National Retail Properties (NNN) 10-Q2 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-11290
Entity Registrant Name	NATIONAL RETAIL PROPERTIES, INC.
Entity Central Index Key	0000751364
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-1431377
Entity Address, Address Line One	450 South Orange Avenue, Suite 900
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	265-7348
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NNN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		178,732,789

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Real estate portfolio	$ 7,826,292	$ 7,449,846
Cash and cash equivalents	3,277	171,322
Receivables, net of allowance of $664 and $782, respectively	2,978	3,154
Accrued rental income, net of allowance of $3,924 and $4,587, respectively	28,231	31,942
Debt costs, net of accumulated amortization of $21,085 and $19,377, respectively	5,858	7,443
Other assets	85,211	87,347
Total assets	7,951,847	7,751,054
Liabilities:
Line of credit payable	47,500	0
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,151	10,697
Notes payable, net of unamortized discount and unamortized debt costs	3,738,843	3,735,769
Accrued interest payable	57,384	23,923
Other liabilities	91,037	79,002
Total liabilities	3,944,915	3,849,391
Stockholders’ equity:
Common stock, $0.01 par value. Authorized 375,000,000 shares; 178,731,891 and 175,635,792 shares issued and outstanding, respectively	1,788	1,757
Capital in excess of par value	4,804,856	4,662,714
Accumulated deficit	(786,526)	(747,853)
Accumulated other comprehensive income (loss)	(13,186)	(14,956)
Total stockholders’ equity of NNN	4,006,932	3,901,662
Noncontrolling interests	0	1
Total equity	4,006,932	3,901,663
Total liabilities and equity	$ 7,951,847	$ 7,751,054

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Receivables allowance	$ 664	$ 782
Accrued rental income allowance	3,924	4,587
Debt costs accumulated amortization	$ 21,085	$ 19,377
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	375,000,000	375,000,000
Common stock, shares issued (in shares)	178,731,891	175,635,792
Common stock, shares outstanding (in shares)	178,731,891	175,635,792

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental income	$ 193,102	$ 180,024	$ 573,401	$ 537,226
Interest and other income from real estate transactions	369	333	1,132	1,920
Total revenues	193,471	180,357	574,533	539,146
Operating expenses:
General and administrative	10,124	11,077	30,906	34,693
Real estate	5,875	6,521	19,246	20,865
Depreciation and amortization	56,388	50,976	166,512	151,831
Leasing transaction costs	96	86	260	146
Impairment losses – real estate, net of recoveries	971	4,781	7,221	14,647
Executive retirement costs	556	0	6,805	0
Total operating expenses	74,010	73,441	230,950	222,182
Gain on disposition of real estate	5,889	9,473	10,656	17,935
Earnings from operations	125,350	116,389	354,239	334,899
Other expenses (revenues):
Interest and other income	(33)	(61)	(120)	(159)
Interest expense	36,962	33,518	110,400	101,190
Loss on early extinguishment of debt	0	0	0	21,328
Total other expenses (revenues)	36,929	33,457	110,280	122,359
Net earnings	88,421	82,932	243,959	212,540
Loss attributable to noncontrolling interests	0	1	5	3
Net earnings attributable to NNN	88,421	82,933	243,964	212,543
Series F preferred stock dividends	0	(4,485)	0	(13,455)
Net earnings attributable to common stockholders	$ 88,421	$ 78,448	$ 243,964	$ 199,088
Net earnings per share of common stock:
Basic (in dollars per share)	$ 0.50	$ 0.45	$ 1.39	$ 1.14
Diluted (in dollars per share)	$ 0.50	$ 0.45	$ 1.38	$ 1.14
Weighted average number of common shares outstanding:
Basic (in shares)	176,900,786	174,629,442	175,542,356	174,610,026
Diluted (in shares)	177,367,710	174,738,903	175,993,907	174,716,053
Other comprehensive income:
Net earnings attributable to NNN	$ 88,421	$ 82,933	$ 243,964	$ 212,543
Amortization of interest rate hedges	595	565	1,770	2,494
Fair value of forward starting swaps	0	1,584	0	1,584
Comprehensive income attributable to NNN	89,016	81,914	245,734	213,453
Comprehensive loss attributable to noncontrolling interests	0	(1)	(5)	(3)
Total comprehensive income	$ 89,016	$ 81,913	$ 245,729	$ 213,450

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Series F Preferred Stock	Total Stockholders’ Equity of NNN	Total Stockholders’ Equity of NNN Series F Preferred Stock	Preferred Stock	Preferred Stock Series F Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Deficit Series F Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balances at Dec. 31, 2020	$ 4,319,304,000		$ 4,319,300,000			$ 345,000,000	$ 1,753,000	$ 4,633,771,000	$ (644,779,000)		$ (16,445,000)	$ 4,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	212,540,000		212,543,000						212,543,000			(3,000)
Dividends declared and paid:
Preferred stock dividends declared and paid		$ (13,455,000)		$ (13,455,000)						$ (13,455,000)
Common stock dividends declared and paid	(272,709,000)		(272,709,000)					1,841,000	(274,550,000)
Issuance of common stock:
Director compensation	840,000		840,000					840,000
Stock purchase plan	251,000		251,000					251,000
ATM equity program	1,234,000		1,234,000				1,000	1,233,000
Restricted shares, net of forfeitures							3,000	(3,000)
Stock issuance costs	(253,000)		(253,000)					(253,000)
Amortization of deferred compensation	11,481,000		11,481,000					11,481,000
Amortization of interest rate hedges	2,494,000		2,494,000								2,494,000
Fair value of forward starting swaps	(1,584,000)		(1,584,000)								(1,584,000)
Balances at Sep. 30, 2021	4,260,143,000		4,260,142,000			345,000,000	1,757,000	4,649,161,000	(720,241,000)		(15,535,000)	1,000
Balances at Jun. 30, 2021	4,270,878,000		4,270,876,000		$ 1,757,000	345,000,000		4,644,593,000	(705,958,000)		(14,516,000)	2,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	82,932,000		82,933,000						82,933,000			(1,000)
Dividends declared and paid:
Preferred stock dividends declared and paid	(4,485,000)		(4,485,000)						(4,485,000)
Common stock dividends declared and paid	(92,097,000)		(92,097,000)					634,000	(92,731,000)
Issuance of common stock:
Director compensation	306,000		306,000					306,000
Stock purchase plan	86,000		86,000					86,000
Stock issuance costs	(51,000)		(51,000)					(51,000)
Amortization of deferred compensation	3,593,000		3,593,000					3,593,000
Amortization of interest rate hedges	565,000		565,000								565,000
Fair value of forward starting swaps	(1,584,000)		(1,584,000)								(1,584,000)
Balances at Sep. 30, 2021	4,260,143,000		4,260,142,000			$ 345,000,000	1,757,000	4,649,161,000	(720,241,000)		(15,535,000)	1,000
Balances at Dec. 31, 2021	3,901,663,000		3,901,662,000				1,757,000	4,662,714,000	(747,853,000)		(14,956,000)	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	243,959,000		243,964,000						243,964,000			(5,000)
Dividends declared and paid:
Common stock dividends declared and paid	(280,579,000)		(280,579,000)					2,058,000	(282,637,000)
Issuance of common stock:
Director compensation	927,000		927,000					927,000
Stock purchase plan	200,000		200,000					200,000
ATM equity program	129,149,000		129,149,000				28,000	129,121,000
Restricted shares, net of forfeitures							3,000	(3,000)
Stock issuance costs	(1,879,000)		(1,879,000)					(1,879,000)
Amortization of deferred compensation	12,000,000		12,000,000					12,000,000
Amortization of interest rate hedges	1,770,000		1,770,000								1,770,000
Distributions to noncontrolling interests	(278,000)											(278,000)
Other			(282,000)					(282,000)				$ 282,000
Balances at Sep. 30, 2022	4,006,932,000		4,006,932,000				1,788,000	4,804,856,000	(786,526,000)		(13,186,000)
Balances at Jun. 30, 2022	3,915,526,000		3,915,526,000				1,767,000	4,705,479,000	(777,939,000)		(13,781,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	88,421,000		88,421,000						88,421,000
Dividends declared and paid:
Common stock dividends declared and paid	(96,293,000)		(96,293,000)					715,000	(97,008,000)
Issuance of common stock:
Director compensation	318,000		318,000					318,000
Stock purchase plan	88,000		88,000					88,000
ATM equity program	97,556,000		97,556,000				21,000	97,535,000
Stock issuance costs	(1,304,000)		(1,304,000)					(1,304,000)
Amortization of deferred compensation	2,025,000		2,025,000					2,025,000
Amortization of interest rate hedges	595,000		595,000								595,000
Balances at Sep. 30, 2022	$ 4,006,932,000		$ 4,006,932,000				$ 1,788,000	$ 4,804,856,000	$ (786,526,000)		$ (13,186,000)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common stock dividends declared and paid (in dollars per share)	$ 0.5500	$ 0.5300	$ 1.6100	$ 1.5700
Issuance of common stock - Director compensation (in shares)	7,740	7,443	24,209	22,642
Issuance of common stock - Stock purchase plan (in shares)	1,949	1,811	4,516	5,543
Issuance of common stock - ATM equity program (in shares)	2,084,305		2,801,778	30,000
Issuance of common stock - restricted shares, net (in shares)	12,800		232,751	287,207
Series F Preferred Stock
Preferred stock dividends declared and paid (in dollars per share)		$ 0.3250		$ 0.9750

