XML 27 R19.htm IDEA: XBRL DOCUMENT
v3.24.3

Real Estate (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
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, 2024 |  |  | December 31, 2023 |
Land and improvements(1) |  | $ | 2,901,152 |  |  | $ | 2,878,400 |
Buildings and improvements |  |  | 7,650,577 |  |  |  | 7,368,873 |
Leasehold interests |  |  | 355 |  |  |  | 355 |
|  |  | 10,552,084 |  |  |  | 10,247,628 |
Less accumulated depreciation and amortization |  |  | (2,012,183 | ) |  |  | (1,863,451 | )
|  |  | 8,539,901 |  |  |  | 8,384,177 |
Work in progress and improvements |  |  | 79,447 |  |  |  | 144,068 |
Accounted for using the operating method |  |  | 8,619,348 |  |  |  | 8,528,245 |
Accounted for using the direct financing method |  |  | 2,577 |  |  |  | 3,033 |
Classified as held for sale(2) |  |  | 3,564 |  |  |  | 4,573 |
|  | $ | 8,625,489 |  |  | $ | 8,535,851 |
(1) | Includes $39,373 and $96,464 in land for Properties under construction at September 30, 2024 and December 31, 2023, respectively.
(2) | As of September 30, 2024, two Properties were classified as held for sale. The one property classified as held for sale as of December 31, 2023 was sold during the nine months ended September 30, 2024.
Rental Income, Operating Leases | NNN recognized the following revenues in rental income (dollars in thousands):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Rental income from operating leases |  | $ | 213,447 |  |  | $ | 200,287 |  |  | $ | 634,088 |  |  | $ | 596,099 |
Earned income from direct financing leases |  |  | 116 |  |  |  | 140 |  |  |  | 353 |  |  |  | 427 |
Percentage rent |  |  | 200 |  |  |  | 336 |  |  |  | 1,347 |  |  |  | 1,390 |
Rental revenues |  |  | 213,763 |  |  |  | 200,763 |  |  |  | 635,788 |  |  |  | 597,916 |
Real estate expenses reimbursed from tenants |  |  | 4,392 |  |  |  | 4,093 |  |  |  | 13,332 |  |  |  | 12,996 |
|  | $ | 218,155 |  |  | $ | 204,856 |  |  | $ | 649,120 |  |  | $ | 610,912 |
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, 2024 |  |  | December 31, 2023 |
Intangible lease assets (included in other assets): |  |  |  |  |  |
Above-market in-place leases |  | $ | 14,875 |  |  | $ | 15,297 |
Less: accumulated amortization |  |  | (12,130 | ) |  |  | (12,080 | )
Above-market in-place leases, net |  | $ | 2,745 |  |  | $ | 3,217 |
In-place leases |  | $ | 119,143 |  |  | $ | 122,802 |
Less: accumulated amortization |  |  | (86,722 | ) |  |  | (85,332 | )
In-place leases, net |  | $ | 32,421 |  |  | $ | 37,470 |
Intangible lease liabilities (included in other liabilities): |  |  |  |  |  |
Below-market in-place leases |  | $ | 40,557 |  |  | $ | 41,244 |
Less: accumulated amortization |  |  | (29,246 | ) |  |  | (29,117 | )
Below-market in-place leases, net |  | $ | 11,311 |  |  | $ | 12,127 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | # 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 |  | 9 |  | $ | 7,765 |  |  | 13 |  | $ | 19,992 |  |  | 29 |  | $ | 30,207 |  |  | 26 |  | $ | 40,222 |
Remaining Funding Commitments | These construction commitments, as of September 30, 2024, are outlined in the table below (dollars in thousands):
Total commitment(1) |  | $ | 177,392 |
Less amount funded |  |  | (118,820 | )
Remaining commitment |  | $ | 58,572 |
(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, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total real estate impairments, net of recoveries |  | $ | 760 |  |  | $ | 1,001 |  |  | $ | 2,908 |  |  | $ | 3,675 |
Number of Properties: |  |  |  |  |  |  |  |  |  |  |  |
Vacant |  |  | — |  |  |  | 1 |  |  |  | 2 |  |  |  | 4 |
Occupied |  |  | 2 |  |  |  | 1 |  |  |  | 5 |  |  |  | 2 |

X
- Definition Disclosure of Long Lived Assets Held-for-sale, Gains Recognized [Table Text Block] + References No definition available. + Details
Name: | nnn_DisclosureOfLongLivedAssetsHeldForSaleGainsRecognizedTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Real Estate Investment Portfolio Remaining Funding Commitments [Table Text Block] + References No definition available. + Details
Name: | nnn_ScheduleOfRealEstateInvestmentPortfolioRemainingFundingCommitmentsTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Finite-Lived Intangible Assets And Below-Market Lease Liabilities, And Future Amortization [Table Text Block] + References No definition available. + Details
Name: | nnn_ScheduleofFiniteLivedIntangibleAssetsAndBelowMarketLeaseLiabilitiesAndFutureAmortizationTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2 + Details
Name: | us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration