$NNN
NNN REIT, INC.

2024 Q3 Form 10-Q Financial Statement

#000095017024088971 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $218.6M $216.8M
YoY Change 6.55% 6.99%
Cost Of Revenue $7.263M $6.758M
YoY Change 11.74% -1.14%
Gross Profit $211.3M $210.1M
YoY Change 6.34% 7.28%
Gross Profit Margin 96.68% 96.88%
Selling, General & Admin $11.21M $11.79M
YoY Change 9.89% 9.77%
% of Gross Profit 5.3% 5.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.37M $62.50M
YoY Change 6.5% 4.39%
% of Gross Profit 29.99% 29.76%
Operating Expenses $82.78M $82.17M
YoY Change 6.87% 16.36%
Operating Profit $143.6M $152.3M
YoY Change -2.79% 21.63%
Interest Expense $46.49M $46.58M
YoY Change 11.96% -216.38%
% of Operating Profit 32.39% 30.59%
Other Income/Expense, Net -$45.65M -$45.60M
YoY Change 11.66% 87594.23%
Pretax Income $97.90M $106.7M
YoY Change -8.33% 8.07%
Income Tax
% Of Pretax Income
Net Earnings $97.90M $106.7M
YoY Change -8.32% 8.24%
Net Earnings / Revenue 44.79% 49.2%
Basic Earnings Per Share $0.53 $0.58
Diluted Earnings Per Share $0.53 $0.58
COMMON SHARES
Basic Shares Outstanding 183.7M 183.3M
Diluted Shares Outstanding 184.6M 182.8M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.5M $2.130M
YoY Change 125.07% -6.62%
Cash & Equivalents $173.5M $2.130M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.224M $2.551M
Other Receivables $0.00 $0.00
Total Short-Term Assets $175.8M $4.681M
YoY Change 121.91% 3.4%
LONG-TERM ASSETS
Property, Plant & Equipment $8.625B $8.587B
YoY Change 3.35% 4.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.64M $25.13M
YoY Change -41.2% 244.09%
Total Long-Term Assets $8.748B $8.723B
YoY Change 3.13% 4.57%
TOTAL ASSETS
Total Short-Term Assets $175.8M $4.681M
Total Long-Term Assets $8.748B $8.723B
Total Assets $8.924B $8.727B
YoY Change 4.23% 4.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $75.40M $30.93M
YoY Change 24.01% 24.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.40M $30.93M
YoY Change 24.01% 24.83%
LONG-TERM LIABILITIES
Long-Term Debt $4.372B $4.383B
YoY Change 3.43% 7.57%
Other Long-Term Liabilities $107.0M $118.6M
YoY Change -7.18% 23.05%
Total Long-Term Liabilities $4.479B $4.501B
YoY Change 3.15% 7.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.40M $30.93M
Total Long-Term Liabilities $4.479B $4.501B
Total Liabilities $4.555B $4.532B
YoY Change 3.44% 8.02%
SHAREHOLDERS EQUITY
Retained Earnings -$818.9M -$810.7M
YoY Change 2.37% 0.83%
Common Stock $1.877M $1.838M
YoY Change 2.85% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.369B $4.195B
YoY Change
Total Liabilities & Shareholders Equity $8.924B $8.727B
YoY Change 4.23% 4.57%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $97.90M $106.7M
YoY Change -8.32% 8.24%
Depreciation, Depletion And Amortization $63.37M $62.50M
YoY Change 6.5% 4.39%
Cash From Operating Activities $206.6M $120.5M
YoY Change 7.9% 1.69%
INVESTING ACTIVITIES
Capital Expenditures $126.2M $108.6M
YoY Change -35.96% -37.6%
Acquisitions
YoY Change
Other Investing Activities $20.50M $66.96M
YoY Change -58.0% 137.04%
Cash From Investing Activities -$105.7M -$41.62M
YoY Change -28.7% -71.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.74M -63.19M
YoY Change 22.47% -332.17%
NET CHANGE
Cash From Operating Activities 206.6M 120.5M
Cash From Investing Activities -105.7M -41.62M
Cash From Financing Activities 60.74M -63.19M
Net Change In Cash 161.7M 15.67M
YoY Change 74.07% -21281.08%
FREE CASH FLOW
Cash From Operating Activities $206.6M $120.5M
Capital Expenditures $126.2M $108.6M
Free Cash Flow $80.47M $11.90M
YoY Change -1563.07% -121.42%

Facts In Submission

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StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
62000
CY2023Q2 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
300326
CY2023Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
12782000
CY2023Q2 nnn Stock Issuance Costs
StockIssuanceCosts
264000
CY2023Q2 nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
2206000
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-616000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4150234000
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4157457000
us-gaap Profit Loss
ProfitLoss
201037000
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.13
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
204537000
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
19224
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
639000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
1987
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
83000
us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
803443
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
33727000
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
349975
nnn Stock Issuance Costs
StockIssuanceCosts
310000
nnn Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
5584000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-1242000
CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4194922000
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
1.1
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
us-gaap Profit Loss
ProfitLoss
201037000
us-gaap Profit Loss
ProfitLoss
188871000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
123118000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
119023000
nnn Impairment Losses And Other Charges
ImpairmentLossesAndOtherCharges
2148000
nnn Impairment Losses And Other Charges
ImpairmentLossesAndOtherCharges
2674000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1384000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
869000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3088000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2401000
nnn Amortization Of Mortgages Premium
AmortizationOfMortgagesPremium
0
nnn Amortization Of Mortgages Premium
AmortizationOfMortgagesPremium
21000
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1242000
us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
1223000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
22442000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
20230000
nnn Performance Incentive Plan Expense
PerformanceIncentivePlanExpense
6852000
nnn Performance Incentive Plan Expense
PerformanceIncentivePlanExpense
6290000
nnn Performance Incentive Plan Payment
PerformanceIncentivePlanPayment
1274000
nnn Performance Incentive Plan Payment
PerformanceIncentivePlanPayment
916000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-1098000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-550000
nnn Increase Decrease In Accrued Rental Income
IncreaseDecreaseInAccruedRentalIncome
-131000
nnn Increase Decrease In Accrued Rental Income
IncreaseDecreaseInAccruedRentalIncome
1003000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1602000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
721000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3443000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
953000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
61000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-721000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
204000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-52000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
311194000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
299294000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
86268000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3443000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
953000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
61000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-721000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
204000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-52000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
311194000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
299294000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
86268000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
40450000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
224986000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
327739000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
344000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
324000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
974000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1144000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-139348000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-288109000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
408000000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
513500000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
528000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
347200000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9947000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
493840000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
350000000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
13014000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
125000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
35116000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30765000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
298000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
558000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
205843000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
199146000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-160199000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12711000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11647000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1526000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16802000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5252000
us-gaap Interest Paid Net
InterestPaidNet
91851000
us-gaap Interest Paid Net
InterestPaidNet
74686000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1242000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1223000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6401000
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
40450000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
224986000
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
327739000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
344000
us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
324000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
974000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1144000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-139348000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-288109000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
408000000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
513500000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
528000000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
347200000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
9947000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
493840000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
350000000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
13014000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
125000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
35116000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30765000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
298000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
558000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
205843000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
199146000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-160199000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12711000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11647000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1526000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5155000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6778000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16802000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5252000
us-gaap Interest Paid Net
InterestPaidNet
91851000
us-gaap Interest Paid Net
InterestPaidNet
74686000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1242000
nnn Supplemental Change In Other Comprehensive Income
SupplementalChangeInOtherComprehensiveIncome
1223000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6401000
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
10048000
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
8986000
CY2024Q2 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
14672000
CY2023Q4 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
3966000
CY2023Q2 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
2971000
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
10048000
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
8986000
CY2024Q2 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
14672000
CY2023Q2 nnn Restricted Cashand Investments Restricted Cashand Cash Heldin Escrow Current
RestrictedCashandInvestmentsRestrictedCashandCashHeldinEscrowCurrent
2971000
CY2024Q2 nnn Investment Properties Total
InvestmentPropertiesTotal
3548
CY2024Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
36095000
CY2024Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3476000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1126000
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1617000
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
721000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
473000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
348000
CY2024Q2 nnn Investment Properties Total
InvestmentPropertiesTotal
3548
CY2024Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
36095000
CY2024Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
49
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3476000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1126000
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1617000
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
721000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
473000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
348000
CY2024Q2 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
11
CY2023Q2 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
9
CY2024Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.034
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.05
CY2024Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.05
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.071
CY2024Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.048
CY2024Q2 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
11
CY2023Q2 nnn Lease Income Recognized On Cash Basis Number Of Tenants
LeaseIncomeRecognizedOnCashBasisNumberOfTenants
9
CY2024Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.034
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Properties
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalProperties
0.05
CY2024Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.05
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Total Annual Base Rent
LeaseIncomeRecognizedOnCashBasisPercentageOfTotalAnnualBaseRent
0.071
CY2024Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.048
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.068
CY2024Q2 nnn Lease Income Annualized On Base Rent
LeaseIncomeAnnualizedOnBaseRent
837568000
CY2023Q2 nnn Lease Income Annualized On Base Rent
LeaseIncomeAnnualizedOnBaseRent
794475000
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
20883000
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
30088000
CY2024Q2 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
11108000
CY2023Q2 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
14523000
CY2024Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
9442000
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4573000
CY2023Q2 nnn Lease Income Recognized On Cash Basis Percentage Of Aggregate Gross Leasable Area
LeaseIncomeRecognizedOnCashBasisPercentageOfAggregateGrossLeasableArea
0.068
CY2024Q2 nnn Lease Income Annualized On Base Rent
LeaseIncomeAnnualizedOnBaseRent
837568000
CY2023Q2 nnn Lease Income Annualized On Base Rent
LeaseIncomeAnnualizedOnBaseRent
794475000
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
20883000
nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
30088000
CY2024Q2 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
11108000
CY2023Q2 nnn Lease Income Recognized On Cash Basis
LeaseIncomeRecognizedOnCashBasis
14523000
CY2024Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
9442000
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4573000
CY2024Q2 us-gaap Escrow Deposit
EscrowDeposit
14672000
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
3966000
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Revenue Recognition.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">,</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.</span></p>
CY2024Q2 us-gaap Escrow Deposit
EscrowDeposit
14672000
CY2023Q4 us-gaap Escrow Deposit
EscrowDeposit
3966000
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Revenue Recognition.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">,</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property.</span></p>
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
106666000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
98704000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
201037000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
188871000
CY2024Q2 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
189000
CY2023Q2 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
162000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
333000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
295000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
106477000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
98542000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
200704000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
188576000
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
183532421
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
182123555
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
183116552
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
181923011
CY2024Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
324620
CY2023Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
295441
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
294671
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
267861
CY2024Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
769010
CY2023Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
736083
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
106666000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
98704000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
201037000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
188871000
CY2024Q2 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
189000
CY2023Q2 nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
162000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
333000
nnn Earnings Attributable To Unvested Restricted Shares Using Two Class Method
EarningsAttributableToUnvestedRestrictedSharesUsingTwoClassMethod
295000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
106477000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
98542000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
200704000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
188576000
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
183532421
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
182123555
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
183116552
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
181923011
CY2024Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
324620
CY2023Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
295441
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
294671
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
267861
CY2024Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
769010
CY2023Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
736083
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
702410
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
685341
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182438791
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181092031
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182119471
CY2024Q2 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
368583
CY2023Q2 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
535826
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
408862
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
574466
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182807374
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181627857
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182528333
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181544275
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
702410
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
685341
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182438791
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181092031
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182119471
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180969809
CY2024Q2 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
368583
CY2023Q2 nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
535826
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
408862
nnn Incremental Common Shares Attributable To Dilutive Effect Other
IncrementalCommonSharesAttributableToDilutiveEffectOther
574466
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182807374
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181627857
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182528333
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181544275
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-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 unaudited 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. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.</span></p>
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y
CY2024Q2 nnn Number Of Investment Properties Leased Under Operating Leases
NumberOfInvestmentPropertiesLeasedUnderOperatingLeases
3539
CY2024Q2 nnn Number Of Investment Properties Leased Under Direct Financing Leases
NumberOfInvestmentPropertiesLeasedUnderDirectFinancingLeases
4
CY2024Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
2888355000
CY2023Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
2878400000
CY2024Q2 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7526840000
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7368873000
CY2024Q2 us-gaap Tenant Improvements
TenantImprovements
355000
CY2023Q4 us-gaap Tenant Improvements
TenantImprovements
355000
CY2024Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10415550000
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10247628000
CY2024Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1958444000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1863451000
CY2024Q2 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8457106000
CY2023Q4 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8384177000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-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 unaudited 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. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.</span></p>
nnn Weighted Average Remaining Lease Term
WeightedAverageRemainingLeaseTerm
P10Y
CY2024Q2 nnn Number Of Investment Properties Leased Under Operating Leases
NumberOfInvestmentPropertiesLeasedUnderOperatingLeases
3539
CY2024Q2 nnn Number Of Investment Properties Leased Under Direct Financing Leases
NumberOfInvestmentPropertiesLeasedUnderDirectFinancingLeases
4
CY2024Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
2888355000
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
7368873000
CY2024Q2 us-gaap Tenant Improvements
TenantImprovements
355000
CY2023Q4 us-gaap Tenant Improvements
TenantImprovements
355000
CY2024Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10415550000
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
10247628000
CY2024Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1958444000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1863451000
CY2023Q4 nnn Real Estate Investment Property Net Before Development In Process
RealEstateInvestmentPropertyNetBeforeDevelopmentInProcess
8384177000
CY2024Q2 us-gaap Development In Process
DevelopmentInProcess
117754000
CY2023Q4 us-gaap Development In Process
DevelopmentInProcess
144068000
CY2024Q2 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8574860000
CY2023Q4 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8528245000
CY2024Q2 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
2634000
CY2024Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
9442000
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4573000
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8586936000
CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
211557000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
197629000
CY2024Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
118000
CY2023Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
143000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
237000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
287000
CY2024Q2 us-gaap Variable Lease Income
VariableLeaseIncome
259000
CY2023Q2 us-gaap Variable Lease Income
VariableLeaseIncome
291000
us-gaap Variable Lease Income
VariableLeaseIncome
1147000
us-gaap Variable Lease Income
VariableLeaseIncome
1054000
CY2024Q2 nnn Rental Revenues
RentalRevenues
211934000
CY2023Q2 nnn Rental Revenues
RentalRevenues
198063000
nnn Rental Revenues
RentalRevenues
422025000
nnn Rental Revenues
RentalRevenues
397153000
CY2024Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4206000
CY2023Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4363000
CY2024Q2 us-gaap Development In Process
DevelopmentInProcess
117754000
CY2023Q4 us-gaap Development In Process
DevelopmentInProcess
144068000
CY2024Q2 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8574860000
CY2023Q4 nnn Operating Lease Net Investment In Lease
OperatingLeaseNetInvestmentInLease
8528245000
CY2024Q2 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
2634000
CY2023Q4 us-gaap Direct Financing Lease Net Investment In Lease
DirectFinancingLeaseNetInvestmentInLease
3033000
CY2024Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
9442000
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4573000
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8586936000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
8535851000
CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
211557000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
197629000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
420641000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
395812000
CY2024Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
118000
CY2023Q2 us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
143000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
237000
us-gaap Direct Financing Lease Lease Income
DirectFinancingLeaseLeaseIncome
287000
CY2024Q2 us-gaap Variable Lease Income
VariableLeaseIncome
259000
CY2023Q2 us-gaap Variable Lease Income
VariableLeaseIncome
291000
us-gaap Variable Lease Income
VariableLeaseIncome
1147000
us-gaap Variable Lease Income
VariableLeaseIncome
1054000
CY2024Q2 nnn Rental Revenues
RentalRevenues
211934000
CY2023Q2 nnn Rental Revenues
RentalRevenues
198063000
nnn Rental Revenues
RentalRevenues
422025000
nnn Rental Revenues
RentalRevenues
397153000
CY2024Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4206000
CY2023Q2 nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
4363000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8940000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8903000
CY2024Q2 us-gaap Lease Income
LeaseIncome
216140000
CY2023Q2 us-gaap Lease Income
LeaseIncome
202426000
us-gaap Lease Income
LeaseIncome
430965000
us-gaap Lease Income
LeaseIncome
406056000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
-131000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
1003000
CY2024Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
-95000
CY2023Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
534000
CY2024Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
40631000
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41244000
CY2024Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
29058000
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
29117000
CY2024Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
11573000
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
12127000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8940000
nnn Operating Lease Income Statement Real Estate Expense Reimbursement From Tenants
OperatingLeaseIncomeStatementRealEstateExpenseReimbursementFromTenants
8903000
CY2024Q2 us-gaap Lease Income
LeaseIncome
216140000
CY2023Q2 us-gaap Lease Income
LeaseIncome
202426000
us-gaap Lease Income
LeaseIncome
430965000
us-gaap Lease Income
LeaseIncome
406056000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
-131000
nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
1003000
CY2024Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
-95000
CY2023Q2 nnn Lease Income Accrued During Period
LeaseIncomeAccruedDuringPeriod
534000
CY2024Q2 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
40631000
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
41244000
CY2024Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
29058000
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
29117000
CY2024Q2 us-gaap Below Market Lease Net
BelowMarketLeaseNet
11573000
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
12127000
CY2024Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
17621000
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
13930000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
22442000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
20230000
CY2024Q2 nnn Real Estate Investment Funding Construction Commitments Number Of Properties
RealEstateInvestmentFundingConstructionCommitmentsNumberOfProperties
27
CY2024Q2 nnn Real Estate Investment Funding Commitments
RealEstateInvestmentFundingCommitments
249365000
CY2024Q2 nnn Real Estate Investment Funding Commitments Amount Funded
RealEstateInvestmentFundingCommitmentsAmountFunded
-174649000
CY2024Q2 nnn Real Estate Investment Funding Commitments Remaining Commitment
RealEstateInvestmentFundingCommitmentsRemainingCommitment
74716000
CY2024Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
17621000
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
13930000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
22442000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
20230000
CY2024Q2 nnn Real Estate Investment Funding Commitments
RealEstateInvestmentFundingCommitments
249365000
CY2024Q2 nnn Real Estate Investment Funding Commitments Amount Funded
RealEstateInvestmentFundingCommitmentsAmountFunded
-174649000
CY2024Q2 nnn Real Estate Investment Funding Commitments Remaining Commitment
RealEstateInvestmentFundingCommitmentsRemainingCommitment
74716000
CY2024Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
944000
CY2023Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
34000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2148000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2674000
CY2024Q2 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
2
CY2023Q2 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
0
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
3
CY2024Q2 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
0
CY2023Q2 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
0
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
3
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
1
CY2024Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
944000
CY2023Q2 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
34000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2148000
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2674000
CY2024Q2 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
2
CY2023Q2 nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
0
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
2
nnn Number Of Impaired Real Estate Properties Vacant
NumberOfImpairedRealEstatePropertiesVacant
3
CY2024Q2 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
0
CY2023Q2 nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
0
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
3
nnn Number Of Impaired Real Estate Properties Occupied
NumberOfImpairedRealEstatePropertiesOccupied
1
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
111966000
CY2024Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0626
CY2024Q2 nnn Line Of Credit Facility Accordion Feature Increase Limit
LineOfCreditFacilityAccordionFeatureIncreaseLimit
2000000000
CY2024Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1188000000
CY2024Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
1840000
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
111966000
CY2024Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0626
CY2024Q2 nnn Line Of Credit Facility Accordion Feature Increase Limit
LineOfCreditFacilityAccordionFeatureIncreaseLimit
2000000000
CY2024Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1188000000
CY2024Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
1840000
CY2024Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3864675000
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3801367000
CY2024Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3864675000
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
3801367000

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