National Retail Properties (NNN) 10-K9 Feb 232022 FY Annual reportFinancial data

Company Profile

Cover page

Cover page - USD ($) $ in Thousands	12 Months Ended
Cover page - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 30, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11290
Entity Registrant Name	NATIONAL RETAIL PROPERTIES, INC
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7,534,963,000
Entity Common Stock, Shares Outstanding		181,461,427
Documents Incorporated by Reference	Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of National Retail Properties, Inc.’s definitive Proxy Statement for the 2023 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A.
Entity Central Index Key	0000751364
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Real estate portfolio, net of accumulated depreciation and amortization	$ 8,020,814,000	$ 7,449,846,000
Cash and cash equivalents	2,505,000	171,322,000
Restricted cash and cash held in escrow	4,273,000	0
Receivables, net of allowance of $708 and $782, respectively	3,612,000	3,154,000
Accrued rental income, net of allowance of $3,836 and $4,587, respectively	27,795,000	31,942,000
Debt costs, net of accumulated amortization of $21,663 and $19,377, respectively	5,352,000	7,443,000
Other assets	81,694,000	87,347,000
Total assets	8,146,045,000	7,751,054,000
Liabilities:
Line of credit payable	166,200,000	0
Mortgages payable, including unamortized premium and net of unamortized debt costs	9,964,000	10,697,000
Notes payable, net of unamortized discount and unamortized debt costs	3,739,890,000	3,735,769,000
Accrued interest payable	23,826,000	23,923,000
Other liabilities	82,663,000	79,002,000
Total liabilities	4,022,543,000	3,849,391,000
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value. Authorized 375,000,000 shares; 181,424,670 and 175,635,792 shares issued and outstanding, respectively	1,815,000	1,757,000
Capital in excess of par value	4,928,034,000	4,662,714,000
Accumulated deficit	(793,765,000)	(747,853,000)
Accumulated other comprehensive income (loss)	(12,582,000)	(14,956,000)
Total stockholders’ equity of NNN	4,123,502,000	3,901,662,000
Noncontrolling interests	0	1,000
Total equity	4,123,502,000	3,901,663,000
Total liabilities and equity	$ 8,146,045,000	$ 7,751,054,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Allowance on receivables	$ 708	$ 782
Accrued rental income allowance	3,836	4,587
Debt costs accumulated amortization	$ 21,663	$ 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)	181,424,670	175,635,792
Common stock, shares outstanding (in shares)	181,424,670	175,635,792

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 771,618,000	$ 723,859,000	$ 658,793,000
Interest and other income from real estate transactions	1,435,000	2,548,000	1,888,000
Total revenues	773,053,000	726,407,000	660,681,000
Operating expenses:
General and administrative	41,695,000	44,640,000	38,161,000
Real estate	26,281,000	28,385,000	28,362,000
Depreciation and amortization	223,834,000	205,220,000	196,623,000
Leasing transaction costs	320,000	203,000	76,000
Impairment losses - real estate, net of recoveries	8,309,000	21,957,000	37,442,000
Executive retirement costs	7,520,000	0	1,766,000
Total operating expenses	307,959,000	300,405,000	302,430,000
Gain on disposition of real estate	17,443,000	23,094,000	16,238,000
Earnings from operations	482,537,000	449,096,000	374,489,000
Other expenses (revenues):
Interest and other income	(149,000)	(216,000)	(417,000)
Interest expense	148,065,000	137,874,000	129,431,000
Loss on early extinguishment of debt	0	21,328,000	16,679,000
Total other expenses (revenues)	147,916,000	158,986,000	145,693,000
Net earnings	334,621,000	290,110,000	228,796,000
Loss (earnings) attributable to noncontrolling interests	5,000	3,000	3,000
Net earnings attributable to NNN	334,626,000	290,113,000	228,799,000
Preferred stock dividends	0	(14,999,000)	(17,940,000)
Excess of redemption value over carrying value of preferred shares redeemed	0	(10,897,000)	0
Net earnings attributable to common stockholders	$ 334,626,000	$ 264,217,000	$ 210,859,000
Net earnings per share of common stock:
Basic (in dollars per share)	$ 1.89	$ 1.51	$ 1.22
Diluted (in dollars per share)	$ 1.89	$ 1.51	$ 1.22
Weighted average number of common shares outstanding:
Basic (in shares)	176,403,656	174,710,921	172,109,713
Diluted (in shares)	177,067,865	174,818,899	172,217,077
Other comprehensive income:
Net earnings attributable to NNN	$ 334,626,000	$ 290,113,000	$ 228,799,000
Amortization of interest rate hedges	2,374,000	3,073,000	2,300,000
Fair value of forward starting swaps	0	(1,584,000)	(7,617,000)
Comprehensive income attributable to NNN	337,000,000	291,602,000	223,482,000
Comprehensive income attributable to non-controlling interests	(5,000)	(3,000)	(3,000)
Total comprehensive income	336,995,000	291,599,000	223,479,000
Series F Preferred Stock
Other expenses (revenues):
Preferred stock dividends	$ 0	$ (14,999,000)	$ (17,940,000)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Series F Preferred Stock	Total Stockholders' Equity of NNN	Total Stockholders' Equity of NNN Series F Preferred Stock	Preferred Stock Series F Preferred Stock	Common Stock	Capital in Excess of Par Value	Capital in Excess of Par Value Series F Preferred Stock	Accumulated Deficit	Accumulated Deficit Series F Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2019	$ 4,331,682		$ 4,331,675		$ 345,000	$ 1,718	$ 4,495,314		$ (499,229)		$ (11,128)	$ 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	228,796		228,799						228,799			(3)
Dividends declared and paid:
Preferred stock dividends declared and paid		$ (17,940)		$ (17,940)						$ (17,940)
Common stock dividends declared and paid	(351,544)		(351,544)			1	4,864		(356,409)
Issuance of common stock:
Director compensation	1,132		1,132				1,132
Stock purchase plan	308		308				308
ATM equity program	121,315		121,315			31	121,284
Restricted shares - net of forfeitures and repurchases						3	(3)
Stock issuance costs	(2,212)		(2,212)				(2,212)
Amortization of deferred compensation	13,084		13,084				13,084
Amortization of interest rate hedges	2,300		2,300								2,300
Fair value of forward starting swaps	(7,617)		(7,617)								(7,617)
Ending balance at Dec. 31, 2020	4,319,304		4,319,300		345,000	1,753	4,633,771		(644,779)		(16,445)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	290,110		290,113						290,113			(3)
Dividends declared and paid:
Preferred stock dividends declared and paid		(14,999)		(14,999)						(14,999)
Common stock dividends declared and paid	(364,792)		(364,792)				2,499		(367,291)
Redemption of depositary shares		$ (345,000)		$ (345,000)	(345,000)			$ 10,897		$ (10,897)
Issuance of common stock:
Director compensation	1,145		1,145				1,145
Stock purchase plan	320		320				320
ATM equity program	1,234		1,234			1	1,233
Restricted shares - net of forfeitures and repurchases						3	(3)
Stock issuance costs	(299)		(299)				(299)
Amortization of deferred compensation	13,151		13,151				13,151
Amortization of interest rate hedges	3,073		3,073								3,073
Fair value of forward starting swaps	(1,584)		(1,584)								(1,584)
Ending balance at Dec. 31, 2021	3,901,663		3,901,662		$ 0	1,757	4,662,714		(747,853)		(14,956)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	334,621		334,626						334,626			(5)
Dividends declared and paid:
Common stock dividends declared and paid	(377,773)		(377,773)				2,765		(380,538)
Issuance of common stock:
Director compensation	1,244		1,244				1,244		0
Stock purchase plan	317		317				317		0
ATM equity program	250,890		250,890			55	250,835		0
Restricted shares - net of forfeitures and repurchases						3	(3)
Stock issuance costs	(3,761)		(3,761)				(3,761)		0
Amortization of deferred compensation	14,205		14,205				14,205		0
Amortization of interest rate hedges	2,374		2,374								2,374
Fair value of forward starting swaps	0
Other			(282)				(282)					282
Distributions to noncontrolling interests	(278)											(278)
Ending balance at Dec. 31, 2022	$ 4,123,502		$ 4,123,502			$ 1,815	$ 4,928,034		$ (793,765)		$ (12,582)	$ 0

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock dividends declared and paid (in dollars per share)	$ 2.1600	$ 2.1000	$ 2.0700
Issuance of common stock - Director compensation (in shares)	33,013,000	30,539,000	35,351,000
Issuance of common stock - Stock purchase plan (in shares)	7,235,000	7,062,000	8,079,000
Issuance of common stock - ATM equity program (in shares)	5,473,072,000	30,000,000	3,119,153,000
Issuance of common stock - restricted shares, net (in shares)	232,551,000	287,207,000	263,406,000
Series F Preferred Stock
Preferred stock dividends declared and paid (in dollars per share)		$ 1.086944	$ 1.3000
Redemption of depositary shares (in shares)		13,800,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings		$ 334,621	$ 290,110	$ 228,796
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		223,834	205,220	196,623
Impairment losses – real estate, net of recoveries		8,309	21,957	37,442
Loss on early extinguishment of debt		0	21,328	16,679
Amortization of notes payable discount		1,691	2,130	3,036
Amortization of debt costs		4,734	5,186	5,009
Amortization of mortgages payable premium		(87)	(85)	(85)
Amortization of interest rate hedges		2,374	3,073	2,300
Settlement of forward starting swaps		0	(1,584)	(13,141)
Gain on disposition of real estate		(17,443)	(23,094)	(16,238)
Performance incentive plan expense		17,330	14,491	14,479
Performance incentive plan payment		(103)	(721)	(846)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease (increase) in receivables		358	1,184	(1,464)
Decrease (increase) in accrued rental income		3,559	21,137	(26,027)
Decrease in other assets		424	1,589	488
Increase (decrease) in accrued interest payable		(97)	4,522	1,151
Increase (decrease) in other liabilities		(1,217)	2,279	1,986
Other		68	(297)	6
Net cash provided by operating activities		578,355	568,425	450,194
Cash flows from investing activities:
Proceeds from the disposition of real estate		66,962	123,052	53,254
Additions to real estate		(842,872)	(553,322)	(195,944)
Principal payments received on mortgages and notes receivable		521	486	374
Other		(2,242)	(2,393)	(500)
Net cash used in investing activities		(777,631)	(432,177)	(142,816)
Cash flows from financing activities:
Proceeds from line of credit payable		688,000	0	311,000
Repayment of line of credit payable		(521,800)	0	(444,600)
Repayment of mortgages payable		(664)	(630)	(596)
Proceeds from notes payable		0	881,172	692,646
Repayment of notes payable		0	(350,000)	(325,000)
Payment for early extinguishment of debt		0	(21,328)	(16,679)
Payment of debt issuance costs		(199)	(17,814)	(7,941)
Proceeds from issuance of common stock		253,972	4,053	126,488
Stock issuance costs		(3,761)	(325)	(2,223)
Redemption of Series F preferred stock		0	(345,000)	0
Payment of Series F preferred stock dividends		0	(14,999)	(17,940)
Payment of common stock dividends		(380,538)	(367,291)	(356,409)
Noncontrolling interest distributions		(278)	0	0
Net cash provided by (used in) financing activities		34,732	(232,162)	(41,254)
Net increase (decrease) in cash, cash equivalents and restricted cash		(164,544)	(95,914)	266,124
Cash, cash equivalents and restricted cash at beginning of year	[1]	171,322	267,236	1,112
Cash, cash equivalents and restricted cash at end of year	[1]	6,778	171,322	267,236
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized		140,331	123,376	119,408
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income		2,374	1,489	(5,317)
Work in progress accrual balance at the end of the period		12,163	7,695	5,602
Mortgage receivable issued in connection with a real estate disposition		$ 0	$ 0	$ 3,000

[1] Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. As of December 31, 2022 , NNN had restricted cash of $ 4,273,000 . NNN did no t have restricted cash, including cash held in escrow as of December 31, 2021 and 2020 .

