properties	Gross Leasable Area(2)		% of Annual Base Rent(1)	# of Properties	Gross Leasable Area(2)
2025	3.2%	132	874,000	2031	7.0%	184	2,655,000
2026	4.2%	204	1,981,000	2032	5.1%	183	1,804,000
2027	7.6%	231	3,401,000	2033	4.6%	134	1,398,000
2028	5.8%	255	2,306,000	2034	5.8%	182	2,398,000
2029	4.6%	143	2,083,000	Thereafter	47.7%	1,711	14,840,000
2030	4.4%	154	2,086,000

(1)	Based on the annualized base rent for all leases in place as of December 31, 2024.
(2)	Square feet.

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The following table summarizes the diversification of the Property Portfolio based on the top 20 lines of trade:

		% of Annual Base Rent(1)
	Lines of Trade	2024	2023
1.	Convenience stores	17.0%	16.4%
2.	Automotive service	16.9%	15.6%
3.	Restaurants – limited service	8.4%	8.5%
4.	Restaurants – full service	7.8%	8.7%
5.	Family entertainment centers	7.2%	6.4%
6.	Recreational vehicle dealers, parts and accessories	5.1%	4.6%
7.	Theaters	4.0%	4.1%
8.	Health and fitness	3.9%	4.5%
9.	Equipment rental	3.2%	3.0%
10.	Wholesale clubs	2.4%	2.5%
11.	Automotive parts	2.4%	2.5%
12.	Drug stores	2.2%	2.4%
13.	Home improvement	2.1%	2.2%
14.	Medical service providers	1.7%	1.7%
15.	General merchandise	1.4%	1.4%
16.	Furniture	1.3%	2.0%
17.	Pet supplies and services	1.3%	1.1%
18.	Consumer electronics	1.3%	1.4%
19.	Travel plazas	1.2%	1.3%
20.	Home furnishings	1.1%	1.3%
	Other	8.1%	8.4%
		100.0%	100.0%

Based on annualized base rent for all leases in place on each respective date.
	(1)	$860,562,000 as of December 31, 2024.
	(2)	$818,749,000 as of December 31, 2023.

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The following table summarizes the diversification of the Property Portfolio by state as of December 31, 2024:

	State	# of Properties	% of Annual Base Rent(1)
1.	Texas	575	18.8%
2.	Florida	276	8.7%
3.	Illinois	167	5.1%
4.	Georgia	175	4.5%
5.	Ohio	193	4.2%
6.	Tennessee	153	3.8%
7.	North Carolina	161	3.7%
8.	Indiana	149	3.6%
9.	Arizona	81	3.2%
10.	Virginia	118	3.2%
	Other	1,520	41.2%
		3,568	100.0%

(1) Based on the annualized base rent for all leases in place as of December 31, 2024.

Property Acquisitions. The following table summarizes the Property acquisitions for each of the years ended December 31 (dollars in thousands):

	2024			2023
Acquisitions:
Number of Properties		75			165
Gross leasable area (square feet)(1)		1,486,000			1,281,000
Cap rate(2)		7.7	%		7.3	%
Total dollars invested(3)	$	565,416		$	819,710

(1)	Includes additional square footage from completed construction on existing Properties.
(2)	The cap rate is a weighted average, calculated as the initial cash annual base rent divided by the total purchase price of the Properties.
(3)	Includes dollars invested in projects under construction or tenant improvements for each respective year.

NNN typically funds Property acquisitions either through borrowings under NNN's Credit Facility (as defined in "Capital Structure – Line of Credit Payable"), by issuing its debt or equity securities in the capital markets, with undistributed funds from operations or with proceeds from the sale of Properties.

Property Dispositions. The following table summarizes the properties sold by NNN for each of the years ended December 31 (dollars in thousands):

	2024			2023
Number of properties		41			45
Gross leasable area (square feet)		849,000			293,000
Net sales proceeds	$	148,658		$	115,716
Net gain on disposition of real estate	$	42,290		$	47,485
Cap rate(1)		7.3	%		5.9	%

(1) The cap rate is a weighted average of properties occupied at disposition, calculated as the cash annual base rent divided by the total gross proceeds received for the properties.

NNN typically uses the disposition proceeds to either pay down the Credit Facility or reinvest in real estate.

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Analysis of Revenues

The following summarizes NNN's revenues for each of the years ended December 31 (dollars in thousands):

	2024		2023		2024 Versus 2023
Rental Revenues(1)	$	848,657	$	807,327		5.1	%
Real estate expenses reimbursed from tenants		18,811		18,763		0.3	%
Rental income		867,468		826,090		5.0	%
Interest and other income from real estate transactions		1,798		2,021		(11.0	)%
Total revenues	$	869,266	$	828,111		5.0	%

(1) Includes rental income from operating leases, earned income from direct financing leases and percentage rent ("Rental Revenues").

Rental Income. Rental income increased for the year ended December 31, 2024, as compared to the same period in 2023. The increase is primarily due to the Rental Revenues from NNN's recent Property acquisitions (see "Results of Operations – Property Analysis – Property Acquisitions").

Analysis of Expenses

The following summarizes NNN's expenses for the year ended December 31 (dollars in thousands):

	2024			2023			2024 Versus 2023
General and administrative	$	44,287		$	43,746			1.2	%
Real estate:
Reimbursed from tenants		18,811			18,763			0.3	%
Non-reimbursed		13,506			9,615			40.5	%
Total real estate		32,317			28,378			13.9	%
Depreciation and amortization		249,681			238,625			4.6	%
Leasing transaction costs		99			299			(66.9	)%
Impairment losses – real estate, net of recoveries		6,632			5,990			10.7	%
Executive retirement costs		668			3,454			(80.7	)%
Total operating expenses	$	333,684		$	320,492			4.1	%
Interest and other income	$	(2,980	)	$	(1,134	)		162.8	%
Interest expense		184,017			163,898			12.3	%
Total other expenses	$	181,037		$	162,764			11.2	%
As a percentage of total revenues:
General and administrative		5.1	%		5.3	%
Non-reimbursed real estate		1.6	%		1.2	%

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Real Estate. Total real estate expenses increased for the year ended December 31, 2024, as compared to the same period in 2023. NNN focuses on non-reimbursed real estate expenses (total real estate expenses, net of reimbursements from tenants). These expenses are typically attributable to (i) Properties for which the lease terms do not obligate the tenant to pay certain operating expenses or (ii) vacant Properties. Non-reimbursed real estate expenses increased in amount and as a percentage of total revenues for the year ended December 31, 2024 as compared to the same period in 2023 primarily due to a minor increase in the number of vacant properties.

Depreciation and Amortization. Depreciation and amortization expenses increased in amount for the year ended December 31, 2024, as compared to the same period in 2023. The increase is primarily attributable to the increase in NNN's Property Portfolio from recent acquisitions (see "Results of Operations – Property Analysis – Property Acquisitions"), and is partially offset by recent dispositions (see "Results of Operations – Property Analysis – Property Dispositions").

Impairment Losses – Real Estate, Net of Recoveries. As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries for the years ended December 31, 2024 and 2023, which were less than one percent of NNN's total assets for the respective years as reported on the Consolidated Balance Sheets. Due to NNN's core business of investing in real estate leased primarily to retail tenants under long-term net leases, the inherent risks of owning commercial real estate, and unknown potential changes in financial and economic conditions that may impact NNN's tenants, NNN believes it is reasonably possible to incur real estate impairment charges in the future.

Executive Retirement Costs. In April 2022, the former President and Chief Executive Officer retired from employment, as contemplated under the Company's long-term executive succession planning process and as previously announced in January 2022. In addition, in January 2024, the former Executive Vice President, General Counsel and Secretary retired from employment as previously announced in November 2023. During the years ended December 31, 2024 and 2023, NNN recorded executive retirement costs in connection with the long-term incentive compensation related to these retirement and transition agreements.

Interest Expense. Interest expense increased for the year ended December 31, 2024, compared to the same period in 2023. The following represents the primary changes in fixed rate long-term debt that impacted interest expense (dollars in thousands):

Transaction	Effective Date	Principal			Stated Rate	Original Maturity
Issuance 2033 Notes	August 2023	$	500,000		5.600%	October 2033
Issuance 2034 Notes	May 2024		500,000		5.500%	June 2034
Redemption 2024 Notes	June 2024		(350,000	)	3.900%	June 2024

The increase in interest expense was partially offset by the Credit Facility having a weighted average outstanding balance of $60,775,000 with a weighted average interest rate of 6.25% for the year ended December 31, 2024, compared to a weighted average outstanding balance of $169,620,000 with a weighted average interest rate of 5.86% for the year ended December 31, 2023.

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Impact of Inflation

NNN's leases typically contain provisions to mitigate the adverse impact of inflation on NNN's results of operations. Tenant leases generally provide for limited increases in rent as a result of fixed increases, capped increases in the Consumer Price Index, and/or, to a lesser extent, increases in the tenant's sales volume. As a result of limitations on rent increases, during times when inflation is high, rent increases may not meet or exceed the rate of inflation.

Properties are leased to tenants under long-term triple-net leases which typically require the tenant to pay certain operating expenses for a Property, thus, NNN's exposure to inflation is reduced with respect to these expenses. Inflation may have an adverse impact on NNN's tenants and challenge their ability to meet lease obligations, including to pay rent. See "Item 1A. Risk Factors."

Liquidity and Capital Resources

NNN's demand for funds has been and will continue to be primarily for (i) payment of operating expenses and dividends, (ii) property acquisitions and construction commitments, (iii) capital expenditures, (iv) payment of principal and interest on its outstanding debt, and (v) other investments.

Financing Strategy. NNN's financing objective is to manage its capital structure effectively in order to provide sufficient capital to execute its operating and investing strategies while servicing its debt requirements, maintaining its investment grade credit rating, staggering debt maturities and providing value to NNN's stockholders. NNN's capital resources have and will continue to include, if available (i) proceeds from issuing debt or equity in the capital markets; (ii) secured or unsecured borrowings from banks or other lenders; (iii) proceeds from the sale of Properties; and (iv) to a lesser extent, by internally generated funds as well as undistributed funds from operations. However, there can be no assurance that additional financing or capital will be available, or that the terms will be acceptable or advantageous to NNN.

NNN typically expects to fund both its short-term and long-term liquidity requirements, including investments in additional properties, with cash and cash equivalents, cash provided from operations, borrowings from NNN's Credit Facility or proceeds from the sale of Properties. As of December 31, 2024, NNN had $9,062,000 of cash, cash equivalents and restricted cash or cash held in escrow and $1,200,000,000 was available for future borrowings under the Credit Facility. NNN may also fund liquidity requirements with new debt or equity issuances, although newly issued debt may be at higher interest rates than the rates on NNN's existing outstanding debt. NNN has the ability to limit future property acquisitions and strategically increase property dispositions. NNN expects these sources of liquidity and the discretionary nature of its property acquisition funding needs will allow NNN to meet its financial obligations over the long term.

As of December 31, 2024, NNN's ratio of total debt, none of which was secured debt, to total gross assets (before accumulated depreciation and amortization) was approximately 40 percent. The ratio of total debt to total market capitalization was approximately 37 percent. Certain financial agreements to which NNN is a party contain covenants that limit NNN's ability to incur additional debt under certain circumstances. The organizational documents of NNN do not limit the absolute amount or percentage of debt that NNN may incur.

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Cash Flows. NNN had $9,062,000 of cash, cash equivalents and restricted cash, of which $331,000 was restricted cash or cash held in escrow at December 31, 2024. The table below summarizes NNN's cash flows for each of the years ended December 31 (dollars in thousands):

	2024			2023
Cash, cash equivalents and restricted cash:
Provided by operating activities	$	635,504		$	612,410
Used in investing activities		(424,336	)		(680,660	)
Provided by (used in) financing activities		(207,261	)		66,627
Increase (decrease) in cash, cash equivalents and restricted cash		3,907			(1,623	)
Cash, cash equivalents and restricted cash at the beginning of the year		5,155			6,778
Cash, cash equivalents and restricted cash at the end of the year	$	9,062		$	5,155

Cash flow activities include:

Operating Activities. Cash provided by operating activities represents cash received primarily from rental income less cash used for general and administrative and interest expenses. NNN's cash flow from operating activities has been sufficient to pay the distributions for each year presented. The change in cash provided by operations for the years ended December 31, 2024 and 2023, is primarily the result of changes in revenues and expenses as discussed in “Results of Operations.” Cash generated from operations is expected to fluctuate in the future.

Investing Activities. Changes in cash for investing activities are primarily attributable to acquisitions and dispositions of Properties as discussed in "Results of Operations - Property Analysis." NNN typically uses cash on hand, borrowings from its Credit Facility or proceeds from the sale of Properties to fund the acquisition of its Properties.

Financing Activities. NNN's financing activities for the year ended December 31, 2024, included the following significant transactions:

•$132,000,000 in net repayments of NNN's Credit Facility,

•$489,390,000 in net proceeds from the issuance in May of the 5.500% notes payable due in June 2034,

•$350,000,000 payment in June for the redemption of the 3.900% notes payable due in June 2024,

•$211,619,000 from the issuance of 4,652,100 shares of common stock in connection with the at-the-market equity program ("ATM"),

•$2,634,000 from the issuance of 64,654 shares of common stock in connection with the Dividend Reinvestment and Stock Purchase Plan (“DRIP”), and

•$420,239,000 in dividends paid to common stockholders.

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Material Cash Requirements

NNN's material cash requirements include (i) long-term debt maturities; (ii) interest on long-term debt; (iii) common stock dividends (although all future distributions will be declared and paid at the discretion of the Board of Directors); and (iv) to a lesser extent, Property construction and other Property related costs that may arise.

The table presents material cash requirements related to NNN's long-term obligations outstanding as of December 31, 2024 (see "Capital Structure") (dollars in thousands):

	Date of Obligation
	Total		2025		2026		2027		2028		2029		Thereafter
Long-term debt(1)	$	4,450,000	$	400,000	$	350,000	$	400,000	$	400,000	$	—	$	2,900,000
Long-term debt – interest(2)		2,062,506		176,250		161,725		146,733		132,067		118,450		1,327,281
Total contractual cash obligations	$	6,512,506	$	576,250	$	511,725	$	546,733	$	532,067	$	118,450	$	4,227,281

(1)	Includes only principal amounts outstanding under notes payable and excludes unamortized note discounts and debt costs.
(2)	Interest calculation on notes payable based on stated rate of the principal amount.

Property Construction. NNN has committed to fund construction of 15 Properties. The improvements of such Properties are estimated to be completed within 12 to 18 months. These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands):

Total commitment(1)	$	165,550
Less amount funded		(116,767	)
Remaining commitment	$	48,783

(1) Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

Management anticipates satisfying these obligations with a combination of NNN's cash provided from operations, current capital resources on hand, its Credit Facility, debt or equity financings and property dispositions.

Properties. Typically, the Properties are leased under long-term triple-net leases, which require the tenant to pay all utilities and real estate taxes and assessments, to maintain the interior and exterior of the Property, and to carry property and liability insurance coverage. Therefore, management anticipates that capital demands to meet obligations with respect to these Properties will be modest for the foreseeable future and can be met with funds from operations and working capital. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses associated with the Property. Management anticipates the costs associated with these Properties, NNN's vacant Properties or those Properties that become vacant will also be met with funds from operations and working capital. NNN may be required to borrow under its Credit Facility or use other sources of capital in the event of significant capital expenditures or major repairs.

The lost revenues and increased property expenses resulting from vacant Properties or the inability to collect lease payments could have a material adverse effect on the liquidity and results of operations if NNN is unable to re-lease the Properties at comparable rental rates and in a timely manner.

As of December 31, 2024, NNN owned 54 vacant, un-leased Properties which accounted for less than two percent of total Properties and approximately two percent of aggregate gross leasable area held in the Property Portfolio.

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Additionally, as of January 31, 2025, less than one percent of total annualized base rent, less than one percent of total Properties, and less than one percent of aggregate gross leasable area held in the Property Portfolio, was leased to three tenants currently in bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, these tenants have the right to reject or affirm their leases with NNN.

NNN generally monitors the financial performance of its significant tenants on an ongoing basis.

Dividends. One of NNN's primary objectives is to distribute a substantial portion of its funds available from operations to its stockholders in the form of dividends, while retaining sufficient cash for reserves and working capital purposes and maintaining its status as a REIT.

The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (dollars in thousands, except per share data):

	2024		2023
Dividends	$	420,239	$	404,458
Per share		2.290		2.230

The following table presents the characterizations for tax purposes of NNN's common stock dividends for the years ended December 31:

	2024				2023
Ordinary dividends(1)	$	2.286498	99.8471	%	$	2.192636	98.3245	%
Nontaxable distributions		0.003502	0.1529	%		0.037364	1.6755	%
	$	2.290000	100.0000	%	$	2.230000	100.0000	%

(1) Eligible for the 20% qualified business income deduction under section 199A of the Internal Revenue Code of 1986, as amended (the "Code").

On January 14, 2025, NNN declared a dividend of $0.580 per share, payable February 14, 2025, to its common stockholders of record as of January 31, 2025.

Capital Structure

NNN has used, and expects to use in the future, various forms of debt and equity securities primarily to fund property acquisitions and construction on its Properties and to pay down or refinance its outstanding debt.

The following is a summary of NNN's total outstanding debt as of December 31 (dollars in thousands):

	2024		Percentage of Total			2023		Percentage of Total
Line of credit payable	$	—		—	%	$	132,000		3.0	%
Notes payable		4,373,803		100.0	%		4,228,544		97.0	%
Total outstanding debt	$	4,373,803		100.0	%	$	4,360,544		100.0	%

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Line of Credit Payable. In April 2024, NNN amended and restated its credit agreement to increase borrowing capacity under its unsecured revolving credit facility from $1,100,000,000 to $1,200,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new credit facility, the "Credit Facility"). The Credit Facility had a weighted average outstanding balance of $60,775,000 and a weighted average interest rate of 6.25% during the year ended December 31, 2024. The Credit Facility has a base interest rate of the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 10 basis points ("Adjusted SOFR"). The Credit Facility bears interest at Adjusted SOFR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility matures in April 2028, unless the Company exercises its options to extend maturity to April 2029. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $2,000,000,000, subject to lender approval. In connection with the Credit Facility, loan costs are classified as debt costs on the Consolidated Balance Sheet. As of December 31, 2024, there was no outstanding balance and $1,200,000,000 was available for future borrowings under the Credit Facility.

In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment limitations. At December 31, 2024, NNN was in compliance with those covenants. In the event that NNN violates any of these restrictive financial covenants, it could cause the debt under the Credit Facility to be accelerated and may impair NNN's access to the debt and equity markets and limit NNN's ability to pay dividends to its stockholders, each of which would likely have a material adverse impact on NNN's financial condition and results of operations.

Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Commission which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one of more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering.

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Debt Securities – Notes Payable. Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands):

Notes(1)	Issue Date	Principal		Discount(2)		Net Price		Stated Rate	Effective Rate(3)	Maturity Date
2025	October 2015	$	400,000	$	964	$	399,036	4.000%	4.029%	November 2025(4)(5)
2026	December 2016		350,000		3,860		346,140	3.600%	3.733%	December 2026(4)
2027	September 2017		400,000		1,628		398,372	3.500%	3.548%	October 2027(4)
2028	September 2018		400,000		2,848		397,152	4.300%	4.388%	October 2028(4)
2030	March 2020		400,000		1,288		398,712	2.500%	2.536%	April 2030
2033	August 2023		500,000		11,620		488,380	5.600%	5.905%	October 2033
2034	May 2024		500,000		6,160		493,840	5.500%	5.662%	June 2034
2048	September 2018		300,000		4,239		295,761	4.800%	4.890%	October 2048
2050	March 2020		300,000		6,066		293,934	3.100%	3.205%	April 2050
2051	March 2021		450,000		8,406		441,594	3.500%	3.602%	April 2051
2052	September 2021		450,000		10,422		439,578	3.000%	3.118%	April 2052

(1)	The proceeds from each note issuance were used to (i) pay down the outstanding balance on NNN's Credit Facility, (ii) redeem notes payable prior to maturity, (iii) redeem outstanding preferred stock, (iv) fund future property acquisitions, and/or (v) for general corporate purposes.
(2)	The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.
(3)	Includes the effects of the discount at issuance.
(4)	The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.
(5)	NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.

NNN entered into forward starting swaps which hedged the risk of changes in forecasted interest payments on the forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives as outlined in the following table (dollars in thousands):

Notes	Terminated	Description	Aggregate Notional Amount		Liability (Asset) Fair Value When Terminated (1)			Fair Value Deferred In Other Comprehensive Income(2)
2025	October 2015	Four forward starting swaps	$	300,000	$	13,369		$	13,369
2026	December 2016	Two forward starting swaps		180,000		(13,352	)		(13,345	)
2027	September 2017	Two forward starting swaps		250,000		7,690			7,688
2028	September 2018	Two forward starting swaps		250,000		(4,080	)		(4,080	)
2030	March 2020	Three forward starting swaps		200,000		13,141			13,141
2052	September 2021	Two forward starting swaps		120,000		1,584			1,584

(1)	The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method.
(2)	The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.

Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes, in whole or in part, at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date.

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In connection with the outstanding note offerings, NNN incurred debt issuance costs totaling $43,820,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method.

In accordance with the terms of the indentures pursuant to which NNN's notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios, and (ii) certain interest coverage. At December 31, 2024, NNN was in compliance with those covenants. NNN's failure to comply with certain of its debt covenants could result in defaults that accelerate the payment under such debt and limit the dividends paid to NNN's stockholders which would likely have a material adverse impact on NNN's financial condition and results of operations. In addition, these defaults could impair its access to the debt and equity markets.

NNN does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges. NNN had no derivative financial instruments outstanding at December 31, 2024.

Equity Securities

At-The-Market Offerings. NNN has established an ATM which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's ATM:

	2023 ATM	2020 ATM
Shelf registration statement:
Effective date	August 2023	August 2020
Termination date	August 2026	August 2023
Total allowable shares	17,500,000	17,500,000
Total shares issued as of December 31, 2024	4,652,100	7,722,511

The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data):

	2024		2023
Shares of common stock		4,652,100		650,135
Average price per share (net)	$	45.49	$	43.52
Net proceeds	$	211,619	$	28,292
Stock issuance costs(1)	$	3,242	$	858

(1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.

Dividend Reinvestment and Stock Purchase Plan. In February 2024, NNN filed a shelf registration statement for its DRIP with the Commission that was automatically effective, and permits NNN to issue up to 4,000,000 shares of common stock. NNN's DRIP provides an economical and convenient way for current stockholders and other interested new investors to invest in NNN's common stock. The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands):

	2024		2023
Shares of common stock		64,654		76,229
Net proceeds	$	2,634	$	3,082

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

NNN is exposed to interest rate risk primarily as a result of its variable rate Credit Facility and its fixed rate long-term debt which is used to finance NNN's Property acquisitions and development activities, as well as for general corporate purposes. NNN's interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve its objectives, NNN borrows at both fixed and variable rates on its long-term debt and periodically uses derivatives to hedge the interest rate risk of future borrowings. As of December 31, 2024, NNN had no outstanding derivatives.

As of December 31, 2024, NNN's variable rate Credit Facility had no outstanding balance. For the year ended December 31, 2024, the Credit Facility had a weighted average outstanding balance of $60,775,000 and a weighted average interest rate of 6.25% compared to a weighted average outstanding balance of $169,620,000 and a weighted average interest rate of 5.86% for 2023.

The information in the table below summarizes NNN's market risks associated with its outstanding debt obligations. The table presents, by year of expected maturity, principal payments and related interest rates for debt obligations outstanding as of December 31, 2024. The table incorporates only those debt obligations that existed as of December 31, 2024, and it does not consider those debt obligations or positions which could arise after this date and therefore has limited predictive value. As a result, NNN's ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, NNN's hedging strategies at that time and interest rates. If interest rates on NNN's variable rate debt increased by one percent, NNN's interest expense would have increased by less than one percent for the year ended December 31, 2024.

Debt Obligations(1) (dollars in thousands)
	Variable Rate Debt				Fixed Rate Debt
	Credit Facility				Unsecured Debt(2)
	Debt Obligation		Weighted Average Interest Rate		Principal Debt Obligation		Effective Interest Rate
2025	$	—		—	$	400,000		4.03	%
2026		—		—		350,000		3.73	%
2027		—		—		400,000		3.55	%
2028		—		—		400,000		4.39	%
2029		—		—		—		—
Thereafter		—		—		2,900,000		4.22	%	(3)
Total	$	—		—	$	4,450,000		4.12	%
Fair Value:
December 31, 2024	$	—			$	3,894,030
December 31, 2023	$	132,000			$	3,801,367

(1)	NNN's unsecured debt obligations have a weighted average interest rate of 4.1% and a weighted average maturity of 12.1 years.
(2)	Includes NNN's notes payable, each exclude unamortized discounts and debt costs. The fair value is based upon quoted market prices as of the close of the year, which is a Level 1 valuation since NNN's notes payable are publicly traded on the over-the-counter market.
(3)	Weighted average effective interest rate for years after 2029.

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Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of NNN REIT, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited NNN REIT, Inc. and subsidiaries’ internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, NNN REIT, Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of income and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedules listed in the Index at Item 15(a) and our report dated February 11, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Orlando, Florida

February 11, 2025

45

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of NNN REIT, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of NNN REIT, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedules listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 11, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

46

	Valuation of Real Estate Acquisitions
Description of the Matter	As discussed in Note 1 of the consolidated financial statements, real estate asset acquisitions require allocation of consideration to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, based on their respective fair values. For the year ended December 31, 2024, the Company completed $411 million of real estate acquisitions accounted for as asset acquisitions. Auditing management’s measurement of fair values and allocation of consideration to the acquired tangible assets was complex and involved subjectivity. In particular, the fair value estimates are sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent, and estimating where within that range the acquired property falls. Establishing the market assumptions for land, building and rent include identifying the relevant properties in the established range most comparable to the acquired property. The position within the range is a judgmental assumption that relies upon ranking comparable properties’ attributes from most similar to least similar.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s valuation of real estate acquisitions process. For example, we tested controls over the review and selection of inputs and assumptions used in the valuation estimates and the review of the final allocation of value among the tangible assets acquired. To test the estimated fair values of the Company’s acquired tangible assets, we performed audit procedures that included, among others, reading the purchase agreements, assessing management’s valuation techniques and testing the completeness and accuracy of the underlying data used by the Company in its analysis. For certain acquisitions, we involved our real estate valuation specialists to evaluate management’s concluded ranges of values by benchmarking against comparable properties. We also compared certain of management’s assumptions to current and comparable industry information for land, building, building improvements and market rents.

47

	Impairment of Held and Used Real Estate Assets
Description of the Matter	At December 31, 2024, held and used real estate assets were $8,746 million. As discussed in Notes 1 and 2 of the consolidated financial statements, the Company assesses held and used real estate assets for impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable through operations. When impairment indicators are determined to be present, the Company first performs a recoverability test by comparing the undiscounted future cash flows of the real estate asset to the net carrying value. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of the asset, the Company determines the fair value of the real estate asset and recognizes an impairment loss if the carrying amount of the asset exceeds its fair value. Auditing management’s evaluation of held and used real estate assets for impairment was complex and involved subjectivity due to the significant estimation required to determine the undiscounted future cash flows of held and used assets where impairment indicators were determined to be present and the fair value for those properties in which the net carrying value of the asset exceeds its undiscounted cash flows. In particular, future cash flow estimates were sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s impairment of held and used real estate assets process. For example, we tested controls over management’s review of the market rent assumption. To test the Company’s impairment assessment over held and used real estate assets, our audit procedures included, among others, assessing the methodologies used by management, testing the market rent assumption used to develop the estimates of future cash flows, and testing the completeness and accuracy of the underlying data used by the Company in its analysis. We evaluated the historical accuracy of the Company’s estimates by performing a historical look back on market rent assumptions. For certain properties, we involved our real estate valuation specialists to evaluate management’s market rent assumptions by benchmarking against comparable properties.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2006.

