National Retail Properties (NNN) 10-K 9 Feb 22 2021 FY Annual report Financial data

Cover page

Cover page - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 28, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11290
Entity Registrant Name	NATIONAL RETAIL PROPERTIES, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-1431377
Entity Address, Address Line One	450 South Orange Avenue, Suite 900
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	265-7348
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NNN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 8,176,510,000
Entity Common Stock, Shares Outstanding		175,635,014
Documents Incorporated by Reference	Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of National Retail Properties, Inc.’s definitive Proxy Statement for the 2022 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A.
Entity Central Index Key	0000751364
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Real estate portfolio	$ 7,444,289	$ 7,212,655
Real estate held for sale	5,557	5,671
Cash and cash equivalents	171,322	267,236
Receivables, net of allowance of $782 and $835, respectively	3,154	4,338
Accrued rental income, net of allowance of $4,587 and $6,947, respectively	31,942	53,958
Debt costs, net of accumulated amortization of $19,377 and $17,294, respectively	7,443	1,917
Other assets	87,347	92,069
Total assets	7,751,054	7,637,844
Liabilities:
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,697	11,395
Notes payable, net of unamortized discount and unamortized debt costs	3,735,769	3,209,527
Accrued interest payable	23,923	19,401
Other liabilities	79,002	78,217
Total liabilities	3,849,391	3,318,540
Commitments and contingencies (Note 17)
Stockholders’ equity:
Preferred stock, $0.01 par value. Authorized 15,000,000 shares	0	345,000
Common stock, $0.01 par value. Authorized 375,000,000 shares; 175,635,792 and 175,232,971 shares issued and outstanding, respectively	1,757	1,753
Capital in excess of par value	4,662,714	4,633,771
Accumulated deficit	(747,853)	(644,779)
Accumulated other comprehensive income (loss)	(14,956)	(16,445)
Total stockholders’ equity of NNN	3,901,662	4,319,300
Noncontrolling interests	1	4
Total equity	3,901,663	4,319,304
Total liabilities and equity	$ 7,751,054	$ 7,637,844

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance on receivables	$ 782	$ 835
Allowance on accrued rental income	4,587	6,947
Debt costs, accumulated amortization	$ 19,377	$ 17,294
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)	175,635,792	175,232,971
Common stock, shares outstanding (in shares)	175,635,792	175,232,971
Series F Preferred Stock
Dividend rate	5.20%
Preferred stock, issued (in shares)	138,000	138,000
Preferred stock, outstanding (in shares)	138,000	138,000
Preferred stock, stated liquidation value per share (in dollars per share)	$ 2.500	$ 2.500

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Rental income	$ 723,859,000	$ 658,793,000	$ 669,009,000
Interest and other income from real estate transactions	2,548,000	1,888,000	1,478,000
Total revenues	726,407,000	660,681,000	670,487,000
Operating expenses:
General and administrative	44,640,000	38,161,000	37,651,000
Real estate	28,385,000	28,362,000	27,656,000
Depreciation and amortization	205,220,000	196,623,000	188,871,000
Leasing transaction costs	203,000	76,000	261,000
Impairment losses - real estate, net of recoveries	21,957,000	37,442,000	31,992,000
Executive retirement costs	0	1,766,000	0
Total operating expenses	300,405,000	302,430,000	286,431,000
Gain on disposition of real estate	23,094,000	16,238,000	32,463,000
Earnings from operations	449,096,000	374,489,000	416,519,000
Other expenses (revenues):
Interest and other income	(216,000)	(417,000)	(3,112,000)
Interest expense	137,874,000	129,431,000	120,023,000
Loss on early extinguishment of debt	21,328,000	16,679,000	0
Total other expenses (revenues)	158,986,000	(145,693,000)	116,911,000
Net earnings	290,110,000	228,796,000	299,608,000
Loss (earnings) attributable to noncontrolling interests	3,000	3,000	(428,000)
Net earnings attributable to NNN	290,113,000	228,799,000	299,180,000
Excess of redemption value over carrying value of preferred shares redeemed	(10,897,000)	0	(9,856,000)
Net earnings attributable to common stockholders	$ 264,217,000	$ 210,859,000	$ 258,183,000
Net earnings per share of common stock:
Basic (in dollars per share)	$ 1.51	$ 1.22	$ 1.56
Diluted (in dollars per share)	$ 1.51	$ 1.22	$ 1.56
Weighted average number of common shares outstanding:
Basic (in shares)	174,710,921	172,109,713	164,688,498
Diluted (in shares)	174,818,899	172,217,077	165,083,679
Other comprehensive income:
Net earnings attributable to NNN	$ 290,113,000	$ 228,799,000	$ 299,180,000
Amortization of interest rate hedges	3,073,000	2,300,000	1,307,000
Fair value of forward starting swaps	(1,584,000)	(7,617,000)	(5,524,000)
Realized gain – available-for-sale securities	0	0	116,000
Realized gain – available-for-sale securities	0	0	(1,331,000)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	291,602,000	223,482,000	293,748,000
Comprehensive income attributable to non-controlling interests	(3,000)	(3,000)	428,000
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	291,599,000	223,479,000	294,176,000
Series E Preferred Stock
Other expenses (revenues):
Preferred stock dividends	0	0	(13,201,000)
Series F Preferred Stock
Other expenses (revenues):
Preferred stock dividends	$ (14,999,000)	$ (17,940,000)	$ (17,940,000)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	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	Capital in Excess of Par ValueSeries E Preferred Stock	Capital in Excess of Par ValueSeries F Preferred Stock	Accumulated Deficit	Accumulated DeficitSeries E Preferred Stock	Accumulated DeficitSeries F Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2018	$ 4,154,605,000			$ 4,154,250,000			$ 287,500,000	$ 345,000,000	$ 1,616,000	$ 3,950,055,000			$ (424,225,000)			$ (5,696,000)	$ 355,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	299,608,000			299,180,000									299,180,000				428,000
Dividends declared and paid:
Preferred stock dividends declared and paid		$ (13,201,000)	$ (17,940,000)		$ (13,201,000)	$ (17,940,000)								$ (13,201,000)	$ (17,940,000)
Common stock dividends declared and paid	(314,619,000)			(314,619,000)					4,000	19,069,000			(333,692,000)
Redemption of depositary shares		$ (287,500,000)			$ (287,500,000)		(287,500,000)				$ (9,856,000)			$ (9,856,000)
Issuance of common stock:
Director compensation	1,294,000			1,294,000						1,294,000
Stock purchase plan	370,000			370,000						370,000
ATM equity program	127,337,000			127,337,000					24,000	127,313,000
Equity offering	395,500,000			395,500,000					70,000	395,430,000
Restricted shares - net of forfeitures and repurchases									4,000	(4,000)
Stock issuance costs	(17,521,000)			(17,521,000)						(17,521,000)
Amortization of deferred compensation	9,452,000			9,452,000						9,452,000
Amortization of interest rate hedges	1,307,000			1,307,000												1,307,000
Fair value of forward starting swaps	(5,524,000)			(5,524,000)												(5,524,000)
Valuation adjustments – available-for-sale securities	116,000			116,000												116,000
Realized gain – available-for-sale securities	(1,331,000)			(1,331,000)												(1,331,000)
Other	505,000			505,000									505,000
Distributions to noncontrolling interests	(776,000)																(776,000)
Ending balance at Dec. 31, 2019	4,331,682,000			4,331,675,000			$ 0	345,000,000	1,718,000	4,495,314,000			(499,229,000)			(11,128,000)	7,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	228,796,000			228,799,000									228,799,000				(3,000)
Dividends declared and paid:
Preferred stock dividends declared and paid			(17,940,000)			(17,940,000)									(17,940,000)
Common stock dividends declared and paid	(351,544,000)			(351,544,000)					1,000	4,864,000			(356,409,000)
Issuance of common stock:
Director compensation	1,132,000			1,132,000						1,132,000
Stock purchase plan	308,000			308,000						308,000
ATM equity program	121,315,000			121,315,000					31,000	121,284,000
Restricted shares - net of forfeitures and repurchases									3,000	(3,000)
Stock issuance costs	(2,212,000)			(2,212,000)						(2,212,000)
Amortization of deferred compensation	13,084,000			13,084,000						13,084,000
Amortization of interest rate hedges	2,300,000			2,300,000												2,300,000
Fair value of forward starting swaps	(7,617,000)			(7,617,000)												(7,617,000)
Realized gain – available-for-sale securities	0
Ending balance at Dec. 31, 2020	4,319,304,000			4,319,300,000				345,000,000	1,753,000	4,633,771,000			(644,779,000)			(16,445,000)	4,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	290,110,000			290,113,000									290,113,000				(3,000)
Dividends declared and paid:
Preferred stock dividends declared and paid	(14,999,000)			(14,999,000)									14,999,000
Common stock dividends declared and paid	(364,792,000)			(364,792,000)						2,499,000			(367,291,000)
Redemption of depositary shares			$ (345,000,000)			$ (345,000,000)		(345,000,000)				$ 10,897,000			$ (10,897,000)
Issuance of common stock:
Director compensation	1,145,000			1,145,000						1,145,000
Stock purchase plan	320,000			320,000						320,000
ATM equity program	1,234,000			1,234,000					1,000	1,233,000
Restricted shares - net of forfeitures and repurchases									3,000	(3,000)
Stock issuance costs	(299,000)			(299,000)						(299,000)
Amortization of deferred compensation	13,151,000			13,151,000						13,151,000
Amortization of interest rate hedges	3,073,000			3,073,000												3,073,000
Fair value of forward starting swaps	(1,584,000)			(1,584,000)												(1,584,000)
Realized gain – available-for-sale securities	0
Ending balance at Dec. 31, 2021	$ 3,901,663,000			$ 3,901,662,000				$ 0	$ 1,757,000	$ 4,662,714,000			$ (747,853,000)			$ (14,956,000)	$ 1,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common stock dividends declared and paid (in dollars per share)	$ 2.1000	$ 2.0700	$ 2.0300
Issuance of common stock - Director compensation (in shares)	30,539	35,351	28,287
Issuance of common stock - Stock purchase plan (in shares)	7,062	8,079	6,986
Issuance of common stock - ATM equity program (in shares)	30,000	3,119,153	2,344,022
Issuance of common stock - Equity offering (in shares)			7,000,000
Issuance of common stock - restricted shares, net (in shares)	287,207	263,406	359,650
Series E Preferred Stock
Preferred stock dividends declared and paid (in dollars per share)			$ 1.147917
Redemption of depositary shares (in shares)			11,500,000
Series F Preferred Stock
Preferred stock dividends declared and paid (in dollars per share)	$ 1.086944	$ 1.3000	$ 1.3000
Redemption of depositary shares (in shares)	13,800,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net earnings		$ 290,110,000	$ 228,796,000	$ 299,608,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		205,220,000	196,623,000	188,871,000
Impairment losses – real estate, net of recoveries		21,957,000	37,442,000	31,992,000
Loss on early extinguishment of debt		21,328,000	16,679,000	0
Amortization of notes payable discount		2,130,000	3,036,000	1,739,000
Amortization of debt costs		5,186,000	5,009,000	3,731,000
Amortization of mortgages payable premium		(85,000)	(85,000)	(86,000)
Amortization of interest rate hedges		3,073,000	2,300,000	1,307,000
Settlement of forward starting swaps		(1,584,000)	(13,141,000)	0
Gain on disposition of real estate		(23,094,000)	(16,238,000)	(32,463,000)
Performance incentive plan expense		14,491,000	14,479,000	11,547,000
Performance incentive plan payment		(721,000)	(846,000)	(775,000)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease (increase) in receivables		1,184,000	(1,464,000)	923,000
Decrease (increase) in accrued rental income		21,137,000	26,027,000	2,333,000
Decrease (increase) in other assets		1,589,000	488,000	(96,000)
Increase (decrease) in accrued interest payable		4,522,000	1,151,000	(1,269,000)
Increase (decrease) in other liabilities		2,279,000	1,986,000	(1,379,000)
Other		(297,000)	6,000	410,000
Net cash provided by operating activities		568,425,000	450,194,000	501,727,000
Cash flows from investing activities:
Proceeds from the disposition of real estate		123,052,000	53,254,000	123,997,000
Additions to real estate:
Accounted for using the operating method		(553,322,000)	(195,944,000)	(747,521,000)
Principal payments received on mortgages and notes receivable		486,000	374,000	3,100,000
Other		(2,393,000)	(500,000)	1,016,000
Net cash used in investing activities		(432,177,000)	(142,816,000)	(619,408,000)
Cash flows from financing activities:
Proceeds from line of credit payable		0	311,000,000	829,200,000
Repayment of line of credit payable		0	(444,600,000)	(695,600,000)
Repayment of mortgages payable		(630,000)	(596,000)	(567,000)
Proceeds from notes payable		881,172,000	692,646,000	0
Repayment of notes payable		(350,000,000)	(325,000,000)	0
Payment for early extinguishment of debt		(21,328,000)	(16,679,000)	0
Payment of debt issuance costs		(17,814,000)	(7,941,000)	(157,000)
Proceeds from issuance of common stock		4,053,000	126,488,000	542,280,000
Stock issuance costs		(325,000)	(2,223,000)	(17,521,000)
Payment of common stock dividends		(367,291,000)	(356,409,000)	(333,692,000)
Noncontrolling interest distributions		0	0	(776,000)
Net cash provided by (used in) financing activities		(232,162,000)	(41,254,000)	4,526,000
Net increase (decrease) in cash, cash equivalents and restricted cash		(95,914,000)	266,124,000	(113,155,000)
Cash, cash equivalents and restricted cash at beginning of year	[1]	267,236,000	1,112,000	114,267,000
Cash, cash equivalents and restricted cash at end of year	[1]	171,322,000	267,236,000	1,112,000
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized		123,376,000	119,408,000	115,700,000
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income (loss)		1,489,000	(5,317,000)	(5,432,000)
Right-of-use assets recorded in connection with lease liabilities		0	0	8,224,000
Work in progress accrual balance		7,695,000	5,602,000	21,579,000
Mortgage receivable issued in connection with a real estate disposition		0	3,000,000	3,100,000
Change in lease classification (direct financing lease to operating lease)		0	0	1,246,000
Series E Preferred Stock
Cash flows from financing activities:
Redemption of preferred stock		0	0	(287,500,000)
Payment of preferred stock dividends		0	0	(13,201,000)
Series F Preferred Stock
Cash flows from financing activities:
Redemption of preferred stock		(345,000,000)	0	0
Payment of preferred stock dividends		$ (14,999,000)	$ (17,940,000)	$ (17,940,000)
[1]	Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. NNN did no t have restricted cash, including cash held in escrow as of December 31, 2021, 2020 and 2019 .

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Restricted cash or cash held in escrow	$ 0	$ 0	$ 0

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies: Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The term "NNN" or the "Company" refers to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain subsidiaries as taxable REIT subsidiaries, ("TRS"). NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2021 Property Portfolio: Total properties 3,223 Gross leasable area (square feet) 32,753,000 States 48 Weighted average remaining lease term (years) 10.6 NNN's operations are reported within one operating segment in the consolidated financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties. COVID-19 Pandemic – During the years ended December 31, 2021 and 2020, NNN and its tenants were impacted by the novel strain of coronavirus and its variants ("COVID-19") pandemic which has resulted in the loss of revenue for certain tenants and challenged their ability to pay rent. NNN has entered into rent deferral lease amendments with certain tenants (See Note 2). Principles of Consolidation – NNN’s consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2021, 2020 and 2019 , NNN recorded $ 328,000 , $ 1,388,000 and $ 1,099,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final range relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is 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. NNN completed $ 531,726,000 and $ 137,667,000 of real estate acquisitions during the year ended December 31, 2021 and 2020 , respectively. Additionally, NNN invested $ 23,689,000 and $ 42,300,000 of work in progress - improvements during the year ended December 31, 2021 and 2020, respectively. Lease Accounting – NNN records its leases on the Property Portfolio in accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842"). NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the Property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below: Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases. In July 2021, the FASB issued an update to ASC 842, ASU 2021-05, which affects lessors with lease contracts that (i) have variable lease payments that do not depend on a reference index or a rate and (ii) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. NNN has reviewed all existing leases and determined this update has not effect on the current portfolio, but will apply ASU 2021-05 prospectively to leases that commence or are modified in the future. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN elected to make this policy election for COVID-19 lease concessions, including the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. Collectability – In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future lease payment collections. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. At the point NNN deems the collection of lease payments not probable, previously recognized and uncollected rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, any lease revenue is only recognized when cash receipts are received. As a result of the review of lease payments collectability, NNN recorded a write-off of $ 21,792,000 of outstanding receivables and related accrued rent during the year ended December 31, 2020, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2021, no outstanding receivables and related accrued rent were written off and no tenants were reclassified as cash basis for accounting purposes. NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income. As of December 31, 2021 , approximately six percent of total Properties, and ap proximately seven percent of aggregate gross leasable area held in the Property Portfolio, were leased to 11 tenants that NNN has determined to recognize revenue on a cash basis. During the years ended December 31, 2021 and 2020, NNN recognized $ 52,129,000 and $ 4,722,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting. NNN had no tenants classified as cash basis for accounting purposes for the year ended December 31, 2019. Right-Of-Use ("ROU") Assets and Operating Lease Liabilities – In accordance with ASC 842, NNN recorded ROU assets and operating lease liabilities as lessee under operating lease. NNN is a lessee for three ground lease arrangements and for its headquarters office lease. NNN recognized a ROU asset (recorded in other assets on the Consolidated Balance Sheets) and an operating lease liability (recorded in other liabilities on the Consolidated Balance Sheets) for the present value of the minimum lease payments. ROU assets represent NNN’s right to use an underlying asset for the lease term and lease liabilities represent NNN’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the options. NNN estimates an incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of the lease payments. NNN gives consideration to the Company's debt issuances, as well as, publicly available data for secured instruments with similar characteristics when calculating its incremental borrowing rates. On an annual basis, NNN will evaluate its lessee portfolio and determine if its incremental borrowing rate should be reassessed. NNN's lease agreements do not contain any residual value guarantees. Real Estate – Held For Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with the FASB guidance included in Real Estate Sales , provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Impairment – Real Estate – NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to, changes in real estate market condition, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, which provide for cash flows over this term. NNN generally intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone was determined not 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. NNN had mortgages receivable of $ 2,023,000 and $ 2,482,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2021 and 2020 , respectively, net of $ 129,000 and $ 158,000 allowance for credit loss, respectively. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years. Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows. Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts. Restricted Cash and Cash Held in Escrow – Restricted cash and cash held in escrow include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. Valuation of Trade Receivables – NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $ 1,100,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the credit facility as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $ 147,000 at December 31, 2021 and 2020, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 125,000 and $ 108,000 , respectively. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $ 38,145,000 and $ 31,140,000 at December 31, 2021 and 2020, respectively are included in notes payable on the Consolidated Balance Sheets net of accumulated amortization of $ 9,262,000 and $ 9,317,000 , respectively. Revenue Recognition – Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842 , based on the terms of the lease of the leased asset. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property. The core principle of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606), is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of ASC 842. NNN determined the key revenue stream impacted by ASU 2014-09 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASU 2014-09, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transaction price allocation. Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands): 2021 2020 2019 Basic and Diluted Earnings: Net earnings attributable to NNN $ 290,113 $ 228,799 $ 299,180 Less: Series E preferred stock dividends — — ( 13,201 ) Less: Series F preferred stock dividends ( 14,999 ) ( 17,940 ) ( 17,940 ) Less: Excess of redemption value over carrying value ( 10,897 ) — ( 9,856 ) Net earnings available to common stockholders 264,217 210,859 258,183 Less: Earnings allocated to unvested restricted shares ( 689 ) ( 698 ) ( 601 ) Net earnings used in basic and diluted earnings per share $ 263,528 $ 210,161 $ 257,582 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 175,554,961 172,994,337 165,499,707 Less: Unvested restricted shares ( 328,070 ) ( 337,078 ) ( 295,773 ) Less: Unvested contingent restricted shares ( 515,970 ) ( 547,546 ) ( 515,436 ) Weighted average number of shares outstanding used in basic 174,710,921 172,109,713 164,688,498 Other dilutive securities 107,978 107,364 395,181 Weighted average number of shares outstanding used in diluted 174,818,899 172,217,077 165,083,679 Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2021, NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s former TRS. The deferred tax asset consists only of net operating loss carryforwards of $3,899,000 from the former TRS that begin to expire in 2028. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The current year increase to the valuation allowance was $7,000. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by the FASB guidance included in Income Taxes . Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. NNN, in accordance with FASB guidance included in Income Taxes , has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2018 through 2021. NNN also files in many states and localities with varying open years under statute. Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2019 $ ( 11,128 ) Other comprehensive income (loss) ( 7,617 ) Reclassifications from accumulated other comprehensive income to net earnings 2,300 Net current period other comprehensive income (loss) ( 5,317 ) Ending balance, December 31, 2020 ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 $ ( 14,956 ) (1) Additional disclosure is included in Note 10 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated 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. The adoption of ASU 2019-12 did not have a significant impact on NNN's financial position or results of operations. ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities, including the transition away from the London Interbank Offered Rate ("LIBOR"), that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of December 31, 2021, NNN previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. NNN continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. NNN had no derivative financial instruments outstanding as of December 31, 2021 . Use of Estimates – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the useful lives used in calculating depreciation expense relating to real estate asset purchase accounting for acquisition of real estate subject to a lease, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates. Reclassification – Certain items in the prior year's consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the 2021 presentation.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate	Note 2 – Real Estate: Real Estate – Portfolio Leases – At December 31, 2021, NNN's real estate portfolio has a weighted average remaining lease term of 10.6 years and consisted of 3,229 leases classified as operating leases and an additional six leases accounted for as direct financing leases. The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Generally, the Property leases provide for initial terms of 10 to 20 years. The Properties are generally leased under net leases, pursuant to which the tenant typically bears responsibility for substantially all property costs and expenses associated with ongoing maintenance, repair, replacement and operation of the property, including utilities, property taxes and property and liability insurance. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of (i) increases in the Consumer Price Index ("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 renewal options. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property. As of December 31, 2021, NNN has entered into rent deferral lease amendments with certain tenants, for an aggregate $ 4,758,000 and $ 52,019,000 of rent originally due for the years ending December 31, 2021 and 2020 , respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $ 31,776,000 and $ 3,259,000 of the deferred rent was repaid in 2021 and 2020, respectively. Deferred rents of $ 14,526,000 are due to be repaid during the year ending December 31, 2022, with the remaining deferred rent coming due periodically by December 31, 2025. Historical rent collections and rent relief requests may not be indicative of collections and requests in the future. Depending on macroeconomic conditions and their impact on tenant's business and operations, deferred rents may be difficult to collect. Real Estate Portfolio – NNN's real estate consisted of the following at December 31 (dollars in thousands): 2021 2020 Land and improvements (1) $ 2,527,483 $ 2,489,243 Buildings and improvements 6,375,583 6,009,797 Leasehold interests 355 355 8,903,421 8,499,395 Less accumulated depreciation and amortization ( 1,470,062 ) ( 1,317,407 ) 7,433,359 7,181,988 Work in progress – improvements 7,277 26,673 Accounted for using the operating method 7,440,636 7,208,661 Accounted for using the direct financing method 3,653 3,994 $ 7,444,289 $ 7,212,655 (1) Includes $ 8,979 and $ 8,421 in land for Properties under construction as of December 31, 2021 and 2020 , respectively. NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2021 2020 2019 Rental income from operating leases $ 703,865 $ 639,265 $ 650,112 Earned income from direct financing leases 623 647 798 Percentage rent 706 842 1,310 Real estate expense reimbursement from tenants 18,665 18,039 16,789 $ 723,859 $ 658,793 $ 669,009 Some leases provide for a free rent period or scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases. For the years ended December 31, 2021, 2020 and 2019 , NNN recognized ($ 21,588,000 ), $ 25,449,000 and $ 1,872,000 , respectively, of accrued rental income, net of reserves. Included in accrued rental income is the impact of the rent deferral lease amendments NNN entered into as a result of the COVID-19 pandemic. During the years ended December 31, 2021 and 2020 , NNN recorded ($ 24,945,000 ) and $ 30,473,000 , respectively, of net accrued rental income related to such amendments. Additionally, as a result of reclassifying certain tenants as cash basis for accounting purposes during the year ended December 31, 2020, NNN wrote-off approximately $ 16,367,000 of accrued rental income for the year ended December 31, 2020. At December 31, 2021 and 2020 , the balance of accrued rental income was $ 31,942,000 and $ 53,958,000 , respectively, net of allowance of $ 4,587,000 and $ 6,947,000 , respectively. The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2021 (dollars in thousands): 2022 $ 654,927 2023 632,473 2024 613,371 2025 586,751 2026 543,893 Thereafter 3,895,027 $ 6,926,442 Since lease renewal periods are exercisable at the option of the tenant, the above table only presents undiscounted cash flows due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant’s sales volume. Real Estate – Intangibles In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands): 2021 2020 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,335 $ 15,474 Less: accumulated amortization ( 10,821 ) ( 10,271 ) Above-market in-place leases, net $ 4,514 $ 5,203 In-place leases $ 122,069 $ 118,416 Less: accumulated amortization ( 73,345 ) ( 68,695 ) In-place leases, net $ 48,724 $ 49,721 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,705 $ 41,101 Less: accumulated amortization ( 27,447 ) ( 26,486 ) Below-market in-place leases, net $ 14,258 $ 14,615 The amounts amortized as a net increase to rental income for capitalized above-market and below-market leases for the years ended December 31, 2021, 2020 and 2019 were $ 710,000 , $ 887,000 and $ 768,000 , respectively. The value of in-place leases amortized to expense for the years ended December 31, 2021, 2020 and 2019 was $ 7,687,000 , $ 8,304,000 and $ 7,900,000 , respectively. The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2021 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2022 $ 524 $ 7,021 2023 443 6,547 2024 440 5,859 2025 426 5,140 2026 435 4,553 Thereafter 7,476 19,604 $ 9,744 $ 48,724 Weighted average amortization period (years) 17.7 9.7 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense. Real Estate – 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 & 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 December 31, 2021 , NNN had two of its Properties categorized as held for sale. NNN's real estate held for sale at December 31, 2020 , included five properties, all of which were sold in 2021 . Real estate held for sale consisted of the following as of December 31 (dollars in thousands): 2021 2020 Land and improvements $ 6,440 $ 3,841 Building and improvements 4,313 4,971 10,753 8,812 Less accumulated depreciation and amortization ( 1,331 ) ( 2,536 ) Less impairment ( 3,865 ) ( 605 ) $ 5,557 $ 5,671 Real Estate – Dispositions The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands): 2021 2020 2019 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 74 $ 23,094 38 $ 16,238 59 $ 32,463 Real Estate – Commitments As of December 31, 2021 , NNN has committed to fund construction of 13 Properties. The improvements of such Properties are estimated to be completed within 12 months. These construction commitments, at December 31, 2021, are outlined in the table below (dollars in thousands): Total commitment (1) $ 40,991 Less amount funded 16,256 Remaining commitment $ 24,735 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest. Real Estate – Impairments NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, which provide for cash flows over this term. NNN generally intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to the COVID-19 pandemic alone was determined not to be an indicator of impairment. As a result of NNN's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2021 2020 2019 Total real estate impairments, net of recoveries $ 21,957 $ 37,442 $ 31,992 Number of Properties: Vacant 30 14 27 Occupied 12 17 12 The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

Line of Credit Payable

Line of Credit Payable	12 Months Ended
	Dec. 31, 2021
Line of Credit Facility [Abstract]
Line of Credit Payable	Note 3 – Line of Credit Payable : In June 2021, NNN amended and restated its credit agreement to increase the borrowing capacity under its unsecured revolving credit facility from $ 900,000,000 to $ 1,100,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the "Credit Facility"). The Credit Facility had no weighted average outstanding balance during the year ended December 31, 2021 . The Credit Facility matures in June 2025, unless the Company exercises its options to extend maturity to June 2026. The Credit Facility bears interest at LIBOR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $ 2,000,000,000 , subject to lender approval. In connection with the Credit Facility, NNN incurred loan costs of $ 7,489,000 which are included in debt costs on the Consolidated Balance Sheet. As of December 31, 2021 , there was no outstanding balance and $ 1,100,000,000 was available for future borrowings under the Credit Facility. In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment and dividend limitations. At December 31, 2021 , NNN was in compliance with those covenants.

Mortgages Payable

Mortgages Payable	12 Months Ended
	Dec. 31, 2021
Notes Payable, Noncurrent [Abstract]
Mortgages Payable	Note 4 – Mortgages Payable : The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands): Initial Interest Maturity Carrying Value of Outstanding Principal Entered Balance Rate Date (2) Asset(s) (3) 2021 2020 November 2014 (1) $ 15,151 5.23 % July 2023 $ 18,972 $ 10,719 $ 11,434 Debt costs ( 147 ) ( 147 ) Accumulated amortization 125 108 Debt costs, net of accumulated amortization ( 22 ) ( 39 ) Mortgages payable, including unamortized premium and net of $ 10,697 $ 11,395 (1) Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. (2) Monthly payments include interest and principal; the balance is due at maturity. (3) The loan is secured by a first mortgage lien on five of the Properties. The following outlines of the scheduled principal payments, including premium amortization of NNN’s mortgages payable as of December 31, 2021 (dollars in thousands): 2022 $ 750 2023 9,969 $ 10,719

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2021
Notes Payable [Abstract]
Notes Payable	Note 5 – Notes Payable : Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2024 (3) May 2014 $ 350,000 $ 707 $ 349,293 3.900 % 3.924 % June 2024 (4) 2025 (3) October 2015 400,000 964 399,036 4.000 % 4.029 % November 2025 (4) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 10 – Derivatives. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,100,000 . Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. Each of the notes is redeemable at the option of NNN, in whole or in part, at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus all accrued and unpaid interest thereon through the redemption date and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture relating to the notes. In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $ 38,145,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method. In March 2021, NNN redeemed the $ 350,000,000 3.300 % notes payable that were due in April 2023. The notes were redeemed at a price equal to 100 % of the principal amount, plus (i) a make-whole amount of $ 21,328,000 , and (ii) all accrued and unpaid interest. In accordance with the terms of the indentures, pursuant to which NNN’s notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2021 , NNN was in compliance with those covenants.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Preferred Stock	Note 6 – Preferred Stock : In October 2021, NNN redeemed all outstanding depositary shares ( 13,800,000 ) representing interests in its 5.200 % Series F preferred stock. The Series F preferred stock was redeemed at $ 25.00 per depositary share, plus all accrued and unpaid dividends through, but not including, the redemption date, for an aggregate redemption price of $ 25.111944 per depositary share. The excess carrying amount of the Series F preferred stock redeemed over the cash paid to redeem the Series F preferred stock was $ 10,897,000 , representing issuance costs which is reflected as a reduction to earnings attributable to common stockholders.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Common Stock	Note 7 – Common Stock : Universal Shelf Registration Statement. In August 2020, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which was automatically effective and permits the issuance by NNN of an indeterminate amount of debt and equity securities. Common Stock. In September 2019, NNN filed a prospectus supplement to the prospectus contained in its February 2018 shelf registration statement and issued 7,000,000 shares of common stock at a price of $ 56.50 per share and received net proceeds of $ 379,410,000 . In connection with this offering, NNN incurred stock issuance costs totaling approximately $ 16,090,000 , consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses. At-The-Market Offerings. Under NNN's shelf registration statement, NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's active ATM programs for the three years ended December 31, 2021: 2020 ATM 2018 ATM Established date August 2020 February 2018 Termination date August 2023 August 2020 Total allowable shares 17,500,000 12,000,000 Total shares issued as of December 31, 2021 1,599,304 11,272,034 The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data): 2021 2020 2019 Shares of common stock 30,000 3,119,153 2,344,022 Average price per share (net) $ 33.65 $ 38.21 $ 53.71 Net proceeds $ 1,009 $ 119,185 $ 125,905 Stock issuance costs (1) $ 224 $ 2,130 $ 1,431 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting Dividend Reinvestment and Stock Purchase Plan. In February 2021, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 6,000,000 shares of common stock. The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands): 2021 2020 2019 Shares of common stock 62,577 138,507 362,918 Net proceeds $ 2,744 $ 5,092 $ 19,442

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 8 – Employee Benefit Plan : Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering substantially all of the employees of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN generally matches 60 percent of the first eight percent of a participant’s contributions. Additionally, NNN may make discretionary contributions. NNN’s contributions to the Retirement Plan for the years ended December 31, 2021, 2020 and 2019 totaled $ 576,000 , $ 546,000 and $ 541,000 , respectively

Dividends

Dividends	12 Months Ended
	Dec. 31, 2021
Dividends [Abstract]
Dividends	Note 9 – Dividends : The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2021 2020 2019 Dividends $ 367,291 $ 356,409 $ 333,692 Per share 2.1000 2.0700 2.0300 On January 14, 2022 , NNN declared a dividend of $ 0.530 per share, payable February 15, 2022 , to its common stockholders of record as of January 31, 2022 . The following presents the characterization for tax purposes of common stock dividends per share paid to stockholders for the years ended December 31: 2021 2020 2019 Ordinary dividends (1) $ 1.615753 $ 1.659755 $ 1.762899 Nontaxable distributions 0.484247 0.410245 0.267101 $ 2.100000 $ 2.070000 $ 2.030000 (1) Eligible for the 20% qualified business income deduction under section 199A of the Code. The following presents the dividends declared and paid to stockholders for NNN's preferred stock for the years ended December 31 (dollars in thousands, except per share data): Series F (1) Series E (2) 2021 2020 2019 2019 Dividends $ 14,999 $ 17,940 $ 17,940 $ 13,201 Per share (3) 1.086944 1.3000 1.3000 1.147917 (1) The Series F Preferred Stock was redeemed in October 2021. The dividends paid in 2021 include accumulated and (2) The Series E preferred stock was redeemed in October 2019. The dividends paid in 2019 include accumulated and (3) 100% of preferred stock dividends were characterized as ordinary dividends for tax purposes, eligible for the 20% .

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Note 10 – Derivatives : In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the statement of cash flows as an operating activity. The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Terminated Description Aggregate Liability (Asset) Fair Value (1) 2024 May 2014 Three forward starting swaps $ 225,000 $ 6,312 $ 6,312 2025 October 2015 Four forward starting swaps 300,000 13,369 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable. As of December 31, 2021 , $ 14,956,000 remains in other comprehensive income (loss) related to NNN’s previously terminated interest rate hedges. During the years ended December 31, 2021, 2020 and 2019 , NNN reclassified $ 3,073,000 , $ 2,300,000 and $ 1,307,000 , respectively, out of other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $ 2,373,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt. NNN does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges. NNN had no derivative financial instruments outstanding at December 31, 2021 .

Performance Incentive Plan

Performance Incentive Plan	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Performance Incentive Plan	Note 11 – Performance Incentive Plan : In May 2017, NNN filed a registration statement on Form S-8 with the Commission which permits the issuance of up to 1,800,000 shares of common stock pursuant to NNN’s 2017 Performance Incentive Plan (the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key employees, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, stock awards, stock appreciation rights, Phantom Stock Awards, Performance Awards and Leveraged Stock Purchase Awards, each as defined in the 2017 Plan. There were no stock options outstanding or exercisable at December 31, 2021. Pursuant to the 2017 Plan, NNN has granted and issued shares of restricted stock to certain officers and key associates of NNN. The following summarizes the restricted stock activity for the year ended December 31, 2021: Number of Weighted Non-vested restricted shares, January 1 896,044 $ 49.54 Restricted shares granted 345,891 42.30 Restricted shares vested ( 204,796 ) 40.81 Restricted shares forfeited ( 58,684 ) 37.36 Non-vested restricted shares, December 31 978,455 49.54 Compensation expense for the restricted stock which is not contingent upon NNN’s performance goals is determined based upon the fair value at the date of grant and is recognized as the greater of the amount amortized over a straight-lined basis or the amount vested over the vesting periods. Vesting periods for officers and key associates of NNN range from three to five years and generally vest annually. NNN recognizes compensation expense on a straight-line basis for awards with only service conditions. During the year ended December 31, 2021 , NNN granted 242,555 performance-based shares subject to its total stockholder return after a three-year period relative to its peers. The fair value of these shares was determined at the grant date (for a fair value share price of $ 27.50 ). The performance-based shares were granted to certain executive officers and had a weighted average grant price of $ 42.30 per share. Once the respective performance criteria are met and the actual number of shares earned is determined, the shares vest immediately. Compensation expense is recognized over the requisite service period. The following summarizes other grants made during the year ended December 31, 2021, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 13,786 $ 45.21 Deferred directors’ fees 16,471 45.27 30,257 40.28 Shares available under the 2017 Plan for grant, end of period 467,259 The total compensation expense for share-based payments for the years ended December 31, 2021, 2020 and 2019 totaled $ 14,296,000 , $ 14,213,000 and $ 10,737,000 , respectively. At December 31, 2021 , NNN had $ 12,288,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements under the 2017 Plan. This cost is expected to be recognized over a weighted average period of 2.2 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2021
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value of Financial Instruments	Note 12 – Fair Value of Financial Instruments : NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages payable at December 31, 2021 and 2020, approximate fair value based upon current market prices of comparable instruments (Level 3). At December 31, 2021 and 2020 , the fair value of NNN’s notes payable excluding unamortized discount and debt costs, were $ 4,032,757,000 and $ 3,553,125,000 , respectively, based upon quoted market prices, which is a Level 1 valuation since NNN's notes payable are publicly traded.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	Note 13 – Segment Information : For the years ended December 31, 2021, 2020 and 2019 , NNN’s operations are reported within one operating segment in the consolidated financial statements and all properties are part of the Properties or Property Portfolio.

