Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of NNN's Investment Portfolio

NNN's assets primarily include real estate assets. 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, 2023
Property Portfolio:
Total Properties	3,532
Gross leasable area (square feet)	35,966,000
States	49
Weighted average remaining lease term (years)	10.1

Summary of tenants classified as cash basis

The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31:

	2023			2022			2021
Number of tenants		9			8			11
Cash basis tenants as a percent of:
Total Properties		3.5	%		5.0	%		5.5	%
Total annual base rent(1)		5.0	%		7.0	%		7.0	%
Total gross leasable area		4.8	%		6.6	%		7.3	%

(1) Based on annualized base rent for all leases in place for each respective year.

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):

	2023			2022			2021
Basic and Diluted Earnings:
Net earnings attributable to NNN	$	392,340		$	334,626		$	290,113
Less: Series F preferred stock dividends		—			—			(14,999	)
Less: Excess of redemption value over carrying value       of preferred shares redeemed		—			—			(10,897	)
Net earnings available to common stockholders		392,340			334,626			264,217
Less: Earnings allocated to unvested restricted shares		(609	)		(514	)		(689	)
Net earnings used in basic and diluted earnings per share	$	391,731		$	334,112		$	263,528
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding		182,184,038			177,332,094			175,554,961
Less: Unvested restricted shares		(273,077	)		(237,918	)		(328,070	)
Less: Unvested contingent restricted shares		(710,921	)		(690,520	)		(515,970	)
Weighted average number of shares outstanding used in basic       earnings per share		181,200,040			176,403,656			174,710,921
Other dilutive securities		489,683			664,209			107,978
Weighted average number of shares outstanding used in diluted       earnings per share		181,689,723			177,067,865			174,818,899

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, 2023 and 2022 (dollars in thousands):

	Gain or Loss on Cash Flow Hedges(1)
Beginning balance, December 31, 2021	$	(14,956	)
Reclassifications from accumulated other comprehensive income to net earnings		2,374		(2)
Ending balance, December 31, 2022		(12,582	)
Reclassifications from accumulated other comprehensive income to net earnings		2,471		(2)
Ending balance, December 31, 2023	$	(10,111	)

(1)Additional disclosure is included in Note 5 – Notes Payable and 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.