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Restricted cash and cash held in escrow	$ 4,273,000	$ 0	$ 0

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
Organization and Summary of Significant Accounting Policies	Dec. 31, 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 term "NNN" or the "Company" refers to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain subsidiaries as taxable REIT subsidiaries, ("TRS"). 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 are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2022 Property Portfolio: Total Properties 3,411 Gross leasable area (square feet) 35,010,000 States 48 Weighted average remaining lease term (years) 10.4 NNN's operations are reported within one operating segment in the consolidated financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties. COVID-19 Pandemic – During the years ended December 31, 2021 and 2020, 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 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 Codification ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. 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. For the years ended December 31, 2022, 2021 and 2020, NNN recorded $ 881,000 , $ 328,000 and $ 1,388,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate – 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 value 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. NNN completed $ 784,165,000 and $ 531,726,000 of real estate acquisitions during the year ended December 31, 2022 and 2021, respectively. Additionally, NNN invested $ 63,582,000 and $ 23,689,000 of work in progress and improvements during the year ended December 31, 2022 and 2021 , respectively. 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 are accounted for using either the operating or the direct financing method. Such methods are described below: 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. Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases. 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, provided in the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. Collectability – In accordance with ASC 842, NNN reviews the collectability of its lease payments 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 as a reduction to rental income 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 lease payments collectability, NNN recorded a write-off of $ 21,792,000 of outstanding receivables and related accrued rent during the year ended December 31, 2020, and reclassified certain tenants as cash basis for accounting purposes. During the years ended December 31, 2022 and 2021, 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 December 31: 2022 2021 2020 Number of tenants 8 11 13 Cash basis tenants as a percent of: Total Properties 5.0 % 5.5 % 6.4 % Total annual base rent (1) 7.0 % 7.0 % 7.4 % Total gross leasable area 6.6 % 7.3 % 8.0 % (1) Based on annualized base rent for all leases in place for each respective period. During the years ended December 31, 2022, 2021 and 2020, NNN recognized $ 62,454,000 , $ 52,129,000 and $ 4,722,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the year ended December 31, 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 Consolidated Statements of Income and Comprehensive Income. Right-Of-Use ("ROU") Assets and Operating Lease Liabilities – In accordance with ASC 842, NNN recorded ROU assets and operating lease liabilities as lessee under operating lease. NNN is a lessee for three ground lease arrangements and for its headquarters office lease. NNN recognized a ROU asset (recorded in other assets on the Consolidated Balance Sheets) and an operating lease liability (recorded in other liabilities on the Consolidated Balance Sheets) for the present value of the minimum lease payments. ROU assets represent NNN’s right to use an underlying asset for the lease term and lease liabilities represent NNN’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. 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 options. NNN estimates an incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of the lease payments. NNN gives consideration to the Company's debt issuances, as well as, publicly available data for secured instruments with similar characteristics when calculating its incremental borrowing rates. On an annual basis, NNN will evaluate its lessee portfolio and determine if its incremental borrowing rate should be reassessed. NNN's lease agreements do not contain any residual value guarantees. 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 December 31, 2022 and 2021 , NNN had recorded real estate held for sale of $ 786,000 (two properties) and $ 5,557,000 (two properties), respectively, in real estate portfolio on the Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2021 were sold during the year ended December 31, 2022. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for 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 using the full accrual method in accordance with 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. Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 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 new 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 held mortgages receivable, including accrued interest, of $ 1,530,000 and $ 2,023,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively, net of $ 98,000 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. Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows. Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts. Restricted Cash and Cash Held in Escrow – Restricted cash and cash held in escrow include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. As of December 31, 2022 NNN held $ 4,273,000 in escrow and other restricted accounts. NNN had no restricted cash or cash held in escrow as of December 31, 2021. Valuation of Trade Receivables – NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. 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 Consolidated Balance Sheets. Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $ 147,000 at December 31, 2022 and 2021, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 142,000 and $ 125,000 , respectively. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s unsecured notes 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 at December 31, 2022 and 2021, respectively are included in notes payable on the Consolidated Balance Sheets net of accumulated amortization of $ 11,693,000 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. 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), 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. NNN determined the key revenue stream impacted by ASU 2014-09 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASU 2014-09, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transaction price allocation. 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 contain 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 for the years ended December 31 (dollars in thousands): 2022 2021 2020 Basic and Diluted Earnings: Net earnings attributable to NNN $ 334,626 $ 290,113 $ 228,799 Less: Series F preferred stock dividends — ( 14,999 ) ( 17,940 ) Less: Excess of redemption value over carrying value — ( 10,897 ) — Net earnings available to common stockholders 334,626 264,217 210,859 Less: Earnings allocated to unvested restricted shares ( 514 ) ( 689 ) ( 698 ) Net earnings used in basic and diluted earnings per share $ 334,112 $ 263,528 $ 210,161 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,332,094 175,554,961 172,994,337 Less: Unvested restricted shares ( 237,918 ) ( 328,070 ) ( 337,078 ) Less: Unvested contingent restricted shares ( 690,520 ) ( 515,970 ) ( 547,546 ) Weighted average number of shares outstanding used in basic 176,403,656 174,710,921 172,109,713 Other dilutive securities 664,209 107,978 107,364 Weighted average number of shares outstanding used in diluted 177,067,865 174,818,899 172,217,077 Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes 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. For each of the years in the three-year period ended December 31, 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. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s former TRS. The deferred tax asset consists only of net operating loss carryforwards of $ 3,899,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. There was no change to the valuation allowance. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2019 through 2022. NNN also files in many states and localities with varying open years under statute. 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 years ended December 31, 2022 and 2021 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2020 $ ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 (2) Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Net current period other comprehensive income (loss) 2,374 Ending balance, December 31, 2022 $ ( 12,582 ) (1) Additional disclosure is included in Note 9 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated 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 December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2022, ASU 2022-06 had no impact on NNN's financial position or results of operations. 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 are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates.

Real Estate

Real Estate	12 Months Ended
Real Estate	Dec. 31, 2022
Real Estate [Abstract]
Real Estate	Note 2 – Real Estate : Real Estate – Portfolio Leases – At December 31, 2022, NNN's real estate portfolio has a weighted average remaining lease term of 10.4 years and consisted of 3,430 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 December 31 (dollars in thousands): 2022 2021 Land and improvements (1) $ 2,669,498 $ 2,527,483 Buildings and improvements 6,985,394 6,375,583 Leasehold interests 355 355 9,655,247 8,903,421 Less accumulated depreciation and amortization ( 1,660,308 ) ( 1,470,062 ) 7,994,939 7,433,359 Work in progress and improvements 21,737 7,277 Accounted for using the operating method 8,016,676 7,440,636 Accounted for using the direct financing method 3,352 3,653 Classified as held for sale 786 5,557 $ 8,020,814 $ 7,449,846 (1) Includes $ 22,356 and $ 8,979 in land for Properties under construction as of December 31, 2022 and 2021 , respectively. NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2022 2021 2020 Rental income from operating leases $ 751,680 $ 703,865 $ 639,265 Earned income from direct financing leases 595 623 647 Percentage rent 1,541 706 842 Real estate expense reimbursement from tenants 17,802 18,665 18,039 $ 771,618 $ 723,859 $ 658,793 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. 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. An aggregate of approximately 87 percent of deferred rent has been repaid, with $ 14,526,000 , $ 31,776,000 and $ 3,259,000 of deferred rent repaid during the years ended December 31, 2022, 2021, and 2020, respectively. The remaining deferred rents are substantially due periodically by December 31, 2023. For the years ended December 31, 2022, 2021 and 2020 , NNN recognized ($ 3,559,000 ), ($ 21,137,000 ) and $ 26,027,000 , respectively, of net-straight-line accrued rental income, net of reserves. 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 years ended December 31, 2022, 2021 and 2020 , NNN recorded ($ 5,391,000 ), ($ 24,945,000 ) and $ 30,473,000 , respectively, of net accrued rental income related to such amendments. Additionally, as a result of reclassifying certain tenants as cash basis for accounting purposes during the year ended December 31, 2020, NNN wrote-off approximately $ 16,367,000 of accrued rental income for the year ended December 31, 2020. The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2022 (dollars in thousands): 2023 $ 710,244 2024 693,766 2025 667,220 2026 624,196 2027 577,884 Thereafter 4,121,325 $ 7,394,635 Since lease renewal periods are exercisable at the option of the tenant, the above table only presents undiscounted cash flows due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant’s sales volume. 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 December 31 (dollars in thousands): 2022 2021 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,356 $ 15,335 Less: accumulated amortization ( 11,477 ) ( 10,821 ) Above-market in-place leases, net $ 3,879 $ 4,514 In-place leases $ 124,198 $ 122,069 Less: accumulated amortization ( 79,675 ) ( 73,345 ) In-place leases, net $ 44,523 $ 48,724 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,371 $ 41,705 Less: accumulated amortization ( 28,121 ) ( 27,447 ) Below-market in-place leases, net $ 13,250 $ 14,258 The amounts amortized as a net increase to rental income for capitalized above-market and below-market leases for the years ended December 31, 2022, 2021 and 2020 were $ 510,000 , $ 710,000 and $ 887,000 , respectively. The value of in-place leases amortized to expense for the years ended December 31, 2022, 2021 and 2020 was $ 7,132,000 , $ 7,687,000 and $ 8,304,000 , respectively. The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2022 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2023 $ 460 $ 6,834 2024 457 6,146 2025 443 5,427 2026 452 4,840 2027 470 4,023 Thereafter 7,089 17,253 $ 9,371 $ 44,523 Weighted average amortization period (years) 17.2 9.1 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense. Real Estate – Dispositions The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands): 2022 2021 2020 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 33 $ 17,443 74 $ 23,094 38 $ 16,238 Real Estate – Commitments As of December 31, 2022, NNN has committed to fund construction of 19 Properties. The improvements of such Properties are estimated to be completed within 12 months. These construction commitments, at December 31, 2022, are outlined in the table below (dollars in thousands): Total commitment (1) $ 117,640 Less amount funded ( 44,093 ) Remaining commitment $ 73,547 (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. As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2022 2021 2020 Total real estate impairments, net of recoveries $ 8,309 $ 21,957 $ 37,442 Number of Properties: Vacant 9 30 14 Occupied 7 12 17 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	12 Months Ended
Line of Credit Payable	Dec. 31, 2022
Line of Credit Facility [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"). In December 2022, NNN entered into an amendment to the Credit Facility, to change the base interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 10 basis points ("Adjusted SOFR"). The Credit Facility bears interest at Adjusted SOFR 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 had a weighted average outstanding balance of $ 39,220,000 and a weighted average interest rate of 4.13 % during the year ended December 31, 2022. The Credit Facility matures in June 2025, unless the Company exercises its options to extend maturity to June 2026. 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 Consolidated Balance Sheet. As of December 31, 2022, there was $ 166,200,000 outstanding and $ 933,800,000 was available for future borrowings under the Credit Facility. In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment and dividend limitations. At December 31, 2022 , NNN was in compliance with those covenants.

Mortgages Payable

Mortgages Payable	12 Months Ended
Mortgages Payable	Dec. 31, 2022
Notes Payable, Noncurrent [Abstract]
Mortgages Payable	Note 4 – Mortgages Payable : The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands): Initial Interest Maturity Carrying Value of Outstanding Principal Entered Balance Rate Date (2) Asset(s) (3) 2022 2021 November 2014 (1) $ 15,151 5.23 % July 2023 $ 18,485 $ 9,969 $ 10,719 Debt costs ( 147 ) ( 147 ) Accumulated amortization 142 125 Debt costs, net of accumulated amortization ( 5 ) ( 22 ) Mortgages payable, including unamortized premium and net of $ 9,964 $ 10,697 (1) Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. (2) Monthly payments include interest and principal; the balance is due at maturity. (3) The loan is secured by a first mortgage lien on five of the Properties. As of December 31, 2022 , there was $ 9,969,000 of remaining principal payments due in 2023.

Notes Payable

Notes Payable	12 Months Ended
Notes Payable	Dec. 31, 2022
Notes Payable [Abstract]
Notes Payable	Note 5 – Notes Payable : Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2024 (3) May 2014 $ 350,000 $ 707 $ 349,293 3.900 % 3.924 % June 2024 (4) 2025 (3) October 2015 400,000 964 399,036 4.000 % 4.029 % November 2025 (4) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 (4) 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (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 starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 9 – Derivatives. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,500,000 . Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. Each of the notes is redeemable at the option of NNN, in whole or in part, at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus all accrued and unpaid interest thereon through the redemption date and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture relating to the notes. In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $ 38,145,000 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 , and (ii) all accrued and unpaid interest. In accordance with the terms of the indentures, pursuant to which NNN’s notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2022 , NNN was in compliance with those covenants.

Preferred Stock

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2022
Equity [Abstract]
Preferred Stock	Note 6 – Preferred Stock : In October 2021, NNN redeemed all outstanding depositary shares ( 13,800,000 ) representing interests in its 5.200 % Cumulative Redeemable Series F Preferred Stock ("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. The following presents the dividends declared and paid to stockholders for NNN's Series F Preferred Stock for the years ended December 31 (dollars in thousands, except per share data): 2021 2020 Dividends $ 14,999 $ 17,940 Per share 1.086944 1.3000

Common Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2022
Equity [Abstract]
Common Stock	Note 7 – Common Stock : 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. 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 table outlines NNN's active ATM programs for the three years ended December 31, 2022: 2020 ATM 2018 ATM Established date August 2020 February 2018 Termination date August 2023 August 2020 Total allowable shares 17,500,000 12,000,000 Total shares issued as of December 31, 2022 7,072,376 11,272,034 The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data): 2022 2021 2020 Shares of common stock 5,473,072 30,000 3,119,153 Average price per share (net) $ 45.15 $ 33.65 $ 38.21 Net proceeds $ 247,129 $ 1,009 $ 119,185 Stock issuance costs (1) $ 3,761 $ 224 $ 2,130 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting Dividend Reinvestment and Stock Purchase Plan. In February 2021, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 6,000,000 shares of common stock. The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands): 2022 2021 2020 Shares of common stock 70,342 62,577 138,507 Net proceeds $ 3,082 $ 2,744 $ 5,092 Dividends. The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2022 2021 2020 Dividends $ 380,538 $ 367,291 $ 356,409 Per share 2.1600 2.1000 2.0700 On January 13, 2023, NNN declared a dividend of $ 0.550 per share, payable February 15, 2023, to its common stockholders of record as of January 31, 2023 .

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 8 – Employee Benefit Plan : Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering substantially all of the employees of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN generally matches 75 percent of the first four percent and 50 percent of the next five percent of a participant’s contributions. Additionally, NNN may make discretionary contributions. NNN recorded contributions to the Retirement Plan of $ 590,000 , $ 576,000 and $ 546,000 , for the years ended December 31, 2022, 2021 and 2020 respectively

Derivatives

Derivatives	12 Months Ended
Derivatives	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 9 – 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 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 statement 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 Terminated Description Aggregate Liability (Asset) 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 will be reclassified to interest expense as interest payments are made on the related notes payable. As of December 31, 2022, $ 12,582,000 remains in other comprehensive income (loss) related to NNN’s previously terminated interest rate hedges. During the years ended December 31, 2022, 2021 and 2020, NNN reclassified $ 2,374 ,000 , $ 3,073 ,000 and $ 2,300 ,000 , respectively, out of other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $ 2,471,000 will be reclassified as an increase in interest expense. 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 December 31, 2022 .

Performance Incentive Plan

Performance Incentive Plan	12 Months Ended
Performance Incentive Plan	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Performance Incentive Plan	Note 10 – Performance Incentive Plan : In May 2017, NNN filed a registration statement on Form S-8 with the Commission which permits the issuance of up to 1,800,000 shares of common stock pursuant to NNN’s 2017 Performance Incentive Plan (the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key employees, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, stock awards, stock appreciation rights, Phantom Stock Awards, Performance Awards and Leveraged Stock Purchase Awards, each as defined in the 2017 Plan. There were no stock options outstanding or exercisable at December 31, 2022. Pursuant to the 2017 Plan, NNN has granted and issued shares of restricted stock to certain officers and key associates of NNN. The following summarizes the restricted stock activity for the year ended December 31, 2022: Number of Weighted Non-vested restricted shares, January 1 978,455 $ 49.54 Restricted shares granted 410,403 42.93 Restricted shares vested ( 219,805 ) 49.56 Restricted shares forfeited ( 177,852 ) 53.64 Non-vested restricted shares, December 31 991,201 46.06 Compensation expense for the restricted stock which is not contingent upon NNN’s performance goals is determined based upon the fair value at the date of grant and is recognized as the greater of the amount amortized over a straight-lined basis or the amount vested over the vesting periods. Vesting periods for officers and key associates of NNN range from three to five years and generally vest annually. NNN recognizes compensation expense on a straight-line basis for awards with only service conditions. During the year ended December 31, 2022 , NNN granted 289,434 performance-based shares subject to its total stockholder return after a three-year period relative to its peers. In accordance with FASB ASC Topic 718, "Compensation - Stock Compensation," ("ASC 718"), the fair value of these shares was determined using a Monte Carlo simulation model at the grant date (for a weighted average fair value share price of $ 29.76 ). The performance-based shares were granted to certain executive officers and had a weighted average grant price of $ 42.85 per share. Once the respective performance criteria are met and the actual number of shares earned is determined, the shares vest immediately. Compensation expense is recognized over the requisite service period. The following summarizes other grants made during the year ended December 31, 2022, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 12,903 $ 44.46 Deferred directors’ fees 20,100 44.46 33,003 44.46 Shares available under the 2017 Plan for grant, end of period 346,420 The total compensation expense for share-based payments for the years ended December 31, 2022, 2021 and 2020 totaled $ 15,449,000 , $ 14,296,000 and $ 14,213,000 , respectively. At December 31, 2022 , NNN had $ 11,266,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements under the 2017 Plan. This cost is expected to be recognized over a weighted average period of 2.4 years. In April 2022, the former President and Chief Executive Officer retired from employment, as contemplated under the Company's long-term executive succession planning process and as previously announced in January 2022. At the date of announcement, and as a result of the retirement and transition agreement, the terms of the performance awards were modified to shorten the requisite service period to the April 2022 retirement date. In accordance with ASC 718, a valuation of the modified performance awards resulted in incremental executive retirement costs of $ 1,379,000 for the year ended December 31, 2022.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 11 – 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 December 31, 2022 and 2021, approximate fair value based upon current market prices of comparable instruments (Level 3). At December 31, 2022 and 2021, the fair value of NNN’s notes payable excluding unamortized discount and debt costs, were $ 3,140,774,000 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.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Note 12 – Segment Information : For the years ended December 31, 2022, 2021 and 2020 , NNN’s operations are reported within one operating segment in the consolidated financial statements and all properties are part of the Properties or Property Portfolio.

Major Tenants

Major Tenants	12 Months Ended
Major Tenants	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Major Tenants	Note 13 – Major Tenants : As of December 31, 2022 , NNN had no tenants that accounted for ten percent or more of its rental income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 – Commitments and Contingencies : A summary of NNN's commitments are included in Note 2 – Real Estate. In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material to NNN's consolidated financial statements.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation and Amortization	NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2022 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances (e) Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Alabama 153 $ — $ 72,696 $ 170,608 $ 42,413 $ — $ 72,410 $ 212,980 $ 285,390 $ 51,199 1948 - 2020 2001 - 2022 10 - 40 Alaska 5 — 1,943 3,694 140 — 1,943 3,834 5,777 1,832 1971 - 2003 1996 - 2014 20 - 40 Arizona 65 4,113 79,138 105,736 65,305 — 79,138 171,041 250,179 37,208 1974 - 2023 1998 - 2022 10 - 40 Arkansas 71 — 33,017 100,158 17,168 — 33,017 117,326 150,343 17,409 1969 - 2020 1998 - 2022 20 - 40 California 76 — 144,304 221,594 35,459 — 143,287 249,216 392,503 57,927 1945 - 2018 1997 - 2022 20 - 40 Colorado 37 2,280 58,333 85,152 27,646 — 58,333 112,798 171,131 28,183 1969 - 2017 1994 - 2022 20 - 40 Connecticut 11 — 9,068 32,950 601 — 9,068 33,551 42,619 10,146 1929 - 2003 2006 - 2022 20 - 30 Delaware 1 — 2,994 6,062 71 — 2,994 6,133 9,127 4,276 1994 - 1994 1994 - 1994 40 - 40 District of 1 — 624 578 — — 624 578 1,202 257 1983 - 1983 2005 - 2005 40 - 40 Florida 257 — 266,019 411,157 148,672 — 266,019 559,829 825,848 122,805 1959 - 2023 1985 - 2022 5 - 40 Georgia 167 — 128,738 263,312 61,545 — 128,738 324,856 453,594 76,993 1964 - 2023 1996 - 2022 10 - 40 Idaho 11 — 7,593 10,197 8,331 — 7,593 18,529 26,122 4,839 1979 - 2017 2006 - 2022 20 - 40 Illinois 164 — 129,931 308,504 50,346 — 129,931 358,528 488,459 92,284 1924 - 2023 1995 - 2022 15 - 40 Indiana 148 — 98,266 199,255 79,718 — 98,266 278,973 377,239 73,025 1965 - 2023 2001 - 2022 15 - 40 Iowa 28 — 22,629 37,962 21,097 — 22,629 59,058 81,687 16,849 1964 - 2023 2005 - 2022 10 - 40 Kansas 37 — 16,970 37,358 9,776 — 16,970 47,134 64,104 10,242 1946 - 2017 1997 - 2022 15 - 40 Kentucky 58 — 40,962 99,052 13,385 — 40,962 112,437 153,399 28,111 1974 - 2020 2005 - 2022 25 - 40 Louisiana 50 — 35,517 85,430 37,942 — 35,517 123,371 158,888 22,179 1970 - 2018 1996 - 2022 15 - 40 Maine 12 — 3,781 13,017 — — 3,781 13,017 16,798 4,539 1915 - 2002 1996 - 2017 10 - 40 Maryland 50 — 62,149 126,171 3,006 — 62,149 129,177 191,326 38,605 1946 - 2017 1996 - 2019 20 - 40 Massachusetts 22 — 32,663 90,750 — — 32,663 90,750 123,413 17,016 1960 - 2017 2006 - 2019 20 - 40 Michigan 93 — 57,792 206,713 55,069 — 57,792 261,171 318,963 35,482 1963 - 2022 1996 - 2022 20 - 40 Minnesota 28 — 20,906 38,395 2,552 — 20,906 40,947 61,853 12,917 1950 - 2017 2005 - 2022 10 - 40 Mississippi 63 — 29,242 100,754 12,422 — 29,242 113,176 142,418 11,466 1959 - 2017 2006 - 2022 15 - 40 Missouri 103 — 58,704 125,359 67,347 — 58,704 192,707 251,411 39,757 1920 - 2023 1992 - 2022 15 - 40 Montana 26 3,554 4,102 11,865 2,654 — 4,102 14,518 18,620 4,842 1937 - 2016 2010 - 2016 20 - 40 Nebraska 6 — 5,608 3,066 5,033 — 5,608 8,099 13,707 1,831 1979 - 2015 2005 - 2017 20 - 40 Nevada 15 — 9,160 27,181 1,205 — 9,160 28,385 37,545 4,587 1961 - 2014 2012 - 2022 25 - 40 New Hampshire 10 — 11,299 39,056 — — 11,299 39,056 50,355 7,655 1980 - 2004 2011 - 2022 25 - 30 New Jersey 28 — 45,326 169,481 732 — 45,326 170,213 215,539 48,972 1965 - 2015 1996 - 2022 25 - 40 New Mexico 32 — 21,857 76,847 21,795 — 21,857 98,642 120,499 14,295 1955 - 2019 2001 - 2022 25 - 40 New York 41 — 29,467 58,384 27,785 — 29,467 82,826 112,293 16,447 1925 - 2020 1997 - 2022 20 - 40 North Carolina 163 — 125,961 257,979 33,757 — 125,961 291,736 417,697 75,699 1906 - 2021 2004 - 2022 5 - 40 North Dakota 4 — 411 1,606 — — 411 1,606 2,017 855 1974 - 1999 1997 - 2011 25 - 40 Ohio 192 — 128,082 304,090 74,540 — 128,082 378,437 506,519 96,378 1910 - 2019 1992 - 2022 15 - 40 Oklahoma 87 — 42,870 106,252 26,775 — 42,870 133,027 175,897 26,778 1964 - 2018 1996 - 2021 15 - 40 Oregon 8 — 5,290 9,283 987 — 5,290 10,269 15,559 3,242 1973 - 2008 1998 - 2022 25 - 40 Pennsylvania 86 — 68,270 127,892 36,682 — 68,084 163,526 231,610 42,432 1953 - 2023 1997 - 2022 15 - 40 Puerto Rico 1 — 1,729 — 2,732 — 1,729 2,131 3,860 847 1998 - 1998 2007 - 2007 33 - 33 NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2022 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances (e) Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Rhode Island 5 — 2,377 7,450 — — 2,377 7,450 9,827 1,752 1989 - 2004 2016 - 2016 25 - 30 South Carolina 74 — 55,198 114,934 9,056 — 55,198 123,990 179,188 29,723 1921 - 2021 2005 - 2022 10 - 40 South Dakota 2 — 1,595 4,447 788 — 1,595 5,234 6,829 1,526 1985 - 2000 2012 - 2012 30 - 35 Tennessee 154 — 95,173 223,460 54,458 — 95,173 277,918 373,091 59,082 1958 - 2021 1996 - 2022 5 - 40 Texas 528 — 425,552 941,846 170,809 — 425,553 1,112,202 1,537,755 294,860 1890 - 2023 1993 - 2022 15 - 40 Utah 14 — 13,108 19,681 13,216 — 13,108 32,897 46,005 6,613 1951 - 2016 2006 - 2022 20 - 40 Virginia 119 — 98,396 184,327 42,544 — 97,286 225,913 323,199 62,168 1964 - 2022 1995 - 2022 5 - 40 Washington 27 — 22,568 34,547 15,894 — 22,568 50,441 73,009 15,872 1955 - 2017 1997 - 2019 20 - 40 West Virginia 23 — 13,784 24,797 1,385 — 13,784 26,182 39,966 6,478 1970 - 2013 2006 - 2022 25 - 40 Wisconsin 49 — 30,309 74,932 13,542 — 30,309 88,474 118,783 20,634 1940 - 2021 2006 - 2022 20 - 40 Wyoming 6 — 1,150 3,815 — — 1,150 3,815 4,965 1,551 1949 - 2001 2010 - 2012 20 - 30 3,411 $ 9,947 $ 2,672,621 $ 5,707,136 $ 1,316,380 $ — $ 2,670,023 $ 7,008,104 $ 9,678,127 $ 1,660,665 NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2022 (dollars in thousands) (a) The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31: 2022 2021 2020 Beginning balance, January 1 $ 8,917,586 $ 8,534,275 $ 8,448,702 Acquisitions and dollars invested in projects under construction or tenant improvements 846,331 551,287 177,901 Dispositions ( 77,481 ) ( 146,019 ) ( 54,886 ) Impairment losses ( 8,309 ) ( 21,957 ) ( 37,442 ) Ending balance, December 31 $ 9,678,127 $ 8,917,586 $ 8,534,275 (b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2022 2021 2020 Beginning balance, January 1 $ 1,471,393 $ 1,319,943 $ 1,151,667 Dispositions ( 25,757 ) ( 44,509 ) ( 17,828 ) Depreciation and amortization expense 215,029 195,959 186,104 Ending balance, December 31 $ 1,660,665 $ 1,471,393 $ 1,319,943 (c) For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2022 , the net investment in real estate accounted for under the direct financing method was $ 3,352 . (d) As of December 31, 2022 , the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $ 9,594,276 (unaudited). (e) NNN's $ 15,151 long-term, fixed rate loan is secured by a first mortgage lien on five properties , located in three states. Mortgage payable, including unamortized premium and net of unamortized debt costs was $ 9,964 at December 31, 2022. See accompanying report of independent registered public accounting firm.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
Schedule IV - Mortgage Loans on Real Estate	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDU LE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2022 (dollars in thousands) Description Interest Maturity Periodic Prior Face Carrying (c) Principal First mortgages on properties: 2 properties in VA 7.000 % 3/1/2025 (b) — $ 3,000 $ 1,521 $ — $ 3,000 $ 1,521 (a) $ — (a) The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31: 2022 2021 2020 Beginning balance, January 1 $ 2,011 $ 2,468 $ — New mortgage loans (d) — — 3,000 Deductions during the year: Collections of principal ( 521 ) ( 486 ) ( 374 ) Other: credit (losses) recoveries (e) 31 29 ( 158 ) Foreclosures — — — Ending balance, December 31 $ 1,521 $ 2,011 $ 2,468 (b) Principal and interest is payable at varying amounts over the life of the loan. (c) Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2022, 2021 and 2020 were $ 1,530 , $ 2,011 and $ 2,468 , respectively. (d) Mortgages totaling $ 3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020. (e) In accordance with FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and the historical collectability trend analysis over 15 years.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation – NNN’s 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 Codification ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities.
Real Estate Portfolio	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. For the years ended December 31, 2022, 2021 and 2020, NNN recorded $ 881,000 , $ 328,000 and $ 1,388,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate – 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 value 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. NNN completed $ 784,165,000 and $ 531,726,000 of real estate acquisitions during the year ended December 31, 2022 and 2021, respectively. Additionally, NNN invested $ 63,582,000 and $ 23,689,000 of work in progress and improvements during the year ended December 31, 2022 and 2021 , respectively. 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 December 31, 2022 and 2021 , NNN had recorded real estate held for sale of $ 786,000 (two properties) and $ 5,557,000 (two properties), respectively, in real estate portfolio on the Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2021 were sold during the year ended December 31, 2022. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for 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 using the full accrual method in accordance with 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.
Lease Accounting	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 are accounted for using either the operating or the direct financing method. Such methods are described below: 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. Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases. 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, provided in the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. Collectability – In accordance with ASC 842, NNN reviews the collectability of its lease payments 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 as a reduction to rental income 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 lease payments collectability, NNN recorded a write-off of $ 21,792,000 of outstanding receivables and related accrued rent during the year ended December 31, 2020, and reclassified certain tenants as cash basis for accounting purposes. During the years ended December 31, 2022 and 2021, 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 December 31: 2022 2021 2020 Number of tenants 8 11 13 Cash basis tenants as a percent of: Total Properties 5.0 % 5.5 % 6.4 % Total annual base rent (1) 7.0 % 7.0 % 7.4 % Total gross leasable area 6.6 % 7.3 % 8.0 % (1) Based on annualized base rent for all leases in place for each respective period. During the years ended December 31, 2022, 2021 and 2020, NNN recognized $ 62,454,000 , $ 52,129,000 and $ 4,722,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the year ended December 31, 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 Consolidated Statements of Income and Comprehensive Income. Right-Of-Use ("ROU") Assets and Operating Lease Liabilities – In accordance with ASC 842, NNN recorded ROU assets and operating lease liabilities as lessee under operating lease. NNN is a lessee for three ground lease arrangements and for its headquarters office lease. NNN recognized a ROU asset (recorded in other assets on the Consolidated Balance Sheets) and an operating lease liability (recorded in other liabilities on the Consolidated Balance Sheets) for the present value of the minimum lease payments. ROU assets represent NNN’s right to use an underlying asset for the lease term and lease liabilities represent NNN’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. 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 options. NNN estimates an incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of the lease payments. NNN gives consideration to the Company's debt issuances, as well as, publicly available data for secured instruments with similar characteristics when calculating its incremental borrowing rates. On an annual basis, NNN will evaluate its lessee portfolio and determine if its incremental borrowing rate should be reassessed. NNN's lease agreements do not contain any residual value guarantees.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 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 new 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 held mortgages receivable, including accrued interest, of $ 1,530,000 and $ 2,023,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively, net of $ 98,000 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. Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts.
Restricted Cash and Cash Held in Escrow	Restricted Cash and Cash Held in Escrow – Restricted cash and cash held in escrow include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. As of December 31, 2022 NNN held $ 4,273,000 in escrow and other restricted accounts. NNN had no restricted cash or cash held in escrow as of December 31, 2021.
Valuation of Trade Receivables	Valuation of Trade Receivables – NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims.
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 Consolidated Balance Sheets. Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $ 147,000 at December 31, 2022 and 2021, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 142,000 and $ 125,000 , respectively. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s unsecured notes 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 at December 31, 2022 and 2021, respectively are included in notes payable on the Consolidated Balance Sheets net of accumulated amortization of $ 11,693,000 and $ 9,262,000 , respectively.
Revenue Recognition	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. 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), 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. NNN determined the key revenue stream impacted by ASU 2014-09 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASU 2014-09, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transaction price allocation.
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 contain 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 for the years ended December 31 (dollars in thousands): 2022 2021 2020 Basic and Diluted Earnings: Net earnings attributable to NNN $ 334,626 $ 290,113 $ 228,799 Less: Series F preferred stock dividends — ( 14,999 ) ( 17,940 ) Less: Excess of redemption value over carrying value — ( 10,897 ) — Net earnings available to common stockholders 334,626 264,217 210,859 Less: Earnings allocated to unvested restricted shares ( 514 ) ( 689 ) ( 698 ) Net earnings used in basic and diluted earnings per share $ 334,112 $ 263,528 $ 210,161 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,332,094 175,554,961 172,994,337 Less: Unvested restricted shares ( 237,918 ) ( 328,070 ) ( 337,078 ) Less: Unvested contingent restricted shares ( 690,520 ) ( 515,970 ) ( 547,546 ) Weighted average number of shares outstanding used in basic 176,403,656 174,710,921 172,109,713 Other dilutive securities 664,209 107,978 107,364 Weighted average number of shares outstanding used in diluted 177,067,865 174,818,899 172,217,077
Income Taxes	Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes 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. For each of the years in the three-year period ended December 31, 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. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s former TRS. The deferred tax asset consists only of net operating loss carryforwards of $ 3,899,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. There was no change to the valuation allowance. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2019 through 2022. NNN also files in many states and localities with varying open years under statute.
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)	Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2020 $ ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 (2) Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Net current period other comprehensive income (loss) 2,374 Ending balance, December 31, 2022 $ ( 12,582 ) (1) Additional disclosure is included in Note 9 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated
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 December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2022, ASU 2022-06 had no impact on NNN's financial position or results of operations.
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 are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of NNN's Investment Portfolio	NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2022 Property Portfolio: Total Properties 3,411 Gross leasable area (square feet) 35,010,000 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 December 31: 2022 2021 2020 Number of tenants 8 11 13 Cash basis tenants as a percent of: Total Properties 5.0 % 5.5 % 6.4 % Total annual base rent (1) 7.0 % 7.0 % 7.4 % Total gross leasable area 6.6 % 7.3 % 8.0 % (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 for the years ended December 31 (dollars in thousands): 2022 2021 2020 Basic and Diluted Earnings: Net earnings attributable to NNN $ 334,626 $ 290,113 $ 228,799 Less: Series F preferred stock dividends — ( 14,999 ) ( 17,940 ) Less: Excess of redemption value over carrying value — ( 10,897 ) — Net earnings available to common stockholders 334,626 264,217 210,859 Less: Earnings allocated to unvested restricted shares ( 514 ) ( 689 ) ( 698 ) Net earnings used in basic and diluted earnings per share $ 334,112 $ 263,528 $ 210,161 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,332,094 175,554,961 172,994,337 Less: Unvested restricted shares ( 237,918 ) ( 328,070 ) ( 337,078 ) Less: Unvested contingent restricted shares ( 690,520 ) ( 515,970 ) ( 547,546 ) Weighted average number of shares outstanding used in basic 176,403,656 174,710,921 172,109,713 Other dilutive securities 664,209 107,978 107,364 Weighted average number of shares outstanding used in diluted 177,067,865 174,818,899 172,217,077
Changes in Accumulated Other Comprehensive Income (Loss)	The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2020 $ ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 (2) Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Net current period other comprehensive income (loss) 2,374 Ending balance, December 31, 2022 $ ( 12,582 ) (1) Additional disclosure is included in Note 9 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
Real Estate (Tables)	Dec. 31, 2022
Real Estate [Abstract]
Summary of Real Estate Subject to Operating Leases	Real Estate Portfolio – NNN's real estate consisted of the following at December 31 (dollars in thousands): 2022 2021 Land and improvements (1) $ 2,669,498 $ 2,527,483 Buildings and improvements 6,985,394 6,375,583 Leasehold interests 355 355 9,655,247 8,903,421 Less accumulated depreciation and amortization ( 1,660,308 ) ( 1,470,062 ) 7,994,939 7,433,359 Work in progress and improvements 21,737 7,277 Accounted for using the operating method 8,016,676 7,440,636 Accounted for using the direct financing method 3,352 3,653 Classified as held for sale 786 5,557 $ 8,020,814 $ 7,449,846 (1) Includes $ 22,356 and $ 8,979 in land for Properties under construction as of December 31, 2022 and 2021 , respectively.
Rental Income, Operating Leases	NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2022 2021 2020 Rental income from operating leases $ 751,680 $ 703,865 $ 639,265 Earned income from direct financing leases 595 623 647 Percentage rent 1,541 706 842 Real estate expense reimbursement from tenants 17,802 18,665 18,039 $ 771,618 $ 723,859 $ 658,793
Undiscounted Cash Flows to be Received on Noncancellable Operating Leases	The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2022 (dollars in thousands): 2023 $ 710,244 2024 693,766 2025 667,220 2026 624,196 2027 577,884 Thereafter 4,121,325 $ 7,394,635
Intangible Assets, Lease Liabilities, and Related Amortization	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 December 31 (dollars in thousands): 2022 2021 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,356 $ 15,335 Less: accumulated amortization ( 11,477 ) ( 10,821 ) Above-market in-place leases, net $ 3,879 $ 4,514 In-place leases $ 124,198 $ 122,069 Less: accumulated amortization ( 79,675 ) ( 73,345 ) In-place leases, net $ 44,523 $ 48,724 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,371 $ 41,705 Less: accumulated amortization ( 28,121 ) ( 27,447 ) Below-market in-place leases, net $ 13,250 $ 14,258 The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2022 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2023 $ 460 $ 6,834 2024 457 6,146 2025 443 5,427 2026 452 4,840 2027 470 4,023 Thereafter 7,089 17,253 $ 9,371 $ 44,523 Weighted average amortization period (years) 17.2 9.1 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense.
Gains on Dispositions of Properties	The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands): 2022 2021 2020 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 33 $ 17,443 74 $ 23,094 38 $ 16,238
Remaining Funding Commitments	These construction commitments, at December 31, 2022, are outlined in the table below (dollars in thousands): Total commitment (1) $ 117,640 Less amount funded ( 44,093 ) Remaining commitment $ 73,547 (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 real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2022 2021 2020 Total real estate impairments, net of recoveries $ 8,309 $ 21,957 $ 37,442 Number of Properties: Vacant 9 30 14 Occupied 7 12 17

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
Mortgages Payable (Tables)	Dec. 31, 2022
Notes Payable, Noncurrent [Abstract]
Schedule of Long-term Debt Instruments	The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands): Initial Interest Maturity Carrying Value of Outstanding Principal Entered Balance Rate Date (2) Asset(s) (3) 2022 2021 November 2014 (1) $ 15,151 5.23 % July 2023 $ 18,485 $ 9,969 $ 10,719 Debt costs ( 147 ) ( 147 ) Accumulated amortization 142 125 Debt costs, net of accumulated amortization ( 5 ) ( 22 ) Mortgages payable, including unamortized premium and net of $ 9,964 $ 10,697 (1) Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. (2) Monthly payments include interest and principal; the balance is due at maturity. (3) The loan is secured by a first mortgage lien on five of the Properties.

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
Notes Payable (Tables)	Dec. 31, 2022
Notes Payable [Abstract]
Notes Payable	Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2024 (3) May 2014 $ 350,000 $ 707 $ 349,293 3.900 % 3.924 % June 2024 (4) 2025 (3) October 2015 400,000 964 399,036 4.000 % 4.029 % November 2025 (4) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 (4) 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (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 starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 9 – Derivatives. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,500,000 .

Preferred Stock (Tables)

Preferred Stock (Tables)	12 Months Ended
Preferred Stock (Tables)	Dec. 31, 2022
Equity [Abstract]
Schedule of Preferred Stock	The following presents the dividends declared and paid to stockholders for NNN's Series F Preferred Stock for the years ended December 31 (dollars in thousands, except per share data): 2021 2020 Dividends $ 14,999 $ 17,940 Per share 1.086944 1.3000

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
Common Stock (Tables)	Dec. 31, 2022
Equity [Abstract]
Schedule of ATM Program	The following table outlines NNN's active ATM programs for the three years ended December 31, 2022: 2020 ATM 2018 ATM Established date August 2020 February 2018 Termination date August 2023 August 2020 Total allowable shares 17,500,000 12,000,000 Total shares issued as of December 31, 2022 7,072,376 11,272,034
Schedule of Common Stock Issuances Pursuant to Equity Programs	The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data): 2022 2021 2020 Shares of common stock 5,473,072 30,000 3,119,153 Average price per share (net) $ 45.15 $ 33.65 $ 38.21 Net proceeds $ 247,129 $ 1,009 $ 119,185 Stock issuance costs (1) $ 3,761 $ 224 $ 2,130 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting
Schedule of Common Stock Issuances Pursuant to DRIP	The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands): 2022 2021 2020 Shares of common stock 70,342 62,577 138,507 Net proceeds $ 3,082 $ 2,744 $ 5,092
Schedule of Dividends Declared and Paid	The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2022 2021 2020 Dividends $ 380,538 $ 367,291 $ 356,409 Per share 2.1600 2.1000 2.0700

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Dec. 31, 2022
Dividends [Abstract]
Schedule of Dividends Declared and Paid	The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2022 2021 2020 Dividends $ 380,538 $ 367,291 $ 356,409 Per share 2.1600 2.1000 2.0700

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
Derivatives (Tables)	Dec. 31, 2021
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 Terminated Description Aggregate Liability (Asset) 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 will be reclassified to interest expense as interest payments are made on the related notes payable.

Performance Incentive Plan (Tab

Performance Incentive Plan (Tables)	12 Months Ended
Performance Incentive Plan (Tables)	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following summarizes the restricted stock activity for the year ended December 31, 2022: Number of Weighted Non-vested restricted shares, January 1 978,455 $ 49.54 Restricted shares granted 410,403 42.93 Restricted shares vested ( 219,805 ) 49.56 Restricted shares forfeited ( 177,852 ) 53.64 Non-vested restricted shares, December 31 991,201 46.06
Schedule of Other Grants	The following summarizes other grants made during the year ended December 31, 2022, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 12,903 $ 44.46 Deferred directors’ fees 20,100 44.46 33,003 44.46 Shares available under the 2017 Plan for grant, end of period 346,420

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details)	12 Months Ended
	Dec. 31, 2022 ft² Property State
Property Portfolio:
Total properties \| Property	3,411
Gross leasable area (square feet) \| ft²	35,010,000
States \| State	48
Weighted average remaining lease term (years)	10 years 4 months 24 days

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Tenant Segment	Dec. 31, 2021 USD ($) Segment Tenant	Dec. 31, 2020 USD ($) Tenant Segment	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of operating segments \| Segment	1	1	1
Interest costs capitalized	$ 881,000	$ 328,000	$ 1,388,000
Real estate acquisitions	784,165,000	531,726,000
Investments in work in progress - improvements	63,582,000	23,689,000
Real estate held for sale	786,000	5,557,000
Escrow and other restricted accounts	4,273,000	0
Net operating loss carryforwards	3,899,000
Write-off of outstanding receivables and related accrued rent	$ 0	$ 0	$ 21,792,000
Percentage of total properties for which revenue recognized on cash basis	5%	5.50%	6.40%
Percentage of aggregate gross leasable area for which revenue recognized on cash basis	6.60%	7.30%	8%
Number of tenants for which revenue recognized on cash basis \| Tenant	8	11	13
Revenue recognized on cash basis	$ 62,454,000	$ 52,129,000	$ 4,722,000
Revolving credit facility borrowing capacity	933,800,000,000			$ 1,100,000,000,000	$ 900,000,000,000
Unrecognized tax benefits	0
Income tax penalties and interest expense	$ 0
Land improvements
Debt Instrument [Line Items]
Property estimated useful life	15 years
Mortgage receivable
Debt Instrument [Line Items]
Mortgage receivable	$ 1,530,000	2,023,000
Allowance for credit loss	$ 9,800,000	129,000
Collectability analysis, period used	15 years
Minimum
Debt Instrument [Line Items]
Initial lease terms	10 years
Minimum \| Buildings and improvements
Debt Instrument [Line Items]
Property estimated useful life	20 years
Maximum
Debt Instrument [Line Items]
Initial lease terms	20 years
Maximum \| Buildings and improvements
Debt Instrument [Line Items]
Property estimated useful life	40 years
Mortgages
Debt Instrument [Line Items]
Deferred debt costs	$ 147,000	147,000
Deferred debt costs, accumulated amortization	142,000	125,000
Notes Payable
Debt Instrument [Line Items]
Deferred debt costs	38,145,000	38,145,000
Deferred debt costs, accumulated amortization	11,693,000	$ 9,262,000
Line of Credit
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity	$ 1,100,000,000

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Summary of tenants classified as cash basis (Details) - Tenant		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Number of tenants		8	11	13
Cash Basis Tenants As A Percent Of
Total Properties		5%	5.50%	6.40%
Total annual base rent	[1]	7%	7%	7.40%
Total gross leasable area		6.60%	7.30%	8%

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

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic and Diluted Earnings:
Net earnings attributable to NNN		$ 334,626,000	$ 290,113,000	$ 228,799,000
Less: preferred stock dividends		0	(14,999,000)	(17,940,000)
Less: Excess of redemption value over carrying value of preferred shares redeemed		0	(10,897,000)	0
Net earnings attributable to common stockholders		334,626,000	264,217,000	210,859,000
Less: Earnings allocated to unvested restricted shares		(514,000)	(689,000)	(698,000)
Net earnings used in basic and diluted earnings per share		$ 334,112,000	$ 263,528,000	$ 210,161,000
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding (in shares)		177,332,094	175,554,961	172,994,337
Less: Unvested restricted shares (in shares)		(237,918)	(328,070)	(337,078)
Less: Unvested contingent restricted shares (in shares)		(690,520)	(515,970)	(547,546)
Weighted Average Number of Shares Outstanding, Basic, Total		176,403,656	174,710,921	172,109,713
Other dilutive securities (shares)		664,209	107,978	107,364
Weighted average number of shares outstanding used in diluted earnings per share (in shares)		177,067,865	174,818,899	172,217,077
Series F Preferred Stock
Basic and Diluted Earnings:
Less: preferred stock dividends		$ 0	$ (14,999,000)	$ (17,940,000)
Less: Excess of redemption value over carrying value of preferred shares redeemed	$ (10,897,000)

Organization and Summary of S_8

Organization and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 3,901,663	$ 4,319,304
Ending balance		4,123,502	3,901,663
Gain or Loss on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(14,956)	(16,445)
Other comprehensive income (loss)	[1]		(1,584)
Reclassifications from accumulated other comprehensive income to net earnings	[1],[2]	2,374	3,073
Net current period other comprehensive income (loss)	[1]	2,374	1,489
Ending balance	[1]	(12,582)	(14,956)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(14,956)	(16,445)
Ending balance		$ (12,582)	$ (14,956)

[1] Additional disclosure is included in Note 9 – Derivatives. Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated

Real Estate (Key Information fo

Real Estate (Key Information for Leases) (Details)	12 Months Ended
Real Estate (Key Information for Leases) (Details)	Dec. 31, 2022
Lease classification:
Weighted average remaining lease term (years)	10 years 4 months 24 days
Minimum
Lease classification:
Initial lease terms	10 years
Maximum
Lease classification:
Initial lease terms	20 years

Real Estate (Summary of Real Es

Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($)		Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Land and improvements	[1]	$ 2,669,498,000	$ 2,527,483,000
Buildings and improvements		6,985,394,000	6,375,583,000
Leasehold interests		355,000	355,000
Real estate subject to operating leases, gross		9,655,247,000	8,903,421,000
Less accumulated depreciation and amortization		(1,660,308,000)	(1,470,062,000)
Real estate subject to operating leases, net, before work in process		7,994,939,000	7,433,359,000
Work in progress – improvements		21,737,000	7,277,000
Accounted for using the operating method		8,016,676,000	7,440,636,000
Accounted for using the direct financing method		3,352,000	3,653,000
Classified as held for sale		786,000	5,557,000
Accounted for using the operating method, net of accumulated depreciation and amortization		8,020,814,000	7,449,846,000
Asset under construction
Property, Plant and Equipment [Line Items]
Land and improvements		$ 22,356,000	$ 8,979,000

[1] Includes $ 22,356 and $ 8,979 in land for Properties under construction as of December 31, 2022 and 2021 , respectively.

Real Estate (Rental Income) (De

Real Estate (Rental Income) (Details) - USD ($)	12 Months Ended
Real Estate (Rental Income) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Rental income from operating leases	$ 751,680,000	$ 703,865,000	$ 639,265,000
Earned income from direct financing leases	595,000	623,000	647,000
Percentage rent	1,541,000	706,000	842,000
Real estate expense reimbursement from tenants	17,802,000	18,665,000	18,039,000
Rental income	771,618,000	723,859,000	658,793,000
Rental income accrued during period	3,559,000	(21,137,000)	26,027,000
Decrease (increase) in accrued rental income	(5,391,000)	(24,945,000)	30,473,000
Write-off of accrued rental income			16,367,000
Originally rent due		4,758,000	52,019,000
Balance of accrued rental income	$ 14,526,000	$ 31,776,000	$ 3,259,000

Real Estate (Future Minimum Lea

Real Estate (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 710,244
2024	693,766
2025	667,220
2026	624,196
2027	577,884
Thereafter	4,121,325
Future minimum payments receivable	$ 7,394,635

Real Estate (Intangible Assets

Real Estate (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022		Dec. 31, 2021
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 41,371		$ 41,705
Less: accumulated amortization	(28,121)		(27,447)
Below-market in-place leases, net	13,250		14,258
Above-market in-place leases, net
Intangible lease assets (included in other assets):
Leases	15,356		15,335
Less: accumulated amortization	(11,477)		(10,821)
Leases, net	3,879		4,514
In-place leases, net
Intangible lease assets (included in other assets):
Leases	124,198		122,069
Less: accumulated amortization	(79,675)		(73,345)
Leases, net	$ 44,523	[1]	$ 48,724

[1] Amortized as an increase to amortization expense.

Real Estate (Amortization of Ac

Real Estate (Amortization of Acquired Lease Intangibles) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Above-Market and Below-Market In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, above- and below-market leases		$ 510,000		$ 710,000	$ 887,000
2023	[1]	460,000
2024	[1]	457,000
2025	[1]	443,000
2026	[1]	452,000
2027	[1]	470,000
Thereafter	[1]	7,089,000
Leases, net	[1]	$ 9,371,000
Weighted average amortization period (years)	[1]	17 years 2 months 12 days
In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, in-place leases		$ 7,132,000		7,687,000	$ 8,304,000
2023	[2]	6,834,000
2024	[2]	6,146,000
2025	[2]	5,427,000
2026	[2]	4,840,000
2027	[2]	4,023,000
Thereafter	[2]	17,253,000
Leases, net		$ 44,523,000	[2]	$ 48,724,000
Weighted average amortization period (years)	[2]	9 years 1 month 6 days

[1] Recorded as a net increase to rental income over the life of the lease. Amortized as an increase to amortization expense.

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details) $ in Thousands	12 Months Ended
Real Estate (Dispositions) (Details) $ in Thousands	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain \| $	$ 17,443	$ 23,094	$ 16,238
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	33	74	38

Real Estate (Commitments) (Deta

Real Estate (Commitments) (Details) $ in Thousands	12 Months Ended
Real Estate (Commitments) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Period for improvements to construction commitments	12 months
Total commitment	$ 117,640	[1]
Less amount funded	(44,093)
Remaining commitment	$ 73,547

[1] Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) $ in Thousands	12 Months Ended
Real Estate (Impairments) (Details) $ in Thousands	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Lessor, Lease, Description [Line Items]
Real estate impairments, net of recoveries \| $	$ 8,309	$ 21,957	$ 37,442
Vacant	9	30	14
Occupied	7	12	17

Line of Credit Payable (Details

Line of Credit Payable (Details) - USD ($)	12 Months Ended
Line of Credit Payable (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2021	May 31, 2021
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 933,800,000,000	$ 1,100,000,000,000	$ 900,000,000,000
Revolving credit facility weighted average outstanding balance	39,220,000
Option to increase facility size	$ 2,000,000,000
Debt, Weighted Average Interest Rate	4.13%
LIBOR
Line of Credit Facility [Line Items]
Spread over LIBOR, percent	77.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Spread over LIBOR, percent	10%
Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,100,000,000
Line of credit payable	$ 166,200,000,000

Mortgages Payable (Details)

Mortgages Payable (Details) - Mortgages [Member]		Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt costs		$ (147,000)	$ (147,000)
Accumulated amortization		142,000	125,000
Debt costs, net of accumulated amortization		(5,000)	(22,000)
Mortgages payable, including unamortized premium and net of unamortized debt costs		9,964,000	10,697,000
Long-term Debt, Fiscal Year Maturity [Abstract]
2023		9,969,000
November 2014
Debt Instrument [Line Items]
Initial Balance	[1]	$ 15,151,000
Interest Rate	[1]	5.23%
Carrying Value of Encumbered Asset(s)	[1],[2]	$ 18,485,000
Outstanding Principal Balance	[1]	$ 9,969,000	$ 10,719,000
Number of encumbered assets \| Property		5

[1] Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. The loan is secured by a first mortgage lien on five of the Properties.

Notes Payable (Details)

Notes Payable (Details) - USD ($)		1 Months Ended	12 Months Ended
Notes Payable (Details) - USD ($)		Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt maturities for the next five years			$ 1,500,000,000
Payment of make-whole premium			0	$ 21,328,000	$ 16,679,000
Notes Payable
Debt Instrument [Line Items]
Debt issuance costs			38,145,000	$ 38,145,000
2024 Notes
Debt Instrument [Line Items]
Principal			350,000,000
Discount	[1]		707,000
Net Price			$ 349,293,000
Stated Rate			3.90%
Effective Rate	[2]		3.924%
2025 Notes
Debt Instrument [Line Items]
Principal			$ 400,000,000
Discount	[1]		964,000
Net Price			$ 399,036,000
Stated Rate			4%
Effective Rate	[2]		4.029%
2026 Notes
Debt Instrument [Line Items]
Principal			$ 350,000,000
Discount	[1]		3,860,000
Net Price			$ 346,140,000
Stated Rate			3.60%
Effective Rate	[2]		3.733%
2027 Notes
Debt Instrument [Line Items]
Principal			$ 400,000,000
Discount	[1]		1,628,000
Net Price			$ 398,372,000
Stated Rate			3.50%
Effective Rate	[2]		3.548%
2028 Notes
Debt Instrument [Line Items]
Principal			$ 400,000,000
Discount	[1]		2,848,000
Net Price			$ 397,152,000
Stated Rate			4.30%
Effective Rate	[2]		4.388%
2030 Notes
Debt Instrument [Line Items]
Principal			$ 400,000,000
Discount	[1]		1,288,000
Net Price			$ 398,712,000
Stated Rate			2.50%
Effective Rate	[2]		2.536%
2048 Notes
Debt Instrument [Line Items]
Principal			$ 300,000,000
Discount	[1]		4,239,000
Net Price			$ 295,761,000
Stated Rate			4.80%
Effective Rate	[2]		4.89%
2050 Notes
Debt Instrument [Line Items]
Principal			$ 300,000,000
Discount	[1]		6,066,000
Net Price			$ 293,934,000
Stated Rate			3.10%
Effective Rate	[2]		3.205%
2051 Notes
Debt Instrument [Line Items]
Principal			$ 450,000,000
Discount	[1]		8,406,000
Net Price			$ 441,594,000
Stated Rate			3.50%
Effective Rate	[2]		3.602%
2052 Notes
Debt Instrument [Line Items]
Principal			$ 450,000,000
Discount	[1]		10,422,000
Net Price			$ 439,578,000
Stated Rate			3%
Effective Rate	[2]		3.118%
2022 Notes
Debt Instrument [Line Items]
Stated Rate		3.30%
Notes payable redeemed		$ 350,000,000,000
Redemption price percentage		100%
Payment of make-whole premium		$ 21,328,000,000

[1] The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. Includes the effects of the discount at issuance.

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends Payable		$ 345,000,000
Excess of redemption value over carrying value of preferred shares redeemed		$ 0	$ 10,897,000	$ 0
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares redeemed (in shares)	13,800,000		13,800,000,000
Dividend rate	5.20%
Stated liquidation value per share (in dollars per share)	$ 25
Aggregate redemption price (in dollars per share)	$ 25.111944
Excess of redemption value over carrying value of preferred shares redeemed	$ 10,897,000

Preferred Stock - Summary of di

Preferred Stock - Summary of dividends declared and paid to stockholders for NNN's Series F Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends	$ 0	$ 14,999	$ 17,940
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Dividends	$ 0	$ 14,999	$ 17,940
Preferred Stock, Dividends Per Share, Declared		$ 1.086944	$ 1.3000

Common Stock (Details)

Common Stock (Details) - USD ($) $ in Thousands	12 Months Ended
Common Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares (in shares)	375,000,000	375,000,000
Total shares issued (in shares)	181,424,670	175,635,792
Stock issuance costs	$ 3,761	$ 325	$ 2,223
Net proceeds	$ 253,972	$ 4,053	$ 126,488
2020 ATM Equity Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares (in shares)	17,500,000,000
Total shares issued (in shares)	7,072,376,000
2018 ATM Equity Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares (in shares)	12,000,000,000
Total shares issued (in shares)	11,272,034,000
ATM Equity Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shelf registration, shares issued (in shares)	5,473,072,000	30,000,000	3,119,153,000
Net proceeds	$ 247,129	$ 1,009	$ 119,185
DRIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares (in shares)				6,000,000
Shares of common stock (in shares)	70,342,000	62,577,000	138,507,000
Net proceeds	$ 3,082	$ 2,744	$ 5,092

Common Stock - ATM Program (Det

Common Stock - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total allowable shares (in shares)		375,000,000	375,000,000
Total shares issued (in shares)		181,424,670	175,635,792
Net proceeds		$ 253,972	$ 4,053	$ 126,488
Stock issuance costs(1)		$ 199	$ 17,814	$ 7,941
2020 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares (in shares)		17,500,000,000
Total shares issued (in shares)		7,072,376,000
2018 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares (in shares)		12,000,000,000
Total shares issued (in shares)		11,272,034,000
ATM Equity Programs
Class of Stock [Line Items]
Shares of common stock		5,473,072,000	30,000,000	3,119,153,000
Average price per share (net) (in dollars per share)		$ 45.15	$ 33.65	$ 38.21
Net proceeds		$ 247,129	$ 1,009	$ 119,185
Stock issuance costs(1)	[1]	$ 3,761	$ 224	$ 2,130

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

Common Stock (Additional Inform

Common Stock (Additional Information) (Details) - $ / shares		12 Months Ended
	Jan. 13, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		375,000,000	375,000,000
Common stock dividends declared and paid (in dollars per share)		$ 2.1600	$ 2.1000	$ 2.0700
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.550
DRIP [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					6,000,000

Common Stock - DRIP (Details)

Common Stock - DRIP (Details) - USD ($) $ in Thousands	12 Months Ended
Common Stock - DRIP (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Net proceeds	$ 253,972	$ 4,053	$ 126,488
DRIP [Member]
Class of Stock [Line Items]
Shares of common stock (in shares)	70,342,000	62,577,000	138,507,000
Net proceeds	$ 3,082	$ 2,744	$ 5,092

Common Stock - Dividends Declar

Common Stock - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends	$ 380,538	$ 367,291	$ 356,409
DRIP [Member]
Class of Stock [Line Items]
Dividends	$ 380,538	$ 367,291	$ 356,409
Dividends, Per share (in dollars per share)	$ 2.1600	$ 2.1000	$ 2.0700

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
Employee Benefit Plan (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Percentage of participant's contributions matched by employer	75%	50%
Employer matching contribution, percent	4%	5%
Employer contributions	$ 590,000	$ 576,000	$ 546,000

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 13, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividends		$ 380,538	$ 367,291	$ 356,409
Common stock dividends declared and paid (in dollars per share)		$ 2.1600	$ 2.1000	$ 2.0700
Preferred stock, dividends		$ 0	$ 14,999	$ 17,940
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.550
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends		$ 0	$ 14,999	$ 17,940

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Derivatives (Terminated Derivat

Derivatives (Terminated Derivatives) (Details) - Forward Swap $ 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 30, 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] The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)		12 Months Ended
Derivatives (Narrative) (Details) - USD ($)		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Stockholders' equity		$ (4,123,502,000)	$ (3,901,663,000)	$ (4,319,304,000)	$ (4,331,682,000)
Gain (loss) reclassification to interest expense		2,374,000	3,073,000	2,300,000
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net		2,471,000
AOCI, cash flow hedges
Derivative [Line Items]
Stockholders' equity	[1]	12,582,000	14,956,000	16,445,000
Gain (loss) reclassification to interest expense		12,582,000
Accumulated Other Comprehensive Income (Loss)
Derivative [Line Items]
Stockholders' equity		12,582,000	14,956,000	16,445,000	$ 11,128,000
Gain (loss) reclassification to interest expense		$ 2,374,000	$ 3,073,000	$ 2,300,000

[1] Additional disclosure is included in Note 9 – Derivatives.

Performance Incentive Plan (Nar

Performance Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,800,000,000
Stock options outstanding (in shares)	0
Restricted shares granted (in shares)	33,003,000
Share-based compensation cost	$ 15,449,000	$ 14,296,000	$ 14,213,000
Unrecognized compensation cost	$ 11,266,000
Weighted average period for recognition of unrecognized compensation cost	2 years 4 months 24 days
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental executive retirement costs	$ 1,379,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	410,403,000
Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Performance shares, subject to shareholder return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	289,434
Performance period used In calculation	3 years
Fair value share price (in dollars per share)	$ 29.76
Performance shares, subject to Core Funds From Operations growth
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant price (in dollars per share)	$ 42.85

Performance Incentive Plan (Res

Performance Incentive Plan (Restricted Stock Activity) (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Shares
Restricted shares granted (in shares) \| shares	33,003,000
Weighted Average Share Price
Restricted shares granted (in dollars per share) \| $ / shares	$ 44.46
Restricted stock
Number of Shares
Non-vested restricted shares, January 1 (in shares) \| shares	978,455,000
Restricted shares granted (in shares) \| shares	410,403,000
Restricted shares vested (in shares) \| shares	(219,805,000)
Restricted shares forfeited (in shares) \| shares	(177,852,000)
Non-vested restricted shares, December 31 (in shares) \| shares	991,201,000
Weighted Average Share Price
Non-vested restricted shares, January 1 (in dollars per share) \| $ / shares	$ 49.54
Restricted shares granted (in dollars per share) \| $ / shares	42.93
Restricted shares vested (in dollars per share) \| $ / shares	49.56
Restricted shares forfeited (in dollars per share) \| $ / shares	53.64
Non-vested restricted shares, December 31 (in dollars per share) \| $ / shares	$ 46.06

Performance Incentive Plan (Oth

Performance Incentive Plan (Other Grants) (Details)	12 Months Ended
Performance Incentive Plan (Other Grants) (Details)	Dec. 31, 2022 $ / shares shares
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	33,003,000
Restricted shares granted, weighted average share price (in dollars per share) \| $ / shares	$ 44.46
Shares available under the 2017 Plan for grant, end of period (in shares)	346,420,000
Directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	12,903,000
Restricted shares granted, weighted average share price (in dollars per share) \| $ / shares	$ 44.46
Deferred directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	20,100,000
Restricted shares granted, weighted average share price (in dollars per share) \| $ / shares	$ 44.46

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of notes payable	$ 3,140,774,000	$ 4,032,757,000

Segment Information (Details)

Segment Information (Details) - Segment	12 Months Ended
Segment Information (Details) - Segment	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting [Abstract]
Number of operating segments	1	1	1

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	3,411
Encumbrances	$ 9,947
Initial Cost to Company, Land	2,672,621
Initial Cost to Company, Building, Improvements & Leasehold Interests	5,707,136
Costs Capitalized Subsequent to Acquisition, Improvements	1,316,380
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,670,023
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	7,008,104
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	9,678,127	$ 8,917,586	$ 8,534,275	$ 8,448,702
Accumulated Depreciation and Amortization	$ 1,660,665	$ 1,471,393	$ 1,319,943	$ 1,151,667
ALABAMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	153
Encumbrances	$ 0
Initial Cost to Company, Land	72,696
Initial Cost to Company, Building, Improvements & Leasehold Interests	170,608
Costs Capitalized Subsequent to Acquisition, Improvements	42,413
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	72,410
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	212,980
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	285,390
Accumulated Depreciation and Amortization	$ 51,199
Start Year of Construction	1948
End Year of Construction	2020
Acquired of Beginning Year	2001
Acquired of Ending Year	2022
ALABAMA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
ALABAMA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ALASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	5
Encumbrances	$ 0
Initial Cost to Company, Land	1,943
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,694
Costs Capitalized Subsequent to Acquisition, Improvements	140
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,943
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	3,834
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	5,777
Accumulated Depreciation and Amortization	$ 1,832
Start Year of Construction	1971
End Year of Construction	2003
Acquired of Beginning Year	1996
Acquired of Ending Year	2014
ALASKA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
ALASKA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ARIZONA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	65
Encumbrances	$ 4,113
Initial Cost to Company, Land	79,138
Initial Cost to Company, Building, Improvements & Leasehold Interests	105,736
Costs Capitalized Subsequent to Acquisition, Improvements	65,305
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	79,138
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	171,041
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	250,179
Accumulated Depreciation and Amortization	$ 37,208
Start Year of Construction	1974
End Year of Construction	2023
Acquired of Beginning Year	1998
Acquired of Ending Year	2022
ARIZONA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
ARIZONA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ARKANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	71
Encumbrances	$ 0
Initial Cost to Company, Land	33,017
Initial Cost to Company, Building, Improvements & Leasehold Interests	100,158
Costs Capitalized Subsequent to Acquisition, Improvements	17,168
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	33,017
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	117,326
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	150,343
Accumulated Depreciation and Amortization	$ 17,409
Start Year of Construction	1969
End Year of Construction	2020
Acquired of Beginning Year	1998
Acquired of Ending Year	2022
ARKANSAS \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
ARKANSAS \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
CALIFORNIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	76
Encumbrances	$ 0
Initial Cost to Company, Land	144,304
Initial Cost to Company, Building, Improvements & Leasehold Interests	221,594
Costs Capitalized Subsequent to Acquisition, Improvements	35,459
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	143,287
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	249,216
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	392,503
Accumulated Depreciation and Amortization	$ 57,927
Start Year of Construction	1945
End Year of Construction	2018
Acquired of Beginning Year	1997
Acquired of Ending Year	2022
CALIFORNIA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
CALIFORNIA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
COLORADO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	37
Encumbrances	$ 2,280
Initial Cost to Company, Land	58,333
Initial Cost to Company, Building, Improvements & Leasehold Interests	85,152
Costs Capitalized Subsequent to Acquisition, Improvements	27,646
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	58,333
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	112,798
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	171,131
Accumulated Depreciation and Amortization	$ 28,183
Start Year of Construction	1969
End Year of Construction	2017
Acquired of Beginning Year	1994
Acquired of Ending Year	2022
COLORADO \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
COLORADO \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
CONNECTICUT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	11
Encumbrances	$ 0
Initial Cost to Company, Land	9,068
Initial Cost to Company, Building, Improvements & Leasehold Interests	32,950
Costs Capitalized Subsequent to Acquisition, Improvements	601
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	9,068
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	33,551
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	42,619
Accumulated Depreciation and Amortization	$ 10,146
Start Year of Construction	1929
End Year of Construction	2003
Acquired of Beginning Year	2006
Acquired of Ending Year	2022
CONNECTICUT \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
CONNECTICUT \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
DELAWARE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	1
Encumbrances	$ 0
Initial Cost to Company, Land	2,994
Initial Cost to Company, Building, Improvements & Leasehold Interests	6,062
Costs Capitalized Subsequent to Acquisition, Improvements	71
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,994
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	6,133
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	9,127
Accumulated Depreciation and Amortization	$ 4,276
Start Year of Construction	1994
End Year of Construction	1994
Acquired of Beginning Year	1994
Acquired of Ending Year	1994
DELAWARE \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
DELAWARE \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
DISTRICT OF COLUMBIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	1
Encumbrances	$ 0
Initial Cost to Company, Land	624
Initial Cost to Company, Building, Improvements & Leasehold Interests	578
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	624
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	1,202
Accumulated Depreciation and Amortization	$ 257
Start Year of Construction	1983
End Year of Construction	1983
Acquired of Beginning Year	2005
Acquired of Ending Year	2005
DISTRICT OF COLUMBIA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
DISTRICT OF COLUMBIA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
FLORIDA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	257
Encumbrances	$ 0
Initial Cost to Company, Land	266,019
Initial Cost to Company, Building, Improvements & Leasehold Interests	411,157
Costs Capitalized Subsequent to Acquisition, Improvements	148,672
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	266,019
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	559,829
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	825,848
Accumulated Depreciation and Amortization	$ 122,805
Start Year of Construction	1959
End Year of Construction	2023
Acquired of Beginning Year	1985
Acquired of Ending Year	2022
FLORIDA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
FLORIDA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
GEORGIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	167
Encumbrances	$ 0
Initial Cost to Company, Land	128,738
Initial Cost to Company, Building, Improvements & Leasehold Interests	263,312
Costs Capitalized Subsequent to Acquisition, Improvements	61,545
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	128,738
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	324,856
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	453,594
Accumulated Depreciation and Amortization	$ 76,993
Start Year of Construction	1964
End Year of Construction	2023
Acquired of Beginning Year	1996
Acquired of Ending Year	2022
GEORGIA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
GEORGIA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
IDAHO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	11
Encumbrances	$ 0
Initial Cost to Company, Land	7,593
Initial Cost to Company, Building, Improvements & Leasehold Interests	10,197
Costs Capitalized Subsequent to Acquisition, Improvements	8,331
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	7,593
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	18,529
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	26,122
Accumulated Depreciation and Amortization	$ 4,839
Start Year of Construction	1979
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2022
IDAHO \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
IDAHO \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ILLINOIS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	164
Encumbrances	$ 0
Initial Cost to Company, Land	129,931
Initial Cost to Company, Building, Improvements & Leasehold Interests	308,504
Costs Capitalized Subsequent to Acquisition, Improvements	50,346
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	129,931
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	358,528
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	488,459
Accumulated Depreciation and Amortization	$ 92,284
Start Year of Construction	1924
End Year of Construction	2023
Acquired of Beginning Year	1995
Acquired of Ending Year	2022
ILLINOIS \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
ILLINOIS \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
INDIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	148
Encumbrances	$ 0
Initial Cost to Company, Land	98,266
Initial Cost to Company, Building, Improvements & Leasehold Interests	199,255
Costs Capitalized Subsequent to Acquisition, Improvements	79,718
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	98,266
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	278,973
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	377,239
Accumulated Depreciation and Amortization	$ 73,025
Start Year of Construction	1965
End Year of Construction	2023
Acquired of Beginning Year	2001
Acquired of Ending Year	2022
INDIANA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
INDIANA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
IOWA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	28
Encumbrances	$ 0
Initial Cost to Company, Land	22,629
Initial Cost to Company, Building, Improvements & Leasehold Interests	37,962
Costs Capitalized Subsequent to Acquisition, Improvements	21,097
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	22,629
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	59,058
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	81,687
Accumulated Depreciation and Amortization	$ 16,849
Start Year of Construction	1964
End Year of Construction	2023
Acquired of Beginning Year	2005
Acquired of Ending Year	2022
IOWA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
IOWA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
KANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	37
Encumbrances	$ 0
Initial Cost to Company, Land	16,970
Initial Cost to Company, Building, Improvements & Leasehold Interests	37,358
Costs Capitalized Subsequent to Acquisition, Improvements	9,776
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	16,970
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	47,134
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	64,104
Accumulated Depreciation and Amortization	$ 10,242
Start Year of Construction	1946
End Year of Construction	2017
Acquired of Beginning Year	1997
Acquired of Ending Year	2022
KANSAS \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
KANSAS \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
KENTUCKY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	58
Encumbrances	$ 0
Initial Cost to Company, Land	40,962
Initial Cost to Company, Building, Improvements & Leasehold Interests	99,052
Costs Capitalized Subsequent to Acquisition, Improvements	13,385
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	40,962
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	112,437
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	153,399
Accumulated Depreciation and Amortization	$ 28,111
Start Year of Construction	1974
End Year of Construction	2020
Acquired of Beginning Year	2005
Acquired of Ending Year	2022
KENTUCKY \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
KENTUCKY \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
LOUISIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	50
Encumbrances	$ 0
Initial Cost to Company, Land	35,517
Initial Cost to Company, Building, Improvements & Leasehold Interests	85,430
Costs Capitalized Subsequent to Acquisition, Improvements	37,942
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	35,517
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	123,371
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	158,888
Accumulated Depreciation and Amortization	$ 22,179
Start Year of Construction	1970
End Year of Construction	2018
Acquired of Beginning Year	1996
Acquired of Ending Year	2022
LOUISIANA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
LOUISIANA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MAINE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	12
Encumbrances	$ 0
Initial Cost to Company, Land	3,781
Initial Cost to Company, Building, Improvements & Leasehold Interests	13,017
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	3,781
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	13,017
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	16,798
Accumulated Depreciation and Amortization	$ 4,539
Start Year of Construction	1915
End Year of Construction	2002
Acquired of Beginning Year	1996
Acquired of Ending Year	2017
MAINE \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
MAINE \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MARYLAND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	50
Encumbrances	$ 0
Initial Cost to Company, Land	62,149
Initial Cost to Company, Building, Improvements & Leasehold Interests	126,171
Costs Capitalized Subsequent to Acquisition, Improvements	3,006
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	62,149
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	129,177
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	191,326
Accumulated Depreciation and Amortization	$ 38,605
Start Year of Construction	1946
End Year of Construction	2017
Acquired of Beginning Year	1996
Acquired of Ending Year	2019
MARYLAND \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MARYLAND \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MASSACHUSETTS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	22
Encumbrances	$ 0
Initial Cost to Company, Land	32,663
Initial Cost to Company, Building, Improvements & Leasehold Interests	90,750
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	32,663
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	90,750
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	123,413
Accumulated Depreciation and Amortization	$ 17,016
Start Year of Construction	1960
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2019
MASSACHUSETTS \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MASSACHUSETTS \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MICHIGAN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	93
Encumbrances	$ 0
Initial Cost to Company, Land	57,792
Initial Cost to Company, Building, Improvements & Leasehold Interests	206,713
Costs Capitalized Subsequent to Acquisition, Improvements	55,069
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	57,792
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	261,171
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	318,963
Accumulated Depreciation and Amortization	$ 35,482
Start Year of Construction	1963
End Year of Construction	2022
Acquired of Beginning Year	1996
Acquired of Ending Year	2022
MICHIGAN \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MICHIGAN \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MINNESOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	28
Encumbrances	$ 0
Initial Cost to Company, Land	20,906
Initial Cost to Company, Building, Improvements & Leasehold Interests	38,395
Costs Capitalized Subsequent to Acquisition, Improvements	2,552
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	20,906
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	40,947
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	61,853
Accumulated Depreciation and Amortization	$ 12,917
Start Year of Construction	1950
End Year of Construction	2017
Acquired of Beginning Year	2005
Acquired of Ending Year	2022
MINNESOTA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
MINNESOTA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MISSISSIPPI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	63
Encumbrances	$ 0
Initial Cost to Company, Land	29,242
Initial Cost to Company, Building, Improvements & Leasehold Interests	100,754
Costs Capitalized Subsequent to Acquisition, Improvements	12,422
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	29,242
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	113,176
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	142,418
Accumulated Depreciation and Amortization	$ 11,466
Start Year of Construction	1959
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2022
MISSISSIPPI \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
MISSISSIPPI \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MISSOURI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	103
Encumbrances	$ 0
Initial Cost to Company, Land	58,704
Initial Cost to Company, Building, Improvements & Leasehold Interests	125,359
Costs Capitalized Subsequent to Acquisition, Improvements	67,347
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	58,704
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	192,707
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	251,411
Accumulated Depreciation and Amortization	$ 39,757
Start Year of Construction	1920
End Year of Construction	2023
Acquired of Beginning Year	1992
Acquired of Ending Year	2022
MISSOURI \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
MISSOURI \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MONTANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	26
Encumbrances	$ 3,554
Initial Cost to Company, Land	4,102
Initial Cost to Company, Building, Improvements & Leasehold Interests	11,865
Costs Capitalized Subsequent to Acquisition, Improvements	2,654
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	4,102
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	14,518
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	18,620
