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Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [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, 2023
Property Portfolio: |  |
Total Properties |  | 3,532
Gross leasable area (square feet) |  | 35,966,000
States |  | 49
Weighted average remaining lease term (years) |  | 10.1
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Number of tenants |  |  | 9 |  |  |  | 8 |  |  |  | 11 |
Cash basis tenants as a percent of: |  |  |  |  |  |  |  |  |
Total Properties |  |  | 3.5 | % |  |  | 5.0 | % |  |  | 5.5 | %
Total annual base rent(1) |  |  | 5.0 | % |  |  | 7.0 | % |  |  | 7.0 | %
Total gross leasable area |  |  | 4.8 | % |  |  | 6.6 | % |  |  | 7.3 | %
(1) | Based on annualized base rent for all leases in place for each respective year.
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 for the years ended December 31 (dollars in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |
Net earnings attributable to NNN |  | $ | 392,340 |  |  | $ | 334,626 |  |  | $ | 290,113 |
Less: Series F preferred stock dividends |  |  | — |  |  |  | — |  |  |  | (14,999 | )
Less: Excess of redemption value over carrying value of preferred shares redeemed |  |  | — |  |  |  | — |  |  |  | (10,897 | )
Net earnings available to common stockholders |  |  | 392,340 |  |  |  | 334,626 |  |  |  | 264,217 |
Less: Earnings allocated to unvested restricted shares |  |  | (609 | ) |  |  | (514 | ) |  |  | (689 | )
Net earnings used in basic and diluted earnings per share |  | $ | 391,731 |  |  | $ | 334,112 |  |  | $ | 263,528 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding |  |  | 182,184,038 |  |  |  | 177,332,094 |  |  |  | 175,554,961 |
Less: Unvested restricted shares |  |  | (273,077 | ) |  |  | (237,918 | ) |  |  | (328,070 | )
Less: Unvested contingent restricted shares |  |  | (710,921 | ) |  |  | (690,520 | ) |  |  | (515,970 | )
Weighted average number of shares outstanding used in basic earnings per share |  |  | 181,200,040 |  |  |  | 176,403,656 |  |  |  | 174,710,921 |
Other dilutive securities |  |  | 489,683 |  |  |  | 664,209 |  |  |  | 107,978 |
Weighted average number of shares outstanding used in diluted earnings per share |  |  | 181,689,723 |  |  |  | 177,067,865 |  |  |  | 174,818,899 |
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, 2023 and 2022 (dollars in thousands):
|  | Gain or Loss on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2021 |  | $ | (14,956 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 2,374 |  | (2)
Ending 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 | ) |
(1) Additional disclosure is included in Note 5 – Notes Payable and Derivatives. (2) R ecorded 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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