v3.25.4

Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Accounting Policies [Abstract] |
Summary of NNN's Investment Portfolio | 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").
|  | December 31, 2025 |
Property Portfolio: |  |  |
Total Properties |  |  | 3,692 |
Gross leasable area (square feet) (unaudited) |  |  | 39,578,000 |
States |  |  | 50 |
Weighted average remaining lease term (years) |  |  | 10.2 |
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:
|  | 2025 |  |  | 2024 |  |  | 2023 |  |
Number of tenants |  |  | 14 |  |  |  | 12 |  |  |  | 9 |  |
Cash basis tenants as a percent of: |  |  |  |  |  |  |  |  |  |
Total Properties |  |  | 1.8 | % |  |  | 2.5 | % |  |  | 3.5 | % |
Total Annualized Base Rent ("ABR")(1) |  |  | 4.4 | % | (2) |  | 4.3 | % | (3) |  | 5.0 | % | (4)
Total gross leasable area |  |  | 7.1 | % |  |  | 4.5 | % |  |  | 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) | $928,081,000 as of December 31, 2025.
| (3) | $860,562,000 as of December 31, 2024.
| (4) | $818,749,000 as of December 31, 2023.
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 for the years ended December 31 (dollars in thousands):
|  | 2025 |  |  | 2024 |  |  | 2023 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 389,777 |  |  | $ | 396,835 |  |  | $ | 392,340 |
Less: Earnings allocated to unvested restricted shares |  |  | (728 | ) |  |  | (686 | ) |  |  | (609 | )
Net earnings used in basic and diluted earnings per share |  | $ | 389,049 |  |  | $ | 396,149 |  |  | $ | 391,731 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |
Weighted average shares outstanding |  |  | 188,651,928 |  |  |  | 184,723,988 |  |  |  | 182,184,038 |
Less: Unvested restricted shares |  |  | (308,239 | ) |  |  | (299,534 | ) |  |  | (273,077 | )
Less: Unvested contingent restricted shares |  |  | (732,238 | ) |  |  | (735,892 | ) |  |  | (710,921 | )
Weighted average shares outstanding used in basic earnings per share |  |  | 187,611,451 |  |  |  | 183,688,562 |  |  |  | 181,200,040 |
Other dilutive securities |  |  | 375,347 |  |  |  | 355,279 |  |  |  | 489,683 |
Weighted average shares outstanding used in diluted earnings per share |  |  | 187,986,798 |  |  |  | 184,043,841 |  |  |  | 181,689,723 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2025 and 2024 (dollars in thousands):
|  | Gain or Loss on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2023 |  | $ | (10,111 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 2,152 |  | (2)
Ending balance, December 31, 2024 |  |  | (7,959 | ) |
Other comprehensive income (loss) |  |  | (52 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 1,690 |  | (2)
Ending balance, December 31, 2025 |  | $ | (6,321 | ) |
(1) | Additional disclosure is included in "Note 8 – Derivatives."
(2) | Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

X
- Definition Represents the calculation of the numerator and denominator used in basic and diluted earnings per share calculation. + References No definition available. + Details
Name: | nnn_ScheduleOfComputationOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of number of Investment Property Holdings and gross leasable area and number of states located + References No definition available. + Details
Name: | nnn_ScheduleOfInvestmentPropertiesTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of tenants classified as cash basis. + References No definition available. + Details
Name: | nnn_SummaryOfTenantsClassifiedAsCashBasisTableTextBlock
Namespace Prefix: | nnn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481674/830-30-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481694/830-30-45-20 + Details
Name: | us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration