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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net earnings $ 293,826 $ 298,941
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 200,218 186,487
Impairment losses – real estate, net of recoveries 13,242 2,908
Amortization of notes payable discount 2,545 2,149
Amortization of debt costs 4,574 4,538
Amortization of interest rate hedges 1,409 1,692
Settlement of forward starting swaps (409) 0
Gain on disposition of real estate (32,581) (30,207)
Performance incentive plan expense 12,194 9,976
Performance incentive plan payment (1,702) (1,274)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:    
Decrease in receivables 709 1,425
Decrease (increase) in accrued rental income (715) 8
Increase in other assets (190) (1,057)
Increase (decrease) in accrued interest payable 50,227 41,025
Increase (decrease) in other liabilities (2,479) 1,353
Other 95 (138)
Net cash provided by operating activities 540,963 517,826
Cash flows from investing activities:    
Proceeds from the disposition of real estate 108,668 106,764
Additions to real estate (742,419) (351,149)
Principal payments received on mortgages and notes receivable 460 470
Other (1,554) (1,099)
Net cash used in investing activities (634,845) (245,014)
Cash flows from financing activities:    
Proceeds from line of credit payable 618,000 449,000
Repayment of line of credit payable (618,000) (581,000)
Proceeds from notes payable 495,910 493,840
Repayment of notes payable 0 (350,000)
Payment of debt issuance costs (4,411) (13,103)
Proceeds from issuance of common stock 83,253 216,934
Stock issuance costs (1,529) (3,206)
Payment of common stock dividends (329,710) (311,920)
Net cash provided by (used in) financing activities 243,513 (99,455)
Net increase (decrease) in cash, cash equivalents and restricted cash [1] 149,631 173,357
Cash, cash equivalents and restricted cash at beginning of period [1] 9,062 5,155
Cash, cash equivalents and restricted cash at end of period [1] 158,693 178,512
Supplemental disclosure of cash flow information:    
Interest paid, net of amount capitalized 93,548 92,477
Supplemental disclosure of noncash investing and financing activities:    
Change in other comprehensive income 1,000 1,692
Change in work in progress accrual $ 5,537 $ (2,539)
[1]

Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. As of September 30, 2025, December 31, 2024 and September 30, 2024, NNN had restricted cash of $776, $331 and $4,986, respectively.