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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net earnings $ 290,110,000 $ 228,796,000 $ 299,608,000
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 205,220,000 196,623,000 188,871,000
Impairment losses – real estate, net of recoveries 21,957,000 37,442,000 31,992,000
Loss on early extinguishment of debt 21,328,000 16,679,000 0
Amortization of notes payable discount 2,130,000 3,036,000 1,739,000
Amortization of debt costs 5,186,000 5,009,000 3,731,000
Amortization of mortgages payable premium (85,000) (85,000) (86,000)
Amortization of interest rate hedges 3,073,000 2,300,000 1,307,000
Settlement of forward starting swaps (1,584,000) (13,141,000) 0
Gain on disposition of real estate (23,094,000) (16,238,000) (32,463,000)
Performance incentive plan expense 14,491,000 14,479,000 11,547,000
Performance incentive plan payment (721,000) (846,000) (775,000)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:      
Decrease (increase) in receivables 1,184,000 (1,464,000) 923,000
Decrease (increase) in accrued rental income 21,137,000 26,027,000 2,333,000
Decrease (increase) in other assets 1,589,000 488,000 (96,000)
Increase (decrease) in accrued interest payable 4,522,000 1,151,000 (1,269,000)
Increase (decrease) in other liabilities 2,279,000 1,986,000 (1,379,000)
Other (297,000) 6,000 410,000
Net cash provided by operating activities 568,425,000 450,194,000 501,727,000
Cash flows from investing activities:      
Proceeds from the disposition of real estate 123,052,000 53,254,000 123,997,000
Additions to real estate:      
Accounted for using the operating method (553,322,000) (195,944,000) (747,521,000)
Principal payments received on mortgages and notes receivable 486,000 374,000 3,100,000
Other (2,393,000) (500,000) 1,016,000
Net cash used in investing activities (432,177,000) (142,816,000) (619,408,000)
Cash flows from financing activities:      
Proceeds from line of credit payable 0 311,000,000 829,200,000
Repayment of line of credit payable 0 (444,600,000) (695,600,000)
Repayment of mortgages payable (630,000) (596,000) (567,000)
Proceeds from notes payable 881,172,000 692,646,000 0
Repayment of notes payable (350,000,000) (325,000,000) 0
Payment for early extinguishment of debt (21,328,000) (16,679,000) 0
Payment of debt issuance costs (17,814,000) (7,941,000) (157,000)
Proceeds from issuance of common stock 4,053,000 126,488,000 542,280,000
Stock issuance costs (325,000) (2,223,000) (17,521,000)
Payment of common stock dividends (367,291,000) (356,409,000) (333,692,000)
Noncontrolling interest distributions 0 0 (776,000)
Net cash provided by (used in) financing activities (232,162,000) (41,254,000) 4,526,000
Net increase (decrease) in cash, cash equivalents and restricted cash (95,914,000) 266,124,000 (113,155,000)
Cash, cash equivalents and restricted cash at beginning of year [1] 267,236,000 1,112,000 114,267,000
Cash, cash equivalents and restricted cash at end of year [1] 171,322,000 267,236,000 1,112,000
Supplemental disclosure of cash flow information:      
Interest paid, net of amount capitalized 123,376,000 119,408,000 115,700,000
Supplemental disclosure of noncash investing and financing activities:      
Change in other comprehensive income (loss) 1,489,000 (5,317,000) (5,432,000)
Right-of-use assets recorded in connection with lease liabilities 0 0 8,224,000
Work in progress accrual balance 7,695,000 5,602,000 21,579,000
Mortgage receivable issued in connection with a real estate disposition 0 3,000,000 3,100,000
Change in lease classification (direct financing lease to operating lease) 0 0 1,246,000
Series E Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock 0 0 (287,500,000)
Payment of preferred stock dividends 0 0 (13,201,000)
Series F Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (345,000,000) 0 0
Payment of preferred stock dividends $ (14,999,000) $ (17,940,000) $ (17,940,000)
[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 Consolidated Balance Sheets. NNN did not have restricted cash, including cash held in escrow as of December 31, 2021, 2020 and 2019.