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Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 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").
|  | September 30, 2025
Property Portfolio: |  |
Total Properties |  | 3,697
Gross leasable area (square feet) |  | 39,209,000
States |  | 50
Weighted average remaining lease term (years) |  | 10.1
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of September 30:
|  | 2025 |  |  | 2024 |  |
Number of tenants |  |  | 13 |  |  |  | 11 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |
Total Properties |  |  | 1.9 | % |  |  | 4.3 | % |
% of Annualized Base Rent ("ABR")(1) |  |  | 4.4 | % | (2) |  | 5.6 | % | (3)
% of gross leasable area |  |  | 7.0 | % |  |  | 6.5 | % |
(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) | $912,218,000 as of September 30, 2025.
| (3) | $850,976,000 as of September 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 96,839 |  |  | $ | 97,904 |  |  | $ | 293,826 |  |  | $ | 298,941 |
Less: Earnings allocated to unvested restricted shares |  |  | (191 | ) |  |  | (185 | ) |  |  | (538 | ) |  |  | (511 | )
Net earnings used in basic and diluted earnings per share |  | $ | 96,648 |  |  | $ | 97,719 |  |  | $ | 293,288 |  |  | $ | 298,430 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 188,926,954 |  |  |  | 185,094,982 |  |  |  | 188,225,188 |  |  |  | 183,780,842 |
Less: Unvested restricted shares |  |  | (318,662 | ) |  |  | (318,796 | ) |  |  | (305,442 | ) |  |  | (298,973 | )
Less: Unvested contingent restricted shares |  |  | (769,581 | ) |  |  | (769,010 | ) |  |  | (719,653 | ) |  |  | (724,772 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 187,838,711 |  |  |  | 184,007,176 |  |  |  | 187,200,093 |  |  |  | 182,757,097 |
Other dilutive securities |  |  | 494,078 |  |  |  | 554,255 |  |  |  | 486,238 |  |  |  | 544,473 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 188,332,789 |  |  |  | 184,561,431 |  |  |  | 187,686,331 |  |  |  | 183,301,570 |
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, 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 |  |  | 1,409 |  | (2)
Ending balance, September 30, 2025 |  | $ | (6,959 | ) |
(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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