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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net earnings $ 392,340 $ 334,621 $ 290,110
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 238,625 223,834 205,220
Impairment losses – real estate, net of recoveries 5,990 8,309 21,957
Loss on early extinguishment of debt 0 0 21,328
Amortization of notes payable discount 2,074 1,691 2,130
Amortization of debt costs 4,943 4,734 5,186
Amortization of mortgages payable premium (21) (87) (85)
Amortization of interest rate hedges 2,471 2,374 3,073
Settlement of forward starting swaps 0 0 (1,584)
Gain on disposition of real estate (47,485) (17,443) (23,094)
Performance incentive plan expense 13,375 17,330 14,491
Performance incentive plan payment (916) (103) (721)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:      
Decrease (increase) in receivables (853) 358 1,184
Decrease (increase) in accrued rental income (7,453) 3,559 21,137
Decrease in other assets 243 424 1,589
Increase (decrease) in accrued interest payable 10,548 (97) 4,522
Increase (decrease) in other liabilities (1,550) (1,217) 2,279
Other 79 68 (297)
Net cash provided by operating activities 612,410 578,355 568,425
Cash flows from investing activities:      
Proceeds from the disposition of real estate 116,334 66,962 123,052
Additions to real estate (795,791) (842,872) (553,322)
Principal payments received on mortgages and notes receivable 559 521 486
Other (1,762) (2,242) (2,393)
Net cash used in investing activities (680,660) (777,631) (432,177)
Cash flows from financing activities:      
Proceeds from line of credit payable 872,500 688,000 0
Repayment of line of credit payable (906,700) (521,800) 0
Repayment of mortgages payable (9,947) (664) (630)
Proceeds from notes payable 488,380 0 881,172
Repayment of notes payable 0 0 (350,000)
Payment for early extinguishment of debt 0 0 (21,328)
Payment of debt issuance costs (4,510) (199) (17,814)
Proceeds from issuance of common stock 32,328 253,972 4,053
Stock issuance costs (966) (3,761) (325)
Redemption of Series F preferred stock 0 0 (345,000)
Payment of Series F preferred stock dividends 0 0 (14,999)
Payment of common stock dividends (404,458) (380,538) (367,291)
Noncontrolling interest distributions 0 (278) 0
Net cash provided by (used in) financing activities 66,627 34,732 (232,162)
Net decrease in cash, cash equivalents and restricted cash (1,623) (164,544) (95,914)
Cash, cash equivalents and restricted cash at beginning of year [1] 6,778 171,322 267,236
Cash, cash equivalents and restricted cash at end of year [1] 5,155 6,778 171,322
Supplemental disclosure of cash flow information:      
Interest paid, net of amount capitalized 148,169 140,331 123,376
Supplemental disclosure of noncash investing and financing activities:      
Change in other comprehensive income 2,471 2,374 1,489
Right-of-use assets recorded in connection with lease liabilities 6,401 0 0
Change in Work in progress accrual $ 23,103 $ 4,468 $ 2,093
[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. As of December 31, 2023 and 2022, NNN had restricted cash of $3,966,000 and $4,273,000, respectively. NNN did not have restricted cash, including cash held in escrow as of December 31, 2021.