National Retail Properties (NNN) 10-K8 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover page

Cover page - USD ($)	12 Months Ended
Cover page - USD ($)	Dec. 31, 2023	Jan. 30, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11290
Entity Registrant Name	NNN REIT, 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			$ 7,736,299,000
Entity Common Stock, Shares Outstanding		182,474,875
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 NNN REIT, Inc.'s definitive Proxy Statement for the 2024 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	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida
Auditor Firm ID	42
Document Financial Statement Error Correction [Flag]	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Real estate portfolio, net of accumulated depreciation and amortization	$ 8,535,851,000	$ 8,020,814,000
Cash and cash equivalents	1,189,000	2,505,000
Restricted cash and cash held in escrow	3,966,000	4,273,000
Receivables, net of allowance of $669 and $708, respectively	3,649,000	3,612,000
Accrued rental income, net of allowance of $4,168 and $3,836, respectively	34,611,000	27,795,000
Debt costs, net of accumulated amortization of $23,952 and $21,663, respectively	3,243,000	5,352,000
Other assets	79,459,000	81,694,000
Total assets	8,661,968,000	8,146,045,000
Liabilities:
Line of credit payable	132,000,000	166,200,000
Mortgages payable, including unamortized premium and net of unamortized debt costs	0	9,964,000
Notes payable, net of unamortized discount and unamortized debt costs	4,228,544,000	3,739,890,000
Accrued interest payable	34,374,000	23,826,000
Other liabilities	109,593,000	82,663,000
Total liabilities	4,504,511,000	4,022,543,000
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.01 par value. Authorized 375,000,000 shares; 182,474,770 and 81,424,670 shares issued and outstanding, respectively	1,826,000	1,815,000
Capital in excess of par value	4,971,625,000	4,928,034,000
Accumulated deficit	(805,883,000)	(793,765,000)
Accumulated other comprehensive income (loss)	(10,111,000)	(12,582,000)
Total stockholders’ equity of NNN	4,157,457,000	4,123,502,000
Total liabilities and equity	$ 8,661,968,000	$ 8,146,045,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance on receivables	$ 669	$ 708
Accrued rental income allowance	4,168	3,836
Debt costs accumulated amortization	$ 23,952	$ 21,663
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
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)	182,474,770	181,424,670
Common stock, shares outstanding (in shares)	182,474,770	181,424,670

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental income	$ 826,090,000	$ 771,618,000	$ 723,859,000
Interest and other income from real estate transactions	2,021,000	1,435,000	2,548,000
Total revenues	828,111,000	773,053,000	726,407,000
Operating expenses:
General and administrative	43,746,000	41,695,000	44,640,000
Real estate	28,378,000	26,281,000	28,385,000
Depreciation and amortization	238,625,000	223,834,000	205,220,000
Leasing transaction costs	299,000	320,000	203,000
Impairment losses - real estate, net of recoveries	5,990,000	8,309,000	21,957,000
Executive retirement costs	3,454,000	7,520,000	0
Total operating expenses	320,492,000	307,959,000	300,405,000
Gain on disposition of real estate	47,485,000	17,443,000	23,094,000
Earnings from operations	555,104,000	482,537,000	449,096,000
Other expenses (revenues):
Interest and other income	(1,134,000)	(149,000)	(216,000)
Interest expense	163,898,000	148,065,000	137,874,000
Loss on early extinguishment of debt	0	0	21,328,000
Total other expenses (revenues)	162,764,000	147,916,000	158,986,000
Net earnings	392,340,000	334,621,000	290,110,000
Loss (earnings) attributable to noncontrolling interests	0	5,000	3,000
Net earnings attributable to NNN	392,340,000	334,626,000	290,113,000
Excess of redemption value over carrying value of preferred shares redeemed	0	0	(10,897,000)
Net earnings attributable to common stockholders	$ 392,340,000	$ 334,626,000	$ 264,217,000
Net earnings per share of common stock:
Basic (in dollars per share)	$ 2.16	$ 1.89	$ 1.51
Diluted (in dollars per share)	$ 2.16	$ 1.89	$ 1.51
Weighted average number of common shares outstanding:
Basic (in shares)	181,200,040	176,403,656	174,710,921
Diluted (in shares)	181,689,723	177,067,865	174,818,899
Other comprehensive income:
Net earnings attributable to NNN	$ 392,340,000	$ 334,626,000	$ 290,113,000
Amortization of interest rate hedges	2,471,000	2,374,000	3,073,000
Fair value of forward starting swaps	0	0	(1,584,000)
Comprehensive income attributable to NNN	394,811,000	337,000,000	291,602,000
Comprehensive income attributable to non-controlling interests	0	(5,000)	(3,000)
Total comprehensive income	394,811,000	336,995,000	291,599,000
Series F Preferred Stock
Other expenses (revenues):
Preferred stock dividends	$ 0	$ 0	$ (14,999,000)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Series F Preferred Stock	Total Stockholders' Equity of NNN	Total Stockholders' Equity of NNN Series F Preferred Stock	Preferred Stock 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, 2020	$ 4,319,304,000		$ 4,319,300,000		$ 345,000,000	$ 1,753,000	$ 4,633,771,000		$ (644,779,000)		$ (16,445,000)	$ 4,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	290,110,000		290,113,000						290,113,000			(3,000)
Dividends declared and paid:
Preferred stock dividends declared and paid		$ (14,999,000)		$ (14,999,000)						$ (14,999,000)
Common stock dividends declared and paid	(364,792,000)		(364,792,000)			0	2,499,000		(367,291,000)
Redemption of depositary shares		$ (345,000,000)		$ (345,000,000)	(345,000,000)			$ 10,897,000		$ (10,897,000)
Issuance of common stock:
Director compensation	1,145,000		1,145,000				1,145,000
Stock purchase plan	320,000		320,000				320,000
ATM equity program	1,234,000		1,234,000			1,000	1,233,000
Restricted shares - net of forfeitures and repurchases						3,000	(3,000)
Stock issuance costs	(299,000)		(299,000)				(299,000)
Amortization of deferred compensation	13,151,000		13,151,000				13,151,000
Amortization of interest rate hedges	3,073,000		3,073,000								3,073,000
Fair value of forward starting swaps	(1,584,000)		(1,584,000)								(1,584,000)
Ending balance at Dec. 31, 2021	3,901,663,000		3,901,662,000		$ 0	1,757,000	4,662,714,000		(747,853,000)		(14,956,000)	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	334,621,000		334,626,000						334,626,000			(5,000)
Dividends declared and paid:
Common stock dividends declared and paid	(377,773,000)		(377,773,000)				2,765,000		(380,538,000)
Issuance of common stock:
Director compensation	1,244,000		1,244,000				1,244,000
Stock purchase plan	317,000		317,000				317,000
ATM equity program	250,890,000		250,890,000			55,000	250,835,000
Restricted shares - net of forfeitures and repurchases						3,000	(3,000)
Stock issuance costs	(3,761,000)		(3,761,000)				(3,761,000)
Amortization of deferred compensation	14,205,000		14,205,000				14,205,000
Amortization of interest rate hedges	2,374,000		2,374,000								2,374,000
Fair value of forward starting swaps	0
Distributions to noncontrolling interests	(278,000)											278,000
Other			(282,000)				(282,000)					282,000
Ending balance at Dec. 31, 2022	4,123,502,000		4,123,502,000			1,815,000	4,928,034,000		(793,765,000)		(12,582,000)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	392,340,000		392,340,000						392,340,000
Dividends declared and paid:
Common stock dividends declared and paid			(401,560,000)			(1,000)	2,897,000		(404,458,000)
Issuance of common stock:
Director compensation			1,128,000				1,128,000		0
Stock purchase plan			280,000				280,000		0
ATM equity program			29,150,000			7,000	29,143,000		0
Restricted shares - net of forfeitures and repurchases						3,000	(3,000)
Stock issuance costs			(954,000)				(954,000)		0
Amortization of deferred compensation			11,100,000				11,100,000		0
Amortization of interest rate hedges	2,471,000		2,471,000								2,471,000
Fair value of forward starting swaps	$ 0
Ending balance at Dec. 31, 2023			$ 4,157,457,000			$ 1,826,000	$ 4,971,625,000		$ (805,883,000)		$ (10,111,000)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock dividends declared and paid (in dollars per share)	$ 2.23	$ 2.16	$ 2.1
Issuance of common stock - Director compensation (in shares)	34,254,000	33,013,000	30,539,000
Issuance of common stock - Stock purchase plan (in shares)	6,651,000	7,235,000	7,062,000
Issuance of common stock - ATM equity program (in shares)	650,135,000	5,473,072,000	30,000,000
Issuance of common stock - restricted shares, net (in shares)	275,317,000	232,551,000	287,207,000
Series F Preferred Stock
Preferred stock dividends declared and paid (in dollars per share)			$ 1.086944
Redemption of depositary shares (in shares)			13,800,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net earnings		$ 392,340	$ 334,621	$ 290,110
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		238,625	223,834	205,220
Impairment losses – real estate, net of recoveries		5,990	8,309	21,957
Loss on early extinguishment of debt		0	0	21,328
Amortization of notes payable discount		2,074	1,691	2,130
Amortization of debt costs		4,943	4,734	5,186
Amortization of mortgages payable premium		(21)	(87)	(85)
Amortization of interest rate hedges		2,471	2,374	3,073
Settlement of forward starting swaps		0	0	(1,584)
Gain on disposition of real estate		(47,485)	(17,443)	(23,094)
Performance incentive plan expense		13,375	17,330	14,491
Performance incentive plan payment		(916)	(103)	(721)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease (increase) in receivables		(853)	358	1,184
Decrease (increase) in accrued rental income		(7,453)	3,559	21,137
Decrease in other assets		243	424	1,589
Increase (decrease) in accrued interest payable		10,548	(97)	4,522
Increase (decrease) in other liabilities		(1,550)	(1,217)	2,279
Other		79	68	(297)
Net cash provided by operating activities		612,410	578,355	568,425
Cash flows from investing activities:
Proceeds from the disposition of real estate		116,334	66,962	123,052
Additions to real estate		(795,791)	(842,872)	(553,322)
Principal payments received on mortgages and notes receivable		559	521	486
Other		(1,762)	(2,242)	(2,393)
Net cash used in investing activities		(680,660)	(777,631)	(432,177)
Cash flows from financing activities:
Proceeds from line of credit payable		872,500	688,000	0
Repayment of line of credit payable		(906,700)	(521,800)	0
Repayment of mortgages payable		(9,947)	(664)	(630)
Proceeds from notes payable		488,380	0	881,172
Repayment of notes payable		0	0	(350,000)
Payment for early extinguishment of debt		0	0	(21,328)
Payment of debt issuance costs		(4,510)	(199)	(17,814)
Proceeds from issuance of common stock		32,328	253,972	4,053
Stock issuance costs		(966)	(3,761)	(325)
Redemption of Series F preferred stock		0	0	(345,000)
Payment of Series F preferred stock dividends		0	0	(14,999)
Payment of common stock dividends		(404,458)	(380,538)	(367,291)
Noncontrolling interest distributions		0	(278)	0
Net cash provided by (used in) financing activities		66,627	34,732	(232,162)
Net decrease in cash, cash equivalents and restricted cash		(1,623)	(164,544)	(95,914)
Cash, cash equivalents and restricted cash at beginning of year	[1]	6,778	171,322	267,236
Cash, cash equivalents and restricted cash at end of year	[1]	5,155	6,778	171,322
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized		148,169	140,331	123,376
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income		2,471	2,374	1,489
Right-of-use assets recorded in connection with lease liabilities		6,401	0	0
Change in Work in progress accrual		$ 23,103	$ 4,468	$ 2,093

[1] Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. As of December 31, 2023 and 2022, NNN had restricted cash of $ 3,966,000 and $ 4,273,000 , respectively. NNN did no t have restricted cash, including cash held in escrow as of December 31, 2021 .

