Organization and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of NNN's Investment Portfolio

NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").

	September 30, 2021
Property Portfolio:
Total properties		3,195
Gross leasable area (square feet)		33,005,000
States		48
Weighted average remaining lease term (years)		10.6

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 common share using the two-class method (dollars in thousands):

	Quarter Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Basic and Diluted Earnings:
Net earnings attributable to NNN	$	82,933		$	56,069		$	212,543		$	167,512
Less: Series F preferred stock dividends		(4,485	)		(4,485	)		(13,455	)		(13,455	)
Net earnings available to NNN’s common stockholders		78,448			51,584			199,088			154,057
Less: Earnings allocated to unvested restricted shares		(180	)		(179	)		(509	)		(516	)
Net earnings used in basic and diluted earnings per share	$	78,268		$	51,405		$	198,579		$	153,541
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding		175,607,905			173,596,374			175,530,702			172,579,042
Less: Unvested restricted shares		(340,725	)		(344,429	)		(323,808	)		(332,730	)
Less: Unvested contingent restricted shares		(637,738	)		(570,809	)		(596,868	)		(539,735	)
Weighted average number of shares outstanding used in    basic earnings per share		174,629,442			172,681,136			174,610,026			171,706,577
Other dilutive securities		109,461			101,130			106,027			108,800
Weighted average number of shares outstanding used in    diluted earnings per share		174,738,903			172,782,266			174,716,053			171,815,377

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, 2021, (dollars in thousands):

	Gain (Loss) on Cash Flow Hedges(1)
Beginning balance, December 31, 2020	$	(16,445	)
Other comprehensive income (loss)		(1,584	)
Reclassifications from accumulated other comprehensive income to net earnings		2,494		(2)
Net other comprehensive income (loss)		910
Ending balance, September 30, 2021	$	(15,535	)

(1)	Additional disclosure is included in Note 6 – Derivatives.
(2)	Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.