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Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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").
|  | June 30, 2024
Property Portfolio: |  |
Total Properties |  | 3,548
Gross leasable area (square feet) |  | 36,095,000
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 June 30:
|  | 2024 |  |  | 2023 |  |
Number of tenants |  |  | 11 |  |  |  | 9 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |
Total Properties |  |  | 3.4 | % |  |  | 5.0 | % |
Total annual base rent |  |  | 5.0 | % | (1) |  | 7.1 | % | (2)
Total gross leasable area |  |  | 4.8 | % |  |  | 6.8 | % |
Based on annualized base rent for all leases in place at the end of each respective quarter.
| (1) | $837,568,000 as of June 30, 2024.
| (2) | $794,475,000 as of June 30, 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 106,666 |  |  | $ | 98,704 |  |  | $ | 201,037 |  |  | $ | 188,871 |
Less: Earnings allocated to unvested restricted shares |  |  | (189 | ) |  |  | (162 | ) |  |  | (333 | ) |  |  | (295 | )
Net earnings used in basic and diluted earnings per share |  | $ | 106,477 |  |  | $ | 98,542 |  |  | $ | 200,704 |  |  | $ | 188,576 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 183,532,421 |  |  |  | 182,123,555 |  |  |  | 183,116,552 |  |  |  | 181,923,011 |
Less: Unvested restricted shares |  |  | (324,620 | ) |  |  | (295,441 | ) |  |  | (294,671 | ) |  |  | (267,861 | )
Less: Unvested contingent restricted shares |  |  | (769,010 | ) |  |  | (736,083 | ) |  |  | (702,410 | ) |  |  | (685,341 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 182,438,791 |  |  |  | 181,092,031 |  |  |  | 182,119,471 |  |  |  | 180,969,809 |
Other dilutive securities |  |  | 368,583 |  |  |  | 535,826 |  |  |  | 408,862 |  |  |  | 574,466 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 182,807,374 |  |  |  | 181,627,857 |  |  |  | 182,528,333 |  |  |  | 181,544,275 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 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 |  |  | 1,242 |  | (2)
Ending balance, June 30, 2024 |  | $ | (8,869 | ) |
(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.

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