$NNN
NNN REIT, INC.

2023 Q3 Form 10-Q Financial Statement

#000095017023036795 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $205.1M $202.6M
YoY Change 6.03% 6.21%
Cost Of Revenue $6.500M $6.836M
YoY Change 10.64% 10.74%
Gross Profit $198.7M $195.8M
YoY Change 5.92% 6.06%
Gross Profit Margin 96.86% 96.63%
Selling, General & Admin $10.20M $10.74M
YoY Change 0.75% 10.27%
% of Gross Profit 5.13% 5.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.50M $59.87M
YoY Change 5.52% 4.23%
% of Gross Profit 29.94% 30.58%
Operating Expenses $77.46M $70.62M
YoY Change 4.66% -12.5%
Operating Profit $147.7M $125.2M
YoY Change 17.8% 12.93%
Interest Expense $41.52M -$40.02M
YoY Change 12.34% -208.93%
% of Operating Profit 28.12% -31.97%
Other Income/Expense, Net -$40.88M -$52.00K
YoY Change 10.7% -100.14%
Pretax Income $106.8M $98.70M
YoY Change 20.79% 33.09%
Income Tax
% Of Pretax Income
Net Earnings $106.8M $98.54M
YoY Change 20.77% 32.86%
Net Earnings / Revenue 52.06% 48.63%
Basic Earnings Per Share $0.59 $0.54
Diluted Earnings Per Share $0.59 $0.54
COMMON SHARES
Basic Shares Outstanding 182.4M 182.1M
Diluted Shares Outstanding 181.7M 181.6M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.10M $2.281M
YoY Change 2252.76% -30.65%
Cash & Equivalents $77.14M $2.281M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $2.100M $2.246M
Other Receivables $0.00 $0.00
Total Short-Term Assets $79.20M $4.527M
YoY Change 658.91% -51.64%
LONG-TERM ASSETS
Property, Plant & Equipment $8.346B $8.221B
YoY Change 6.7% 7.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.90M $7.304M
YoY Change 325.06% 13.65%
Total Long-Term Assets $8.482B $8.341B
YoY Change 6.81% 7.01%
TOTAL ASSETS
Total Short-Term Assets $79.20M $4.527M
Total Long-Term Assets $8.482B $8.341B
Total Assets $8.561B $8.346B
YoY Change 7.66% 6.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $60.80M $24.78M
YoY Change 5.95% 6.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.80M $24.78M
YoY Change 5.95% 6.91%
LONG-TERM LIABILITIES
Long-Term Debt $4.227B $4.075B
YoY Change 11.34% 7.56%
Other Long-Term Liabilities $115.3M $96.41M
YoY Change 26.65% 24.55%
Total Long-Term Liabilities $4.343B $4.171B
YoY Change 11.7% 7.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.80M $24.78M
Total Long-Term Liabilities $4.343B $4.171B
Total Liabilities $4.403B $4.196B
YoY Change 11.62% 7.89%
SHAREHOLDERS EQUITY
Retained Earnings -$799.9M -$804.0M
YoY Change 1.7% 3.36%
Common Stock $1.825M $1.825M
YoY Change 2.07% 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.158B $4.150B
YoY Change
Total Liabilities & Shareholders Equity $8.561B $8.346B
YoY Change 7.66% 6.94%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $106.8M $98.54M
YoY Change 20.77% 32.86%
Depreciation, Depletion And Amortization $59.50M $59.87M
YoY Change 5.52% 4.23%
Cash From Operating Activities $191.5M $118.5M
YoY Change 0.81% 6.76%
INVESTING ACTIVITIES
Capital Expenditures $197.0M $174.0M
YoY Change -190.07% -217.59%
Acquisitions
YoY Change
Other Investing Activities $48.80M $28.25M
YoY Change 128.29% 246.03%
Cash From Investing Activities -$148.2M -$145.8M
YoY Change -24.91% 4.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.60M 27.22M
YoY Change 572.09% -225.96%
NET CHANGE
Cash From Operating Activities 191.5M 118.5M
Cash From Investing Activities -148.2M -145.8M
Cash From Financing Activities 49.60M 27.22M
Net Change In Cash 92.90M -74.00K
YoY Change -774266.67% -99.85%
FREE CASH FLOW
Cash From Operating Activities $191.5M $118.5M
Capital Expenditures $197.0M $174.0M
Free Cash Flow -$5.500M -$55.54M
YoY Change -101.35% -121.45%