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Restricted cash and cash held in escrow	$ 3,966,000	$ 4,273,000	$ 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, 2023
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. NNN REIT, Inc., a Maryland corporation, formerly known as National Retail Properties, Inc., is a fully integrated real estate investment trust ("REIT") formed in 1984. The term "NNN" or the "Company" refers to NNN REIT, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRS"). On May 1, 2023, National Retail Properties, Inc. changed its name to NNN REIT, Inc. 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, 2023 Property Portfolio: Total Properties 3,532 Gross leasable area (square feet) 35,966,000 States 49 Weighted average remaining lease term (years) 10.1 NNN's operations are reported within one reportable 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. 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 Topic 810, 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, third-party costs 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, 2023, 2022 and 2021, NNN recorded $ 4,286,000 , $ 881,000 and $ 328,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC 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 $ 599,480,000 and $ 784,165,000 of real estate acquisitions during the year ended December 31, 2023 and 2022, respectively. Additionally, NNN invested $ 220,230,000 and $ 63,582,000 of work in progress and improvements during the year ended December 31, 2023 and 2022 , respectively. Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("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 the novel strain of coronavirus and its variants ("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 and the adequacy of the allowance for doubtful accounts. 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. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored. As a result of the review of lease payments collectability, NNN recorded a write-off of $ 204,000 of outstanding receivables and related accrued rent during the year ended December 31, 2023, 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: 2023 2022 2021 Number of tenants 9 8 11 Cash basis tenants as a percent of: Total Properties 3.5 % 5.0 % 5.5 % Total annual base rent (1) 5.0 % 7.0 % 7.0 % Total gross leasable area 4.8 % 6.6 % 7.3 % (1) Based on annualized base rent for all leases in place for each respective year. During the years ended December 31, 2023, 2022 and 2021, NNN recognized $ 56,229,000 , $ 62,454,000 and $ 52,129,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the year ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors (see "Note 2 – Real Estate"). 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. In January 2023, NNN amended its headquarters office lease and extended the lease term until March 31, 2034. The amendment resulted in an increase in the ROU asset and operating lease liability of approximately $ 6,401,000 . 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 FASB ASC Topic 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, 2023 and 2022 , NNN had recorded real estate held for sale of $ 4,573,000 (one property) and $ 786,000 (two properties), respectively, in real estate portfolio on the Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2022 were sold during the year ended December 31, 2023 . 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. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record. 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. FASB ASC Topic 326, Financial Instruments - Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term. NNN held mortgages receivable, including accrued interest, of $ 1,002,000 and $ 1,530,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively, net of $ 64,000 and $ 98,000 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. 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, 2023 and 2022, NNN held $ 3,966,000 and $ 4,273,000 , respectively, in restricted cash and cash held in escrow. 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 defined below) as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Mortgages Payable. Debt costs incurred in connection with NNN's mortgages were deferred and 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, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 142,000 . There were no such costs at December 31, 2023. 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. NNN had debt costs of $ 42,595,000 and $ 38,145,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively, net of accumulated amortization of $ 14,343,000 and $ 11,693,000 , 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. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record. COVID-19 Pandemic. During the years ended December 31, 2021 and 2020, NNN and its tenants were impacted by the 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"). Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, 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): 2023 2022 2021 Basic and Diluted Earnings: Net earnings attributable to NNN $ 392,340 $ 334,626 $ 290,113 Less: Series F preferred stock dividends — — ( 14,999 ) Less: Excess of redemption value over carrying value — — ( 10,897 ) Net earnings available to common stockholders 392,340 334,626 264,217 Less: Earnings allocated to unvested restricted shares ( 609 ) ( 514 ) ( 689 ) Net earnings used in basic and diluted earnings per share $ 391,731 $ 334,112 $ 263,528 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 182,184,038 177,332,094 175,554,961 Less: Unvested restricted shares ( 273,077 ) ( 237,918 ) ( 328,070 ) Less: Unvested contingent restricted shares ( 710,921 ) ( 690,520 ) ( 515,970 ) Weighted average number of shares outstanding used in basic 181,200,040 176,403,656 174,710,921 Other dilutive securities 489,683 664,209 107,978 Weighted average number of shares outstanding used in diluted 181,689,723 177,067,865 174,818,899 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 taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2023, 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 FASB ASC Topic 740, Income Taxes ("ASC 740"). 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 2020 through 2023. 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 FASB ASC Topic 820, Fair Value Measurement . 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, 2023 and 2022 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2021 $ ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Ending balance, December 31, 2022 ( 12,582 ) Reclassifications from accumulated other comprehensive income to net earnings 2,471 (2) Ending balance, December 31, 2023 $ ( 10,111 ) (1) Additional disclosure is included in Note 5 – Notes Payable and Derivatives. (2) R ecorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification. 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, 2023. 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 ASU 2020-04, 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, 2023, ASU 2022-06 had no impact on NNN's financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. While NNN only has one reportable segment, NNN is currently evaluating the potential impact the adoption of ASU 2023-07 will have on its future disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. T

Real Estate

Real Estate	12 Months Ended
Real Estate	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	Note 2 – Real Estate : Real Estate – Portfolio Leases. At December 31, 2023, NNN's real estate portfolio has a weighted average remaining lease term of 10.1 years and consisted of 3,551 leases classified as operating leases and an additional four 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. Typically, 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, real estate taxes and assessments 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 increases in the Consumer Price Index or fixed increases. 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): 2023 2022 Land and improvements (1) $ 2,878,400 $ 2,669,498 Buildings and improvements 7,368,873 6,985,394 Leasehold interests 355 355 10,247,628 9,655,247 Less accumulated depreciation and amortization ( 1,863,451 ) ( 1,660,308 ) 8,384,177 7,994,939 Work in progress and improvements 144,068 21,737 Accounted for using the operating method 8,528,245 8,016,676 Accounted for using the direct financing method 3,033 3,352 Classified as held for sale (2) 4,573 786 $ 8,535,851 $ 8,020,814 (1) Includes $ 96,464 and $ 22,356 in land for Properties under construction as of December 31, 2023 and 2022 , respectively. (2) As of December 31, 2023 , one P roperty was classified as held for sale. The two properties classified as held for sale as of December 31, 2022 were sold during the year ended December 31, 2023. NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2023 2022 2021 Rental income from operating leases $ 805,136 $ 751,680 $ 703,865 Earned income from direct financing leases 560 595 623 Percentage rent 1,631 1,541 706 Rental revenues 807,327 753,816 705,194 Real estate expense reimbursement from tenants 18,763 17,802 18,665 $ 826,090 $ 771,618 $ 723,859 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, as a result of the COVID-19 pandemic, NNN entered into rent deferral lease amendments with certain tenants in the Property Portfolio, for an aggregate $ 4,722,000 and $ 51,723,000 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. As of December 31, 2023, an aggregate of approximately 93 percent of deferred rent has been repaid, with $ 3,124,000 , $ 14,478,000 and $ 31,776,000 of deferred rent repaid during the years ended December 31, 2023, 2022 and 2021, respectively. For the years ended December 31, 2023, 2022 and 2021, NNN recognized $ 7,453,000 , ($ 3,559,000 ) and ($ 21,137,000 ) , respectively, of net-straight-line accrued rental income, net of reserves. During the year ended December 31, 2023 , one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors, which resulted in an increase of accrued rental income in the amount of $ 5,573,000 . The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2023 (dollars in thousands): 2024 $ 765,337 2025 744,061 2026 701,437 2027 655,268 2028 604,084 Thereafter 4,286,914 $ 7,757,101 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 Consumer Price Index 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): 2023 2022 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,297 $ 15,356 Less: accumulated amortization ( 12,080 ) ( 11,477 ) Above-market in-place leases, net $ 3,217 $ 3,879 In-place leases $ 122,802 $ 124,198 Less: accumulated amortization ( 85,332 ) ( 79,675 ) In-place leases, net $ 37,470 $ 44,523 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,244 $ 41,371 Less: accumulated amortization ( 29,117 ) ( 28,121 ) Below-market in-place leases, net $ 12,127 $ 13,250 The amounts amortized as a net increase to rental income for capitalized above-market and below-market leases for the years ended December 31, 2023, 2022 and 2021 were $ 430,000 , $ 510,000 and $ 710,000 , respectively. The value of in-place leases amortized to expense for the years ended December 31, 2023, 2022 and 2021 was $ 6,793,000 , $ 7,132,000 and $ 7,687,000 , 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, 2023 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2024 $ 451 $ 6,139 2025 437 5,421 2026 448 4,835 2027 468 4,010 2028 642 3,566 Thereafter 6,464 13,499 $ 8,910 $ 37,470 Weighted average amortization period (years) 16.3 8.5 (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): 2023 2022 2021 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 45 $ 47,485 33 $ 17,443 74 $ 23,094 Real Estate – Commitments As of December 31, 2023, NNN has committed to fund construction of 53 Properties. The improvements of such Properties are estimated to be completed within 12 to 18 months. These construction commitments, at December 31, 2023, are outlined in the table below (dollars in thousands): Total commitment (1) $ 379,674 Less amount funded ( 240,532 ) Remaining commitment $ 139,142 (1) Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs. 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): 2023 2022 2021 Total real estate impairments, net of recoveries $ 5,990 $ 8,309 $ 21,957 Number of Properties: Vacant 11 9 30 Occupied 3 7 12 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, 2023
Debt Disclosure [Abstract]
Line of Credit Payable	Note 3 – Line of Credit Payable : NNN's $ 1,100,000,000 revolving credit facility (the "Credit Facility") had a weighted average outstanding balance of $ 169,620,000 and a weighted average interest rate of 5.86 % during the year ended December 31, 2023 . In December 2022, NNN entered into an amendment to the Credit Facility, to change the base interest rate from the London Interbank Offer Rate ("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 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, 2023, there was $ 132,000,000 outstanding and $ 968,000,000 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, 2023 , NNN was in compliance with each of the Credit Facility financial covenants.

