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.