Facts In Submission

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NNN REIT, INC.
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CY2022Q2 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
304000
CY2022Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1394
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
60000
CY2022Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
717473
CY2022Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
31593000
CY2022Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
66651
CY2022Q2 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
0
CY2022Q2 nnn Stock Issuance Costs
StockIssuanceCosts
510000
CY2022Q2 nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
4085000
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
592000
CY2022Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
278000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3915526000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4123502000
us-gaap Profit Loss
ProfitLoss
188871000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.100
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
197691000
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
15806
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
539000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
3576
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
160000
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
650135
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
29150000
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
255667
nnn Stock Issuance Costs
StockIssuanceCosts
558000
nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
5038000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
1223000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4150234000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3901663000
us-gaap Profit Loss
ProfitLoss
155538000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.060
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
184286000
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
16469
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
609000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
2567
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
112000
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
717473
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
31593000
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
219951
nnn Stock Issuance Costs
StockIssuanceCosts
575000
nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
9975000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
1175000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
278000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3915526000
us-gaap Profit Loss
ProfitLoss
188871000
us-gaap Profit Loss
ProfitLoss
155538000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
119023000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
110124000
nnn Impairment Losses And Other Charges
ImpairmentLossesAndOtherCharges
2674000
nnn Impairment Losses And Other Charges
ImpairmentLossesAndOtherCharges
6250000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
869000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
837000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2401000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2349000
nnn Amortization Of Mortgages Premium
AmortizationOfMortgagesPremium
21000
nnn Amortization Of Mortgages Premium
AmortizationOfMortgagesPremium
43000
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1223000
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1175000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
20230000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
4767000
nnn Performance Incentive Plan Expense
PerformanceIncentivePlanExpense
6290000
nnn Performance Incentive Plan Expense
PerformanceIncentivePlanExpense
10837000
nnn Performance Incentive Plan Payment
PerformanceIncentivePlanPayment
916000
nnn Performance Incentive Plan Payment
PerformanceIncentivePlanPayment
103000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-550000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-542000
nnn Increase Decrease In Accrued Rental Income
IncreaseDecreaseInAccruedRentalIncome
1003000
nnn Increase Decrease In Accrued Rental Income
IncreaseDecreaseInAccruedRentalIncome
-2643000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
721000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1369000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
953000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-745000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-721000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-8008000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-52000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-51000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
299294000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
275311000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
40450000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
29203000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
327739000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
357460000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
324000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
306000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1144000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1505000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-288109000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-329456000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
513500000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
126000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
347200000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
86000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9947000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
328000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
125000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
126000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30765000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
33048000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
558000
CY2023Q2 us-gaap Escrow Deposit
EscrowDeposit
2971000
CY2022Q4 us-gaap Escrow Deposit
EscrowDeposit
4273000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
575000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
199146000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
185629000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
278000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12711000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-113888000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1526000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-168033000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6778000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
171322000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5252000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3289000
us-gaap Interest Paid Net
InterestPaidNet
74686000
us-gaap Interest Paid Net
InterestPaidNet
70139000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1223000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1175000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6401000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
21149000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
14707000
CY2023Q2 nnn Investment Properties Total
InvestmentPropertiesTotal
3479
CY2023Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
35492000
CY2023Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y2M12D
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1126000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
274000
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
721000
CY2022Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
176000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
348000000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2023Q2 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
9
CY2022Q2 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
8
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.050
CY2022Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.053
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.071
CY2022Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.072
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.068
CY2022Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.069
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
30088000
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
31285000
CY2023Q2 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
14523000
CY2022Q2 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
15499000
CY2023Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
6401000