Mortgages Payable

Mortgages Payable	12 Months Ended
Mortgages Payable	Dec. 31, 2023
Notes Payable, Noncurrent [Abstract]
Mortgages Payable	Note 4 – Mortgages Payable : As of December 31, 2022, NNN had mortgages payable, including unamortized premium and net of unamortized debt costs, of $ 9,964,000 . The mortgages payable had an interest rate of 5.23 % and matured July 2023. The loan was secured by a first lien on five of the Properties and the carrying value of the assets was $ 18,485,000 as of December 31, 2022. In April 2023, NNN repaid the remaining mortgages payable principal balance of $ 9,774,000 .

Notes Payable and Derivatives

Notes Payable and Derivatives	12 Months Ended
Notes Payable and Derivatives	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notes Payable and Derivatives	Note 5 – Notes Payable and Derivatives : 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)(5) 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 (4) 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2033 August 2023 500,000 11,620 488,380 5.600 % 5.905 % October 2033 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. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,900,000 . (5) NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt. Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes in whole or in part at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $ 42,595,000 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 percent 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, 2023, NNN was in compliance with each of the financial covenants. 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 (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 (loss) will be reclassified to interest expense as interest payments are made on the related notes payable. As of December 31, 2023, $ 10,111,000 remains in accumulated other comprehensive income (loss) related to NNN's previously terminated interest rate hedges. During the years ended December 31, 2023, 2022 and 2021, NNN reclassified $ 2,471,000 , $ 2,374,000 and $ 3,073,000 , respectively, out of accumulated other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $ 2,152,000 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, 2023 .

Preferred Stock

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2023
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. NNN declared and paid $ 1.086944 per share ($ 14,999,000 ) to stockholders for NNN's Series F Preferred Stock during the year ended December 31, 2021. NNN's authorized capital stock includes 15,000,000 shares of preferred stock, par value $ 0.01 per share. As of December 31, 2023 and 2022, NNN had no shares of preferred stock issued and outstanding.

Common Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2023
Equity [Abstract]
Common Stock	Note 7 – Common Stock : Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering. At-The-Market Offerings. 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 ATM: 2023 ATM 2020 ATM Shelf registration statement: Effective date August 2023 August 2020 Termination date August 2026 August 2023 Total allowable shares 17,500,000 17,500,000 Total shares issued as of December 31, 2023 — 7,722,511 The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data): 2023 2022 2021 Shares of common stock 650,135 5,473,072 30,000 Average price per share (net) $ 43.52 $ 45.15 $ 33.65 Net proceeds $ 28,292 $ 247,129 $ 1,009 Stock issuance costs (1) $ 858 $ 3,761 $ 224 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees. Dividend Reinvestment and Stock Purchase Plan. In February 2021, NNN filed a shelf registration statement with the Commission, which is effective for a term of three years, 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 NNN's DRIP for the years ended December 31 (dollars in thousands): 2023 2022 2021 Shares of common stock 76,229 70,342 62,577 Net proceeds $ 3,082 $ 3,082 $ 2,744 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): 2023 2022 2021 Dividends $ 404,458 $ 380,538 $ 367,291 Per share 2.230 2.160 2.100 On January 16, 2024, NNN declared a dividend of $ 0.5650 per share, payable February 15, 2024, to its common stockholders of record as of January 31, 2024 .

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2023
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 all of the eligible associates 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 $ 734,000 , $ 590,000 and $ 576,000 , for the years ended December 31, 2023, 2022 and 2021 respectively

