Schedule III - Real Estate and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation and Amortization

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2023

(dollars in thousands)

				Initial Costs to Company				Costs Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period (a) (c)
State	# of Properties	Encumbrances		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction (e)	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
Alabama	151	$	—	$	74,306	$	169,770	$	48,355	$	—	$	74,019	$	218,125	$	292,144	$	56,866	1960 - 2023	2001 - 2023	15 - 40
Alaska	5		—		1,943		3,694		140		—		1,943		3,834		5,777		1,954	1971 - 2003	1996 - 2014	20 - 40
Arizona	80		—		114,307		136,021		110,806		—		114,307		246,827		361,134		42,727	1974 - 2024	1998 - 2023	10 - 40
Arkansas	72		—		34,550		100,158		20,297		—		34,550		120,454		155,004		21,215	1969 - 2023	1998 - 2023	20 - 40
California	76		—		146,790		221,594		37,580		—		145,773		251,337		397,110		66,134	1945 - 2018	1997 - 2022	20 - 40
Colorado	44		—		70,215		93,429		38,902		—		70,215		132,331		202,546		31,851	1969 - 2024	1994 - 2023	20 - 40
Connecticut	11		—		9,068		32,950		601		—		9,068		33,551		42,619		11,405	1929 - 2003	2006 - 2022	20 - 30
Delaware	1		—		2,994		6,062		516		—		2,994		6,578		9,572		4,436	1994 - 1994	1994 - 1994	40 - 40
District of     Columbia	1		—		624		578		—		—		624		578		1,202		272	1983 - 1983	2005 - 2005	40 - 40
Florida	278		—		308,199		480,716		148,694		—		308,199		629,410		937,609		139,675	1939 - 2024	1985 - 2023	5 - 40
Georgia	172		—		139,622		293,455		68,359		—		139,622		361,813		501,435		87,153	1964 - 2024	1996 - 2023	10 - 40
Hawaii	1		—		775		1,308		—		—		775		1,308		2,083		38	1971 - 1971	2023 - 2023	30 - 30
Idaho	11		—		7,593		10,197		8,331		—		7,593		18,529		26,122		5,431	1979 - 2017	2006 - 2022	20 - 40
Illinois	169		—		137,917		311,801		69,061		—		137,917		380,683		518,600		102,942	1924 - 2024	1995 - 2023	15 - 40
Indiana	149		—		99,199		202,241		82,008		—		99,199		284,249		383,448		80,989	1965 - 2023	2001 - 2023	15 - 40
Iowa	28		—		22,527		37,962		26,585		—		22,527		64,547		87,074		18,585	1964 - 2023	2005 - 2022	10 - 40
Kansas	39		—		19,541		53,896		9,776		—		19,541		63,672		83,213		11,900	1946 - 2019	1997 - 2023	15 - 40
Kentucky	59		—		41,426		100,341		13,235		—		41,426		113,576		155,002		31,137	1974 - 2022	2005 - 2023	25 - 40
Louisiana	52		—		36,107		92,862		37,942		—		36,107		130,803		166,910		26,248	1970 - 2023	1996 - 2023	15 - 40
Maine	16		—		4,939		21,594		—		—		4,939		21,594		26,533		5,181	1915 - 2002	1996 - 2023	10 - 40
Maryland	50		—		62,149		125,927		3,006		—		62,149		128,933		191,082		42,509	1946 - 2017	1996 - 2019	20 - 40
Massachusetts	23		—		32,790		92,506		—		—		32,790		92,506		125,296		20,034	1956 - 2017	2006 - 2023	20 - 40
Michigan	98		—		63,762		222,563		56,376		—		63,762		278,586		342,348		42,877	1963 - 2024	1996 - 2023	20 - 40
Minnesota	30		—		22,436		40,002		4,143		—		22,436		44,145		66,581		14,291	1950 - 2023	2005 - 2023	10 - 40
Mississippi	63		—		29,466		100,855		12,422		—		29,466		113,277		142,743		15,064	1959 - 2017	2006 - 2023	15 - 40
Missouri	106		—		66,992		131,180		71,973		—		66,992		203,153		270,145		45,734	1920 - 2023	1992 - 2023	15 - 40
Montana	26		—		4,102		11,865		2,654		—		4,102		14,518		18,620		5,335	1937 - 2016	2010 - 2016	20 - 40
Nebraska	7		—		6,055		3,920		5,033		—		6,055		8,953		15,008		2,076	1973 - 2016	2005 - 2023	20 - 40
Nevada	16		—		12,041		27,181		3,585		—		12,041		30,766		42,807		5,545	1961 - 2023	2012 - 2023	25 - 40
New Hampshire	10		—		11,299		39,056		—		—		11,299		39,056		50,355		9,040	1980 - 2004	2011 - 2022	25 - 30
New Jersey	32		—		51,974		203,062		3,079		—		51,974		206,142		258,116		54,729	1948 - 2020	1996 - 2023	25 - 40
New Mexico	32		—		21,857		76,847		21,795		—		21,857		98,642		120,499		17,481	1955 - 2019	2001 - 2022	25 - 40
New York	46		—		34,852		69,703		27,581		—		34,852		93,941		128,793		18,775	1925 - 2020	1997 - 2023	20 - 40
North Carolina	160		—		123,282		258,620		34,535		—		123,282		293,155		416,437		82,843	1906 - 2023	2004 - 2023	5 - 40