CY2023Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
1904000
CY2022Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
786000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
98704000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74171000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
188871000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
155543000
CY2023Q2 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
162000
CY2022Q2 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
165000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
295000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
319000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
98542000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
74006000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
188576000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
155224000
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
182123555
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
175989323
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
181923011
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
175813456
CY2023Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
295441
CY2022Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
310844
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
267861
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
300810
CY2023Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
736083
CY2022Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
721623
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
685341
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
645597
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181092031
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
174956856
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180969809
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
174867049
CY2023Q2 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
535826
CY2022Q2 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
151058
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
574466
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
154822
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181627857
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175107914
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181544275
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
175021871
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities which are required to prepare the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates.</span></p>
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y2M12D
CY2023Q2 nnn Number Of Investment Properties Leased Under Operating Leases
NumberOfInvestmentPropertiesLeasedUnderOperatingLeases
3492
CY2023Q2 nnn Number Of Investment Properties Leased Under Direct Financing Leases
NumberOfInvestmentPropertiesLeasedUnderDirectFinancingLeases
5
CY2023Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
2765263000
CY2022Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
2669498000
CY2023Q2 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7166833000
CY2022Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
6985394000
CY2023Q2 us-gaap Tenant Improvements
TenantImprovements
355000
CY2022Q4 us-gaap Tenant Improvements
TenantImprovements
355000
CY2023Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9932451000
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9655247000
CY2023Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1766177000
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1660308000
CY2023Q2 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8166274000
CY2022Q4 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
7994939000
CY2023Q2 us-gaap Development In Process
DevelopmentInProcess
49823000
CY2022Q4 us-gaap Development In Process
DevelopmentInProcess
21737000
CY2023Q2 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8216097000
CY2022Q4 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8016676000
CY2023Q2 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3191000
CY2022Q4 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3352000
CY2023Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
1904000
CY2022Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
786000
CY2023Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8221192000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8020814000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
197629000
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
185791000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
395812000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
370102000
CY2023Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
143000
CY2022Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
150000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
287000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
301000
CY2023Q2 us-gaap Variable Lease Income
VariableLeaseIncome
291000
CY2022Q2 us-gaap Variable Lease Income
VariableLeaseIncome
295000
us-gaap Variable Lease Income
VariableLeaseIncome
1054000
us-gaap Variable Lease Income
VariableLeaseIncome
996000
CY2023Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4363000
CY2022Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4300000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8903000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8900000
CY2023Q2 us-gaap Lease Income
LeaseIncome
202426000
CY2022Q2 us-gaap Lease Income
LeaseIncome
190536000
us-gaap Lease Income
LeaseIncome
406056000
us-gaap Lease Income
LeaseIncome
380299000
CY2021Q4 nnn Rent Due
RentDue
4722000
CY2020Q4 nnn Rent Due
RentDue
51723000
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
2172000
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
8062000
CY2023Q2 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
486000
CY2022Q2 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
4005000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
1003000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
2643000
CY2023Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
534000
CY2022Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
1547000
us-gaap Straight Line Rent
StraightLineRent
19000
us-gaap Straight Line Rent
StraightLineRent
3509000
CY2023Q2 us-gaap Straight Line Rent
StraightLineRent
10000
CY2022Q2 us-gaap Straight Line Rent
StraightLineRent
1729000
CY2023Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41267000
CY2022Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41371000
CY2023Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
28634000
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
28121000
CY2023Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
12633000
CY2022Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
13250000
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
13930000
CY2022Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
775000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
20230000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4767000
nnn Period For Improvements To Construction Commitments
PeriodForImprovementsToConstructionCommitments
P12M
CY2023Q2 nnn Real Estate Investment Funding Commitments
RealEstateInvestmentFundingCommitments
268159000
CY2023Q2 nnn Real Estate Investment Funding Commitments Amount Funded
RealEstateInvestmentFundingCommitmentsAmountFunded
-113814000
CY2023Q2 nnn Real Estate Investment Funding Commitments Remaining Commitment
RealEstateInvestmentFundingCommitmentsRemainingCommitment
154345000
CY2023Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
34000
CY2022Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
4618000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2674000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
6250000
CY2022Q1 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
0
CY2023Q1 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
3
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
3
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
6
CY2022Q1 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
0
CY2023Q1 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
3
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
1
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
5
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
228576000000
CY2023Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0567
CY2023Q2 nnn Line Of Credit Facility Accordion Feature Increase Limit
LineOfCreditFacilityAccordionFeatureIncreaseLimit
2000000000000
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
767500000000
CY2023Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
2490000
CY2023Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3135564000
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3140774000

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