Performance Incentive Plan

Performance Incentive Plan	12 Months Ended
Performance Incentive Plan	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Performance Incentive Plan	Note 9 – Performance Incentive Plan : In August 2023, NNN filed a registration statement on Form S-8 with the Commission which amended NNN's 2017 Performance Incentive Plan to increase the maximum aggregate share issuance from 1,800,000 to 4,800,000 shares of common stock and certain other limits under the plan (the plan as amended, the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key associates, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, phantom stock awards, Stock Awards, Restricted Stock Awards, Stock Appreciation Rights and Performance Awards, each as defined in the 2017 Plan. There were no stock options outstanding or exercisable at December 31, 2023. 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, 2023: Number of Weighted Non-vested restricted shares, January 1 991,201 $ 46.06 Restricted shares granted 335,278 46.29 Restricted shares vested ( 228,394 ) 52.09 Restricted shares forfeited ( 59,961 ) 56.20 Non-vested restricted shares, December 31 1,038,124 44.23 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, 2023 , NNN granted 204,094 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 $ 29.65 ). The performance-based shares were granted to certain executive officers and had a weighted average grant price of $ 46.70 per share. Once the respective performance criteria are met and the 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, 2023, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 12,344 $ 41.42 Deferred directors’ fees 21,056 41.51 33,400 41.48 Shares available under the 2017 Plan for grant, end of period 4,761,552 The total compensation expense for share-based payments for the years ended December 31, 2023, 2022 and 2021 totaled $ 12,228,000 , $ 15,449,000 and $ 14,296,000 , respectively. At December 31, 2023 , NNN had $ 12,150,000 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 2.2 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 10 – 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 believed that the carrying value of its mortgages payable at December 31, 2022, approximate fair value based upon current market prices of comparable instruments (Level 3). NNN had no mortgages payable outstanding at December 31, 2023. At December 31, 2023 and 2022, the fair value of NNN's notes payable excluding unamortized discount and debt costs, were $ 3,801,367,000 and $ 3,140,774,000 , respectively, based upon quoted market prices as of the close of the year, 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, 2023
Segment Reporting [Abstract]
Segment Information	Note 11 – Segment Information : For the years ended December 31, 2023, 2022 and 2021 , NNN's operations are reported within one reportable 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, 2023
Risks and Uncertainties [Abstract]
Major Tenants	Note 12 – Major Tenants : As of December 31, 2023 , 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, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 – 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, 2023
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	NNN REIT , INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2023 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction (e) Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Alabama 151 $ — $ 74,306 $ 169,770 $ 48,355 $ — $ 74,019 $ 218,125 $ 292,144 $ 56,866 1960 - 2023 2001 - 2023 15 - 40 Alaska 5 — 1,943 3,694 140 — 1,943 3,834 5,777 1,954 1971 - 2003 1996 - 2014 20 - 40 Arizona 80 — 114,307 136,021 110,806 — 114,307 246,827 361,134 42,727 1974 - 2024 1998 - 2023 10 - 40 Arkansas 72 — 34,550 100,158 20,297 — 34,550 120,454 155,004 21,215 1969 - 2023 1998 - 2023 20 - 40 California 76 — 146,790 221,594 37,580 — 145,773 251,337 397,110 66,134 1945 - 2018 1997 - 2022 20 - 40 Colorado 44 — 70,215 93,429 38,902 — 70,215 132,331 202,546 31,851 1969 - 2024 1994 - 2023 20 - 40 Connecticut 11 — 9,068 32,950 601 — 9,068 33,551 42,619 11,405 1929 - 2003 2006 - 2022 20 - 30 Delaware 1 — 2,994 6,062 516 — 2,994 6,578 9,572 4,436 1994 - 1994 1994 - 1994 40 - 40 District of 1 — 624 578 — — 624 578 1,202 272 1983 - 1983 2005 - 2005 40 - 40 Florida 278 — 308,199 480,716 148,694 — 308,199 629,410 937,609 139,675 1939 - 2024 1985 - 2023 5 - 40 Georgia 172 — 139,622 293,455 68,359 — 139,622 361,813 501,435 87,153 1964 - 2024 1996 - 2023 10 - 40 Hawaii 1 — 775 1,308 — — 775 1,308 2,083 38 1971 - 1971 2023 - 2023 30 - 30 Idaho 11 — 7,593 10,197 8,331 — 7,593 18,529 26,122 5,431 1979 - 2017 2006 - 2022 20 - 40 Illinois 169 — 137,917 311,801 69,061 — 137,917 380,683 518,600 102,942 1924 - 2024 1995 - 2023 15 - 40 Indiana 149 — 99,199 202,241 82,008 — 99,199 284,249 383,448 80,989 1965 - 2023 2001 - 2023 15 - 40 Iowa 28 — 22,527 37,962 26,585 — 22,527 64,547 87,074 18,585 1964 - 2023 2005 - 2022 10 - 40 Kansas 39 — 19,541 53,896 9,776 — 19,541 63,672 83,213 11,900 1946 - 2019 1997 - 2023 15 - 40 Kentucky 59 — 41,426 100,341 13,235 — 41,426 113,576 155,002 31,137 1974 - 2022 2005 - 2023 25 - 40 Louisiana 52 — 36,107 92,862 37,942 — 36,107 130,803 166,910 26,248 1970 - 2023 1996 - 2023 15 - 40 Maine 16 — 4,939 21,594 — — 4,939 21,594 26,533 5,181 1915 - 2002 1996 - 2023 10 - 40 Maryland 50 — 62,149 125,927 3,006 — 62,149 128,933 191,082 42,509 1946 - 2017 1996 - 2019 20 - 40 Massachusetts 23 — 32,790 92,506 — — 32,790 92,506 125,296 20,034 1956 - 2017 2006 - 2023 20 - 40 Michigan 98 — 63,762 222,563 56,376 — 63,762 278,586 342,348 42,877 1963 - 2024 1996 - 2023 20 - 40 Minnesota 30 — 22,436 40,002 4,143 — 22,436 44,145 66,581 14,291 1950 - 2023 2005 - 2023 10 - 40 Mississippi 63 — 29,466 100,855 12,422 — 29,466 113,277 142,743 15,064 1959 - 2017 2006 - 2023 15 - 40 Missouri 106 — 66,992 131,180 71,973 — 66,992 203,153 270,145 45,734 1920 - 2023 1992 - 2023 15 - 40 Montana 26 — 4,102 11,865 2,654 — 4,102 14,518 18,620 5,335 1937 - 2016 2010 - 2016 20 - 40 Nebraska 7 — 6,055 3,920 5,033 — 6,055 8,953 15,008 2,076 1973 - 2016 2005 - 2023 20 - 40 Nevada 16 — 12,041 27,181 3,585 — 12,041 30,766 42,807 5,545 1961 - 2023 2012 - 2023 25 - 40 New Hampshire 10 — 11,299 39,056 — — 11,299 39,056 50,355 9,040 1980 - 2004 2011 - 2022 25 - 30 New Jersey 32 — 51,974 203,062 3,079 — 51,974 206,142 258,116 54,729 1948 - 2020 1996 - 2023 25 - 40 New Mexico 32 — 21,857 76,847 21,795 — 21,857 98,642 120,499 17,481 1955 - 2019 2001 - 2022 25 - 40 New York 46 — 34,852 69,703 27,581 — 34,852 93,941 128,793 18,775 1925 - 2020 1997 - 2023 20 - 40 North Carolina 160 — 123,282 258,620 34,535 — 123,282 293,155 416,437 82,843 1906 - 2023 2004 - 2023 5 - 40 NNN REIT, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2023 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction (e) Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) North Dakota 4 — 411 1,606 — — 411 1,606 2,017 901 1974 - 1999 1997 - 2011 25 - 40 Ohio 195 — 126,843 306,911 75,926 — 126,843 382,644 509,487 107,518 1910 - 2024 1992 - 2023 15 - 40 Oklahoma 88 — 43,185 107,069 26,775 — 43,185 133,844 177,029 31,169 1964 - 2018 1996 - 2023 15 - 40 Oregon 9 — 6,606 10,216 1,000 — 6,606 11,216 17,822 3,583 1968 - 2008 1998 - 2023 20 - 40 Pennsylvania 88 — 70,977 130,067 48,434 — 70,792 177,453 248,245 46,607 1953 - 2023 1997 - 2023 15 - 40 Puerto Rico 1 — 1,729 — 2,732 — 1,729 2,131 3,860 912 1998 - 1998 2007 - 2007 33 - 33 Rhode Island 6 — 3,497 10,325 — — 3,497 10,325 13,822 2,120 1938 - 2004 2016 - 2023 25 - 30 South Carolina 78 — 59,725 117,568 14,730 — 59,725 132,297 192,022 33,790 1921 - 2024 2005 - 2023 10 - 40 South Dakota 3 — 1,942 4,447 1,033 — 1,942 5,479 7,421 1,691 1985 - 2024 2012 - 2023 30 - 35 Tennessee 153 — 100,796 228,388 59,501 — 100,796 287,890 388,686 64,345 1958 - 2024 1996 - 2023 5 - 40 Texas 549 — 459,861 987,841 214,096 — 459,861 1,201,477 1,661,338 326,132 1890 - 2024 1993 - 2023 15 - 40 Utah 14 — 13,108 19,681 13,239 — 13,108 32,921 46,029 7,670 1951 - 2016 2006 - 2022 20 - 40 Virginia 118 — 103,159 179,224 47,340 — 102,049 225,606 327,655 65,704 1964 - 2024 1995 - 2023 5 - 40 Washington 27 — 22,568 34,547 15,894 — 22,568 50,441 73,009 17,435 1955 - 2017 1997 - 2019 20 - 40 West Virginia 24 — 14,442 28,027 1,385 — 14,442 29,413 43,855 7,312 1970 - 2021 2006 - 2023 25 - 40 Wisconsin 55 — 36,359 77,233 22,611 — 36,359 99,844 136,203 23,562 1940 - 2024 2006 - 2023 20 - 40 Wyoming 6 — 1,150 3,815 — — 1,150 3,815 4,965 1,691 1949 - 2001 2010 - 2012 20 - 30 3,532 $ — $ 2,882,057 $ 6,020,881 $ 1,512,066 $ — $ 2,879,458 $ 7,517,974 $ 10,397,432 $ 1,864,614 NNN REIT, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2023 (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: 2023 2022 2021 Beginning balance, January 1 $ 9,678,127 $ 8,917,586 $ 8,534,275 Acquisitions and dollars invested in projects under construction or tenant improvements 820,238 846,331 551,287 Dispositions ( 94,943 ) ( 77,481 ) ( 146,019 ) Impairment losses ( 5,990 ) ( 8,309 ) ( 21,957 ) Ending balance, December 31 $ 10,397,432 $ 9,678,127 $ 8,917,586 (b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2023 2022 2021 Beginning balance, January 1 $ 1,660,665 $ 1,471,393 $ 1,319,943 Dispositions ( 26,236 ) ( 25,757 ) ( 44,509 ) Depreciation and amortization expense 230,185 215,029 195,959 Ending balance, December 31 $ 1,864,614 $ 1,660,665 $ 1,471,393 (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, 2023 , the net investment in real estate accounted for under the direct financing method was $ 3,033 . (d) As of December 31, 2023 , the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $ 10,277,935 (unaudited). (e) As of December 31, 2023 , NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date. 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, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	NNN REIT, INC. AND SUBSIDIARIES SCHEDU LE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2023 (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 (d) $ 996 $ — $ 3,000 $ 996 (a) $ — (a) The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31: 2023 2022 2021 Beginning balance, January 1 $ 1,521 $ 2,011 $ 2,468 New mortgage loans — — — Deductions during the year: Collections of principal ( 559 ) ( 521 ) ( 486 ) Other: credit (losses) recoveries (e) 34 31 29 Foreclosures — — — Ending balance, December 31 $ 996 $ 1,521 $ 2,011 (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, 2023, 2022 and 2021 were $ 1,002 , $ 1,530 and $ 2,011 , 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 ASC Topic 326, Financial Instruments - Credit Losses, 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, 2023
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 Topic 810, 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, third-party costs 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, 2023, 2022 and 2021, NNN recorded $ 4,286,000 , $ 881,000 and $ 328,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC 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 $ 599,480,000 and $ 784,165,000 of real estate acquisitions during the year ended December 31, 2023 and 2022, respectively. Additionally, NNN invested $ 220,230,000 and $ 63,582,000 of work in progress and improvements during the year ended December 31, 2023 and 2022 , respectively.
Lease Accounting	Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("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 the novel strain of coronavirus and its variants ("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 and the adequacy of the allowance for doubtful accounts. 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. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored. As a result of the review of lease payments collectability, NNN recorded a write-off of $ 204,000 of outstanding receivables and related accrued rent during the year ended December 31, 2023, 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: 2023 2022 2021 Number of tenants 9 8 11 Cash basis tenants as a percent of: Total Properties 3.5 % 5.0 % 5.5 % Total annual base rent (1) 5.0 % 7.0 % 7.0 % Total gross leasable area 4.8 % 6.6 % 7.3 % (1) Based on annualized base rent for all leases in place for each respective year. During the years ended December 31, 2023, 2022 and 2021, NNN recognized $ 56,229,000 , $ 62,454,000 and $ 52,129,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the year ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors (see "Note 2 – Real Estate"). 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. In January 2023, NNN amended its headquarters office lease and extended the lease term until March 31, 2034. The amendment resulted in an increase in the ROU asset and operating lease liability of approximately $ 6,401,000 .
Real Estate - Held for Sale	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 FASB ASC Topic 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, 2023 and 2022 , NNN had recorded real estate held for sale of $ 4,573,000 (one property) and $ 786,000 (two properties), respectively, in real estate portfolio on the Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2022 were sold during the year ended December 31, 2023 .
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments. FASB ASC Topic 326, Financial Instruments - Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term. NNN held mortgages receivable, including accrued interest, of $ 1,002,000 and $ 1,530,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively, net of $ 64,000 and $ 98,000 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.
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, 2023 and 2022, NNN held $ 3,966,000 and $ 4,273,000 , respectively, in restricted cash and cash held in escrow.
Debt Costs Line of Credit Payable	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 defined below) as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Mortgages Payable. Debt costs incurred in connection with NNN's mortgages were deferred and 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, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 142,000 . There were no such costs at December 31, 2023. 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. NNN had debt costs of $ 42,595,000 and $ 38,145,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively, net of accumulated amortization of $ 14,343,000 and $ 11,693,000 , 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. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.
Earnings Per Share	Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, 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): 2023 2022 2021 Basic and Diluted Earnings: Net earnings attributable to NNN $ 392,340 $ 334,626 $ 290,113 Less: Series F preferred stock dividends — — ( 14,999 ) Less: Excess of redemption value over carrying value — — ( 10,897 ) Net earnings available to common stockholders 392,340 334,626 264,217 Less: Earnings allocated to unvested restricted shares ( 609 ) ( 514 ) ( 689 ) Net earnings used in basic and diluted earnings per share $ 391,731 $ 334,112 $ 263,528 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 182,184,038 177,332,094 175,554,961 Less: Unvested restricted shares ( 273,077 ) ( 237,918 ) ( 328,070 ) Less: Unvested contingent restricted shares ( 710,921 ) ( 690,520 ) ( 515,970 ) Weighted average number of shares outstanding used in basic 181,200,040 176,403,656 174,710,921 Other dilutive securities 489,683 664,209 107,978 Weighted average number of shares outstanding used in diluted 181,689,723 177,067,865 174,818,899
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 taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2023, 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 FASB ASC Topic 740, Income Taxes ("ASC 740"). 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 2020 through 2023. 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 FASB ASC Topic 820, Fair Value Measurement . 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, 2023 and 2022 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2021 $ ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Ending balance, December 31, 2022 ( 12,582 ) Reclassifications from accumulated other comprehensive income to net earnings 2,471 (2) Ending balance, December 31, 2023 $ ( 10,111 ) (1) Additional disclosure is included in Note 5 – Notes Payable and Derivatives. (2) R ecorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.
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, 2023. 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 ASU 2020-04, 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, 2023, ASU 2022-06 had no impact on NNN's financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. While NNN only has one reportable segment, NNN is currently evaluating the potential impact the adoption of ASU 2023-07 will have on its future disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments eliminate some of the previous required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within 12 months. NNN is currently evaluating the potential impact the adoption of ASU 2023-09 will have on its future disclosures.
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 which 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. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. 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, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of NNN's Investment Portfolio	NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2023 Property Portfolio: Total Properties 3,532 Gross leasable area (square feet) 35,966,000 States 49 Weighted average remaining lease term (years) 10.1
Summary of tenants classified as cash basis	The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2023 2022 2021 Number of tenants 9 8 11 Cash basis tenants as a percent of: Total Properties 3.5 % 5.0 % 5.5 % Total annual base rent (1) 5.0 % 7.0 % 7.0 % Total gross leasable area 4.8 % 6.6 % 7.3 % (1) Based on annualized base rent for all leases in place for each respective year.
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): 2023 2022 2021 Basic and Diluted Earnings: Net earnings attributable to NNN $ 392,340 $ 334,626 $ 290,113 Less: Series F preferred stock dividends — — ( 14,999 ) Less: Excess of redemption value over carrying value — — ( 10,897 ) Net earnings available to common stockholders 392,340 334,626 264,217 Less: Earnings allocated to unvested restricted shares ( 609 ) ( 514 ) ( 689 ) Net earnings used in basic and diluted earnings per share $ 391,731 $ 334,112 $ 263,528 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 182,184,038 177,332,094 175,554,961 Less: Unvested restricted shares ( 273,077 ) ( 237,918 ) ( 328,070 ) Less: Unvested contingent restricted shares ( 710,921 ) ( 690,520 ) ( 515,970 ) Weighted average number of shares outstanding used in basic 181,200,040 176,403,656 174,710,921 Other dilutive securities 489,683 664,209 107,978 Weighted average number of shares outstanding used in diluted 181,689,723 177,067,865 174,818,899
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, 2023 and 2022 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2021 $ ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Ending balance, December 31, 2022 ( 12,582 ) Reclassifications from accumulated other comprehensive income to net earnings 2,471 (2) Ending balance, December 31, 2023 $ ( 10,111 ) (1) Additional disclosure is included in Note 5 – Notes Payable and Derivatives. (2) R ecorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
Real Estate (Tables)	Dec. 31, 2023
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): 2023 2022 Land and improvements (1) $ 2,878,400 $ 2,669,498 Buildings and improvements 7,368,873 6,985,394 Leasehold interests 355 355 10,247,628 9,655,247 Less accumulated depreciation and amortization ( 1,863,451 ) ( 1,660,308 ) 8,384,177 7,994,939 Work in progress and improvements 144,068 21,737 Accounted for using the operating method 8,528,245 8,016,676 Accounted for using the direct financing method 3,033 3,352 Classified as held for sale (2) 4,573 786 $ 8,535,851 $ 8,020,814 (1) Includes $ 96,464 and $ 22,356 in land for Properties under construction as of December 31, 2023 and 2022 , respectively. (2) As of December 31, 2023 , one P roperty was classified as held for sale. The two properties classified as held for sale as of December 31, 2022 were sold during the year ended December 31, 2023.
Rental Income, Operating Leases	NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2023 2022 2021 Rental income from operating leases $ 805,136 $ 751,680 $ 703,865 Earned income from direct financing leases 560 595 623 Percentage rent 1,631 1,541 706 Rental revenues 807,327 753,816 705,194 Real estate expense reimbursement from tenants 18,763 17,802 18,665 $ 826,090 $ 771,618 $ 723,859
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, 2023 (dollars in thousands): 2024 $ 765,337 2025 744,061 2026 701,437 2027 655,268 2028 604,084 Thereafter 4,286,914 $ 7,757,101
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): 2023 2022 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,297 $ 15,356 Less: accumulated amortization ( 12,080 ) ( 11,477 ) Above-market in-place leases, net $ 3,217 $ 3,879 In-place leases $ 122,802 $ 124,198 Less: accumulated amortization ( 85,332 ) ( 79,675 ) In-place leases, net $ 37,470 $ 44,523 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,244 $ 41,371 Less: accumulated amortization ( 29,117 ) ( 28,121 ) Below-market in-place leases, net $ 12,127 $ 13,250 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, 2023 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2024 $ 451 $ 6,139 2025 437 5,421 2026 448 4,835 2027 468 4,010 2028 642 3,566 Thereafter 6,464 13,499 $ 8,910 $ 37,470 Weighted average amortization period (years) 16.3 8.5 (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): 2023 2022 2021 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 45 $ 47,485 33 $ 17,443 74 $ 23,094
Remaining Funding Commitments	These construction commitments, at December 31, 2023, are outlined in the table below (dollars in thousands): Total commitment (1) $ 379,674 Less amount funded ( 240,532 ) Remaining commitment $ 139,142 (1) Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.
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): 2023 2022 2021 Total real estate impairments, net of recoveries $ 5,990 $ 8,309 $ 21,957 Number of Properties: Vacant 11 9 30 Occupied 3 7 12

Notes Payable and Derivatives (

Notes Payable and Derivatives (Tables)	12 Months Ended
Notes Payable and Derivatives (Tables)	Dec. 31, 2023
Notes Payable [Abstract]
Notes Payable and Derivatives	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)(5) 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 (4) 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2033 August 2023 500,000 11,620 488,380 5.600 % 5.905 % October 2033 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. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,900,000 . (5) NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.
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 (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
Common Stock (Tables)	Dec. 31, 2023
Equity [Abstract]
Schedule of ATM Program	The following table outlines NNN's ATM: 2023 ATM 2020 ATM Shelf registration statement: Effective date August 2023 August 2020 Termination date August 2026 August 2023 Total allowable shares 17,500,000 17,500,000 Total shares issued as of December 31, 2023 — 7,722,511
Schedule of Common Stock Issuances Pursuant to Equity Programs	The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data): 2023 2022 2021 Shares of common stock 650,135 5,473,072 30,000 Average price per share (net) $ 43.52 $ 45.15 $ 33.65 Net proceeds $ 28,292 $ 247,129 $ 1,009 Stock issuance costs (1) $ 858 $ 3,761 $ 224 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.
Schedule of Common Stock Issuances Pursuant to DRIP	The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands): 2023 2022 2021 Shares of common stock 76,229 70,342 62,577 Net proceeds $ 3,082 $ 3,082 $ 2,744
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): 2023 2022 2021 Dividends $ 404,458 $ 380,538 $ 367,291 Per share 2.230 2.160 2.100

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Dec. 31, 2023
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): 2023 2022 2021 Dividends $ 404,458 $ 380,538 $ 367,291 Per share 2.230 2.160 2.100

Performance Incentive Plan (Tab

Performance Incentive Plan (Tables)	12 Months Ended
Performance Incentive Plan (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following summarizes the restricted stock activity for the year ended December 31, 2023: Number of Weighted Non-vested restricted shares, January 1 991,201 $ 46.06 Restricted shares granted 335,278 46.29 Restricted shares vested ( 228,394 ) 52.09 Restricted shares forfeited ( 59,961 ) 56.20 Non-vested restricted shares, December 31 1,038,124 44.23
Schedule of Other Grants	The following summarizes other grants made during the year ended December 31, 2023, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 12,344 $ 41.42 Deferred directors’ fees 21,056 41.51 33,400 41.48 Shares available under the 2017 Plan for grant, end of period 4,761,552

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, 2023 ft² Property State
Property Portfolio:
Total properties \| Property	3,532
Gross leasable area (square feet) \| ft²	35,966,000
States \| State	49
Weighted average remaining lease term (years)	10 years 1 month 6 days

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies (Narrative) (Details)		1 Months Ended	12 Months Ended
		Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) Tenant Segment	Dec. 31, 2022 USD ($) Segment Tenant	Dec. 31, 2021 USD ($) Segment Tenant
Debt Instrument [Line Items]
Number of operating segments \| Segment			1	1	1
Interest costs capitalized			$ 4,286,000	$ 881,000	$ 328,000
Real estate acquisitions			599,480,000	784,165,000
Investments in work in progress - improvements			220,230,000	63,582,000
Real estate held for sale	[1]		4,573,000	786,000
Escrow and other restricted accounts			3,966,000	4,273,000
Net operating loss carryforwards			3,899,000
Write-off of outstanding receivables and related accrued rent			$ 204,000,000	$ 0	$ 0
Percentage of total properties for which revenue recognized on cash basis			3.50%	5%	5.50%
Percentage of aggregate gross leasable area for which revenue recognized on cash basis			4.80%	6.60%	7.30%
Number of tenants for which revenue recognized on cash basis \| Tenant			9	8	11
Increase in ROU asset and operating lease liability		$ 6,401,000
Revenue recognized on cash basis			$ 56,229,000	$ 62,454,000	$ 52,129,000
Revolving credit facility borrowing capacity			968,000,000,000
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			$ 1,002,000	1,530,000
Allowance for credit loss			$ 64,000	98,000
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
Deferred debt costs, accumulated amortization				142,000
Notes Payable
Debt Instrument [Line Items]
Deferred debt costs			$ 42,595,000	38,145,000
Deferred debt costs, accumulated amortization			14,343,000	$ 11,693,000
Line of Credit
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity			$ 1,100,000,000

[1] As of December 31, 2023 , one P roperty was classified as held for sale. The two properties classified as held for sale as of December 31, 2022 were sold during the year ended December 31, 2023.

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Summary of tenants classified as cash basis (Details) - Tenant		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Number of tenants		9	8	11
Cash Basis Tenants As A Percent Of
Total Properties		3.50%	5%	5.50%
Total annual base rent	[1]	5%	7%	7%
Total gross leasable area		4.80%	6.60%	7.30%

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

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic and Diluted Earnings:
Net earnings attributable to NNN		$ 392,340,000	$ 334,626,000	$ 290,113,000
Less: Excess of redemption value over carrying value of preferred shares redeemed		0	0	(10,897,000)
Net earnings attributable to common stockholders		392,340,000	334,626,000	264,217,000
Less: Earnings allocated to unvested restricted shares		(609,000)	(514,000)	(689,000)
Net Income (Loss) Available to Common Stockholders, Diluted, Total		$ 391,731,000	$ 334,112,000	$ 263,528,000
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding (in shares)		182,184,038	177,332,094	175,554,961
Less: Unvested restricted shares (in shares)		(273,077)	(237,918)	(328,070)
Less: Unvested contingent restricted shares (in shares)		(710,921)	(690,520)	(515,970)
Weighted Average Number of Shares Outstanding, Basic, Total		181,200,040	176,403,656	174,710,921
Other dilutive securities (shares)		489,683	664,209	107,978
Weighted average number of shares outstanding used in diluted earnings per share (in shares)		181,689,723	177,067,865	174,818,899
Series F Preferred Stock
Basic and Diluted Earnings:
Less: preferred stock dividends		$ 0	$ 0	$ (14,999,000)
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, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 4,123,502	$ 3,901,663
Ending balance			4,123,502
Gain or Loss on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(12,582)	(14,956)
Reclassifications from accumulated other comprehensive income to net earnings	[1],[2]	2,471	2,374
Ending balance	[1]	(10,111)	(12,582)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(12,582)	(14,956)
Ending balance		$ (10,111)	$ (12,582)

[1] Additional disclosure is included in Note 5 – Notes Payable and Derivatives. ecorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

Real Estate (Key Information fo

Real Estate (Key Information for Leases) (Details)	12 Months Ended
Real Estate (Key Information for Leases) (Details)	Dec. 31, 2023 Property
Lease classification:
Operating	3,551
Direct financing	4
Weighted average remaining lease term (years)	10 years 1 month 6 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, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Land and improvements	[1]	$ 2,878,400,000	$ 2,669,498,000
Buildings and improvements		7,368,873,000	6,985,394,000
Leasehold interests		355,000	355,000
Real estate subject to operating leases, gross		10,247,628,000	9,655,247,000
Less accumulated depreciation and amortization		(1,863,451,000)	(1,660,308,000)
Real estate subject to operating leases, net, before work in process		8,384,177,000	7,994,939,000
Real Estate, Held-for-Sale		1
Work in progress – improvements		144,068,000	21,737,000
Accounted for using the operating method		8,528,245,000	8,016,676,000
Accounted for using the direct financing method		3,033,000	3,352,000
Classified as held for sale	[2]	4,573,000	786,000
Accounted for using the operating method, net of accumulated depreciation and amortization		8,535,851,000	8,020,814,000
Asset under construction
Property, Plant and Equipment [Line Items]
Land and improvements		$ 96,464,000	$ 22,356,000

[1] Includes $ 96,464 and $ 22,356 in land for Properties under construction as of December 31, 2023 and 2022 , respectively. As of December 31, 2023 , one P roperty was classified as held for sale. The two properties classified as held for sale as of December 31, 2022 were sold during the year ended December 31, 2023.

Real Estate (Rental Income) (De

Real Estate (Rental Income) (Details) - USD ($)	12 Months Ended
Real Estate (Rental Income) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Rental income from operating leases	$ 805,136,000	$ 751,680,000	$ 703,865,000
Earned income from direct financing leases	560,000	595,000	623,000
Percentage rent	1,631,000	1,541,000	706,000
Rental Revenues	807,327,000	753,816,000	705,194,000
Real estate expense reimbursement from tenants	18,763,000	17,802,000	18,665,000
Rental income	826,090,000	771,618,000	723,859,000
Rental income accrued during period	7,453,000	(3,559,000)	(21,137,000)
Originally rent due			4,722,000	$ 51,723,000
Repayments of deferred rent	3,124,000	$ 14,478,000	$ 31,776,000
increase of accrued rental income	$ 5,573,000

Real Estate (Future Minimum Lea

Real Estate (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 765,337
2025	744,061
2026	701,437
2027	655,268
2028	604,084
Thereafter	4,286,914
Future minimum payments receivable	$ 7,757,101

Real Estate (Intangible Assets

Real Estate (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023		Dec. 31, 2022
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 41,244		$ 41,371
Less: accumulated amortization	(29,117)		(28,121)
Below-market in-place leases, net	12,127		13,250
Above-market in-place leases, net
Intangible lease assets (included in other assets):
Leases	15,297		15,356
Less: accumulated amortization	(12,080)		(11,477)
Leases, net	3,217		3,879
In-place leases, net
Intangible lease assets (included in other assets):
Leases	122,802		124,198
Less: accumulated amortization	(85,332)		(79,675)
Leases, net	$ 37,470	[1]	$ 44,523

[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, 2023		Dec. 31, 2022	Dec. 31, 2021
Above-Market and Below-Market In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, above- and below-market leases		$ 430,000		$ 510,000	$ 710,000
2024	[1]	451,000
2025	[1]	437,000
2026	[1]	448,000
2027	[1]	468,000
2028	[1]	642,000
Thereafter	[1]	6,464,000
Leases, net	[1]	$ 8,910,000
Weighted average amortization period (years)	[1]	16 years 3 months 18 days
In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, in-place leases		$ 6,793,000		7,132,000	$ 7,687,000
2024	[2]	6,139,000
2025	[2]	5,421,000
2026	[2]	4,835,000
2027	[2]	4,010,000
2028	[2]	3,566,000
Thereafter	[2]	13,499,000
Leases, net		$ 37,470,000	[2]	$ 44,523,000
Weighted average amortization period (years)	[2]	8 years 6 months

[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, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain \| $	$ 47,485	$ 17,443	$ 23,094
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	45	33	74

Real Estate (Commitments) (Deta

Real Estate (Commitments) (Details) $ in Thousands	12 Months Ended
Real Estate (Commitments) (Details) $ in Thousands	Dec. 31, 2023 USD ($) Property
Long-Term Purchase Commitment [Line Items]
Number of properties \| Property	53
Total commitment	$ 379,674	[1]
Less amount funded	(240,532)
Remaining commitment	$ 139,142
Maximum
Long-Term Purchase Commitment [Line Items]
Period for improvements to construction commitments	18 months
Minimum
Long-Term Purchase Commitment [Line Items]
Period for improvements to construction commitments	12 months

[1] (1) Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) $ in Thousands	12 Months Ended
Real Estate (Impairments) (Details) $ in Thousands	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property
Lessor, Lease, Description [Line Items]
Real estate impairments, net of recoveries \| $	$ 5,990	$ 8,309	$ 21,957
Vacant	11	9	30
Occupied	3	7	12

Line of Credit Payable (Details

Line of Credit Payable (Details) - USD ($)	12 Months Ended
Line of Credit Payable (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 968,000,000,000
Revolving credit facility weighted average outstanding balance	169,620,000,000
Option to increase facility size	$ 2,000,000,000,000
Weighted average interest rate	5.86%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		77.50%
SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		10%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,100,000,000,000
Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	1,100,000,000
Line of credit payable	$ 132,000,000,000

Mortgages Payable (Details)

Mortgages Payable (Details) - Mortgages [Member]	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Property
Debt Instrument [Line Items]
Mortgages payable, including unamortized premium and net of unamortized debt costs		$ 9,964,000
Interest Rate		5.23%
Number of encumbered assets \| Property		5
Carrying Value of Encumbered Asset(s)		$ 18,485,000
Remaining mortgages payable principal balance	$ 9,774,000

Notes Payable and Derivatives_2

Notes Payable and Derivatives (Additional Information) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Payment of make-whole premium		$ 0	$ 0	$ 21,328,000
Gain (loss) reclassification to interest expense		2,471,000	2,374,000	3,073,000
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net		2,152,000
AOCI, cash flow hedges
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		10,111,000
AOCI Attributable to Parent [Member]
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		$ 2,471,000	2,374,000	$ 3,073,000
Notes Payable
Debt Instrument [Line Items]
Redemption price percentage	100%	100%
Debt issuance costs		$ 42,595,000	$ 38,145,000
Notes payable redeemed	$ 350,000,000
Stated Rate	3.30%
Payment of make-whole premium	$ 21,328,000

Notes Payable and Derivatives_3

Notes Payable and Derivatives (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Mar. 31, 2021
Debt Instrument [Line Items]
Long-term debt maturities for the next five years		$ 1,900,000
Notes Payable
Debt Instrument [Line Items]
Stated Rate			3.30%
2024 Notes
Debt Instrument [Line Items]
Principal		350,000
Discount	[1]	707
Net Price		$ 349,293
Stated Rate		3.90%
Effective Rate	[2]	3.924%
2025 Notes
Debt Instrument [Line Items]
Principal		$ 400,000
Discount	[1]	964
Net Price		$ 399,036
Stated Rate		4%
Effective Rate	[2]	4.029%
2026 Notes
Debt Instrument [Line Items]
Principal		$ 350,000
Discount	[1]	3,860
Net Price		$ 346,140
Stated Rate		3.60%
Effective Rate	[2]	3.733%
2027 Notes
Debt Instrument [Line Items]
Principal		$ 400,000
Discount	[1]	1,628
Net Price		$ 398,372
Stated Rate		3.50%
Effective Rate	[2]	3.548%
2028 Notes
Debt Instrument [Line Items]
Principal		$ 400,000
Discount	[1]	2,848
Net Price		$ 397,152
Stated Rate		4.30%
Effective Rate	[2]	4.388%
2030 Notes
Debt Instrument [Line Items]
Principal		$ 400,000
Discount	[1]	1,288
Net Price		$ 398,712
Stated Rate		2.50%
Effective Rate	[2]	2.536%
2033 Notes
Debt Instrument [Line Items]
Principal		$ 500,000
Discount	[1]	11,620
Net Price		$ 488,380
Stated Rate		5.60%
Effective Rate	[2]	5.905%
2048 Notes
Debt Instrument [Line Items]
Principal		$ 300,000
Discount	[1]	4,239
Net Price		$ 295,761
Stated Rate		4.80%
Effective Rate	[2]	4.89%
2050 Notes
Debt Instrument [Line Items]
Principal		$ 300,000
Discount	[1]	6,066
Net Price		$ 293,934
Stated Rate		3.10%
Effective Rate	[2]	3.205%
2051 Notes
Debt Instrument [Line Items]
Principal		$ 450,000
Discount	[1]	8,406
Net Price		$ 441,594
Stated Rate		3.50%
Effective Rate	[2]	3.602%
2052 Notes
Debt Instrument [Line Items]
Principal		$ 450,000
Discount	[1]	10,422
Net Price		$ 439,578
Stated Rate		3%
Effective Rate	[2]	3.118%

[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.

Notes Payable and Derivatives_4

Notes Payable and 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 (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

Preferred Stock - Additional In

Preferred Stock - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred Stock, Shares Outstanding		0	0
Preferred Stock, Shares Issued		0	0
Dividends Payable		$ 345,000,000
Excess of redemption value over carrying value of preferred shares redeemed		$ 0	$ 0	$ 10,897,000
Preferred Stock, Shares Authorized		15,000,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.01
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares redeemed (in shares)	13,800,000			13,800,000
Dividend rate	5.20%
Stated liquidation value per share (in dollars per share)	$ 25
Aggregate redemption price (in dollars per share)	$ 25.111944
Excess of redemption value over carrying value of preferred shares redeemed	$ 10,897,000
Preferred Stock, Dividends, Per Share, Cash Paid				$ 1.086944
Dividends, Preferred Stock		$ 0	$ 0	$ 14,999,000

Preferred Stock - Summary of di

Preferred Stock - Summary of dividends declared and paid to stockholders for NNN's Series F Preferred Stock (Details) - Series F Preferred Stock [Member] - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends	$ 0	$ 0	$ 14,999,000
Per share			$ 1.086944
Preferred Stock, Dividends Per Share, Declared			$ 1.086944

Common Stock (Details)

Common Stock (Details) - USD ($) $ in Thousands	12 Months Ended
Common Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares	375,000,000	375,000,000
Total shares issued as of December 31, 2023	182,474,770	181,424,670
Stock issuance costs	$ 966	$ 3,761	$ 325
Net proceeds	$ 32,328	$ 253,972	$ 4,053
2023 ATM Equity Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares	17,500,000
Total shares issued as of December 31, 2023	0
2020 ATM Equity Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares	17,500,000
Total shares issued as of December 31, 2023	7,722,511
ATM Equity Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shelf registration, shares issued (in shares)	650,135	5,473,072	30,000,000
Net proceeds	$ 28,292	$ 247,129	$ 1,009
DRIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares				6,000,000
Shares of common stock (in shares)	76,229	70,342	62,577
Net proceeds	$ 3,082	$ 3,082	$ 2,744

Common Stock - ATM Program (Det

Common Stock - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Total allowable shares		375,000,000	375,000,000
Total shares issued as of December 31, 2023		182,474,770	181,424,670
Net proceeds		$ 32,328	$ 253,972	$ 4,053
Stock issuance costs(1)		$ 4,510	$ 199	$ 17,814
2020 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares		17,500,000
Total shares issued as of December 31, 2023		7,722,511
ATM Equity Programs
Class of Stock [Line Items]
Shares of common stock		650,135	5,473,072	30,000,000
Average price per share (net) (in dollars per share)		$ 43.52	$ 45.15	$ 33.65
Net proceeds		$ 28,292	$ 247,129	$ 1,009
Stock issuance costs(1)	[1]	$ 858	$ 3,761	$ 224

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

Common Stock (Additional Inform

Common Stock (Additional Information) (Details) - $ / shares		12 Months Ended
	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021
Class of Stock [Line Items]
Total allowable shares		375,000,000	375,000,000
Common stock dividends declared and paid (in dollars per share)		$ 2.23	$ 2.16	$ 2.1
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.565
DRIP [Member]
Class of Stock [Line Items]
Total allowable 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Net proceeds	$ 32,328	$ 253,972	$ 4,053
DRIP [Member]
Class of Stock [Line Items]
Shares of common stock (in shares)	76,229	70,342	62,577
Net proceeds	$ 3,082	$ 3,082	$ 2,744