Accumulated Depreciation and Amortization	$ 4,842
Start Year of Construction	1937
End Year of Construction	2016
Acquired of Beginning Year	2010
Acquired of Ending Year	2016
MONTANA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MONTANA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEBRASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	6
Encumbrances	$ 0
Initial Cost to Company, Land	5,608
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,066
Costs Capitalized Subsequent to Acquisition, Improvements	5,033
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	5,608
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	8,099
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	13,707
Accumulated Depreciation and Amortization	$ 1,831
Start Year of Construction	1979
End Year of Construction	2015
Acquired of Beginning Year	2005
Acquired of Ending Year	2017
NEBRASKA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
NEBRASKA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEVADA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	15
Encumbrances	$ 0
Initial Cost to Company, Land	9,160
Initial Cost to Company, Building, Improvements & Leasehold Interests	27,181
Costs Capitalized Subsequent to Acquisition, Improvements	1,205
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	9,160
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	28,385
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	37,545
Accumulated Depreciation and Amortization	$ 4,587
Start Year of Construction	1961
End Year of Construction	2014
Acquired of Beginning Year	2012
Acquired of Ending Year	2022
NEVADA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEVADA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEW HAMPSHIRE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	10
Encumbrances	$ 0
Initial Cost to Company, Land	11,299
Initial Cost to Company, Building, Improvements & Leasehold Interests	39,056
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	11,299
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	39,056
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	50,355
Accumulated Depreciation and Amortization	$ 7,655
Start Year of Construction	1980
End Year of Construction	2004
Acquired of Beginning Year	2011
Acquired of Ending Year	2022
NEW HAMPSHIRE \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEW HAMPSHIRE \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
NEW JERSEY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	28
Encumbrances	$ 0
Initial Cost to Company, Land	45,326
Initial Cost to Company, Building, Improvements & Leasehold Interests	169,481
Costs Capitalized Subsequent to Acquisition, Improvements	732
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	45,326
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	170,213
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	215,539
Accumulated Depreciation and Amortization	$ 48,972
Start Year of Construction	1965
End Year of Construction	2015
Acquired of Beginning Year	1996
Acquired of Ending Year	2022
NEW JERSEY \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEW JERSEY \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEW MEXICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	32
Encumbrances	$ 0
Initial Cost to Company, Land	21,857
Initial Cost to Company, Building, Improvements & Leasehold Interests	76,847
Costs Capitalized Subsequent to Acquisition, Improvements	21,795
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	21,857
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	98,642
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	120,499
Accumulated Depreciation and Amortization	$ 14,295
Start Year of Construction	1955
End Year of Construction	2019
Acquired of Beginning Year	2001
Acquired of Ending Year	2022
NEW MEXICO \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEW MEXICO \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEW YORK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	41
Encumbrances	$ 0
Initial Cost to Company, Land	29,467
Initial Cost to Company, Building, Improvements & Leasehold Interests	58,384
Costs Capitalized Subsequent to Acquisition, Improvements	27,785
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	29,467
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	82,826
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	112,293
Accumulated Depreciation and Amortization	$ 16,447
Start Year of Construction	1925
End Year of Construction	2020
Acquired of Beginning Year	1997
Acquired of Ending Year	2022
NEW YORK \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
NEW YORK \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NORTH CAROLINA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	163
Encumbrances	$ 0
Initial Cost to Company, Land	125,961
Initial Cost to Company, Building, Improvements & Leasehold Interests	257,979
Costs Capitalized Subsequent to Acquisition, Improvements	33,757
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	125,961
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	291,736
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	417,697
Accumulated Depreciation and Amortization	$ 75,699
Start Year of Construction	1906
End Year of Construction	2021
Acquired of Beginning Year	2004
Acquired of Ending Year	2022
NORTH CAROLINA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
NORTH CAROLINA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NORTH DAKOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	4
Encumbrances	$ 0
Initial Cost to Company, Land	411
Initial Cost to Company, Building, Improvements & Leasehold Interests	1,606
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	411
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	1,606
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	2,017
Accumulated Depreciation and Amortization	$ 855
Start Year of Construction	1974
End Year of Construction	1999
Acquired of Beginning Year	1997
Acquired of Ending Year	2011
NORTH DAKOTA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NORTH DAKOTA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
OHIO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	192
Encumbrances	$ 0
Initial Cost to Company, Land	128,082
Initial Cost to Company, Building, Improvements & Leasehold Interests	304,090
Costs Capitalized Subsequent to Acquisition, Improvements	74,540
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	128,082
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	378,437
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	506,519
Accumulated Depreciation and Amortization	$ 96,378
Start Year of Construction	1910
End Year of Construction	2019
Acquired of Beginning Year	1992
Acquired of Ending Year	2022
OHIO \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
OHIO \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
OKLAHOMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	87
Encumbrances	$ 0
Initial Cost to Company, Land	42,870
Initial Cost to Company, Building, Improvements & Leasehold Interests	106,252
Costs Capitalized Subsequent to Acquisition, Improvements	26,775
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	42,870
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	133,027
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	175,897
Accumulated Depreciation and Amortization	$ 26,778
Start Year of Construction	1964
End Year of Construction	2018
Acquired of Beginning Year	1996
Acquired of Ending Year	2021
OKLAHOMA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
OKLAHOMA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
OREGON
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	8
Encumbrances	$ 0
Initial Cost to Company, Land	5,290
Initial Cost to Company, Building, Improvements & Leasehold Interests	9,283
Costs Capitalized Subsequent to Acquisition, Improvements	987
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	5,290
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	10,269
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	15,559
Accumulated Depreciation and Amortization	$ 3,242
Start Year of Construction	1973
End Year of Construction	2008
Acquired of Beginning Year	1998
Acquired of Ending Year	2022
OREGON \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
OREGON \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
PENNSYLVANIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	86
Encumbrances	$ 0
Initial Cost to Company, Land	68,270
Initial Cost to Company, Building, Improvements & Leasehold Interests	127,892
Costs Capitalized Subsequent to Acquisition, Improvements	36,682
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	68,084
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	163,526
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	231,610
Accumulated Depreciation and Amortization	$ 42,432
Start Year of Construction	1953
End Year of Construction	2023
Acquired of Beginning Year	1997
Acquired of Ending Year	2022
PENNSYLVANIA \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
PENNSYLVANIA \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
PUERTO RICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	1
Encumbrances	$ 0
Initial Cost to Company, Land	1,729
Initial Cost to Company, Building, Improvements & Leasehold Interests	0
Costs Capitalized Subsequent to Acquisition, Improvements	2,732
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,729
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	2,131
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	3,860
Accumulated Depreciation and Amortization	$ 847
Start Year of Construction	1998
End Year of Construction	1998
Acquired of Beginning Year	2007
Acquired of Ending Year	2007
PUERTO RICO \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	33 years
PUERTO RICO \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	33 years
Rohde Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	5
Encumbrances	$ 0
Initial Cost to Company, Land	2,377
Initial Cost to Company, Building, Improvements & Leasehold Interests	7,450
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,377
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	7,450
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	9,827
Accumulated Depreciation and Amortization	$ 1,752
Start Year of Construction	1989
End Year of Construction	2004
Acquired of Beginning Year	2016
Acquired of Ending Year	2016
Rohde Island \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
Rohde Island \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	74
Encumbrances	$ 0
Initial Cost to Company, Land	55,198
Initial Cost to Company, Building, Improvements & Leasehold Interests	114,934
Costs Capitalized Subsequent to Acquisition, Improvements	9,056
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	55,198
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	123,990
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	179,188
Accumulated Depreciation and Amortization	$ 29,723
Start Year of Construction	1921
End Year of Construction	2021
Acquired of Beginning Year	2005
Acquired of Ending Year	2022
South Carolina \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
South Carolina \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	2
Encumbrances	$ 0
Initial Cost to Company, Land	1,595
Initial Cost to Company, Building, Improvements & Leasehold Interests	4,447
Costs Capitalized Subsequent to Acquisition, Improvements	788
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,595
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	5,234
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	6,829
Accumulated Depreciation and Amortization	$ 1,526
Start Year of Construction	1985
End Year of Construction	2000
Acquired of Beginning Year	2012
Acquired of Ending Year	2012
South Dakota \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
South Dakota \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	35 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	154
Encumbrances	$ 0
Initial Cost to Company, Land	95,173
Initial Cost to Company, Building, Improvements & Leasehold Interests	223,460
Costs Capitalized Subsequent to Acquisition, Improvements	54,458
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	95,173
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	277,918
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	373,091
Accumulated Depreciation and Amortization	$ 59,082
Start Year of Construction	1958
End Year of Construction	2021
Acquired of Beginning Year	1996
Acquired of Ending Year	2022
Tennessee \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
Tennessee \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	528
Encumbrances	$ 0
Initial Cost to Company, Land	425,552
Initial Cost to Company, Building, Improvements & Leasehold Interests	941,846
Costs Capitalized Subsequent to Acquisition, Improvements	170,809
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	425,553
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	1,112,202
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	1,537,755
Accumulated Depreciation and Amortization	$ 294,860
Start Year of Construction	1890
End Year of Construction	2023
Acquired of Beginning Year	1993
Acquired of Ending Year	2022
Texas \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
Texas \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	14
Encumbrances	$ 0
Initial Cost to Company, Land	13,108
Initial Cost to Company, Building, Improvements & Leasehold Interests	19,681
Costs Capitalized Subsequent to Acquisition, Improvements	13,216
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	13,108
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	32,897
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	46,005
Accumulated Depreciation and Amortization	$ 6,613
Start Year of Construction	1951
End Year of Construction	2016
Acquired of Beginning Year	2006
Acquired of Ending Year	2022
Utah \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Utah \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	119
Encumbrances	$ 0
Initial Cost to Company, Land	98,396
Initial Cost to Company, Building, Improvements & Leasehold Interests	184,327
Costs Capitalized Subsequent to Acquisition, Improvements	42,544
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	97,286
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	225,913
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	323,199
Accumulated Depreciation and Amortization	$ 62,168
Start Year of Construction	1964
End Year of Construction	2022
Acquired of Beginning Year	1995
Acquired of Ending Year	2022
Virginia \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
Virginia \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	27
Encumbrances	$ 0
Initial Cost to Company, Land	22,568
Initial Cost to Company, Building, Improvements & Leasehold Interests	34,547
Costs Capitalized Subsequent to Acquisition, Improvements	15,894
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	22,568
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	50,441
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	73,009
Accumulated Depreciation and Amortization	$ 15,872
Start Year of Construction	1955
End Year of Construction	2017
Acquired of Beginning Year	1997
Acquired of Ending Year	2019
Washington \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Washington \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	23
Encumbrances	$ 0
Initial Cost to Company, Land	13,784
Initial Cost to Company, Building, Improvements & Leasehold Interests	24,797
Costs Capitalized Subsequent to Acquisition, Improvements	1,385
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	13,784
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	26,182
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	39,966
Accumulated Depreciation and Amortization	$ 6,478
Start Year of Construction	1970
End Year of Construction	2013
Acquired of Beginning Year	2006
Acquired of Ending Year	2022
West Virginia \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
West Virginia \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	49
Encumbrances	$ 0
Initial Cost to Company, Land	30,309
Initial Cost to Company, Building, Improvements & Leasehold Interests	74,932
Costs Capitalized Subsequent to Acquisition, Improvements	13,542
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	30,309
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	88,474
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	118,783
Accumulated Depreciation and Amortization	$ 20,634
Start Year of Construction	1940
End Year of Construction	2021
Acquired of Beginning Year	2006
Acquired of Ending Year	2022
Wisconsin \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Wisconsin \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	6
Encumbrances	$ 0
Initial Cost to Company, Land	1,150
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,815
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,150
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	3,815
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	4,965
Accumulated Depreciation and Amortization	$ 1,551
Start Year of Construction	1949
End Year of Construction	2001
Acquired of Beginning Year	2010
Acquired of Ending Year	2012
Wyoming \| Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Wyoming \| Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Land, buildings, and leasehold interests:
Beginning balance	$ 8,917,586	$ 8,534,275	$ 8,448,702
Acquisitions and dollars invested in projects under construction and tenant improvements	846,331	551,287	177,901
Dispositions	(77,481)	(146,019)	(54,886)
Impairment losses	(8,309)	(21,957)	(37,442)
Ending balance	9,678,127	8,917,586	8,534,275
Accumulated depreciation and amortization:
Beginning balance	1,471,393	1,319,943	1,151,667
Dispositions	(25,757)	(44,509)	(17,828)
Depreciation and amortization expense	215,029	195,959	186,104
Ending balance	1,660,665	1,471,393	$ 1,319,943
Net investment in direct financing leases	3,352	3,653
Real estate, federal income tax basis	9,594,276
Mortgages payable, including unamortized premium and net of unamortized debt costs	9,964	$ 10,697
Mortgage Agreement Three [Member]
Accumulated depreciation and amortization:
Mortgages payable, including unamortized premium and net of unamortized debt costs	15,151
Unamortized Discount (Premium) and Debt Issuance Costs	$ 9,964
Mortgage Agreement Three [Member] \| Mortgages [Member]
Accumulated depreciation and amortization:
Number Of Properties Securing Mortgages Payable \| Property	5

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 3,000
Carrying amount of mortgages	1,521	$ 2,011	$ 2,468
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	2,011	2,468	0
New mortgage loans	0	0	3,000
Deductions during the year:
Collections of principal	(521)	(486)	(374)
Other: (Credit losses) recoveries	(31)	29	(158)
Foreclosures	0	0	0
Balance at the close of year	1,521	2,011	2,468
Mortgages held, federal income tax basis	1,530	2,011	2,468
Mortgages accepted in connection with real estate transactions	$ 0	$ 0	$ 3,000
2 properties in VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7%
Face Amount of Mortgages	$ 3,000
Carrying amount of mortgages	1,521
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Deductions during the year:
Balance at the close of year	$ 1,521