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net earnings		$ 243,959	$ 212,540
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		166,512	151,831
Impairment losses – real estate, net of recoveries		7,221	14,647
Loss on early extinguishment of debt		0	21,328
Amortization of notes payable discount		1,262	1,718
Amortization of debt costs		3,533	4,022
Amortization of mortgages payable premium		(65)	(65)
Amortization of interest rate hedges		1,770	2,494
Settlement of forward starting swaps		0	(1,584)
Gain on disposition of real estate		(10,656)	(17,935)
Performance incentive plan expense		14,000	12,371
Performance incentive plan payment		(103)	(721)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease in receivables		1,264	2,210
Decrease in accrued rental income		3,298	19,091
Increase in other assets		(822)	(167)
Increase in accrued interest payable		33,461	33,402
Increase (decrease) in other liabilities		641	(1,782)
Other		(4)	(250)
Net cash provided by operating activities		465,271	453,150
Cash flows from investing activities:
Proceeds from the disposition of real estate		50,919	71,805
Additions to real estate accounted for using the operating method		(576,188)	(454,743)
Principal payments received on mortgages and notes receivable		412	386
Other		(1,951)	(1,604)
Net cash used in investing activities		(526,808)	(384,156)
Cash flows from financing activities:
Proceeds from line of credit payable		344,000	0
Repayment of line of credit payable		(296,500)	0
Repayment of mortgages payable		(494)	(469)
Proceeds from notes payable		0	881,172
Repayment of notes payable		0	(350,000)
Payment for early extinguishment of debt		0	(21,328)
Payment of debt issuance costs		(127)	(17,125)
Proceeds from issuance of common stock		131,407	3,325
Stock issuance costs		(1,879)	(274)
Payment of Series F preferred stock dividends		0	(13,455)
Payment of common stock dividends		(282,637)	(274,550)
Noncontrolling interests distributions		(278)	0
Net cash provided by (used in) financing activities		(106,508)	207,296
Net increase (decrease) in cash, cash equivalents and restricted cash		(168,045)	276,290
Cash, cash equivalents and restricted cash at beginning of period	[1]	171,322	267,236
Cash, cash equivalents and restricted cash at end of period	[1]	3,277	543,526
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized		70,986	59,834
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income		1,770	910
Work in progress accrual balance at end of period		19,102	6,264
Restricted cash and cash held in escrow		$ 0	$ 0

[1] Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. NNN had no restricted cash and cash held in escrow at September 30, 2022 and 2021 .