Common Stock - Dividends Declar

Common Stock - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends	$ 404,458	$ 380,538	$ 367,291
DRIP [Member]
Class of Stock [Line Items]
Dividends	$ 404,458	$ 380,538	$ 367,291
Per share	$ 2.23	$ 2.16	$ 2.1

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)		12 Months Ended
Employee Benefit Plan (Details) - USD ($)	Jan. 01, 1998	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Percentage of participant's contributions matched by employer	75%	50%
Employer matching contribution, percent	4%	5%
Employer contributions		$ 734,000	$ 590,000	$ 576,000

Dividends (Details)

Dividends (Details) - USD ($)		12 Months Ended
Dividends (Details) - USD ($)	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends		$ 404,458,000	$ 380,538,000	$ 367,291,000
Common stock dividends declared and paid (in dollars per share)		$ 2.23	$ 2.16	$ 2.1
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.565
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends		$ 0	$ 0	$ 14,999,000
Preferred stock dividends declared and paid (in dollars per share)				$ 1.086944

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Performance Incentive Plan (Nar

Performance Incentive Plan (Narrative) (Details) - USD ($)	12 Months Ended
Performance Incentive Plan (Narrative) (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0
Restricted shares granted (in shares)	33,400
Restricted shares granted (in shares)	33,400
Share-based compensation cost	$ 12,228,000	$ 15,449,000	$ 14,296,000
Unrecognized compensation cost	$ 12,150,000
Weighted average period for recognition of unrecognized compensation cost	2 years 2 months 12 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,800,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,800,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	335,278,000
Restricted shares granted (in shares)	335,278,000
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)	204,094
Performance period used In calculation	3 years
Fair value share price (in dollars per share)	$ 29.65
Restricted shares granted (in shares)	204,094
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)	$ 46.7

Performance Incentive Plan (Res

Performance Incentive Plan (Restricted Stock Activity) (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Shares
Restricted shares granted (in shares) \| shares	33,400
Weighted Average Share Price
Restricted shares granted (in dollars per share) \| $ / shares	$ 41.48
Restricted stock
Number of Shares
Non-vested restricted shares, January 1 (in shares) \| shares	991,201
Restricted shares granted (in shares) \| shares	335,278,000
Restricted shares vested (in shares) \| shares	(228,394)
Restricted shares forfeited (in shares) \| shares	(59,961)
Non-vested restricted shares, December 31 (in shares) \| shares	1,038,124
Weighted Average Share Price
Non-vested restricted shares, January 1 (in dollars per share) \| $ / shares	$ 46.06
Restricted shares granted (in dollars per share) \| $ / shares	46.29
Restricted shares vested (in dollars per share) \| $ / shares	52.09
Restricted shares forfeited (in dollars per share) \| $ / shares	56.20
Non-vested restricted shares, December 31 (in dollars per share) \| $ / shares	$ 44.23

Performance Incentive Plan (Oth

Performance Incentive Plan (Other Grants) (Details)	12 Months Ended
Performance Incentive Plan (Other Grants) (Details)	Dec. 31, 2023 $ / shares shares
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	33,400
Restricted shares granted, weighted average share price (in dollars per share) \| $ / shares	$ 41.48
Shares available under the 2017 Plan for grant, end of period (in shares)	4,761,552
Directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	12,344
Restricted shares granted, weighted average share price (in dollars per share) \| $ / shares	$ 41.42
Deferred directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	21,056
Restricted shares granted, weighted average share price (in dollars per share) \| $ / shares	$ 41.51

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of notes payable	$ 3,801,367,000	$ 3,140,774,000

Segment Information (Details)