Major Tenants

Major Tenants	12 Months Ended
	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Major Tenants	Note 14 – Major Tenants : As of December 31, 2021 , NNN had no tenants that accounted for ten percent or more of its rental income.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15 – Commitments and Contingencies : A summary of NNN's commitments are included in Note 2 – Real Estate. In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material to NNN's consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 16 – Subsequent Events : NNN reviewed all subsequent events and transactions that have occurred after December 31, 2021, the date of the consolidated balance sheet. As of January 31, 2022, NNN had collected approximately 99.4 % of rent originally due in the quarter ended December 31, 2021. There were no other reportable subsequent events or transactions.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation and Amortization	NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2021 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which (a) (c) State # of Encumbrances (e) Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Alabama 151 $ — $ 71,938 $ 167,623 $ 39,580 $ — $ 71,652 $ 207,202 $ 278,854 $ 44,755 1948 - 2020 2001 - 2021 10 - 40 Alaska 5 — 1,943 3,694 — — 1,943 3,694 5,637 1,714 1971 - 2003 1996 - 2014 20 - 40 Arizona 60 4,388 70,516 92,020 62,853 — 70,516 154,873 225,389 35,303 1974 - 2018 1998 - 2021 10 - 40 Arkansas 66 — 29,598 85,825 16,927 — 29,598 102,752 132,350 13,900 1969 - 2020 1998 - 2021 20 - 40 California 65 — 131,057 188,503 35,459 — 129,100 215,617 344,717 50,603 1945 - 2018 1997 - 2021 20 - 40 Colorado 34 2,432 54,569 71,764 21,909 — 54,569 93,673 148,242 25,089 1969 - 2017 1994 - 2021 20 - 40 Connecticut 9 — 8,250 31,067 601 — 8,250 31,668 39,918 8,950 1929 - 1996 2006 - 2019 20 - 30 Delaware 1 — 2,994 6,062 71 — 2,994 6,133 9,127 4,120 1994 - 1994 1994 - 1994 40 - 40 District of 1 — 624 578 — — 624 578 1,202 243 1983 - 1983 2005 - 2005 40 - 40 Florida 229 — 247,539 336,470 147,571 — 247,539 484,041 731,580 107,618 1959 - 2020 1985 - 2021 5 - 40 Georgia 153 — 121,847 231,162 62,984 — 121,847 294,146 415,993 66,871 1967 - 2020 1996 - 2021 10 - 40 Idaho 9 — 6,999 6,719 8,331 — 6,999 15,050 22,049 4,325 1979 - 2017 2006 - 2018 20 - 40 Illinois 163 — 128,346 305,122 44,986 — 128,346 349,786 478,132 81,515 1924 - 2022 1995 - 2021 15 - 40 Indiana 149 — 99,469 201,978 79,675 — 99,469 280,984 380,453 65,721 1965 - 2020 2001 - 2021 15 - 40 Iowa 27 — 20,064 37,962 14,526 — 20,064 52,487 72,551 15,327 1964 - 2015 2005 - 2017 10 - 40 Kansas 36 — 17,044 34,678 9,776 — 16,920 44,312 61,232 8,830 1946 - 2017 1997 - 2019 15 - 40 Kentucky 55 — 40,724 96,870 13,385 — 40,724 110,255 150,979 24,654 1974 - 2020 2005 - 2021 25 - 40 Louisiana 41 — 30,165 61,652 37,684 — 30,165 99,336 129,501 18,634 1970 - 2018 1996 - 2021 15 - 40 Maine 12 — 3,781 13,017 — — 3,781 13,017 16,798 4,087 1915 - 2002 1996 - 2017 10 - 40 Maryland 50 — 62,149 126,171 3,006 — 62,149 129,177 191,326 34,641 1946 - 2017 1996 - 2019 20 - 40 Massachusetts 23 — 32,668 90,750 — — 32,668 90,750 123,418 14,065 1960 - 2017 2006 - 2019 20 - 40 Michigan 64 — 46,647 98,353 58,994 — 46,647 156,737 203,384 29,289 1963 - 2020 1996 - 2021 20 - 40 Minnesota 27 — 19,824 34,281 2,552 — 19,824 36,832 56,656 11,597 1950 - 2017 2005 - 2018 10 - 40 Mississippi 62 — 28,548 91,285 14,084 — 28,548 105,369 133,917 8,406 1959 - 2017 2006 - 2021 15 - 40 Missouri 97 — 62,095 115,114 67,132 — 61,916 181,157 243,073 35,933 1920 - 2021 1992 - 2021 15 - 40 Montana 26 3,791 4,102 11,865 2,654 — 4,102 14,518 18,620 4,350 1937 - 2016 2010 - 2016 20 - 40 Nebraska 6 — 5,608 3,066 5,033 — 5,608 8,099 13,707 1,600 1979 - 2015 2005 - 2017 20 - 40 Nevada 13 — 7,405 22,914 1,205 — 7,405 24,119 31,524 3,736 1961 - 2014 2012 - 2021 25 - 40 New Hampshire 9 — 8,913 32,168 — — 8,913 32,168 41,081 6,443 1980 - 2004 2011 - 2018 25 - 30 New Jersey 20 — 37,144 152,600 732 — 37,144 153,331 190,475 44,019 1965 - 2015 1996 - 2019 25 - 40 New Mexico 29 — 20,739 69,182 21,795 — 20,739 90,977 111,716 11,345 1955 - 2019 2001 - 2019 25 - 40 New York 37 — 26,197 47,041 28,115 — 26,197 71,814 98,011 15,570 1925 - 2020 1997 - 2021 20 - 40 North Carolina 163 — 126,016 254,598 33,770 — 126,016 287,937 413,953 68,705 1906 - 2020 2004 - 2021 5 - 40 North Dakota 4 — 411 1,606 — — 411 1,606 2,017 808 1974 - 1999 1997 - 2011 25 - 40 Ohio 192 — 133,262 304,824 73,954 — 131,231 376,750 507,981 85,107 1910 - 2019 1992 - 2019 15 - 40 Oklahoma 88 — 43,809 106,511 29,204 — 43,809 135,456 179,265 23,325 1964 - 2018 1996 - 2021 15 - 40 Oregon 6 — 4,184 6,888 735 — 4,184 7,623 11,807 3,297 1973 - 1999 1998 - 2012 20 - 40 Pennsylvania 82 — 59,036 109,324 29,956 — 58,851 136,248 195,099 39,892 1950 - 2017 1997 - 2019 15 - 40 Puerto Rico 1 — 1,729 — 2,732 — 1,729 2,131 3,860 782 1998 - 1998 2007 - 2007 33 - 33 NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2021 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which (a) (c) State # of Encumbrances (e) Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Rhode Island 5 — 2,377 7,450 — — 2,377 7,450 9,827 1,484 1989 - 2004 2016 - 2016 25 - 30 South Carolina 71 — 50,000 100,307 8,959 — 50,000 109,265 159,265 25,801 1921 - 2021 2005 - 2021 10 - 40 South Dakota 2 — 1,595 4,447 788 — 1,595 5,234 6,829 1,360 1985 - 2000 2012 - 2012 30 - 35 Tennessee 150 — 91,733 210,065 55,949 — 91,733 266,014 357,747 50,909 1958 - 2019 1996 - 2021 5 - 40 Texas 502 — 402,511 851,361 166,356 — 402,511 1,015,755 1,418,266 265,700 1890 - 2021 1993 - 2021 15 - 40 Utah 13 — 12,021 15,506 13,216 — 12,021 28,722 40,743 5,611 1951 - 2016 2006 - 2019 20 - 40 Virginia 116 — 95,192 173,980 30,027 — 94,082 199,848 293,930 55,780 1939 - 2022 1995 - 2021 5 - 40 Washington 27 — 22,568 34,547 15,894 — 22,568 50,441 73,009 14,309 1955 - 2017 1997 - 2019 20 - 40 West Virginia 22 — 13,640 24,423 1,385 — 13,640 25,808 39,448 5,675 1970 - 2013 2006 - 2017 25 - 40 Wisconsin 44 — 27,026 57,395 13,542 — 27,026 70,937 97,963 18,184 1940 - 2020 2006 - 2021 20 - 40 Wyoming 6 — 1,150 3,815 — — 1,150 3,815 4,965 1,411 1949 - 2001 2010 - 2012 20 - 30 3,223 $ 10,611 $ 2,537,766 $ 5,134,603 $ 1,278,087 $ — $ 2,531,894 $ 6,385,692 $ 8,917,586 $ 1,471,393 NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2021 (dollars in thousands) (a) The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31: 2021 2020 2019 Beginning balance, January 1 $ 8,534,275 $ 8,448,702 $ 7,883,633 Acquisitions and dollars invested in projects under construction or tenant improvements 551,287 177,901 733,376 Dispositions ( 146,019 ) ( 54,886 ) ( 138,332 ) Impairment losses ( 21,957 ) ( 37,442 ) ( 29,975 ) Ending balance, December 31 $ 8,917,586 $ 8,534,275 $ 8,448,702 (b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2021 2020 2019 Beginning balance, January 1 $ 1,319,943 $ 1,151,667 $ 1,016,271 Dispositions ( 44,509 ) ( 17,828 ) ( 44,185 ) Depreciation and amortization expense 195,959 186,104 179,581 Ending balance, December 31 $ 1,471,393 $ 1,319,943 $ 1,151,667 (c) For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2021 , the net investment in real estate accounted for under the direct financing method was $ 3,653 . (d) As of December 31, 2021 , the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $ 8,828,431 (unaudited). (e) NNN's $ 15,151 long-term, fixed rate loan is secured by a first mortgage lien on five Properties, located in three states. Mortgage payable, including unamortized premium and net of unamortized debt costs was $ 10,697 at December 31, 2021 .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDU LE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2021 (dollars in thousands) Description Interest Maturity Periodic Prior Face Carrying (c) Principal First mortgages on properties: 2 properties in VA 7.000 % 3/1/2025 (b) — $ 3,000 $ 2,011 $ — $ 3,000 $ 2,011 (a) $ — (a) The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31: 2021 2020 2019 Beginning balance, January 1 $ 2,468 $ — $ — New mortgage loans (d) — 3,000 3,100 Deductions during the year: Collections of principal ( 486 ) ( 374 ) ( 3,100 ) Other: credit (losses) recoveries (e) 29 ( 158 ) — Foreclosures — — — Ending balance, December 31 $ 2,011 $ 2,468 $ — (b) Principal and interest is payable at varying amounts over the life of the loan. (c) Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2021 and 2020 were $ 2,011 and $ 2,468 , respectively. There were no mortgages outstanding at December 31, 2019. (d) Mortgages totaling $ 3,000 and $ 3,100 , were accepted in connection with real estate transactions for the year ended December 31, 2020 and 2019, respectively. (e) In accordance with FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and the historical collectability trend analysis over 15 years.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation – NNN’s consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities.
Real Estate Portfolio	Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2021, 2020 and 2019 , NNN recorded $ 328,000 , $ 1,388,000 and $ 1,099,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final range relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is 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. NNN completed $ 531,726,000 and $ 137,667,000 of real estate acquisitions during the year ended December 31, 2021 and 2020 , respectively. Additionally, NNN invested $ 23,689,000 and $ 42,300,000 of work in progress - improvements during the year ended December 31, 2021 and 2020, respectively. Lease Accounting – NNN records its leases on the Property Portfolio in accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842"). NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the Property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below: Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases. Real Estate – Held For Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with the FASB guidance included in Real Estate Sales , provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Impairment – Real Estate – NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to, changes in real estate market condition, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, which provide for cash flows over this term. NNN generally intends to hold these assets for the long-term, therefore, a temporary change in cash flows due to COVID-19 alone was determined not be an indicator of impairment.
Lease Accounting, Lessor	In July 2021, the FASB issued an update to ASC 842, ASU 2021-05, which affects lessors with lease contracts that (i) have variable lease payments that do not depend on a reference index or a rate and (ii) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. NNN has reviewed all existing leases and determined this update has not effect on the current portfolio, but will apply ASU 2021-05 prospectively to leases that commence or are modified in the future. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN elected to make this policy election for COVID-19 lease concessions, including the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. Collectability – In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future lease payment collections. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. At the point NNN deems the collection of lease payments not probable, previously recognized and uncollected rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, any lease revenue is only recognized when cash receipts are received. As a result of the review of lease payments collectability, NNN recorded a write-off of $ 21,792,000 of outstanding receivables and related accrued rent during the year ended December 31, 2020, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2021, no outstanding receivables and related accrued rent were written off and no tenants were reclassified as cash basis for accounting purposes. NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income. As of December 31, 2021 , approximately six percent of total Properties, and ap proximately seven percent of aggregate gross leasable area held in the Property Portfolio, were leased to 11 tenants that NNN has determined to recognize revenue on a cash basis. During the years ended December 31, 2021 and 2020, NNN recognized $ 52,129,000 and $ 4,722,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting. NNN had no tenants classified as cash basis for accounting purposes for the year ended December 31, 2019. Right-Of-Use ("ROU") Assets and Operating Lease Liabilities – In accordance with ASC 842, NNN recorded ROU assets and operating lease liabilities as lessee under operating lease. NNN is a lessee for three ground lease arrangements and for its headquarters office lease. NNN recognized a ROU asset (recorded in other assets on the Consolidated Balance Sheets) and an operating lease liability (recorded in other liabilities on the Consolidated Balance Sheets) for the present value of the minimum lease payments. ROU assets represent NNN’s right to use an underlying asset for the lease term and lease liabilities represent NNN’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the options. NNN estimates an incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of the lease payments. NNN gives consideration to the Company's debt issuances, as well as, publicly available data for secured instruments with similar characteristics when calculating its incremental borrowing rates. On an annual basis, NNN will evaluate its lessee portfolio and determine if its incremental borrowing rate should be reassessed. NNN's lease agreements do not contain any residual value guarantees.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 326 requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The new guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. NNN had mortgages receivable of $ 2,023,000 and $ 2,482,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2021 and 2020 , respectively, net of $ 129,000 and $ 158,000 allowance for credit loss, respectively. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years. Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts.
Restricted Cash and Cash Held in Escrow	Restricted Cash and Cash Held in Escrow – Restricted cash and cash held in escrow include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN.
Valuation of Trade Receivables	Valuation of Trade Receivables – NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims.
Debt Costs	Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $ 1,100,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the credit facility as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $ 147,000 at December 31, 2021 and 2020, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 125,000 and $ 108,000 , respectively. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $ 38,145,000 and $ 31,140,000 at December 31, 2021 and 2020, respectively are included in notes payable on the Consolidated Balance Sheets net of accumulated amortization of $ 9,262,000 and $ 9,317,000 , respectively.
Revenue Recognition	Revenue Recognition – Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842 , based on the terms of the lease of the leased asset. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property. The core principle of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606), is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of ASC 842. NNN determined the key revenue stream impacted by ASU 2014-09 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASU 2014-09, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transaction price allocation.
Earnings Per Share	Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands): 2021 2020 2019 Basic and Diluted Earnings: Net earnings attributable to NNN $ 290,113 $ 228,799 $ 299,180 Less: Series E preferred stock dividends — — ( 13,201 ) Less: Series F preferred stock dividends ( 14,999 ) ( 17,940 ) ( 17,940 ) Less: Excess of redemption value over carrying value ( 10,897 ) — ( 9,856 ) Net earnings available to common stockholders 264,217 210,859 258,183 Less: Earnings allocated to unvested restricted shares ( 689 ) ( 698 ) ( 601 ) Net earnings used in basic and diluted earnings per share $ 263,528 $ 210,161 $ 257,582 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 175,554,961 172,994,337 165,499,707 Less: Unvested restricted shares ( 328,070 ) ( 337,078 ) ( 295,773 ) Less: Unvested contingent restricted shares ( 515,970 ) ( 547,546 ) ( 515,436 ) Weighted average number of shares outstanding used in basic 174,710,921 172,109,713 164,688,498 Other dilutive securities 107,978 107,364 395,181 Weighted average number of shares outstanding used in diluted 174,818,899 172,217,077 165,083,679
Income Taxes	Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2021, NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s former TRS. The deferred tax asset consists only of net operating loss carryforwards of $3,899,000 from the former TRS that begin to expire in 2028. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The current year increase to the valuation allowance was $7,000. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by the FASB guidance included in Income Taxes . Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. NNN, in accordance with FASB guidance included in Income Taxes , has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2018 through 2021. NNN also files in many states and localities with varying open years under statute.
Fair Value Measurement	Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2019 $ ( 11,128 ) Other comprehensive income (loss) ( 7,617 ) Reclassifications from accumulated other comprehensive income to net earnings 2,300 Net current period other comprehensive income (loss) ( 5,317 ) Ending balance, December 31, 2020 ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 $ ( 14,956 ) (1) Additional disclosure is included in Note 10 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated
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. The adoption of ASU 2019-12 did not have a significant impact on NNN's financial position or results of operations. ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities, including the transition away from the London Interbank Offered Rate ("LIBOR"), that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of December 31, 2021, NNN previously elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. NNN continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. NNN had no derivative financial instruments outstanding as of December 31, 2021 .
Use of Estimates	Use of Estimates – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the useful lives used in calculating depreciation expense relating to real estate asset purchase accounting for acquisition of real estate subject to a lease, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates.
Reclassification	Reclassification – Certain items in the prior year's consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the 2021 presentation.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of NNN's Investment Portfolio	NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2021 Property Portfolio: Total properties 3,223 Gross leasable area (square feet) 32,753,000 States 48 Weighted average remaining lease term (years) 10.6
Computation of Basic and Diluted Earnings Per Share	The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands): 2021 2020 2019 Basic and Diluted Earnings: Net earnings attributable to NNN $ 290,113 $ 228,799 $ 299,180 Less: Series E preferred stock dividends — — ( 13,201 ) Less: Series F preferred stock dividends ( 14,999 ) ( 17,940 ) ( 17,940 ) Less: Excess of redemption value over carrying value ( 10,897 ) — ( 9,856 ) Net earnings available to common stockholders 264,217 210,859 258,183 Less: Earnings allocated to unvested restricted shares ( 689 ) ( 698 ) ( 601 ) Net earnings used in basic and diluted earnings per share $ 263,528 $ 210,161 $ 257,582 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 175,554,961 172,994,337 165,499,707 Less: Unvested restricted shares ( 328,070 ) ( 337,078 ) ( 295,773 ) Less: Unvested contingent restricted shares ( 515,970 ) ( 547,546 ) ( 515,436 ) Weighted average number of shares outstanding used in basic 174,710,921 172,109,713 164,688,498 Other dilutive securities 107,978 107,364 395,181 Weighted average number of shares outstanding used in diluted 174,818,899 172,217,077 165,083,679
Changes in Accumulated Other Comprehensive Income (Loss)	The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2019 $ ( 11,128 ) Other comprehensive income (loss) ( 7,617 ) Reclassifications from accumulated other comprehensive income to net earnings 2,300 Net current period other comprehensive income (loss) ( 5,317 ) Ending balance, December 31, 2020 ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 $ ( 14,956 ) (1) Additional disclosure is included in Note 10 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Summary of Real Estate Subject to Operating Leases	Real Estate Portfolio – NNN's real estate consisted of the following at December 31 (dollars in thousands): 2021 2020 Land and improvements (1) $ 2,527,483 $ 2,489,243 Buildings and improvements 6,375,583 6,009,797 Leasehold interests 355 355 8,903,421 8,499,395 Less accumulated depreciation and amortization ( 1,470,062 ) ( 1,317,407 ) 7,433,359 7,181,988 Work in progress – improvements 7,277 26,673 Accounted for using the operating method 7,440,636 7,208,661 Accounted for using the direct financing method 3,653 3,994 $ 7,444,289 $ 7,212,655 (1) Includes $ 8,979 and $ 8,421 in land for Properties under construction as of December 31, 2021 and 2020 , respectively.
Rental Income, Operating Leases	NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2021 2020 2019 Rental income from operating leases $ 703,865 $ 639,265 $ 650,112 Earned income from direct financing leases 623 647 798 Percentage rent 706 842 1,310 Real estate expense reimbursement from tenants 18,665 18,039 16,789 $ 723,859 $ 658,793 $ 669,009
Undiscounted Cash Flows to be Received on Noncancellable Operating Leases	The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2021 (dollars in thousands): 2022 $ 654,927 2023 632,473 2024 613,371 2025 586,751 2026 543,893 Thereafter 3,895,027 $ 6,926,442
Intangible Assets, Lease Liabilities, and Related Amortization	In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands): 2021 2020 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,335 $ 15,474 Less: accumulated amortization ( 10,821 ) ( 10,271 ) Above-market in-place leases, net $ 4,514 $ 5,203 In-place leases $ 122,069 $ 118,416 Less: accumulated amortization ( 73,345 ) ( 68,695 ) In-place leases, net $ 48,724 $ 49,721 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,705 $ 41,101 Less: accumulated amortization ( 27,447 ) ( 26,486 ) Below-market in-place leases, net $ 14,258 $ 14,615 The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2021 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2022 $ 524 $ 7,021 2023 443 6,547 2024 440 5,859 2025 426 5,140 2026 435 4,553 Thereafter 7,476 19,604 $ 9,744 $ 48,724 Weighted average amortization period (years) 17.7 9.7 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense.
Real Estate Held for Sale	Real estate held for sale consisted of the following as of December 31 (dollars in thousands): 2021 2020 Land and improvements $ 6,440 $ 3,841 Building and improvements 4,313 4,971 10,753 8,812 Less accumulated depreciation and amortization ( 1,331 ) ( 2,536 ) Less impairment ( 3,865 ) ( 605 ) $ 5,557 $ 5,671
Gains on Dispositions of Properties	The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands): 2021 2020 2019 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 74 $ 23,094 38 $ 16,238 59 $ 32,463
Remaining Funding Commitments	These construction commitments, at December 31, 2021, are outlined in the table below (dollars in thousands): Total commitment (1) $ 40,991 Less amount funded 16,256 Remaining commitment $ 24,735 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.
Real Estate Impairments	As a result of NNN's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2021 2020 2019 Total real estate impairments, net of recoveries $ 21,957 $ 37,442 $ 31,992 Number of Properties: Vacant 30 14 27 Occupied 12 17 12

Mortgages Payable (Tables)

Mortgages Payable (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Payable, Noncurrent [Abstract]
Schedule of Long-term Debt Instruments	The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands): Initial Interest Maturity Carrying Value of Outstanding Principal Entered Balance Rate Date (2) Asset(s) (3) 2021 2020 November 2014 (1) $ 15,151 5.23 % July 2023 $ 18,972 $ 10,719 $ 11,434 Debt costs ( 147 ) ( 147 ) Accumulated amortization 125 108 Debt costs, net of accumulated amortization ( 22 ) ( 39 ) Mortgages payable, including unamortized premium and net of $ 10,697 $ 11,395 (1) Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. (2) Monthly payments include interest and principal; the balance is due at maturity. (3) The loan is secured by a first mortgage lien on five of the Properties.
Schedule of Maturities of Long-term Debt	The following outlines of the scheduled principal payments, including premium amortization of NNN’s mortgages payable as of December 31, 2021 (dollars in thousands): 2022 $ 750 2023 9,969 $ 10,719

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2021
Notes Payable [Abstract]
Notes Payable	Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2024 (3) May 2014 $ 350,000 $ 707 $ 349,293 3.900 % 3.924 % June 2024 (4) 2025 (3) October 2015 400,000 964 399,036 4.000 % 4.029 % November 2025 (4) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 10 – Derivatives. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,100,000 .

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Stock by Class	At-The-Market Offerings. Under NNN's shelf registration statement, NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's active ATM programs for the three years ended December 31, 2021: 2020 ATM 2018 ATM Established date August 2020 February 2018 Termination date August 2023 August 2020 Total allowable shares 17,500,000 12,000,000 Total shares issued as of December 31, 2021 1,599,304 11,272,034 The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data): 2021 2020 2019 Shares of common stock 30,000 3,119,153 2,344,022 Average price per share (net) $ 33.65 $ 38.21 $ 53.71 Net proceeds $ 1,009 $ 119,185 $ 125,905 Stock issuance costs (1) $ 224 $ 2,130 $ 1,431 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands): 2021 2020 2019 Shares of common stock 62,577 138,507 362,918 Net proceeds $ 2,744 $ 5,092 $ 19,442

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2021
Dividends [Abstract]
Schedule of Dividends Declared and Paid	The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2021 2020 2019 Dividends $ 367,291 $ 356,409 $ 333,692 Per share 2.1000 2.0700 2.0300
Common Stock, Dividends Paid	The following presents the characterization for tax purposes of common stock dividends per share paid to stockholders for the years ended December 31: 2021 2020 2019 Ordinary dividends (1) $ 1.615753 $ 1.659755 $ 1.762899 Nontaxable distributions 0.484247 0.410245 0.267101 $ 2.100000 $ 2.070000 $ 2.030000 (1) Eligible for the 20% qualified business income deduction under section 199A of the Code.
Preferred Stock, Dividends Paid	The following presents the dividends declared and paid to stockholders for NNN's preferred stock for the years ended December 31 (dollars in thousands, except per share data): Series F (1) Series E (2) 2021 2020 2019 2019 Dividends $ 14,999 $ 17,940 $ 17,940 $ 13,201 Per share (3) 1.086944 1.3000 1.3000 1.147917 (1) The Series F Preferred Stock was redeemed in October 2021. The dividends paid in 2021 include accumulated and (2) The Series E preferred stock was redeemed in October 2019. The dividends paid in 2019 include accumulated and

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Terminated Description Aggregate Liability (Asset) Fair Value (1) 2024 May 2014 Three forward starting swaps $ 225,000 $ 6,312 $ 6,312 2025 October 2015 Four forward starting swaps 300,000 13,369 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.

Performance Incentive Plan (Tab

Performance Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following summarizes the restricted stock activity for the year ended December 31, 2021: Number of Weighted Non-vested restricted shares, January 1 896,044 $ 49.54 Restricted shares granted 345,891 42.30 Restricted shares vested ( 204,796 ) 40.81 Restricted shares forfeited ( 58,684 ) 37.36 Non-vested restricted shares, December 31 978,455 49.54
Schedule of Other Grants	The following summarizes other grants made during the year ended December 31, 2021, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 13,786 $ 45.21 Deferred directors’ fees 16,471 45.27 30,257 40.28 Shares available under the 2017 Plan for grant, end of period 467,259

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details)	12 Months Ended
	Dec. 31, 2021ft²PropertyState
Property Portfolio:
Total properties | Property	3,223
Gross leasable area (square feet) | ft²	32,753,000
States | State	48
Weighted average remaining lease term (years)	10 years 7 months 6 days

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)SegmentTenant	Dec. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)TenantSegment	Jun. 30, 2021USD ($)	May 31, 2021USD ($)
Debt Instrument [Line Items]
Number of operating segments | Segment	1	1	1
Interest costs capitalized	$ 328,000	$ 1,388,000	$ 1,099,000
Real estate acquisitions	531,726,000	137,667,000
Investments in work in progress - improvements	23,689,000	42,300,000
Write-off of outstanding receivables and related accrued rent	$ 0	21,792,000
Percentage of total properties for which revenue recognized on cash basis	6.00%
Percentage of aggregate gross leasable area for which revenue recognized on cash basis	7.00%
Number of tenants for which revenue recognized on cash basis | Tenant	11		0
Revenue recognized on cash basis	$ 52,129,000	4,722,000
Revolving credit facility borrowing capacity	1,100,000,000			$ 1,100,000,000,000	$ 900,000,000,000
Deferred debt costs, accumulated amortization	19,377,000	17,294,000
Unrecognized tax benefits	0
Income tax penalties and interest expense	$ 0
Land improvements
Debt Instrument [Line Items]
Property estimated useful life	15 years
Mortgage receivable
Debt Instrument [Line Items]
Mortgage receivable	$ 2,023,000	2,482,000
Allowance for credit loss	$ 129,000	158,000
Collectability analysis, period used	15 years
Minimum
Debt Instrument [Line Items]
Initial lease terms	10 years
Minimum | Buildings and improvements
Debt Instrument [Line Items]
Property estimated useful life	20 years
Maximum
Debt Instrument [Line Items]
Initial lease terms	20 years
Maximum | Buildings and improvements
Debt Instrument [Line Items]
Property estimated useful life	40 years
Mortgages
Debt Instrument [Line Items]
Deferred debt costs	$ 147,000	147,000
Deferred debt costs, accumulated amortization	125,000	108,000
Notes Payable
Debt Instrument [Line Items]
Deferred debt costs	38,145,000	31,140,000
Deferred debt costs, accumulated amortization	$ 9,262,000	$ 9,317,000

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic and Diluted Earnings:
Net earnings attributable to NNN		$ 290,113,000	$ 228,799,000	$ 299,180,000
Less: Excess of redemption value over carrying value of preferred shares redeemed		(10,897,000)	0	(9,856,000)
Net earnings attributable to common stockholders		264,217,000	210,859,000	258,183,000
Less: Earnings allocated to unvested restricted shares		(689,000)	(698,000)	(601,000)
Net earnings used in basic and diluted earnings per share		$ 263,528,000	$ 210,161,000	$ 257,582,000
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average number of shares outstanding (in shares)		175,554,961	172,994,337	165,499,707
Less: Unvested restricted shares (in shares)		(328,070)	(337,078)	(295,773)
Less: Unvested contingent restricted shares (in shares)		(515,970)	(547,546)	(515,436)
Weighted Average Number of Shares Outstanding, Basic, Total		174,710,921	172,109,713	164,688,498
Other dilutive securities (shares)		107,978	107,364	395,181
Weighted average number of shares outstanding used in diluted earnings per share (in shares)		174,818,899	172,217,077	165,083,679
Series E Preferred Stock
Basic and Diluted Earnings:
Less: preferred stock dividends		$ 0	$ 0	$ (13,201,000)
Series F Preferred Stock
Basic and Diluted Earnings:
Less: preferred stock dividends		$ (14,999,000)	$ (17,940,000)	$ (17,940,000)
Less: Excess of redemption value over carrying value of preferred shares redeemed	$ (10,897,000)

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,319,304,000	$ 4,331,682,000
Ending balance	3,901,663,000	4,319,304,000
Gain or Loss on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(16,445,000)	(11,128,000)
Other comprehensive income (loss)	(1,584,000)	(7,617,000)
Reclassifications from accumulated other comprehensive income to net earnings	(3,073,000)	2,300,000
Net current period other comprehensive income (loss)	1,489,000	(5,317,000)
Ending balance	(14,956,000)	(16,445,000)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(16,445,000)	(11,128,000)
Ending balance	$ (14,956,000)	$ (16,445,000)

Real Estate (Key Information fo

Real Estate (Key Information for Leases) (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Tenant	Dec. 31, 2020USD ($)
Lease classification:
Operating | Tenant	3,229
Direct financing | Tenant	6
Weighted average remaining lease term (years)	10 years 7 months 6 days
Straight Line Rent	$ (249,450,000)	$ 30,473,000
Rent deferral, year ending December 31, 2020	4,758,000,000
Rent deferral lease amendments, prior rent originally		52,019,000
Deferred rent repaid	31,776,000	$ 3,259,000
Deferred rent to be repaid during year ended December 31, 2022	$ 14,526,000
Minimum
Lease classification:
Initial lease terms	10 years
Maximum
Lease classification:
Initial lease terms	20 years

Real Estate (Summary of Real Es

Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Land and improvements	$ 2,527,483	$ 2,489,243
Buildings and improvements	6,375,583	6,009,797
Leasehold interests	355	355
Real estate subject to operating leases, gross	8,903,421	8,499,395
Less accumulated depreciation and amortization	(1,470,062)	(1,317,407)
Real estate subject to operating leases, net, before work in process	7,433,359	7,181,988
Work in progress – improvements	7,277	26,673
Accounted for using the operating method	7,440,636	7,208,661
Accounted for using the direct financing method	3,653	3,994
Accounted for using the operating method, net of accumulated depreciation and amortization	7,444,289	7,212,655
Asset under construction
Property, Plant and Equipment [Line Items]
Land and improvements	$ 8,979	$ 8,421

Real Estate (Rental Income) (De

Real Estate (Rental Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Rental income from operating leases	$ 703,865,000	$ 639,265,000	$ 650,112,000
Earned income from direct financing leases	623,000	647,000	798,000
Percentage rent	706,000	842,000	1,310,000
Real estate expense reimbursement from tenants	18,665,000	18,039,000	16,789,000
Rental income	723,859,000	658,793,000	669,009,000
Rental income accrued during period	(21,588,000)	25,449,000	$ 1,872,000
Write-off of accrued rental income		16,367,000
Balance of accrued rental income	31,942,000	53,958,000
Allowances	$ 4,587,000	$ 6,947,000

Real Estate (Future Minimum Lea

Real Estate (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Real Estate [Abstract]
2022	$ 654,927
2023	632,473
2024	613,371
2025	586,751
2026	543,893
Thereafter	3,895,027
Future minimum payments receivable	$ 6,926,442

Real Estate (Intangible Assets

Real Estate (Intangible Assets and Liabilities) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 41,705,000	$ 41,101,000
Less: accumulated amortization	(27,447,000)	(26,486,000)
Below-market in-place leases, net	14,258,000	14,615,000
Above-market in-place leases, net
Intangible lease assets (included in other assets):
Leases	15,335,000	15,474,000
Less: accumulated amortization	(10,821,000)	(10,271,000)
Leases, net	4,514,000	5,203,000
In-place leases, net
Intangible lease assets (included in other assets):
Leases	122,069,000	118,416,000
Less: accumulated amortization	(73,345,000)	(68,695,000)
Leases, net	$ 48,724,000	$ 49,721,000

Real Estate (Amortization of Ac

Real Estate (Amortization of Acquired Lease Intangibles) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Above-Market and Below-Market In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, above- and below-market leases	$ 710,000	$ 887,000	$ 768,000
2022	524,000
2023	443,000
2024	440,000
2025	426,000
2026	435,000
Thereafter	7,476,000
Leases, net	$ 9,744,000
Weighted average amortization period (years)	17 years 8 months 12 days
In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, in-place leases	$ 7,687,000	8,304,000	$ 7,900,000
2022	7,021,000
2023	6,547,000
2024	5,859,000
2025	5,140,000
2026	4,553,000
Thereafter	19,604,000
Leases, net	$ 48,724,000	$ 49,721,000
Weighted average amortization period (years)	9 years 8 months 12 days

Real Estate (Held For Sale) (De

Real Estate (Held For Sale) (Details) $ in Thousands	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)Property
Real Estate [Abstract]
Number of properties classified as held for sale | Property	2	5
Land and improvements	$ 6,440	$ 3,841
Building and improvements	4,313	4,971
Real estate held for sale, gross	10,753	8,812
Less accumulated depreciation and amortization	(1,331)	(2,536)
Less impairment	(3,865)	(605)
Real estate held for sale, net	$ 5,557	$ 5,671

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain | $	$ 23,094	$ 16,238	$ 32,463
Assets Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold at a gain | Property	74	38	59

Real Estate (Commitments) (Deta

Real Estate (Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property
Real Estate [Abstract]
Number of properties | Property	13
Period for improvements to construction commitments	12 months
Total commitment	$ 40,991
Less amount funded	16,256
Remaining commitment	$ 24,735

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property
Lessor, Lease, Description [Line Items]
Real estate impairments, net of recoveries | $	$ 21,957	$ 37,442	$ 31,992
Vacant	30	14	27
Occupied	12	17	12
Minimum
Lessor, Lease, Description [Line Items]
Initial lease terms	10 years
Maximum
Lessor, Lease, Description [Line Items]
Initial lease terms	20 years

Line of Credit Payable (Details

Line of Credit Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	May 31, 2021
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,100,000,000	$ 1,100,000,000,000	$ 900,000,000,000
Revolving credit facility weighted average outstanding balance	0
Option to increase facility size	2,000,000,000,000
Loan costs incurred	7,489,000,000
Line of credit facility available for future borrowings	$ 1,100,000,000,000
LIBOR
Line of Credit Facility [Line Items]
Spread over LIBOR, percent	77.50%
Line of Credit
Line of Credit Facility [Line Items]
Line of credit payable	$ 0

Mortgages Payable (Details)

Mortgages Payable (Details)	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Accumulated amortization	$ 19,377,000	$ 17,294,000
Debt costs, net of accumulated amortization	(7,443,000)	(1,917,000)
Long-term Debt, Fiscal Year Maturity [Abstract]
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,697,000	11,395,000
Mortgages [Member]
Debt Instrument [Line Items]
Debt costs	(147,000)	(147,000)
Accumulated amortization	125,000	108,000
Debt costs, net of accumulated amortization	(22,000)	(39,000)
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,697,000	11,395,000
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	750,000
2023	9,969,000
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,719,000
Mortgages [Member] | November 2014
Debt Instrument [Line Items]
Initial Balance	$ 15,151,000
Interest Rate	5.23%
Carrying Value of Encumbered Asset(s)	$ 18,972,000
Outstanding Principal Balance	$ 10,719,000	$ 11,434,000
Number of encumbered assets | Property	5

Notes Payable (Details)

Notes Payable (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt maturities for the next five years		$ 1,100,000,000
Payment of make-whole premium		21,328,000	$ 16,679,000	$ 0
Notes Payable
Debt Instrument [Line Items]
Debt issuance costs		38,145,000	$ 31,140,000
2024 Notes
Debt Instrument [Line Items]
Principal		350,000,000
Discount		707,000
Net Price		$ 349,293,000
Stated Rate		3.90%
Effective Rate		3.924%
2025 Notes
Debt Instrument [Line Items]
Principal		$ 400,000,000
Discount		964,000
Net Price		$ 399,036,000
Stated Rate		4.00%
Effective Rate		4.029%
2026 Notes
Debt Instrument [Line Items]
Principal		$ 350,000,000
Discount		3,860,000
Net Price		$ 346,140,000
Stated Rate		3.60%
Effective Rate		3.733%
2027 Notes
Debt Instrument [Line Items]
Principal		$ 400,000,000
Discount		1,628,000
Net Price		$ 398,372,000
Stated Rate		3.50%
Effective Rate		3.548%
2028 Notes
Debt Instrument [Line Items]
Principal		$ 400,000,000
Discount		2,848,000
Net Price		$ 397,152,000
Stated Rate		4.30%
Effective Rate		4.388%
2030 Notes
Debt Instrument [Line Items]
Principal		$ 400,000,000
Discount		1,288,000
Net Price		$ 398,712,000
Stated Rate		2.50%
Effective Rate		2.536%
2048 Notes
Debt Instrument [Line Items]
Principal		$ 300,000,000
Discount		4,239,000
Net Price		$ 295,761,000
Stated Rate		4.80%
Effective Rate		4.89%
2050 Notes
Debt Instrument [Line Items]
Principal		$ 300,000,000
Discount		6,066,000
Net Price		$ 293,934,000
Stated Rate		3.10%
Effective Rate		3.205%
2051 Notes
Debt Instrument [Line Items]
Principal		$ 450,000,000
Discount		8,406,000
Net Price		$ 441,594,000
Stated Rate		3.50%
Effective Rate		3.602%
2052 Notes
Debt Instrument [Line Items]
Principal		$ 450,000,000
Discount		10,422,000
Net Price		$ 439,578,000
Stated Rate		3.00%
Effective Rate		3.118%
2022 Notes
Debt Instrument [Line Items]
Stated Rate	3.30%
Notes payable redeemed	$ 350,000,000,000
Redemption price percentage	100.00%
Payment of make-whole premium	$ 21,328,000,000

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Excess of redemption value over carrying value of preferred shares redeemed		$ 10,897,000	$ 0	$ 9,856,000
Series F Preferred Stock
Class of Stock [Line Items]
Dividend rate	5.20%	5.20%
Stated liquidation value per share (in dollars per share)	$ 25
Preferred stock, shares redeemed (in shares)	13,800,000	13,800,000
Aggregate redemption price (in dollars per share)	$ 25.111944
Excess of redemption value over carrying value of preferred shares redeemed	$ 10,897,000
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares redeemed (in shares)				11,500,000

Common Stock (Details)

Common Stock (Details) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 28, 2021	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shelf registration, shares issued (in shares)		7,000,000
Shelf registration, price per share (in dollars per share)		$ 56.50
Shelf registration, net proceeds		$ 379,410,000
Total allowable shares (in shares)			375,000,000	375,000,000
Total shares issued (in shares)			175,635,792	175,232,971
Shares of common stock (in shares)					7,000,000
Net proceeds					$ 395,500,000
Stock issuance costs		$ 16,090,000	$ 325,000	$ 2,223,000	17,521,000
Net proceeds			$ 4,053,000	$ 126,488,000	$ 542,280,000
2020 ATM Equity Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares (in shares)			17,500,000,000
Total shares issued (in shares)			1,599,304,000
2018 ATM Equity Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total allowable shares (in shares)			12,000,000,000
Total shares issued (in shares)			11,272,034,000
ATM Equity Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock (in shares)			30,000,000	3,119,153,000	2,344,022,000
Average price per share (net) (in dollars per share)			$ 33.65	$ 38.21	$ 53.71
Net proceeds			$ 1,009,000	$ 119,185,000	$ 125,905,000
Stock issuance costs			$ 224,000	$ 2,130,000	$ 1,431,000
DRIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares permitted for issuance (in shares)	6,000,000
Shares of common stock (in shares)			62,577,000	138,507,000	362,918,000
Net proceeds			$ 2,744,000	$ 5,092,000	$ 19,442,000

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Percentage of participant's contributions matched by employer	60.00%
Employer matching contribution, percent	8.00%
Employer contributions	$ 576,000	$ 546,000	$ 541,000

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividends		$ 367,291	$ 356,409	$ 333,692
Dividends Payable, Date Declared		Jan. 14, 2022
Dividends Payable, Date of Record		Jan. 31, 2022
Dividends Payable, Date to be Paid		Feb. 15, 2022
Dividends, Per share (in dollars per share)		$ 2.100000	$ 2.070000	$ 2.030000
Common stock dividends declared and paid (in dollars per share)		$ 2.1000	$ 2.0700	$ 2.0300
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.530
Series F Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends		$ 14,999	$ 17,940	$ 17,940
Preferred stock dividends declared and paid (in dollars per share)		$ 1.086944	$ 1.3000	$ 1.3000
Series E Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends		$ 0	$ 0	$ 13,201
Preferred stock dividends declared and paid (in dollars per share)				$ 1.147917
Ordinary dividends
Class of Stock [Line Items]
Dividends, Per share (in dollars per share)		$ 1.615753	$ 1.659755	1.762899
Nontaxable distributions
Class of Stock [Line Items]
Dividends, Per share (in dollars per share)		$ 0.484247	$ 0.410245	$ 0.267101

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Derivatives (Terminated Derivat

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

Derivatives (Narrative) (Detail

Derivatives (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Stockholders' equity	$ (3,901,663,000)	$ (4,319,304,000)	$ (4,331,682,000)	$ (4,154,605,000)
Gain (loss) reclassification to interest expense	3,073,000	2,300,000	1,307,000
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net	2,373,000,000
AOCI, cash flow hedges
Derivative [Line Items]
Stockholders' equity	14,956,000	16,445,000	11,128,000
Accumulated Other Comprehensive Income (Loss)
Derivative [Line Items]
Stockholders' equity	14,956,000	16,445,000	11,128,000	$ 5,696,000
Gain (loss) reclassification to interest expense	$ 3,073,000	$ 2,300,000	$ 1,307,000

Performance Incentive Plan (Nar

Performance Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,800,000,000
Stock options outstanding (in shares)	0
Restricted shares granted (in shares)	30,257,000
Share-based compensation cost	$ 14,296,000	$ 14,213,000	$ 10,737,000
Unrecognized compensation cost	$ 12,288,000
Weighted average period for recognition of unrecognized compensation cost	2 years 2 months 12 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	345,891,000
Restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years
Restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	5 years
Performance shares, subject to shareholder return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	242,555
Performance period used In calculation	3 years
Fair value share price (in dollars per share)	$ 27.50
Performance shares, subject to Core Funds From Operations growth
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant price (in dollars per share)	$ 42.30

Performance Incentive Plan (Res

Performance Incentive Plan (Restricted Stock Activity) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Shares
Restricted shares granted (in shares) | shares	30,257
Weighted Average Share Price
Restricted shares granted (in dollars per share) | $ / shares	$ 40.28
Restricted stock
Number of Shares
Non-vested restricted shares, January 1 (in shares) | shares	896,044
Restricted shares granted (in shares) | shares	345,891
Restricted shares vested (in shares) | shares	(204,796)
Restricted shares forfeited (in shares) | shares	(58,684)
Non-vested restricted shares, December 31 (in shares) | shares	978,455
Weighted Average Share Price
Non-vested restricted shares, January 1 (in dollars per share) | $ / shares	$ 49.54
Restricted shares granted (in dollars per share) | $ / shares	42.30
Restricted shares vested (in dollars per share) | $ / shares	40.81
Restricted shares forfeited (in dollars per share) | $ / shares	37.36
Non-vested restricted shares, December 31 (in dollars per share) | $ / shares	$ 49.54

Performance Incentive Plan (Oth

Performance Incentive Plan (Other Grants) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	30,257
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 40.28
Shares available under the 2017 Plan for grant, end of period (in shares)	467,259
Directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	13,786
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 45.21
Deferred directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	16,471
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 45.27

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments, Owned, at Fair Value [Abstract]
Fair value of notes payable	$ 4,032,757,000	$ 3,553,125,000

Segment Information (Details)

Segment Information (Details) - Segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Number of operating segments	1	1	1

Subsequent Events (Details)

Subsequent Events (Details)	Dec. 31, 2022
Subsequent Event [Line Items]
Percent of rent collected for previous quarter	99.40%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	3,223
Encumbrances	$ 10,611
Initial Cost to Company, Land	2,537,766
Initial Cost to Company, Building, Improvements & Leasehold Interests	5,134,603
Costs Capitalized Subsequent to Acquisition, Improvements	1,278,087
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,531,894
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	6,385,692
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	8,917,586	$ 8,534,275	$ 8,448,702	$ 7,883,633
Accumulated Depreciation and Amortization	$ 1,471,393	$ 1,319,943	$ 1,151,667	$ 1,016,271
ALABAMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	151
Encumbrances	$ 0
Initial Cost to Company, Land	71,938
Initial Cost to Company, Building, Improvements & Leasehold Interests	167,623
Costs Capitalized Subsequent to Acquisition, Improvements	39,580
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	71,652
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	207,202
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	278,854
Accumulated Depreciation and Amortization	$ 44,755
Start Year of Construction	1948
End Year of Construction	2020
Acquired of Beginning Year	2001
Acquired of Ending Year	2021
ALABAMA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
ALABAMA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ALASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	5
Encumbrances	$ 0
Initial Cost to Company, Land	1,943
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,694
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,943
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	3,694
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	5,637
Accumulated Depreciation and Amortization	$ 1,714
Start Year of Construction	1971
End Year of Construction	2003
Acquired of Beginning Year	1996
Acquired of Ending Year	2014
ALASKA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
ALASKA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ARIZONA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	60
Encumbrances	$ 4,388
Initial Cost to Company, Land	70,516
Initial Cost to Company, Building, Improvements & Leasehold Interests	92,020
Costs Capitalized Subsequent to Acquisition, Improvements	62,853
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	70,516
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	154,873
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	225,389
Accumulated Depreciation and Amortization	$ 35,303
Start Year of Construction	1974
End Year of Construction	2018
Acquired of Beginning Year	1998
Acquired of Ending Year	2021
ARIZONA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
ARIZONA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ARKANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	66
Encumbrances	$ 0
Initial Cost to Company, Land	29,598
Initial Cost to Company, Building, Improvements & Leasehold Interests	85,825
Costs Capitalized Subsequent to Acquisition, Improvements	16,927
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	29,598
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	102,752
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	132,350
Accumulated Depreciation and Amortization	$ 13,900
Start Year of Construction	1969
End Year of Construction	2020
Acquired of Beginning Year	1998
Acquired of Ending Year	2021
ARKANSAS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
ARKANSAS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
CALIFORNIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	65
Encumbrances	$ 0
Initial Cost to Company, Land	131,057
Initial Cost to Company, Building, Improvements & Leasehold Interests	188,503
Costs Capitalized Subsequent to Acquisition, Improvements	35,459
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	129,100
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	215,617
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	344,717
Accumulated Depreciation and Amortization	$ 50,603
Start Year of Construction	1945
End Year of Construction	2018
Acquired of Beginning Year	1997
Acquired of Ending Year	2021
CALIFORNIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
CALIFORNIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
COLORADO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	34
Encumbrances	$ 2,432
Initial Cost to Company, Land	54,569
Initial Cost to Company, Building, Improvements & Leasehold Interests	71,764
Costs Capitalized Subsequent to Acquisition, Improvements	21,909
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	54,569
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	93,673
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	148,242
Accumulated Depreciation and Amortization	$ 25,089
Start Year of Construction	1969
End Year of Construction	2017
Acquired of Beginning Year	1994
Acquired of Ending Year	2021
COLORADO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
COLORADO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
CONNECTICUT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	9
Encumbrances	$ 0
Initial Cost to Company, Land	8,250
Initial Cost to Company, Building, Improvements & Leasehold Interests	31,067
Costs Capitalized Subsequent to Acquisition, Improvements	601
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	8,250
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	31,668
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	39,918
Accumulated Depreciation and Amortization	$ 8,950
Start Year of Construction	1929
End Year of Construction	1996
Acquired of Beginning Year	2006
Acquired of Ending Year	2019
CONNECTICUT | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
CONNECTICUT | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
DELAWARE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	1
Encumbrances	$ 0
Initial Cost to Company, Land	2,994
Initial Cost to Company, Building, Improvements & Leasehold Interests	6,062
Costs Capitalized Subsequent to Acquisition, Improvements	71
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,994
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	6,133
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	9,127
Accumulated Depreciation and Amortization	$ 4,120
Start Year of Construction	1994
End Year of Construction	1994
Acquired of Beginning Year	1994
Acquired of Ending Year	1994
DELAWARE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
DELAWARE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
DISTRICT OF COLUMBIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	1
Encumbrances	$ 0
Initial Cost to Company, Land	624
Initial Cost to Company, Building, Improvements & Leasehold Interests	578
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	624
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	1,202
Accumulated Depreciation and Amortization	$ 243
Start Year of Construction	1983
End Year of Construction	1983
Acquired of Beginning Year	2005
Acquired of Ending Year	2005
DISTRICT OF COLUMBIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
DISTRICT OF COLUMBIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
FLORIDA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	229
Encumbrances	$ 0
Initial Cost to Company, Land	247,539
Initial Cost to Company, Building, Improvements & Leasehold Interests	336,470
Costs Capitalized Subsequent to Acquisition, Improvements	147,571
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	247,539
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	484,041
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	731,580
Accumulated Depreciation and Amortization	$ 107,618
Start Year of Construction	1959
End Year of Construction	2020
Acquired of Beginning Year	1985
Acquired of Ending Year	2021
FLORIDA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
FLORIDA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
GEORGIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	153
Encumbrances	$ 0
Initial Cost to Company, Land	121,847
Initial Cost to Company, Building, Improvements & Leasehold Interests	231,162
Costs Capitalized Subsequent to Acquisition, Improvements	62,984
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	121,847
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	294,146
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	415,993
Accumulated Depreciation and Amortization	$ 66,871
Start Year of Construction	1967
End Year of Construction	2020
Acquired of Beginning Year	1996
Acquired of Ending Year	2021
GEORGIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
GEORGIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
IDAHO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	9
Encumbrances	$ 0
Initial Cost to Company, Land	6,999
Initial Cost to Company, Building, Improvements & Leasehold Interests	6,719
Costs Capitalized Subsequent to Acquisition, Improvements	8,331
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	6,999
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	15,050
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	22,049
Accumulated Depreciation and Amortization	$ 4,325
Start Year of Construction	1979
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2018
IDAHO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
IDAHO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
ILLINOIS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	163
Encumbrances	$ 0
Initial Cost to Company, Land	128,346
Initial Cost to Company, Building, Improvements & Leasehold Interests	305,122
Costs Capitalized Subsequent to Acquisition, Improvements	44,986
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	128,346
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	349,786
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	478,132
Accumulated Depreciation and Amortization	$ 81,515
Start Year of Construction	1924
End Year of Construction	2022
Acquired of Beginning Year	1995
Acquired of Ending Year	2021
ILLINOIS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
ILLINOIS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
INDIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	149
Encumbrances	$ 0
Initial Cost to Company, Land	99,469
Initial Cost to Company, Building, Improvements & Leasehold Interests	201,978
Costs Capitalized Subsequent to Acquisition, Improvements	79,675
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	99,469
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	280,984
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	380,453
Accumulated Depreciation and Amortization	$ 65,721
Start Year of Construction	1965
End Year of Construction	2020
Acquired of Beginning Year	2001
Acquired of Ending Year	2021
INDIANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
INDIANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
IOWA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	27
Encumbrances	$ 0
Initial Cost to Company, Land	20,064
Initial Cost to Company, Building, Improvements & Leasehold Interests	37,962
Costs Capitalized Subsequent to Acquisition, Improvements	14,526
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	20,064
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	52,487
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	72,551
Accumulated Depreciation and Amortization	$ 15,327
Start Year of Construction	1964
End Year of Construction	2015
Acquired of Beginning Year	2005
Acquired of Ending Year	2017
IOWA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
IOWA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
KANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	36
Encumbrances	$ 0
Initial Cost to Company, Land	17,044
Initial Cost to Company, Building, Improvements & Leasehold Interests	34,678
Costs Capitalized Subsequent to Acquisition, Improvements	9,776
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	16,920
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	44,312
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	61,232
Accumulated Depreciation and Amortization	$ 8,830
Start Year of Construction	1946
End Year of Construction	2017
Acquired of Beginning Year	1997
Acquired of Ending Year	2019
KANSAS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
KANSAS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
KENTUCKY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	55
Encumbrances	$ 0
Initial Cost to Company, Land	40,724
Initial Cost to Company, Building, Improvements & Leasehold Interests	96,870
Costs Capitalized Subsequent to Acquisition, Improvements	13,385
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	40,724
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	110,255
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	150,979
Accumulated Depreciation and Amortization	$ 24,654
Start Year of Construction	1974
End Year of Construction	2020
Acquired of Beginning Year	2005
Acquired of Ending Year	2021
KENTUCKY | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
KENTUCKY | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
LOUISIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	41
Encumbrances	$ 0
Initial Cost to Company, Land	30,165
Initial Cost to Company, Building, Improvements & Leasehold Interests	61,652
Costs Capitalized Subsequent to Acquisition, Improvements	37,684
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	30,165
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	99,336
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	129,501
Accumulated Depreciation and Amortization	$ 18,634
Start Year of Construction	1970
End Year of Construction	2018
Acquired of Beginning Year	1996
Acquired of Ending Year	2021
LOUISIANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
LOUISIANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MAINE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	12
Encumbrances	$ 0
Initial Cost to Company, Land	3,781
Initial Cost to Company, Building, Improvements & Leasehold Interests	13,017
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	3,781
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	13,017
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	16,798
Accumulated Depreciation and Amortization	$ 4,087
Start Year of Construction	1915
End Year of Construction	2002
Acquired of Beginning Year	1996
Acquired of Ending Year	2017
MAINE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
MAINE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MARYLAND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	50
Encumbrances	$ 0
Initial Cost to Company, Land	62,149
Initial Cost to Company, Building, Improvements & Leasehold Interests	126,171
Costs Capitalized Subsequent to Acquisition, Improvements	3,006
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	62,149
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	129,177
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	191,326
Accumulated Depreciation and Amortization	$ 34,641
Start Year of Construction	1946
End Year of Construction	2017
Acquired of Beginning Year	1996
Acquired of Ending Year	2019
MARYLAND | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MARYLAND | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MASSACHUSETTS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	23
Encumbrances	$ 0
Initial Cost to Company, Land	32,668
Initial Cost to Company, Building, Improvements & Leasehold Interests	90,750
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	32,668
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	90,750
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	123,418
Accumulated Depreciation and Amortization	$ 14,065
Start Year of Construction	1960
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2019
MASSACHUSETTS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MASSACHUSETTS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MICHIGAN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	64
Encumbrances	$ 0
Initial Cost to Company, Land	46,647
Initial Cost to Company, Building, Improvements & Leasehold Interests	98,353
Costs Capitalized Subsequent to Acquisition, Improvements	58,994
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	46,647
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	156,737
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	203,384
Accumulated Depreciation and Amortization	$ 29,289
Start Year of Construction	1963
End Year of Construction	2020
Acquired of Beginning Year	1996
Acquired of Ending Year	2021
MICHIGAN | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MICHIGAN | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MINNESOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	27
Encumbrances	$ 0
Initial Cost to Company, Land	19,824
Initial Cost to Company, Building, Improvements & Leasehold Interests	34,281
Costs Capitalized Subsequent to Acquisition, Improvements	2,552
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	19,824
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	36,832
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	56,656
Accumulated Depreciation and Amortization	$ 11,597
Start Year of Construction	1950
End Year of Construction	2017
Acquired of Beginning Year	2005
Acquired of Ending Year	2018
MINNESOTA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
MINNESOTA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MISSISSIPPI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	62
Encumbrances	$ 0
Initial Cost to Company, Land	28,548
Initial Cost to Company, Building, Improvements & Leasehold Interests	91,285
Costs Capitalized Subsequent to Acquisition, Improvements	14,084
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	28,548
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	105,369
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	133,917
Accumulated Depreciation and Amortization	$ 8,406
Start Year of Construction	1959
End Year of Construction	2017
Acquired of Beginning Year	2006
Acquired of Ending Year	2021
MISSISSIPPI | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
MISSISSIPPI | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MISSOURI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	97
Encumbrances	$ 0
Initial Cost to Company, Land	62,095
Initial Cost to Company, Building, Improvements & Leasehold Interests	115,114
Costs Capitalized Subsequent to Acquisition, Improvements	67,132
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	61,916
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	181,157
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	243,073
Accumulated Depreciation and Amortization	$ 35,933
Start Year of Construction	1920
End Year of Construction	2021
Acquired of Beginning Year	1992
Acquired of Ending Year	2021
MISSOURI | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
MISSOURI | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
MONTANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	26
Encumbrances	$ 3,791
Initial Cost to Company, Land	4,102
Initial Cost to Company, Building, Improvements & Leasehold Interests	11,865
Costs Capitalized Subsequent to Acquisition, Improvements	2,654
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	4,102
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	14,518
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	18,620
Accumulated Depreciation and Amortization	$ 4,350
Start Year of Construction	1937
End Year of Construction	2016
Acquired of Beginning Year	2010
Acquired of Ending Year	2016
MONTANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
MONTANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEBRASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	6
Encumbrances	$ 0
Initial Cost to Company, Land	5,608
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,066
Costs Capitalized Subsequent to Acquisition, Improvements	5,033
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	5,608
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	8,099
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	13,707
Accumulated Depreciation and Amortization	$ 1,600
Start Year of Construction	1979
End Year of Construction	2015
Acquired of Beginning Year	2005
Acquired of Ending Year	2017
NEBRASKA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
NEBRASKA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEVADA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	13
Encumbrances	$ 0
Initial Cost to Company, Land	7,405
Initial Cost to Company, Building, Improvements & Leasehold Interests	22,914
Costs Capitalized Subsequent to Acquisition, Improvements	1,205
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	7,405
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	24,119
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	31,524
Accumulated Depreciation and Amortization	$ 3,736
Start Year of Construction	1961
End Year of Construction	2014
Acquired of Beginning Year	2012
Acquired of Ending Year	2021
NEVADA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEVADA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEW HAMPSHIRE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	9
Encumbrances	$ 0
Initial Cost to Company, Land	8,913
Initial Cost to Company, Building, Improvements & Leasehold Interests	32,168
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	8,913
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	32,168
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	41,081
Accumulated Depreciation and Amortization	$ 6,443
Start Year of Construction	1980
End Year of Construction	2004
Acquired of Beginning Year	2011
Acquired of Ending Year	2018
NEW HAMPSHIRE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEW HAMPSHIRE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
NEW JERSEY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	20
Encumbrances	$ 0
Initial Cost to Company, Land	37,144
Initial Cost to Company, Building, Improvements & Leasehold Interests	152,600
Costs Capitalized Subsequent to Acquisition, Improvements	732
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	37,144
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	153,331
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	190,475
Accumulated Depreciation and Amortization	$ 44,019
Start Year of Construction	1965
End Year of Construction	2015
Acquired of Beginning Year	1996
Acquired of Ending Year	2019
NEW JERSEY | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEW JERSEY | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEW MEXICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	29
Encumbrances	$ 0
Initial Cost to Company, Land	20,739
Initial Cost to Company, Building, Improvements & Leasehold Interests	69,182
Costs Capitalized Subsequent to Acquisition, Improvements	21,795
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	20,739
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	90,977
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	111,716
Accumulated Depreciation and Amortization	$ 11,345
Start Year of Construction	1955
End Year of Construction	2019
Acquired of Beginning Year	2001
Acquired of Ending Year	2019
NEW MEXICO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NEW MEXICO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NEW YORK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	37
Encumbrances	$ 0
Initial Cost to Company, Land	26,197
Initial Cost to Company, Building, Improvements & Leasehold Interests	47,041
Costs Capitalized Subsequent to Acquisition, Improvements	28,115
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	26,197
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	71,814
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	98,011
Accumulated Depreciation and Amortization	$ 15,570
Start Year of Construction	1925
End Year of Construction	2020
Acquired of Beginning Year	1997
Acquired of Ending Year	2021
NEW YORK | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
NEW YORK | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NORTH CAROLINA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	163
Encumbrances	$ 0
Initial Cost to Company, Land	126,016
Initial Cost to Company, Building, Improvements & Leasehold Interests	254,598
Costs Capitalized Subsequent to Acquisition, Improvements	33,770
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	126,016
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	287,937
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	413,953
Accumulated Depreciation and Amortization	$ 68,705
Start Year of Construction	1906
End Year of Construction	2020
Acquired of Beginning Year	2004
Acquired of Ending Year	2021
NORTH CAROLINA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
NORTH CAROLINA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
NORTH DAKOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	4
Encumbrances	$ 0
Initial Cost to Company, Land	411
Initial Cost to Company, Building, Improvements & Leasehold Interests	1,606
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	411
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	1,606
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	2,017
Accumulated Depreciation and Amortization	$ 808
Start Year of Construction	1974
End Year of Construction	1999
Acquired of Beginning Year	1997
Acquired of Ending Year	2011
NORTH DAKOTA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
NORTH DAKOTA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
OHIO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	192
Encumbrances	$ 0
Initial Cost to Company, Land	133,262
Initial Cost to Company, Building, Improvements & Leasehold Interests	304,824
Costs Capitalized Subsequent to Acquisition, Improvements	73,954
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	131,231
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	376,750
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	507,981
Accumulated Depreciation and Amortization	$ 85,107
Start Year of Construction	1910
End Year of Construction	2019
Acquired of Beginning Year	1992
Acquired of Ending Year	2019
OHIO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
OHIO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
OKLAHOMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	88
Encumbrances	$ 0
Initial Cost to Company, Land	43,809
Initial Cost to Company, Building, Improvements & Leasehold Interests	106,511
Costs Capitalized Subsequent to Acquisition, Improvements	29,204
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	43,809
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	135,456
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	179,265
Accumulated Depreciation and Amortization	$ 23,325
Start Year of Construction	1964
End Year of Construction	2018
Acquired of Beginning Year	1996
Acquired of Ending Year	2021
OKLAHOMA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
OKLAHOMA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
OREGON
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	6
Encumbrances	$ 0
Initial Cost to Company, Land	4,184
Initial Cost to Company, Building, Improvements & Leasehold Interests	6,888
Costs Capitalized Subsequent to Acquisition, Improvements	735
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	4,184
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	7,623
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	11,807
Accumulated Depreciation and Amortization	$ 3,297
Start Year of Construction	1973
End Year of Construction	1999
Acquired of Beginning Year	1998
Acquired of Ending Year	2012
OREGON | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
OREGON | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
PENNSYLVANIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	82
Encumbrances	$ 0
Initial Cost to Company, Land	59,036
Initial Cost to Company, Building, Improvements & Leasehold Interests	109,324
Costs Capitalized Subsequent to Acquisition, Improvements	29,956
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	58,851
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	136,248
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	195,099
Accumulated Depreciation and Amortization	$ 39,892
Start Year of Construction	1950
End Year of Construction	2017
Acquired of Beginning Year	1997
Acquired of Ending Year	2019
PENNSYLVANIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
PENNSYLVANIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
PUERTO RICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	1
Encumbrances	$ 0
Initial Cost to Company, Land	1,729
Initial Cost to Company, Building, Improvements & Leasehold Interests	0
Costs Capitalized Subsequent to Acquisition, Improvements	2,732
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,729
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	2,131
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	3,860
Accumulated Depreciation and Amortization	$ 782
Start Year of Construction	1998
End Year of Construction	1998
Acquired of Beginning Year	2007
Acquired of Ending Year	2007
PUERTO RICO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	33 years
PUERTO RICO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	33 years
Rohde Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	5
Encumbrances	$ 0
Initial Cost to Company, Land	2,377
Initial Cost to Company, Building, Improvements & Leasehold Interests	7,450
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	2,377
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	7,450
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	9,827
Accumulated Depreciation and Amortization	$ 1,484
Start Year of Construction	1989
End Year of Construction	2004
Acquired of Beginning Year	2016
Acquired of Ending Year	2016
Rohde Island | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
Rohde Island | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	71
Encumbrances	$ 0
Initial Cost to Company, Land	50,000
Initial Cost to Company, Building, Improvements & Leasehold Interests	100,307
Costs Capitalized Subsequent to Acquisition, Improvements	8,959
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	50,000
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	109,265
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	159,265
Accumulated Depreciation and Amortization	$ 25,801
Start Year of Construction	1921
End Year of Construction	2021
Acquired of Beginning Year	2005
Acquired of Ending Year	2021
South Carolina | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	10 years
South Carolina | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	2
Encumbrances	$ 0
Initial Cost to Company, Land	1,595
Initial Cost to Company, Building, Improvements & Leasehold Interests	4,447
Costs Capitalized Subsequent to Acquisition, Improvements	788
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,595
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	5,234
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	6,829
Accumulated Depreciation and Amortization	$ 1,360
Start Year of Construction	1985
End Year of Construction	2000
Acquired of Beginning Year	2012
Acquired of Ending Year	2012
South Dakota | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years
South Dakota | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	35 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	150
Encumbrances	$ 0
Initial Cost to Company, Land	91,733
Initial Cost to Company, Building, Improvements & Leasehold Interests	210,065
Costs Capitalized Subsequent to Acquisition, Improvements	55,949
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	91,733
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	266,014
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	357,747
Accumulated Depreciation and Amortization	$ 50,909
Start Year of Construction	1958
End Year of Construction	2019
Acquired of Beginning Year	1996
Acquired of Ending Year	2021
Tennessee | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
Tennessee | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	502
Encumbrances	$ 0
Initial Cost to Company, Land	402,511
Initial Cost to Company, Building, Improvements & Leasehold Interests	851,361
Costs Capitalized Subsequent to Acquisition, Improvements	166,356
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	402,511
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	1,015,755
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	1,418,266
Accumulated Depreciation and Amortization	$ 265,700
Start Year of Construction	1890
End Year of Construction	2021
Acquired of Beginning Year	1993
Acquired of Ending Year	2021
Texas | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	15 years
Texas | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	13
Encumbrances	$ 0
Initial Cost to Company, Land	12,021
Initial Cost to Company, Building, Improvements & Leasehold Interests	15,506
Costs Capitalized Subsequent to Acquisition, Improvements	13,216
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	12,021
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	28,722
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	40,743
Accumulated Depreciation and Amortization	$ 5,611
Start Year of Construction	1951
End Year of Construction	2016
Acquired of Beginning Year	2006
Acquired of Ending Year	2019
Utah | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Utah | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	116
Encumbrances	$ 0
Initial Cost to Company, Land	95,192
Initial Cost to Company, Building, Improvements & Leasehold Interests	173,980
Costs Capitalized Subsequent to Acquisition, Improvements	30,027
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	94,082
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	199,848
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	293,930
Accumulated Depreciation and Amortization	$ 55,780
Start Year of Construction	1939
End Year of Construction	2022
Acquired of Beginning Year	1995
Acquired of Ending Year	2021
Virginia | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	5 years
Virginia | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	27
Encumbrances	$ 0
Initial Cost to Company, Land	22,568
Initial Cost to Company, Building, Improvements & Leasehold Interests	34,547
Costs Capitalized Subsequent to Acquisition, Improvements	15,894
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	22,568
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	50,441
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	73,009
Accumulated Depreciation and Amortization	$ 14,309
Start Year of Construction	1955
End Year of Construction	2017
Acquired of Beginning Year	1997
Acquired of Ending Year	2019
Washington | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Washington | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	22
Encumbrances	$ 0
Initial Cost to Company, Land	13,640
Initial Cost to Company, Building, Improvements & Leasehold Interests	24,423
Costs Capitalized Subsequent to Acquisition, Improvements	1,385
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	13,640
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	25,808
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	39,448
Accumulated Depreciation and Amortization	$ 5,675
Start Year of Construction	1970
End Year of Construction	2013
Acquired of Beginning Year	2006
Acquired of Ending Year	2017
West Virginia | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	25 years
West Virginia | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	44
Encumbrances	$ 0
Initial Cost to Company, Land	27,026
Initial Cost to Company, Building, Improvements & Leasehold Interests	57,395
Costs Capitalized Subsequent to Acquisition, Improvements	13,542
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	27,026
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	70,937
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	97,963
Accumulated Depreciation and Amortization	$ 18,184
Start Year of Construction	1940
End Year of Construction	2020
Acquired of Beginning Year	2006
Acquired of Ending Year	2021
Wisconsin | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Wisconsin | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Number of Units | Property	6
Encumbrances	$ 0
Initial Cost to Company, Land	1,150
Initial Cost to Company, Building, Improvements & Leasehold Interests	3,815
Costs Capitalized Subsequent to Acquisition, Improvements	0
Costs Capitalized Subsequent to Acquisition, Carrying Costs	0
Gross Amount at Which Carried at Close of Period, Land	1,150
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	3,815
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	4,965
Accumulated Depreciation and Amortization	$ 1,411
Start Year of Construction	1949
End Year of Construction	2001
Acquired of Beginning Year	2010
Acquired of Ending Year	2012
Wyoming | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	20 years
Wyoming | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed	30 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)Property	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Land, buildings, and leasehold interests:
Beginning balance	$ 8,534,275	$ 8,448,702	$ 7,883,633
Acquisitions and dollars invested in projects under construction and tenant improvements	551,287	177,901	733,376
Dispositions	(146,019)	(54,886)	(138,332)
Impairment losses	(21,957)	(37,442)	(29,975)
Ending balance	8,917,586	8,534,275	8,448,702
Accumulated depreciation and amortization:
Beginning balance	1,319,943	1,151,667	1,016,271
Dispositions	(44,509)	(17,828)	(44,185)
Depreciation and amortization expense	195,959	186,104	179,581
Ending balance	1,471,393	1,319,943	$ 1,151,667
Net investment in direct financing leases	3,653	3,994
Real estate, federal income tax basis	8,828,431
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,697	$ 11,395
Mortgages [Member]
Accumulated depreciation and amortization:
Mortgages payable, including unamortized premium and net of unamortized debt costs	10,719
Mortgage Agreement
Accumulated depreciation and amortization:
Mortgages payable, including unamortized premium and net of unamortized debt costs	15,151
Unamortized Discount (Premium) and Debt Issuance Costs	$ 10,697
Mortgage Agreement | Mortgages [Member]
Accumulated depreciation and amortization:
Number Of Properties Securing Mortgages Payable | Property	5

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 3,000
Carrying amount of mortgages	2,011	$ 2,468	$ 0
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	2,468	0	0
New mortgage loans	0	3,000	3,100
Deductions during the year:
Collections of principal	(486)	(374)	(3,100)
Other: (Credit losses) recoveries	(29)	158	0
Foreclosures	0	0	0
Balance at the close of year	2,011	2,468	0
Mortgages held, federal income tax basis	2,011	2,468	0
Mortgages accepted in connection with real estate transactions	$ 0	$ 3,000	$ 3,100
2 properties in VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	7.00%
Face Amount of Mortgages	$ 3,000
Carrying amount of mortgages	2,011
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Deductions during the year:
Balance at the close of year	$ 2,011