v3.25.4

Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2025
Real Estate [Abstract] |
Summary of Real Estate Subject to Operating Leases | Real Estate Portfolio. NNN's real estate consisted of the following at December 31 (dollars in thousands):
|  | 2025 |  |  | 2024 |
Land and improvements (1) |  | $ | 3,100,444 |  |  | $ | 2,919,976 |
Buildings and improvements |  |  | 8,323,201 |  |  |  | 7,805,939 |
Leasehold interests |  |  | 355 |  |  |  | 355 |
|  |  | 11,424,000 |  |  |  | 10,726,270 |
Less accumulated depreciation and amortization |  |  | (2,248,856 | ) |  |  | (2,065,316 | )
|  |  | 9,175,144 |  |  |  | 8,660,954 |
Work in progress and improvements |  |  | 42,019 |  |  |  | 82,411 |
Accounted for using the operating method |  |  | 9,217,163 |  |  |  | 8,743,365 |
Accounted for using the direct financing method |  |  | 1,181 |  |  |  | 2,520 |
Classified as held for sale(2) |  |  | 21,198 |  |  |  | 283 |
|  | $ | 9,239,542 |  |  | $ | 8,746,168 |
(1) | Includes $24,523 and $34,356 in land for Properties under construction as of December 31, 2025 and 2024, respectively.
(2) | As of December 31, 2025, 10 Properties were classified as held for sale. The two properties classified as held for sale as of December 31, 2024 were sold during the year ended December 31, 2025.
Rental Income, Operating Leases | NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands):
|  | 2025 |  |  | 2024 |  |  | 2023 |
Rental income from operating leases |  | $ | 902,369 |  |  | $ | 846,653 |  |  | $ | 805,136 |
Earned income from direct financing leases |  |  | 424 |  |  |  | 468 |  |  |  | 560 |
Percentage rent |  |  | 1,549 |  |  |  | 1,536 |  |  |  | 1,631 |
Rental revenues |  |  | 904,342 |  |  |  | 848,657 |  |  |  | 807,327 |
Real estate expense reimbursement from tenants |  |  | 20,038 |  |  |  | 18,811 |  |  |  | 18,763 |
|  | $ | 924,380 |  |  | $ | 867,468 |  |  | $ | 826,090 |
Undiscounted Cash Flows to be Received on Noncancellable Operating Leases | The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2025 (dollars in thousands):
2026 |  | $ | 873,239 |
2027 |  |  | 844,659 |
2028 |  |  | 797,780 |
2029 |  |  | 761,231 |
2030 |  |  | 726,275 |
Thereafter |  |  | 5,125,734 |
|  | $ | 9,128,918 |
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 December 31 (dollars in thousands):
|  | 2025 |  |  | 2024 |
Intangible lease assets (included in other assets): |  |  |  |  |  |
Above-market in-place leases |  | $ | 14,051 |  |  | $ | 14,753 |
Less: accumulated amortization |  |  | (11,115 | ) |  |  | (12,159 | )
Above-market in-place leases, net |  | $ | 2,936 |  |  | $ | 2,594 |
In-place leases |  | $ | 117,302 |  |  | $ | 116,549 |
Less: accumulated amortization |  |  | (82,926 | ) |  |  | (85,741 | )
In-place leases, net |  | $ | 34,376 |  |  | $ | 30,808 |
Intangible lease liabilities (included in other liabilities): |  |  |  |  |  |
Below-market in-place leases |  | $ | 37,758 |  |  | $ | 39,869 |
Less: accumulated amortization |  |  | (27,293 | ) |  |  | (28,946 | )
Below-market in-place leases, net |  | $ | 10,465 |  |  | $ | 10,923 |
The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2025 (dollars in thousands):
|  | Above-Market and Below- Market In-Place Lease Intangibles(1) |  |  | In-Place Lease Intangibles(2) |
2026 |  | $ | 503 |  |  | $ | 5,201 |
2027 |  |  | 514 |  |  |  | 4,759 |
2028 |  |  | 675 |  |  |  | 4,339 |
2029 |  |  | 712 |  |  |  | 3,917 |
2030 |  |  | 667 |  |  |  | 3,342 |
Thereafter |  |  | 4,458 |  |  |  | 12,818 |
|  | $ | 7,529 |  |  | $ | 34,376 |
Weighted average amortization period (years) |  |  | 15 |  |  |  | 9 |
(1) | Recorded as a net increase to rental income over the life of the lease.
(2) | Amortized as an increase to amortization expense.
Gains on Dispositions of Properties | The following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands):
|  | 2025 |  |  | 2024 |  |  | 2023 |
|  | # of Sold Properties |  |  | Net Gain |  |  | # of Sold Properties |  |  | Net Gain |  |  | # of Sold Properties |  |  | Net Gain |
Gain on disposition of real estate |  |  | 116 |  |  | $ | 48,220 |  |  |  | 41 |  |  | $ | 42,290 |  |  |  | 45 |  |  | $ | 47,485 |
Remaining Funding Commitments | These construction commitments, at December 31, 2025, are outlined in the table below (dollars in thousands):
Total commitment(1) |  | $ | 136,213 |
Less amount funded |  |  | (66,542 | )
Remaining commitment |  | $ | 69,671 |
(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):
|  | 2025 |  |  | 2024 |  |  | 2023 |
Total real estate impairments, net of recoveries |  | $ | 28,602 |  |  | $ | 6,632 |  |  | $ | 5,990 |
Number of Properties: |  |  |  |  |  |  |  |  |
Vacant |  |  | 45 |  |  |  | 4 |  |  |  | 11 |
Occupied |  |  | 4 |  |  |  | 9 |  |  |  | 3 |

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