Orlando, Florida

February 11, 2025

48

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

ASSETS	December 31, 2024			December 31, 2023
Real estate portfolio, net of accumulated depreciation and amortization	$	8,746,168		$	8,535,851
Cash and cash equivalents		8,731			1,189
Restricted cash and cash held in escrow		331			3,966
Receivables, net of allowance of $617 and $669, respectively		2,975			3,649
Accrued rental income, net of allowance of $4,156 and $4,168, respectively		34,005			34,611
Debt costs, net of accumulated amortization of $27,002 and $23,952, respectively		8,958			3,243
Other assets		71,560			79,459
Total assets	$	8,872,728		$	8,661,968
LIABILITIES AND EQUITY
Liabilities:
Line of credit payable	$	—		$	132,000
Notes payable, net of unamortized discount and unamortized debt costs		4,373,803			4,228,544
Accrued interest payable		29,699			34,374
Other liabilities		106,951			109,593
Total liabilities		4,510,453			4,504,511
Commitments and contingencies (Note 11)
Equity:
Stockholders' equity:
Common stock, $0.01 par value. Authorized 375,000,000 shares; 187,540,929 and       182,474,770 shares issued and outstanding, respectively		1,877			1,826
Capital in excess of par value		5,197,644			4,971,625
Accumulated deficit		(829,287	)		(805,883	)
Accumulated other comprehensive income (loss)		(7,959	)		(10,111	)
Total equity		4,362,275			4,157,457
Total liabilities and equity	$	8,872,728		$	8,661,968

See accompanying notes to consolidated financial statements.

49

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(dollars in thousands, except per share data)

	Year Ended December 31,
	2024			2023			2022
Revenues:
Rental income	$	867,468		$	826,090		$	771,618
Interest and other income from real estate transactions		1,798			2,021			1,435
		869,266			828,111			773,053
Operating expenses:
General and administrative		44,287			43,746			41,695
Real estate		32,317			28,378			26,281
Depreciation and amortization		249,681			238,625			223,834
Leasing transaction costs		99			299			320
Impairment losses – real estate, net of recoveries		6,632			5,990			8,309
Executive retirement costs		668			3,454			7,520
		333,684			320,492			307,959
Gain on disposition of real estate		42,290			47,485			17,443
Earnings from operations		577,872			555,104			482,537
Other expenses (revenues):
Interest and other income		(2,980	)		(1,134	)		(149	)
Interest expense		184,017			163,898			148,065
		181,037			162,764			147,916
Net earnings		396,835			392,340			334,621
Loss attributable to noncontrolling interests		—			—			5
Net earnings attributable to stockholders	$	396,835		$	392,340		$	334,626
Net earnings per share:
Basic	$	2.16		$	2.16		$	1.89
Diluted	$	2.15		$	2.16		$	1.89
Weighted average shares outstanding:
Basic		183,688,562			181,200,040			176,403,656
Diluted		184,043,841			181,689,723			177,067,865
Other comprehensive income:
Net earnings attributable to stockholders	$	396,835		$	392,340		$	334,626
Amortization of interest rate hedges		2,152			2,471			2,374
Comprehensive income attributable to stockholders		398,987			394,811			337,000
Comprehensive loss attributable to noncontrolling interests		—			—			(5	)
Total comprehensive income	$	398,987		$	394,811		$	336,995

See accompanying notes to consolidated financial statements.

50

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended December 31, 2024, 2023 and 2022

(dollars in thousands, except per share data)

	Common Stock		Capital in   Excess of Par Value			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total  Stockholders' Equity of NNN			Noncontrolling Interests			Total Equity
Balances at December 31, 2021	$	1,757	$	4,662,714		$	(747,853	)	$	(14,956	)	$	3,901,662		$	1		$	3,901,663
Net earnings		—		—			334,626			—			334,626			(5	)		334,621
Dividends declared and paid:
$2.160 per share of common stock		—		2,765			(380,538	)		—			(377,773	)		—			(377,773	)
Issuance of common stock:
33,013 shares – director compensation		—		1,244			—			—			1,244			—			1,244
7,235 shares – stock purchase plan		—		317			—			—			317			—			317
5,473,072 shares – ATM equity program		55		250,835			—			—			250,890			—			250,890
232,551 restricted shares – net of forfeitures		3		(3	)		—			—			—			—			—
Stock issuance costs		—		(3,761	)		—			—			(3,761	)		—			(3,761	)
Amortization of deferred compensation		—		14,205			—			—			14,205			—			14,205
Amortization of interest rate hedges		—		—			—			2,374			2,374			—			2,374
Distributions to noncontrolling interests		—		—			—			—			—			(278	)		(278	)
Other		—		(282	)		—			—			(282	)		282			—
Balances at December 31, 2022	$	1,815	$	4,928,034		$	(793,765	)	$	(12,582	)	$	4,123,502		$	—		$	4,123,502

See accompanying notes to consolidated financial statements.

51

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED

Years Ended December 31, 2024, 2023 and 2022

(dollars in thousands, except per share data)

	Common Stock		Capital in   Excess of Par Value			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total Equity
Balances at December 31, 2022	$	1,815	$	4,928,034		$	(793,765	)	$	(12,582	)	$	4,123,502
Net earnings		—		—			392,340			—			392,340
Dividends declared and paid:
$2.230 per share of common stock		1		2,897			(404,458	)		—			(401,560	)
Issuance of common stock:
34,254 shares – director compensation		—		1,128			—			—			1,128
6,651 shares – stock purchase plan		—		280			—			—			280
650,135 shares – ATM equity program		7		29,143			—			—			29,150
275,317 restricted shares – net of forfeitures		3		(3	)		—			—			—
Stock issuance costs		—		(954	)		—			—			(954	)
Amortization of deferred compensation		—		11,100			—			—			11,100
Amortization of interest rate hedges		—		—			—			2,471			2,471
Balances at December 31, 2023	$	1,826	$	4,971,625		$	(805,883	)	$	(10,111	)	$	4,157,457

See accompanying notes to consolidated financial statements.

52

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY – CONTINUED

Years Ended December 31, 2024, 2023 and 2022

(dollars in thousands, except per share data)

	Common Stock		Capital in   Excess of Par Value			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)			Total Equity
Balances at December 31, 2023	$	1,826	$	4,971,625		$	(805,883	)	$	(10,111	)	$	4,157,457
Net earnings		—		—			396,835			—			396,835
Dividends declared and paid:
$2.290 per share of common stock		1		2,543			(420,239	)		—			(417,695	)
Issuance of common stock:
36,614 shares – director compensation		—		1,279			—			—			1,279
4,060 shares – stock purchase plan		—		176			—			—			176
4,652,100 shares – ATM equity program		47		214,814			—			—			214,861
342,675 restricted shares – net of forfeitures		3		(3	)		—			—			—
Stock issuance costs		—		(3,328	)		—			—			(3,328	)
Amortization of deferred compensation		—		10,538			—			—			10,538
Amortization of interest rate hedges		—		—			—			2,152			2,152
Balances at December 31, 2024	$	1,877	$	5,197,644		$	(829,287	)	$	(7,959	)	$	4,362,275

See accompanying notes to consolidated financial statements.

53

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

	Year Ended December 31,
	2024			2023			2022
Cash flows from operating activities:
Net earnings	$	396,835		$	392,340		$	334,621
Adjustments to reconcile net earnings to net cash provided by       operating activities:
Depreciation and amortization		249,681			238,625			223,834
Impairment losses – real estate, net of recoveries		6,632			5,990			8,309
Amortization of notes payable discount		2,926			2,074			1,691
Amortization of debt costs		5,993			4,943			4,734
Amortization of mortgages payable premium		—			(21	)		(87	)
Amortization of interest rate hedges		2,152			2,471			2,374
Gain on disposition of real estate		(42,290	)		(47,485	)		(17,443	)
Performance incentive plan expense		12,835			13,375			17,330
Performance incentive plan payment		(1,274	)		(916	)		(103	)
Change in operating assets and liabilities, net of assets acquired    and liabilities assumed:
Decrease (increase) in receivables		674			(853	)		358
Decrease (increase) in accrued rental income		(294	)		(7,453	)		3,559
Decrease (increase) in other assets		(190	)		243			424
Increase (decrease) in accrued interest payable		(4,675	)		10,548			(97	)
Increase (decrease) in other liabilities		6,581			(1,550	)		(1,217	)
Other		(82	)		79			68
Net cash provided by operating activities		635,504			612,410			578,355
Cash flows from investing activities:
Proceeds from the disposition of real estate		149,834			116,334			66,962
Additions to real estate		(572,874	)		(795,791	)		(842,872	)
Principal payments received on mortgages and notes receivable		599			559			521
Other		(1,895	)		(1,762	)		(2,242	)
Net cash used in investing activities		(424,336	)		(680,660	)		(777,631	)

See accompanying notes to consolidated financial statements.

54

NNN REIT, INC.

and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED

(dollars in thousands)

	Year Ended December 31,
	2024			2023			2022
Cash flows from financing activities:
Proceeds from line of credit payable	$	545,500		$	872,500		$	688,000
Repayment of line of credit payable		(677,500	)		(906,700	)		(521,800	)
Repayment of mortgages payable		—			(9,947	)		(664	)
Proceeds from notes payable		493,840			488,380			—
Repayment of notes payable		(350,000	)		—			—
Payment of debt issuance costs		(13,127	)		(4,510	)		(199	)
Proceeds from issuance of common stock		217,581			32,328			253,972
Stock issuance costs		(3,316	)		(966	)		(3,761	)
Payment of common stock dividends		(420,239	)		(404,458	)		(380,538	)
Noncontrolling interest distributions		—			—			(278	)
Net cash provided by (used in) financing activities		(207,261	)		66,627			34,732
Net increase (decrease) in cash, cash equivalents and restricted cash		3,907			(1,623	)		(164,544	)
Cash, cash equivalents and restricted cash at beginning of year(1)		5,155			6,778			171,322
Cash, cash equivalents and restricted cash at end of year(1)	$	9,062		$	5,155		$	6,778
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized	$	183,426		$	148,169		$	140,331
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income	$	2,152		$	2,471		$	2,374
Right-of-use asset recorded in connection with lease liability	$	—		$	6,401		$	—
Change in work in progress accrual	$	(7,458	)	$	23,103		$	4,468

(1)Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. As of December 31, 2024, 2023 and 2022, NNN had restricted cash of $331, $3,966 and $4,273, respectively.

See accompanying notes to consolidated financial statements.

55

NNN REIT, INC.

and SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2024, 2023 and 2022

Note 1 – Organization and Summary of Significant Accounting Policies:

Organization and Nature of Business. NNN REIT, Inc., a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The term "NNN" or the "Company" refers to NNN REIT, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRS").

NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property").

	December 31, 2024
Property Portfolio:
Total Properties	3,568
Gross leasable area (square feet) (unaudited)	36,557,000
States	49
Weighted average remaining lease term (years)	10

In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Topic 280, Segment Reporting, NNN's operations are reported within one reportable segment in the consolidated financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties. Additional disclosure in "Note 9 – Segment Information."

Principles of Consolidation. NNN's consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the FASB ASC guidance included in Topic 810, Consolidation. All significant intercompany account balances and transactions have been eliminated.

NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. As of December 31, 2024, NNN had no interest in any variable interest entities.

Real Estate Portfolio. NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest, third-party costs and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2024, 2023 and 2022, NNN recorded $5,805,000, $4,286,000 and $881,000, respectively, in capitalized interest during development.

56

Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values.

The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.

NNN completed $410,969,000 and $599,480,000 of real estate acquisitions during the year ended December 31, 2024 and 2023, respectively. Additionally, NNN invested $154,447,000 and $220,230,000 of work in progress and improvements during the year ended December 31, 2024 and 2023, respectively.

57

Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("ASC 842").

NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below:

Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.

Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN's net investment in the leases.

NNN adopted certain practical expedients in ASC 842 and does not separate the non-lease components from the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all income earned pursuant to tenant leases are reflected as one-line, rental income, in the Consolidated Statements of Income and Comprehensive Income. In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842.

Collectability. In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent), historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections and the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims.

When NNN deems the collection of rental income from a tenant not probable, uncollected and previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored.

58

As a result of the review of collectability, NNN recorded a write-off of $763,000 and $204,000 of outstanding receivables and related accrued rent during the years ended December 31, 2024 and 2023, respectively, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2022, no tenants were deemed as cash basis for accounting purposes.

The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:

	2024			2023			2022
Number of tenants		12			9			8
Cash basis tenants as a percent of:
Total Properties		2.5	%		3.5	%		5.0	%
Total annual base rent(1)		4.3	%		5.0	%		7.0	%
Total gross leasable area		4.5	%		4.8	%		6.6	%

(1)	Based on annualized base rent for all leases in place on each respective date.
		$860,562,000 as of December 31, 2024.
		$818,749,000 as of December 31, 2023.
		$771,984,000 as of December 31, 2022.

During the years ended December 31, 2024, 2023 and 2022, NNN recognized $39,495,000, $56,229,000 and $62,454,000, respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes.

During the years ended December 31, 2023 and 2022, one and three tenants, respectively, were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. More information regarding the reclassification in 2023 can be found in "Note 2 – Real Estate". The impact of the reclassification in 2022 was immaterial.

NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income.

Real Estate – Held For Sale. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant and Equipment, including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2024 and 2023, NNN had recorded real estate held for sale of $283,000 (two properties) and $4,573,000 (one property), respectively, in real estate portfolio on the Consolidated Balance Sheets. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

Real Estate Dispositions. When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

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Impairment – Real Estate. NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN's Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term.

Credit Losses on Financial Instruments. FASB ASC Topic 326, Financial Instruments – Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term.

NNN held mortgages receivable, including accrued interest, of $454,000 and $1,002,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of $9,000 and $64,000 allowance for credit loss, respectively. NNN periodically evaluates the allowance for credit loss based on the fair value of the collateral and a 15-year historical collectability trend analysis.

Cash and Cash Equivalents. NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts.

Restricted Cash and Cash Held in Escrow. Restricted cash and cash held in escrow may include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. NNN held $331,000 and $3,966,000 in restricted cash and cash held in escrow as of December 31, 2024 and 2023, respectively.

Debt Costs – Line of Credit Payable. Debt costs incurred in connection with NNN's $1,200,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the Credit Facility (as defined in "Note 3 – Line of Credit Payable") as an asset, in debt costs on the Consolidated Balance Sheets.

Debt Costs – Notes Payable. Debt costs incurred in connection with the issuance of NNN's unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. NNN had debt costs of $43,820,000 and $42,595,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of accumulated amortization of $14,060,000 and $14,343,000, respectively.

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Revenue Recognition. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842, based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.

FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, Earnings Per Share. The guidance requires classification of the Company's unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method for the years ended December 31 (dollars in thousands):

	2024			2023			2022
Basic and Diluted Earnings:
Net earnings available to stockholders	$	396,835		$	392,340		$	334,626
Less: Earnings allocated to unvested restricted shares		(686	)		(609	)		(514	)
Net earnings used in basic and diluted earnings per share	$	396,149		$	391,731		$	334,112
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average shares outstanding		184,723,988			182,184,038			177,332,094
Less: Unvested restricted shares		(299,534	)		(273,077	)		(237,918	)
Less: Unvested contingent restricted shares		(735,892	)		(710,921	)		(690,520	)
Weighted average shares outstanding used in basic earnings per share		183,688,562			181,200,040			176,403,656
Other dilutive securities		355,279			489,683			664,209
Weighted average shares outstanding used in diluted earnings per share		184,043,841			181,689,723			177,067,865

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Income Taxes. NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, NNN believes it has qualified as a REIT. Notwithstanding NNN's qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes.

NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN's former TRS. The deferred tax asset consists only of net operating loss carryforwards of $3,804,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The valuation allowance decreased by $95,000 for the year ended December 31, 2024 as a result of the decrease in the deferred tax asset. There was no change to the valuation allowance for the years ended December 31, 2023 and 2022. NNN currently has no TRS entities.

Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period.

In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded.

NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2021 through 2024. NNN also files in many states and localities with varying open years under statute.

Fair Value Measurement. NNN's estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in FASB ASC Topic 820, Fair Value Measurement. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

•Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

•Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

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Accumulated Other Comprehensive Income (Loss). The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 (dollars in thousands):

	Gain or Loss on Cash Flow Hedges(1)
Beginning balance, December 31, 2022	$	(12,582	)
Reclassifications from accumulated other comprehensive income to net earnings		2,471		(2)
Ending balance, December 31, 2023		(10,111	)
Reclassifications from accumulated other comprehensive income to net earnings		2,152		(2)
Ending balance, December 31, 2024	$	(7,959	)

(1)Additional disclosure is included in "Note 4 – Notes Payable and Derivatives."

(2)Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

New Accounting Pronouncements. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2024, ASU 2022-06 had no impact on NNN's financial position or results of operations.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. The adoption of ASU 2023-07 did not have a significant impact on NNN’s financial statement disclosures. Additional disclosure required by ASU 2023-07 is included in “Note 9 – Segment Information.”

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments eliminate some of the previous required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within 12 months. NNN is currently evaluating the potential impact the adoption of ASU 2023-09 will have on its future disclosures.

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In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2027-03"), effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. NNN is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures.

Use of Estimates. Additional critical accounting policies of NNN include management's estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities which are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management's estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.

Note 2 – Real Estate:

Real Estate – Portfolio

Leases. At December 31, 2024, NNN's real estate portfolio has a weighted average remaining lease term of 10 years and consisted of 3,533 leases classified as operating leases and an additional four leases accounted for as direct financing leases.

The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Typically, the Property leases provide for initial terms of 10 to 20 years. The Properties are generally leased under triple-net leases, pursuant to which the tenant typically bears responsibility for all operating expenses of the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses associated with the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of increases in the Consumer Price Index ("CPI") or fixed increases.

Generally, NNN's leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. NNN's lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the renewal options. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property.

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Real Estate Portfolio. NNN's real estate consisted of the following at December 31 (dollars in thousands):

	2024			2023
Land and improvements (1)	$	2,919,976		$	2,878,400
Buildings and improvements		7,805,939			7,368,873
Leasehold interests		355			355
		10,726,270			10,247,628
Less accumulated depreciation and amortization		(2,065,316	)		(1,863,451	)
		8,660,954			8,384,177
Work in progress and improvements		82,411			144,068
Accounted for using the operating method		8,743,365			8,528,245
Accounted for using the direct financing method		2,520			3,033
Classified as held for sale(2)		283			4,573
	$	8,746,168		$	8,535,851

(1)Includes $34,356 and $96,464 in land for Properties under construction as of December 31, 2024 and 2023, respectively.

(2)As of December 31, 2024, two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands):

	2024		2023		2022
Rental income from operating leases	$	846,653	$	805,136	$	751,680
Earned income from direct financing leases		468		560		595
Percentage rent		1,536		1,631		1,541
Rental revenues		848,657		807,327		753,816
Real estate expense reimbursement from tenants		18,811		18,763		17,802
	$	867,468	$	826,090	$	771,618

Some leases provide for a free rent period or scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases.

For the years ended December 31, 2024, 2023 and 2022, NNN recognized $294,000, $7,453,000 and ($3,559,000), respectively, of net-straight-line accrued rental income, net of reserves. During the year ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors, which resulted in an increase of accrued rental income in the amount of $5,573,000.

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The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2024 (dollars in thousands):

2025	$	807,969
2026		773,249
2027		730,349
2028		677,780
2029		639,162
Thereafter		4,488,602
	$	8,117,111

Since lease renewal periods are exercisable at the option of the tenant, the above table only presents undiscounted cash flows due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant's sales volume.

Real Estate – Intangibles

In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands):

	2024			2023
Intangible lease assets (included in other assets):
Above-market in-place leases	$	14,753		$	15,297
Less: accumulated amortization		(12,159	)		(12,080	)
Above-market in-place leases, net	$	2,594		$	3,217
In-place leases	$	116,549		$	122,802
Less: accumulated amortization		(85,741	)		(85,332	)
In-place leases, net	$	30,808		$	37,470
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$	39,869		$	41,244
Less: accumulated amortization		(28,946	)		(29,117	)
Below-market in-place leases, net	$	10,923		$	12,127

The amounts amortized as a net increase to rental income for above-market and below-market leases for the years ended December 31, 2024, 2023 and 2022 were $495,000, $430,000 and $510,000, respectively. The value of in-place leases amortized to expense for the years ended December 31, 2024, 2023 and 2022 was $6,108,000, $6,793,000 and $7,132,000, respectively.

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The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2024 (dollars in thousands):

	Above-Market and Below- Market In-Place Lease Intangibles(1)		In-Place Lease Intangibles(2)
2025	$	392	$	5,293
2026		402		4,711
2027		460		3,963
2028		638		3,526
2029		686		3,100
Thereafter		5,751		10,215
	$	8,329	$	30,808
Weighted average amortization period (years)		15		8

(1)Recorded as a net increase to rental income over the life of the lease.

(2)Amortized as an increase to amortization expense.

Real Estate – Dispositions

The following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands):

	2024				2023				2022
	# of Sold Properties		Net Gain		# of Sold Properties		Net Gain		# of Sold Properties		Net Gain
Gain on disposition of real estate		41	$	42,290		45	$	47,485		33	$	17,443

Real Estate – Commitments

As of December 31, 2024, NNN has committed to fund construction of 15 Properties. The improvements of such Properties are estimated to be completed within 12 to 18 months. These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands):

Total commitment(1)	$	165,550
Less amount funded		(116,767	)
Remaining commitment	$	48,783

(1)Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

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Real Estate – Impairments

NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands):

	2024		2023		2022
Total real estate impairments, net of recoveries	$	6,632	$	5,990	$	8,309
Number of Properties:
Vacant		4		11		9
Occupied		9		3		7

The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

Note 3 – Line of Credit Payable:

In April 2024, NNN amended its credit agreement to increase borrowing capacity under its unsecured revolving credit facility from $1,100,000,000 to $1,200,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the "Credit Facility"). The Credit Facility had a weighted average outstanding balance of $60,775,000 and a weighted average interest rate of 6.25% during the year ended December 31, 2024. The Credit Facility has a base interest rate of the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 10 basis points ("Adjusted SOFR"). The Credit Facility bears interest at Adjusted SOFR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility matures in April 2028, unless the Company exercises its options to extend maturity to April 2029. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $2,000,000,000, subject to lender approval. In connection with the Credit Facility, loan costs are classified as debt costs on the Consolidated Balance Sheet. As of December 31, 2024, there was no outstanding balance and $1,200,000,000 was available for future borrowings under the Credit Facility.

In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment and dividend limitations. At December 31, 2024, NNN was in compliance with each of the Credit Facility financial covenants.

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Note 4 – Notes Payable and Derivatives:

Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands):

Notes	Issue Date	Principal		Discount(1)		Net Price		Stated Rate	Effective Rate(2)	Maturity Date
2025(3)	October 2015	$	400,000	$	964	$	399,036	4.000%	4.029%	November 2025(4)(5)
2026(3)	December 2016		350,000		3,860		346,140	3.600%	3.733%	December 2026(4)
2027(3)	September 2017		400,000		1,628		398,372	3.500%	3.548%	October 2027(4)
2028(3)	September 2018		400,000		2,848		397,152	4.300%	4.388%	October 2028(4)
2030(3)	March 2020		400,000		1,288		398,712	2.500%	2.536%	April 2030
2033	August 2023		500,000		11,620		488,380	5.600%	5.905%	October 2033
2034	May 2024		500,000		6,160		493,840	5.500%	5.662%	June 2034
2048	September 2018		300,000		4,239		295,761	4.800%	4.890%	October 2048
2050	March 2020		300,000		6,066		293,934	3.100%	3.205%	April 2050
2051	March 2021		450,000		8,406		441,594	3.500%	3.602%	April 2051
2052(3)	September 2021		450,000		10,422		439,578	3.000%	3.118%	April 2052

(1)The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.

(2)Includes the effects of the discount at issuance.

(3)NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method.

(4)The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.

(5)NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.

Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes in whole or in part at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date.

In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $43,820,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method.

In June 2024, NNN redeemed the $350,000,000 3.900% notes payable that were due in June 2024. The notes were redeemed at a price equal to 100 percent of the principal amount and accrued and unpaid interest.

In accordance with the terms of the indentures, pursuant to which NNN's notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2024, NNN was in compliance with each of the financial covenants.

In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

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NNN's objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount.

For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings.

NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the statement of cash flows as an operating activity.

The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):

Notes	Terminated	Description	Aggregate Notional Amount		Liability (Asset) Fair Value When Terminated			Fair Value Deferred In Other Comprehensive Income(1)
2025	October 2015	Four forward starting swaps	$	300,000	$	13,369		$	13,369
2026	December 2016	Two forward starting swaps		180,000		(13,352	)		(13,345	)
2027	September 2017	Two forward starting swaps		250,000		7,690			7,688
2028	September 2018	Two forward starting swaps		250,000		(4,080	)		(4,080	)
2030	March 2020	Three forward starting swaps		200,000		13,141			13,141
2052	September 2021	Two forward starting swaps		120,000		1,584			1,584

(1)The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

As of December 31, 2024, $7,959,000 remains in accumulated other comprehensive income (loss) related to NNN's previously terminated interest rate hedges. During the years ended December 31, 2024, 2023 and 2022, NNN reclassified $2,152,000, $2,471,000 and $2,374,000, respectively, out of accumulated other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $1,670,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN's long-term debt.

NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at December 31, 2024.

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Note 5 – Stockholders' Equity:

Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering.

At-The-Market Offerings. NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's ATM:

	2023 ATM	2020 ATM
Shelf registration statement:
Effective date	August 2023	August 2020
Termination date	August 2026	August 2023
Total allowable shares	17,500,000	17,500,000
Total shares issued as of December 31, 2024	4,652,100	7,722,511

The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data):

	2024		2023		2022
Shares of common stock		4,652,100		650,135		5,473,072
Average price per share (net)	$	45.49	$	43.52	$	45.15
Net proceeds	$	211,619	$	28,292	$	247,129
Stock issuance costs(1)	$	3,242	$	858	$	3,761

(1)Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.

Dividend Reinvestment and Stock Purchase Plan. In February 2024, NNN filed a shelf registration statement for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") with the Commission that was automatically effective, and permits NNN to issue up to 4,000,000 shares of common stock. The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands):

	2024		2023		2022
Shares of common stock		64,654		76,229		70,342
Net proceeds	$	2,634	$	3,082	$	3,082

Dividends. The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):

	2024		2023		2022
Dividends	$	420,239	$	404,458	$	380,538
Per share		2.290		2.230		2.160

On January 14, 2025, NNN declared a dividend of $0.580 per share, payable February 14, 2025, to its common stockholders of record as of January 31, 2025.

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Note 6 – Employee Benefit Plan:

Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering all of the eligible associates of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN generally matches 75 percent of the first four percent and 50 percent of the next five percent of a participant's contributions. Additionally, NNN may make discretionary contributions. NNN recorded contributions to the Retirement Plan of $804,000, $734,000 and $590,000, for the years ended December 31, 2024, 2023 and 2022, respectively.

Note 7 – Performance Incentive Plan:

In August 2023, NNN filed a registration statement on Form S-8 with the Commission which amended NNN's 2017 Performance Incentive Plan to increase the maximum aggregate share issuance from 1,800,000 to 4,800,000 shares of common stock and certain other limits under the plan (the plan as amended, the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key associates, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, phantom stock awards, Stock Awards, Restricted Stock Awards, Stock Appreciation Rights and Performance Shares, each as defined in the 2017 Plan.

There were no stock options outstanding or exercisable at December 31, 2024.

Pursuant to the 2017 Plan, NNN has granted and issued shares of restricted stock to certain officers and key associates of NNN. The following summarizes the restricted stock activity for the year ended December 31, 2024:

	Number of Shares			Weighted Average Share Price
Non-vested restricted shares, January 1		1,038,124		$	44.23
Restricted shares granted		402,763			39.98
Restricted shares vested		(297,219	)		43.79
Restricted shares forfeited		(60,088	)		42.54
Non-vested restricted shares, December 31		1,083,580			42.86

Compensation expense for the restricted stock which is not contingent upon NNN's performance goals is determined based upon the fair value at the date of grant and is recognized as the greater of the amount amortized over a straight-lined basis or the amount vested over the vesting periods. Vesting periods for officers and key associates of NNN range from three to five years and generally vest annually. NNN recognizes compensation expense on a straight-line basis for awards with only service conditions.

During the year ended December 31, 2024, NNN granted 275,482 Performance Shares subject to its total stockholder return after a three-year period relative to its peers. In accordance with FASB ASC Topic 718, Compensation - Stock Compensation ("ASC 718"), the fair value of these market-based Performance Shares was determined using a Monte Carlo simulation model at the grant date (for a weighted average fair value share price of $27.59). The Performance Shares were granted to certain executive officers and had a weighted average grant price of $39.98 per share. Once the respective performance criteria are met and the number of shares earned is determined, the shares vest immediately. Compensation expense is recognized over the requisite service period.

