National Retail Properties (NNN) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-11290
Entity Registrant Name	NATIONAL RETAIL PROPERTIES, INC.
Entity Central Index Key	0000751364
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		171,964,151
Common Stock, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NNN
Security Exchange Name	NYSE
Depositary Shares, each representing one-hundredth of a share of 5.200% Series F Preferred Stock, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing one-hundredth of a share of 5.200% Series F Preferred Stock, $0.01 par value
Trading Symbol	NNN/PF
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate portfolio:
Accounted for using the operating method, net of accumulated depreciation and amortization	$ 7,285,236	$ 7,286,217
Accounted for using the direct financing method	4,143	4,204
Real estate held for sale	4,498	10,818
Cash and cash equivalents	217,383	1,112
Receivables, net of allowance of $506	4,214	2,874
Accrued rental income, net of allowance of $1,842	28,592	28,897
Debt costs, net of accumulated amortization of $15,939 and $15,574, respectively	2,461	2,783
Other assets	100,523	97,962
Total assets	7,647,050	7,434,867
Liabilities:
Long-term Line of Credit	0	133,600
Mortgages payable, including unamortized premium and net of unamortized debt costs	11,895	12,059
Notes payable, net of unamortized discount and unamortized debt costs	3,206,563	2,842,698
Accrued interest payable	41,698	18,250
Other liabilities	85,959	96,578
Total liabilities	3,346,115	3,103,185
Preferred stock, $0.01 par value. Authorized 15,000,000 shares
Common stock, $0.01 par value. Authorized 375,000,000 shares; 171,963,354 and 171,694,209 shares issued and outstanding, respectively	1,721	1,718
Capital in excess of par value	4,499,255	4,495,314
Accumulated deficit	(526,684)	(499,229)
Accumulated other comprehensive income (loss)	(18,362)	(11,128)
Total stockholders’ equity of NNN	4,300,930	4,331,675
Noncontrolling interests	5	7
Total equity	4,300,935	4,331,682
Total liabilities and equity	7,647,050	7,434,867
5.200% Series F, 138,000 shares issued and outstanding, at stated liquidation value of $2,500 per share
Preferred stock, $0.01 par value. Authorized 15,000,000 shares
5.200% Series F, 138,000 shares issued and outstanding, at stated liquidation value of $2,500 per share	$ 345,000	$ 345,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Receivables allowance	$ 506	$ 506
Accrued rental income allowance	1,842	1,842
Debt costs accumulated amortization	$ 15,939	$ 15,574
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	15,000,000	15,000,000
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)	171,963,354	171,694,209
Common stock, shares outstanding (in shares)	171,963,354	171,694,209
Series F Preferred Stock
Dividend rate	5.20%	5.20%
Preferred stock, shares issued (in shares)	138,000	138,000
Preferred stock, shares outstanding (in shares)	138,000	138,000
Preferred stock, stated liquidation value per share (in dollars per share)	$ 2,500	$ 2,500

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 174,547	$ 163,026
Interest and other income from real estate transactions	516	686
Total revenues	175,063	163,712
Operating expenses:
General and administrative	10,100	9,521
Real estate	7,635	7,093
Depreciation and amortization	49,188	46,180
Leasing transaction costs	36	52
Impairment losses – real estate, net of recoveries	5,513	3,245
Total operating expenses	72,472	66,091
Gain on disposition of real estate	12,770	10,445
Earnings from operations	115,361	108,066
Other expenses (revenues):
Interest and other income	(164)	(1,924)
Interest expense	33,670	29,957
Loss on early extinguishment of debt	16,679	0
Total other expenses (revenues)	50,185	28,033
Net earnings	65,176	80,033
Earnings attributable to noncontrolling interests	2	(10)
Net earnings attributable to NNN	65,178	80,023
Net earnings attributable to common stockholders	$ 60,693	$ 71,441
Net earnings per share of common stock:
Basic (in dollars per share)	$ 0.35	$ 0.44
Diluted (in dollars per share)	$ 0.35	$ 0.44
Weighted average number of common shares outstanding:
Basic (in shares)	171,039,017	161,105,315
Diluted (in shares)	171,231,828	161,614,074
Other comprehensive income:
Net earnings attributable to NNN	$ 65,178	$ 80,023
Amortization of interest rate hedges	383	323
Fair value of forward starting swaps	(7,617)	0
Valuation adjustments – available-for-sale securities	0	116
Realized gain – available-for-sale securities	0	(1,331)
Comprehensive income attributable to NNN	57,944	79,131
Series E Preferred Stock
Other expenses (revenues):
Dividends	0	(4,097)
Series F Preferred Stock
Other expenses (revenues):
Dividends	$ (4,485)	$ (4,485)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Series E Preferred Stock	Series F Preferred Stock	Total Stockholders’ Equity	Total Stockholders’ EquitySeries E Preferred Stock	Total Stockholders’ EquitySeries F Preferred Stock	Preferred StockSeries E Preferred Stock	Preferred StockSeries F Preferred Stock	Common Stock	Capital in Excess of Par Value	Retained Earnings (Deficit)	Retained Earnings (Deficit)Series E Preferred Stock	Retained Earnings (Deficit)Series F Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance at Dec. 31, 2018	$ 4,154,605			$ 4,154,250			$ 287,500	$ 345,000	$ 1,616	$ 3,950,055	$ (424,225)			$ (5,696)	$ 355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	80,033			80,023							80,023				10
Dividends declared and paid:
Preferred stock dividends declared and paid		$ (4,097)	$ (4,485)		$ (4,097)	$ (4,485)						$ (4,097)	$ (4,485)
Common stock dividends declared and paid	(75,406)			(75,406)					1	5,159	(80,566)
Issuance of common stock:
Director compensation	322			322						322
Stock purchase plan	119			119						119
Restricted shares, net of forfeitures	0			0					3	(3)
Stock issuance costs	(42)			(42)						(42)
Amortization of deferred compensation	2,225			2,225						2,225
Amortization of interest rate hedges	323			323										323
Fair value of forward starting swaps	0
Valuation adjustments – available-for-sale securities	116			116										116
Realized gain – available-for-sale securities	(1,331)			(1,331)										(1,331)
Other	505			505							505
Balance at Mar. 31, 2019	4,152,887			4,152,522			$ 287,500	345,000	1,620	3,957,835	(432,845)			(6,588)	365
Balance at Dec. 31, 2019	4,331,682			4,331,675				345,000	1,718	4,495,314	(499,229)			(11,128)	7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	65,176			65,178							65,178				(2)
Dividends declared and paid:
Preferred stock dividends declared and paid			$ (4,485)			$ (4,485)							$ (4,485)
Common stock dividends declared and paid	(87,528)			(87,528)						620	(88,148)
Issuance of common stock:
Director compensation	298			298						298
Stock purchase plan	76			76						76
Restricted shares, net of forfeitures									3	(3)
Amortization of deferred compensation	2,950			2,950						2,950
Amortization of interest rate hedges	383			383										383
Fair value of forward starting swaps	(7,617)			(7,617)										(7,617)
Valuation adjustments – available-for-sale securities	0
Realized gain – available-for-sale securities	0
Balance at Mar. 31, 2020	$ 4,300,935			$ 4,300,930				$ 345,000	$ 1,721	$ 4,499,255	$ (526,684)			$ (18,362)	$ 5

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends declared and paid:
Common stock dividends (in dollars per share)	$ 0.515	$ 0.50
Issuance of common stock:
Director compensation (in shares)	6,112	8,007
Stock purchase plan (in shares)	1,477	2,324
Restricted shares, net of forfeitures (in shares)	253,406	259,650
Series E Preferred Stock
Dividends declared and paid:
Preferred stock dividends (in dollars per share)		$ 0.356250
Series F Preferred Stock
Dividends declared and paid:
Preferred stock dividends (in dollars per share)	$ 0.32500	$ 0.32500

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	3 Months Ended
	Mar. 31, 2020USD ($)		Mar. 31, 2019USD ($)
Cash flows from operating activities:
Net earnings	$ 65,176,000		$ 80,033,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	49,188,000		46,180,000
Impairment losses – real estate, net of recoveries	5,513,000		3,245,000
Loss on early extinguishment of debt	16,679,000		0
Amortization of notes payable discount	1,897,000		425,000
Amortization of debt costs	1,816,000		920,000
Amortization of mortgages payable premium	(21,000)		(21,000)
Amortization of interest rate hedges	383,000		323,000
Settlement of forward starting swaps	(13,141,000)		0
Gain on disposition of real estate	(12,770,000)		(10,445,000)
Performance incentive plan expense	3,078,000		2,787,000
Performance incentive plan payment	(846,000)		(775,000)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease in real estate leased to others using the direct financing method	61,000		172,000
Decrease (increase) in receivables	(1,340,000)		887,000
Increase in accrued rental income	(61,000)		(747,000)
Decrease (increase) in other assets	183,000		(12,000)
Increase in accrued interest payable	23,448,000		27,937,000
Decrease in other liabilities	(11,299,000)		(7,315,000)
Other	140,000		(218,000)
Net cash provided by operating activities	128,084,000		143,376,000
Cash flows from investing activities:
Proceeds from the disposition of real estate	33,384,000		16,909,000
Additions to real estate:
Accounted for using the operating method	(64,197,000)		(112,130,000)
Principal payments received on mortgages and notes receivable	100,000		0
Other	59,000		2,191,000
Net cash used in investing activities	(30,654,000)		(93,030,000)
Cash flows from financing activities:
Proceeds from line of credit payable	311,000,000		0
Repayment of line of credit payable	(444,600,000)		0
Repayment of mortgages payable	(147,000)		(141,000)
Proceeds from notes payable	692,646,000		0
Repayment of notes payable	(325,000,000)		0
Payment for early extinguishment of debt	(16,679,000)		0
Payment of debt issuance costs	(6,397,000)		(40,000)
Proceeds from issuance of common stock	696,000		5,279,000
Stock issuance costs	(45,000)		(42,000)
Payment of common stock dividends	(88,148,000)		(80,566,000)
Net cash provided by (used in) financing activities	118,841,000		(84,092,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	216,271,000		(33,746,000)
Cash, cash equivalents and restricted cash at beginning of period	1,112,000	[1]	114,267,000	[1]
Cash, cash equivalents and restricted cash at end of period	217,383,000	[1]	80,521,000	[1]
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized	6,613,000		499,000
Supplemental disclosure of noncash investing and financing activities:
Decrease in other comprehensive income	7,234,000		892,000
Right-of-use assets recorded in connection with lease liabilities	0		7,735,000
Work in progress accrual balance	24,579,000		21,670,000
Mortgage receivable accepted in connection with real estate transactions	3,000,000		3,100,000
Restricted cash and cash held in escrow	0		0
Series E Preferred Stock
Cash flows from financing activities:
Payment of preferred stock dividends	0		(4,097,000)
Series F Preferred Stock
Cash flows from financing activities:
Payment of preferred stock dividends	$ (4,485,000)		$ (4,485,000)
[1]	Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. NNN had no restricted cash and cash held in escrow at March 31, 2020 and 2019

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies : Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. The terms "NNN" or the "Company" refer to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property") . March 31, 2020 Property Portfolio: Total properties 3,125 Gross leasable area (square feet) 32,500,000 States 48 Weighted average remaining lease term (years) 11.1 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles ("GAAP"). The unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Operating results for the quarter ended March 31, 2020 , may not be indicative of the results that may be expected for the year ending December 31, 2020 . See "Footnote 8 – Subsequent Events." Amounts as of December 31, 2019 included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto as well as Management's Discussion and Analysis of Financial Condition and Results of Operations in NNN's Form 10-K for the year ended December 31, 2019 . Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codifications ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $466,000 and $126,000 in capitalized interest during the development period for the quarter ended March 31, 2020 and 2019 , respectively. Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final range relies upon ranking comparable properties' attributes from most similar 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 applicable 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 measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. Lease Accounting – In accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842") NNN used the modified retrospective approach in which the cumulative effect of applying the new standard was recognized at the date of initial application with a positive adjustment to NNN’s opening balance of accumulated deficit. The modified retrospective approach provides a method for recording existing leases upon adoption, which in comparative periods approximates the results of a full retrospective approach. NNN elected the package of practical expedients permitted under the transition guidance (which included: (i) an entity need not reassess whether any expired or existing contracts are or contain leases, (ii) an entity need not reassess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases), the land easement practical expedient to carry forward existing accounting treatment on existing land easements, and the lease and non-lease component combined practical expedient. NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the probable collection. At the point NNN deems the collection of lease payments not probable, a bad debt is recognized for any outstanding receivable and any related accrued rent and, subsequently, any lease revenue is only recognized when cash receipts are received. NNN recorded Right-Of-Use ("ROU") assets and operating lease liabilities of approximately $7,735,000 and $10,155,000 respectively, as of January 1, 2019. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN is currently evaluating the impact of this guidance and whether NNN will make this policy election for lease concessions such as rent deferrals for the quarter ended June 30, 2020. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $31,140,000 and $26,932,000 , as of March 31, 2020 and December 31, 2019, respectively, are included in notes payable on the Condensed Consolidated Balance Sheets net of accumulated amortization of $7,492,000 and $8,962,000 , respectively. Impairment – Real Estate – Based upon certain events or changes in circumstances, management periodically assesses its Properties for possible impairment whenever the carrying value of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are currently vacant or become vacant in a reasonable period of time. 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. 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 , which provide for cash flows over this term. NNN intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone would not be an indicator of impairment. Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 326 requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The new guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. During the quarter ended March 31, 2020, NNN recorded a mortgage receivable of $2,737,000 included in other assets on the Condensed Consolidated Balance Sheets, net of $174,000 allowance for credit loss. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years . Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows. Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands): Quarter Ended March 31, 2020 2019 Basic and Diluted Earnings: Net earnings attributable to NNN $ 65,178 $ 80,023 Less: Series E preferred stock dividends — (4,097 ) Less: Series F preferred stock dividends (4,485 ) (4,485 ) Net earnings available to NNN’s common stockholders 60,693 71,441 Less: Earnings allocated to unvested restricted shares (160 ) (116 ) Net earnings used in basic and diluted earnings per share $ 60,533 $ 71,325 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 171,827,815 161,785,877 Less: Unvested restricted stock (311,553 ) (232,795 ) Less: Unvested contingent restricted shares (477,245 ) (447,767 ) Weighted average number of shares outstanding used in basic earnings per share 171,039,017 161,105,315 Other dilutive securities 192,811 508,759 Weighted average number of shares outstanding used in diluted earnings per share 171,231,828 161,614,074 Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands): Gain or Loss on Cash Flow Hedges (1) Beginning balance, December 31, 2019 $ (11,128 ) Other comprehensive income (7,617 ) Reclassifications from accumulated other comprehensive income to net earnings 383 (2) Net current period other comprehensive income (loss) (7,234 ) Ending balance, March 31, 2020 $ (18,362 ) (1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income. New Accounting Pronouncements – In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” ("ASU 2019-12"), effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. NNN is currently evaluating to determine the potential impact the adoption of ASU 2019-12 will have on NNN's financial position or results of operations. Use of Estimates – Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates. Reclassification – Certain items in the prior year’s condensed consolidated financial statements and notes to condensed consolidated financial statements have been reclassified to conform to the 2020 presentation.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate	Real Estate : Real Estate – Portfolio Leases – The following outlines key information for NNN’s leases: March 31, 2020 Lease classification: Operating 3,141 Direct financing 6 Weighted average remaining lease term (years) 11.1 The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Generally, the Property leases provide for initial terms of 10 to 20 years . The Properties are generally leased under net leases, pursuant to which the tenant typically bears responsibility for substantially all property costs and expenses associated with ongoing maintenance, repair, replacement and operation of the property, including utilities, property taxes and property and liability insurance. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of (i) increases in the Consumer Price Index ("CPI"), (ii) fixed increases, or, to a lesser extent, (iii) increases in the tenant’s sales volume. Generally, NNN's leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the 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 – Accounted for Using the Operating Method – Real estate subject to operating leases consisted of the following at (dollars in thousands): March 31, 2020 December 31, 2019 Land and improvements (1) $ 2,489,398 $ 2,490,959 Buildings and improvements 5,943,971 5,913,799 Leasehold interests 355 355 8,433,724 8,405,113 Less accumulated depreciation and amortization (1,187,925 ) (1,146,334 ) 7,245,799 7,258,779 Work in progress for buildings and improvements 39,437 27,438 $ 7,285,236 $ 7,286,217 (1) Includes $16,618 and $16,930 in land for Properties under construction at March 31, 2020 and December 31, 2019 , respectively. NNN recognized the following revenues in rental income (dollars in thousands): Quarter Ended March 31, 2020 2019 Rental income from operating leases $ 168,733 $ 158,398 Earned income from direct financing leases 164 213 Percentage rent 403 422 Real estate expense reimbursement from tenants 5,247 3,993 $ 174,547 $ 163,026 Some leases provide for a free rent term or scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases. For the quarter ended March 31, 2020 and 2019 , NNN recognized ($177,000) and $630,000 , respectively, of such income, net of reserves. At March 31, 2020 and December 31, 2019 , the balance of accrued rental income was $28,592,000 and $28,897,000 , respectively, net of allowance of $1,842,000 . Real Estate – Intangibles In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at (dollars in thousands): March 31, 2020 December 31, 2019 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,845 $ 15,754 Less: accumulated amortization (10,090 ) (9,897 ) Above-market in-place leases, net $ 5,755 $ 5,857 In-place leases $ 121,674 $ 119,846 Less: accumulated amortization (66,048 ) (64,918 ) In-place leases, net $ 55,626 $ 54,928 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 42,633 $ 41,767 Less: accumulated amortization (26,351 ) (26,135 ) Below-market in-place leases, net $ 16,282 $ 15,632 The amounts amortized as a net increase to rental income for above-market and below-market in-place leases for the quarter ended March 31, 2020 and 2019 , were $220,000 and $228,000 , respectively. The value of in-place leases amortized to expense for the quarter ended March 31, 2020 and 2019 , were $2,395,000 and $2,244,000 , respectively. Real Estate – Held For Sale On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, Property, Plant and Equipment, including management’s intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. As of March 31, 2020 , NNN had six of its Properties categorized as held for sale. NNN's real estate held for sale at December 31, 2019 , included 11 Properties, five of which were sold in 2020. Real estate held for sale consisted of the following as of (dollars in thousands): March 31, 2020 December 31, 2019 Land and improvements $ 3,817 $ 7,022 Building and improvements 7,972 10,888 11,789 17,910 Less accumulated depreciation and amortization (3,953 ) (5,334 ) Less impairment (3,338 ) (1,758 ) $ 4,498 $ 10,818 Real Estate – Dispositions The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands): Quarter Ended March 31, 2020 2019 # of Sold Properties Net Gain # of Sold Properties Net Gain Net gain on disposition of real estate 14 $ 12,770 17 $ 10,445 Real Estate – Commitments NNN has committed to fund construction on 17 Properties. The improvements on such Properties are estimated to be completed within 12 months . These construction commitments, as of March 31, 2020 , are outlined in the table below (dollars in thousands): Total commitment (1) $ 74,525 Less amount funded 56,055 Remaining commitment $ 18,470 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest. Real Estate – Impairments Management periodically assesses its real estate for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are currently vacant or become vacant in a reasonable period of time. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. 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 , which provide for cash flows over this term. NNN intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone would not be an indicator of impairment. As a result of the Company's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries of $5,513,000 and $3,245,000 for the quarter ended March 31, 2020 and 2019 , respectively. 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	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Line of Credit Payable	Line of Credit Payable : NNN's $900,000,000 unsecured revolving credit facility (the “Credit Facility”) had a weighted average outstanding balance of $75,996,000 and a weighted average interest rate of 2.5% during the quarter ended March 31, 2020 . The Credit Facility matures January 2022, unless the Company exercises its option to extend maturity to January 2023. The Credit Facility bears interest at LIBOR plus 87.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $1,600,000,000 , subject to lender approval. As of March 31, 2020 , there was no outstanding balance and $900,000,000 was available for future borrowings under the Credit Facility.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2020
Notes Payable [Abstract]
Notes Payable	Notes Payable : In February 2020, NNN filed a prospectus supplement to the prospectus contained in its February 2018 shelf registration statement and, subsequently, in March 2020, issued $400,000,000 aggregate principal amount of 2.500% notes due April 2030 (the “2030 Notes”) and $300,000,000 aggregate principal amount of 3.100% notes due April 2050 (the "2050 Notes" and, together with the 2030 Notes, the "Notes"). The 2030 Notes were sold at a discount with an aggregate purchase price of $398,712,000 with interest payable semi-annually commencing on October 15, 2020. The discount of $1,288,000 is being amortized to interest expense over the term of the notes using the effective interest method. The effective interest rate for the 2030 Notes after accounting for the note discount is 2.536% . NNN previously entered into three forward starting swaps with an aggregate notional amount of $200,000,000 . Upon issuance of the 2030 Notes, NNN terminated the forward starting swaps resulting in a loss of $13,141,000 , which was deferred in other comprehensive income. The loss is being amortized to interest expense over the term of the 2030 Notes using the effective interest method. The 2050 Notes were sold at a discount with an aggregate purchase price of $293,934,000 with interest payable semi-annually commencing on October 15, 2020. The discount of $6,066,000 is being amortized to interest expense over the term of the notes using the effective interest method. The effective interest rate for the 2050 Notes after accounting for the note discount is 3.205% . The Notes are senior unsecured obligations of NNN and are subordinated to all secured indebtedness and to the indebtedness and other liabilities of NNN's subsidiaries. Additionally, the Notes are each redeemable at NNN's option, in whole or part anytime, for an amount equal to (i) the sum of the outstanding principal balance of the notes being redeemed plus accrued interest thereon to the redemption date, and (ii) the make-whole amount, if any, as defined in the supplemental indenture dated February 18, 2020, relating to the Notes. NNN received approximately $395,062,000 and $290,459,000 of net proceeds in connection with the issuance of the 2030 Notes and the 2050 Notes, respectively, after incurring debt issuance costs consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses, totaling $3,650,000 and $3,475,000 for the 2030 Notes and the 2050 Notes, respectively. On March 20, 2020, NNN redeemed the $325,000,000 3.800% notes payable due October 2022. The notes were redeemed at a price equal to 100% of the principal amount, plus (i) a make-whole amount of $16,679,000 , and (ii) accrued and unpaid interest.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity : In February 2018, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which permits the issuance by NNN of an indeterminate amount of debt and equity securities. Dividend Reinvestment and Stock Purchase Plan – In February 2018, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 10,000,000 shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands): Quarter Ended March 31, 2020 2019 Shares of common stock 12,528 101,180 Net proceeds $ 696 $ 5,279 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 outlines NNN's ATM program: 2018 ATM Established date February 2018 Termination date February 2021 Total allowable shares 12,000,000 Total shares issued as of March 31, 2020 9,722,185 There were no common stock issuances pursuant to NNN's ATM equity program for the quarter ended March 31, 2020 and 2019, respectively. Dividends – The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data): Quarter Ended March 31, 2020 2019 Series E preferred stock (1) : Dividends $ — $ 4,097 Per depositary share — 0.356250 Series F preferred stock (2) : Dividends 4,485 4,485 Per depositary share 0.325000 0.325000 Common stock: Dividends 88,148 80,566 Per share 0.515 0.500 (1) The 5.700% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock") was redeemed in October 2019. The dividends paid in 2019 include accumulated and unpaid dividends through, but not including, the redemption date. (2) The 5.200% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock") has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F Preferred Stock is October 2021. In April 2020 , NNN declared a dividend of $0.515 per share, which is payable in May 2020 to its common stockholders of record as of April 30, 2020 .

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives : In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or a firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the Condensed Consolidated Statements of Cash Flows as an operating activity. The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Payable Terminated Description Aggregate Notional Amount Liability (Asset) Fair Value When Terminated Fair Value Deferred In Other Comprehensive Income (1) 2023 April 2013 Four forward starting swaps $ 240,000 $ 3,156 $ 3,141 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 (1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable. As of March 31, 2020 , $18,362,000 remained in other comprehensive income related to NNN’s previously terminated interest rate hedges. During the quarter ended March 31, 2020 and 2019 , NNN reclassified out of other comprehensive income $384,000 and $323,000 , respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $2,555,000 will be reclassified as an increase in interest expense from these terminated derivatives. Amounts reported in accumulated other comprehensive income 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 or currently have any derivatives that are not designated as hedges. NNN had no derivative financial instruments outstanding at March 31, 2020 .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments : NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages payable at March 31, 2020 and December 31, 2019 , approximate fair value based upon current market prices of comparable instruments (Level 3). At March 31, 2020 and December 31, 2019 , the fair value of NNN’s notes payable net of unamortized discount and excluding debt costs was $3,277,730,000 and $3,074,538,000 , respectively, based upon quoted market prices, which is a Level 1 valuation since NNN's notes payable are publicly traded.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events : Overview A novel strain of coronavirus was reported to have surfaced in Wuhan, China in December 2019, and has since spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly. The actions taken by the government to mitigate the spread of COVID-19 by ordering closure of many businesses and ordering residents to generally stay at home has resulted in the loss of revenue for many of NNN's tenants and challenged their ability to pay rent. NNN expects these economic hardships to have a negative effect on its financial results, particularly beginning the quarter ending June 30, 2020. Generally, NNN leases do not allow tenants to withhold rent as a result of such closures or reduced operations by tenants. NNN is actively working with its tenants that have been impacted by the mandated closures or other social-distancing guidelines resulting from the COVID-19 pandemic. As of April 29, 2020, NNN has collected approximately 52% of annualized base rent originally due in April 2020. As of April 29, 2020, certain tenants, representing approximately 37% of annualized base rent, have requested adjustments to their lease terms, primarily consisting of short-term rent deferrals of 30 to 90 days . NNN is negotiating terms with these tenants that would require the deferred rental revenues to be paid at a later time in the lease term, typically over 3 to 18 months with payment beginning in fourth quarter 2020. Rent collections may continue below amounts required under the leases until economic activity materially improves. April rent collections and rent relief requests to- date may not be indicative of rent collections and requests in the future. Depending upon the duration of impact on tenants and the overall economic downturn resulting from the COVID-19 pandemic, NNN may find deferred rents difficult to collect. A prolonged imposition of mandated closures or other social-distancing guidelines may adversely impact NNN's tenants’ revenues, and could force tenants to default on their leases, or result in the bankruptcy or insolvency of tenants, which would diminish the rental revenue NNN receives under its leases. The rapid development and fluidity of the pandemic precludes any prediction as to the ultimate adverse impact on NNN. Nevertheless, COVID-19 presents material uncertainty and risk with respect to NNN’s performance, business or financial condition, results from operations and cash flows. NNN is currently deferring material new property investments until there is more visibility on how and when the economy and capital markets might begin to recover from the COVID-19 pandemic. Business Continuity The extent of the effects of COVID-19 on NNN's business, results of operations, cash flows, and growth prospects is highly uncertain and will ultimately depend on future developments, none of which can be predicted with any certainty. See Item "1A. Risk Factors." NNN was able to transition a large portion of its associates to work remotely and does not anticipate any adverse impact on its ability to continue to operate its business nor have any material adverse impact on NNN's financial reporting systems, internal controls over financial reporting or disclosure controls and procedures. NNN reviewed its subsequent events and transactions that have occurred after March 31, 2020, the date of the condensed consolidated balance sheet. There were no other reportable subsequent events or transactions.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codifications ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated.
Real Estate Portfolio and Impairment	Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $466,000 and $126,000 in capitalized interest during the development period for the quarter ended March 31, 2020 and 2019 , respectively. Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final range relies upon ranking comparable properties' attributes from most similar 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 applicable 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 measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases 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. Impairment – Real Estate – Based upon certain events or changes in circumstances, management periodically assesses its Properties for possible impairment whenever the carrying value of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are currently vacant or become vacant in a reasonable period of time. 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. 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 , which provide for cash flows over this term. NNN intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone would not be an indicator of impairment.
Lease Accounting, Lessor	Lease Accounting – In accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842") NNN used the modified retrospective approach in which the cumulative effect of applying the new standard was recognized at the date of initial application with a positive adjustment to NNN’s opening balance of accumulated deficit. The modified retrospective approach provides a method for recording existing leases upon adoption, which in comparative periods approximates the results of a full retrospective approach. NNN elected the package of practical expedients permitted under the transition guidance (which included: (i) an entity need not reassess whether any expired or existing contracts are or contain leases, (ii) an entity need not reassess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases), the land easement practical expedient to carry forward existing accounting treatment on existing land easements, and the lease and non-lease component combined practical expedient. NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the probable collection. At the point NNN deems the collection of lease payments not probable, a bad debt is recognized for any outstanding receivable and any related accrued rent and, subsequently, any lease revenue is only recognized when cash receipts are received. NNN recorded Right-Of-Use ("ROU") assets and operating lease liabilities of approximately $7,735,000 and $10,155,000 respectively, as of January 1, 2019. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN is currently evaluating the impact of this guidance and whether NNN will make this policy election for lease concessions such as rent deferrals for the quarter ended June 30, 2020.
Lease Accounting, Lessee	Lease Accounting – In accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842") NNN used the modified retrospective approach in which the cumulative effect of applying the new standard was recognized at the date of initial application with a positive adjustment to NNN’s opening balance of accumulated deficit. The modified retrospective approach provides a method for recording existing leases upon adoption, which in comparative periods approximates the results of a full retrospective approach. NNN elected the package of practical expedients permitted under the transition guidance (which included: (i) an entity need not reassess whether any expired or existing contracts are or contain leases, (ii) an entity need not reassess the lease classification for any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases), the land easement practical expedient to carry forward existing accounting treatment on existing land easements, and the lease and non-lease component combined practical expedient. NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the probable collection. At the point NNN deems the collection of lease payments not probable, a bad debt is recognized for any outstanding receivable and any related accrued rent and, subsequently, any lease revenue is only recognized when cash receipts are received. NNN recorded Right-Of-Use ("ROU") assets and operating lease liabilities of approximately $7,735,000 and $10,155,000 respectively, as of January 1, 2019. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN is currently evaluating the impact of this guidance and whether NNN will make this policy election for lease concessions such as rent deferrals for the quarter ended June 30, 2020.
Debt Costs	Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $31,140,000 and $26,932,000 , as of March 31, 2020 and December 31, 2019, respectively, are included in notes payable on the Condensed Consolidated Balance Sheets net of accumulated amortization of $7,492,000 and $8,962,000 , respectively.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 326 requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The new guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. During the quarter ended March 31, 2020, NNN recorded a mortgage receivable of $2,737,000 included in other assets on the Condensed Consolidated Balance Sheets, net of $174,000 allowance for credit loss. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years . Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows.
Earnings Per Share	Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
Fair Value Measurement	Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
New Accounting Pronouncements	New Accounting Pronouncements – In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” ("ASU 2019-12"), effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. NNN is currently evaluating to determine the potential impact the adoption of ASU 2019-12 will have on NNN's financial position or results of operations.
Use of Estimates	Use of Estimates – Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.
Reclassification	Reclassification – Certain items in the prior year’s condensed consolidated financial statements and notes to condensed consolidated financial statements have been reclassified to conform to the 2020 presentation.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of NNN's Investment Portfolio	NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property") . March 31, 2020 Property Portfolio: Total properties 3,125 Gross leasable area (square feet) 32,500,000 States 48 Weighted average remaining lease term (years) 11.1
Computation of Basic and Diluted Earnings Per Share	The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands): Quarter Ended March 31, 2020 2019 Basic and Diluted Earnings: Net earnings attributable to NNN $ 65,178 $ 80,023 Less: Series E preferred stock dividends — (4,097 ) Less: Series F preferred stock dividends (4,485 ) (4,485 ) Net earnings available to NNN’s common stockholders 60,693 71,441 Less: Earnings allocated to unvested restricted shares (160 ) (116 ) Net earnings used in basic and diluted earnings per share $ 60,533 $ 71,325 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 171,827,815 161,785,877 Less: Unvested restricted stock (311,553 ) (232,795 ) Less: Unvested contingent restricted shares (477,245 ) (447,767 ) Weighted average number of shares outstanding used in basic earnings per share 171,039,017 161,105,315 Other dilutive securities 192,811 508,759 Weighted average number of shares outstanding used in diluted earnings per share 171,231,828 161,614,074
Changes in Accumulated Other Comprehensive Income (Loss)	The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands): Gain or Loss on Cash Flow Hedges (1) Beginning balance, December 31, 2019 $ (11,128 ) Other comprehensive income (7,617 ) Reclassifications from accumulated other comprehensive income to net earnings 383 (2) Net current period other comprehensive income (loss) (7,234 ) Ending balance, March 31, 2020 $ (18,362 ) (1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Key Information for Leases	The following outlines key information for NNN’s leases: March 31, 2020 Lease classification: Operating 3,141 Direct financing 6 Weighted average remaining lease term (years) 11.1
Real Estate Subject to Operating Leases	Real estate subject to operating leases consisted of the following at (dollars in thousands): March 31, 2020 December 31, 2019 Land and improvements (1) $ 2,489,398 $ 2,490,959 Buildings and improvements 5,943,971 5,913,799 Leasehold interests 355 355 8,433,724 8,405,113 Less accumulated depreciation and amortization (1,187,925 ) (1,146,334 ) 7,245,799 7,258,779 Work in progress for buildings and improvements 39,437 27,438 $ 7,285,236 $ 7,286,217 (1) Includes $16,618 and $16,930 in land for Properties under construction at March 31, 2020 and December 31, 2019 , respectively.
Rental Income	NNN recognized the following revenues in rental income (dollars in thousands): Quarter Ended March 31, 2020 2019 Rental income from operating leases $ 168,733 $ 158,398 Earned income from direct financing leases 164 213 Percentage rent 403 422 Real estate expense reimbursement from tenants 5,247 3,993 $ 174,547 $ 163,026
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 (dollars in thousands): March 31, 2020 December 31, 2019 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,845 $ 15,754 Less: accumulated amortization (10,090 ) (9,897 ) Above-market in-place leases, net $ 5,755 $ 5,857 In-place leases $ 121,674 $ 119,846 Less: accumulated amortization (66,048 ) (64,918 ) In-place leases, net $ 55,626 $ 54,928 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 42,633 $ 41,767 Less: accumulated amortization (26,351 ) (26,135 ) Below-market in-place leases, net $ 16,282 $ 15,632
Real Estate Held for Sale	Real estate held for sale consisted of the following as of (dollars in thousands): March 31, 2020 December 31, 2019 Land and improvements $ 3,817 $ 7,022 Building and improvements 7,972 10,888 11,789 17,910 Less accumulated depreciation and amortization (3,953 ) (5,334 ) Less impairment (3,338 ) (1,758 ) $ 4,498 $ 10,818
Real Estate Dispositions	The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands): Quarter Ended March 31, 2020 2019 # of Sold Properties Net Gain # of Sold Properties Net Gain Net gain on disposition of real estate 14 $ 12,770 17 $ 10,445
Real Estate Commitments	These construction commitments, as of March 31, 2020 , are outlined in the table below (dollars in thousands): Total commitment (1) $ 74,525 Less amount funded 56,055 Remaining commitment $ 18,470 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Stock Issuance	The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands): Quarter Ended March 31, 2020 2019 Shares of common stock 12,528 101,180 Net proceeds $ 696 $ 5,279
Schedule of ATM Program	The following outlines NNN's ATM program: 2018 ATM Established date February 2018 Termination date February 2021 Total allowable shares 12,000,000 Total shares issued as of March 31, 2020 9,722,185
Schedule of Dividends Declared and Paid	The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data): Quarter Ended March 31, 2020 2019 Series E preferred stock (1) : Dividends $ — $ 4,097 Per depositary share — 0.356250 Series F preferred stock (2) : Dividends 4,485 4,485 Per depositary share 0.325000 0.325000 Common stock: Dividends 88,148 80,566 Per share 0.515 0.500 (1) The 5.700% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock") was redeemed in October 2019. The dividends paid in 2019 include accumulated and unpaid dividends through, but not including, the redemption date. (2) The 5.200% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock") has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F Preferred Stock is October 2021.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Payable Terminated Description Aggregate Notional Amount Liability (Asset) Fair Value When Terminated Fair Value Deferred In Other Comprehensive Income (1) 2023 April 2013 Four forward starting swaps $ 240,000 $ 3,156 $ 3,141 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 (1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2020ft²stateproperty
Property Portfolio:
Total properties | property	3,125
Gross leasable area (square feet) | ft²	32,500
States | state	48
Weighted average remaining lease term (years)	11 years 1 month 6 days

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic and Diluted Earnings:
Net earnings attributable to NNN	$ 65,178	$ 80,023
Net earnings attributable to common stockholders	60,693	71,441
Less: Earnings allocated to unvested restricted shares	(160)	(116)
Net earnings used in basic and diluted earnings per share	$ 60,533	$ 71,325
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding (in shares)	171,827,815	161,785,877
Less: Unvested restricted stock (in shares)	(311,553)	(232,795)
Less: Unvested contingent restricted shares (in shares)	(477,245)	(447,767)
Weighted average number of shares outstanding used in basic earnings per share (in shares)	171,039,017	161,105,315
Other dilutive securities (in shares)	192,811	508,759
Weighted average number of shares outstanding used in diluted earnings per share (in shares)	171,231,828	161,614,074
Series E Preferred Stock
Basic and Diluted Earnings:
Less: preferred stock dividends	$ 0	$ (4,097)
Series F Preferred Stock
Basic and Diluted Earnings:
Less: preferred stock dividends	$ (4,485)	$ (4,485)

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	$ 4,331,682
Balance	4,300,935
AOCI, cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(11,128)
Other comprehensive income	(7,617)
Reclassifications from accumulated other comprehensive income to net earnings	383
Net current period other comprehensive income (loss)	(7,234)
Balance	$ (18,362)

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2019
Accounting Policies [Line Items]
Interest costs capitalized	$ 466	$ 126
Mortgage loan
Accounting Policies [Line Items]
Mortgage receivable increase	2,737
Allowance for credit loss increase	$ 174
Collectability analysis, period used	15 years
Minimum
Accounting Policies [Line Items]
Initial lease term	10 years
Maximum
Accounting Policies [Line Items]
Initial lease term	20 years
Notes Payable to Banks
Accounting Policies [Line Items]
Debt costs	$ 31,140		$ 26,932
Debt costs accumulated amortization	$ 7,492		$ 8,962
ASC 842
Accounting Policies [Line Items]
Operating lease – ROU assets				$ 7,735
Operating lease – lease liabilities				$ 10,155

Real Estate (Key Information fo

Real Estate (Key Information for Leases) (Details)	3 Months Ended
	Mar. 31, 2020property
Lease classification:
Operating	3,141
Direct financing	6
Weighted average remaining lease term (years)	11 years 1 month 6 days
Minimum
Lease classification:
Initial lease term	10 years
Maximum
Lease classification:
Initial lease term	20 years

Real Estate (Real Estate Subjec

Real Estate (Real Estate Subject to Operating Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Subject to or Available for Operating Lease [Line Items]
Land and improvements	$ 2,489,398	$ 2,490,959
Buildings and improvements	5,943,971	5,913,799
Leasehold interests	355	355
Real estate subject to operating leases, gross	8,433,724	8,405,113
Less accumulated depreciation and amortization	(1,187,925)	(1,146,334)
Real estate subject to operating leases, net, before work in process	7,245,799	7,258,779
Work in progress for buildings and improvements	39,437	27,438
Accounted for using the operating method, net of accumulated depreciation and amortization	7,285,236	7,286,217
Asset under construction
Property Subject to or Available for Operating Lease [Line Items]
Land and improvements	$ 16,618	$ 16,930

Real Estate (Rental Income) (De

Real Estate (Rental Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lease Income [Abstract]
Rental income from operating leases	$ 168,733	$ 158,398
Earned income from direct financing leases	164	213
Percentage rent	403	422
Real estate expense reimbursement from tenants	5,247	3,993
Total lease income	174,547	163,026
Straight line rent adjustments	(177)	$ 630
Accrued rental income, net of allowance	28,592		$ 28,897
Accrued rental income allowance	$ 1,842		$ 1,842

Real Estate (Intangible Assets,

Real Estate (Intangible Assets, Lease Liabilities, and Related Amortization) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 42,633		$ 41,767
Less: accumulated amortization	(26,351)		(26,135)
Below-market in-place leases, net	16,282		15,632
Above-market in-place leases
Intangible lease assets (included in other assets):
Leases	15,845		15,754
Less: accumulated amortization	(10,090)		(9,897)
Leases, net	5,755		5,857
In-place leases
Intangible lease assets (included in other assets):
Leases	121,674		119,846
Less: accumulated amortization	(66,048)		(64,918)
Leases, net	55,626		$ 54,928
Intangible lease liabilities (included in other liabilities):
Amortization expense, in-place leases	2,395	$ 2,244
Above-market and below-market in-place leases
Intangible lease liabilities (included in other liabilities):
Amortization expense, above- and below-market leases	$ 220	$ 228

Real Estate (Real Estate Held f

Real Estate (Real Estate Held for Sale) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)property
Real Estate [Abstract]
Number of properties classified as held for sale | property	6	11
Number of properties sold | property	5
Land and improvements	$ 3,817	$ 7,022
Building and improvements	7,972	10,888
Real estate held-for-sale	11,789	17,910
Less accumulated depreciation and amortization	(3,953)	(5,334)
Less impairment	(3,338)	(1,758)
Real estate held for sale	$ 4,498	$ 10,818

Real Estate (Real Estate Dispos

Real Estate (Real Estate Dispositions) (Details) - Assets Held-for-sale $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of sold properties | property	14	17
Net gain on disposition of real estate | $	$ 12,770	$ 10,445

Real Estate (Real Estate Commit

Real Estate (Real Estate Commitments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property
Real Estate [Abstract]
Number of properties | property	17
Period for improvements to construction commitments	12 months
Total commitment	$ 74,525
Less amount funded	56,055
Remaining commitment	$ 18,470

Real Estate (Real Estate Impair

Real Estate (Real Estate Impairments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessor, Lease, Description [Line Items]
Impairment losses – real estate, net of recoveries	$ 5,513	$ 3,245
Minimum
Lessor, Lease, Description [Line Items]
Initial lease term	10 years
Maximum
Lessor, Lease, Description [Line Items]
Initial lease term	20 years

Line of Credit Payable (Details

Line of Credit Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Line of credit payable	$ 0	$ 133,600,000
Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	900,000,000
Revolving credit facility weighted average outstanding balance	$ 75,996,000
Revolving credit facility weighted average interest rate	2.50%
Option to increase facility size	$ 1,600,000,000
Line of credit payable	0
Line of credit facility available for future borrowings	$ 900,000,000
Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.875%

Notes Payable (Details)

Notes Payable (Details)	Mar. 20, 2020USD ($)	Mar. 31, 2020USD ($)instrument	Mar. 31, 2020USD ($)instrument	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)instrument	Sep. 30, 2017USD ($)instrument	Dec. 31, 2016USD ($)instrument	Oct. 31, 2015USD ($)instrument	May 31, 2014USD ($)instrument	Apr. 30, 2013USD ($)instrument
Debt Instrument [Line Items]
Loss deferred in other comprehensive income			$ 7,617,000	$ 0
Proceeds from notes payable			692,646,000	0
Payment of debt issuance costs			6,397,000	40,000
Payment of make-whole premium			$ 16,679,000	$ 0
Forward Swap
Debt Instrument [Line Items]
Number of interest rate derivatives terminated | instrument		3	3		2	2	2	4	3	4
Aggregate notional amount		$ 200,000,000	$ 200,000,000		$ 250,000,000	$ 250,000,000	$ 180,000,000	$ 300,000,000	$ 225,000,000	$ 240,000,000
Loss deferred in other comprehensive income		13,141,000
2030 Notes | Loans Payable
Debt Instrument [Line Items]
Principal amount		$ 400,000,000	$ 400,000,000
Stated interest rate		2.50%	2.50%
Aggregate purchase price		$ 398,712,000	$ 398,712,000
Discount		$ 1,288,000	$ 1,288,000
Effective Rate		2.536%	2.536%
Proceeds from notes payable		$ 395,062,000
Payment of debt issuance costs		3,650,000
2050 Notes | Loans Payable
Debt Instrument [Line Items]
Principal amount		$ 300,000,000	$ 300,000,000
Stated interest rate		3.10%	3.10%
Aggregate purchase price		$ 293,934,000	$ 293,934,000
Discount		$ 6,066,000	$ 6,066,000
Effective Rate		3.205%	3.205%
Proceeds from notes payable		$ 290,459,000
Payment of debt issuance costs		$ 3,475,000
2022 Notes | Loans Payable
Debt Instrument [Line Items]
Stated interest rate	3.80%
Notes payable redeemed	$ 325,000,000
Redemption price, percent of principal amount	100.00%
Payment of make-whole premium	$ 16,679,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Feb. 28, 2018
Class of Stock [Line Items]
Total allowable shares (in shares)		375,000,000		375,000,000
Net proceeds		$ 696	$ 5,279
Total shares issued (in shares)		171,963,354		171,694,209
Common stock dividends		$ 88,148	$ 80,566
Common stock dividends per share (in dollars per share)		$ 0.515	$ 0.500
Common stock dividends declared (in dollars per share)		$ 0.515	$ 0.50
Subsequent event
Class of Stock [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.515
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends		$ 0	$ 4,097
Preferred stock dividends per depositary share (in dollars per share)		$ 0	$ 0.356250
Dividend rate		5.70%
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock dividends		$ 4,485	$ 4,485
Preferred stock dividends per depositary share (in dollars per share)		$ 0.325000	$ 0.325000
Dividend rate		5.20%		5.20%
DRIP
Class of Stock [Line Items]
Total allowable shares (in shares)					10,000,000
Shares of common stock (in shares)		12,528	101,180
Net proceeds		$ 696	$ 5,279
ATM equity program
Class of Stock [Line Items]
Total allowable shares (in shares)		12,000,000
Total shares issued (in shares)		9,722,185

Derivatives (Terminated Derivat

Derivatives (Terminated Derivatives) (Details) - Forward Swap	Mar. 31, 2020USD ($)instrument	Sep. 30, 2018USD ($)instrument	Sep. 30, 2017USD ($)instrument	Dec. 31, 2016USD ($)instrument	Oct. 31, 2015USD ($)instrument	May 31, 2014USD ($)instrument	Apr. 30, 2013USD ($)instrument
Derivative [Line Items]
Number of interest rate derivatives terminated | instrument	3	2	2	2	4	3	4
Aggregate Notional Amount	$ 200,000,000	$ 250,000,000	$ 250,000,000	$ 180,000,000	$ 300,000,000	$ 225,000,000	$ 240,000,000
Liability Fair Value When Terminated	13,141,000		7,690,000		13,369,000	6,312,000	3,156,000
Asset Fair Value When Terminated		(4,080,000)		(13,352,000)
Fair Value Deferred In Other Comprehensive Income	$ 13,141,000	$ (4,080,000)	$ 7,688,000	$ (13,345,000)	$ 13,369,000	$ 6,312,000	$ 3,141,000

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Stockholders' equity	$ (4,300,935)	$ (4,152,887)	$ (4,331,682)	$ (4,154,605)
Interest expense	33,670	29,957
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net	(2,555)
Reclassification out of other comprehensive income
Derivative [Line Items]
Interest expense	384	$ 323
AOCI, cash flow hedges
Derivative [Line Items]
Stockholders' equity	$ 18,362		$ 11,128

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Instruments, Owned, at Fair Value [Abstract]
Fair value of notes payable	$ 3,277,730	$ 3,074,538

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	Apr. 29, 2020
Subsequent Event [Line Items]
Percentage of annualized base rent due in April 2020 collected	52.00%
Percentage of tenants requested adjustment to lease terms due to COVID-19 pandemic	37.00%
Minimum
Subsequent Event [Line Items]
Short-term rent deferral term due to COVID-19 pandemic	30 days
Payment term of rent deferred due to COVID-19 pandemic	3 months
Maximum
Subsequent Event [Line Items]
Short-term rent deferral term due to COVID-19 pandemic	90 days
Payment term of rent deferred due to COVID-19 pandemic	18 months