Segment Information (Details) - Segment	12 Months Ended
Segment Information (Details) - Segment	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	3,532
Encumbrances	$ 0
Initial Cost to Company, Land	2,882,057
Initial Cost to Company, Building, Improvements & Leasehold Interests	6,020,881
Costs Capitalized Subsequent to Acquisition, Improvements	1,512,066
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,879,458
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	7,517,974
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	10,397,432	$ 9,678,127	$ 8,917,586	$ 8,534,275
Accumulated Depreciation and Amortization	$ 1,864,614	$ 1,660,665	$ 1,471,393	$ 1,319,943
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	12 months
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	18 months
ALABAMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties \| Property	151
Encumbrances	$ 0
Initial Cost to Company, Land	74,306
Initial Cost to Company, Building, Improvements & Leasehold Interests	169,770
Costs Capitalized Subsequent to Acquisition, Improvements	48,355
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	74,019
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	218,125
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	292,144
Accumulated Depreciation and Amortization	$ 56,866
Start Year of Construction	1960
End Year of Construction	2023
Acquired of Beginning Year	2001
Acquired of Ending Year	2023
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	15 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	$ 1,954
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	80
Encumbrances	$ 0
Initial Cost to Company, Land	114,307
Initial Cost to Company, Building, Improvements & Leasehold Interests	136,021
Costs Capitalized Subsequent to Acquisition, Improvements	110,806
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	114,307
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	246,827
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	361,134
Accumulated Depreciation and Amortization	$ 42,727
Start Year of Construction	1974
End Year of Construction	2024
Acquired of Beginning Year	1998
Acquired of Ending Year	2023
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	72
Encumbrances	$ 0
Initial Cost to Company, Land	34,550
Initial Cost to Company, Building, Improvements & Leasehold Interests	100,158
Costs Capitalized Subsequent to Acquisition, Improvements	20,297
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	34,550
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	120,454
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	155,004
Accumulated Depreciation and Amortization	$ 21,215
Start Year of Construction	1969
End Year of Construction	2023
Acquired of Beginning Year	1998
Acquired of Ending Year	2023
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	146,790
Initial Cost to Company, Building, Improvements & Leasehold Interests	221,594
Costs Capitalized Subsequent to Acquisition, Improvements	37,580
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	145,773
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	251,337
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	397,110
Accumulated Depreciation and Amortization	$ 66,134
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	44
Encumbrances	$ 0
Initial Cost to Company, Land	70,215
Initial Cost to Company, Building, Improvements & Leasehold Interests	93,429
Costs Capitalized Subsequent to Acquisition, Improvements	38,902
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	70,215
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	132,331
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	202,546
Accumulated Depreciation and Amortization	$ 31,851
Start Year of Construction	1969
End Year of Construction	2024
Acquired of Beginning Year	1994
Acquired of Ending Year	2023
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	$ 11,405
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	516
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	6,578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	9,572
Accumulated Depreciation and Amortization	$ 4,436
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	$ 272
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	278
Encumbrances	$ 0
Initial Cost to Company, Land	308,199
Initial Cost to Company, Building, Improvements & Leasehold Interests	480,716
Costs Capitalized Subsequent to Acquisition, Improvements	148,694
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	308,199
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	629,410
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	937,609
Accumulated Depreciation and Amortization	$ 139,675
Start Year of Construction	1939
End Year of Construction	2024
Acquired of Beginning Year	1985
Acquired of Ending Year	2023
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	172
Encumbrances	$ 0
Initial Cost to Company, Land	139,622
Initial Cost to Company, Building, Improvements & Leasehold Interests	293,455
Costs Capitalized Subsequent to Acquisition, Improvements	68,359
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	139,622
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	361,813
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	501,435
Accumulated Depreciation and Amortization	$ 87,153
Start Year of Construction	1964
End Year of Construction	2024
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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
HAWAII
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	775
Initial Cost to Company, Building, Improvements & Leasehold Interests	1,308
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	775
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	1,308
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	2,083
Accumulated Depreciation and Amortization	$ 38
Start Year of Construction	1971
End Year of Construction	1971
Acquired of Beginning Year	2023
Acquired of Ending Year	2023
HAWAII \| 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
HAWAII \| 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
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	$ 5,431
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	169
Encumbrances	$ 0
Initial Cost to Company, Land	137,917
Initial Cost to Company, Building, Improvements & Leasehold Interests	311,801
Costs Capitalized Subsequent to Acquisition, Improvements	69,061
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	137,917
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	380,683
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	518,600
Accumulated Depreciation and Amortization	$ 102,942
Start Year of Construction	1924
End Year of Construction	2024
Acquired of Beginning Year	1995
Acquired of Ending Year	2023
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	149
Encumbrances	$ 0
Initial Cost to Company, Land	99,199
Initial Cost to Company, Building, Improvements & Leasehold Interests	202,241
Costs Capitalized Subsequent to Acquisition, Improvements	82,008
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	99,199
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	284,249
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	383,448
Accumulated Depreciation and Amortization	$ 80,989
Start Year of Construction	1965
End Year of Construction	2023
Acquired of Beginning Year	2001
Acquired of Ending Year	2023
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	22,527
Initial Cost to Company, Building, Improvements & Leasehold Interests	37,962
Costs Capitalized Subsequent to Acquisition, Improvements	26,585
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	22,527
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	64,547
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	87,074
Accumulated Depreciation and Amortization	$ 18,585
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	39
Encumbrances	$ 0
Initial Cost to Company, Land	19,541
Initial Cost to Company, Building, Improvements & Leasehold Interests	53,896
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	19,541
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	63,672
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	83,213
Accumulated Depreciation and Amortization	$ 11,900
Start Year of Construction	1946
End Year of Construction	2019
Acquired of Beginning Year	1997
Acquired of Ending Year	2023
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	59
Encumbrances	$ 0
Initial Cost to Company, Land	41,426
Initial Cost to Company, Building, Improvements & Leasehold Interests	100,341
Costs Capitalized Subsequent to Acquisition, Improvements	13,235
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	41,426
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	113,576
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	155,002
Accumulated Depreciation and Amortization	$ 31,137
Start Year of Construction	1974
End Year of Construction	2022
Acquired of Beginning Year	2005
Acquired of Ending Year	2023
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	52
Encumbrances	$ 0
Initial Cost to Company, Land	36,107
Initial Cost to Company, Building, Improvements & Leasehold Interests	92,862
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	36,107
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	130,803
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	166,910
Accumulated Depreciation and Amortization	$ 26,248
Start Year of Construction	1970
End Year of Construction	2023
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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	16
Encumbrances	$ 0
Initial Cost to Company, Land	4,939
Initial Cost to Company, Building, Improvements & Leasehold Interests	21,594
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	4,939
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	21,594
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	26,533
Accumulated Depreciation and Amortization	$ 5,181
Start Year of Construction	1915
End Year of Construction	2002
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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	125,927
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	128,933
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	191,082
Accumulated Depreciation and Amortization	$ 42,509
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	23
Encumbrances	$ 0
Initial Cost to Company, Land	32,790
Initial Cost to Company, Building, Improvements & Leasehold Interests	92,506
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	32,790
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	92,506
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	125,296
Accumulated Depreciation and Amortization	$ 20,034
Start Year of Construction	1956
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2023
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	98
Encumbrances	$ 0
Initial Cost to Company, Land	63,762
Initial Cost to Company, Building, Improvements & Leasehold Interests	222,563
Costs Capitalized Subsequent to Acquisition, Improvements	56,376
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	63,762
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	278,586
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	342,348
Accumulated Depreciation and Amortization	$ 42,877
Start Year of Construction	1963
End Year of Construction	2024
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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	30
Encumbrances	$ 0
Initial Cost to Company, Land	22,436
Initial Cost to Company, Building, Improvements & Leasehold Interests	40,002
Costs Capitalized Subsequent to Acquisition, Improvements	4,143
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	22,436
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	44,145
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	66,581
Accumulated Depreciation and Amortization	$ 14,291
Start Year of Construction	1950
End Year of Construction	2023
Acquired of Beginning Year	2005
Acquired of Ending Year	2023
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	29,466
Initial Cost to Company, Building, Improvements & Leasehold Interests	100,855
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	29,466
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	113,277
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	142,743
Accumulated Depreciation and Amortization	$ 15,064
Start Year of Construction	1959
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2023
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	106
Encumbrances	$ 0
Initial Cost to Company, Land	66,992
Initial Cost to Company, Building, Improvements & Leasehold Interests	131,180
Costs Capitalized Subsequent to Acquisition, Improvements	71,973
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	66,992
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	203,153
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	270,145
Accumulated Depreciation and Amortization	$ 45,734
Start Year of Construction	1920
End Year of Construction	2023
Acquired of Beginning Year	1992
Acquired of Ending Year	2023
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	$ 0
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	$ 5,335
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	7
Encumbrances	$ 0
Initial Cost to Company, Land	6,055
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,920
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	6,055
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	8,953
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	15,008
Accumulated Depreciation and Amortization	$ 2,076
Start Year of Construction	1973
End Year of Construction	2016
Acquired of Beginning Year	2005
Acquired of Ending Year	2023
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	16
Encumbrances	$ 0
Initial Cost to Company, Land	12,041
Initial Cost to Company, Building, Improvements & Leasehold Interests	27,181
Costs Capitalized Subsequent to Acquisition, Improvements	3,585
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	12,041
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	30,766
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	42,807
Accumulated Depreciation and Amortization	$ 5,545
Start Year of Construction	1961
End Year of Construction	2023
Acquired of Beginning Year	2012
Acquired of Ending Year	2023
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	$ 9,040
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	32
Encumbrances	$ 0
Initial Cost to Company, Land	51,974
Initial Cost to Company, Building, Improvements & Leasehold Interests	203,062
Costs Capitalized Subsequent to Acquisition, Improvements	3,079
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	51,974
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	206,142
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	258,116
Accumulated Depreciation and Amortization	$ 54,729
Start Year of Construction	1948
End Year of Construction	2020
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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	$ 17,481
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	46
Encumbrances	$ 0
Initial Cost to Company, Land	34,852
Initial Cost to Company, Building, Improvements & Leasehold Interests	69,703
Costs Capitalized Subsequent to Acquisition, Improvements	27,581
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	34,852
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	93,941
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	128,793
Accumulated Depreciation and Amortization	$ 18,775
Start Year of Construction	1925
End Year of Construction	2020
Acquired of Beginning Year	1997
Acquired of Ending Year	2023
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	160
Encumbrances	$ 0
Initial Cost to Company, Land	123,282
Initial Cost to Company, Building, Improvements & Leasehold Interests	258,620
Costs Capitalized Subsequent to Acquisition, Improvements	34,535
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	123,282
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	293,155
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	416,437
Accumulated Depreciation and Amortization	$ 82,843
Start Year of Construction	1906
End Year of Construction	2023
Acquired of Beginning Year	2004
Acquired of Ending Year	2023
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	$ 901
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	195
Encumbrances	$ 0
Initial Cost to Company, Land	126,843
Initial Cost to Company, Building, Improvements & Leasehold Interests	306,911
Costs Capitalized Subsequent to Acquisition, Improvements	75,926
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	126,843
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	382,644
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	509,487
Accumulated Depreciation and Amortization	$ 107,518
Start Year of Construction	1910
End Year of Construction	2024
Acquired of Beginning Year	1992
Acquired of Ending Year	2023
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	88
Encumbrances	$ 0
Initial Cost to Company, Land	43,185
Initial Cost to Company, Building, Improvements & Leasehold Interests	107,069
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	43,185
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	133,844
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	177,029
Accumulated Depreciation and Amortization	$ 31,169
Start Year of Construction	1964
End Year of Construction	2018
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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	9
Encumbrances	$ 0
Initial Cost to Company, Land	6,606
Initial Cost to Company, Building, Improvements & Leasehold Interests	10,216
Costs Capitalized Subsequent to Acquisition, Improvements	1,000
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	6,606
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	11,216
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	17,822
Accumulated Depreciation and Amortization	$ 3,583
Start Year of Construction	1968
End Year of Construction	2008
Acquired of Beginning Year	1998
Acquired of Ending Year	2023
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	20 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	88
Encumbrances	$ 0
Initial Cost to Company, Land	70,977
Initial Cost to Company, Building, Improvements & Leasehold Interests	130,067
Costs Capitalized Subsequent to Acquisition, Improvements	48,434
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	70,792
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	177,453
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	248,245
Accumulated Depreciation and Amortization	$ 46,607
Start Year of Construction	1953
End Year of Construction	2023
Acquired of Beginning Year	1997
Acquired of Ending Year	2023
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	$ 912
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	6
Encumbrances	$ 0
Initial Cost to Company, Land	3,497
Initial Cost to Company, Building, Improvements & Leasehold Interests	10,325
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	3,497
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	10,325
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	13,822
Accumulated Depreciation and Amortization	$ 2,120
Start Year of Construction	1938
End Year of Construction	2004
Acquired of Beginning Year	2016
Acquired of Ending Year	2023
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	78
Encumbrances	$ 0
Initial Cost to Company, Land	59,725
Initial Cost to Company, Building, Improvements & Leasehold Interests	117,568
Costs Capitalized Subsequent to Acquisition, Improvements	14,730
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	59,725
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	132,297
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	192,022
Accumulated Depreciation and Amortization	$ 33,790
Start Year of Construction	1921
End Year of Construction	2024
Acquired of Beginning Year	2005
Acquired of Ending Year	2023
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	3
Encumbrances	$ 0
Initial Cost to Company, Land	1,942
Initial Cost to Company, Building, Improvements & Leasehold Interests	4,447
Costs Capitalized Subsequent to Acquisition, Improvements	1,033
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,942
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	5,479
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	7,421
Accumulated Depreciation and Amortization	$ 1,691
Start Year of Construction	1985
End Year of Construction	2024
Acquired of Beginning Year	2012
Acquired of Ending Year	2023
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	153
Encumbrances	$ 0
Initial Cost to Company, Land	100,796
Initial Cost to Company, Building, Improvements & Leasehold Interests	228,388
Costs Capitalized Subsequent to Acquisition, Improvements	59,501
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	100,796
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	287,890
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	388,686
Accumulated Depreciation and Amortization	$ 64,345
Start Year of Construction	1958
End Year of Construction	2024
Acquired of Beginning Year	1996
Acquired of Ending Year	2023
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	549
Encumbrances	$ 0
Initial Cost to Company, Land	459,861
Initial Cost to Company, Building, Improvements & Leasehold Interests	987,841
Costs Capitalized Subsequent to Acquisition, Improvements	214,096
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	459,861
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	1,201,477
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	1,661,338
Accumulated Depreciation and Amortization	$ 326,132
Start Year of Construction	1890
End Year of Construction	2024
Acquired of Beginning Year	1993
Acquired of Ending Year	2023
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	13,239
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	32,921
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	46,029
Accumulated Depreciation and Amortization	$ 7,670
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	118
Encumbrances	$ 0
Initial Cost to Company, Land	103,159
Initial Cost to Company, Building, Improvements & Leasehold Interests	179,224
Costs Capitalized Subsequent to Acquisition, Improvements	47,340
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	102,049
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	225,606
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	327,655
Accumulated Depreciation and Amortization	$ 65,704
Start Year of Construction	1964
End Year of Construction	2024
Acquired of Beginning Year	1995
Acquired of Ending Year	2023
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	$ 17,435
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	24
Encumbrances	$ 0
Initial Cost to Company, Land	14,442
Initial Cost to Company, Building, Improvements & Leasehold Interests	28,027
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	14,442
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	29,413
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	43,855
Accumulated Depreciation and Amortization	$ 7,312
Start Year of Construction	1970
End Year of Construction	2021
Acquired of Beginning Year	2006
Acquired of Ending Year	2023
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	55
Encumbrances	$ 0
Initial Cost to Company, Land	36,359
Initial Cost to Company, Building, Improvements & Leasehold Interests	77,233
Costs Capitalized Subsequent to Acquisition, Improvements	22,611
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	36,359
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	99,844
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	136,203
Accumulated Depreciation and Amortization	$ 23,562
Start Year of Construction	1940
End Year of Construction	2024
Acquired of Beginning Year	2006
Acquired of Ending Year	2023
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	$ 1,691
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, 2023 USD ($)	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Land, buildings, and leasehold interests:
Beginning balance	$ 9,678,127	$ 8,917,586	$ 8,534,275
Acquisitions and dollars invested in projects under construction and tenant improvements	820,238	846,331	551,287
Dispositions	(94,943)	(77,481)	(146,019)
Impairment losses	(5,990)	(8,309)	(21,957)
Ending balance	10,397,432	9,678,127	8,917,586
Accumulated depreciation and amortization:
Beginning balance	1,660,665	1,471,393	1,319,943
Dispositions	(26,236)	(25,757)	(44,509)
Depreciation and amortization expense	230,185	215,029	195,959
Ending balance	1,864,614	1,660,665	$ 1,471,393
Net investment in direct financing leases	3,033	3,352
Real estate, federal income tax basis	10,277,935
Mortgages payable, including unamortized premium and net of unamortized debt costs	$ 0	$ 9,964
Mortgages [Member]
Accumulated depreciation and amortization:
Number Of Properties Securing Mortgages Payable \| Property		5
Maximum [Member]
Accumulated depreciation and amortization:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation	18 months
Minimum [Member]
Accumulated depreciation and amortization:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation	12 months

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023		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		996	[1]	$ 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		1,521		2,011	2,468
New mortgage loans		0		0	0	3,000
Deductions during the year:
Collections of principal		(559)		(521)	(486)
Other: credit (losses) recoveries	[2]	34		31	29
Foreclosures		0		0	0
Balance at the close of year		996	[1]	1,521	2,011	2,468
Mortgages held, federal income tax basis		1,002		1,530	2,011
Mortgages accepted in connection with real estate transactions		$ 0		$ 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]	996
Principal Amount of Loans Subject to Delinquent Principal or Interest		0
Deductions during the year:
Balance at the close of year	[1]	$ 996

[1] Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2023, 2022 and 2021 were $ 1,002 , $ 1,530 and $ 2,011 , respectively. In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, 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.