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The following summarizes other grants made during the year ended December 31, 2024, pursuant to the 2017 Plan.

	Number of Shares		Weighted Average   Share Price
Other share grants under the 2017 Plan:
Directors’ fees		6,720	$	43.15
Deferred directors’ fees		29,884		43.19
		36,604		43.19
Shares available under the 2017 Plan for grant, end of period		4,520,013

The total compensation expense for share-based payments for the years ended December 31, 2024, 2023 and 2022 totaled $11,816,000, $12,228,000 and $15,449,000, respectively. At December 31, 2024, NNN had $13,725,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements under the 2017 Plan. This cost is expected to be recognized over a weighted average period of 2.04 years.

Note 8 – Fair Value of Financial Instruments:

NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. At December 31, 2024 and 2023, the fair value of NNN's notes payable excluding unamortized discount and debt costs, were $3,894,030,000 and $3,801,367,000, respectively, based upon quoted market prices as of the close of the year, which is a Level 1 valuation since NNN's notes payable are publicly traded.

Note 9 – Segment Information:

NNN's operations are reported within one reportable segment and constitutes all of the consolidated entities which are reported in the consolidated financial statements. NNN primarily derives its revenues from real estate leased to retail tenants under long-term net leases. NNN’s Properties are located in the United States.

NNN’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses entity-wide operating results and performance and decides how to allocate resources based on net earnings which is reported on the Consolidated Statements of Income and Comprehensive Income. Additionally, the measure of segment assets is reported on the Consolidated Balance Sheets as total assets. Included in the total assets are long-lived real estate assets which include land, buildings, improvements and right-of-use assets subject to operating leases.

The CODM uses net earnings to evaluate income generated from assets (return on assets) in deciding whether to reinvest profits to grow the Property Portfolio or deploy into other aspects of the Company, such as to retire or repay debt or pay dividends. The CODM also uses net earnings to monitor the budget versus actual results, which is used in assessing NNN’s entity-wide operating results and performance.

Significant expense categories, including general and administrative, real estate, depreciation and amortization and interest, are included on NNN’s Consolidated Statements of Income and Comprehensive Income. Asset information is included in the Consolidated Balance Sheets and “Note 2 – Real Estate.”

Note 10 – Major Tenants:

As of December 31, 2024, NNN had no tenants that accounted for ten percent or more of its rental income.

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Note 11 – Commitments and Contingencies:

A summary of NNN's commitments are included in "Note 2 – Real Estate."

In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material to NNN's consolidated financial statements.

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Process for Assessment and Evaluation of Disclosure Controls and Procedures and Internal Control over Financing Reporting

NNN carried out an assessment as of December 31, 2024, of the effectiveness of the design and operation of its disclosure controls and procedures and its internal control over financial reporting. This assessment was done under the supervision and with the participation of management, including NNN's Chief Executive Officer, Chief Financial Officer and Chief Accounting and Technology Officer ("NNN's Chief Officers"). Rules adopted by the Commission require NNN to present the conclusions of NNN's Chief Officers about the effectiveness of NNN's disclosure controls and procedures and the conclusions of NNN's management about the effectiveness of NNN's internal control over financial reporting as of the end of the period covered by this annual report.

CEO and CFO Certifications. Included as Exhibits 31.1 and 31.2 to this Annual Report on Form 10-K are forms of “Certification” of NNN's Chief Executive Officer and Chief Financial Officer. The forms of Certification are required in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. This section of the Annual Report on Form 10-K that stockholders are currently reading is the information concerning the assessment referred to in the Section 302 certifications and this information should be read in conjunction with the Section 302 certifications for a more complete understanding of the topics presented.

Disclosure Controls and Procedures and Internal Control over Financial Reporting. Disclosure controls and procedures are designed with the objective of providing reasonable assurance that information required to be disclosed in NNN's reports filed or submitted under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures are also designed with the objective of providing reasonable assurance that such information is accumulated and communicated to NNN's management, including NNN's Chief Officers, as appropriate, to allow timely decisions regarding required disclosure.

Internal control over financial reporting is a process designed by, or under the supervision of, NNN's Chief Officers, and affected by NNN's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (“GAAP”) and includes those policies and procedures that:

•pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of NNN's assets;

•provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that NNN's receipts and expenditures are being made in accordance with authorizations of management or the Board of Directors; and

•provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of NNN's assets that could have a material adverse effect on NNN's financial statements.

Scope of the Assessments. The assessment by NNN's Chief Officers of NNN's disclosure controls and procedures and the assessment by NNN's management, including NNN's Chief Officers, of NNN's internal control over financial reporting included a review of procedures and discussions with NNN's management and others at NNN. In the course of the assessments, NNN sought to identify data errors, control problems or acts of fraud and to confirm that appropriate corrective action, including process improvements, were being undertaken.

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NNN's internal control over financial reporting is also assessed on an ongoing basis by personnel in NNN's Accounting department and by NNN's internal auditors in connection with their internal audit activities. The overall goals of these various assessment activities are to monitor NNN's disclosure controls and procedures and NNN's internal control over financial reporting and to make modifications as necessary. NNN's intent in this regard is that the disclosure controls and procedures and the internal control over financial reporting will be maintained and updated (including with improvements and corrections) as conditions warrant. Management also sought to deal with other control matters in the assessment, and in each case if a problem was identified, management considered what revision, improvement and/or correction was necessary to be made in accordance with NNN's ongoing procedures. The assessments of NNN's disclosure controls and procedures and NNN's internal control over financial reporting is done on a quarterly basis so that the conclusions concerning effectiveness of those controls can be reported in NNN's Quarterly Reports on Form 10-Q and Annual Report on Form 10-K.

Assessment of Effectiveness of Disclosure Controls and Procedures

Based upon the assessments, NNN's Chief Officers have concluded that, as of December 31, 2024, NNN's disclosure controls and procedures were effective.

Management's Report on Internal Control over Financial Reporting

Management, including NNN's Chief Officers, are responsible for establishing and maintaining adequate internal control over financial reporting for NNN. Management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – 2013 Integrated Framework to assess the effectiveness of NNN's internal control over financial reporting. Based upon the assessments, NNN's Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2024, NNN's internal control over financial reporting was effective.

Attestation Report of the Registered Public Accounting Firm

Ernst & Young LLP, NNN's independent registered public accounting firm, audited the financial statements included in this Annual Report on Form 10-K and in connection therewith has issued an attestation report on NNN's effectiveness of internal control over financial reporting as of December 31, 2024, which appears in this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting

During the three months ended December 31, 2024, there were no changes in NNN's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, NNN's internal control over financial reporting.

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Limitations on the Effectiveness of Controls

Management, including NNN's Chief Officers, do not expect that NNN's disclosure controls and procedures or NNN's internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within NNN have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management's override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Reference is made to the Registrant's definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the sections thereof captioned “Proposal I: Election of Directors – Nominees,” “Audit Committee Report – Executive Officers,” “Proposal I: Election of Directors – Code of Business Conduct, Insider Trading Policy and Anti-Corruption Policy” and “Security Ownership,” and such information in such sections is incorporated herein by reference.

Item 11. Executive Compensation

Reference is made to the Registrant's definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the sections thereof captioned “Proposal I: Election of Directors – Director Compensation,” “Executive Compensation” and “Compensation Committee Report,” and such information is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Reference is made to the Registrant's definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the sections thereof captioned "Executive Compensation – Long-Term Incentive Compensation" and “Security Ownership,” and such information is incorporated herein by reference.

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Item 13. Certain Relationships and Related Transactions, and Director Independence

Reference is made to the Registrant's definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the section thereof captioned “Certain Relationships and Related Transactions” and such information is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

Reference is made to the Registrant's definitive proxy statement to be filed with the Commission pursuant to Regulation 14(a); information responsive to this Item is included in the Registrant's proxy statement including the information, without limitation, contained in the section thereof captioned “Audit Committee Report” and “Proposal III: Ratification of Ernst & Young LLP as the Independent Registered Public Accounting Firm,” and such information is incorporated herein by reference.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)		The following documents are filed with the Securities and Exchange Commission ("Commission") as part of this report.
	(1)	Financial Statements
		Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)	44
		Consolidated Balance Sheets as of December 31, 2024 and 2023	49
		Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2024, 2023, and 2022	50
		Consolidated Statements of Equity for the years ended December 31, 2024, 2023, and 2022	51
		Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023, and 2022	54
		Notes to Consolidated Financial Statements	56
	(2)	Financial Statement Schedules
		Schedule III – Real Estate and Accumulated Depreciation and Amortization and Notes as of December 31, 2024	F-1
		Schedule IV – Mortgage Loans on Real Estate as of December 31, 2024	F-4
		All other schedules are omitted because they are not applicable or because the required information is shown in the financial statements or the notes thereto.

(3)	Exhibits
		The following exhibits are filed with the Commission as a part of this report, unless otherwise noted, each exhibit was previously filed with the Commission and is incorporated by reference below.
3	Articles of Incorporation and Bylaws
		3.1	First Amended and Restated Articles of Incorporation of the Registrant, as amended through the Second Amendment, dated May 1, 2023 (filed on April 27, 2023 as Exhibit 3.1 to the Registrant's Current Report on Form 8-K).
		3.2	Third Amended and Restated Bylaws of the Registrant, as amended through the Fifth Amendment to Bylaws, dated May 1, 2023 (filed on April 27, 2023 as Exhibit 3.2 to the Registrant's Current Report on Form 8-K).

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4	Instruments Defining the Rights of Security Holders, Including Indentures
		4.1	Description of Registrant's Securities (filed on February 11, 2020 as Exhibit 4.22 to the Registrant's Annual Report on Form 10-K).
		4.2	Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant's Registration Statement No. 1-11290 on Form 8-B filed).
		4.3	Indenture, dated as of March 25, 1998, between the Registrant and First Union National Bank, as trustee (filed on February 28, 2006 as Exhibit 4.4 to the Registrant's Registration Statement on Form S-3 (Registration No. 333-132095)).
		4.4	Form of Thirteenth Supplemental Indenture between the Registrant and U.S. Bank National Association relating to 3.900% Notes due 2024 (filed on May 14, 2014 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
		4.5	Form of 3.900% Notes due 2024 (filed on May 14, 2014 as Exhibit 4.2 to Registrant's Current Report on Form 8-K)
		4.6	Form of Fourteenth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating to 4.000% Notes due 2025 (filed on October 26, 2015 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
		4.7	Form of 4.000% Notes due 2025 (filed on October 26, 2015 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
		4.8	Deposit Agreement, among the Registrant, American Stock Transfer & Trust Company, as Depositary, and the holders of depositary receipts (filed on October 11, 2016 as Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A).
		4.9	Form of Fifteenth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating to 3.60% Notes due 2026 (filed on December 12, 2016 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
		4.10	Form of 3.60% Notes due 2026 (filed on December 12, 2016 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
		4.11	Form of Sixteenth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating to 3.50% Notes due 2027 (filed on September 19, 2017 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
		4.12	Form of 3.50% Notes due 2027 (filed on September 19, 2017 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
		4.13	Form of Seventeenth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating to 4.300% Notes due 2028 and 4.800% Notes due 2048 (filed on September 27, 2018 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
		4.14	Form of 4.300% Notes due 2028 (filed on September 27, 2018 Exhibit 4.2 to Registrant's Current Report on Form 8-K).
		4.15	Form of 4.800% Notes due 2048 (filed on September 27, 2018 as Exhibit 4.3 to Registrant's Current Report on Form 8-K).

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4.16	Form of Eighteenth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating to 2.500% Notes due 2030 and 3.100% Notes due 2050 (filed on March 3, 2020 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
4.17	Form of 2.500% Notes due 2030 (filed on March 3, 2020 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
4.18	Form of 3.100% Notes due 2050 (filed on March 3, 2020 as Exhibit 4.3 on March 3, 2020 to Registrant's Current Report on Form 8-K).
4.19	Form of Nineteenth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating to 3.500% Notes due 2051 (filed on March 10, 2021 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
4.20	Form of 3.500% Notes due 2051 (filed on March 10, 2021 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
4.21	Form of Twentieth Supplemental Indenture between the Registrant, Inc. and U.S. Bank National Association relating 3.000% Notes due 2052 (filed on September 24, 2021 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
4.22	Form of 3.000% Notes due 2052 (filed on September 24, 2021 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
4.23	Form of Twenty-first Supplemental Indenture between the Registrant and U.S. Bank Trust Company, National Association relating to 5.600% Notes due 2033 (filed on August 15, 2023 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
4.24	Form of 5.600% Notes due 2033 (filed on August 15, 2023 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).
4.25	Form of Twenty-second Supplemental Indenture between the Registrant and U.S. Bank Trust Company, National Association, relating to 5.500% Notes due 2034 (filed on May 29, 2024 as Exhibit 4.1 to Registrant's Current Report on Form 8-K).
4.26	Form of 5.500% Notes due 2034 (filed on May 29, 2024 as Exhibit 4.2 to Registrant's Current Report on Form 8-K).

10	Material Contracts
		10.1*	Employment Agreement dated as of December 1, 2008, between the Registrant and Kevin B. Habicht (filed on December 3, 2008 as Exhibit 10.3 to the Registrant's Current Report on Form 8-K).
		10.2*	Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Kevin B. Habicht (filed on February 24, 2011 as Exhibit 10.12 to the Registrant's Annual Report on Form 10-K).
		10.3*	Retirement and Transition Agreement, dated January 9, 2025, between the Registrant and Kevin B. Habicht (filed on January 10, 2025 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K).

10.4*	Employment Agreement dated as of December 1, 2008, between the Registrant and Christopher P. Tessitore (filed on December 3, 2008 as Exhibit 10.4 to the Registrant's Current Report on Form 8-K).
10.5*	Amendment to Employment Agreement dated as of November 8, 2010, between the Registrant and Christopher P. Tessitore (filed on February 24, 2011 as Exhibit 10.14 to the Registrant's Annual Report on Form 10-K).
10.6*	Retirement and Transition Agreement, dated November 21, 2023, between Registrant and Christopher P. Tessitore (filed on November 21, 2023 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K).

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10.7*	Employment Letter, dated as of January 19, 2022, between the Registrant and Stephen A. Horn, Jr. (filed on January 21, 2022 as Exhibit 10.2 to the Registrant's Current Report on Form 8-K).
10.8*	Employment Agreement dated as of February 15, 2018 between the Registrant and Michelle L. Miller (filed on February 9, 2023 as Exhibit 10.9 to the Registrant's Annual Report on Form 10-K).
10.9*	Employment Letter, dated as of December 16, 2024, between the Registrant and Michelle L. Miller (filed on December 17, 2024 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K).
10.10*	Employment Letter, dated August 14, 2023, between the Registrant and Jonathan A. Adamo (filed on November 1, 2023 as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q).
10.11*	Employment Letter, dated November 30, 2023, between the Registrant and Gina M. Steffens Lubno (filed on February 8, 2024 as Exhibit 10.12 to the Registrant's Annual Report on Form 10-K).
10.12*	Employment Letter, dated January 9, 2025, between the Registrant and Vincent H. Chao (filed on January 10, 2024 as Exhibit 10.2 to the Registrant's Current Report on Form 8-K).
10.13*	Form of Indemnification Agreement (as entered into between the Registrant and each of its directors and executive officers) (filed on June 12, 2009 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated).

10.14*	2017 Performance Incentive Plan (filed on March 29, 2017 as Annex A to the Registrant's 2017 Annual Proxy Statement on Schedule 14A).
10.15*	Amendment No. 1 to the Registrant's 2017 Performance Incentive Plan (filed on March 23, 2023 as Annex A to the Registrant's 2023 Annual Proxy Statement on Schedule 14A).
10.16*	Amended and Restated Deferred Fee Plan for Directors, dated as of August 16, 2018 (filed on November 1, 2018 as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q).
10.17*	Form of Restricted Award Agreement - Performance between Registrant and the Participant of Registrant (filed on May 2, 2016 as Exhibit 10.21 to the Registrant's Quarterly Report on Form 10-Q).

10.18*	Form of Restricted Award Agreement - Service - Non-Executives between Registrant and the Participant of Registrant (filed on May 2, 2016 as Exhibit 10.22 to the Registrant's Quarterly Report on Form 10-Q).
10.19*	Form of Restricted Award Agreement - Service between Registrant and the Participant of Registrant (filed on May 2, 2016 as Exhibit 10.23 to the Registrant's Quarterly Report on Form 10-Q).
10.20	Second Amended and Restated Credit Agreement, dated June 23, 2021, by and among the Registrant, Wells Fargo Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (filed on June 25, 2021 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K).
10.21	First Amendment to Second Amended and Restated Credit Agreement, dated December 16, 2022, by and among the Registrant, Wells Fargo Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (filed on December 19, 2022 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K).
10.22	Third Amended and Restated Credit Agreement, dated April 16, 2024, by and among the Registrant, Wells Fargo Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein (filed on April 17, 2024 as Exhibit 10.1 to the Registrant's Current Report on Form 8-K).
10.23	NNN REIT, Inc. Executive Severance and Change of Control Plan (filed on January 21, 2022 as Exhibit 10.3 to the Registrant's Current Report on Form 8-K).

82

19	Insider Trading Policy (filed herewith)
21	Subsidiaries of the Registrant (filed herewith).
23	Consent of Independent Registered Public Accounting Firm
		23.1	Ernst & Young LLP dated February 11, 2025 (filed herewith).
24	Power of Attorney (included on signature page).

31	Section 302 Certifications**
		31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
		31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32	Section 906 Certifications**
		32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
		32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
97	Policy Relating to Recovery of Erroneously Awarded Compensation
		97.1	Incentive-based Compensation Recoupment Policy (filed on February 8, 2024 as Exhibit 97.1 to the Registrant's Annual Report on Form 10-K).
99	Additional Exhibits
		99.1	Certification of Chief Executive Officer pursuant to Section 303A.12(a) of the New York Stock Exchange Listed Company Manual (filed herewith).

101	Interactive Data File
		101.1	The following materials from NNN REIT, Inc. Annual Report on Form 10-K for the year ended December 31, 2024, are formatted in Inline Extensible Business Reporting Language ("Inline XBRL"): (i) consolidated balance sheets, (ii) consolidated statements of income and comprehensive income, (iii) consolidated statements of equity (iv) consolidated statements of cash flows, and (v) notes to consolidated financial statements.
104	Cover Page Interactive Data File
		104.1	The cover page XBRL tags are embedded within the Inline XBRL document and included in Exhibit 101.
*	Management contract or compensatory plan or arrangement.
**	In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

Item 16. Form 10-K Summary

None.

83

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 11th day of February 2025.

	NNN REIT, INC.
By:	/s/ Stephen A. Horn, Jr.
	Stephen A. Horn, Jr.
	President, Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

84

POWER OF ATTORNEY

Each person whose signature appears below hereby constitutes and appoints each of Stephen A. Horn Jr., Kevin B. Habicht and Michelle L. Miller, separately and together, as his or her attorney-in-fact and agent, with full power of substitution and resubstitution for him or her in any and all capacities, to sign any or all amendments to this report and to file same, with exhibits thereto and other documents in connection therewith, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary in connection with such matters and hereby ratifying and confirming all that such attorney-in-fact and agent or his or her substitutes may do or cause to be done by virtue hereof.

Signature	Title	Date
/s/ Stephen A. Horn, Jr.	President, Chief Executive Officer and Director	February 11, 2025
Stephen A. Horn, Jr.
/s/ Steven D. Cosler	Chairman of the Board	February 11, 2025
Steven D. Cosler
/s/ Pamela K. M. Beall	Director	February 11, 2025
Pamela K. M. Beall
/s/ David M. Fick	Director	February 11, 2025
David M. Fick
/s/ Edward J. Fritsch	Director	February 11, 2025
Edward J. Fritsch
/s/ Elizabeth C. Gulacsy	Director	February 11, 2025
Elizabeth C. Gulacsy
/s/ Betsy D. Holden	Director	February 11, 2025
Betsy D. Holden
/s/ Kamau O. Witherspoon	Director	February 11, 2025
Kamau O. Witherspoon
/s/ Kevin B. Habicht	Executive Vice President, Chief Financial Officer (Principal Financial Officer), Director, Assistant Secretary and Treasurer	February 11, 2025
Kevin B. Habicht
/s/ Michelle L. Miller	Executive Vice President and Chief Accounting and Technology Officer (Principal Accounting Officer)	February 11, 2025
Michelle L. Miller

85

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2024

(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		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction (e)	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
Alabama	150	$	—	$	74,390	$	173,171	$	48,708	$	—	$	74,104	$	221,879	$	295,983	$	63,043	1960 - 2024	2001 - 2024	15 - 40
Alaska	5		—		1,943		3,694		140		—		1,943		3,834		5,777		2,076	1971 - 2003	1996 - 2014	20 - 40
Arizona	81		—		117,729		142,329		146,844		—		117,729		289,173		406,902		48,809	1962 - 2024	1998 - 2024	10 - 40
Arkansas	72		—		35,523		100,982		20,455		—		35,523		121,438		156,961		24,964	1969 - 2023	1998 - 2024	25 - 40
California	73		—		144,400		216,361		37,430		—		143,383		244,599		387,982		70,953	1945 - 2018	1997 - 2022	20 - 40
Colorado	45		—		70,215		92,324		43,689		—		70,215		136,014		206,229		35,256	1969 - 2024	1994 - 2023	20 - 40
Connecticut	11		—		9,068		32,773		601		—		9,068		33,375		42,443		12,503	1929 - 2003	2006 - 2022	20 - 30
Delaware	1		—		2,994		6,062		516		—		2,994		6,578		9,572		4,602	1994 - 1994	1994 - 1994	40 - 40
District of     Columbia	1		—		624		578		—		—		624		578		1,202		286	1983 - 1983	2005 - 2005	40 - 40
Florida	276		—		305,961		474,860		145,081		—		305,961		618,368		924,329		153,577	1939 - 2024	1985 - 2024	5 - 40
Georgia	175		—		137,502		300,069		66,045		—		137,502		366,114		503,616		97,474	1964 - 2024	1996 - 2024	10 - 40
Hawaii	1		—		775		1,308		—		—		775		1,308		2,083		82	1971 - 1971	2023 - 2023	30 - 30
Idaho	11		—		7,644		9,468		8,331		—		7,644		17,799		25,443		5,356	1983 - 2017	2006 - 2022	20 - 40
Illinois	167		—		137,420		311,509		74,151		—		137,420		385,481		522,901		114,478	1924 - 2024	1995 - 2023	15 - 40
Indiana	149		—		99,065		201,373		84,248		—		99,065		285,621		384,686		89,296	1965 - 2023	2001 - 2024	15 - 40
Iowa	28		—		22,527		37,962		26,624		—		22,527		64,585		87,112		20,410	1964 - 2023	2005 - 2022	10 - 40
Kansas	39		—		19,541		53,896		9,776		—		19,541		63,672		83,213		13,912	1946 - 2019	1997 - 2023	15 - 40
Kentucky	60		—		44,003		105,088		13,085		—		44,003		118,173		162,176		34,057	1974 - 2024	2005 - 2024	25 - 40
Louisiana	52		—		36,135		92,862		37,936		—		36,135		130,798		166,933		30,411	1970 - 2023	1996 - 2023	15 - 40
Maine	17		—		5,618		23,757		—		—		5,618		23,757		29,375		5,982	1915 - 2017	1996 - 2024	10 - 40
Maryland	50		—		62,149		125,927		3,426		—		62,149		129,353		191,502		46,469	1946 - 2017	1996 - 2019	20 - 40
Massachusetts	24		—		33,600		94,097		—		—		33,600		94,097		127,697		23,118	1910 - 2017	2006 - 2024	20 - 40
Michigan	97		—		62,812		223,420		49,677		—		62,812		272,744		335,556		47,797	1963 - 2024	1996 - 2024	20 - 40
Minnesota	33		—		23,342		42,701		7,156		—		23,342		49,857		73,199		15,728	1950 - 2024	2005 - 2024	10 - 40
Mississippi	63		—		29,466		100,855		12,422		—		29,466		113,277		142,743		18,742	1959 - 2021	2006 - 2023	15 - 40
Missouri	106		—		64,782		131,418		67,399		—		64,782		198,817		263,599		47,317	1920 - 2023	1992 - 2024	15 - 40
Montana	26		—		4,102		11,865		2,654		—		4,102		14,518		18,620		5,828	1937 - 2016	2010 - 2016	20 - 40
Nebraska	11		—		10,052		10,581		5,033		—		10,052		15,614		25,666		2,488	1973 - 2019	2005 - 2024	20 - 40
Nevada	16		—		16,023		41,187		9,097		—		16,023		50,284		66,307		6,540	1961 - 2023	2012 - 2024	25 - 40
New Hampshire	10		—		11,299		39,056		—		—		11,299		39,056		50,355		10,424	1980 - 2004	2011 - 2022	25 - 30
New Jersey	33		—		53,956		202,697		7,600		—		53,956		210,297		264,253		59,343	1948 - 2025	1996 - 2024	25 - 40
New Mexico	33		—		22,315		81,052		21,795		—		22,315		102,848		125,163		20,786	1955 - 2019	2001 - 2024	25 - 40
New York	48		—		34,302		77,027		20,168		—		34,302		97,194		131,496		19,628	1905 - 2020	1997 - 2024	20 - 40
North Carolina	161		—		126,272		258,620		41,909		—		126,272		300,529		426,801		92,021	1906 - 2024	2004 - 2024	5 - 40

F-1

NNN REIT, INC. AND SUBSIDIARIES

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

December 31, 2024

(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		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction (e)	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
North Dakota	4			—		411		1,606		—		—		411		1,606		2,017		948	1974 - 1999	1997 - 2011	25 - 40
Ohio	193			—		126,588		299,250		77,934		—		126,588		376,991		503,579		118,574	1910 - 2025	1992 - 2024	15 - 40
Oklahoma	89			—		43,661		109,605		26,775		—		43,661		136,380		180,041		35,678	1964 - 2018	1996 - 2024	15 - 40
Oregon	8			—		6,040		10,216		1,000		—		6,040		11,216		17,256		3,976	1968 - 2008	1998 - 2023	20 - 40
Pennsylvania	88			—		72,020		137,489		49,818		—		71,835		185,984		257,819		51,594	1953 - 2024	1997 - 2024	2 - 40
Puerto Rico	1			—		1,729		—		2,732		—		1,729		2,131		3,860		976	1998 - 1998	2007 - 2007	33 - 33
Rhode Island	6			—		3,497		10,325		—		—		3,497		10,325		13,822		2,503	1938 - 2004	2016 - 2023	25 - 30
South Carolina	78			—		59,751		116,840		16,619		—		59,751		133,459		193,210		37,609	1921 - 2024	2005 - 2023	10 - 40
South Dakota	3			—		1,942		4,447		3,511		—		1,942		7,957		9,899		1,888	1985 - 2024	2012 - 2023	30 - 35
Tennessee	153			—		104,561		236,390		61,081		—		104,561		297,471		402,032		71,525	1958 - 2024	1996 - 2024	5 - 40
Texas	575			—		481,901		1,177,369		249,929		—		481,901		1,426,839		1,908,740		362,319	1890 - 2024	1993 - 2024	15 - 40
Utah	14			—		13,108		19,681		13,239		—		13,108		32,921		46,029		8,727	1951 - 2016	2006 - 2022	20 - 40
Virginia	118			—		101,701		177,563		66,719		—		100,591		243,323		343,914		69,571	1964 - 2024	1995 - 2024	5 - 40
Washington	27			—		22,767		35,177		15,999		—		22,767		51,177		73,944		18,979	1965 - 2017	1997 - 2024	20 - 40
West Virginia	24			—		14,442		28,027		1,394		—		14,442		29,421		43,863		8,220	1970 - 2021	2006 - 2023	25 - 40
Wisconsin	56			—		39,822		92,092		24,389		—		39,822		116,481		156,303		26,846	1940 - 2024	2006 - 2024	20 - 40
Wyoming	6			—		1,150		3,815		—		—		1,150		3,815		4,965		1,831	1949 - 2001	2010 - 2012	20 - 30
		3,568	$	—	$	2,922,640	$	6,280,821	$	1,623,135	$	—	$	2,920,042	$	7,889,126	$	10,809,168	$	2,065,520

F-2

NNN REIT, INC. AND SUBSIDIARIES

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

December 31, 2024

(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:

	2024			2023			2022
Beginning balance, January 1	$	10,397,432		$	9,678,127		$	8,917,586
Acquisitions and dollars invested in projects under construction or tenant improvements		565,707			820,238			846,331
Dispositions		(147,339	)		(94,943	)		(77,481	)
Impairment losses		(6,632	)		(5,990	)		(8,309	)
Ending balance, December 31	$	10,809,168		$	10,397,432		$	9,678,127

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

	2024			2023			2022
Beginning balance, January 1	$	1,864,614		$	1,660,665		$	1,471,393
Dispositions		(41,046	)		(26,236	)		(25,757	)
Depreciation and amortization expense		241,952			230,185			215,029
Ending balance, December 31	$	2,065,520		$	1,864,614		$	1,660,665

(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, 2024, the net investment in real estate accounted for under the direct financing method was $2,520.

(d) As of December 31, 2024, the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $10,665,000 (unaudited).

(e) As of December 31, 2024, NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date.

See accompanying report of independent registered public accounting firm.

F-3

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

December 31, 2024

(dollars in thousands)

Description	Interest Rate	Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages			Carrying Amount of Mortgages(c)			Principal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages on properties:
2 properties in VA	7.000%	3/1/2025	(b)		—	$	3,000	(d)	$	451		$	—
						$	3,000		$	451	(a)	$	—

(a)The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31:

	2024			2023			2022
Beginning balance, January 1	$	996		$	1,521		$	2,011
New mortgage loans		—			—			—
Deductions during the year:
Collections of principal		(599	)		(559	)		(521	)
Other: credit (losses) recoveries(e)		54			34			31
Foreclosures		—			—			—
Ending balance, December 31	$	451		$	996		$	1,521

(b)Principal and interest is payable at varying amounts over the life of the loan.

(c)Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2024, 2023 and 2022 were $454, $1,002 and $1,530, respectively.

(d)Mortgages totaling $3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020.

(e)In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis.

See accompanying report of independent registered public accounting firm.

F-4

EX-19

Exhibit 19

NNN REIT, INC.

INSIDER TRADING POLICY

I.INTRODUCTION

The following Insider Trading Policy (the “Policy”) of NNN REIT, Inc. and all of its subsidiaries (collectively, the “Company”), has been adopted by and is intended to govern the conduct of the Company’s directors, officers, employees, and entities and other individuals that they control (“Covered Persons”).

II.PURPOSE

The U.S. federal government, including the Securities and Exchange Commission (the “SEC”) and the Justice Department, is concerned about maintaining the fairness and integrity of U.S. capital markets. The federal government and SEC have enacted laws and adopted rules and regulations (collectively, the “Insider Trading Laws”) governing transactions in securities. Insider Trading Laws prohibit transactions in securities made on the basis of material non-public information (“MNPI”) and market manipulation, in addition to other offenses. In addition to criminal and civil penalties for individuals who trade, or provide information to others who trade, while in possession of MNPI, Insider Trading Laws have placed the onus on companies, and possibly other “controlling persons“ (e.g. supervisors), for violations by Covered Persons. This Policy is designed to assist Covered Persons and the Company with compliance with the applicable U.S. Insider Trading Laws.

III.OUR POLICY

A.RESTRICTED SECURITIES

As used throughout this Policy, the term “Restricted Securities” shall mean any publicly traded equity or debt securities of (i) the Company, and (ii) any other public company that does business with the Company, including tenants, borrowers, partners, or suppliers.

B.PROHIBITION ON TRADING WHILE IN POSSESSION OF MATERIAL NON-PUBLIC INFORMATION

If a Covered Person possesses MNPI relating to a company with Restricted Securities, including the Company, then such Covered Person shall not execute a transaction in the Restricted Securities of such company and shall not engage in any other action to take advantage of, or pass on to others, the MNPI for the purposes of transacting in such Restricted Security. There are no exceptions to this Policy. Therefore, even if a transaction is motivated by legitimate considerations, the transaction is prohibited if it takes place while the individual is in possession of MNPI.

C.ADDITIONAL RESTRICTIONS

1.Pre-Clearance. In addition to the restrictions and requirements of the preceding paragraph, all transactions by Covered Persons (including acquisitions, dispositions, transfers by gift, sales, etc.) in Restricted Securities of the Company must be pre-cleared by the Chief Financial Officer before execution of the transaction (transactions by the Chief Financial Officer shall be pre-cleared by the General Counsel) (in such roles, the Chief Financial Officer and General Counsel are referred to herein as “Authorizing Officers”). Pre-clearance of a transaction in Restricted Securities of the Company must be obtained by contacting the

1

Authorizing Officer in writing at least one business day before execution of the transaction. When a request for pre-clearance is made, the requestor should carefully consider whether he or she may be aware of any MNPI, and shall provide any and all useful information to the Authorizing Officer in order for the Authorizing Officer to make the pre-clearance determination. A confidential, e-mailed response will be sent to the requesting individual in response to requests for pre-clearance. Each pre-clearance approval shall automatically expire after ten business days and must be renewed to be valid. No trade in securities of the Company shall be executed without pre-clearance. This pre-clearance requirement does not apply to the exercising of Company stock options, but it does apply to subsequent market sales of common stock of the Company.

Pre-clearance does not relieve anyone of their responsibilities under the Insider Trading Laws. Further, persons subject to Section 16(a) of the Securities Exchange Act of 1934 shall make all required filings, including Forms 3, 4, and 5 and Schedules 13D and 13G, as applicable, with the SEC on a timely basis.

2.Prohibition of Short-Swing Trading and Hedges. We believe that it is inappropriate for any Covered Persons to engage in short-term or speculative transactions involving the Company. As a result, Covered Persons shall not:

•Execute opposite-way transactions (e.g. a purchase followed by a sale, or a sale followed by a purchase) within six months (“Short-Swing Trading”), except for certain exempt transactions, such as acquisitions due to the exercise of stock options;

•Execute short sales of the Company’s Restricted Securities; and

•Buy or sell puts or calls, or execute other hedged positions in the Company’s Restricted Securities.

Note that SEC rules require disgorgement of deemed profits for any Short-Swing Trading by Section 16 officers and directors. Section 16 officers and directors should assume that each transaction can be matched with all other transactions within six months before or after the transaction unless he or she has received competent legal advice that it is an exempt transaction.

3.Trading Blackouts

From time to time, the Company may require that members of the Board of Directors, officers, selected employees and others, identified on a case-by-case basis, suspend transactions in Restricted Securities because of developments known to the Company and not yet disclosed to the public. If such event occurs, the Company will notify all such individuals, and such individuals shall not engage in any transaction involving the purchase or sale of the Restricted Securities during such period, and should not disclose to others the fact that they have been suspended from trading. The Company also requires the cessation of all transactions in the Company’s Restricted Securities during certain mandatory “trading blackouts.” These trading blackouts include:

a.Quarterly Earnings Blackouts.All members of the Board of Directors, officers, and certain employees in a position to have access to MNPI (as designated by the Chief Financial Officer or the General Counsel) are

2

prohibited from transacting in the Company’s Restricted Securities for the period beginning at 12:00 p.m. Eastern Time on the date that is two weeks prior to the close of the fiscal quarter until two full trading days have elapsed after the date of the Company’s financial results are made public for that quarter. Further, in addition to the Company’s directors, officers and other employees subject to the above trading blackout, all Covered Persons are restricted from engaging in transactions from the time the Company’s financial results are made public for that quarter until two full trading days have elapsed after the Company’s financial results are made public for that quarter.

b.Event-Specific Blackouts. From time to time, an event may occur that is material to the Company and is known by only a limited number of directors, officers and/or employees. As long as the event remains material and non-public, certain persons designated by the Chief Financial Officer or the General Counsel may not transact in the Company’s Restricted Securities, and the existence of an event-specific trading blackout period or extension of a blackout period will not be announced to the Company as a whole. The existence of an event-specific blackout shall not be communicated to any person by such designated persons. Even if the Chief Financial Officer or General Counsel has not designated you as a person who should not trade due to an event-specific trading blackout, you should not trade if you become aware of any MNPI.

4.Prohibition on Tipping. Any person in possession of MNPI about Restricted Securities shall not pass the information to others. It is illegal to advise others to trade on the basis of MNPI. All of the prohibitions and penalties described above apply whether or not you derive any benefit from the transactions in such Restricted Securities by the person that you provided the information.

IV.MATERIAL NON-PUBLIC INFORMATION

MNPI, for the purposes of this Policy, is any information that could reasonably affect the value of a publicly traded security, or that a reasonable investor would consider important in deciding whether to buy, sell or hold such securities that has not been disclosed generally to the investing public in a manner that complies with applicable securities laws (e.g. by a press release or report filed with the SEC).

Common examples of information that will frequently be regarded as material are: projections of future earnings or losses; news of a pending or proposed merger; acquisition or tender offer; news of a significant sale of assets or the disposition of the company or a subsidiary; changes in dividend policies; the declaration of a stock split; certain offerings of securities; changes in management or directors; significant new products or discoveries; impending bankruptcy or financial liquidity problems; pending litigation; a major cybersecurity breach; and the gain or loss of a substantial customer or tenant. Both positive and negative information can be material.

V.TRANSACTIONS BY FAMILY MEMBERS AND OTHERS

The same restrictions that apply to Covered Persons also apply to their family members, including their spouse, others living in the same household, and entities under their control. Each person subject to this Policy is expected to be responsible for the compliance of his or her family and household, as well as any entities under his or her control.

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This Policy does not, however, apply to personal securities transactions of family members where the purchase or sale decision is made by a third party not controlled by, influenced by, or related to the Covered Person or their family members.

VI.THE CONSEQUENCES OF INSIDER TRADING VIOLATIONS

The consequences of insider trading violations can be severe.

For an individual who trades on inside information or tips information to others, the following penalties may apply:

•A substantial civil penalty;

•A substantial criminal fine (no matter how small the profit); and

•A significant prison term.

For a company, including any supervisory person, who fails to take appropriate steps to prevent illegal trading, the following may apply:

•A substantial civil penalty; and

•A substantial criminal fine.

Moreover, an employee’s violation of this Policy could result in Company-imposed sanctions, which may include dismissal. Please keep in mind that this Policy continues to apply to your transactions in Company Restricted Securities even after your employment with the Company has been terminated. If you are in possession of MNPI when your employment terminates, you may not trade in Company Restricted Securities until that information has become public or is no longer material.

VII.RULE 10b5-1 TRADING PLANS

A.GENERAL

Notwithstanding anything contained herein, Covered Persons may trade in the Company’s Restricted Securities pursuant to Rule 10b5-1 Trading Plans. Any Covered Person who wishes to enter into a Rule 10b5-1 Trading Plan must contact the Chief Financial Officer for approval.

Rule 10b5-1 provides a defense from insider trading liability. In order to be eligible to rely on this defense, a person must enter into a Rule 10b5-1 Trading Plan that meets the conditions specified in Rule 10b5-1. Rule 10b5-1 presents an opportunity for Covered Persons to establish plans to sell or purchase Company Restricted Securities without the restrictions imposed by trading blackouts – even when in possession of MNPI concerning the Company. Rule 10b5-1 only provides an “affirmative defense” if there is an insider trading lawsuit. It does not prevent anyone from bringing a lawsuit, nor does it prevent the media from reporting on any transactions executed pursuant to a Rule 10b5-1 Plan. You have the ultimate and exclusive responsibility for adhering to Rule 10b5-1.

B.REQUIREMENTS FOR ESTABLISHING AND TRADING UNDER A RULE 10b5-1 TRADING

4

PLAN

1.Minimum Plan Requirements. Your Rule 10b5-1 Trading Plan must:

a.Be entered into in good faith and outside of a trading blackout at a time when you do not possess MNPI concerning the Company. Your Rule 10b5-1 Trading Plan may not be entered into as part of a plan or scheme to otherwise trade on the basis of MNPI concerning the Company. To comply with these requirements, you must complete a preclearance interview with the Chief Financial Officer prior to entering into your Rule 10b5-1 Trading Plan.

b.Be in writing and preapproved by the Chief Financial Officer. The Chief Financial Officer Team must approve your written Rule 10b5-1 Trading Plan before you may enter into it.

c.Include appropriate trading instructions. You may either specify the price, number of shares and date of trades ahead of time or provide a formula or other instructions by which your broker can determine the price, amount and date of trades. Alternatively, you may simply authorize your broker to make purchase and sale decisions on your behalf without any control or influence by you.

d.For Section 16 officers and directors only, include closed trading windows for the five business days before and one business day after the release of the Company’s quarterly financial results. Because transactions by Section 16 officers and directors are reported publicly, this proscription is intended to avoid the disclosure of trades in the immediate run up to and aftermath of the Company’s announcement of quarterly financial results.

e.Prohibit you from exercising any influence over the amount of securities to be traded, the price at which they are to be traded, or the date of the trade. You may delegate discretionary authority to your broker, but in no event may you consult with your broker regarding executing transactions, or otherwise disclose information to your broker concerning the Company that might influence the execution of transactions, under your Rule 10b5-1 Trading Plan after it commences.

f.Include a cooling off period between your entry into your Rule 10b5-1 Trading Plan and the first possible transactions thereunder. The cooling off period is designed to minimize the risk that a claim will be made that you were aware of MNPI concerning the Company when you entered into the Rule 10b5-1 Trading Plan and that the plan was not entered into in good faith. For directors and officers of the Company, the cooling off period is the later of (a) 90 days following the date of the adoption of the Rule 10b5-1 Trading Plan, or (b) two business days following the date of disclosure in a periodic report (Form 10-Q or 10-K) filed with the SEC for the quarter in which the Rule 10b5-1 Trading Plan was adopted. For other Covered Persons, the cooling off period is 30 days following the date of

5

the adoption of the Rule 10b5-1 Trading Plan.

g.Include an expiration date that is at least six months but not more than 18 months from the effective date of your Rule 10b5-1 Trading Plan. We will not approve Rule 10b5-1 Plans with terms of less than 6 months or in excess of 18 months. Shorter-term plans may be viewed as an attempt to make advantageous short-term trades, and longer-term plans are likely to have to be amended or terminated, which defeats the ultimate purpose of Rule 10b5-1 Trading Plans.

2.Trading Outside Your 10b5-1 Trading Plan. You may only purchase or sell the Company’s Restricted Securities outside of your 10b5-1 Trading Plan in accordance with this Policy. In addition, you may not buy or sell Company Restricted Securities in an effort to use a hedging strategy to offset your Rule 10b5-1 Plan trades while a Rule 10b5-1 Trading Plan is in effect. Any trading outside of your Rule 10b5-1 Trading Plan will be subject to heightened scrutiny for potential hedging and, depending on the circumstances, it may be advisable not to engage in any trading outside the Rule 10b5-1 Trading Plan.

3.Amendment, Suspension or Termination of the 10b5-1 Trading Plan. In most instances, the SEC views the modification, amendment, or suspension of a Rule 10b5-1 Trading Plan as a termination of the Rule 10b5-1 Plan followed by an adoption of a new Rule 10b5-1 plan, triggering observation of the applicable cooling off period before trading commences under the new Rule 10b5-1 Plan. As a result, modifications, amendments, suspensions, and terminations of Rule 10b5-1 Trading Plans will require preapproval of the Chief Financial Officer, who shall inquire into the effects of the modification, amendment, suspension, and termination on trading activity. Scheduled sales or purchases of Company Restricted Securities pursuant to your Rule 10b5-1 Trading Plan will not be halted during the pendency of your amendment, suspension, or termination request. The Company has the right at any time to require additional and/or different requirements in connection with the amendment, suspension, or termination of a Rule 10b4-1 Trading Plan in order to protect you and the Company from potential liability. Further, your Rule 10b5-1 Trading Plan may be terminated or suspended by the Company at any time and for any reason. You may only voluntarily amend, suspend or terminate your Rule 10b5-1 Trading Plan with preapproval from the Chief Financial Officer, subject to the following conditions:

a.You may only amend, suspend or terminate your Rule 10b5-1 Trading Plan outside of a trading blackout.

b.You may not amend, suspend or terminate your Rule 10b5-1 Trading Plan if at the time of the amendment, suspension or termination you possess MNPI concerning the Company.

c.You must sign a certificate in favor of the Company and your broker affirmatively stating that you do not possess MNPI concerning the Company at the time of the amendment, suspension or termination.

d.Your amendment, suspension or termination must include a 30-day

6

cooling off period between your commitment to such amendment, suspension or termination and its effectiveness. Trading under your Rule 10b5-1 Trading Plan will continue pursuant to the original terms of your Rule 10b5-1 Trading Plan until this 30-day cooling off period has elapsed. Any subsequent Rule 10b5-1 Plan that you adopt will be subject to the applicable cooling off period as required by SEC rules.

4.Limitation on Single-Trade Plans. The Chief Financial Officer has sole discretion to approve Rule 10b5-1 Plans that are designed to effect only a single transaction in any 12-month period.

5.Prohibition on Multiple-Overlapping Plans. You may not maintain more than one active Rule 10b5-1 Trading Plan unless SEC rules allow for an exception. The Chief Financial Officer must verify the existence of an applicable exception in advance of the adoption of multiple-overlapping plans. Notwithstanding the above, multiple brokers may execute transactions on behalf of a Rule 10b5-1 Plan holder under the same 10b5-1 Rule Plan instructions.

6.Additional Plan Provisions. None of the requirements or plan terms currently contemplated herein are exhaustive or limiting on the Company. The Company has the right to require the inclusion of additional provisions in your Rule 10b5-1 Plan designed to protect you and/or the Company, whether before or after the Rule 10b5-1 Plan has been approved by the Chief Financial Officer, or to delete or amend existing provisions.

VIII.MISCELLANEOUS

A.LOCATION OF THIS POLICY

This Policy is updated as needed. The most recent version of this Policy can be accessed in the Company handbook.

B.COMPANY ASSISTANCE

Any person who has any questions about specific transactions may obtain additional guidance by contacting the Chief Financial Officer.

IX.CERTIFICATION

All directors, officers and employees of the Company are required to certify their understanding of and intent to comply with this Policy.

Remember, the ultimate responsibility for adhering to this Policy and avoiding improper transactions rests with you. It is imperative that you always exercise good judgment when trading.

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EX-21

Exhibit 21

NNN REIT, INC.

SUBSIDIARIES OF THE REGISTRANT

December 31, 2024

Subsidiary	Jurisdiction of Formation
CCMH V, LLC	Delaware
CNL Commercial Mortgage Funding, Inc.	Delaware
NNN REIT Trust	Maryland
NNN REIT, LP	Delaware
Net Lease Funding, Inc.	Maryland
Net Lease Realty I, Inc.	Maryland
NNN Athletic I LLC	Delaware
NNN Brokerage Services, Inc.	Maryland
NNN CA Auto Svc LLC	Delaware
NNN GP Corp.	Delaware
NNN PBY LLC	Delaware
NNN SC Trust	Maryland
NNN TRS, Inc.	Maryland
Orange Avenue Mortgage Investments, Inc.	Delaware

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-3 No. 333-277204) pertaining to the Dividend Reinvestment and Stock Purchase Plan of NNN REIT, Inc.,

(2)Registration Statement (Form S-3 No. 333-273605) of NNN REIT, Inc.,

(3)Registration Statement (Form S-8 No. 333-144100) pertaining to the 2007 Performance Incentive Plan of NNN REIT, Inc.,

(4)Registration Statement (Form S-3 No. 333-111180) pertaining to the Retirement Plan for CTA,

(5)Registration Statement (Form S-8 No. 333-218339) pertaining to the 2017 Performance Incentive Plan of NNN REIT, Inc., and

(6)Registration Statement (Form S-8 No. 333-273604) pertaining to Amendment No. 1 to the 2017 Performance Incentive Plan of NNN REIT, Inc.;

of our reports dated February 11, 2025, with respect to the consolidated financial statements and schedules of NNN REIT, Inc. and Subsidiaries and the effectiveness of internal control over financial reporting of NNN REIT, Inc. and Subsidiaries included in this Annual Report (Form 10-K) of NNN REIT, Inc. for the year ended December 31, 2024.

/s/ Ernst & Young LLP

Orlando, Florida

February 11, 2025

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen A. Horn, Jr., certify that:

1.I have reviewed this Annual Report on Form 10-K of NNN REIT, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

February 11, 2025		/s/ Stephen A. Horn, Jr.
Date	Name:	Stephen A. Horn, Jr.
	Title:	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin B. Habicht, certify that:

1.I have reviewed this Annual Report on Form 10-K of NNN REIT, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

February 11, 2025		/s/ Kevin B. Habicht
Date	Name:	Kevin B. Habicht
	Title:	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Stephen A. Horn, Jr., President and Chief Executive Officer, certifies, to the best of his knowledge, that (1) this Annual Report of NNN REIT, Inc. (“NNN”) on Form 10-K for the period ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in this Report fairly presents, in all material respects, the financial condition of NNN as of December 31, 2024 and 2023 and its results of operations for the years ended December 31, 2024, 2023 and 2022.

February 11, 2025		/s/ Stephen A. Horn, Jr.
Date	Name:	Stephen A. Horn, Jr.
	Title:	President and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to NNN and will be retained by NNN and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Kevin B. Habicht, Executive Vice President and Chief Financial Officer, certifies, to the best of his knowledge, that (1) this Annual Report of NNN REIT, Inc. (“NNN”) on Form 10-K for the period ended December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in this Report fairly presents, in all material respects, the financial condition of NNN as of December 31, 2024 and 2023 and its results of operations for the years ended December 31, 2024, 2023 and 2022.

February 11, 2025		/s/ Kevin B. Habicht
Date	Name:	Kevin B. Habicht
	Title:	Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to NNN and will be retained by NNN and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.1

NYSE Domestic Section 303A Written Affirmation Issuer NNN REIT, Inc. Exchange NYSE WA Year 2024 WA Type1 Annual Notice of Non-compliance: Yes 2 No Part I INSTRUCTIONS: Companies listed on the New York Stock Exchange (the “Exchange” or “NYSE”) must comply with the applicable corporate governance requirements set forth in Section 303A of the NYSE Listed Company Manual (the “Manual”) . Please provide the information for each director currently serving, or who will be serving as of the day of listing, on the Company’s board of directors and on the Company’s audit committee, compensation committee or nominating/corporate governance committee. Board Members Director Name Board Class Term End Board Independent3 10A-3 Ind.7 CC Ind.8 AC4 CC5 NC6 Financial Literacy Kevin B. Habicht None 2025 No — — — David M. Fick None 2025 Yes Yes Yes SEC Audit Committee Financial Expert Edward J. Fritsch None 2025 Yes — Yes — Pamela K. M. Beall None 2025 Yes Yes — SEC Audit Committee Financial Expert Steven D. Cosler None 2025 Yes — — — Betsy D. Holden None 2025 Yes Yes Yes SEC Audit Committee Financial Expert Kamau O. Witherspoon SEC Audit Committee Financial Expert Stephen A. Horn, Jr. — Elizabeth Castro Gulacsy None 2025 Yes Yes — None 2025 No — — None 2025 Yes Yes — SEC Audit Committee Financial Expert Part II INSTRUCTIONS: Please check only one box that best describes the Company: Lists common equity securities on the NYSE and does not fit any of the other categories listed below Qualifies as a controlled company and relies on the exemption Is a limited partnership Is in bankruptcy Is a business development company Is a smaller reporting company and relies on the compensation committee exemption Is a smaller reporting company that is a business development company and relies on the compensation committee exemption Part III INSTRUCTIONS: In response to each item below, please check the box beside the single affirmation that is most applicable to the Company. Please note that, depending on the affirmation made, an item may require the Company to provide additional information or a link to the applicable

document referenced therein. Please also note that specific types of entities may avail themselves of exemptions to or transition periods for, compliance with certain of the requirements. If the Company is availing itself of any of these exemptions or transition periods, it should select the corresponding affirmation for the applicable item. Item 1. Director Independence: Sections 303A.01 and 303A.02 of the Manual I hereby certify that the Company’s board of directors is comprised of a majority of independent directors as required by Section 303A.01 and defined in Section 303A of the Manual. For business development companies only: I hereby certify that a majority of the Company’s directors are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940. For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the one year transition period provided for in Section 303A.00 of the Manual. I further hereby certify that the Company’s board of directors will be comprised of a majority of independent directors as required by Section 303A.01 as defined in Section 303A of the Manual by the end of the one year transition period. For limited partnerships, controlled companies, and companies that are in bankruptcy only: I hereby certify that the Company is exempt from this requirement. The Company is unable to make one of the affirmations set forth in this Item 1 and is therefore non-compliant for the following reasons: Item 2. Executive Sessions, Presiding Director and Interested Party Communication: Section 303A.03 of the Manual I hereby certify that the Company has, or will have (in the case of an Initial Affirmation), regularly scheduled meetings of its non- management or independent directors and has also complied with all of the other relevant requirements as required by Section 303A.03 of the Manual. The Company is unable to make the aforementioned affirmation in this Item 2 and is therefore non-compliant for the following reasons: Item 3. Nominating/Corporate Governance Committee: Section 303A.04 of the Manual I hereby certify that the Company has a nominating/corporate governance committee (or a comparable committee to which such duties have been delegated) that meets the requirements of Section 303A.04 of the Manual. I further hereby certify that such committee has a written charter that meets the requirements of Section 303A.04 of the Manual. For an Initial Affirmation, I hereby certify that the nominating/corporate governance committee charter is currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement that the nominating/corporate governance committee charter is available on the Company’s website at the link provided in the box below. Link http://www.nnnreit.com For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual and that the Company will be in full compliance at the end of the transition period. If the Company has already adopted a nominating/corporate governance committee charter, the charter is available on the Company’s website at (insert link). Please provide a brief description for the basis for reliance on the exemption below. For limited partnerships, controlled companies, and companies that are in bankruptcy only: I hereby certify that the Company is exempt from this requirement. The Company is unable to make one of the affirmations set forth in this Item 3 and is therefore non-compliant for the following reasons:

Item 4. Compensation Committee: Section 303A.05 of the Manual I hereby certify that the Company has a compensation committee (or a comparable committee to which such duties have been delegated) that meets the requirements of Section 303A.05 of the Manual(including the additional independence requirements applicable to compensation committee members under Section 303A.02 of the Manual). I further hereby certify that such committee has a written charter that meets the requirements of Section 303A.05 of the Manual. For an Initial Affirmation, I hereby certify that the compensation committee charter is currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement that the compensation committee charter is available on the Company’s website at the link provided in the box below. Link http://www.nnnreit.com For smaller reporting companies only: I hereby certify that the Company qualifies as a smaller reporting company under Rule 12b-2 of the Exchange Act and is therefore exempt from compliance with Sections 303A.02(a)(ii) and 303A.05(c)(iv) of the Manual. I further hereby certify that the Company has a compensation committee (or a comparable committee to which such duties have been delegated) composed entirely of independent directors and such committee has a written charter that meets the requirements of Section 303A.05 of the Manual. For an Initial Affirmation, I hereby certify that the compensation committee charter is currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement that the compensation committee charter is available on the Company’s website at the link provided in the box below. For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual and that the Company will be in full compliance at the end of the transition period. If the Company has already adopted a compensation committee charter, the charter is available on the Company’s website at (insert link). Please provide a brief description for the basis for reliance on the exemption below. For companies relying on the compensation committee cure period provided in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual because a member of the compensation committee ceases to be independent for reasons outside the member’s reasonable control. Please provide a brief description for the basis for reliance and the names of any such committee member relying on the cure below. For limited partnerships, controlled companies, and companies that are in bankruptcy only: I hereby certify that the Company is exempt from this requirement. The Company is unable to make one of the affirmations set forth in this Item 4 and is therefore non-compliant for the following reasons:

