XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.23.1

Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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 primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").
|  | March 31, 2023 |
Property Portfolio: |  |  |
Total Properties |  |  | 3,449 |
Gross leasable area (square feet) |  |  | 35,251,000 |
States |  |  | 49 |
Weighted average remaining lease term (years) |  |  | 10.3 |
NNN's operations are reported within one operating segment in the condensed 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.
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of:
|  | March 31, |
|  | 2023 |  |  | 2022 |
Number of tenants |  |  | 10 |  |  |  | 9 |
Cash basis tenants as a percent of: |  |  |  |  |  |
Total Properties |  |  | 5.0 | % |  |  | 5.4 | %
Total annual base rent(1) |  |  | 7.1 | % |  |  | 7.3 | %
Total gross leasable area |  |  | 6.7 | % |  |  | 7.0 | %
(1) | Based on annualized base rent for all leases in place for each respective period.
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 common share using the two-class method (dollars in thousands):
|  | Quarter Ended March 31, |
|  | 2023 |  |  | 2022 |
Basic and Diluted Earnings: |  |  |  |  |  |
Net earnings available to NNN’s common stockholders |  | $ | 90,167 |  |  | $ | 81,372 |
Less: Earnings allocated to unvested restricted shares |  |  | (132 | ) |  |  | (156 | )
Net earnings used in basic and diluted earnings per share |  | $ | 90,035 |  |  | $ | 81,216 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |
Weighted average number of shares outstanding |  |  | 181,720,238 |  |  |  | 175,635,634 |
Less: Unvested restricted shares |  |  | (240,699 | ) |  |  | (294,665 | )
Less: Unvested contingent restricted shares |  |  | (634,036 | ) |  |  | (568,726 | )
Weighted average number of shares outstanding used in basic earnings per share |  |  | 180,845,503 |  |  |  | 174,772,243 |
Other dilutive securities |  |  | 588,842 |  |  |  | 138,970 |
Weighted average number of shares outstanding used in diluted earnings per share |  |  | 181,434,345 |  |  |  | 174,911,213 |
Changes in Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the quarter ended March 31, 2023 (dollars in thousands):
|  | Gain (Loss) on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2022 |  | $ | (12,582 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 607 |  | (2)
Ending balance, March 31, 2023 |  | $ | (11,975 | ) |
(1) | Additional disclosure is included in Note 5 – Notes Payable and Derivatives.
(2) | Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.

X
- Definition Represents the calculation of the numerator and denominator used in basic and diluted earnings per share calculation. + References No definition available. + Details
Name: | nnn_ScheduleOfComputationOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of number of Investment Property Holdings and gross leasable area and number of states located + References No definition available. + Details
Name: | nnn_ScheduleOfInvestmentPropertiesTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of tenants classified as cash basis. + References No definition available. + Details
Name: | nnn_SummaryOfTenantsClassifiedAsCashBasisTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669686-108580 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -URI https://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration