Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [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 are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property").

	December 31, 2021
Property Portfolio:
Total properties		3,223
Gross leasable area (square feet)		32,753,000
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 for the years ended December 31 (dollars in thousands):

	2021			2020			2019
Basic and Diluted Earnings:
Net earnings attributable to NNN	$	290,113		$	228,799		$	299,180
Less: Series E preferred stock dividends		—			—			(13,201	)
Less: Series F preferred stock dividends		(14,999	)		(17,940	)		(17,940	)
Less: Excess of redemption value over carrying value    of preferred shares redeemed		(10,897	)		—			(9,856	)
Net earnings available to common stockholders		264,217			210,859			258,183
Less: Earnings allocated to unvested restricted shares		(689	)		(698	)		(601	)
Net earnings used in basic and diluted earnings per share	$	263,528		$	210,161		$	257,582
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding		175,554,961			172,994,337			165,499,707
Less: Unvested restricted shares		(328,070	)		(337,078	)		(295,773	)
Less: Unvested contingent restricted shares		(515,970	)		(547,546	)		(515,436	)
Weighted average number of shares outstanding used in basic    earnings per share		174,710,921			172,109,713			164,688,498
Other dilutive securities		107,978			107,364			395,181
Weighted average number of shares outstanding used in diluted    earnings per share		174,818,899			172,217,077			165,083,679

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, 2021 and 2020 (dollars in thousands):

	Gain or Loss on Cash Flow Hedges(1)
Beginning balance, December 31, 2019	$	(11,128	)
Other comprehensive income (loss)		(7,617	)
Reclassifications from accumulated other comprehensive income to net earnings		2,300
Net current period other comprehensive income (loss)		(5,317	)
Ending balance, December 31, 2020		(16,445	)
Other comprehensive income (loss)		(1,584	)
Reclassifications from accumulated other comprehensive income to net earnings		3,073
Net current period other comprehensive income (loss)		1,489
Ending balance, December 31, 2021	$	(14,956	)

(1)Additional disclosure is included in Note 10 – Derivatives.

(2)Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated
Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.