Item 5. Audit Committee: Section 303A.07 of the Manual I hereby certify that (i) the Company has an audit committee that meets the requirements of Section 303A.07 of the Manual and that the composition of such audit committee complies with (or is exempt therefrom) the independence requirements of Rule 10A-3(b)(1) of the Exchange Act and (ii) such audit committee has a written charter that meets the requirements of Section 303A.07 of the Manual. For an Initial Affirmation, I hereby certify that the audit committee charter is currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement or Form 10-K, as applicable, that the audit committee charter is available on the Company’s website at the link provided in the box below. Link http://www.nnnreit.com For business development companies only: I hereby certify that (i) the Company has an audit committee that meets the requirements of Section 303A.07 of the Manual (subject to the applicable exemptions set forth in Section 303A.00 of the Manual) and that the composition of such audit committee complies with (or is exempt from) the independence requirements of Rule 10A-3(b)(1) of the Exchange Act and (ii) such audit committee has a written charter that meets the requirements of Section 303A.07 of the Manual. For an Initial Affirmation, I hereby certify that the audit committee charter is currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement that the audit committee charter is available on the Company’s website at the link provided in the box below. For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual and that the Company will be in full compliance by the end of the transition period. If the Company has already adopted an audit committee charter, the charter is available on the Company’s website at (insert link). Please provide a brief description for the basis for reliance on the exemption below. The Company is unable to make one of the affirmations set forth in this Item 5 and is therefore non-compliant for the following reasons: Item 6. Audit Committee Exemption: Section 303A.06 of the Manual for Rule 10A-3 of the Exchange Act I hereby certify that the Company is relying on an individual or company exemption under Rule 10A-3 in Item 5, above. Please state below which Rule 10A-3 exemption(s) the Company or any individual member is relying on and briefly describe the basis for such exemption below. Item 7. Internal Audit Function: Section 303A.07(c) of the Manual I hereby certify that the Company maintains an internal audit function that complies with Section 303A.07(c) of the Manual. For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual and that the Company will be in full compliance by the end of the transition period. The Company is unable to make one of the affirmations set forth in this Item 7 and is therefore non-compliant for the following reasons: Item 8. Corporate Governance Guidelines: Section 303A.09 of the Manual I hereby certify that the Company has adopted corporate governance guidelines that comply with Section 303A.09 of the Manual. For an Initial Affirmation, I hereby certify that the corporate governance guidelines are currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement or Form 10-K, as applicable, that the corporate governance guidelines are available on the Company’s website at the link provided in the box below. Link http://www.nnnreit.com For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual and that the Company will be in full compliance by the end of the transition period. The Company is unable to make one of the affirmations set forth in this Item 8 and is therefore non-compliant for the following reasons:

Item 9. Code of Business Conduct and Ethics: Section 303A.10 of the Manual I hereby certify that the Company has adopted a code of business conduct and ethics that complies with Section 303A.10 of the Manual. For an Initial Affirmation, I hereby certify that the code of business conduct and ethics is currently available on the Company’s website at the link provided in the box below, or will be available on the Company’s website within the applicable timeline provided under Section 303A.00 of the Manual. For an Annual Affirmation, I hereby certify that the Company has disclosed in its Annual Proxy Statement or Form 10-K, as applicable, that the code of business conduct and ethics is available on the Company’s website at the link provided in the box below. Link http://www.nnnreit.com For companies relying on the transition period provided for in Section 303A.00 of the Manual only: I hereby certify that the Company is entitled to rely, and is relying, on the transition period provided for in Section 303A.00 of the Manual and that the Company will be in full compliance by the end of the transition period. The Company is unable to make one of the affirmations set forth in this Item 9 and is therefore non-compliant for the following reasons: Item 10. Other Non-Compliance: Section 303A of the Manual Apart from any non-compliance specific to the preceding sections, the Company is non-compliant with Section 303A of the Manual for the following reason(s): Item 11. Other General Comments Comments The Company's annual Proxy Statement is available on the Company's website at http://www.nnnreit.com NYSE Domestic Company Annual CEO Certification : As the Chief Executive Officer and as required by Section 303A.12(a) of the New York Stock Exchange Listed Company Manual Stephen A. Horn, Jr. CEO and President I hereby certify that as of the date hereof I am not aware of any violation by the Company of NYSE’s corporate governance listing standards. I hereby certify that as of the date hereof the Company is non-compliant with the NYSE’s corporate governance listing standards. CEO Signature CEO Title Certification Date 2024-05-20 - 10:09 AM Companies that are submitting an Initial Affirmation must be compliant in all areas, subject to applicable transition periods. If this document is serving as a non-compliance notification to the Exchange it must be executed by the Company’s CEO. NYSE Section 303A.02 Independent Serves on the Audit Committee Serves on the Compensation Committee Serves on the Nominating/Corporate Governance Committee Independent for purposes of Rule 10A-3 of the Securities Exchange Act of 1934 (“Rule 10A-3”) Section 303A.02(a)(ii) Independent Authorized Company Officer Signature I am an authorized officer at the Company and have the legal authority to provide the information and make the affirmations contained herein. I hereby certify that all information contained herein is true and correct to the best of my knowledge as of the date hereof. Gina M. Steffens By (name) Executive Vice President and Secretary Title 2024-05-20 - 10:09 AM Submitted Date

XML

Cover page - USD ($)

12 Months Ended

Dec. 31, 2024

Jan. 31, 2025

Jun. 30, 2024

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2024

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

001-11290

Entity Registrant Name

NNN REIT, INC

Entity Incorporation, State or Country Code

MD

Entity Tax Identification Number

56-1431377

Entity Address, Address Line One

450 South Orange Avenue, Suite 900

Entity Address, City or Town

Orlando

Entity Address, State or Province

FL

Entity Address, Postal Zip Code

32801

City Area Code

407

Local Phone Number

265-7348

Title of 12(b) Security

Common Stock, $0.01 par value

Trading Symbol

NNN

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Entity Shell Company

false

Entity Public Float

$ 7,741,963,000

Entity Common Stock, Shares Outstanding

187,553,140

Documents Incorporated by Reference

Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of NNN REIT, Inc.'s definitive Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A.

Entity Central Index Key

0000751364

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

FY

Amendment Flag

false

Auditor Name

Ernst & Young LLP

Auditor Location

Orlando, Florida

Auditor Firm ID

42

Document Financial Statement Error Correction [Flag]

false

Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of NNN REIT, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedules listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 11, 2025 expressed an unqualified opinion thereon.

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Real estate portfolio, net of accumulated depreciation and amortization	$ 8,746,168	$ 8,535,851
Cash and cash equivalents	8,731	1,189
Restricted cash and cash held in escrow	331	3,966
Receivables, net of allowance of $617 and $669, respectively	2,975	3,649
Accrued rental income, net of allowance of $4,156 and $4,168, respectively	34,005	34,611
Debt costs, net of accumulated amortization of $27,002 and $23,952, respectively	8,958	3,243
Other assets	71,560	79,459
Total assets	8,872,728	8,661,968
Liabilities:
Line of credit payable	0	132,000
Notes payable, net of unamortized discount and unamortized debt costs	4,373,803	4,228,544
Accrued interest payable	29,699	34,374
Other liabilities	106,951	109,593
Total liabilities	4,510,453	4,504,511
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.01 par value. Authorized 375,000,000 shares; 187,540,929 and 182,474,770 shares issued and outstanding, respectively	1,877	1,826
Capital in excess of par value	5,197,644	4,971,625
Accumulated deficit	(829,287)	(805,883)
Accumulated other comprehensive income (loss)	(7,959)	(10,111)
Total equity	4,362,275	4,157,457
Total liabilities and equity	$ 8,872,728	$ 8,661,968

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Allowance on receivables	$ 617	$ 669
Accrued rental income allowance	4,156	4,168
Debt costs accumulated amortization	$ 27,002	$ 23,952
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	375,000,000	375,000,000
Common stock, shares issued (in shares)	187,540,929	182,474,770
Common stock, shares outstanding (in shares)	187,540,929	182,474,770

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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 867,468	$ 826,090	$ 771,618
Interest and other income from real estate transactions	1,798	2,021	1,435
Total revenues	869,266	828,111	773,053
Operating expenses:
General and administrative	44,287	43,746	41,695
Real estate	32,317	28,378	26,281
Depreciation and amortization	249,681	238,625	223,834
Leasing transaction costs	99	299	320
Impairment losses - real estate, net of recoveries	6,632	5,990	8,309
Executive retirement costs	668	3,454	7,520
Total operating expenses	333,684	320,492	307,959
Gain on disposition of real estate	42,290	47,485	17,443
Earnings from operations	577,872	555,104	482,537
Other expenses (revenues):
Interest and other income	(2,980)	(1,134)	(149)
Interest expense	184,017	163,898	148,065
Total other expenses (revenues)	181,037	162,764	147,916
Net earnings	396,835	392,340	334,621
Loss attributable to noncontrolling interests	0	0	5
Net earnings attributable to stockholders	$ 396,835	$ 392,340	$ 334,626
Net earnings per share:
Basic (in dollars per share)	$ 2.16	$ 2.16	$ 1.89
Diluted (in dollars per share)	$ 2.15	$ 2.16	$ 1.89
Weighted average shares outstanding:
Basic (in shares)	183,688,562	181,200,040	176,403,656
Diluted (in shares)	184,043,841	181,689,723	177,067,865
Other comprehensive income:
Net earnings attributable to stockholders	$ 396,835	$ 392,340	$ 334,626
Amortization of interest rate hedges	2,152	2,471	2,374
Comprehensive income attributable to stockholders	398,987	394,811	337,000
Comprehensive loss attributable to noncontrolling interests	0	0	(5)
Total comprehensive income	$ 398,987	$ 394,811	$ 336,995

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Total Stockholders' Equity of NNN	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balances at Dec. 31, 2021	$ 3,901,663,000	$ 3,901,662,000	$ 1,757,000	$ 4,662,714,000	$ (747,853,000)	$ (14,956,000)	$ 1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to stockholders	334,621,000	334,626,000			334,626,000		(5,000)
Dividends declared and paid:
Common stock dividends declared and paid	(377,773,000)	(377,773,000)		2,765,000	(380,538,000)
Issuance of common stock:
director compensation	1,244,000	1,244,000		1,244,000
stock purchase plan	317,000	317,000		317,000
ATM equity program	250,890,000	250,890,000	55,000	250,835,000
restricted shares - net of forfeitures			3,000	(3,000)
Stock issuance costs	(3,761,000)	(3,761,000)		(3,761,000)
Amortization of deferred compensation	14,205,000	14,205,000		14,205,000
Amortization of interest rate hedges	2,374,000	2,374,000				2,374,000
Distributions to noncontrolling interests	(278,000)						(278,000)
Other		(282,000)		(282,000)			282,000
Balances at Dec. 31, 2022	4,123,502,000	4,123,502,000	1,815,000	4,928,034,000	(793,765,000)	(12,582,000)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to stockholders	392,340,000				392,340,000
Dividends declared and paid:
Common stock dividends declared and paid	(401,560,000)		1,000	2,897,000	(404,458,000)
Issuance of common stock:
director compensation	1,128,000			1,128,000
stock purchase plan	280,000			280,000
ATM equity program	29,150,000		7,000	29,143,000
restricted shares - net of forfeitures			3,000	(3,000)
Stock issuance costs	(954,000)			(954,000)
Amortization of deferred compensation	11,100,000			11,100,000
Amortization of interest rate hedges	2,471,000					2,471,000
Balances at Dec. 31, 2023	4,157,457,000	$ 4,157,457,000	1,826,000	4,971,625,000	(805,883,000)	(10,111,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to stockholders	396,835,000				396,835,000
Dividends declared and paid:
Common stock dividends declared and paid	(417,695,000)		1,000	2,543,000	(420,239,000)
Issuance of common stock:
director compensation	1,279,000			1,279,000
stock purchase plan	176,000			176,000
ATM equity program	214,861,000		47,000	214,814,000
restricted shares - net of forfeitures			3,000	(3,000)
Stock issuance costs	(3,328,000)			(3,328,000)
Amortization of deferred compensation	10,538,000			10,538,000
Amortization of interest rate hedges	2,152,000					2,152,000
Balances at Dec. 31, 2024	$ 4,362,275,000		$ 1,877,000	$ 5,197,644,000	$ (829,287,000)	$ (7,959,000)

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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock dividends declared and paid (in dollars per share)	$ 2.29	$ 2.23	$ 2.16
Issuance of common stock - Director compensation (in shares)	36,614	34,254	33,013
Issuance of common stock - Stock purchase plan (in shares)	4,060	6,651	7,235
Issuance of common stock - ATM equity program (in shares)	4,652,100	650,135	5,473,072
Issuance of common stock - restricted shares, net (in shares)	342,675	275,317	232,551

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net earnings		$ 396,835	$ 392,340	$ 334,621
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		249,681	238,625	223,834
Impairment losses – real estate, net of recoveries		6,632	5,990	8,309
Amortization of notes payable discount		2,926	2,074	1,691
Amortization of debt costs		5,993	4,943	4,734
Amortization of mortgages payable premium		0	(21)	(87)
Amortization of interest rate hedges		2,152	2,471	2,374
Gain on disposition of real estate		(42,290)	(47,485)	(17,443)
Performance incentive plan expense		12,835	13,375	17,330
Performance incentive plan payment		(1,274)	(916)	(103)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease (increase) in receivables		674	(853)	358
Decrease (increase) in accrued rental income		(294)	(7,453)	3,559
Decrease in other assets		(190)	243	424
Increase (decrease) in accrued interest payable		(4,675)	10,548	(97)
Increase (decrease) in other liabilities		6,581	(1,550)	(1,217)
Other		(82)	79	68
Net cash provided by operating activities		635,504	612,410	578,355
Cash flows from investing activities:
Proceeds from the disposition of real estate		149,834	116,334	66,962
Additions to real estate		(572,874)	(795,791)	(842,872)
Principal payments received on mortgages and notes receivable		599	559	521
Other		(1,895)	(1,762)	(2,242)
Net cash used in investing activities		(424,336)	(680,660)	(777,631)
Cash flows from financing activities:
Proceeds from line of credit payable		545,500	872,500	688,000
Repayment of line of credit payable		(677,500)	(906,700)	(521,800)
Repayment of mortgages payable		0	(9,947)	(664)
Proceeds from notes payable		493,840	488,380	0
Repayment of notes payable		(350,000)	0	0
Payment of debt issuance costs		(13,127)	(4,510)	(199)
Proceeds from issuance of common stock		217,581	32,328	253,972
Stock issuance costs		(3,316)	(966)	(3,761)
Payment of common stock dividends		(420,239)	(404,458)	(380,538)
Noncontrolling interest distributions		0	0	(278)
Net cash provided by (used in) financing activities		(207,261)	66,627	34,732
Net decrease in cash, cash equivalents and restricted cash		3,907	(1,623)	(164,544)
Cash, cash equivalents and restricted cash at beginning of year	[1]	5,155	6,778	171,322
Cash, cash equivalents and restricted cash at end of year	[1]	9,062	5,155	6,778
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized		183,426	148,169	140,331
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income		2,152	2,471	2,374
Right-of-use assets recorded in connection with lease liabilities		0	6,401	0
Change in work in progress accrual		$ (7,458)	$ 23,103	$ 4,468

[1] Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. As of December 31, 2024, 2023 and 2022, NNN had restricted cash of $331, $3,966 and $4,273, respectively.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash and cash held in escrow	$ 331	$ 3,966	$ 4,273

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Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 396,835	$ 392,340	$ 334,626

XML

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Cybersecurity Risk Management, Strategy, and Governance

12 Months Ended

Dec. 31, 2024

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

With oversight from the Board of Directors, NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs. Primary cybersecurity risk oversight has been delegated to the Audit Committee. The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture.

The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO.

NNN's information systems process and store critical and sensitive NNN data. Management and the Board of Directors are committed to protecting NNN systems and data through layered perimeter, interrogation and access controls, as well as following a constant process of researching, assessing, patching and remediating. Processes to assess, identify, isolate, remediate and manage cybersecurity risks have been integrated into NNN's overall risk management system. Below are examples of actions NNN takes to protect NNN's information systems and data from cybersecurity risk:

•Align systems and processes with best practices, including the National Institute of Standards and Technology Cybersecurity Framework, for securing NNN information systems and data;

•Perform continuous systems monitoring and tactical measures for impending viruses, malware, tampering, exploits and other cyber threats;

•Deploy systems tools to detect, prevent and neutralize cyber threats;

•Engage independent third-party consultants to assist in evaluating cybersecurity risks and response profile and plans;

•Identify, oversee and evaluate the risks associated with third-party service providers and consultants;

•Continuously educate and provide procedural training to all associates and the Board of Directors regarding cybersecurity awareness and risks such as enterprise security, malware, data protection best practices, anti-phishing exercises and updates with respect to other implemented information security measures;

•Periodically measure the effectiveness of associate training;

•Cybersecurity risk management is periodically reviewed with NNN's Enterprise Risk Management Team;

•Perform ongoing internal and external penetration testing and vulnerability assessments with a high priority for timely remediation; and

•Establish reporting deadlines and hierarchies so that data regarding an incident or possible incident is communicated in a timely manner to NNN's management, to the Audit Committee of the Board of Directors, and if, appropriate or required by law, to the Commission.

Management is aware that preventive measures cannot prevent all cyber incidents. The CATO has direct oversight over the Company's security programs on a daily basis. When a cyber incident occurs, NNN's actions are guided by an incident response plan decision tree to (i) detect, contain and eradicate any threats, (ii) assess materiality, (iii) notify internal parties and the Audit Committee Chairperson, (iv) recover any compromised NNN data and information systems, (v) limit impacts of any such incident on NNN's operations, and (vi) report any such incident as require by law or as otherwise necessary. For a detailed discussion of risks from cybersecurity threats, please see “Item 1A. Risk Factors.”

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Processes to assess, identify, isolate, remediate and manage cybersecurity risks have been integrated into NNN's overall risk management system. Below are examples of actions NNN takes to protect NNN's information systems and data from cybersecurity risk

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Board of Directors Oversight [Text Block]

With oversight from the Board of Directors, NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs. Primary cybersecurity risk oversight has been delegated to the Audit Committee. The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture.

The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO.

NNN's information systems process and store critical and sensitive NNN data. Management and the Board of Directors are committed to protecting NNN systems and data through layered perimeter, interrogation and access controls, as well as following a constant process of researching, assessing, patching and remediating.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Primary cybersecurity risk oversight has been delegated to the Audit Committee.The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident.

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs.NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO

Cybersecurity Risk Role of Management [Text Block]

The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture.The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations.

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture.

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Organization and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

Note 1 – Organization and Summary of Significant Accounting Policies:

Organization and Nature of Business. NNN REIT, Inc., a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The term "NNN" or the "Company" refers to NNN REIT, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRS").

NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property").

	December 31, 2024
Property Portfolio:
Total Properties	3,568
Gross leasable area (square feet) (unaudited)	36,557,000
States	49
Weighted average remaining lease term (years)	10

In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Topic 280, Segment Reporting, NNN's operations are reported within one reportable segment in the consolidated financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties. Additional disclosure in "Note 9 – Segment Information."

Principles of Consolidation. NNN's consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the FASB ASC guidance included in Topic 810, Consolidation. All significant intercompany account balances and transactions have been eliminated.

NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. As of December 31, 2024, NNN had no interest in any variable interest entities.

Real Estate Portfolio. NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest, third-party costs and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2024, 2023 and 2022, NNN recorded $5,805,000, $4,286,000 and $881,000, respectively, in capitalized interest during development.

Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values.

The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.

NNN completed $410,969,000 and $599,480,000 of real estate acquisitions during the year ended December 31, 2024 and 2023, respectively. Additionally, NNN invested $154,447,000 and $220,230,000 of work in progress and improvements during the year ended December 31, 2024 and 2023, respectively.

Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("ASC 842").

NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below:

Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.

Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN's net investment in the leases.

NNN adopted certain practical expedients in ASC 842 and does not separate the non-lease components from the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all income earned pursuant to tenant leases are reflected as one-line, rental income, in the Consolidated Statements of Income and Comprehensive Income. In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842.

Collectability. In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent), historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections and the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims.

When NNN deems the collection of rental income from a tenant not probable, uncollected and previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored.

As a result of the review of collectability, NNN recorded a write-off of $763,000 and $204,000 of outstanding receivables and related accrued rent during the years ended December 31, 2024 and 2023, respectively, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2022, no tenants were deemed as cash basis for accounting purposes.

The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:

	2024			2023			2022
Number of tenants		12			9			8
Cash basis tenants as a percent of:
Total Properties		2.5	%		3.5	%		5.0	%
Total annual base rent(1)		4.3	%		5.0	%		7.0	%
Total gross leasable area		4.5	%		4.8	%		6.6	%

(1)	Based on annualized base rent for all leases in place on each respective date.
		$860,562,000 as of December 31, 2024.
		$818,749,000 as of December 31, 2023.
		$771,984,000 as of December 31, 2022.

During the years ended December 31, 2024, 2023 and 2022, NNN recognized $39,495,000, $56,229,000 and $62,454,000, respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes.

During the years ended December 31, 2023 and 2022, one and three tenants, respectively, were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. More information regarding the reclassification in 2023 can be found in "Note 2 – Real Estate". The impact of the reclassification in 2022 was immaterial.

NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income.

Real Estate – Held For Sale. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant and Equipment, including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2024 and 2023, NNN had recorded real estate held for sale of $283,000 (two properties) and $4,573,000 (one property), respectively, in real estate portfolio on the Consolidated Balance Sheets. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

Real Estate Dispositions. When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

Impairment – Real Estate. NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN's Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term.

Credit Losses on Financial Instruments. FASB ASC Topic 326, Financial Instruments – Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term.

NNN held mortgages receivable, including accrued interest, of $454,000 and $1,002,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of $9,000 and $64,000 allowance for credit loss, respectively. NNN periodically evaluates the allowance for credit loss based on the fair value of the collateral and a 15-year historical collectability trend analysis.

Cash and Cash Equivalents. NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts.

Restricted Cash and Cash Held in Escrow. Restricted cash and cash held in escrow may include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. NNN held $331,000 and $3,966,000 in restricted cash and cash held in escrow as of December 31, 2024 and 2023, respectively.

Debt Costs – Line of Credit Payable. Debt costs incurred in connection with NNN's $1,200,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the Credit Facility (as defined in "Note 3 – Line of Credit Payable") as an asset, in debt costs on the Consolidated Balance Sheets.

Debt Costs – Notes Payable. Debt costs incurred in connection with the issuance of NNN's unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. NNN had debt costs of $43,820,000 and $42,595,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of accumulated amortization of $14,060,000 and $14,343,000, respectively.

Revenue Recognition. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842, based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.

FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, Earnings Per Share. The guidance requires classification of the Company's unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method for the years ended December 31 (dollars in thousands):

	2024			2023			2022
Basic and Diluted Earnings:
Net earnings available to stockholders	$	396,835		$	392,340		$	334,626
Less: Earnings allocated to unvested restricted shares		(686	)		(609	)		(514	)
Net earnings used in basic and diluted earnings per share	$	396,149		$	391,731		$	334,112
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average shares outstanding		184,723,988			182,184,038			177,332,094
Less: Unvested restricted shares		(299,534	)		(273,077	)		(237,918	)
Less: Unvested contingent restricted shares		(735,892	)		(710,921	)		(690,520	)
Weighted average shares outstanding used in basic earnings per share		183,688,562			181,200,040			176,403,656
Other dilutive securities		355,279			489,683			664,209
Weighted average shares outstanding used in diluted earnings per share		184,043,841			181,689,723			177,067,865

Income Taxes. NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, NNN believes it has qualified as a REIT. Notwithstanding NNN's qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes.

NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN's former TRS. The deferred tax asset consists only of net operating loss carryforwards of $3,804,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The valuation allowance decreased by $95,000 for the year ended December 31, 2024 as a result of the decrease in the deferred tax asset. There was no change to the valuation allowance for the years ended December 31, 2023 and 2022. NNN currently has no TRS entities.

Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period.

In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded.

NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2021 through 2024. NNN also files in many states and localities with varying open years under statute.

Fair Value Measurement. NNN's estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in FASB ASC Topic 820, Fair Value Measurement. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

•Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

•Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

Accumulated Other Comprehensive Income (Loss). The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 (dollars in thousands):

	Gain or Loss on Cash Flow Hedges(1)
Beginning balance, December 31, 2022	$	(12,582	)
Reclassifications from accumulated other comprehensive income to net earnings		2,471		(2)
Ending balance, December 31, 2023		(10,111	)
Reclassifications from accumulated other comprehensive income to net earnings		2,152		(2)
Ending balance, December 31, 2024	$	(7,959	)

(1)Additional disclosure is included in "Note 4 – Notes Payable and Derivatives."

(2)Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

New Accounting Pronouncements. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2024, ASU 2022-06 had no impact on NNN's financial position or results of operations.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. The adoption of ASU 2023-07 did not have a significant impact on NNN’s financial statement disclosures. Additional disclosure required by ASU 2023-07 is included in “Note 9 – Segment Information.”

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments eliminate some of the previous required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within 12 months. NNN is currently evaluating the potential impact the adoption of ASU 2023-09 will have on its future disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2027-03"), effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. NNN is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures.

Use of Estimates. Additional critical accounting policies of NNN include management's estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities which are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management's estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.

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Real Estate

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Real Estate

Note 2 – Real Estate:

Real Estate – Portfolio

Leases. At December 31, 2024, NNN's real estate portfolio has a weighted average remaining lease term of 10 years and consisted of 3,533 leases classified as operating leases and an additional four leases accounted for as direct financing leases.

The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Typically, the Property leases provide for initial terms of 10 to 20 years. The Properties are generally leased under triple-net leases, pursuant to which the tenant typically bears responsibility for all operating expenses of the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses associated with the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of increases in the Consumer Price Index ("CPI") or fixed increases.

Generally, NNN's leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. NNN's lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the renewal options. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property.

Real Estate Portfolio. NNN's real estate consisted of the following at December 31 (dollars in thousands):

	2024			2023
Land and improvements (1)	$	2,919,976		$	2,878,400
Buildings and improvements		7,805,939			7,368,873
Leasehold interests		355			355
		10,726,270			10,247,628
Less accumulated depreciation and amortization		(2,065,316	)		(1,863,451	)
		8,660,954			8,384,177
Work in progress and improvements		82,411			144,068
Accounted for using the operating method		8,743,365			8,528,245
Accounted for using the direct financing method		2,520			3,033
Classified as held for sale(2)		283			4,573
	$	8,746,168		$	8,535,851

(1)Includes $34,356 and $96,464 in land for Properties under construction as of December 31, 2024 and 2023, respectively.

(2)As of December 31, 2024, two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands):

	2024		2023		2022
Rental income from operating leases	$	846,653	$	805,136	$	751,680
Earned income from direct financing leases		468		560		595
Percentage rent		1,536		1,631		1,541
Rental revenues		848,657		807,327		753,816
Real estate expense reimbursement from tenants		18,811		18,763		17,802
	$	867,468	$	826,090	$	771,618

Some leases provide for a free rent period or scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases.

For the years ended December 31, 2024, 2023 and 2022, NNN recognized $294,000, $7,453,000 and ($3,559,000), respectively, of net-straight-line accrued rental income, net of reserves. During the year ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors, which resulted in an increase of accrued rental income in the amount of $5,573,000.

The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2024 (dollars in thousands):

2025	$	807,969
2026		773,249
2027		730,349
2028		677,780
2029		639,162
Thereafter		4,488,602
	$	8,117,111

Since lease renewal periods are exercisable at the option of the tenant, the above table only presents undiscounted cash flows due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant's sales volume.

Real Estate – Intangibles

In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands):

	2024			2023
Intangible lease assets (included in other assets):
Above-market in-place leases	$	14,753		$	15,297
Less: accumulated amortization		(12,159	)		(12,080	)
Above-market in-place leases, net	$	2,594		$	3,217
In-place leases	$	116,549		$	122,802
Less: accumulated amortization		(85,741	)		(85,332	)
In-place leases, net	$	30,808		$	37,470
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$	39,869		$	41,244
Less: accumulated amortization		(28,946	)		(29,117	)
Below-market in-place leases, net	$	10,923		$	12,127

The amounts amortized as a net increase to rental income for above-market and below-market leases for the years ended December 31, 2024, 2023 and 2022 were $495,000, $430,000 and $510,000, respectively. The value of in-place leases amortized to expense for the years ended December 31, 2024, 2023 and 2022 was $6,108,000, $6,793,000 and $7,132,000, respectively.

The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2024 (dollars in thousands):

	Above-Market and Below- Market In-Place Lease Intangibles(1)		In-Place Lease Intangibles(2)
2025	$	392	$	5,293
2026		402		4,711
2027		460		3,963
2028		638		3,526
2029		686		3,100
Thereafter		5,751		10,215
	$	8,329	$	30,808
Weighted average amortization period (years)		15		8

(1)Recorded as a net increase to rental income over the life of the lease.

(2)Amortized as an increase to amortization expense.

Real Estate – Dispositions

The following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands):

	2024				2023				2022
	# of Sold Properties		Net Gain		# of Sold Properties		Net Gain		# of Sold Properties		Net Gain
Gain on disposition of real estate		41	$	42,290		45	$	47,485		33	$	17,443

Real Estate – Commitments

As of December 31, 2024, NNN has committed to fund construction of 15 Properties. The improvements of such Properties are estimated to be completed within 12 to 18 months. These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands):

Total commitment(1)	$	165,550
Less amount funded		(116,767	)
Remaining commitment	$	48,783

(1)Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

Real Estate – Impairments

NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands):

	2024		2023		2022
Total real estate impairments, net of recoveries	$	6,632	$	5,990	$	8,309
Number of Properties:
Vacant		4		11		9
Occupied		9		3		7

The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

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Line of Credit Payable

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Line of Credit Payable

Note 3 – Line of Credit Payable:

In April 2024, NNN amended its credit agreement to increase borrowing capacity under its unsecured revolving credit facility from $1,100,000,000 to $1,200,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the "Credit Facility"). The Credit Facility had a weighted average outstanding balance of $60,775,000 and a weighted average interest rate of 6.25% during the year ended December 31, 2024. The Credit Facility has a base interest rate of the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 10 basis points ("Adjusted SOFR"). The Credit Facility bears interest at Adjusted SOFR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility matures in April 2028, unless the Company exercises its options to extend maturity to April 2029. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $2,000,000,000, subject to lender approval. In connection with the Credit Facility, loan costs are classified as debt costs on the Consolidated Balance Sheet. As of December 31, 2024, there was no outstanding balance and $1,200,000,000 was available for future borrowings under the Credit Facility.

In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment and dividend limitations. At December 31, 2024, NNN was in compliance with each of the Credit Facility financial covenants.

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Notes Payable and Derivatives

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notes Payable and Derivatives

Note 4 – Notes Payable and Derivatives:

Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands):

Notes	Issue Date	Principal		Discount(1)		Net Price		Stated Rate	Effective Rate(2)	Maturity Date
2025(3)	October 2015	$	400,000	$	964	$	399,036	4.000%	4.029%	November 2025(4)(5)
2026(3)	December 2016		350,000		3,860		346,140	3.600%	3.733%	December 2026(4)
2027(3)	September 2017		400,000		1,628		398,372	3.500%	3.548%	October 2027(4)
2028(3)	September 2018		400,000		2,848		397,152	4.300%	4.388%	October 2028(4)
2030(3)	March 2020		400,000		1,288		398,712	2.500%	2.536%	April 2030
2033	August 2023		500,000		11,620		488,380	5.600%	5.905%	October 2033
2034	May 2024		500,000		6,160		493,840	5.500%	5.662%	June 2034
2048	September 2018		300,000		4,239		295,761	4.800%	4.890%	October 2048
2050	March 2020		300,000		6,066		293,934	3.100%	3.205%	April 2050
2051	March 2021		450,000		8,406		441,594	3.500%	3.602%	April 2051
2052(3)	September 2021		450,000		10,422		439,578	3.000%	3.118%	April 2052

(1)The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.

(2)Includes the effects of the discount at issuance.

(3)NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method.

(4)The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.

(5)NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.

Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes in whole or in part at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date.

In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $43,820,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method.

In June 2024, NNN redeemed the $350,000,000 3.900% notes payable that were due in June 2024. The notes were redeemed at a price equal to 100 percent of the principal amount and accrued and unpaid interest.

In accordance with the terms of the indentures, pursuant to which NNN's notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2024, NNN was in compliance with each of the financial covenants.

In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

NNN's objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount.

For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings.

NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the statement of cash flows as an operating activity.

The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):

Notes	Terminated	Description	Aggregate Notional Amount		Liability (Asset) Fair Value When Terminated			Fair Value Deferred In Other Comprehensive Income(1)
2025	October 2015	Four forward starting swaps	$	300,000	$	13,369		$	13,369
2026	December 2016	Two forward starting swaps		180,000		(13,352	)		(13,345	)
2027	September 2017	Two forward starting swaps		250,000		7,690			7,688
2028	September 2018	Two forward starting swaps		250,000		(4,080	)		(4,080	)
2030	March 2020	Three forward starting swaps		200,000		13,141			13,141
2052	September 2021	Two forward starting swaps		120,000		1,584			1,584

(1)The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

As of December 31, 2024, $7,959,000 remains in accumulated other comprehensive income (loss) related to NNN's previously terminated interest rate hedges. During the years ended December 31, 2024, 2023 and 2022, NNN reclassified $2,152,000, $2,471,000 and $2,374,000, respectively, out of accumulated other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $1,670,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN's long-term debt.

NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at December 31, 2024.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 5 – Stockholders' Equity:

Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering.

At-The-Market Offerings. NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's ATM:

	2023 ATM	2020 ATM
Shelf registration statement:
Effective date	August 2023	August 2020
Termination date	August 2026	August 2023
Total allowable shares	17,500,000	17,500,000
Total shares issued as of December 31, 2024	4,652,100	7,722,511

The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data):

	2024		2023		2022
Shares of common stock		4,652,100		650,135		5,473,072
Average price per share (net)	$	45.49	$	43.52	$	45.15
Net proceeds	$	211,619	$	28,292	$	247,129
Stock issuance costs(1)	$	3,242	$	858	$	3,761

(1)Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.

Dividend Reinvestment and Stock Purchase Plan. In February 2024, NNN filed a shelf registration statement for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") with the Commission that was automatically effective, and permits NNN to issue up to 4,000,000 shares of common stock. The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands):

	2024		2023		2022
Shares of common stock		64,654		76,229		70,342
Net proceeds	$	2,634	$	3,082	$	3,082

Dividends. The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):

	2024		2023		2022
Dividends	$	420,239	$	404,458	$	380,538
Per share		2.290		2.230		2.160

On January 14, 2025, NNN declared a dividend of $0.580 per share, payable February 14, 2025, to its common stockholders of record as of January 31, 2025.

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Employee Benefit Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefit Plan

Note 6 – Employee Benefit Plan:

Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering all of the eligible associates of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN generally matches 75 percent of the first four percent and 50 percent of the next five percent of a participant's contributions. Additionally, NNN may make discretionary contributions. NNN recorded contributions to the Retirement Plan of $804,000, $734,000 and $590,000, for the years ended December 31, 2024, 2023 and 2022, respectively

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Performance Incentive Plan

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Performance Incentive Plan

Note 7 – Performance Incentive Plan:

In August 2023, NNN filed a registration statement on Form S-8 with the Commission which amended NNN's 2017 Performance Incentive Plan to increase the maximum aggregate share issuance from 1,800,000 to 4,800,000 shares of common stock and certain other limits under the plan (the plan as amended, the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key associates, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, phantom stock awards, Stock Awards, Restricted Stock Awards, Stock Appreciation Rights and Performance Shares, each as defined in the 2017 Plan.

There were no stock options outstanding or exercisable at December 31, 2024.

Pursuant to the 2017 Plan, NNN has granted and issued shares of restricted stock to certain officers and key associates of NNN. The following summarizes the restricted stock activity for the year ended December 31, 2024:

	Number of Shares			Weighted Average Share Price
Non-vested restricted shares, January 1		1,038,124		$	44.23
Restricted shares granted		402,763			39.98
Restricted shares vested		(297,219	)		43.79
Restricted shares forfeited		(60,088	)		42.54
Non-vested restricted shares, December 31		1,083,580			42.86

Compensation expense for the restricted stock which is not contingent upon NNN's performance goals is determined based upon the fair value at the date of grant and is recognized as the greater of the amount amortized over a straight-lined basis or the amount vested over the vesting periods. Vesting periods for officers and key associates of NNN range from three to five years and generally vest annually. NNN recognizes compensation expense on a straight-line basis for awards with only service conditions.

During the year ended December 31, 2024, NNN granted 275,482 Performance Shares subject to its total stockholder return after a three-year period relative to its peers. In accordance with FASB ASC Topic 718, Compensation - Stock Compensation ("ASC 718"), the fair value of these market-based Performance Shares was determined using a Monte Carlo simulation model at the grant date (for a weighted average fair value share price of $27.59). The Performance Shares were granted to certain executive officers and had a weighted average grant price of $39.98 per share. Once the respective performance criteria are met and the number of shares earned is determined, the shares vest immediately. Compensation expense is recognized over the requisite service period.

The following summarizes other grants made during the year ended December 31, 2024, pursuant to the 2017 Plan.

	Number of Shares		Weighted Average   Share Price
Other share grants under the 2017 Plan:
Directors’ fees		6,720	$	43.15
Deferred directors’ fees		29,884		43.19
		36,604		43.19
Shares available under the 2017 Plan for grant, end of period		4,520,013

The total compensation expense for share-based payments for the years ended December 31, 2024, 2023 and 2022 totaled $11,816,000, $12,228,000 and $15,449,000, respectively. At December 31, 2024, NNN had $13,725,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements under the 2017 Plan. This cost is expected to be recognized over a weighted average period of 2.04 years.

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Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 8 – Fair Value of Financial Instruments:

NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. At December 31, 2024 and 2023, the fair value of NNN's notes payable excluding unamortized discount and debt costs, were $3,894,030,000 and $3,801,367,000, respectively, based upon quoted market prices as of the close of the year, which is a Level 1 valuation since NNN's notes payable are publicly traded.

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Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Note 9 – Segment Information:

NNN's operations are reported within one reportable segment and constitutes all of the consolidated entities which are reported in the consolidated financial statements. NNN primarily derives its revenues from real estate leased to retail tenants under long-term net leases. NNN’s Properties are located in the United States.

NNN’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses entity-wide operating results and performance and decides how to allocate resources based on net earnings which is reported on the Consolidated Statements of Income and Comprehensive Income. Additionally, the measure of segment assets is reported on the Consolidated Balance Sheets as total assets. Included in the total assets are long-lived real estate assets which include land, buildings, improvements and right-of-use assets subject to operating leases.

The CODM uses net earnings to evaluate income generated from assets (return on assets) in deciding whether to reinvest profits to grow the Property Portfolio or deploy into other aspects of the Company, such as to retire or repay debt or pay dividends. The CODM also uses net earnings to monitor the budget versus actual results, which is used in assessing NNN’s entity-wide operating results and performance.

Significant expense categories, including general and administrative, real estate, depreciation and amortization and interest, are included on NNN’s Consolidated Statements of Income and Comprehensive Income. Asset information is included in the Consolidated Balance Sheets and “Note 2 – Real Estate.”

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Major Tenants

12 Months Ended

Dec. 31, 2024

Risks and Uncertainties [Abstract]

Major Tenants

Note 10 – Major Tenants:

As of December 31, 2024, NNN had no tenants that accounted for ten percent or more of its rental income.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11 – Commitments and Contingencies:

A summary of NNN's commitments are included in "Note 2 – Real Estate."

In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material to NNN's consolidated financial statements.

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Schedule III - Real Estate and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2024

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

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2024

(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		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction (e)	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
Alabama	150	$	—	$	74,390	$	173,171	$	48,708	$	—	$	74,104	$	221,879	$	295,983	$	63,043	1960 - 2024	2001 - 2024	15 - 40
Alaska	5		—		1,943		3,694		140		—		1,943		3,834		5,777		2,076	1971 - 2003	1996 - 2014	20 - 40
Arizona	81		—		117,729		142,329		146,844		—		117,729		289,173		406,902		48,809	1962 - 2024	1998 - 2024	10 - 40
Arkansas	72		—		35,523		100,982		20,455		—		35,523		121,438		156,961		24,964	1969 - 2023	1998 - 2024	25 - 40
California	73		—		144,400		216,361		37,430		—		143,383		244,599		387,982		70,953	1945 - 2018	1997 - 2022	20 - 40
Colorado	45		—		70,215		92,324		43,689		—		70,215		136,014		206,229		35,256	1969 - 2024	1994 - 2023	20 - 40
Connecticut	11		—		9,068		32,773		601		—		9,068		33,375		42,443		12,503	1929 - 2003	2006 - 2022	20 - 30
Delaware	1		—		2,994		6,062		516		—		2,994		6,578		9,572		4,602	1994 - 1994	1994 - 1994	40 - 40
District of     Columbia	1		—		624		578		—		—		624		578		1,202		286	1983 - 1983	2005 - 2005	40 - 40
Florida	276		—		305,961		474,860		145,081		—		305,961		618,368		924,329		153,577	1939 - 2024	1985 - 2024	5 - 40
Georgia	175		—		137,502		300,069		66,045		—		137,502		366,114		503,616		97,474	1964 - 2024	1996 - 2024	10 - 40
Hawaii	1		—		775		1,308		—		—		775		1,308		2,083		82	1971 - 1971	2023 - 2023	30 - 30
Idaho	11		—		7,644		9,468		8,331		—		7,644		17,799		25,443		5,356	1983 - 2017	2006 - 2022	20 - 40
Illinois	167		—		137,420		311,509		74,151		—		137,420		385,481		522,901		114,478	1924 - 2024	1995 - 2023	15 - 40
Indiana	149		—		99,065		201,373		84,248		—		99,065		285,621		384,686		89,296	1965 - 2023	2001 - 2024	15 - 40
Iowa	28		—		22,527		37,962		26,624		—		22,527		64,585		87,112		20,410	1964 - 2023	2005 - 2022	10 - 40
Kansas	39		—		19,541		53,896		9,776		—		19,541		63,672		83,213		13,912	1946 - 2019	1997 - 2023	15 - 40
Kentucky	60		—		44,003		105,088		13,085		—		44,003		118,173		162,176		34,057	1974 - 2024	2005 - 2024	25 - 40
Louisiana	52		—		36,135		92,862		37,936		—		36,135		130,798		166,933		30,411	1970 - 2023	1996 - 2023	15 - 40
Maine	17		—		5,618		23,757		—		—		5,618		23,757		29,375		5,982	1915 - 2017	1996 - 2024	10 - 40
Maryland	50		—		62,149		125,927		3,426		—		62,149		129,353		191,502		46,469	1946 - 2017	1996 - 2019	20 - 40
Massachusetts	24		—		33,600		94,097		—		—		33,600		94,097		127,697		23,118	1910 - 2017	2006 - 2024	20 - 40
Michigan	97		—		62,812		223,420		49,677		—		62,812		272,744		335,556		47,797	1963 - 2024	1996 - 2024	20 - 40
Minnesota	33		—		23,342		42,701		7,156		—		23,342		49,857		73,199		15,728	1950 - 2024	2005 - 2024	10 - 40
Mississippi	63		—		29,466		100,855		12,422		—		29,466		113,277		142,743		18,742	1959 - 2021	2006 - 2023	15 - 40
Missouri	106		—		64,782		131,418		67,399		—		64,782		198,817		263,599		47,317	1920 - 2023	1992 - 2024	15 - 40
Montana	26		—		4,102		11,865		2,654		—		4,102		14,518		18,620		5,828	1937 - 2016	2010 - 2016	20 - 40
Nebraska	11		—		10,052		10,581		5,033		—		10,052		15,614		25,666		2,488	1973 - 2019	2005 - 2024	20 - 40
Nevada	16		—		16,023		41,187		9,097		—		16,023		50,284		66,307		6,540	1961 - 2023	2012 - 2024	25 - 40
New Hampshire	10		—		11,299		39,056		—		—		11,299		39,056		50,355		10,424	1980 - 2004	2011 - 2022	25 - 30
New Jersey	33		—		53,956		202,697		7,600		—		53,956		210,297		264,253		59,343	1948 - 2025	1996 - 2024	25 - 40
New Mexico	33		—		22,315		81,052		21,795		—		22,315		102,848		125,163		20,786	1955 - 2019	2001 - 2024	25 - 40
New York	48		—		34,302		77,027		20,168		—		34,302		97,194		131,496		19,628	1905 - 2020	1997 - 2024	20 - 40
North Carolina	161		—		126,272		258,620		41,909		—		126,272		300,529		426,801		92,021	1906 - 2024	2004 - 2024	5 - 40

NNN REIT, INC. AND SUBSIDIARIES

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

December 31, 2024

(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		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction (e)	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
North Dakota	4			—		411		1,606		—		—		411		1,606		2,017		948	1974 - 1999	1997 - 2011	25 - 40
Ohio	193			—		126,588		299,250		77,934		—		126,588		376,991		503,579		118,574	1910 - 2025	1992 - 2024	15 - 40
Oklahoma	89			—		43,661		109,605		26,775		—		43,661		136,380		180,041		35,678	1964 - 2018	1996 - 2024	15 - 40
Oregon	8			—		6,040		10,216		1,000		—		6,040		11,216		17,256		3,976	1968 - 2008	1998 - 2023	20 - 40
Pennsylvania	88			—		72,020		137,489		49,818		—		71,835		185,984		257,819		51,594	1953 - 2024	1997 - 2024	2 - 40
Puerto Rico	1			—		1,729		—		2,732		—		1,729		2,131		3,860		976	1998 - 1998	2007 - 2007	33 - 33
Rhode Island	6			—		3,497		10,325		—		—		3,497		10,325		13,822		2,503	1938 - 2004	2016 - 2023	25 - 30
South Carolina	78			—		59,751		116,840		16,619		—		59,751		133,459		193,210		37,609	1921 - 2024	2005 - 2023	10 - 40
South Dakota	3			—		1,942		4,447		3,511		—		1,942		7,957		9,899		1,888	1985 - 2024	2012 - 2023	30 - 35
Tennessee	153			—		104,561		236,390		61,081		—		104,561		297,471		402,032		71,525	1958 - 2024	1996 - 2024	5 - 40
Texas	575			—		481,901		1,177,369		249,929		—		481,901		1,426,839		1,908,740		362,319	1890 - 2024	1993 - 2024	15 - 40
Utah	14			—		13,108		19,681		13,239		—		13,108		32,921		46,029		8,727	1951 - 2016	2006 - 2022	20 - 40
Virginia	118			—		101,701		177,563		66,719		—		100,591		243,323		343,914		69,571	1964 - 2024	1995 - 2024	5 - 40
Washington	27			—		22,767		35,177		15,999		—		22,767		51,177		73,944		18,979	1965 - 2017	1997 - 2024	20 - 40
West Virginia	24			—		14,442		28,027		1,394		—		14,442		29,421		43,863		8,220	1970 - 2021	2006 - 2023	25 - 40
Wisconsin	56			—		39,822		92,092		24,389		—		39,822		116,481		156,303		26,846	1940 - 2024	2006 - 2024	20 - 40
Wyoming	6			—		1,150		3,815		—		—		1,150		3,815		4,965		1,831	1949 - 2001	2010 - 2012	20 - 30
		3,568	$	—	$	2,922,640	$	6,280,821	$	1,623,135	$	—	$	2,920,042	$	7,889,126	$	10,809,168	$	2,065,520

NNN REIT, INC. AND SUBSIDIARIES

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

December 31, 2024

(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:

	2024			2023			2022
Beginning balance, January 1	$	10,397,432		$	9,678,127		$	8,917,586
Acquisitions and dollars invested in projects under construction or tenant improvements		565,707			820,238			846,331
Dispositions		(147,339	)		(94,943	)		(77,481	)
Impairment losses		(6,632	)		(5,990	)		(8,309	)
Ending balance, December 31	$	10,809,168		$	10,397,432		$	9,678,127

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

	2024			2023			2022
Beginning balance, January 1	$	1,864,614		$	1,660,665		$	1,471,393
Dispositions		(41,046	)		(26,236	)		(25,757	)
Depreciation and amortization expense		241,952			230,185			215,029
Ending balance, December 31	$	2,065,520		$	1,864,614		$	1,660,665

(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, 2024, the net investment in real estate accounted for under the direct financing method was $2,520.

(d) As of December 31, 2024, the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $10,665,000 (unaudited).

(e) As of December 31, 2024, NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date.

See accompanying report of independent registered public accounting firm.

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Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

December 31, 2024

(dollars in thousands)

Description	Interest Rate	Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Mortgages			Carrying Amount of Mortgages(c)			Principal Amount of Loans Subject to Delinquent Principal or Interest
First mortgages on properties:
2 properties in VA	7.000%	3/1/2025	(b)		—	$	3,000	(d)	$	451		$	—
						$	3,000		$	451	(a)	$	—

(a)The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31:

	2024			2023			2022
Beginning balance, January 1	$	996		$	1,521		$	2,011
New mortgage loans		—			—			—
Deductions during the year:
Collections of principal		(599	)		(559	)		(521	)
Other: credit (losses) recoveries(e)		54			34			31
Foreclosures		—			—			—
Ending balance, December 31	$	451		$	996		$	1,521

(b)Principal and interest is payable at varying amounts over the life of the loan.

(c)Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2024, 2023 and 2022 were $454, $1,002 and $1,530, respectively.

(d)Mortgages totaling $3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020.

(e)In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis.

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Organization and Summary of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Principles of Consolidation. NNN's consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the FASB ASC guidance included in Topic 810, Consolidation. All significant intercompany account balances and transactions have been eliminated.

NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. As of December 31, 2024, NNN had no interest in any variable interest entities.

Real Estate Portfolio

Real Estate Portfolio. NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest, third-party costs and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2024, 2023 and 2022, NNN recorded $5,805,000, $4,286,000 and $881,000, respectively, in capitalized interest during development.

Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values.

The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar.

The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.

NNN completed $410,969,000 and $599,480,000 of real estate acquisitions during the year ended December 31, 2024 and 2023, respectively. Additionally, NNN invested $154,447,000 and $220,230,000 of work in progress and improvements during the year ended December 31, 2024 and 2023, respectively.

Lease Accounting

Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("ASC 842").

NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below:

Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis.

Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN's net investment in the leases.

NNN adopted certain practical expedients in ASC 842 and does not separate the non-lease components from the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all income earned pursuant to tenant leases are reflected as one-line, rental income, in the Consolidated Statements of Income and Comprehensive Income. In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842.

Collectability

Collectability. In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent), historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections and the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims.

When NNN deems the collection of rental income from a tenant not probable, uncollected and previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored.

As a result of the review of collectability, NNN recorded a write-off of $763,000 and $204,000 of outstanding receivables and related accrued rent during the years ended December 31, 2024 and 2023, respectively, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2022, no tenants were deemed as cash basis for accounting purposes.

The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:

	2024			2023			2022
Number of tenants		12			9			8
Cash basis tenants as a percent of:
Total Properties		2.5	%		3.5	%		5.0	%
Total annual base rent(1)		4.3	%		5.0	%		7.0	%
Total gross leasable area		4.5	%		4.8	%		6.6	%

(1)	Based on annualized base rent for all leases in place on each respective date.
		$860,562,000 as of December 31, 2024.
		$818,749,000 as of December 31, 2023.
		$771,984,000 as of December 31, 2022.

During the years ended December 31, 2024, 2023 and 2022, NNN recognized $39,495,000, $56,229,000 and $62,454,000, respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes.

During the years ended December 31, 2023 and 2022, one and three tenants, respectively, were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. More information regarding the reclassification in 2023 can be found in "Note 2 – Real Estate". The impact of the reclassification in 2022 was immaterial.

NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income.

Real Estate - Held for Sale

Real Estate – Held For Sale. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant and Equipment, including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2024 and 2023, NNN had recorded real estate held for sale of $283,000 (two properties) and $4,573,000 (one property), respectively, in real estate portfolio on the Consolidated Balance Sheets. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

Real Estate Dispositions

Real Estate Dispositions. When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

Impairment - Real Estate

Impairment – Real Estate. NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN's Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term.

Credit Losses on Financial Instruments

Credit Losses on Financial Instruments. FASB ASC Topic 326, Financial Instruments – Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term.

NNN held mortgages receivable, including accrued interest, of $454,000 and $1,002,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of $9,000 and $64,000 allowance for credit loss, respectively. NNN periodically evaluates the allowance for credit loss based on the fair value of the collateral and a 15-year historical collectability trend analysis.

Cash and Cash Equivalents

Cash and Cash Equivalents. NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts.

Restricted Cash and Cash Held in Escrow

Restricted Cash and Cash Held in Escrow. Restricted cash and cash held in escrow may include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-deferred exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. NNN held $331,000 and $3,966,000 in restricted cash and cash held in escrow as of December 31, 2024 and 2023, respectively.

Debt Costs

Debt Costs – Line of Credit Payable. Debt costs incurred in connection with NNN's $1,200,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the Credit Facility (as defined in "Note 3 – Line of Credit Payable") as an asset, in debt costs on the Consolidated Balance Sheets.

Debt Costs – Notes Payable. Debt costs incurred in connection with the issuance of NNN's unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. NNN had debt costs of $43,820,000 and $42,595,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of accumulated amortization of $14,060,000 and $14,343,000, respectively.

Revenue Recognition

Revenue Recognition. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842, based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.

FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.

Earnings Per Share

Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, Earnings Per Share. The guidance requires classification of the Company's unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method for the years ended December 31 (dollars in thousands):

	2024			2023			2022
Basic and Diluted Earnings:
Net earnings available to stockholders	$	396,835		$	392,340		$	334,626
Less: Earnings allocated to unvested restricted shares		(686	)		(609	)		(514	)
Net earnings used in basic and diluted earnings per share	$	396,149		$	391,731		$	334,112
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average shares outstanding		184,723,988			182,184,038			177,332,094
Less: Unvested restricted shares		(299,534	)		(273,077	)		(237,918	)
Less: Unvested contingent restricted shares		(735,892	)		(710,921	)		(690,520	)
Weighted average shares outstanding used in basic earnings per share		183,688,562			181,200,040			176,403,656
Other dilutive securities		355,279			489,683			664,209
Weighted average shares outstanding used in diluted earnings per share		184,043,841			181,689,723			177,067,865

Income Taxes

Income Taxes. NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, NNN believes it has qualified as a REIT. Notwithstanding NNN's qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes.

NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN's former TRS. The deferred tax asset consists only of net operating loss carryforwards of $3,804,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The valuation allowance decreased by $95,000 for the year ended December 31, 2024 as a result of the decrease in the deferred tax asset. There was no change to the valuation allowance for the years ended December 31, 2023 and 2022. NNN currently has no TRS entities.

Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period.

In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded.

NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2021 through 2024. NNN also files in many states and localities with varying open years under statute.

Fair Value Measurement

Fair Value Measurement. NNN's estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in FASB ASC Topic 820, Fair Value Measurement. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

•Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

•Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss). The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 (dollars in thousands):

	Gain or Loss on Cash Flow Hedges(1)
Beginning balance, December 31, 2022	$	(12,582	)
Reclassifications from accumulated other comprehensive income to net earnings		2,471		(2)
Ending balance, December 31, 2023		(10,111	)
Reclassifications from accumulated other comprehensive income to net earnings		2,152		(2)
Ending balance, December 31, 2024	$	(7,959	)

(1)Additional disclosure is included in "Note 4 – Notes Payable and Derivatives."

(2)Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

New Accounting Pronouncements

New Accounting Pronouncements. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2024, ASU 2022-06 had no impact on NNN's financial position or results of operations.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. The adoption of ASU 2023-07 did not have a significant impact on NNN’s financial statement disclosures. Additional disclosure required by ASU 2023-07 is included in “Note 9 – Segment Information.”

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments eliminate some of the previous required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within 12 months. NNN is currently evaluating the potential impact the adoption of ASU 2023-09 will have on its future disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2027-03"), effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. NNN is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures.

Use of Estimates

Use of Estimates. Additional critical accounting policies of NNN include management's estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities which are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management's estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.

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Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of NNN's Investment Portfolio

NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property").

	December 31, 2024
Property Portfolio:
Total Properties	3,568
Gross leasable area (square feet) (unaudited)	36,557,000
States	49
Weighted average remaining lease term (years)	10

Summary of tenants classified as cash basis

The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:

	2024			2023			2022
Number of tenants		12			9			8
Cash basis tenants as a percent of:
Total Properties		2.5	%		3.5	%		5.0	%
Total annual base rent(1)		4.3	%		5.0	%		7.0	%
Total gross leasable area		4.5	%		4.8	%		6.6	%

(1)	Based on annualized base rent for all leases in place on each respective date.
		$860,562,000 as of December 31, 2024.
		$818,749,000 as of December 31, 2023.
		$771,984,000 as of December 31, 2022.

Computation of Basic and Diluted Earnings Per Share

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per share using the two-class method for the years ended December 31 (dollars in thousands):

	2024			2023			2022
Basic and Diluted Earnings:
Net earnings available to stockholders	$	396,835		$	392,340		$	334,626
Less: Earnings allocated to unvested restricted shares		(686	)		(609	)		(514	)
Net earnings used in basic and diluted earnings per share	$	396,149		$	391,731		$	334,112
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average shares outstanding		184,723,988			182,184,038			177,332,094
Less: Unvested restricted shares		(299,534	)		(273,077	)		(237,918	)
Less: Unvested contingent restricted shares		(735,892	)		(710,921	)		(690,520	)
Weighted average shares outstanding used in basic earnings per share		183,688,562			181,200,040			176,403,656
Other dilutive securities		355,279			489,683			664,209
Weighted average shares outstanding used in diluted earnings per share		184,043,841			181,689,723			177,067,865

Changes in Accumulated Other Comprehensive Income (Loss)

The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 (dollars in thousands):

	Gain or Loss on Cash Flow Hedges(1)
Beginning balance, December 31, 2022	$	(12,582	)
Reclassifications from accumulated other comprehensive income to net earnings		2,471		(2)
Ending balance, December 31, 2023		(10,111	)
Reclassifications from accumulated other comprehensive income to net earnings		2,152		(2)
Ending balance, December 31, 2024	$	(7,959	)

(1)Additional disclosure is included in "Note 4 – Notes Payable and Derivatives."

(2)Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

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Real Estate (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Summary of Real Estate Subject to Operating Leases

Real Estate Portfolio. NNN's real estate consisted of the following at December 31 (dollars in thousands):

	2024			2023
Land and improvements (1)	$	2,919,976		$	2,878,400
Buildings and improvements		7,805,939			7,368,873
Leasehold interests		355			355
		10,726,270			10,247,628
Less accumulated depreciation and amortization		(2,065,316	)		(1,863,451	)
		8,660,954			8,384,177
Work in progress and improvements		82,411			144,068
Accounted for using the operating method		8,743,365			8,528,245
Accounted for using the direct financing method		2,520			3,033
Classified as held for sale(2)		283			4,573
	$	8,746,168		$	8,535,851

(1)Includes $34,356 and $96,464 in land for Properties under construction as of December 31, 2024 and 2023, respectively.

(2)As of December 31, 2024, two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

Rental Income, Operating Leases

NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands):

	2024		2023		2022
Rental income from operating leases	$	846,653	$	805,136	$	751,680
Earned income from direct financing leases		468		560		595
Percentage rent		1,536		1,631		1,541
Rental revenues		848,657		807,327		753,816
Real estate expense reimbursement from tenants		18,811		18,763		17,802
	$	867,468	$	826,090	$	771,618

Undiscounted Cash Flows to be Received on Noncancellable Operating Leases

The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2024 (dollars in thousands):

2025	$	807,969
2026		773,249
2027		730,349
2028		677,780
2029		639,162
Thereafter		4,488,602
	$	8,117,111

Intangible Assets, Lease Liabilities, and Related Amortization

In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands):

	2024			2023
Intangible lease assets (included in other assets):
Above-market in-place leases	$	14,753		$	15,297
Less: accumulated amortization		(12,159	)		(12,080	)
Above-market in-place leases, net	$	2,594		$	3,217
In-place leases	$	116,549		$	122,802
Less: accumulated amortization		(85,741	)		(85,332	)
In-place leases, net	$	30,808		$	37,470
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$	39,869		$	41,244
Less: accumulated amortization		(28,946	)		(29,117	)
Below-market in-place leases, net	$	10,923		$	12,127

The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2024 (dollars in thousands):

	Above-Market and Below- Market In-Place Lease Intangibles(1)		In-Place Lease Intangibles(2)
2025	$	392	$	5,293
2026		402		4,711
2027		460		3,963
2028		638		3,526
2029		686		3,100
Thereafter		5,751		10,215
	$	8,329	$	30,808
Weighted average amortization period (years)		15		8

(1)Recorded as a net increase to rental income over the life of the lease.

(2)Amortized as an increase to amortization expense.

Gains on Dispositions of Properties

The following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands):

	2024				2023				2022
	# of Sold Properties		Net Gain		# of Sold Properties		Net Gain		# of Sold Properties		Net Gain
Gain on disposition of real estate		41	$	42,290		45	$	47,485		33	$	17,443

Remaining Funding Commitments

These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands):

Total commitment(1)	$	165,550
Less amount funded		(116,767	)
Remaining commitment	$	48,783

(1)Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

Real Estate Impairments

As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands):

	2024		2023		2022
Total real estate impairments, net of recoveries	$	6,632	$	5,990	$	8,309
Number of Properties:
Vacant		4		11		9
Occupied		9		3		7

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Notes Payable and Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Notes Payable [Abstract]

Summary of Notes Payable and Derivatives

Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands):

Notes	Issue Date	Principal		Discount(1)		Net Price		Stated Rate	Effective Rate(2)	Maturity Date
2025(3)	October 2015	$	400,000	$	964	$	399,036	4.000%	4.029%	November 2025(4)(5)
2026(3)	December 2016		350,000		3,860		346,140	3.600%	3.733%	December 2026(4)
2027(3)	September 2017		400,000		1,628		398,372	3.500%	3.548%	October 2027(4)
2028(3)	September 2018		400,000		2,848		397,152	4.300%	4.388%	October 2028(4)
2030(3)	March 2020		400,000		1,288		398,712	2.500%	2.536%	April 2030
2033	August 2023		500,000		11,620		488,380	5.600%	5.905%	October 2033
2034	May 2024		500,000		6,160		493,840	5.500%	5.662%	June 2034
2048	September 2018		300,000		4,239		295,761	4.800%	4.890%	October 2048
2050	March 2020		300,000		6,066		293,934	3.100%	3.205%	April 2050
2051	March 2021		450,000		8,406		441,594	3.500%	3.602%	April 2051
2052(3)	September 2021		450,000		10,422		439,578	3.000%	3.118%	April 2052

(1)The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.

(2)Includes the effects of the discount at issuance.

(3)NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method.

(4)The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.

(5)NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.

Schedule of Derivative Instruments

The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):

Notes	Terminated	Description	Aggregate Notional Amount		Liability (Asset) Fair Value When Terminated			Fair Value Deferred In Other Comprehensive Income(1)
2025	October 2015	Four forward starting swaps	$	300,000	$	13,369		$	13,369
2026	December 2016	Two forward starting swaps		180,000		(13,352	)		(13,345	)
2027	September 2017	Two forward starting swaps		250,000		7,690			7,688
2028	September 2018	Two forward starting swaps		250,000		(4,080	)		(4,080	)
2030	March 2020	Three forward starting swaps		200,000		13,141			13,141
2052	September 2021	Two forward starting swaps		120,000		1,584			1,584

(1)The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of ATM Program

The following table outlines NNN's ATM:

	2023 ATM	2020 ATM
Shelf registration statement:
Effective date	August 2023	August 2020
Termination date	August 2026	August 2023
Total allowable shares	17,500,000	17,500,000
Total shares issued as of December 31, 2024	4,652,100	7,722,511

Schedule of Common Stock Issuances Pursuant to Equity Programs

The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data):

	2024		2023		2022
Shares of common stock		4,652,100		650,135		5,473,072
Average price per share (net)	$	45.49	$	43.52	$	45.15
Net proceeds	$	211,619	$	28,292	$	247,129
Stock issuance costs(1)	$	3,242	$	858	$	3,761

(1)Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.

Schedule of Common Stock Issuances Pursuant to DRIP

The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands):

	2024		2023		2022
Shares of common stock		64,654		76,229		70,342
Net proceeds	$	2,634	$	3,082	$	3,082

Schedule of Dividends Declared and Paid

The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):

	2024		2023		2022
Dividends	$	420,239	$	404,458	$	380,538
Per share		2.290		2.230		2.160

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Dividends (Tables)

12 Months Ended

Dec. 31, 2024

Dividends [Abstract]

Schedule of Dividends Declared and Paid

The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):

	2024		2023		2022
Dividends	$	420,239	$	404,458	$	380,538
Per share		2.290		2.230		2.160

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Performance Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Activity

The following summarizes the restricted stock activity for the year ended December 31, 2024:

	Number of Shares			Weighted Average Share Price
Non-vested restricted shares, January 1		1,038,124		$	44.23
Restricted shares granted		402,763			39.98
Restricted shares vested		(297,219	)		43.79
Restricted shares forfeited		(60,088	)		42.54
Non-vested restricted shares, December 31		1,083,580			42.86

Schedule of Other Grants

The following summarizes other grants made during the year ended December 31, 2024, pursuant to the 2017 Plan.

	Number of Shares		Weighted Average   Share Price
Other share grants under the 2017 Plan:
Directors’ fees		6,720	$	43.15
Deferred directors’ fees		29,884		43.19
		36,604		43.19
Shares available under the 2017 Plan for grant, end of period		4,520,013

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Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details)	12 Months Ended
	Dec. 31, 2024 ft² Property State
Property Portfolio:
Total properties | Property	3,568
Gross leasable area (square feet) (unaudited) | ft²	36,557,000
States | State	49
Weighted average remaining lease term (years)	10 years

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Organization and Summary of Significant Accounting Policies (Narrative) (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) Segment Tenant	Dec. 31, 2023 USD ($) Tenant	Dec. 31, 2022 USD ($) Tenant	Apr. 30, 2024 USD ($)
Debt Instrument [Line Items]
Number of operating segments | Segment		1
Noncontrolling Interest in Variable Interest Entity		$ 0
Interest costs capitalized		5,805,000	$ 4,286,000	$ 881,000
Real estate acquisitions		410,969,000	599,480,000
Investments in work in progress - improvements		154,447,000	220,230,000
Classified as held for sale	[1]	283,000	4,573,000
Escrow and other restricted accounts		331,000	3,966,000
Net operating loss carryforwards		3,804,000
Valuation Allowance Decreased		95,000
Write-off of outstanding receivables and related accrued rent		$ 763,000	$ 204,000	$ 0
Percentage of total properties for which revenue recognized on cash basis		2.50%	3.50%	5.00%
Percentage of aggregate gross leasable area for which revenue recognized on cash basis		4.50%	4.80%	6.60%
Number of tenants for which revenue recognized on cash basis | Tenant		12	9	8
Revenue recognized on cash basis		$ 39,495,000	$ 56,229,000	$ 62,454,000
Revolving credit facility borrowing capacity		1,200,000,000
Unrecognized tax benefits		0
Income tax penalties and interest expense		$ 0
Land improvements
Debt Instrument [Line Items]
Property estimated useful life		15 years
Mortgage receivable
Debt Instrument [Line Items]
Mortgage receivable		$ 454,000	1,002,000
Allowance for credit loss		$ 9,000	64,000
Minimum
Debt Instrument [Line Items]
Initial lease terms		10 years
Minimum | Buildings and improvements
Debt Instrument [Line Items]
Property estimated useful life		20 years
Maximum
Debt Instrument [Line Items]
Initial lease terms		20 years
Maximum | Buildings and improvements
Debt Instrument [Line Items]
Property estimated useful life		40 years
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity		$ 1,200,000,000			$ 1,100,000,000
Notes Payable
Debt Instrument [Line Items]
Debt costs		43,820,000	42,595,000
Debt costs accumulated amortization		$ 14,060,000	$ 14,343,000

[1] As of December 31, 2024, two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

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Organization and Summary of Significant Accounting Policies - (Summary of tenants classified as cash basis) (Details) - Tenant		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Number of tenants		12	9	8
Cash basis tenants as a percent of:
Total Properties		2.50%	3.50%	5.00%
Total annual base rent	[1]	4.30%	5.00%	7.00%
Total gross leasable area		4.50%	4.80%	6.60%

[1] (1) Based on annualized base rent for all leases in place on each respective date.     $860,562,000 as of December 31, 2024.     $818,749,000 as of December 31, 2023.     $771,984,000 as of December 31, 2022.

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Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic and Diluted Earnings:
Net earnings available to common stockholders	$ 396,835	$ 392,340	$ 334,626
Less: Earnings allocated to unvested restricted shares	(686)	(609)	(514)
Net earnings used in basic and diluted earnings per share	$ 396,149	$ 391,731	$ 334,112
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average shares outstanding	184,723,988	182,184,038	177,332,094
Less: Unvested restricted shares	(299,534)	(273,077)	(237,918)
Less: Unvested contingent restricted shares	(735,892)	(710,921)	(690,520)
Weighted average shares outstanding used in basic earnings per share	183,688,562	181,200,040	176,403,656
Other dilutive securities	355,279	489,683	664,209
Weighted average shares outstanding used in diluted earnings per share	184,043,841	181,689,723	177,067,865

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Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances		$ 4,157,457	$ 4,123,502
Balances		4,362,275	4,157,457
AOCI, cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances	[1]	(10,111)	(12,582)
Reclassifications from accumulated other comprehensive income to net earnings	[1],[2]	2,152	2,471
Balances	[1]	$ (7,959)	$ (10,111)

[1] Additional disclosure is included in "Note 4 – Notes Payable and Derivatives.

[2] Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

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Organization and Summary of Significant Accounting Policies - Summarizes Those Tenants Classified as Cash Basis for Accounting Purposes (Parenthetical) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease Income Annualized On Base Rent	$ 860,562,000	$ 818,749,000	$ 771,984,000

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Real Estate (Key Information for Leases) (Details)	12 Months Ended
	Dec. 31, 2024 Property
Lease classification:
Operating	3,533
Direct financing	4
Weighted average remaining lease term (years)	10 years
Minimum
Lease classification:
Initial lease terms	10 years
Maximum
Lease classification:
Initial lease terms	20 years

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Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($)		Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Land and improvements	[1]	$ 2,919,976,000	$ 2,878,400,000
Buildings and improvements		7,805,939,000	7,368,873,000
Leasehold interests		355,000	355,000
Real estate subject to operating leases, gross		10,726,270,000	10,247,628,000
Less accumulated depreciation and amortization		(2,065,316,000)	(1,863,451,000)
Real estate subject to operating leases, net, before work in process		8,660,954,000	8,384,177,000
Work in progress – improvements		82,411,000	144,068,000
Accounted for using the operating method		8,743,365,000	8,528,245,000
Accounted for using the direct financing method		2,520,000	3,033,000
Classified as held for sale	[2]	283,000	4,573,000
Accounted for using the operating method, net of accumulated depreciation and amortization		8,746,168,000	8,535,851,000
Asset under construction
Property, Plant and Equipment [Line Items]
Land and improvements		$ 34,356,000	$ 96,464,000

[1] Includes $34,356 and $96,464 in land for Properties under construction as of December 31, 2024 and 2023, respectively.

[2] As of December 31, 2024, two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

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Real Estate (Rental Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Rental income from operating leases	$ 846,653,000	$ 805,136,000	$ 751,680,000
Earned income from direct financing leases	468,000	560,000	595,000
Percentage rent	1,536,000	1,631,000	1,541,000
Rental revenues	848,657,000	807,327,000	753,816,000
Real estate expense reimbursement from tenants	18,811,000	18,763,000	17,802,000
Rental income	867,468,000	826,090,000	771,618,000
Rental income accrued during period	294,000	$ 7,453,000	$ (3,559,000)
increase of accrued rental income	$ 5,573,000

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Real Estate (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate [Abstract]
2025	$ 807,969
2026	773,249
2027	730,349
2028	677,780
2029	639,162
Thereafter	4,488,602
Future minimum payments receivable	$ 8,117,111

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Real Estate (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024		Dec. 31, 2023
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 39,869		$ 41,244
Less: accumulated amortization	(28,946)		(29,117)
Below-market in-place leases, net	10,923		12,127
Above-market in-place leases, net
Intangible lease assets (included in other assets):
Leases	14,753		15,297
Less: accumulated amortization	(12,159)		(12,080)
Leases, net	2,594		3,217
In-place leases, net
Intangible lease assets (included in other assets):
Leases	116,549		122,802
Less: accumulated amortization	(85,741)		(85,332)
Leases, net	$ 30,808	[1]	$ 37,470

[1] Amortized as an increase to amortization expense.

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Real Estate (Amortization of Acquired Lease Intangibles) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Above-Market and Below-Market In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, above- and below-market leases		$ 495,000		$ 430,000	$ 510,000
2025	[1]	392,000
2026	[1]	402,000
2027	[1]	460,000
2028	[1]	638,000
2029	[1]	686,000
Thereafter	[1]	5,751,000
Leases, net	[1]	$ 8,329,000
Weighted average amortization period (years)	[1]	15 years
In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, in-place leases		$ 6,108,000		6,793,000	$ 7,132,000
2025	[2]	5,293,000
2026	[2]	4,711,000
2027	[2]	3,963,000
2028	[2]	3,526,000
2029	[2]	3,100,000
Thereafter	[2]	10,215,000
Leases, net		$ 30,808,000	[2]	$ 37,470,000
Weighted average amortization period (years)	[2]	8 years

[1] Recorded as a net increase to rental income over the life of the lease.

[2] Amortized as an increase to amortization expense.

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Real Estate (Dispositions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Gain | $	$ 42,290	$ 47,485	$ 17,443
Assets Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold at a gain | Property	41	45	33

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Real Estate (Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property
Long-Term Purchase Commitment [Line Items]
Number of properties | Property	15
Total commitment	$ 165,550	[1]
Less amount funded	(116,767)
Real Estate Investment, Funding Commitments, Remaining Commitment, Total	$ 48,783
Maximum
Long-Term Purchase Commitment [Line Items]
Period for improvements to construction commitments	18 months
Minimum
Long-Term Purchase Commitment [Line Items]
Period for improvements to construction commitments	12 months

[1] Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

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Real Estate (Impairments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Lessor, Lease, Description [Line Items]
Real estate impairments, net of recoveries | $	$ 6,632	$ 5,990	$ 8,309
Vacant	4	11	9
Occupied	9	3	7

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Line of Credit Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Apr. 30, 2024
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,200,000,000
Revolving credit facility weighted average outstanding balance	60,775,000
Option to increase facility size	$ 2,000,000,000
Weighted average interest rate	6.25%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	77.50%
SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	10.00%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,200,000,000	$ 1,100,000,000
Line of Credit
Line of Credit Facility [Line Items]
Line of credit payable	$ 0

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Notes Payable and Derivatives (Additional Information) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		$ 2,152,000	$ 2,471,000	$ 2,374,000
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net		1,670,000
AOCI, cash flow hedges
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		7,959,000
AOCI Attributable to Parent [Member]
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		$ 2,152,000	2,471,000	$ 2,374,000
Notes Payable
Debt Instrument [Line Items]
Redemption price percentage	100.00%	100.00%
Debt issuance costs		$ 43,820,000	$ 42,595,000
Notes payable redeemed	$ 350,000,000
Stated Rate	3.90%

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Notes Payable and Derivatives - Summary of outstanding series of unsecured notes (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Long-term debt maturities for the next five years		$ 1,550,000
Notes Payable
Debt Instrument [Line Items]
Stated Rate			3.90%
2025 Notes
Debt Instrument [Line Items]
Principal	[1],[2],[3]	400,000
Discount	[1],[2],[3],[4]	964
Net Price	[1],[2],[3]	$ 399,036
Stated Rate	[1],[2],[3]	4.00%
Effective Rate	[1],[2],[3],[5]	4.029%
2026 Notes
Debt Instrument [Line Items]
Principal	[1],[3]	$ 350,000
Discount	[1],[3],[4]	3,860
Net Price	[1],[3]	$ 346,140
Stated Rate	[1],[3]	3.60%
Effective Rate	[1],[3],[5]	3.733%
2027 Notes
Debt Instrument [Line Items]
Principal	[1],[3]	$ 400,000
Discount	[1],[3],[4]	1,628
Net Price	[1],[3]	$ 398,372
Stated Rate	[1],[3]	3.50%
Effective Rate	[1],[3],[5]	3.548%
2028 Notes
Debt Instrument [Line Items]
Principal	[1],[3]	$ 400,000
Discount	[1],[3],[4]	2,848
Net Price	[1],[3]	$ 397,152
Stated Rate	[1],[3]	4.30%
Effective Rate	[1],[3],[5]	4.388%
2030 Notes
Debt Instrument [Line Items]
Principal	[1]	$ 400,000
Discount	[1],[4]	1,288
Net Price	[1]	$ 398,712
Stated Rate	[1]	2.50%
Effective Rate	[1],[5]	2.536%
2033 Notes
Debt Instrument [Line Items]
Principal		$ 500,000
Discount	[4]	11,620
Net Price		$ 488,380
Stated Rate		5.60%
Effective Rate	[5]	5.905%
2034 Notes
Debt Instrument [Line Items]
Principal		$ 500,000
Discount	[4]	6,160
Net Price		$ 493,840
Stated Rate		5.50%
Effective Rate	[5]	5.662%
2048 Notes
Debt Instrument [Line Items]
Principal		$ 300,000
Discount	[4]	4,239
Net Price		$ 295,761
Stated Rate		4.80%
Effective Rate	[5]	4.89%
2050 Notes
Debt Instrument [Line Items]
Principal		$ 300,000
Discount	[4]	6,066
Net Price		$ 293,934
Stated Rate		3.10%
Effective Rate	[5]	3.205%
April 2051
Debt Instrument [Line Items]
Principal		$ 450,000
Discount	[4]	8,406
Net Price		$ 441,594
Stated Rate		3.50%
Effective Rate	[5]	3.602%
2052 Notes
Debt Instrument [Line Items]
Principal	[1]	$ 450,000
Discount	[1],[4]	10,422
Net Price	[1]	$ 439,578
Stated Rate	[1]	3.00%
Effective Rate	[1],[5]	3.118%

[1] NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method.

[2] NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.

[3] The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.

[4] The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.

[5] Includes the effects of the discount at issuance.

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Notes Payable and Derivatives - Schedule of Terminated Derivatives (Details) - Forward Swap $ in Thousands		Sep. 30, 2021 USD ($) Instrument	Mar. 31, 2020 USD ($) Instrument	Sep. 30, 2018 USD ($) Instrument	Sep. 30, 2017 USD ($) Instrument	Dec. 31, 2016 USD ($) Instrument	Oct. 31, 2015 USD ($) Instrument
Derivative [Line Items]
Description | Instrument		2	3	2	2	2	4
Aggregate Notional Amount		$ 120,000	$ 200,000	$ 250,000	$ 250,000	$ 180,000	$ 300,000
Liability Fair Value When Terminated		1,584	13,141		7,690		13,369
Asset Fair Value When Terminated				(4,080)		(13,352)
Fair Value Deferred In Other Comprehensive Income	[1]	$ 1,584	$ 13,141	$ (4,080)	$ 7,688	$ (13,345)	$ 13,369

[1] The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

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Stockholders' Equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total allowable shares		375,000,000	375,000,000
Total shares issued as of December 31, 2024		187,540,929	182,474,770
Net proceeds		$ 217,581	$ 32,328	$ 253,972
Stock issuance costs(1)		$ 13,127	$ 4,510	$ 199
2020 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares		17,500,000
Total shares issued as of December 31, 2024		7,722,511
2023 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares		17,500,000
Total shares issued as of December 31, 2024		4,652,100
ATM Equity Programs
Class of Stock [Line Items]
Shares of common stock		4,652,100	650,135	5,473,072
Average price per share (net) (in dollars per share)		$ 45.49	$ 43.52	$ 45.15
Net proceeds		$ 211,619	$ 28,292	$ 247,129
Stock issuance costs(1)	[1]	$ 3,242	$ 858	$ 3,761

[1] Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.

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Stockholders' Equity (Additional Information) (Details) - $ / shares		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 29, 2024
Class of Stock [Line Items]
Total allowable shares		375,000,000	375,000,000
Common stock dividends declared and paid (in dollars per share)		$ 2.29	$ 2.23	$ 2.16
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.58
DRIP [Member]
Class of Stock [Line Items]
Total allowable shares					4,000,000

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Stockholders' Equity - DRIP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds	$ 217,581	$ 32,328	$ 253,972
DRIP [Member]
Class of Stock [Line Items]
Shares of common stock (in shares)	64,654	76,229	70,342
Net proceeds	$ 2,634	$ 3,082	$ 3,082

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Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividends	$ 420,239	$ 404,458	$ 380,538
DRIP [Member]
Class of Stock [Line Items]
Dividends	$ 420,239	$ 404,458	$ 380,538
Per share	$ 2.29	$ 2.23	$ 2.16

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Employee Benefit Plan (Details) - USD ($)		12 Months Ended
	Jan. 01, 1998	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Percentage of participant's contributions matched by employer	75.00%	50.00%
Employer matching contribution, percent	4.00%	5.00%
Employer contributions		$ 804,000	$ 734,000	$ 590,000

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Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividends		$ 420,239	$ 404,458	$ 380,538
Common stock dividends declared and paid (in dollars per share)		$ 2.29	$ 2.23	$ 2.16
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.58

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Income Taxes (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Valuation Allowance Decreased	$ 95,000
Unrecognized tax benefits	$ 0

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Performance Incentive Plan (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0
Restricted shares granted (in shares)	36,604
Restricted shares granted (in shares)	36,604
Share-based compensation cost	$ 11,816,000	$ 12,228,000	$ 15,449,000
Unrecognized compensation cost	$ 13,725,000
Weighted average period for recognition of unrecognized compensation cost	2 years 14 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,800,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,800,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	402,763
Restricted shares granted (in shares)	402,763
Restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Performance shares, subject to shareholder return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	275,482
Performance period used In calculation	3 years
Fair value share price (in dollars per share)	$ 27.59
Restricted shares granted (in shares)	275,482
Performance shares, subject to Core Funds From Operations growth
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant price (in dollars per share)	$ 39.98

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Performance Incentive Plan (Restricted Stock Activity) (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Restricted shares granted (in shares) | shares	36,604
Weighted Average Share Price
Restricted shares granted (in dollars per share) | $ / shares	$ 43.19
Restricted stock
Number of Shares
Non-vested restricted shares, January 1 (in shares) | shares	1,038,124
Restricted shares granted (in shares) | shares	402,763
Restricted shares vested (in shares) | shares	(297,219)
Restricted shares forfeited (in shares) | shares	(60,088)
Non-vested restricted shares, December 31 (in shares) | shares	1,083,580
Weighted Average Share Price
Non-vested restricted shares, January 1 (in dollars per share) | $ / shares	$ 44.23
Restricted shares granted (in dollars per share) | $ / shares	39.98
Restricted shares vested (in dollars per share) | $ / shares	43.79
Restricted shares forfeited (in dollars per share) | $ / shares	42.54
Non-vested restricted shares, December 31 (in dollars per share) | $ / shares	$ 42.86

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Performance Incentive Plan (Other Grants) (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	36,604
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 43.19
Shares available under the 2017 Plan for grant, end of period (in shares)	4,520,013
Directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	6,720
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 43.15
Deferred directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	29,884
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 43.19

XML

Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of notes payable	$ 3,894,030,000	$ 3,801,367,000

