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Real Estate (Tables)

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

Summary of Real Estate Subject to Operating Leases

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

		September 30, 2023				December 31, 2022
Land and improvements(1)		$	2,823,053			$	2,669,498
Buildings and improvements			7,226,852				6,985,394
Leasehold interests			355				355
			10,050,260				9,655,247
Less accumulated depreciation and amortization			(1,813,920	)			(1,660,308	)
			8,236,340				7,994,939
Work in progress and improvements			106,615				21,737
Accounted for using the operating method			8,342,955				8,016,676
Accounted for using the direct financing method			3,107				3,352
Classified as held for sale(2)			—				786
		$	8,346,062			$	8,020,814

(1) Includes $100,788 and $22,356 in land for Properties under construction at September 30, 2023 and December 31, 2022, respectively.

(2) As of September 30, 2023, no Properties were classified as held for sale.

Rental Income, Operating Leases

NNN recognized the following revenues in rental income (dollars in thousands):

		Quarter Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Rental income from operating leases		$	200,287			$	188,840			$	596,099			$	558,942
Earned income from direct financing leases			140				148				427				449
Percentage rent			336				235				1,390				1,231
Rental revenues			200,763				189,223				597,916				560,622
Real estate expense reimbursement from tenants			4,093				3,879				12,996				12,779
		$	204,856			$	193,102			$	610,912			$	573,401

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 (dollars in thousands):

		September 30, 2023				December 31, 2022
Intangible lease assets (included in other assets):
Above-market in-place leases		$	15,356			$	15,356
Less: accumulated amortization			(11,979	)			(11,477	)
Above-market in-place leases, net		$	3,377			$	3,879
In-place leases		$	122,956			$	124,198
Less: accumulated amortization			(83,890	)			(79,675	)
In-place leases, net		$	39,066			$	44,523
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases		$	41,217			$	41,371
Less: accumulated amortization			(28,849	)			(28,121	)
Below-market in-place leases, net		$	12,368			$	13,250

Gains on Dispositions of Properties

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

		Quarter Ended September 30,												Nine Months Ended September 30,
		2023						2022						2023						2022
		# of Sold Properties		Net Gain				# of Sold Properties		Net Gain				# of Sold Properties		Net Gain				# of Sold Properties		Net Gain
Gain on disposition of real estate		13		$	19,992			8		$	5,889			26		$	40,222			26		$	10,656

Remaining Funding Commitments

These construction commitments, as of September 30, 2023, are outlined in the table below (dollars in thousands):

Total commitment(1)		$	391,604
Less amount funded			(207,403	)
Remaining commitment		$	184,201

(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 assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands):

		Quarter Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Total real estate impairments, net of recoveries		$	1,001			$	971			$	3,675			$	7,221
Number of Properties:
Vacant			1				2				4				8
Occupied			1				1				2				6

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