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Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 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").
|  | September 30, 2024
Property Portfolio: |  |
Total Properties |  | 3,549
Gross leasable area (square feet) |  | 36,550,000
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 September 30:
|  | 2024 |  |  | 2023 |  |
Number of tenants |  |  | 11 |  |  |  | 8 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |
Total Properties |  |  | 4.3 | % |  |  | 4.8 | % |
Total annual base rent |  |  | 5.6 | % | (1) |  | 6.9 | % | (2)
Total gross leasable area |  |  | 6.5 | % |  |  | 6.4 | % |
Based on annualized base rent for all leases in place on each respective date.
| (1) | $850,976,000 as of September 30, 2024.
| (2) | $800,194,000 as of September 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 97,904 |  |  | $ | 106,787 |  |  | $ | 298,941 |  |  | $ | 295,658 |
Less: Earnings allocated to unvested restricted shares |  |  | (185 | ) |  |  | (171 | ) |  |  | (511 | ) |  |  | (448 | )
Net earnings used in basic and diluted earnings per share |  | $ | 97,719 |  |  | $ | 106,616 |  |  | $ | 298,430 |  |  | $ | 295,210 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 185,094,982 |  |  |  | 182,424,814 |  |  |  | 183,780,842 |  |  |  | 182,092,117 |
Less: Unvested restricted shares |  |  | (318,796 | ) |  |  | (290,458 | ) |  |  | (298,973 | ) |  |  | (268,713 | )
Less: Unvested contingent restricted shares |  |  | (769,010 | ) |  |  | (736,083 | ) |  |  | (724,772 | ) |  |  | (702,441 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 184,007,176 |  |  |  | 181,398,273 |  |  |  | 182,757,097 |  |  |  | 181,120,963 |
Other dilutive securities |  |  | 554,255 |  |  |  | 323,194 |  |  |  | 544,473 |  |  |  | 339,659 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 184,561,431 |  |  |  | 181,721,467 |  |  |  | 183,301,570 |  |  |  | 181,460,622 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the nine months ended September 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 |  |  | 1,692 |  | (2)
Ending balance, September 30, 2024 |  | $ | (8,419 | ) |
(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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