XML

Segment Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	1

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Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) Property		Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		3,568
Encumbrances		$ 0
Initial Cost to Company, Land		2,922,640
Initial Cost to Company, Building, Improvements & Leasehold Interests		6,280,821
Costs Capitalized Subsequent to Acquisition, Improvements		1,623,135
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	2,920,042
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	7,889,126
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests		10,809,168	[1],[2]	$ 10,397,432	$ 9,678,127	$ 8,917,586
Accumulated Depreciation and Amortization		$ 2,065,520	[3]	$ 1,864,614	$ 1,660,665	$ 1,471,393
Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		12 months
Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		18 months
ALABAMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		150
Encumbrances		$ 0
Initial Cost to Company, Land		74,390
Initial Cost to Company, Building, Improvements & Leasehold Interests		173,171
Costs Capitalized Subsequent to Acquisition, Improvements		48,708
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	74,104
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	221,879
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	295,983
Accumulated Depreciation and Amortization	[3]	$ 63,043
Start Year of Construction	[4]	1960
End Year of Construction	[4]	2024
Acquired of Beginning Year		2001
Acquired of Ending Year		2024
ALABAMA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
ALABAMA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ALASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		5
Encumbrances		$ 0
Initial Cost to Company, Land		1,943
Initial Cost to Company, Building, Improvements & Leasehold Interests		3,694
Costs Capitalized Subsequent to Acquisition, Improvements		140
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,943
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	3,834
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	5,777
Accumulated Depreciation and Amortization	[3]	$ 2,076
Start Year of Construction	[4]	1971
End Year of Construction	[4]	2003
Acquired of Beginning Year		1996
Acquired of Ending Year		2014
ALASKA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
ALASKA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ARIZONA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		81
Encumbrances		$ 0
Initial Cost to Company, Land		117,729
Initial Cost to Company, Building, Improvements & Leasehold Interests		142,329
Costs Capitalized Subsequent to Acquisition, Improvements		146,844
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	117,729
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	289,173
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	406,902
Accumulated Depreciation and Amortization	[3]	$ 48,809
Start Year of Construction	[4]	1962
End Year of Construction	[4]	2024
Acquired of Beginning Year		1998
Acquired of Ending Year		2024
ARIZONA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
ARIZONA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ARKANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		72
Encumbrances		$ 0
Initial Cost to Company, Land		35,523
Initial Cost to Company, Building, Improvements & Leasehold Interests		100,982
Costs Capitalized Subsequent to Acquisition, Improvements		20,455
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	35,523
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	121,438
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	156,961
Accumulated Depreciation and Amortization	[3]	$ 24,964
Start Year of Construction	[4]	1969
End Year of Construction	[4]	2023
Acquired of Beginning Year		1998
Acquired of Ending Year		2024
ARKANSAS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
ARKANSAS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
CALIFORNIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		73
Encumbrances		$ 0
Initial Cost to Company, Land		144,400
Initial Cost to Company, Building, Improvements & Leasehold Interests		216,361
Costs Capitalized Subsequent to Acquisition, Improvements		37,430
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	143,383
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	244,599
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	387,982
Accumulated Depreciation and Amortization	[3]	$ 70,953
Start Year of Construction	[4]	1945
End Year of Construction	[4]	2018
Acquired of Beginning Year		1997
Acquired of Ending Year		2022
CALIFORNIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
CALIFORNIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
COLORADO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		45
Encumbrances		$ 0
Initial Cost to Company, Land		70,215
Initial Cost to Company, Building, Improvements & Leasehold Interests		92,324
Costs Capitalized Subsequent to Acquisition, Improvements		43,689
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	70,215
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	136,014
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	206,229
Accumulated Depreciation and Amortization	[3]	$ 35,256
Start Year of Construction	[4]	1969
End Year of Construction	[4]	2024
Acquired of Beginning Year		1994
Acquired of Ending Year		2023
COLORADO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
COLORADO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
CONNECTICUT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		11
Encumbrances		$ 0
Initial Cost to Company, Land		9,068
Initial Cost to Company, Building, Improvements & Leasehold Interests		32,773
Costs Capitalized Subsequent to Acquisition, Improvements		601
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	9,068
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	33,375
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	42,443
Accumulated Depreciation and Amortization	[3]	$ 12,503
Start Year of Construction	[4]	1929
End Year of Construction	[4]	2003
Acquired of Beginning Year		2006
Acquired of Ending Year		2022
CONNECTICUT | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
CONNECTICUT | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
DELAWARE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		2,994
Initial Cost to Company, Building, Improvements & Leasehold Interests		6,062
Costs Capitalized Subsequent to Acquisition, Improvements		516
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	2,994
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	6,578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	9,572
Accumulated Depreciation and Amortization	[3]	$ 4,602
Start Year of Construction	[4]	1994
End Year of Construction	[4]	1994
Acquired of Beginning Year		1994
Acquired of Ending Year		1994
DELAWARE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
DELAWARE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
DISTRICT OF COLUMBIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		624
Initial Cost to Company, Building, Improvements & Leasehold Interests		578
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	624
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	1,202
Accumulated Depreciation and Amortization	[3]	$ 286
Start Year of Construction	[4]	1983
End Year of Construction	[4]	1983
Acquired of Beginning Year		2005
Acquired of Ending Year		2005
DISTRICT OF COLUMBIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
DISTRICT OF COLUMBIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
FLORIDA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		276
Encumbrances		$ 0
Initial Cost to Company, Land		305,961
Initial Cost to Company, Building, Improvements & Leasehold Interests		474,860
Costs Capitalized Subsequent to Acquisition, Improvements		145,081
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	305,961
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	618,368
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	924,329
Accumulated Depreciation and Amortization	[3]	$ 153,577
Start Year of Construction	[4]	1939
End Year of Construction	[4]	2024
Acquired of Beginning Year		1985
Acquired of Ending Year		2024
FLORIDA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
FLORIDA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
GEORGIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		175
Encumbrances		$ 0
Initial Cost to Company, Land		137,502
Initial Cost to Company, Building, Improvements & Leasehold Interests		300,069
Costs Capitalized Subsequent to Acquisition, Improvements		66,045
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	137,502
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	366,114
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	503,616
Accumulated Depreciation and Amortization	[3]	$ 97,474
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2024
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
GEORGIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
GEORGIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
HAWAII
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		775
Initial Cost to Company, Building, Improvements & Leasehold Interests		1,308
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	775
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	1,308
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	2,083
Accumulated Depreciation and Amortization	[3]	$ 82
Start Year of Construction	[4]	1971
End Year of Construction	[4]	1971
Acquired of Beginning Year		2023
Acquired of Ending Year		2023
HAWAII | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
HAWAII | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
IDAHO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		11
Encumbrances		$ 0
Initial Cost to Company, Land		7,644
Initial Cost to Company, Building, Improvements & Leasehold Interests		9,468
Costs Capitalized Subsequent to Acquisition, Improvements		8,331
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	7,644
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	17,799
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	25,443
Accumulated Depreciation and Amortization	[3]	$ 5,356
Start Year of Construction	[4]	1983
End Year of Construction	[4]	2017
Acquired of Beginning Year		2006
Acquired of Ending Year		2022
IDAHO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
IDAHO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ILLINOIS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		167
Encumbrances		$ 0
Initial Cost to Company, Land		137,420
Initial Cost to Company, Building, Improvements & Leasehold Interests		311,509
Costs Capitalized Subsequent to Acquisition, Improvements		74,151
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	137,420
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	385,481
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	522,901
Accumulated Depreciation and Amortization	[3]	$ 114,478
Start Year of Construction	[4]	1924
End Year of Construction	[4]	2024
Acquired of Beginning Year		1995
Acquired of Ending Year		2023
ILLINOIS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
ILLINOIS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
INDIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		149
Encumbrances		$ 0
Initial Cost to Company, Land		99,065
Initial Cost to Company, Building, Improvements & Leasehold Interests		201,373
Costs Capitalized Subsequent to Acquisition, Improvements		84,248
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	99,065
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	285,621
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	384,686
Accumulated Depreciation and Amortization	[3]	$ 89,296
Start Year of Construction	[4]	1965
End Year of Construction	[4]	2023
Acquired of Beginning Year		2001
Acquired of Ending Year		2024
INDIANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
INDIANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
IOWA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		28
Encumbrances		$ 0
Initial Cost to Company, Land		22,527
Initial Cost to Company, Building, Improvements & Leasehold Interests		37,962
Costs Capitalized Subsequent to Acquisition, Improvements		26,624
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	22,527
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	64,585
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	87,112
Accumulated Depreciation and Amortization	[3]	$ 20,410
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2023
Acquired of Beginning Year		2005
Acquired of Ending Year		2022
IOWA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
IOWA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
KANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		39
Encumbrances		$ 0
Initial Cost to Company, Land		19,541
Initial Cost to Company, Building, Improvements & Leasehold Interests		53,896
Costs Capitalized Subsequent to Acquisition, Improvements		9,776
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	19,541
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	63,672
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	83,213
Accumulated Depreciation and Amortization	[3]	$ 13,912
Start Year of Construction	[4]	1946
End Year of Construction	[4]	2019
Acquired of Beginning Year		1997
Acquired of Ending Year		2023
KANSAS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
KANSAS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
KENTUCKY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		60
Encumbrances		$ 0
Initial Cost to Company, Land		44,003
Initial Cost to Company, Building, Improvements & Leasehold Interests		105,088
Costs Capitalized Subsequent to Acquisition, Improvements		13,085
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	44,003
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	118,173
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	162,176
Accumulated Depreciation and Amortization	[3]	$ 34,057
Start Year of Construction	[4]	1974
End Year of Construction	[4]	2024
Acquired of Beginning Year		2005
Acquired of Ending Year		2024
KENTUCKY | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
KENTUCKY | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
LOUISIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		52
Encumbrances		$ 0
Initial Cost to Company, Land		36,135
Initial Cost to Company, Building, Improvements & Leasehold Interests		92,862
Costs Capitalized Subsequent to Acquisition, Improvements		37,936
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	36,135
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	130,798
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	166,933
Accumulated Depreciation and Amortization	[3]	$ 30,411
Start Year of Construction	[4]	1970
End Year of Construction	[4]	2023
Acquired of Beginning Year		1996
Acquired of Ending Year		2023
LOUISIANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
LOUISIANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MAINE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		17
Encumbrances		$ 0
Initial Cost to Company, Land		5,618
Initial Cost to Company, Building, Improvements & Leasehold Interests		23,757
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	5,618
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	23,757
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	29,375
Accumulated Depreciation and Amortization	[3]	$ 5,982
Start Year of Construction	[4]	1915
End Year of Construction	[4]	2017
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
MAINE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
MAINE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MARYLAND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		50
Encumbrances		$ 0
Initial Cost to Company, Land		62,149
Initial Cost to Company, Building, Improvements & Leasehold Interests		125,927
Costs Capitalized Subsequent to Acquisition, Improvements		3,426
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	62,149
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	129,353
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	191,502
Accumulated Depreciation and Amortization	[3]	$ 46,469
Start Year of Construction	[4]	1946
End Year of Construction	[4]	2017
Acquired of Beginning Year		1996
Acquired of Ending Year		2019
MARYLAND | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MARYLAND | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MASSACHUSETTS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		24
Encumbrances		$ 0
Initial Cost to Company, Land		33,600
Initial Cost to Company, Building, Improvements & Leasehold Interests		94,097
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	33,600
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	94,097
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	127,697
Accumulated Depreciation and Amortization	[3]	$ 23,118
Start Year of Construction	[4]	1910
End Year of Construction	[4]	2017
Acquired of Beginning Year		2006
Acquired of Ending Year		2024
MASSACHUSETTS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MASSACHUSETTS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MICHIGAN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		97
Encumbrances		$ 0
Initial Cost to Company, Land		62,812
Initial Cost to Company, Building, Improvements & Leasehold Interests		223,420
Costs Capitalized Subsequent to Acquisition, Improvements		49,677
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	62,812
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	272,744
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	335,556
Accumulated Depreciation and Amortization	[3]	$ 47,797
Start Year of Construction	[4]	1963
End Year of Construction	[4]	2024
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
MICHIGAN | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MICHIGAN | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MINNESOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		33
Encumbrances		$ 0
Initial Cost to Company, Land		23,342
Initial Cost to Company, Building, Improvements & Leasehold Interests		42,701
Costs Capitalized Subsequent to Acquisition, Improvements		7,156
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	23,342
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	49,857
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	73,199
Accumulated Depreciation and Amortization	[3]	$ 15,728
Start Year of Construction	[4]	1950
End Year of Construction	[4]	2024
Acquired of Beginning Year		2005
Acquired of Ending Year		2024
MINNESOTA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
MINNESOTA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MISSISSIPPI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		63
Encumbrances		$ 0
Initial Cost to Company, Land		29,466
Initial Cost to Company, Building, Improvements & Leasehold Interests		100,855
Costs Capitalized Subsequent to Acquisition, Improvements		12,422
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	29,466
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	113,277
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	142,743
Accumulated Depreciation and Amortization	[3]	$ 18,742
Start Year of Construction	[4]	1959
End Year of Construction	[4]	2021
Acquired of Beginning Year		2006
Acquired of Ending Year		2023
MISSISSIPPI | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
MISSISSIPPI | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MISSOURI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		106
Encumbrances		$ 0
Initial Cost to Company, Land		64,782
Initial Cost to Company, Building, Improvements & Leasehold Interests		131,418
Costs Capitalized Subsequent to Acquisition, Improvements		67,399
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	64,782
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	198,817
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	263,599
Accumulated Depreciation and Amortization	[3]	$ 47,317
Start Year of Construction	[4]	1920
End Year of Construction	[4]	2023
Acquired of Beginning Year		1992
Acquired of Ending Year		2024
MISSOURI | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
MISSOURI | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MONTANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		26
Encumbrances		$ 0
Initial Cost to Company, Land		4,102
Initial Cost to Company, Building, Improvements & Leasehold Interests		11,865
Costs Capitalized Subsequent to Acquisition, Improvements		2,654
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	4,102
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	14,518
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	18,620
Accumulated Depreciation and Amortization	[3]	$ 5,828
Start Year of Construction	[4]	1937
End Year of Construction	[4]	2016
Acquired of Beginning Year		2010
Acquired of Ending Year		2016
MONTANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MONTANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEBRASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		11
Encumbrances		$ 0
Initial Cost to Company, Land		10,052
Initial Cost to Company, Building, Improvements & Leasehold Interests		10,581
Costs Capitalized Subsequent to Acquisition, Improvements		5,033
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	10,052
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	15,614
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	25,666
Accumulated Depreciation and Amortization	[3]	$ 2,488
Start Year of Construction	[4]	1973
End Year of Construction	[4]	2019
Acquired of Beginning Year		2005
Acquired of Ending Year		2024
NEBRASKA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
NEBRASKA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEVADA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		16
Encumbrances		$ 0
Initial Cost to Company, Land		16,023
Initial Cost to Company, Building, Improvements & Leasehold Interests		41,187
Costs Capitalized Subsequent to Acquisition, Improvements		9,097
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	16,023
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	50,284
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	66,307
Accumulated Depreciation and Amortization	[3]	$ 6,540
Start Year of Construction	[4]	1961
End Year of Construction	[4]	2023
Acquired of Beginning Year		2012
Acquired of Ending Year		2024
NEVADA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEVADA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEW HAMPSHIRE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		10
Encumbrances		$ 0
Initial Cost to Company, Land		11,299
Initial Cost to Company, Building, Improvements & Leasehold Interests		39,056
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	11,299
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	39,056
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	50,355
Accumulated Depreciation and Amortization	[3]	$ 10,424
Start Year of Construction	[4]	1980
End Year of Construction	[4]	2004
Acquired of Beginning Year		2011
Acquired of Ending Year		2022
NEW HAMPSHIRE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEW HAMPSHIRE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
NEW JERSEY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		33
Encumbrances		$ 0
Initial Cost to Company, Land		53,956
Initial Cost to Company, Building, Improvements & Leasehold Interests		202,697
Costs Capitalized Subsequent to Acquisition, Improvements		7,600
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	53,956
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	210,297
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	264,253
Accumulated Depreciation and Amortization	[3]	$ 59,343
Start Year of Construction	[4]	1948
End Year of Construction	[4]	2025
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
NEW JERSEY | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEW JERSEY | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEW MEXICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		33
Encumbrances		$ 0
Initial Cost to Company, Land		22,315
Initial Cost to Company, Building, Improvements & Leasehold Interests		81,052
Costs Capitalized Subsequent to Acquisition, Improvements		21,795
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	22,315
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	102,848
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	125,163
Accumulated Depreciation and Amortization	[3]	$ 20,786
Start Year of Construction	[4]	1955
End Year of Construction	[4]	2019
Acquired of Beginning Year		2001
Acquired of Ending Year		2024
NEW MEXICO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEW MEXICO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEW YORK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		48
Encumbrances		$ 0
Initial Cost to Company, Land		34,302
Initial Cost to Company, Building, Improvements & Leasehold Interests		77,027
Costs Capitalized Subsequent to Acquisition, Improvements		20,168
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	34,302
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	97,194
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	131,496
Accumulated Depreciation and Amortization	[3]	$ 19,628
Start Year of Construction	[4]	1905
End Year of Construction	[4]	2020
Acquired of Beginning Year		1997
Acquired of Ending Year		2024
NEW YORK | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
NEW YORK | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NORTH CAROLINA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		161
Encumbrances		$ 0
Initial Cost to Company, Land		126,272
Initial Cost to Company, Building, Improvements & Leasehold Interests		258,620
Costs Capitalized Subsequent to Acquisition, Improvements		41,909
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	126,272
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	300,529
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	426,801
Accumulated Depreciation and Amortization	[3]	$ 92,021
Start Year of Construction	[4]	1906
End Year of Construction	[4]	2024
Acquired of Beginning Year		2004
Acquired of Ending Year		2024
NORTH CAROLINA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
NORTH CAROLINA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NORTH DAKOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		4
Encumbrances		$ 0
Initial Cost to Company, Land		411
Initial Cost to Company, Building, Improvements & Leasehold Interests		1,606
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	411
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	1,606
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	2,017
Accumulated Depreciation and Amortization	[3]	$ 948
Start Year of Construction	[4]	1974
End Year of Construction	[4]	1999
Acquired of Beginning Year		1997
Acquired of Ending Year		2011
NORTH DAKOTA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NORTH DAKOTA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
OHIO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		193
Encumbrances		$ 0
Initial Cost to Company, Land		126,588
Initial Cost to Company, Building, Improvements & Leasehold Interests		299,250
Costs Capitalized Subsequent to Acquisition, Improvements		77,934
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	126,588
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	376,991
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	503,579
Accumulated Depreciation and Amortization	[3]	$ 118,574
Start Year of Construction	[4]	1910
End Year of Construction	[4]	2025
Acquired of Beginning Year		1992
Acquired of Ending Year		2024
OHIO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
OHIO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
OKLAHOMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		89
Encumbrances		$ 0
Initial Cost to Company, Land		43,661
Initial Cost to Company, Building, Improvements & Leasehold Interests		109,605
Costs Capitalized Subsequent to Acquisition, Improvements		26,775
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	43,661
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	136,380
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	180,041
Accumulated Depreciation and Amortization	[3]	$ 35,678
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2018
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
OKLAHOMA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
OKLAHOMA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
OREGON
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		8
Encumbrances		$ 0
Initial Cost to Company, Land		6,040
Initial Cost to Company, Building, Improvements & Leasehold Interests		10,216
Costs Capitalized Subsequent to Acquisition, Improvements		1,000
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	6,040
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	11,216
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	17,256
Accumulated Depreciation and Amortization	[3]	$ 3,976
Start Year of Construction	[4]	1968
End Year of Construction	[4]	2008
Acquired of Beginning Year		1998
Acquired of Ending Year		2023
OREGON | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
OREGON | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
PENNSYLVANIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		88
Encumbrances		$ 0
Initial Cost to Company, Land		72,020
Initial Cost to Company, Building, Improvements & Leasehold Interests		137,489
Costs Capitalized Subsequent to Acquisition, Improvements		49,818
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	71,835
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	185,984
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	257,819
Accumulated Depreciation and Amortization	[3]	$ 51,594
Start Year of Construction	[4]	1953
End Year of Construction	[4]	2024
Acquired of Beginning Year		1997
Acquired of Ending Year		2024
PENNSYLVANIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		2 years
PENNSYLVANIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
PUERTO RICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		1,729
Initial Cost to Company, Building, Improvements & Leasehold Interests		0
Costs Capitalized Subsequent to Acquisition, Improvements		2,732
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,729
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	2,131
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	3,860
Accumulated Depreciation and Amortization	[3]	$ 976
Start Year of Construction	[4]	1998
End Year of Construction	[4]	1998
Acquired of Beginning Year		2007
Acquired of Ending Year		2007
PUERTO RICO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		33 years
PUERTO RICO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		33 years
Rohde Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		6
Encumbrances		$ 0
Initial Cost to Company, Land		3,497
Initial Cost to Company, Building, Improvements & Leasehold Interests		10,325
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	3,497
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	10,325
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	13,822
Accumulated Depreciation and Amortization	[3]	$ 2,503
Start Year of Construction	[4]	1938
End Year of Construction	[4]	2004
Acquired of Beginning Year		2016
Acquired of Ending Year		2023
Rohde Island | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
Rohde Island | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		78
Encumbrances		$ 0
Initial Cost to Company, Land		59,751
Initial Cost to Company, Building, Improvements & Leasehold Interests		116,840
Costs Capitalized Subsequent to Acquisition, Improvements		16,619
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	59,751
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	133,459
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	193,210
Accumulated Depreciation and Amortization	[3]	$ 37,609
Start Year of Construction	[4]	1921
End Year of Construction	[4]	2024
Acquired of Beginning Year		2005
Acquired of Ending Year		2023
South Carolina | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
South Carolina | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		3
Encumbrances		$ 0
Initial Cost to Company, Land		1,942
Initial Cost to Company, Building, Improvements & Leasehold Interests		4,447
Costs Capitalized Subsequent to Acquisition, Improvements		3,511
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,942
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	7,957
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	9,899
Accumulated Depreciation and Amortization	[3]	$ 1,888
Start Year of Construction	[4]	1985
End Year of Construction	[4]	2024
Acquired of Beginning Year		2012
Acquired of Ending Year		2023
South Dakota | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
South Dakota | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		35 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		153
Encumbrances		$ 0
Initial Cost to Company, Land		104,561
Initial Cost to Company, Building, Improvements & Leasehold Interests		236,390
Costs Capitalized Subsequent to Acquisition, Improvements		61,081
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	104,561
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	297,471
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	402,032
Accumulated Depreciation and Amortization	[3]	$ 71,525
Start Year of Construction	[4]	1958
End Year of Construction	[4]	2024
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
Tennessee | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
Tennessee | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		575
Encumbrances		$ 0
Initial Cost to Company, Land		481,901
Initial Cost to Company, Building, Improvements & Leasehold Interests		1,177,369
Costs Capitalized Subsequent to Acquisition, Improvements		249,929
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	481,901
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	1,426,839
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	1,908,740
Accumulated Depreciation and Amortization	[3]	$ 362,319
Start Year of Construction	[4]	1890
End Year of Construction	[4]	2024
Acquired of Beginning Year		1993
Acquired of Ending Year		2024
Texas | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
Texas | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		14
Encumbrances		$ 0
Initial Cost to Company, Land		13,108
Initial Cost to Company, Building, Improvements & Leasehold Interests		19,681
Costs Capitalized Subsequent to Acquisition, Improvements		13,239
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	13,108
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	32,921
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	46,029
Accumulated Depreciation and Amortization	[3]	$ 8,727
Start Year of Construction	[4]	1951
End Year of Construction	[4]	2016
Acquired of Beginning Year		2006
Acquired of Ending Year		2022
Utah | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Utah | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		118
Encumbrances		$ 0
Initial Cost to Company, Land		101,701
Initial Cost to Company, Building, Improvements & Leasehold Interests		177,563
Costs Capitalized Subsequent to Acquisition, Improvements		66,719
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	100,591
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	243,323
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	343,914
Accumulated Depreciation and Amortization	[3]	$ 69,571
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2024
Acquired of Beginning Year		1995
Acquired of Ending Year		2024
Virginia | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
Virginia | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		27
Encumbrances		$ 0
Initial Cost to Company, Land		22,767
Initial Cost to Company, Building, Improvements & Leasehold Interests		35,177
Costs Capitalized Subsequent to Acquisition, Improvements		15,999
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	22,767
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	51,177
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	73,944
Accumulated Depreciation and Amortization	[3]	$ 18,979
Start Year of Construction	[4]	1965
End Year of Construction	[4]	2017
Acquired of Beginning Year		1997
Acquired of Ending Year		2024
Washington | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Washington | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		24
Encumbrances		$ 0
Initial Cost to Company, Land		14,442
Initial Cost to Company, Building, Improvements & Leasehold Interests		28,027
Costs Capitalized Subsequent to Acquisition, Improvements		1,394
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	14,442
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	29,421
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	43,863
Accumulated Depreciation and Amortization	[3]	$ 8,220
Start Year of Construction	[4]	1970
End Year of Construction	[4]	2021
Acquired of Beginning Year		2006
Acquired of Ending Year		2023
West Virginia | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
West Virginia | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		56
Encumbrances		$ 0
Initial Cost to Company, Land		39,822
Initial Cost to Company, Building, Improvements & Leasehold Interests		92,092
Costs Capitalized Subsequent to Acquisition, Improvements		24,389
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	39,822
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	116,481
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	156,303
Accumulated Depreciation and Amortization	[3]	$ 26,846
Start Year of Construction	[4]	1940
End Year of Construction	[4]	2024
Acquired of Beginning Year		2006
Acquired of Ending Year		2024
Wisconsin | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Wisconsin | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		6
Encumbrances		$ 0
Initial Cost to Company, Land		1,150
Initial Cost to Company, Building, Improvements & Leasehold Interests		3,815
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,150
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	3,815
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	4,965
Accumulated Depreciation and Amortization	[3]	$ 1,831
Start Year of Construction	[4]	1949
End Year of Construction	[4]	2001
Acquired of Beginning Year		2010
Acquired of Ending Year		2012
Wyoming | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Wyoming | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years

[1] 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, 2024, the net investment in real estate accounted for under the direct financing method was $2,520

[2] 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:   2024     2023     2022                     Beginning balance, January 1 $ 10,397,432     $ 9,678,127     $ 8,917,586   Acquisitions and dollars invested in projects under construction or tenant improvements   565,707       820,238       846,331   Dispositions   (147,339 )     (94,943 )     (77,481 ) Impairment losses   (6,632 )     (5,990 )     (8,309 ) Ending balance, December 31 $ 10,809,168     $ 10,397,432     $ 9,678,127  

[3] The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:   2024     2023     2022   Beginning balance, January 1 $ 1,864,614     $ 1,660,665     $ 1,471,393   Dispositions   (41,046 )     (26,236 )     (25,757 ) Depreciation and amortization expense   241,952       230,185       215,029   Ending balance, December 31 $ 2,065,520     $ 1,864,614     $ 1,660,665  

[4] As of December 31, 2024, NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date.

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Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Land, buildings, and leasehold interests:
Beginning balance	$ 10,397,432		$ 9,678,127	$ 8,917,586
Acquisitions and dollars invested in projects under construction and tenant improvements	565,707		820,238	846,331
Dispositions	(147,339)		(94,943)	(77,481)
Impairment losses	(6,632)		(5,990)	(8,309)
Ending balance	10,809,168	[1],[2]	10,397,432	9,678,127
Accumulated depreciation and amortization:
Beginning balance	1,864,614		1,660,665	1,471,393
Dispositions	(41,046)		(26,236)	(25,757)
Depreciation and amortization expense	241,952		230,185	215,029
Ending balance	2,065,520	[3]	1,864,614	$ 1,660,665
Net investment in direct financing leases	2,520		$ 3,033
Real estate, federal income tax basis	$ 10,665,000
Maximum [Member]
Accumulated depreciation and amortization:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation	18 months
Minimum [Member]
Accumulated depreciation and amortization:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation	12 months

[1] 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, 2024, the net investment in real estate accounted for under the direct financing method was $2,520

[2] 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:   2024     2023     2022                     Beginning balance, January 1 $ 10,397,432     $ 9,678,127     $ 8,917,586   Acquisitions and dollars invested in projects under construction or tenant improvements   565,707       820,238       846,331   Dispositions   (147,339 )     (94,943 )     (77,481 ) Impairment losses   (6,632 )     (5,990 )     (8,309 ) Ending balance, December 31 $ 10,809,168     $ 10,397,432     $ 9,678,127  

[3] The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:   2024     2023     2022   Beginning balance, January 1 $ 1,864,614     $ 1,660,665     $ 1,471,393   Dispositions   (41,046 )     (26,236 )     (25,757 ) Depreciation and amortization expense   241,952       230,185       215,029   Ending balance, December 31 $ 2,065,520     $ 1,864,614     $ 1,660,665  

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Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages		$ 3,000
Carrying amount of mortgages		451	[1]	$ 996	$ 1,521
Principal Amount of Loans Subject to Delinquent Principal or Interest		0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year		996		1,521	2,011
New mortgage loans		0		0	0	$ 3,000
Deductions during the year:
Collections of principal		(599)		(559)	(521)
Other: credit (losses) recoveries	[2]	54		34	31
Foreclosures		0		0	0
Balance at the close of year		451	[1]	996	1,521
Mortgages held, federal income tax basis		$ 454		$ 1,002	$ 1,530
2 properties in VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate		7.00%
Face Amount of Mortgages	[3]	$ 3,000
Carrying amount of mortgages	[1],[4]	451
Principal Amount of Loans Subject to Delinquent Principal or Interest	[4]	0
Deductions during the year:
Balance at the close of year	[1],[4]	$ 451

[1] Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2024, 2023 and 2022 were $454, $1,002 and $1,530, respectively

[2] In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis.

[3] Principal and interest is payable at varying amounts over the life of the loan.

[4] Mortgages totaling $3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020.