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
Organization and Summary of Significant Accounting Policies	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies : Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. The terms "NNN" or the "Company" refer to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property") . September 30, 2022 Property Portfolio: Total Properties 3,349 Gross leasable area (square feet) 34,265,000 States 48 Weighted average remaining lease term (years) 10.4 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles. The unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Operating results for the quarter and nine months ended September 30, 2022, may not be indicative of the results that may be expected for the year ending December 31, 2022. Amounts as of December 31, 2021, included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto as well as Management's Discussion and Analysis of Financial Condition and Results of Operations in NNN's Form 10-K for the year ended December 31, 2021. COVID-19 Pandemic – During 2020 and 2021, NNN and its tenants were impacted by the novel strain of coronavirus and its variants ("COVID-19") pandemic which resulted in the loss of revenue for certain tenants and challenged their ability to pay rent. As a result, NNN entered into rent deferral lease amendments with certain tenants (See "Note 2 – Real Estate"). Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codifications ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $ 547,000 and $ 215,000 in capitalized interest during the development period for the nine months ended September 30, 2022 and 2021, respectively, of which $ 273,000 and $ 87,000 was recorded during the quarters ended September 30, 2022 and 2021, respectively. Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final range relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Lease Accounting – NNN records its leases on the Property Portfolio in accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842"). In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842. NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the Property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases on the Property Portfolio are predominantly classified as operating leases and are accounted for as follows: Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. 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. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN elected to make this policy election for COVID-19 lease concessions, including the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. During 2021 and 2020, NNN entered into rent deferral lease amendments with certain tenants, for an aggregate $ 4,758,000 and $ 52,019,000 of rent originally due for the years ended December 31, 2021 and 2020, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $ 31,776,000 of deferred rent was repaid in 2021 and approximately $ 11,561,000 of deferred rent was repaid during the nine months ended September 30, 2022. An additional $ 2,965,000 is due during the quarter ended December 31, 2022, with substantially all deferred rent due periodically by December 31, 2023. Collectability – In accordance with ASC 842, NNN reviews the collectability of its rental income on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. When NNN deems the collection of rental income from a tenant not probable, uncollected previously recognized rental revenue and any related accrued rent are reversed and, subsequently, any rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. As a result of the review of rental income collectability, no outstanding receivables and related accrued rent were written off during the nine months ended September 30, 2022 and 2021, and no additional tenants were deemed as cash basis for accounting purposes. The following table summarizes those tenants classified as cash basis for accounting purposes as of: September 30, 2022 2021 Number of tenants 8 11 Cash basis tenants as a percent of: Total Properties 5.2 % 5.6 % Total annual base rent (1) 7.1 % 7.1 % Total gross leasable area 6.8 % 7.4 % (1) Based on annualized base rent for all leases in place for each respective period. During the nine months ended September 30, 2022 and 2021, NNN recognized $ 46,631,000 and $ 37,999,000 , respectively, of rental income from the tenants classified as cash basis for accounting purposes, of which $ 15,346,000 and $ 13,630,000 was recognized during the quarters ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 , three tenants were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. The impact of the reclassification was immaterial. NNN includes an allowance for doubtful accounts in rental income on the Condensed Consolidated Statements of Income and Comprehensive Income. Real Estate – Held for Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, Property, Plant and Equipment, including management’s intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At September 30, 2022 and December 31, 2021 , NNN had recorded real estate held for sale of $ 4,181,000 (one property) and $ 5,557,000 (two properties), respectively in real estate portfolio on the Condensed Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2021 were sold during the nine months ended September 30, 2022. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income from operating leases and the net investment from direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized in accordance FASB, ASC 610-20, "Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASC 610-20"), provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Impairment – Real Estate – NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term. NNN generally intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone was determined not to be an indicator of impairment. Credit Losses on Financial Instruments – FASB ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” (“ASC 326”) requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. NNN had mortgages receivable of $ 1,633,000 and $ 2,023,000 included in other assets on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, respectively, net of $ 104,000 and $ 129,000 allowance for credit loss, respectively. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years. Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN's $ 1,100,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the credit facility as an asset, in debt costs on the Condensed Consolidated Balance Sheets. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $ 38,145,000 , as of September 30, 2022 and December 31, 2021, are included in notes payable on the Condensed Consolidated Balance Sheets net of accumulated amortization of $ 11,075,000 and $ 9,262,000 , respectively. Revenue Recognition – 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 , 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. The core principle of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of ASC 842. Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic and Diluted Earnings: Net earnings attributable to NNN $ 88,421 $ 82,933 $ 243,964 $ 212,543 Less: Series F preferred stock dividends — ( 4,485 ) — ( 13,455 ) Net earnings available to NNN’s common stockholders 88,421 78,448 243,964 199,088 Less: Earnings allocated to unvested restricted shares ( 135 ) ( 180 ) ( 471 ) ( 509 ) Net earnings used in basic and diluted earnings per share $ 88,286 $ 78,268 $ 243,493 $ 198,579 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,881,613 175,607,905 176,510,417 175,530,702 Less: Unvested restricted shares ( 246,116 ) ( 340,725 ) ( 292,433 ) ( 323,808 ) Less: Unvested contingent restricted shares ( 734,711 ) ( 637,738 ) ( 675,628 ) ( 596,868 ) Weighted average number of shares outstanding used in 176,900,786 174,629,442 175,542,356 174,610,026 Other dilutive securities 466,924 109,461 451,551 106,027 Weighted average number of shares outstanding used in 177,367,710 174,738,903 175,993,907 174,716,053 Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and related regulations. NNN generally will not be subject to federal income tax on income it distributes to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. As of September 30, 2022 , NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 (dollars in thousands): Gain (Loss) on (1) Beginning balance, December 31, 2021 $ ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 1,770 (2) Ending balance, September 30, 2022 $ ( 13,186 ) (1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income. New Accounting Pronouncements – ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities, including the transition away from the London Interbank Offered Rate ("LIBOR"), that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2021, NNN elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. NNN continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. NNN had no derivative financial instruments outstanding as of September 30, 2022 . Use of Estimates – 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 and 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 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. Reclassification – Certain items in the prior year's consolidated financial statements and notes to consolidated financial statements have been reclassified to conform the 2022 presentation.

Real Estate

Real Estate	9 Months Ended
Real Estate	Sep. 30, 2022
Real Estate [Abstract]
Real Estate	Note 2 – Real Estate : Real Estate – Portfolio Leases – At September 30, 2022, NNN’s real estate portfolio had a weighted average remaining lease term of 10.4 years and consisted of 3,370 leases classified as operating leases and an additional five leases accounted for as direct financing leases. The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Generally, the Property leases provide for initial terms of 10 to 20 years. The Properties are generally leased under net leases, pursuant to which the tenant typically bears responsibility for substantially all property costs and expenses associated with ongoing maintenance, repair, replacement and operation of the property, including utilities, property taxes and property and liability insurance. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of (i) increases in the Consumer Price Index, (ii) fixed increases, or, to a lesser extent, (iii) increases in the tenant’s sales volume. Generally, NNN's leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the renewal options. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property. Real Estate Portfolio – NNN's real estate consisted of the following at (dollars in thousands): September 30, December 31, Land and improvements (1) $ 2,616,920 $ 2,527,483 Buildings and improvements 6,779,242 6,375,583 Leasehold interests 355 355 9,396,517 8,903,421 Less accumulated depreciation and amortization ( 1,610,018 ) ( 1,470,062 ) 7,786,499 7,433,359 Work in progress for buildings and improvements 32,183 7,277 Accounted for using the operating method 7,818,682 7,440,636 Accounted for using the direct financing method 3,429 3,653 Classified as held for sale 4,181 5,557 $ 7,826,292 $ 7,449,846 (1) Includes $ 21,543 and $ 8,979 in land for Properties under construction at September 30, 2022 and December 31, 2021, respectively. NNN recognized the following revenues in rental income (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Rental income from operating leases $ 188,840 $ 175,833 $ 558,942 $ 522,787 Earned income from direct financing leases 148 154 449 469 Percentage rent 235 195 1,231 530 Real estate expense reimbursement from tenants 3,879 3,842 12,779 13,440 $ 193,102 $ 180,024 $ 573,401 $ 537,226 Some leases provide for a free rent period or scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases. For the nine months ended September 30, 2022 and 2021, NNN recognized ( $ 3,298,000 ) and ( $ 19,091,000 ), respectively, of net straight-line accrued rental income, net of reserves, of which ( $ 655,000 ) and ( $ 3,400,000 ) of such income, net of reserves was recorded during the quarters ended September 30, 2022 and 2021. Included in accrued rental income are the net impacts of the rent deferred and corresponding scheduled repayments from the lease amendments NNN entered into as a result of the COVID-19 pandemic. During the nine months ended September 30, 2022 and 2021, NNN recorded ($ 4,710,000 ) and ($ 21,996,000 ) , respectively, of net straight-line accrued rental income related to such amendments, of which ($ 1,201,000 ) and ($ 4,294,000 ) was recorded during the quarters ended September 30, 2022 and 2021. Real Estate – Intangibles In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at (dollars in thousands): September 30, December 31, Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,410 $ 15,335 Less: accumulated amortization ( 11,339 ) ( 10,821 ) Above-market in-place leases, net $ 4,071 $ 4,514 In-place leases $ 124,310 $ 122,069 Less: accumulated amortization ( 77,992 ) ( 73,345 ) In-place leases, net $ 46,318 $ 48,724 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,371 $ 41,705 Less: accumulated amortization ( 27,830 ) ( 27,447 ) Below-market in-place leases, net $ 13,541 $ 14,258 The amounts amortized as a net increase to rental income for above-market and below-market in-place leases for the nine months ended September 30, 2022 and 2021, were $ 410,000 and $ 430,000 , respectively, of which $ 130,000 and $ 156,000 was recorded for the quarters ended September 30, 2022 and 2021, respectively. The value of in-place leases amortized to expense for the nine months ended September 30, 2022 and 2021, was $ 5,337,000 and $ 5,451,000 , respectively, of which $ 1,793,000 and $ 1,840,000 was recorded for the quarters ended September 30, 2022 and 2021, respectively. Real Estate – Dispositions The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 # of Sold Net # of Sold Net # of Sold Net # of Sold Net Gain on disposition of real estate 8 $ 5,889 27 $ 9,473 26 $ 10,656 53 $ 17,935 Real Estate – Commitments NNN has committed to fund construction on 19 Properties. The improvements on such Properties are estimated to be completed within 12 months. These construction commitments, as of September 30, 2022, are outlined in the table below (dollars in thousands): Total commitment (1) $ 103,875 Less amount funded ( 53,726 ) Remaining commitment $ 50,149 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest. Real Estate – Impairments NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term. As a result of NNN's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total real estate impairments, net of recoveries $ 971 $ 4,781 $ 7,221 $ 14,647 Number of Properties: Vacant 2 5 8 19 Occupied 1 2 6 10 The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

Line of Credit Payable

Line of Credit Payable	9 Months Ended
Line of Credit Payable	Sep. 30, 2022
Debt Disclosure [Abstract]
Line of Credit Payable	Note 3 – Line of Credit Payable : In June 2021, NNN amended and restated its credit agreement to increase the borrowing capacity under its unsecured revolving credit facility from $ 900,000,000 to $ 1,100,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the "Credit Facility"). The Credit Facility had a weighted average outstanding balance of $ 21,592,000 and a weighted average interest rate of 3.01 % during the nine months ended September 30, 2022 . The Credit Facility matures in June 2025, unless the Company exercises its options to extend maturity to June 2026. The Credit Facility bears interest at LIBOR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $ 2,000,000,000 , subject to lender approval. In connection with the Credit Facility, loan costs are classified as debt costs on the Condensed Consolidated Balance Sheets. As of September 30, 2022, $ 47,500,000 was outstanding and $ 1,052,500,000 was available for future borrowings under the Credit Facility, and NNN was in compliance with each of the financial covenants.

Notes Payable

Notes Payable	9 Months Ended
Notes Payable	Sep. 30, 2022
Notes Payable [Abstract]
Notes Payable	Note 4 – Notes Payable : In 2021, NNN filed prospectus supplements to the prospectus contained in its August 2020 shelf registration statement (see "Note 5 – Stockholders' Equity") and issued $ 450,000,000 aggregate principal amount of 3.500 % notes due April 2051 (the “2051 Notes”) and $ 450,000,000 aggregate principal amount of 3.000 % notes due April 2052 (the "2052 Notes" and, together with the 2051 Notes, the "Notes" ). Each note issuance is summarized in the table below (dollar in thousands): Notes Issue Date Principal Discount (1) Net Price Stated Rate Effective Rate (2) Maturity Date 2051 Notes March 2021 $ 450,000 $ 8,406 $ 441,594 3.500 % 3.602 % April 2051 2052 Notes (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of the 2052 Notes, NNN terminated such derivatives, and the resulting fair value was deferred in accumulated other comprehensive income (loss) and is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 6 – Derivatives. Each series of Notes is a senior unsecured obligation of NNN and is subordinated to all secured debt of NNN and to the debt and other liabilities of NNN's subsidiaries. Each series of Notes is redeemable at NNN's option, at any time, in whole or in part, at a redemption price equal to (i) the sum of the outstanding principal amount of the notes being redeemed plus accrued interest thereon, up to but not including the redemption date, and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture related to the notes. In connection with the Notes, NNN incurred debt issuance costs totaling $ 10,144,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method. In March 2021, NNN redeemed the $ 350,000,000 3.300 % notes payable that were due in April 2023. The notes were redeemed at a price equal to 100 % of the principal amount, plus (i) a make-whole amount of $ 21,328,000 which is included in loss on early extinguishment of debt on the Condensed Consolidated Statement of Income and Comprehensive Income, and (ii) accrued and unpaid interest.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2022
Equity [Abstract]
Stockholders' Equity	Note 5 – Stockholders' Equity : Universal Shelf Registration Statement – In August 2020, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which was automatically effective and permits the issuance by NNN of an indeterminate amount of debt and equity securities. Preferred Stock – In October 2021, NNN redeemed all outstanding depositary shares ( 13,800,000 ) representing interests in its 5.200 % Series F preferred stock. The Series F preferred stock was redeemed at $ 25.00 per depositary share ($ 345,000,000 ), plus all accrued and unpaid dividends through, but not including, the redemption date, for an aggregate redemption price of $ 25.111944 per depositary share. The excess carrying amount of the Series F preferred stock redeemed over the cash paid to redeem the Series F preferred stock was $ 10,897,000 , representing issuance costs which is reflected as a reduction to earnings attributable to common stockholders. At-The-Market Offerings – Under NNN's shelf registration statement, NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following outlines NNN's ATM program: 2020 ATM Established date August 2020 Termination date August 2023 Total allowable shares 17,500,000 Total shares issued as of September 30, 2022 4,401,082 The following table outlines the common stock issuances pursuant to NNN's ATM equity program (dollars in thousands, except per share data): Nine Months Ended September 30, 2022 2021 Shares of common stock 2,801,778 30,000 Average price per share (net) $ 45.42 $ 35.35 Net proceeds $ 127,270 $ 1,061 Stock issuance costs (1) $ 1,879 $ 173 (1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees. Dividend Reinvestment and Stock Purchase Plan – In February 2021, NNN filed a shelf registration statement that was automatically effective with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP"), which permits NNN to issue up to 6,000,000 shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands): Nine Months Ended September 30, 2022 2021 Shares of common stock 51,567 46,666 Net proceeds $ 2,258 $ 2,012 Dividends – The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Series F preferred stock (1) : Dividends $ — $ 4,485 $ — $ 13,455 Per depositary share — 0.3250 — 0.9750 Common stock: Dividends 97,008 92,731 282,637 274,550 Per share 0.5500 0.5300 1.6100 1.5700 (1) The Series F preferred stock was redeemed in October 2021. In October 2022, NNN declared a dividend of $ 0.5500 per share, which is payable in November 2022 to its common stockholders of record as of October 31, 2022 .

Derivatives

Derivatives	9 Months Ended
Derivatives	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 6 – Derivatives : In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or a firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the Condensed Consolidated Statements of Cash Flows as an operating activity. The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Payable Terminated Description Aggregate Liability Fair Value (1) 2024 May 2014 Three forward starting swaps $ 225,000 $ 6,312 $ 6,312 2025 October 2015 Four forward starting swaps 300,000 13,369 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable. As of September 30, 2022, $13,186,000 remained in other comprehensive income (loss) related to NNN’s previously terminated interest rate hedges. During the nine months ended September 30, 2022 and 2021, NNN reclassified out of other comprehensive income (loss) $ 1,770,000 and $ 2,494,000 , respectively, of which $ 595,000 and $ 565,000 was reclassified during the quarters ended September 30, 2022 and 2021, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $ 2,447,000 will be reclassified as an increase in interest expense from these terminated derivatives. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt. NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at September 30, 2022 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 7 – Fair Value of Financial Instruments : NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages payable at September 30, 2022 and December 31, 2021, approximate fair value based upon current market prices of comparable instruments (Level 3). At September 30, 2022 and December 31, 2021, the fair value of NNN’s notes payable excluding unamortized discount and debt costs was $ 3,113,546,000 and $ 4,032,757,000 , respectively, based upon quoted market prices as of the close of the period, which is a Level 1 valuation since NNN's notes payable are publicly traded.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codifications ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated.
Real Estate Portfolio and Impairment	Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $ 547,000 and $ 215,000 in capitalized interest during the development period for the nine months ended September 30, 2022 and 2021, respectively, of which $ 273,000 and $ 87,000 was recorded during the quarters ended September 30, 2022 and 2021, respectively. Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final range relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Real Estate – Held for Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, Property, Plant and Equipment, including management’s intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At September 30, 2022 and December 31, 2021 , NNN had recorded real estate held for sale of $ 4,181,000 (one property) and $ 5,557,000 (two properties), respectively in real estate portfolio on the Condensed Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2021 were sold during the nine months ended September 30, 2022. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income from operating leases and the net investment from direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized in accordance FASB, ASC 610-20, "Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASC 610-20"), provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Impairment – Real Estate – NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term. NNN generally intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone was determined not to be an indicator of impairment.
Lease Accounting, Lessor	Lease Accounting – NNN records its leases on the Property Portfolio in accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842"). In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842. NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the Property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases on the Property Portfolio are predominantly classified as operating leases and are accounted for as follows: Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. 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. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN elected to make this policy election for COVID-19 lease concessions, including the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. During 2021 and 2020, NNN entered into rent deferral lease amendments with certain tenants, for an aggregate $ 4,758,000 and $ 52,019,000 of rent originally due for the years ended December 31, 2021 and 2020, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $ 31,776,000 of deferred rent was repaid in 2021 and approximately $ 11,561,000 of deferred rent was repaid during the nine months ended September 30, 2022. An additional $ 2,965,000 is due during the quarter ended December 31, 2022, with substantially all deferred rent due periodically by December 31, 2023. Collectability – In accordance with ASC 842, NNN reviews the collectability of its rental income on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. When NNN deems the collection of rental income from a tenant not probable, uncollected previously recognized rental revenue and any related accrued rent are reversed and, subsequently, any rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. As a result of the review of rental income collectability, no outstanding receivables and related accrued rent were written off during the nine months ended September 30, 2022 and 2021, and no additional tenants were deemed as cash basis for accounting purposes. The following table summarizes those tenants classified as cash basis for accounting purposes as of: September 30, 2022 2021 Number of tenants 8 11 Cash basis tenants as a percent of: Total Properties 5.2 % 5.6 % Total annual base rent (1) 7.1 % 7.1 % Total gross leasable area 6.8 % 7.4 % (1) Based on annualized base rent for all leases in place for each respective period. During the nine months ended September 30, 2022 and 2021, NNN recognized $ 46,631,000 and $ 37,999,000 , respectively, of rental income from the tenants classified as cash basis for accounting purposes, of which $ 15,346,000 and $ 13,630,000 was recognized during the quarters ended September 30, 2022 and 2021, respectively. During the nine months ended September 30, 2022 , three tenants were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. The impact of the reclassification was immaterial. NNN includes an allowance for doubtful accounts in rental income on the Condensed Consolidated Statements of Income and Comprehensive Income.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments – FASB ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326),” (“ASC 326”) requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. NNN had mortgages receivable of $ 1,633,000 and $ 2,023,000 included in other assets on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, respectively, net of $ 104,000 and $ 129,000 allowance for credit loss, respectively. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years.
Debt Costs	Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN's $ 1,100,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the credit facility as an asset, in debt costs on the Condensed Consolidated Balance Sheets. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $ 38,145,000 , as of September 30, 2022 and December 31, 2021, are included in notes payable on the Condensed Consolidated Balance Sheets net of accumulated amortization of $ 11,075,000 and $ 9,262,000 , respectively. Revenue Recognition – 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 , 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. The core principle of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09"), is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of ASC 842.
Earnings Per Share	Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic and Diluted Earnings: Net earnings attributable to NNN $ 88,421 $ 82,933 $ 243,964 $ 212,543 Less: Series F preferred stock dividends — ( 4,485 ) — ( 13,455 ) Net earnings available to NNN’s common stockholders 88,421 78,448 243,964 199,088 Less: Earnings allocated to unvested restricted shares ( 135 ) ( 180 ) ( 471 ) ( 509 ) Net earnings used in basic and diluted earnings per share $ 88,286 $ 78,268 $ 243,493 $ 198,579 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,881,613 175,607,905 176,510,417 175,530,702 Less: Unvested restricted shares ( 246,116 ) ( 340,725 ) ( 292,433 ) ( 323,808 ) Less: Unvested contingent restricted shares ( 734,711 ) ( 637,738 ) ( 675,628 ) ( 596,868 ) Weighted average number of shares outstanding used in 176,900,786 174,629,442 175,542,356 174,610,026 Other dilutive securities 466,924 109,461 451,551 106,027 Weighted average number of shares outstanding used in 177,367,710 174,738,903 175,993,907 174,716,053
Income Taxes	Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and related regulations. NNN generally will not be subject to federal income tax on income it distributes to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. As of September 30, 2022 , NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes.
Fair Value Measurement	Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 (dollars in thousands): Gain (Loss) on (1) Beginning balance, December 31, 2021 $ ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 1,770 (2) Ending balance, September 30, 2022 $ ( 13,186 ) (1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.
New Accounting Pronouncements	New Accounting Pronouncements – ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities, including the transition away from the London Interbank Offered Rate ("LIBOR"), that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2021, NNN elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. NNN continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. NNN had no derivative financial instruments outstanding as of September 30, 2022 .
Use of Estimates	Use of Estimates – 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 and 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 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. Reclassification – Certain items in the prior year's consolidated financial statements and notes to consolidated financial statements have been reclassified to conform the 2022 presentation.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of NNN's Investment Portfolio	NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property") . September 30, 2022 Property Portfolio: Total Properties 3,349 Gross leasable area (square feet) 34,265,000 States 48 Weighted average remaining lease term (years) 10.4
Summary of tenants classified as cash basis	The following table summarizes those tenants classified as cash basis for accounting purposes as of: September 30, 2022 2021 Number of tenants 8 11 Cash basis tenants as a percent of: Total Properties 5.2 % 5.6 % Total annual base rent (1) 7.1 % 7.1 % Total gross leasable area 6.8 % 7.4 % (1) Based on annualized base rent for all leases in place for each respective period.
Computation of Basic and Diluted Earnings Per Share	The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic and Diluted Earnings: Net earnings attributable to NNN $ 88,421 $ 82,933 $ 243,964 $ 212,543 Less: Series F preferred stock dividends — ( 4,485 ) — ( 13,455 ) Net earnings available to NNN’s common stockholders 88,421 78,448 243,964 199,088 Less: Earnings allocated to unvested restricted shares ( 135 ) ( 180 ) ( 471 ) ( 509 ) Net earnings used in basic and diluted earnings per share $ 88,286 $ 78,268 $ 243,493 $ 198,579 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,881,613 175,607,905 176,510,417 175,530,702 Less: Unvested restricted shares ( 246,116 ) ( 340,725 ) ( 292,433 ) ( 323,808 ) Less: Unvested contingent restricted shares ( 734,711 ) ( 637,738 ) ( 675,628 ) ( 596,868 ) Weighted average number of shares outstanding used in 176,900,786 174,629,442 175,542,356 174,610,026 Other dilutive securities 466,924 109,461 451,551 106,027 Weighted average number of shares outstanding used in 177,367,710 174,738,903 175,993,907 174,716,053
Changes in Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 (dollars in thousands): Gain (Loss) on (1) Beginning balance, December 31, 2021 $ ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 1,770 (2) Ending balance, September 30, 2022 $ ( 13,186 ) (1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
Real Estate (Tables)	Sep. 30, 2022
Real Estate [Abstract]
Summary of Real Estate Subject to Operating Leases	Real Estate Portfolio – NNN's real estate consisted of the following at (dollars in thousands): September 30, December 31, Land and improvements (1) $ 2,616,920 $ 2,527,483 Buildings and improvements 6,779,242 6,375,583 Leasehold interests 355 355 9,396,517 8,903,421 Less accumulated depreciation and amortization ( 1,610,018 ) ( 1,470,062 ) 7,786,499 7,433,359 Work in progress for buildings and improvements 32,183 7,277 Accounted for using the operating method 7,818,682 7,440,636 Accounted for using the direct financing method 3,429 3,653 Classified as held for sale 4,181 5,557 $ 7,826,292 $ 7,449,846 (1) Includes $ 21,543 and $ 8,979 in land for Properties under construction at September 30, 2022 and December 31, 2021, respectively.
Rental Income, Operating Leases	NNN recognized the following revenues in rental income (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Rental income from operating leases $ 188,840 $ 175,833 $ 558,942 $ 522,787 Earned income from direct financing leases 148 154 449 469 Percentage rent 235 195 1,231 530 Real estate expense reimbursement from tenants 3,879 3,842 12,779 13,440 $ 193,102 $ 180,024 $ 573,401 $ 537,226
Intangible Assets, Lease Liabilities, and Related Amortization	Real Estate – Intangibles In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at (dollars in thousands): September 30, December 31, Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,410 $ 15,335 Less: accumulated amortization ( 11,339 ) ( 10,821 ) Above-market in-place leases, net $ 4,071 $ 4,514 In-place leases $ 124,310 $ 122,069 Less: accumulated amortization ( 77,992 ) ( 73,345 ) In-place leases, net $ 46,318 $ 48,724 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,371 $ 41,705 Less: accumulated amortization ( 27,830 ) ( 27,447 ) Below-market in-place leases, net $ 13,541 $ 14,258
Gains on Dispositions of Properties	The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 # of Sold Net # of Sold Net # of Sold Net # of Sold Net Gain on disposition of real estate 8 $ 5,889 27 $ 9,473 26 $ 10,656 53 $ 17,935
Real Estate Commitments	These construction commitments, as of September 30, 2022, are outlined in the table below (dollars in thousands): Total commitment (1) $ 103,875 Less amount funded ( 53,726 ) Remaining commitment $ 50,149 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.
Real Estate Impairments	As a result of NNN's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total real estate impairments, net of recoveries $ 971 $ 4,781 $ 7,221 $ 14,647 Number of Properties: Vacant 2 5 8 19 Occupied 1 2 6 10

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
Notes Payable (Tables)	Sep. 30, 2022
Notes Payable [Abstract]
Notes Payable	Each note issuance is summarized in the table below (dollar in thousands): Notes Issue Date Principal Discount (1) Net Price Stated Rate Effective Rate (2) Maturity Date 2051 Notes March 2021 $ 450,000 $ 8,406 $ 441,594 3.500 % 3.602 % April 2051 2052 Notes (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of the 2052 Notes, NNN terminated such derivatives, and the resulting fair value was deferred in accumulated other comprehensive income (loss) and is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 6 – Derivatives.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
Stockholders' Equity (Tables)	Sep. 30, 2022
Equity [Abstract]
Schedule of ATM Program	The following outlines NNN's ATM program: 2020 ATM Established date August 2020 Termination date August 2023 Total allowable shares 17,500,000 Total shares issued as of September 30, 2022 4,401,082
Schedule of Common Stock Issuances Pursuant to Equity Programs	The following table outlines the common stock issuances pursuant to NNN's ATM equity program (dollars in thousands, except per share data): Nine Months Ended September 30, 2022 2021 Shares of common stock 2,801,778 30,000 Average price per share (net) $ 45.42 $ 35.35 Net proceeds $ 127,270 $ 1,061 Stock issuance costs (1) $ 1,879 $ 173 (1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
Schedule of Common Stock Issuances Pursuant to DRIP	The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands): Nine Months Ended September 30, 2022 2021 Shares of common stock 51,567 46,666 Net proceeds $ 2,258 $ 2,012
Schedule of Dividends Declared and Paid	Dividends – The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data): Quarter Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Series F preferred stock (1) : Dividends $ — $ 4,485 $ — $ 13,455 Per depositary share — 0.3250 — 0.9750 Common stock: Dividends 97,008 92,731 282,637 274,550 Per share 0.5500 0.5300 1.6100 1.5700 (1) The Series F preferred stock was redeemed in October 2021.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
Derivatives (Tables)	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Payable Terminated Description Aggregate Liability Fair Value (1) 2024 May 2014 Three forward starting swaps $ 225,000 $ 6,312 $ 6,312 2025 October 2015 Four forward starting swaps 300,000 13,369 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details)	9 Months Ended
	Sep. 30, 2022 ft²
Property Portfolio:
Total properties	3,349
Gross leasable area (square feet)	34,265,000
States	48
Weighted average remaining lease term	10 years 4 months 24 days

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - (Summary of tenants classified as cash basis) (Details) - Tenant		Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Number of tenants		8	11
Cash basis tenants as a percent of:
Total gross leasable area		6.80%	7.40%
Total Properties		5.20%	5.60%
Total annual base rent	[1]	7.10%	7.10%

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

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net earnings attributable to NNN	$ 88,421	$ 82,933	$ 243,964	$ 212,543
Less: Series F preferred stock dividends	0	(4,485)	0	(13,455)
Net earnings attributable to common stockholders	88,421	78,448	243,964	199,088
Less: Earnings allocated to unvested restricted shares	(135)	(180)	(471)	(509)
Net earnings used in basic and diluted earnings per share	$ 88,286	$ 78,268	$ 243,493	$ 198,579
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding	177,881,613	175,607,905	176,510,417	175,530,702
Less: Unvested restricted shares (in shares)	(246,116)	(340,725)	(292,433)	(323,808)
Less: Unvested contingent restricted shares (in shares)	(734,711)	(637,738)	(675,628)	(596,868)
Weighted Average Number of Shares Outstanding, Basic, Total	176,900,786	174,629,442	175,542,356	174,610,026
Other dilutive securities (in shares)	466,924	109,461	451,551	106,027
Weighted average number of shares outstanding used in diluted earnings per share (in shares)	177,367,710	174,738,903	175,993,907	174,716,053

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balances	$ 3,901,663
Balances	4,006,932
AOCI, cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balances	(14,956)
Reclassifications from accumulated other comprehensive income to net earnings	1,770
Balances	$ (13,186)

Organization and Summary of S_8

Organization and Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) Tenant	Mar. 31, 2022	Sep. 30, 2021 USD ($) Tenant	Sep. 30, 2022 USD ($) Tenant	Sep. 30, 2021 USD ($) Tenant	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Line Items]
Interest costs capitalized	$ 273,000		$ 87,000	$ 547,000	$ 215,000
Total Properties	5.20%		5.60%	5.20%	5.60%
Total gross leasable area	6.80%		7.40%	6.80%	7.40%
Percentage of tenants for which revenue recognized on cash basis \| Tenant	8		11	8	11
Lessor Lease, Rent Deferral Lease Amendments Due To Covid-19, Deferred Rent Originally Due Current Fiscal Year							$ 4,758,000			$ 52,019,000
Lessor Lease, Rent Deferral Lease Amendments Due To Covid-19, Deferred Rent Repaid				$ 11,561,000			31,776,000
Revenue recognized on cash basis	$ 15,346,000		$ 13,630,000	46,631,000	$ 37,999,000
Revolving credit facility borrowing capacity	1,052,500,000,000			1,052,500,000,000				$ 1,100,000,000,000	$ 900,000,000
Real estate held for sale	4,181,000			4,181,000			5,557,000
Debt costs	$ 10,144,000			$ 10,144,000
Rent repaid						$ 2,965,000
Number of tenants \| Tenant	3			3
Mortgage loan
Accounting Policies [Line Items]
Mortgage receivable	$ 1,633,000,000			$ 1,633,000,000			2,023,000,000
Allowance for credit loss			$ 104,000		$ 104,000		129,000,000
Collectability analysis, period used		15 years
Minimum
Accounting Policies [Line Items]
Initial lease term				10 years
Maximum
Accounting Policies [Line Items]
Initial lease term				20 years
Line of Credit
Accounting Policies [Line Items]
Revolving credit facility borrowing capacity	1,100,000,000			$ 1,100,000,000
Loans Payable
Accounting Policies [Line Items]
Debt costs							38,145,000
Debt costs accumulated amortization	$ 11,075,000			$ 11,075,000			$ 9,262,000

Real Estate (Key Information fo

Real Estate (Key Information for Leases) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Weighted average remaining lease term			10 years 4 months 24 days
Straight Line Rent	$ (1,201,000)	$ (4,294,000)	$ (4,710,000)	$ (21,996,000)
Rent deferral, year ending December 31, 2021					$ 4,758,000	$ 52,019,000
Deferred rent repaid			$ 11,561,000		$ 31,776,000
Minimum
Lessor, Lease, Description [Line Items]
Initial lease term			10 years
Maximum
Lessor, Lease, Description [Line Items]
Initial lease term			20 years

Real Estate (Summary of Real Es

Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property Subject to or Available for Operating Lease [Line Items]
Land and improvements	$ 2,616,920,000	$ 2,527,483,000
Buildings and improvements	6,779,242,000	6,375,583,000
Leasehold interests	355,000	355,000
Real estate subject to operating leases, gross	9,396,517,000	8,903,421,000
Less accumulated depreciation and amortization	(1,610,018,000)	(1,470,062,000)
Real estate subject to operating leases, net, before work in progress	7,786,499,000	7,433,359,000
Work in progress for buildings and improvements	32,183,000	7,277,000
Accounted for using the operating method	7,818,682,000	7,440,636,000
Accounted for using the direct financing method	3,429,000	3,653,000
Real estate held for sale	4,181,000	5,557,000
Real estate portfolio	7,826,292,000	7,449,846,000
Asset under construction
Property Subject to or Available for Operating Lease [Line Items]
Land and improvements	$ 21,543,000	$ 8,979,000

Real Estate (Rental Income) (De

Real Estate (Rental Income) (Details)	3 Months Ended		9 Months Ended
Real Estate (Rental Income) (Details)	Sep. 30, 2022 USD ($) Tenant	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Tenant	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Lease Income [Abstract]
Rental income from operating leases	$ 188,840,000	$ 175,833,000	$ 558,942,000	$ 522,787,000
Earned income from direct financing leases	148,000	154,000	449,000	469,000
Percentage rent	235,000	195,000	1,231,000	530,000
Real estate expense reimbursement from tenants	3,879,000	3,842,000	12,779,000	13,440,000
Total lease income	193,102,000	180,024,000	573,401,000	537,226,000
Rental income accrued during period	$ 655,000,000	3,400,000,000	$ 3,298,000,000	19,091,000,000
Number of tenants \| Tenant	3		3
Straight-line accrued rent from rent deferral repayments	$ (1,201,000)	$ (4,294,000)	$ (4,710,000)	$ (21,996,000)
Accrued rental income	28,231,000		28,231,000		$ 31,942,000
Accrued rental income allowance	$ 3,924,000		$ 3,924,000		$ 4,587,000

Real Estate (Intangible Assets

Real Estate (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 41,371		$ 41,371		$ 41,705
Less: accumulated amortization	(27,830)		(27,830)		(27,447)
Below-market in-place leases, net	13,541		13,541		14,258
Above-market in-place leases
Intangible lease assets (included in other assets):
Leases	15,410		15,410		15,335
Less: accumulated amortization	(11,339)		(11,339)		(10,821)
Leases, net	4,071		4,071		4,514
In-place leases
Intangible lease assets (included in other assets):
Leases	124,310		124,310		122,069
Less: accumulated amortization	(77,992)		(77,992)		(73,345)
Leases, net	46,318		46,318		$ 48,724
Intangible lease liabilities (included in other liabilities):
Amortization expense, in-place leases	1,793,000	$ 1,840,000	5,337,000	$ 5,451,000
Above-market and below-market in-place leases
Intangible lease liabilities (included in other liabilities):
Amortization expense, above- and below-market leases	$ 130,000	$ 156,000	$ 410,000	$ 430,000

Real Estate - (Amortization of

Real Estate - (Amortization of Acquired Lease Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Above-Market and Below-Market In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, above- and below-market leases	$ 130,000	$ 156,000	$ 410,000	$ 430,000
In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, in-place leases	$ 1,793,000	$ 1,840,000	$ 5,337,000	$ 5,451,000

Real Estate (Held For Sale) (De

Real Estate (Held For Sale) (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land and improvements	$ 4,181,000	$ 5,557,000

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details) $ in Thousands	3 Months Ended		9 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain	$ 5,889	$ 9,473	$ 10,656	$ 17,935
Assets Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold at a gain \| Property	8	27	26	53
Gain			$ 10,656	$ 17,935

Real Estate (Commitments) (Deta

Real Estate (Commitments) (Details) $ in Thousands	9 Months Ended
Real Estate (Commitments) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate [Abstract]
Period for improvements to construction commitments	12 months
Total commitment	$ 103,875
Less amount funded	53,726
Remaining commitment	$ 50,149

Real Estate ((Impairments) (Det

Real Estate ((Impairments) (Details) $ in Thousands	3 Months Ended		9 Months Ended
Real Estate ((Impairments) (Details) $ in Thousands	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($) Property
Lessor, Lease, Description [Line Items]
Impairment of Real Estate \| $	$ 971	$ 4,781	$ 7,221	$ 14,647
Number of Properties:
Vacant	2	5	8	19
Occupied	1	2	6	10
Minimum
Lessor, Lease, Description [Line Items]
Initial lease term			10 years
Maximum
Lessor, Lease, Description [Line Items]
Initial lease term			20 years

Line of Credit Payable (Details

Line of Credit Payable (Details) - USD ($)	9 Months Ended
Line of Credit Payable (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2021	May 31, 2021
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,052,500,000,000	$ 1,100,000,000,000	$ 900,000,000
Revolving credit facility weighted average outstanding balance	$ 21,592,000,000
Weighted average interest rate	3.01%
Option to increase facility size	$ 2,000,000,000,000
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	77.50%
Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,100,000,000
Line of credit payable	$ 47,500,000,000

Notes Payable (Details)

Notes Payable (Details)	3 Months Ended	9 Months Ended
Notes Payable (Details)	Sep. 30, 2021 USD ($) Instrument	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) Instrument	Dec. 31, 2021 USD ($)	Mar. 31, 2020 USD ($) Instrument	Sep. 30, 2018 USD ($) Instrument	Sep. 30, 2017 USD ($) Instrument	Dec. 31, 2016 USD ($) Instrument	Oct. 31, 2015 USD ($) Instrument	May 31, 2014 USD ($) Instrument
Debt Instrument [Line Items]
Debt issuance costs		$ 10,144,000
Loss deferred in other comprehensive income	$ (1,584,000)		$ (1,584,000)
Payment of debt issuance costs		127,000	17,125,000
Payment of make-whole premium		0	$ 21,328,000
Forward Swap Member
Debt Instrument [Line Items]
Number of interest rate derivatives terminated \| Instrument	2		2		3	2	2	2	4	3
Aggregate notional amount	$ 120,000,000		$ 120,000,000		$ 200,000,000	$ 250,000,000	$ 250,000,000	$ 180,000,000	$ 300,000,000	$ 225,000,000
Loans Payable
Debt Instrument [Line Items]
Debt issuance costs				$ 38,145,000
2051 Notes
Debt Instrument [Line Items]
Principal	$ 450,000,000	$ 450,000,000	$ 450,000,000
Stated Rate	3.50%	3.50%	3.50%
Net Price		$ 441,594,000
Discount		$ 8,406,000
Effective Rate		3.602%
2052 Notes
Debt Instrument [Line Items]
Principal	$ 450,000,000	$ 450,000,000	$ 450,000,000
Stated Rate	3%	3%	3%
Net Price		$ 439,578,000
Discount		$ 10,422,000
Effective Rate		3.118%
2023 Notes
Debt Instrument [Line Items]
Stated Rate		3.30%
Notes payable redeemed		$ 350,000,000
Redemption price percentage		100%
Payment of make-whole premium		$ 21,328,000

Stockholders' Equity (DRIP) (De

Stockholders' Equity (DRIP) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Feb. 28, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	375,000,000		375,000,000
Net proceeds	$ 131,407	$ 3,325
DRIP
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				6,000,000
Shares of common stock (in shares)	51,567	46,666
Net proceeds	$ 2,258	$ 2,012

Stockholders' Equity (ATM Progr

Stockholders' Equity (ATM Program) (Details) - USD ($)		1 Months Ended	9 Months Ended
Stockholders' Equity (ATM Program) (Details) - USD ($)		Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Total allowable shares (in shares)			375,000,000		375,000,000
Total shares issued (in shares)			178,731,891		175,635,792
Net proceeds			$ 131,407,000	$ 3,325,000
Stock issuance costs			$ 127,000	$ 17,125,000
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares redeemed (in shares)		13,800,000
Dividend rate		5.20%
Stated liquidation value per share (in dollars per share)		$ 25
Aggregate redemption price (in dollars per share)		$ 25.111944
Series F Preferred Stock Value		$ 345,000,000
Excess of redemption value over carrying value of preferred shares redeemed		$ 10,897,000
ATM equity programs
Class of Stock [Line Items]
Shares of common stock (in shares)			2,801,778	30,000
Average price per share (net) (in dollars per share)			$ 45.42	$ 35.35
Net proceeds			$ 127,270,000	$ 1,061,000
Stock issuance costs	[1]		$ 1,879,000	$ 173,000
2020 ATM
Class of Stock [Line Items]
Total allowable shares (in shares)			17,500,000
Total shares issued (in shares)			4,401,082

[1] Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
		Oct. 31, 2022	Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Preferred stock dividends				$ 0	$ 4,485	$ 0	$ 13,455
Common stock dividends				$ 97,008	$ 92,731	$ 282,637	$ 274,550
Common stock dividends per share (in dollars per share)				$ 0.5500	$ 0.5300	$ 1.6100	$ 1.5700
Common stock dividends declared (in dollars per share)				$ 0.5500	$ 0.5300	$ 1.6100	$ 1.5700
Subsequent event
Class of Stock [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.5500
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends	[1]				$ 4,485		$ 13,455
Preferred stock dividends per depositary share (in dollars per share)	[1]				$ 0.3250		$ 0.9750
Dividend rate			5.20%

[1] (1) The Series F preferred stock was redeemed in October 2021.

Derivatives (Terminated Derivat

Derivatives (Terminated Derivatives) (Details) - Forward Swap Member $ in Thousands		Sep. 30, 2021 USD ($) Instrument	Mar. 31, 2020 USD ($) Instrument	Sep. 30, 2018 USD ($) Instrument	Sep. 30, 2017 USD ($) Instrument	Dec. 31, 2016 USD ($) Instrument	Oct. 31, 2015 USD ($) Instrument	May 31, 2014 USD ($) Instrument
Derivative [Line Items]
Number of interest rate derivatives terminated \| Instrument		2	3	2	2	2	4	3
Aggregate Notional Amount		$ 120,000	$ 200,000	$ 250,000	$ 250,000	$ 180,000	$ 300,000	$ 225,000
Liability Fair Value When Terminated		1,584	13,141		7,690		13,369	6,312
Asset Fair Value When Terminated				(4,080)		(13,352)
Fair Value Deferred In Other Comprehensive Income	[1]	$ 1,584	$ 13,141	$ (4,080)	$ 7,688	$ (13,345)	$ 13,369	$ 6,312

[1] (1) The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
Derivatives (Narrative) (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Stockholders' equity	$ (4,006,932,000)	$ (4,260,143,000)	$ (4,006,932,000)	$ (4,260,143,000)	$ (3,915,526,000)	$ (3,901,663,000)	$ (4,270,878,000)	$ (4,319,304,000)
Gain (loss) reclassification to interest expense	595,000	565,000	1,770,000	2,494,000
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net	2,447,000		2,447,000
Accumulated other comprehensive income (loss)	(13,186,000)		(13,186,000)			(14,956,000)
AOCI, cash flow hedges
Derivative [Line Items]
Stockholders' equity	13,186,000		13,186,000			14,956,000
Accumulated Other Comprehensive Income (Loss)
Derivative [Line Items]
Stockholders' equity	13,186,000	15,535,000	13,186,000	15,535,000	$ 13,781,000	$ 14,956,000	$ 14,516,000	$ 16,445,000
Gain (loss) reclassification to interest expense	$ 595,000	$ 565,000	$ 1,770,000	$ 2,494,000

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of notes payable	$ 3,113,546,000	$ 4,032,757,000