NNN REIT, INC. AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED)

December 31, 2023

(dollars in thousands)

					Initial Costs to Company				Costs Capitalized Subsequent to Acquisition				Gross Amount at Which Carried at Close of Period (a) (c)
State	# of Properties		Encumbrances		Land		Building, Improvements & Leasehold Interests		Improvements		Carrying Costs		Land		Building, Improvements & Leasehold Interests		Total		Accumulated Depreciation & Amortization (b)		Year of Construction (e)	Year Acquired	Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years)
North Dakota	4			—		411		1,606		—		—		411		1,606		2,017		901	1974 - 1999	1997 - 2011	25 - 40
Ohio	195			—		126,843		306,911		75,926		—		126,843		382,644		509,487		107,518	1910 - 2024	1992 - 2023	15 - 40
Oklahoma	88			—		43,185		107,069		26,775		—		43,185		133,844		177,029		31,169	1964 - 2018	1996 - 2023	15 - 40
Oregon	9			—		6,606		10,216		1,000		—		6,606		11,216		17,822		3,583	1968 - 2008	1998 - 2023	20 - 40
Pennsylvania	88			—		70,977		130,067		48,434		—		70,792		177,453		248,245		46,607	1953 - 2023	1997 - 2023	15 - 40
Puerto Rico	1			—		1,729		—		2,732		—		1,729		2,131		3,860		912	1998 - 1998	2007 - 2007	33 - 33
Rhode Island	6			—		3,497		10,325		—		—		3,497		10,325		13,822		2,120	1938 - 2004	2016 - 2023	25 - 30
South Carolina	78			—		59,725		117,568		14,730		—		59,725		132,297		192,022		33,790	1921 - 2024	2005 - 2023	10 - 40
South Dakota	3			—		1,942		4,447		1,033		—		1,942		5,479		7,421		1,691	1985 - 2024	2012 - 2023	30 - 35
Tennessee	153			—		100,796		228,388		59,501		—		100,796		287,890		388,686		64,345	1958 - 2024	1996 - 2023	5 - 40
Texas	549			—		459,861		987,841		214,096		—		459,861		1,201,477		1,661,338		326,132	1890 - 2024	1993 - 2023	15 - 40
Utah	14			—		13,108		19,681		13,239		—		13,108		32,921		46,029		7,670	1951 - 2016	2006 - 2022	20 - 40
Virginia	118			—		103,159		179,224		47,340		—		102,049		225,606		327,655		65,704	1964 - 2024	1995 - 2023	5 - 40
Washington	27			—		22,568		34,547		15,894		—		22,568		50,441		73,009		17,435	1955 - 2017	1997 - 2019	20 - 40
West Virginia	24			—		14,442		28,027		1,385		—		14,442		29,413		43,855		7,312	1970 - 2021	2006 - 2023	25 - 40
Wisconsin	55			—		36,359		77,233		22,611		—		36,359		99,844		136,203		23,562	1940 - 2024	2006 - 2023	20 - 40
Wyoming	6			—		1,150		3,815		—		—		1,150		3,815		4,965		1,691	1949 - 2001	2010 - 2012	20 - 30
		3,532	$	—	$	2,882,057	$	6,020,881	$	1,512,066	$	—	$	2,879,458	$	7,517,974	$	10,397,432	$	1,864,614

NNN REIT, INC. AND SUBSIDIARIES

NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION

December 31, 2023

(dollars in thousands)

(a) The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31:

	2023			2022			2021
Beginning balance, January 1	$	9,678,127		$	8,917,586		$	8,534,275
Acquisitions and dollars invested in projects under construction or tenant improvements		820,238			846,331			551,287
Dispositions		(94,943	)		(77,481	)		(146,019	)
Impairment losses		(5,990	)		(8,309	)		(21,957	)
Ending balance, December 31	$	10,397,432		$	9,678,127		$	8,917,586

(b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:

	2023			2022			2021
Beginning balance, January 1	$	1,660,665		$	1,471,393		$	1,319,943
Dispositions		(26,236	)		(25,757	)		(44,509	)
Depreciation and amortization expense		230,185			215,029			195,959
Ending balance, December 31	$	1,864,614		$	1,660,665		$	1,471,393

(c) For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2023, the net investment in real estate accounted for under the direct financing method was $3,033.

(d) As of December 31, 2023, the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $10,277,935 (unaudited).

(e) As of December 31, 2023, NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date.

See accompanying report of independent registered public accounting firm.