XML 25 R17.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 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").
|  | March 31, 2024
Property Portfolio: |  |
Total Properties |  | 3,546
Gross leasable area (square feet) |  | 36,137,000
States |  | 49
Weighted average remaining lease term (years) |  | 10.0
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of March 31:
|  | 2024 |  |  | 2023 |  |
Number of tenants |  |  | 10 |  |  |  | 10 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |
Total Properties |  |  | 3.5 | % |  |  | 5.0 | % |
Total annual base rent |  |  | 5.1 | % | (1) |  | 7.1 | % | (2)
Total gross leasable area |  |  | 4.9 | % |  |  | 6.7 | % |
Based on annualized base rent for all leases in place at the end of each respective quarter.
| (1) | $831,010,000 as of March 31, 2024.
| (2) | $781,909,000 as of March 31, 2023.
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 (dollars in thousands):
|  | Quarter Ended March 31, |
|  | 2024 |  |  | 2023 |
Basic and Diluted Earnings: |  |  |  |  |  |
Net earnings |  | $ | 94,371 |  |  | $ | 90,167 |
Less: Earnings allocated to unvested restricted shares |  |  | (153 | ) |  |  | (132 | )
Net earnings used in basic and diluted earnings per share |  | $ | 94,218 |  |  | $ | 90,035 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |
Weighted average shares outstanding |  |  | 182,700,682 |  |  |  | 181,720,238 |
Less: Unvested restricted shares |  |  | (270,664 | ) |  |  | (240,699 | )
Less: Unvested contingent restricted shares |  |  | (635,810 | ) |  |  | (634,036 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 181,794,208 |  |  |  | 180,845,503 |
Other dilutive securities |  |  | 418,689 |  |  |  | 588,842 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 182,212,897 |  |  |  | 181,434,345 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the quarter ended March 31, 2024 (dollars in thousands):
|  | Gain (Loss) on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2023 |  | $ | (10,111 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 632 |  | (2)
Ending balance, March 31, 2024 |  | $ | (9,479 | ) |
(1) | Additional disclosure is included in "Note 4 – Notes Payable and Derivatives".
(2) | Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration