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Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Summary of NNN's Investment Portfolio | NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases and are primarily held for investment ("Properties" or "Property Portfolio", or individually a "Property").
|  | March 31, 2025
Property Portfolio: |  |
Total Properties |  | 3,641
Gross leasable area (square feet) |  | 37,311,000
States |  | 50
Weighted average remaining lease term (years) |  | 10
In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Topic 280, Segment Reporting,
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of March 31:
|  | 2025 |  |  | 2024 |  |
Number of tenants |  |  | 10 |  |  |  | 10 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |
Total Properties |  |  | 1.5 | % |  |  | 3.5 | % |
% of Annualized Base Rent ("ABR")(1) |  |  | 3.4 | % | (2) |  | 5.1 | % | (3)
% of gross leasable area |  |  | 3.7 | % |  |  | 4.9 | % |
(1) | ABR represents the monthly cash base rent for all leases in place as of the end of the period multiplied by 12. Based on ABR of:
| (2) | $874,301,000 as of March 31, 2025.
| (3) | $831,010,000 as of March 31, 2024.
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, |
|  | 2025 |  |  | 2024 |
Basic and Diluted Earnings: |  |  |  |  |  |
Net earnings |  | $ | 96,458 |  |  | $ | 94,371 |
Less: Earnings allocated to unvested restricted shares |  |  | (167 | ) |  |  | (153 | )
Net earnings used in basic and diluted earnings per share |  | $ | 96,291 |  |  | $ | 94,218 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |
Weighted average shares outstanding |  |  | 187,761,527 |  |  |  | 182,700,682 |
Less: Unvested restricted shares |  |  | (288,296 | ) |  |  | (270,664 | )
Less: Unvested contingent restricted shares |  |  | (618,134 | ) |  |  | (635,810 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 186,855,097 |  |  |  | 181,794,208 |
Other dilutive securities |  |  | 224,987 |  |  |  | 418,689 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 187,080,084 |  |  |  | 182,212,897 |
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, 2025 (dollars in thousands):
|  | Gain (Loss) on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2024 |  | $ | (7,959 | ) |
Other comprehensive income (loss) |  |  | (292 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 460 |  | (2)
Ending balance, March 31, 2025 |  | $ | (7,791 | ) |
(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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