XML 24 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Rental income $ 826,090,000 $ 771,618,000 $ 723,859,000
Interest and other income from real estate transactions 2,021,000 1,435,000 2,548,000
Total revenues 828,111,000 773,053,000 726,407,000
Operating expenses:      
General and administrative 43,746,000 41,695,000 44,640,000
Real estate 28,378,000 26,281,000 28,385,000
Depreciation and amortization 238,625,000 223,834,000 205,220,000
Leasing transaction costs 299,000 320,000 203,000
Impairment losses - real estate, net of recoveries 5,990,000 8,309,000 21,957,000
Executive retirement costs 3,454,000 7,520,000 0
Total operating expenses 320,492,000 307,959,000 300,405,000
Gain on disposition of real estate 47,485,000 17,443,000 23,094,000
Earnings from operations 555,104,000 482,537,000 449,096,000
Other expenses (revenues):      
Interest and other income (1,134,000) (149,000) (216,000)
Interest expense 163,898,000 148,065,000 137,874,000
Loss on early extinguishment of debt 0 0 21,328,000
Total other expenses (revenues) 162,764,000 147,916,000 158,986,000
Net earnings 392,340,000 334,621,000 290,110,000
Loss (earnings) attributable to noncontrolling interests 0 5,000 3,000
Net earnings attributable to NNN 392,340,000 334,626,000 290,113,000
Excess of redemption value over carrying value of preferred shares redeemed 0 0 (10,897,000)
Net earnings attributable to common stockholders $ 392,340,000 $ 334,626,000 $ 264,217,000
Net earnings per share of common stock:      
Basic (in dollars per share) $ 2.16 $ 1.89 $ 1.51
Diluted (in dollars per share) $ 2.16 $ 1.89 $ 1.51
Weighted average number of common shares outstanding:      
Basic (in shares) 181,200,040 176,403,656 174,710,921
Diluted (in shares) 181,689,723 177,067,865 174,818,899
Other comprehensive income:      
Net earnings attributable to NNN $ 392,340,000 $ 334,626,000 $ 290,113,000
Amortization of interest rate hedges 2,471,000 2,374,000 3,073,000
Fair value of forward starting swaps 0 0 (1,584,000)
Comprehensive income attributable to NNN 394,811,000 337,000,000 291,602,000
Comprehensive income attributable to non-controlling interests 0 (5,000) (3,000)
Total comprehensive income 394,811,000 336,995,000 291,599,000
Series F Preferred Stock      
Other expenses (revenues):      
Preferred stock dividends $ 0 $ 0 $ (14,999,000)