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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2025
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, 2025 |  |  | December 31, 2024 |
Land and improvements(1) |  | $ | 3,042,105 |  |  | $ | 2,919,976 |
Buildings and improvements |  |  | 8,310,558 |  |  |  | 7,805,939 |
Leasehold interests |  |  | 355 |  |  |  | 355 |
|  |  | 11,353,018 |  |  |  | 10,726,270 |
Less accumulated depreciation and amortization |  |  | (2,216,029 | ) |  |  | (2,065,316 | )
|  |  | 9,136,989 |  |  |  | 8,660,954 |
Work in progress and improvements |  |  | 42,509 |  |  |  | 82,411 |
Accounted for using the operating method |  |  | 9,179,498 |  |  |  | 8,743,365 |
Accounted for using the direct financing method |  |  | 2,336 |  |  |  | 2,520 |
Classified as held for sale(2) |  |  | 22,863 |  |  |  | 283 |
|  | $ | 9,204,697 |  |  | $ | 8,746,168 |
(1) | Includes $21,784 and $34,356 in land for Properties under construction at September 30, 2025 and December 31, 2024, respectively.
(2) | As of September 30, 2025, 15 Properties were classified as held for sale. The two properties classified as held for sale as of December 31, 2024 were sold during the nine months ended September 30, 2025.
Rental Income, Operating Leases | NNN recognized the following revenues in rental income (dollars in thousands):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Rental income from operating leases |  | $ | 225,053 |  |  | $ | 213,447 |  |  | $ | 670,823 |  |  | $ | 634,088 |
Earned income from direct financing leases |  |  | 111 |  |  |  | 116 |  |  |  | 337 |  |  |  | 353 |
Percentage rent |  |  | 211 |  |  |  | 200 |  |  |  | 1,381 |  |  |  | 1,347 |
Rental revenues |  |  | 225,375 |  |  |  | 213,763 |  |  |  | 672,541 |  |  |  | 635,788 |
Real estate expenses reimbursed from tenants |  |  | 4,398 |  |  |  | 4,392 |  |  |  | 14,304 |  |  |  | 13,332 |
|  | $ | 229,773 |  |  | $ | 218,155 |  |  | $ | 686,845 |  |  | $ | 649,120 |
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, 2025 |  |  | December 31, 2024 |
Intangible lease assets (included in other assets): |  |  |  |  |  |
Above-market in-place leases |  | $ | 14,355 |  |  | $ | 14,753 |
Less: accumulated amortization |  |  | (11,084 | ) |  |  | (12,159 | )
Above-market in-place leases, net |  | $ | 3,271 |  |  | $ | 2,594 |
In-place leases |  | $ | 116,282 |  |  | $ | 116,549 |
Less: accumulated amortization |  |  | (82,407 | ) |  |  | (85,741 | )
In-place leases, net |  | $ | 33,875 |  |  | $ | 30,808 |
Intangible lease liabilities (included in other liabilities): |  |  |  |  |  |
Below-market in-place leases |  | $ | 37,375 |  |  | $ | 39,869 |
Less: accumulated amortization |  |  | (27,902 | ) |  |  | (28,946 | )
Below-market in-place leases, net |  | $ | 9,473 |  |  | $ | 10,923 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | # 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 |  | 23 |  | $ | 12,570 |  |  | 9 |  | $ | 7,765 |  |  | 56 |  | $ | 32,581 |  |  | 29 |  | $ | 30,207 |
Remaining Funding Commitments | These construction commitments, as of September 30, 2025, are outlined in the table below (dollars in thousands):
Total commitment(1) |  | $ | 114,030 |
Less amount funded |  |  | (64,293 | )
Remaining commitment |  | $ | 49,737 |
(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 real estate 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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total real estate impairments, net of recoveries |  | $ | 7,195 |  |  | $ | 760 |  |  | $ | 13,242 |  |  | $ | 2,908 |
Number of Properties: |  |  |  |  |  |  |  |  |  |  |  |
Vacant |  |  | 14 |  |  |  | — |  |  |  | 22 |  |  |  | 2 |
Occupied |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 5 |

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