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.