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Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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").
|  | June 30, 2025
Property Portfolio: |  |
Total Properties |  | 3,663
Gross leasable area (square feet) |  | 38,322,000
States |  | 50
Weighted average remaining lease term (years) |  | 10
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of June 30:
|  | 2025 |  |  | 2024 |  |
Number of tenants |  |  | 12 |  |  |  | 11 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |
Total Properties |  |  | 2.5 | % |  |  | 3.4 | % |
% of Annualized Base Rent ("ABR")(1) |  |  | 4.7 | % | (2) |  | 5.0 | % | (3)
% of gross leasable area |  |  | 7.4 | % |  |  | 4.8 | % |
(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) | $893,782,000 as of June 30, 2025.
| (3) | $837,568,000 as of June 30, 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 100,529 |  |  | $ | 106,666 |  |  | $ | 196,987 |  |  | $ | 201,037 |
Less: Earnings allocated to unvested restricted shares |  |  | (190 | ) |  |  | (189 | ) |  |  | (357 | ) |  |  | (333 | )
Net earnings used in basic and diluted earnings per share |  | $ | 100,339 |  |  | $ | 106,477 |  |  | $ | 196,630 |  |  | $ | 200,704 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 187,974,275 |  |  |  | 183,532,421 |  |  |  | 187,868,489 |  |  |  | 183,116,552 |
Less: Unvested restricted shares |  |  | (328,001 | ) |  |  | (324,620 | ) |  |  | (308,258 | ) |  |  | (294,671 | )
Less: Unvested contingent restricted shares |  |  | (769,581 | ) |  |  | (769,010 | ) |  |  | (694,276 | ) |  |  | (702,410 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 186,876,693 |  |  |  | 182,438,791 |  |  |  | 186,865,955 |  |  |  | 182,119,471 |
Other dilutive securities |  |  | 193,595 |  |  |  | 368,583 |  |  |  | 222,205 |  |  |  | 408,862 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 187,070,288 |  |  |  | 182,807,374 |  |  |  | 187,088,160 |  |  |  | 182,528,333 |
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, 2025 (dollars in thousands):
|  | Gain (Loss) on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2024 |  | $ | (7,959 | ) |
Other comprehensive income (loss) |  |  | (409 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 929 |  | (2)
Ending balance, June 30, 2025 |  | $ | (7,439 | ) |
(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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