National Retail Properties (NNN) 10-K 11 Feb 25 2024 FY Annual report Financial data

Cover page

Cover page - USD ($)	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11290
Entity Registrant Name	NNN REIT, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	56-1431377
Entity Address, Address Line One	450 South Orange Avenue, Suite 900
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	265-7348
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	NNN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7,741,963,000
Entity Common Stock, Shares Outstanding		187,553,140
Documents Incorporated by Reference	Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of NNN REIT, Inc.'s definitive Proxy Statement for the 2025 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	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida
Auditor Firm ID	42
Document Financial Statement Error Correction [Flag]	false
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of NNN REIT, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income and comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedules listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 11, 2025 expressed an unqualified opinion thereon.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Real estate portfolio, net of accumulated depreciation and amortization	$ 8,746,168	$ 8,535,851
Cash and cash equivalents	8,731	1,189
Restricted cash and cash held in escrow	331	3,966
Receivables, net of allowance of $617 and $669, respectively	2,975	3,649
Accrued rental income, net of allowance of $4,156 and $4,168, respectively	34,005	34,611
Debt costs, net of accumulated amortization of $27,002 and $23,952, respectively	8,958	3,243
Other assets	71,560	79,459
Total assets	8,872,728	8,661,968
Liabilities:
Line of credit payable	0	132,000
Notes payable, net of unamortized discount and unamortized debt costs	4,373,803	4,228,544
Accrued interest payable	29,699	34,374
Other liabilities	106,951	109,593
Total liabilities	4,510,453	4,504,511
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.01 par value. Authorized 375,000,000 shares; 187,540,929 and 182,474,770 shares issued and outstanding, respectively	1,877	1,826
Capital in excess of par value	5,197,644	4,971,625
Accumulated deficit	(829,287)	(805,883)
Accumulated other comprehensive income (loss)	(7,959)	(10,111)
Total equity	4,362,275	4,157,457
Total liabilities and equity	$ 8,872,728	$ 8,661,968

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Allowance on receivables	$ 617	$ 669
Accrued rental income allowance	4,156	4,168
Debt costs accumulated amortization	$ 27,002	$ 23,952
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)	187,540,929	182,474,770
Common stock, shares outstanding (in shares)	187,540,929	182,474,770

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Rental income	$ 867,468	$ 826,090	$ 771,618
Interest and other income from real estate transactions	1,798	2,021	1,435
Total revenues	869,266	828,111	773,053
Operating expenses:
General and administrative	44,287	43,746	41,695
Real estate	32,317	28,378	26,281
Depreciation and amortization	249,681	238,625	223,834
Leasing transaction costs	99	299	320
Impairment losses - real estate, net of recoveries	6,632	5,990	8,309
Executive retirement costs	668	3,454	7,520
Total operating expenses	333,684	320,492	307,959
Gain on disposition of real estate	42,290	47,485	17,443
Earnings from operations	577,872	555,104	482,537
Other expenses (revenues):
Interest and other income	(2,980)	(1,134)	(149)
Interest expense	184,017	163,898	148,065
Total other expenses (revenues)	181,037	162,764	147,916
Net earnings	396,835	392,340	334,621
Loss attributable to noncontrolling interests	0	0	5
Net earnings attributable to stockholders	$ 396,835	$ 392,340	$ 334,626
Net earnings per share:
Basic (in dollars per share)	$ 2.16	$ 2.16	$ 1.89
Diluted (in dollars per share)	$ 2.15	$ 2.16	$ 1.89
Weighted average shares outstanding:
Basic (in shares)	183,688,562	181,200,040	176,403,656
Diluted (in shares)	184,043,841	181,689,723	177,067,865
Other comprehensive income:
Net earnings attributable to stockholders	$ 396,835	$ 392,340	$ 334,626
Amortization of interest rate hedges	2,152	2,471	2,374
Comprehensive income attributable to stockholders	398,987	394,811	337,000
Comprehensive loss attributable to noncontrolling interests	0	0	(5)
Total comprehensive income	$ 398,987	$ 394,811	$ 336,995

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)	Total	Total Stockholders' Equity of NNN	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balances at Dec. 31, 2021	$ 3,901,663,000	$ 3,901,662,000	$ 1,757,000	$ 4,662,714,000	$ (747,853,000)	$ (14,956,000)	$ 1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to stockholders	334,621,000	334,626,000			334,626,000		(5,000)
Dividends declared and paid:
Common stock dividends declared and paid	(377,773,000)	(377,773,000)		2,765,000	(380,538,000)
Issuance of common stock:
director compensation	1,244,000	1,244,000		1,244,000
stock purchase plan	317,000	317,000		317,000
ATM equity program	250,890,000	250,890,000	55,000	250,835,000
restricted shares - net of forfeitures			3,000	(3,000)
Stock issuance costs	(3,761,000)	(3,761,000)		(3,761,000)
Amortization of deferred compensation	14,205,000	14,205,000		14,205,000
Amortization of interest rate hedges	2,374,000	2,374,000				2,374,000
Distributions to noncontrolling interests	(278,000)						(278,000)
Other		(282,000)		(282,000)			282,000
Balances at Dec. 31, 2022	4,123,502,000	4,123,502,000	1,815,000	4,928,034,000	(793,765,000)	(12,582,000)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to stockholders	392,340,000				392,340,000
Dividends declared and paid:
Common stock dividends declared and paid	(401,560,000)		1,000	2,897,000	(404,458,000)
Issuance of common stock:
director compensation	1,128,000			1,128,000
stock purchase plan	280,000			280,000
ATM equity program	29,150,000		7,000	29,143,000
restricted shares - net of forfeitures			3,000	(3,000)
Stock issuance costs	(954,000)			(954,000)
Amortization of deferred compensation	11,100,000			11,100,000
Amortization of interest rate hedges	2,471,000					2,471,000
Balances at Dec. 31, 2023	4,157,457,000	$ 4,157,457,000	1,826,000	4,971,625,000	(805,883,000)	(10,111,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to stockholders	396,835,000				396,835,000
Dividends declared and paid:
Common stock dividends declared and paid	(417,695,000)		1,000	2,543,000	(420,239,000)
Issuance of common stock:
director compensation	1,279,000			1,279,000
stock purchase plan	176,000			176,000
ATM equity program	214,861,000		47,000	214,814,000
restricted shares - net of forfeitures			3,000	(3,000)
Stock issuance costs	(3,328,000)			(3,328,000)
Amortization of deferred compensation	10,538,000			10,538,000
Amortization of interest rate hedges	2,152,000					2,152,000
Balances at Dec. 31, 2024	$ 4,362,275,000		$ 1,877,000	$ 5,197,644,000	$ (829,287,000)	$ (7,959,000)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common stock dividends declared and paid (in dollars per share)	$ 2.29	$ 2.23	$ 2.16
Issuance of common stock - Director compensation (in shares)	36,614	34,254	33,013
Issuance of common stock - Stock purchase plan (in shares)	4,060	6,651	7,235
Issuance of common stock - ATM equity program (in shares)	4,652,100	650,135	5,473,072
Issuance of common stock - restricted shares, net (in shares)	342,675	275,317	232,551

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net earnings		$ 396,835	$ 392,340	$ 334,621
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		249,681	238,625	223,834
Impairment losses – real estate, net of recoveries		6,632	5,990	8,309
Amortization of notes payable discount		2,926	2,074	1,691
Amortization of debt costs		5,993	4,943	4,734
Amortization of mortgages payable premium		0	(21)	(87)
Amortization of interest rate hedges		2,152	2,471	2,374
Gain on disposition of real estate		(42,290)	(47,485)	(17,443)
Performance incentive plan expense		12,835	13,375	17,330
Performance incentive plan payment		(1,274)	(916)	(103)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Decrease (increase) in receivables		674	(853)	358
Decrease (increase) in accrued rental income		(294)	(7,453)	3,559
Decrease in other assets		(190)	243	424
Increase (decrease) in accrued interest payable		(4,675)	10,548	(97)
Increase (decrease) in other liabilities		6,581	(1,550)	(1,217)
Other		(82)	79	68
Net cash provided by operating activities		635,504	612,410	578,355
Cash flows from investing activities:
Proceeds from the disposition of real estate		149,834	116,334	66,962
Additions to real estate		(572,874)	(795,791)	(842,872)
Principal payments received on mortgages and notes receivable		599	559	521
Other		(1,895)	(1,762)	(2,242)
Net cash used in investing activities		(424,336)	(680,660)	(777,631)
Cash flows from financing activities:
Proceeds from line of credit payable		545,500	872,500	688,000
Repayment of line of credit payable		(677,500)	(906,700)	(521,800)
Repayment of mortgages payable		0	(9,947)	(664)
Proceeds from notes payable		493,840	488,380	0
Repayment of notes payable		(350,000)	0	0
Payment of debt issuance costs		(13,127)	(4,510)	(199)
Proceeds from issuance of common stock		217,581	32,328	253,972
Stock issuance costs		(3,316)	(966)	(3,761)
Payment of common stock dividends		(420,239)	(404,458)	(380,538)
Noncontrolling interest distributions		0	0	(278)
Net cash provided by (used in) financing activities		(207,261)	66,627	34,732
Net decrease in cash, cash equivalents and restricted cash		3,907	(1,623)	(164,544)
Cash, cash equivalents and restricted cash at beginning of year	[1]	5,155	6,778	171,322
Cash, cash equivalents and restricted cash at end of year	[1]	9,062	5,155	6,778
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized		183,426	148,169	140,331
Supplemental disclosure of noncash investing and financing activities:
Change in other comprehensive income		2,152	2,471	2,374
Right-of-use assets recorded in connection with lease liabilities		0	6,401	0
Change in work in progress accrual		$ (7,458)	$ 23,103	$ 4,468
[1] Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. As of December 31, 2024, 2023 and 2022, NNN had restricted cash of $ 331 , $ 3,966 and $ 4,273 , respectively.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash and cash held in escrow	$ 331	$ 3,966	$ 4,273

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 396,835	$ 392,340	$ 334,626

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. C ybersecurity With oversight from the Board of Directors, NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs. Primary cybersecurity risk oversight has been delegated to the Audit Committee. The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture. The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO . NNN's information systems process and store critical and sensitive NNN data. Management and the Board of Directors are committed to protecting NNN systems and data through layered perimeter, interrogation and access controls, as well as following a constant process of researching, assessing, patching and remediating. Processes to assess, identify, isolate, remediate and manage cybersecurity risks have been integrated into NNN's overall risk management system. Below are examples of actions NNN takes to protect NNN's information systems and data from cybersecurity risk : • Align systems and processes with best practices, including the National Institute of Standards and Technology Cybersecurity Framework, for securing NNN information systems and data; • Perform continuous systems monitoring and tactical measures for impending viruses, malware, tampering, exploits and other cyber threats; • Deploy systems tools to detect, prevent and neutralize cyber threats; • Engage independent third-party consultants to assist in evaluating cybersecurity risks and response profile and plans; • Identify, oversee and evaluate the risks associated with third-party service providers and consultants; • Continuously educate and provide procedural training to all associates and the Board of Directors regarding cybersecurity awareness and risks such as enterprise security, malware, data protection best practices, anti-phishing exercises and updates with respect to other implemented information security measures; • Periodically measure the effectiveness of associate training; • Cybersecurity risk management is periodically reviewed with NNN's Enterprise Risk Management Team; • Perform ongoing internal and external penetration testing and vulnerability assessments with a high priority for timely remediation; and • Establish reporting deadlines and hierarchies so that data regarding an incident or possible incident is communicated in a timely manner to NNN's management, to the Audit Committee of the Board of Directors, and if, appropriate or required by law, to the Commission. Management is aware that preventive measures cannot prevent all cyber incidents. The CATO has direct oversight over the Company's security programs on a daily basis. When a cyber incident occurs, NNN's actions are guided by an incident response plan decision tree to (i) detect, contain and eradicate any threats, (ii) assess materiality, (iii) notify internal parties and the Audit Committee Chairperson, (iv) recover any compromised NNN data and information systems, (v) limit impacts of any such incident on NNN's operations, and (vi) report any such incident as require by law or as otherwise necessary. For a detailed discussion of risks from cybersecurity threats, please see “Item 1A. Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Processes to assess, identify, isolate, remediate and manage cybersecurity risks have been integrated into NNN's overall risk management system. Below are examples of actions NNN takes to protect NNN's information systems and data from cybersecurity risk
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Board of Directors Oversight [Text Block]	With oversight from the Board of Directors, NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs. Primary cybersecurity risk oversight has been delegated to the Audit Committee. The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture. The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO . NNN's information systems process and store critical and sensitive NNN data. Management and the Board of Directors are committed to protecting NNN systems and data through layered perimeter, interrogation and access controls, as well as following a constant process of researching, assessing, patching and remediating.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Primary cybersecurity risk oversight has been delegated to the Audit Committee. The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	NNN's management is responsible for managing all cyber risks and overseeing NNN's security programs. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO
Cybersecurity Risk Role of Management [Text Block]	The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations. The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture. The Audit Committee cybersecurity risk oversight role includes: (i) reviewing and approving technology security policies and internal cybersecurity controls, (ii) monitoring cybersecurity and information security exposures, and (iii) confirming management has adequate procedures in place to not only control and limit these exposures but also to timely respond to any cyber incident. NNN's cybersecurity risk profile and cybersecurity program status, including results of any third-party evaluations are reported to the Audit Committee by the CATO
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief Accounting and Technology Officer (the "CATO") oversees NNN's security programs and its Incident Response Policy and Plan and provides direct oversight and guidance to the technology team that manages NNN's day-to-day technology and cybersecurity operations.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CATO has been with NNN for over 25 years and has overseen NNN's information systems, including its cyber risk management program, for the last 15 years. The technology team has the appropriate educational background and certifications in the area of information security governance and technical controls, penetration testing and vulnerability assessments, incident response and digital forensics and secure systems design and architecture.

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies : Organization and Nature of Business. NNN REIT, Inc., a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The term "NNN" or the "Company" refers to NNN REIT, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRS"). 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, 2024 Property Portfolio: Total Properties 3,568 Gross leasable area (square feet) (unaudited) 36,557,000 States 49 Weighted average remaining lease term (years) 10 In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Topic 280, Segment Reporting, NNN's operations are reported within one reportable segment in the consolidated financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties. Additional disclosure in "Note 9 – Segment Information." 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 FASB ASC guidance included in Topic 810, Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. As of December 31, 2024 , NNN had no interest in any variable interest entities. Real Estate Portfolio. NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest, third-party costs and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2024, 2023 and 2022, NNN recorded $ 5,805,000 , $ 4,286,000 and $ 881,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. NNN completed $ 410,969,000 and $ 599,480,000 of real estate acquisitions during the year ended December 31, 2024 and 2023, respectively. Additionally, NNN invested $ 154,447,000 and $ 220,230,000 of work in progress and improvements during the year ended December 31, 2024 and 2023 , respectively. Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("ASC 842"). NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability 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. NNN adopted certain practical expedients in ASC 842 and does not separate the non-lease components from the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all income earned pursuant to tenant leases are reflected as one-line, rental income , in the Consolidated Statements of Income and Comprehensive Income. In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842. 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), historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections and the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. When NNN deems the collection of rental income from a tenant not probable, uncollected and previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored. As a result of the review of collectability, NNN recorded a write-off of $ 763,000 and $ 204,000 of outstanding receivables and related accrued rent during the years ended December 31, 2024 and 2023, respectively, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2022, no tenants were deemed as cash basis for accounting purposes. The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2024 2023 2022 Number of tenants 12 9 8 Cash basis tenants as a percent of: Total Properties 2.5 % 3.5 % 5.0 % Total annual base rent (1) 4.3 % 5.0 % 7.0 % Total gross leasable area 4.5 % 4.8 % 6.6 % (1) Based on annualized base rent for all leases in place on each respective date. $ 860,562,000 as of December 31, 2024. $ 818,749,000 as of December 31, 2023. $ 771,984,000 as of December 31, 2022. During the years ended December 31, 2024, 2023 and 2022, NNN recognized $ 39,495,000 , $ 56,229,000 and $ 62,454,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the years ended December 31, 2023 and 2022, one and three tenants, respectively, were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. More information regarding the reclassification in 2023 can be found in "Note 2 – Real Estate". The impact of the reclassification in 2022 was immaterial. NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income. Real Estate – Held For Sale. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant and Equipment , including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2024 and 2023 , NNN had recorded real estate held for sale of $ 283,000 (two properties) and $ 4,573,000 (one property), respectively, in real estate portfolio on the Consolidated Balance Sheets. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024 . Real Estate Dispositions. When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record. Impairment – Real Estate. NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN's Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term. Credit Losses on Financial Instruments. FASB ASC Topic 326, Financial Instruments – Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term. NNN held mortgages receivable, including accrued interest, of $ 454,000 and $ 1,002,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of $ 9,000 and $ 64,000 allowance for credit loss, respectively. NNN periodically evaluates the allowance for credit loss based on the fair value of the collateral and a 15-year historical collectability trend analysis. 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 may include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-deferred 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. NNN held $ 331,000 and $ 3,966,000 in restricted cash and cash held in escrow as of December 31, 2024 and 2023 , respectively. Debt Costs – Line of Credit Payable. Debt costs incurred in connection with NNN's $ 1,200,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the Credit Facility (as defined in "Note 3 – Line of Credit Payable") as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Notes Payable. Debt costs incurred in connection with the issuance of NNN's unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. NNN had debt costs of $ 43,820,000 and $ 42,595,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of accumulated amortization of $ 14,060,000 and $ 14,343,000 , respectively. Revenue Recognition. Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842 , based on the terms of the lease of the leased asset. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record. Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, Earnings Per Share . The guidance requires classification of the Company's unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average 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 share using the two-class method for the years ended December 31 (dollars in thousands): 2024 2023 2022 Basic and Diluted Earnings: Net earnings available to stockholders $ 396,835 $ 392,340 $ 334,626 Less: Earnings allocated to unvested restricted shares ( 686 ) ( 609 ) ( 514 ) Net earnings used in basic and diluted earnings per share $ 396,149 $ 391,731 $ 334,112 Basic and Diluted Weighted Average Shares Outstanding: Weighted average shares outstanding 184,723,988 182,184,038 177,332,094 Less: Unvested restricted shares ( 299,534 ) ( 273,077 ) ( 237,918 ) Less: Unvested contingent restricted shares ( 735,892 ) ( 710,921 ) ( 690,520 ) Weighted average shares outstanding used in basic earnings per share 183,688,562 181,200,040 176,403,656 Other dilutive securities 355,279 489,683 664,209 Weighted average shares outstanding used in diluted earnings per share 184,043,841 181,689,723 177,067,865 Income Taxes. NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, NNN believes it has qualified as a REIT. Notwithstanding NNN's qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN's former TRS. The deferred tax asset consists only of net operating loss carryforwards of $ 3,804,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The valuation allowance decreased by $ 95,000 for the year ended December 31, 2024 as a result of the decrease in the deferred tax asset. There was no change to the valuation allowance for the years ended December 31, 2023 and 2022. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2021 through 2024. NNN also files in many states and localities with varying open years under statute. Fair Value Measurement. NNN's estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in FASB ASC Topic 820, Fair Value Measurement . The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Accumulated Other Comprehensive Income (Loss). The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2022 $ ( 12,582 ) Reclassifications from accumulated other comprehensive income to net earnings 2,471 (2) Ending balance, December 31, 2023 ( 10,111 ) Reclassifications from accumulated other comprehensive income to net earnings 2,152 (2) Ending balance, December 31, 2024 $ ( 7,959 ) (1) Additional disclosure is included in "Note 4 – Notes Payable and Derivatives. " (2) Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification. New Accounting Pronouncements. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024 . ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2024, ASU 2022-06 had no impact on NNN's financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. The adoption of ASU 2023-07 did not have a significant impact on NNN’s financial statement disclosures. Additional disclosure required by ASU 2023-07 is included in “Note 9 – Segment Information.” In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments eliminate some of the previous required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within 12 months. NNN is currently evaluating the potential impact the adoption of ASU 2023-09 will have on its future disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2027-03"), effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. NNN is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures. Use of Estimates. Additional critical accounting policies of NNN include management's estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities which are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management's estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate	Note 2 – Real Estate : Real Estate – Portfolio Leases. At December 31, 2024, NNN's real estate portfolio has a weighted average remaining lease term of 10 years and consisted of 3,533 leases classified as operating leases and an additional four leases accounted for as direct financing leases. The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Typically, the Property leases provide for initial terms of 10 to 20 years. The Properties are generally leased under triple-net leases, pursuant to which the tenant typically bears responsibility for all operating expenses of the Property, including utilities, real estate taxes and assessments, property and liability insurance, maintenance, repairs and capital expenditures. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses associated with the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of increases in the Consumer Price Index ("CPI") or fixed increases. Generally, NNN's leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. NNN's lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the renewal options. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property. Real Estate Portfolio. NNN's real estate consisted of the following at December 31 (dollars in thousands): 2024 2023 Land and improvements (1) $ 2,919,976 $ 2,878,400 Buildings and improvements 7,805,939 7,368,873 Leasehold interests 355 355 10,726,270 10,247,628 Less accumulated depreciation and amortization ( 2,065,316 ) ( 1,863,451 ) 8,660,954 8,384,177 Work in progress and improvements 82,411 144,068 Accounted for using the operating method 8,743,365 8,528,245 Accounted for using the direct financing method 2,520 3,033 Classified as held for sale (2) 283 4,573 $ 8,746,168 $ 8,535,851 (1) Includes $ 34,356 and $ 96,464 in land for Properties under construction as of December 31, 2024 and 2023 , respectively. (2) As of December 31, 2024 , two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024. NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2024 2023 2022 Rental income from operating leases $ 846,653 $ 805,136 $ 751,680 Earned income from direct financing leases 468 560 595 Percentage rent 1,536 1,631 1,541 Rental revenues 848,657 807,327 753,816 Real estate expense reimbursement from tenants 18,811 18,763 17,802 $ 867,468 $ 826,090 $ 771,618 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, 2024, 2023 and 2022, NNN recognized $ 294,000 , $ 7,453,000 and ($ 3,559,000 ) , respectively, of net-straight-line accrued rental income, net of reserves. During the year ended December 31, 2023, one tenant was reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors, which resulted in an increase of accrued rental income in the amount of $ 5,573,000 . The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2024 (dollars in thousands): 2025 $ 807,969 2026 773,249 2027 730,349 2028 677,780 2029 639,162 Thereafter 4,488,602 $ 8,117,111 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): 2024 2023 Intangible lease assets (included in other assets ): Above-market in-place leases $ 14,753 $ 15,297 Less: accumulated amortization ( 12,159 ) ( 12,080 ) Above-market in-place leases, net $ 2,594 $ 3,217 In-place leases $ 116,549 $ 122,802 Less: accumulated amortization ( 85,741 ) ( 85,332 ) In-place leases, net $ 30,808 $ 37,470 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 39,869 $ 41,244 Less: accumulated amortization ( 28,946 ) ( 29,117 ) Below-market in-place leases, net $ 10,923 $ 12,127 The amounts amortized as a net increase to rental income for above-market and below-market leases for the years ended December 31, 2024, 2023 and 2022 were $ 495,000 , $ 430,000 and $ 510,000 , respectively. The value of in-place leases amortized to expense for the years ended December 31, 2024, 2023 and 2022 was $ 6,108,000 , $ 6,793,000 and $ 7,132,000 , 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, 2024 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2025 $ 392 $ 5,293 2026 402 4,711 2027 460 3,963 2028 638 3,526 2029 686 3,100 Thereafter 5,751 10,215 $ 8,329 $ 30,808 Weighted average amortization period (years) 15 8 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense. Real Estate – Dispositions The following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands): 2024 2023 2022 # of Sold Net # of Sold Net # of Sold Net Gain on disposition of real estate 41 $ 42,290 45 $ 47,485 33 $ 17,443 Real Estate – Commitments As of December 31, 2024, NNN has committed to fund construction of 15 Properties. The improvements of such Properties are estimated to be completed within 12 to 18 months. These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands): Total commitment (1) $ 165,550 Less amount funded ( 116,767 ) Remaining commitment $ 48,783 (1) Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs. Real Estate – Impairments NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2024 2023 2022 Total real estate impairments, net of recoveries $ 6,632 $ 5,990 $ 8,309 Number of Properties: Vacant 4 11 9 Occupied 9 3 7 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, 2024
Debt Disclosure [Abstract]
Line of Credit Payable	Note 3 – Line of Credit Payable : In April 2024, NNN amended its credit agreement to increase borrowing capacity under its unsecured revolving credit facility from $ 1,100,000,000 to $ 1,200,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the "Credit Facility"). The Credit Facility had a weighted average outstanding balance of $ 60,775,000 and a weighted average interest rate of 6.25 % during the year ended December 31, 2024 . The Credit Facility has a base interest rate of the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 10 basis points ("Adjusted SOFR"). The Credit Facility bears interest at Adjusted SOFR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility matures in April 2028, unless the Company exercises its options to extend maturity to April 2029. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $ 2,000,000,000 , subject to lender approval. In connection with the Credit Facility, loan costs are classified as debt costs on the Consolidated Balance Sheet. As of December 31, 2024 , there was no outstanding balance and $ 1,200,000,000 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, 2024 , NNN was in compliance with each of the Credit Facility financial covenants.

Notes Payable and Derivatives

Notes Payable and Derivatives	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notes Payable and Derivatives	Note 4 – Notes Payable and Derivatives : Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2025 (3) October 2015 $ 400,000 $ 964 $ 399,036 4.000 % 4.029 % November 2025 (4)(5) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 (4) 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 (4) 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2033 August 2023 500,000 11,620 488,380 5.600 % 5.905 % October 2033 2034 May 2024 500,000 6,160 493,840 5.500 % 5.662 % June 2034 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,550,000 . (5) NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt. Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes in whole or in part at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $ 43,820,000 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 June 2024, NNN redeemed the $ 350,000,000 3.900 % notes payable that were due in June 2024. The notes were redeemed at a price equal to 100 percent of the principal amount and 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, 2024, NNN was in compliance with each of the financial covenants. In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. NNN's objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the statement of cash flows as an operating activity. The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Terminated Description Aggregate Liability (Asset) Fair Value (1) 2025 October 2015 Four forward starting swaps $ 300,000 $ 13,369 $ 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable. As of December 31, 2024, $ 7,959,000 remains in accumulated other comprehensive income (loss) related to NNN's previously terminated interest rate hedges. During the years ended December 31, 2024, 2023 and 2022, NNN reclassified $ 2,152,000 , $ 2,471,000 and $ 2,374,000 , respectively, out of accumulated other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $ 1,670,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN's long-term debt. NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at December 31, 2024 .

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Note 5 – Stockholders' Equity : Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which became automatically effective (“Universal Shelf”). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplements, or other offering materials, at the time of any offering. At-The-Market Offerings. NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's ATM: 2023 ATM 2020 ATM Shelf registration statement: Effective date August 2023 August 2020 Termination date August 2026 August 2023 Total allowable shares 17,500,000 17,500,000 Total shares issued as of December 31, 2024 4,652,100 7,722,511 The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data): 2024 2023 2022 Shares of common stock 4,652,100 650,135 5,473,072 Average price per share (net) $ 45.49 $ 43.52 $ 45.15 Net proceeds $ 211,619 $ 28,292 $ 247,129 Stock issuance costs (1) $ 3,242 $ 858 $ 3,761 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees. Dividend Reinvestment and Stock Purchase Plan. In February 2024, NNN filed a shelf registration statement for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") with the Commission that was automatically effective, and permits NNN to issue up to 4,000,000 shares of common stock. The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands): 2024 2023 2022 Shares of common stock 64,654 76,229 70,342 Net proceeds $ 2,634 $ 3,082 $ 3,082 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): 2024 2023 2022 Dividends $ 420,239 $ 404,458 $ 380,538 Per share 2.290 2.230 2.160 On January 14, 2025, NNN declared a dividend of $ 0.580 per share, payable February 14, 2025, to its common stockholders of record as of January 31, 2025 .

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Note 6 – Employee Benefit Plan : Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering all of the eligible associates of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN generally matches 75 percent of the first four percent and 50 percent of the next five percent of a participant's contributions. Additionally, NNN may make discretionary contributions. NNN recorded contributions to the Retirement Plan of $ 804,000 , $ 734,000 and $ 590,000 , for the years ended December 31, 2024, 2023 and 2022 , respectively

Performance Incentive Plan

Performance Incentive Plan	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Performance Incentive Plan	Note 7 – Performance Incentive Plan : In August 2023, NNN filed a registration statement on Form S-8 with the Commission which amended NNN's 2017 Performance Incentive Plan to increase the maximum aggregate share issuance from 1,800,000 to 4,800,000 shares of common stock and certain other limits under the plan (the plan as amended, the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key associates, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, phantom stock awards, Stock Awards, Restricted Stock Awards, Stock Appreciation Rights and Performance Shares, each as defined in the 2017 Plan. There were no stock options outstanding or exercisable at December 31, 2024. 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, 2024: Number of Weighted Non-vested restricted shares, January 1 1,038,124 $ 44.23 Restricted shares granted 402,763 39.98 Restricted shares vested ( 297,219 ) 43.79 Restricted shares forfeited ( 60,088 ) 42.54 Non-vested restricted shares, December 31 1,083,580 42.86 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, 2024 , NNN granted 275,482 Performance Shares subject to its total stockholder return after a three-year period relative to its peers. In accordance with FASB ASC Topic 718, Compensation - Stock Compensation ("ASC 718"), the fair value of these market-based Performance Shares was determined using a Monte Carlo simulation model at the grant date (for a weighted average fair value share price of $ 27.59 ). The Performance Shares were granted to certain executive officers and had a weighted average grant price of $ 39.98 per share. Once the respective performance criteria are met and the number of shares earned is determined, the shares vest immediately. Compensation expense is recognized over the requisite service period. The following summarizes other grants made during the year ended December 31, 2024, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 6,720 $ 43.15 Deferred directors’ fees 29,884 43.19 36,604 43.19 Shares available under the 2017 Plan for grant, end of period 4,520,013 The total compensation expense for share-based payments for the years ended December 31, 2024, 2023 and 2022 totaled $ 11,816,000 , $ 12,228,000 and $ 15,449,000 , respectively. At December 31, 2024 , NNN had $ 13,725,000 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 2.04 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 8 – 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. At December 31, 2024 and 2023, the fair value of NNN's notes payable excluding unamortized discount and debt costs, were $ 3,894,030,000 and $ 3,801,367,000 , respectively, based upon quoted market prices as of the close of the year, which is a Level 1 valuation since NNN's notes payable are publicly traded.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Note 9 – Segment Information : NNN's operations are reported within one reportable segment and constitutes all of the consolidated entities which are reported in the consolidated financial statements. NNN primarily derives its revenues from real estate leased to retail tenants under long-term net leases. NNN’s Properties are located in the United States. NNN’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM assesses entity-wide operating results and performance and decides how to allocate resources based on net earnings which is reported on the Consolidated Statements of Income and Comprehensive Income. Additionally, the measure of segment assets is reported on the Consolidated Balance Sheets as total assets . Included in the total assets are long-lived real estate assets which include land, buildings, improvements and right-of-use assets subject to operating leases. The CODM uses net earnings to evaluate income generated from assets (return on assets) in deciding whether to reinvest profits to grow the Property Portfolio or deploy into other aspects of the Company, such as to retire or repay debt or pay dividends. The CODM also uses net earnings to monitor the budget versus actual results, which is used in assessing NNN’s entity-wide operating results and performance. Significant expense categories, including general and administrative, real estate, depreciation and amortization and interest, are included on NNN’s Consolidated Statements of Income and Comprehensive Income. Asset information is included in the Consolidated Balance Sheets and “Note 2 – Real Estate.”

Major Tenants

Major Tenants	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Major Tenants	Note 10 – Major Tenants : As of December 31, 2024 , 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, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 – Commitments and Contingencies : A summary of NNN's commitments are included in "Note 2 – Real Estate." In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material to NNN's consolidated financial statements.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation and Amortization	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation and Amortization	NNN REIT , INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2024 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction (e) Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Alabama 150 $ — $ 74,390 $ 173,171 $ 48,708 $ — $ 74,104 $ 221,879 $ 295,983 $ 63,043 1960 - 2024 2001 - 2024 15 - 40 Alaska 5 — 1,943 3,694 140 — 1,943 3,834 5,777 2,076 1971 - 2003 1996 - 2014 20 - 40 Arizona 81 — 117,729 142,329 146,844 — 117,729 289,173 406,902 48,809 1962 - 2024 1998 - 2024 10 - 40 Arkansas 72 — 35,523 100,982 20,455 — 35,523 121,438 156,961 24,964 1969 - 2023 1998 - 2024 25 - 40 California 73 — 144,400 216,361 37,430 — 143,383 244,599 387,982 70,953 1945 - 2018 1997 - 2022 20 - 40 Colorado 45 — 70,215 92,324 43,689 — 70,215 136,014 206,229 35,256 1969 - 2024 1994 - 2023 20 - 40 Connecticut 11 — 9,068 32,773 601 — 9,068 33,375 42,443 12,503 1929 - 2003 2006 - 2022 20 - 30 Delaware 1 — 2,994 6,062 516 — 2,994 6,578 9,572 4,602 1994 - 1994 1994 - 1994 40 - 40 District of 1 — 624 578 — — 624 578 1,202 286 1983 - 1983 2005 - 2005 40 - 40 Florida 276 — 305,961 474,860 145,081 — 305,961 618,368 924,329 153,577 1939 - 2024 1985 - 2024 5 - 40 Georgia 175 — 137,502 300,069 66,045 — 137,502 366,114 503,616 97,474 1964 - 2024 1996 - 2024 10 - 40 Hawaii 1 — 775 1,308 — — 775 1,308 2,083 82 1971 - 1971 2023 - 2023 30 - 30 Idaho 11 — 7,644 9,468 8,331 — 7,644 17,799 25,443 5,356 1983 - 2017 2006 - 2022 20 - 40 Illinois 167 — 137,420 311,509 74,151 — 137,420 385,481 522,901 114,478 1924 - 2024 1995 - 2023 15 - 40 Indiana 149 — 99,065 201,373 84,248 — 99,065 285,621 384,686 89,296 1965 - 2023 2001 - 2024 15 - 40 Iowa 28 — 22,527 37,962 26,624 — 22,527 64,585 87,112 20,410 1964 - 2023 2005 - 2022 10 - 40 Kansas 39 — 19,541 53,896 9,776 — 19,541 63,672 83,213 13,912 1946 - 2019 1997 - 2023 15 - 40 Kentucky 60 — 44,003 105,088 13,085 — 44,003 118,173 162,176 34,057 1974 - 2024 2005 - 2024 25 - 40 Louisiana 52 — 36,135 92,862 37,936 — 36,135 130,798 166,933 30,411 1970 - 2023 1996 - 2023 15 - 40 Maine 17 — 5,618 23,757 — — 5,618 23,757 29,375 5,982 1915 - 2017 1996 - 2024 10 - 40 Maryland 50 — 62,149 125,927 3,426 — 62,149 129,353 191,502 46,469 1946 - 2017 1996 - 2019 20 - 40 Massachusetts 24 — 33,600 94,097 — — 33,600 94,097 127,697 23,118 1910 - 2017 2006 - 2024 20 - 40 Michigan 97 — 62,812 223,420 49,677 — 62,812 272,744 335,556 47,797 1963 - 2024 1996 - 2024 20 - 40 Minnesota 33 — 23,342 42,701 7,156 — 23,342 49,857 73,199 15,728 1950 - 2024 2005 - 2024 10 - 40 Mississippi 63 — 29,466 100,855 12,422 — 29,466 113,277 142,743 18,742 1959 - 2021 2006 - 2023 15 - 40 Missouri 106 — 64,782 131,418 67,399 — 64,782 198,817 263,599 47,317 1920 - 2023 1992 - 2024 15 - 40 Montana 26 — 4,102 11,865 2,654 — 4,102 14,518 18,620 5,828 1937 - 2016 2010 - 2016 20 - 40 Nebraska 11 — 10,052 10,581 5,033 — 10,052 15,614 25,666 2,488 1973 - 2019 2005 - 2024 20 - 40 Nevada 16 — 16,023 41,187 9,097 — 16,023 50,284 66,307 6,540 1961 - 2023 2012 - 2024 25 - 40 New Hampshire 10 — 11,299 39,056 — — 11,299 39,056 50,355 10,424 1980 - 2004 2011 - 2022 25 - 30 New Jersey 33 — 53,956 202,697 7,600 — 53,956 210,297 264,253 59,343 1948 - 2025 1996 - 2024 25 - 40 New Mexico 33 — 22,315 81,052 21,795 — 22,315 102,848 125,163 20,786 1955 - 2019 2001 - 2024 25 - 40 New York 48 — 34,302 77,027 20,168 — 34,302 97,194 131,496 19,628 1905 - 2020 1997 - 2024 20 - 40 North Carolina 161 — 126,272 258,620 41,909 — 126,272 300,529 426,801 92,021 1906 - 2024 2004 - 2024 5 - 40 NNN REIT, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2024 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction (e) Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) North Dakota 4 — 411 1,606 — — 411 1,606 2,017 948 1974 - 1999 1997 - 2011 25 - 40 Ohio 193 — 126,588 299,250 77,934 — 126,588 376,991 503,579 118,574 1910 - 2025 1992 - 2024 15 - 40 Oklahoma 89 — 43,661 109,605 26,775 — 43,661 136,380 180,041 35,678 1964 - 2018 1996 - 2024 15 - 40 Oregon 8 — 6,040 10,216 1,000 — 6,040 11,216 17,256 3,976 1968 - 2008 1998 - 2023 20 - 40 Pennsylvania 88 — 72,020 137,489 49,818 — 71,835 185,984 257,819 51,594 1953 - 2024 1997 - 2024 2 - 40 Puerto Rico 1 — 1,729 — 2,732 — 1,729 2,131 3,860 976 1998 - 1998 2007 - 2007 33 - 33 Rhode Island 6 — 3,497 10,325 — — 3,497 10,325 13,822 2,503 1938 - 2004 2016 - 2023 25 - 30 South Carolina 78 — 59,751 116,840 16,619 — 59,751 133,459 193,210 37,609 1921 - 2024 2005 - 2023 10 - 40 South Dakota 3 — 1,942 4,447 3,511 — 1,942 7,957 9,899 1,888 1985 - 2024 2012 - 2023 30 - 35 Tennessee 153 — 104,561 236,390 61,081 — 104,561 297,471 402,032 71,525 1958 - 2024 1996 - 2024 5 - 40 Texas 575 — 481,901 1,177,369 249,929 — 481,901 1,426,839 1,908,740 362,319 1890 - 2024 1993 - 2024 15 - 40 Utah 14 — 13,108 19,681 13,239 — 13,108 32,921 46,029 8,727 1951 - 2016 2006 - 2022 20 - 40 Virginia 118 — 101,701 177,563 66,719 — 100,591 243,323 343,914 69,571 1964 - 2024 1995 - 2024 5 - 40 Washington 27 — 22,767 35,177 15,999 — 22,767 51,177 73,944 18,979 1965 - 2017 1997 - 2024 20 - 40 West Virginia 24 — 14,442 28,027 1,394 — 14,442 29,421 43,863 8,220 1970 - 2021 2006 - 2023 25 - 40 Wisconsin 56 — 39,822 92,092 24,389 — 39,822 116,481 156,303 26,846 1940 - 2024 2006 - 2024 20 - 40 Wyoming 6 — 1,150 3,815 — — 1,150 3,815 4,965 1,831 1949 - 2001 2010 - 2012 20 - 30 3,568 $ — $ 2,922,640 $ 6,280,821 $ 1,623,135 $ — $ 2,920,042 $ 7,889,126 $ 10,809,168 $ 2,065,520 NNN REIT, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2024 (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: 2024 2023 2022 Beginning balance, January 1 $ 10,397,432 $ 9,678,127 $ 8,917,586 Acquisitions and dollars invested in projects under construction or tenant improvements 565,707 820,238 846,331 Dispositions ( 147,339 ) ( 94,943 ) ( 77,481 ) Impairment losses ( 6,632 ) ( 5,990 ) ( 8,309 ) Ending balance, December 31 $ 10,809,168 $ 10,397,432 $ 9,678,127 (b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2024 2023 2022 Beginning balance, January 1 $ 1,864,614 $ 1,660,665 $ 1,471,393 Dispositions ( 41,046 ) ( 26,236 ) ( 25,757 ) Depreciation and amortization expense 241,952 230,185 215,029 Ending balance, December 31 $ 2,065,520 $ 1,864,614 $ 1,660,665 (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, 2024 , the net investment in real estate accounted for under the direct financing method was $ 2,520 . (d) As of December 31, 2024 , the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $ 10,665,000 (unaudited). (e) As of December 31, 2024 , NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date. See accompanying report of independent registered public accounting firm.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	NNN REIT, INC. AND SUBSIDIARIES SCHEDU LE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2024 (dollars in thousands) Description Interest Maturity Periodic Prior Face Carrying (c) Principal First mortgages on properties: 2 properties in VA 7.000 % 3/1/2025 (b) — $ 3,000 (d) $ 451 $ — $ 3,000 $ 451 (a) $ — (a) The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31: 2024 2023 2022 Beginning balance, January 1 $ 996 $ 1,521 $ 2,011 New mortgage loans — — — Deductions during the year: Collections of principal ( 599 ) ( 559 ) ( 521 ) Other: credit (losses) recoveries (e) 54 34 31 Foreclosures — — — Ending balance, December 31 $ 451 $ 996 $ 1,521 (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, 2024, 2023 and 2022 were $ 454 , $ 1,002 and $ 1,530 , respectively . (d) Mortgages totaling $ 3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020. (e) In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2024
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 FASB ASC guidance included in Topic 810, Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. As of December 31, 2024 , NNN had no interest in any variable interest entities.
Real Estate Portfolio	Real Estate Portfolio. NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest, third-party costs and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2024, 2023 and 2022, NNN recorded $ 5,805,000 , $ 4,286,000 and $ 881,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate. In accordance with the FASB ASC guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management's estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. NNN completed $ 410,969,000 and $ 599,480,000 of real estate acquisitions during the year ended December 31, 2024 and 2023, respectively. Additionally, NNN invested $ 154,447,000 and $ 220,230,000 of work in progress and improvements during the year ended December 31, 2024 and 2023 , respectively.
Lease Accounting	Lease Accounting. NNN records its leases on the Property Portfolio in accordance with FASB ASC Topic 842, Leases ("ASC 842"). NNN's real estate is typically leased to tenants under triple-net leases, whereby the tenant is responsible for all operating expenses relating to the Property, including utilities, real estate taxes and assessments, property and liability 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. NNN adopted certain practical expedients in ASC 842 and does not separate the non-lease components from the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all income earned pursuant to tenant leases are reflected as one-line, rental income , in the Consolidated Statements of Income and Comprehensive Income. In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842.
Collectability	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), historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections and the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. When NNN deems the collection of rental income from a tenant not probable, uncollected and previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. If NNN subsequently deems the collection of rental income is probable, any related accrued rental income or expense is restored. As a result of the review of collectability, NNN recorded a write-off of $ 763,000 and $ 204,000 of outstanding receivables and related accrued rent during the years ended December 31, 2024 and 2023, respectively, and reclassified certain tenants as cash basis for accounting purposes. During the year ended December 31, 2022, no tenants were deemed as cash basis for accounting purposes. The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2024 2023 2022 Number of tenants 12 9 8 Cash basis tenants as a percent of: Total Properties 2.5 % 3.5 % 5.0 % Total annual base rent (1) 4.3 % 5.0 % 7.0 % Total gross leasable area 4.5 % 4.8 % 6.6 % (1) Based on annualized base rent for all leases in place on each respective date. $ 860,562,000 as of December 31, 2024. $ 818,749,000 as of December 31, 2023. $ 771,984,000 as of December 31, 2022. During the years ended December 31, 2024, 2023 and 2022, NNN recognized $ 39,495,000 , $ 56,229,000 and $ 62,454,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the years ended December 31, 2023 and 2022, one and three tenants, respectively, were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. More information regarding the reclassification in 2023 can be found in "Note 2 – Real Estate". The impact of the reclassification in 2022 was immaterial. NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income.
Real Estate - Held for Sale	Real Estate – Held For Sale. Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant and Equipment , including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2024 and 2023 , NNN had recorded real estate held for sale of $ 283,000 (two properties) and $ 4,573,000 (one property), respectively, in real estate portfolio on the Consolidated Balance Sheets. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024 .
Real Estate Dispositions	Real Estate Dispositions. When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.
Impairment - Real Estate	Impairment – Real Estate. NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN's Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term.
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments. FASB ASC Topic 326, Financial Instruments – Credit Losses requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset's contractual term. NNN held mortgages receivable, including accrued interest, of $ 454,000 and $ 1,002,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of $ 9,000 and $ 64,000 allowance for credit loss, respectively. NNN periodically evaluates the allowance for credit loss based on the fair value of the collateral and a 15-year historical collectability trend analysis.
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 may include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-deferred 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. NNN held $ 331,000 and $ 3,966,000 in restricted cash and cash held in escrow as of December 31, 2024 and 2023 , respectively.
Debt Costs	Debt Costs – Line of Credit Payable. Debt costs incurred in connection with NNN's $ 1,200,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the Credit Facility (as defined in "Note 3 – Line of Credit Payable") as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Notes Payable. Debt costs incurred in connection with the issuance of NNN's unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. NNN had debt costs of $ 43,820,000 and $ 42,595,000 included in notes payable on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, net of accumulated amortization of $ 14,060,000 and $ 14,343,000 , 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. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property. FASB ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets ("ASC 610-20"), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity that transfers a nonfinancial asset in the scope of ASC 610-20 follows a two-step derecognition model to determine whether (and when) to derecognize the asset. NNN determined the key revenue stream impacted by ASC 610-20 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASC 610-20, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transfer of control and transaction price allocation in determining the amount of gain or loss to record.
Earnings Per Share	Earnings Per Share. Earnings per share have been computed pursuant to the FASB guidance included in FASB ASC Topic 260, Earnings Per Share . The guidance requires classification of the Company's unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average 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 share using the two-class method for the years ended December 31 (dollars in thousands): 2024 2023 2022 Basic and Diluted Earnings: Net earnings available to stockholders $ 396,835 $ 392,340 $ 334,626 Less: Earnings allocated to unvested restricted shares ( 686 ) ( 609 ) ( 514 ) Net earnings used in basic and diluted earnings per share $ 396,149 $ 391,731 $ 334,112 Basic and Diluted Weighted Average Shares Outstanding: Weighted average shares outstanding 184,723,988 182,184,038 177,332,094 Less: Unvested restricted shares ( 299,534 ) ( 273,077 ) ( 237,918 ) Less: Unvested contingent restricted shares ( 735,892 ) ( 710,921 ) ( 690,520 ) Weighted average shares outstanding used in basic earnings per share 183,688,562 181,200,040 176,403,656 Other dilutive securities 355,279 489,683 664,209 Weighted average shares outstanding used in diluted earnings per share 184,043,841 181,689,723 177,067,865
Income Taxes	Income Taxes. NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2024, NNN believes it has qualified as a REIT. Notwithstanding NNN's qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN's former TRS. The deferred tax asset consists only of net operating loss carryforwards of $ 3,804,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. The valuation allowance decreased by $ 95,000 for the year ended December 31, 2024 as a result of the decrease in the deferred tax asset. There was no change to the valuation allowance for the years ended December 31, 2023 and 2022. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2021 through 2024. NNN also files in many states and localities with varying open years under statute.
Fair Value Measurement	Fair Value Measurement. NNN's estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in FASB ASC Topic 820, Fair Value Measurement . The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss). The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2024 and 2023 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2022 $ ( 12,582 ) Reclassifications from accumulated other comprehensive income to net earnings 2,471 (2) Ending balance, December 31, 2023 ( 10,111 ) Reclassifications from accumulated other comprehensive income to net earnings 2,152 (2) Ending balance, December 31, 2024 $ ( 7,959 ) (1) Additional disclosure is included in "Note 4 – Notes Payable and Derivatives. " (2) Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.
New Accounting Pronouncements	New Accounting Pronouncements. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024 . ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2024, ASU 2022-06 had no impact on NNN's financial position or results of operations. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), effective for fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update require public entities to provide enhanced disclosures primarily around segment expenses. On an annual and interim basis entities will disclose significant segment expenses that are regularly provided to the chief operating decision maker and included with each measure of segment profit or loss, an amount for “other segment items” by reportable segment accompanied by a description of its composition, and all annual disclosures about segment profit and loss currently required by Topic 280 to be disclosed in interim periods. The adoption of ASU 2023-07 did not have a significant impact on NNN’s financial statement disclosures. Additional disclosure required by ASU 2023-07 is included in “Note 9 – Segment Information.” In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), effective for annual periods beginning after December 15, 2024. The amendments in the update require public business entities on an annual basis to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold of equal to or greater than five percent of the amount computed by multiplying pretax income by the statutory income tax rate. The amendments also require that entities disclose on an annual basis information about the amount of income taxes paid disaggregated by federal, state, and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. The amendments eliminate some of the previous required disclosures for all entities relating to estimates of the change in unrecognized tax benefits reasonably possible within 12 months. NNN is currently evaluating the potential impact the adoption of ASU 2023-09 will have on its future disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense ("ASU 2027-03"), effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The amendments in this update require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. NNN is currently evaluating the potential impact the adoption of ASU 2024-03 will have on its future disclosures.
Use of Estimates	Use of Estimates. Additional critical accounting policies of NNN include management's estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities which are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management's estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Estimates are sensitive to evaluations by management about current and future expectations of market and economic conditions. Actual results could differ from those estimates.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of NNN's Investment Portfolio	NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2024 Property Portfolio: Total Properties 3,568 Gross leasable area (square feet) (unaudited) 36,557,000 States 49 Weighted average remaining lease term (years) 10
Summary of tenants classified as cash basis	The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2024 2023 2022 Number of tenants 12 9 8 Cash basis tenants as a percent of: Total Properties 2.5 % 3.5 % 5.0 % Total annual base rent (1) 4.3 % 5.0 % 7.0 % Total gross leasable area 4.5 % 4.8 % 6.6 % (1) Based on annualized base rent for all leases in place on each respective date. $ 860,562,000 as of December 31, 2024. $ 818,749,000 as of December 31, 2023. $ 771,984,000 as of December 31, 2022.
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 share using the two-class method for the years ended December 31 (dollars in thousands): 2024 2023 2022 Basic and Diluted Earnings: Net earnings available to stockholders $ 396,835 $ 392,340 $ 334,626 Less: Earnings allocated to unvested restricted shares ( 686 ) ( 609 ) ( 514 ) Net earnings used in basic and diluted earnings per share $ 396,149 $ 391,731 $ 334,112 Basic and Diluted Weighted Average Shares Outstanding: Weighted average shares outstanding 184,723,988 182,184,038 177,332,094 Less: Unvested restricted shares ( 299,534 ) ( 273,077 ) ( 237,918 ) Less: Unvested contingent restricted shares ( 735,892 ) ( 710,921 ) ( 690,520 ) Weighted average shares outstanding used in basic earnings per share 183,688,562 181,200,040 176,403,656 Other dilutive securities 355,279 489,683 664,209 Weighted average shares outstanding used in diluted earnings per share 184,043,841 181,689,723 177,067,865
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, 2024 and 2023 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2022 $ ( 12,582 ) Reclassifications from accumulated other comprehensive income to net earnings 2,471 (2) Ending balance, December 31, 2023 ( 10,111 ) Reclassifications from accumulated other comprehensive income to net earnings 2,152 (2) Ending balance, December 31, 2024 $ ( 7,959 ) (1) Additional disclosure is included in "Note 4 – Notes Payable and Derivatives. " (2) Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2024
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): 2024 2023 Land and improvements (1) $ 2,919,976 $ 2,878,400 Buildings and improvements 7,805,939 7,368,873 Leasehold interests 355 355 10,726,270 10,247,628 Less accumulated depreciation and amortization ( 2,065,316 ) ( 1,863,451 ) 8,660,954 8,384,177 Work in progress and improvements 82,411 144,068 Accounted for using the operating method 8,743,365 8,528,245 Accounted for using the direct financing method 2,520 3,033 Classified as held for sale (2) 283 4,573 $ 8,746,168 $ 8,535,851 (1) Includes $ 34,356 and $ 96,464 in land for Properties under construction as of December 31, 2024 and 2023 , respectively. (2) As of December 31, 2024 , two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.
Rental Income, Operating Leases	NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2024 2023 2022 Rental income from operating leases $ 846,653 $ 805,136 $ 751,680 Earned income from direct financing leases 468 560 595 Percentage rent 1,536 1,631 1,541 Rental revenues 848,657 807,327 753,816 Real estate expense reimbursement from tenants 18,811 18,763 17,802 $ 867,468 $ 826,090 $ 771,618
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, 2024 (dollars in thousands): 2025 $ 807,969 2026 773,249 2027 730,349 2028 677,780 2029 639,162 Thereafter 4,488,602 $ 8,117,111
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): 2024 2023 Intangible lease assets (included in other assets ): Above-market in-place leases $ 14,753 $ 15,297 Less: accumulated amortization ( 12,159 ) ( 12,080 ) Above-market in-place leases, net $ 2,594 $ 3,217 In-place leases $ 116,549 $ 122,802 Less: accumulated amortization ( 85,741 ) ( 85,332 ) In-place leases, net $ 30,808 $ 37,470 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 39,869 $ 41,244 Less: accumulated amortization ( 28,946 ) ( 29,117 ) Below-market in-place leases, net $ 10,923 $ 12,127 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, 2024 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2025 $ 392 $ 5,293 2026 402 4,711 2027 460 3,963 2028 638 3,526 2029 686 3,100 Thereafter 5,751 10,215 $ 8,329 $ 30,808 Weighted average amortization period (years) 15 8 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense.
Gains on Dispositions of Properties	The following table summarizes the properties sold and the corresponding gain recognized on the disposition of properties for the years ended December 31 (dollars in thousands): 2024 2023 2022 # of Sold Net # of Sold Net # of Sold Net Gain on disposition of real estate 41 $ 42,290 45 $ 47,485 33 $ 17,443
Remaining Funding Commitments	These construction commitments, at December 31, 2024, are outlined in the table below (dollars in thousands): Total commitment (1) $ 165,550 Less amount funded ( 116,767 ) Remaining commitment $ 48,783 (1) Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.
Real Estate Impairments	As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2024 2023 2022 Total real estate impairments, net of recoveries $ 6,632 $ 5,990 $ 8,309 Number of Properties: Vacant 4 11 9 Occupied 9 3 7

Notes Payable and Derivatives (

Notes Payable and Derivatives (Tables)	12 Months Ended
	Dec. 31, 2024
Notes Payable [Abstract]
Summary of Notes Payable and Derivatives	Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2025 (3) October 2015 $ 400,000 $ 964 $ 399,036 4.000 % 4.029 % November 2025 (4)(5) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 (4) 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 (4) 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2033 August 2023 500,000 11,620 488,380 5.600 % 5.905 % October 2033 2034 May 2024 500,000 6,160 493,840 5.500 % 5.662 % June 2034 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,550,000 . (5) NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.
Schedule of Derivative Instruments	The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Terminated Description Aggregate Liability (Asset) Fair Value (1) 2025 October 2015 Four forward starting swaps $ 300,000 $ 13,369 $ 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of ATM Program	The following table outlines NNN's ATM: 2023 ATM 2020 ATM Shelf registration statement: Effective date August 2023 August 2020 Termination date August 2026 August 2023 Total allowable shares 17,500,000 17,500,000 Total shares issued as of December 31, 2024 4,652,100 7,722,511
Schedule of Common Stock Issuances Pursuant to Equity Programs	The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data): 2024 2023 2022 Shares of common stock 4,652,100 650,135 5,473,072 Average price per share (net) $ 45.49 $ 43.52 $ 45.15 Net proceeds $ 211,619 $ 28,292 $ 247,129 Stock issuance costs (1) $ 3,242 $ 858 $ 3,761 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.
Schedule of Common Stock Issuances Pursuant to DRIP	The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands): 2024 2023 2022 Shares of common stock 64,654 76,229 70,342 Net proceeds $ 2,634 $ 3,082 $ 3,082
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): 2024 2023 2022 Dividends $ 420,239 $ 404,458 $ 380,538 Per share 2.290 2.230 2.160

Dividends (Tables)

Dividends (Tables)	12 Months Ended
	Dec. 31, 2024
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): 2024 2023 2022 Dividends $ 420,239 $ 404,458 $ 380,538 Per share 2.290 2.230 2.160

Performance Incentive Plan (Tab

Performance Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	The following summarizes the restricted stock activity for the year ended December 31, 2024: Number of Weighted Non-vested restricted shares, January 1 1,038,124 $ 44.23 Restricted shares granted 402,763 39.98 Restricted shares vested ( 297,219 ) 43.79 Restricted shares forfeited ( 60,088 ) 42.54 Non-vested restricted shares, December 31 1,083,580 42.86
Schedule of Other Grants	The following summarizes other grants made during the year ended December 31, 2024, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 6,720 $ 43.15 Deferred directors’ fees 29,884 43.19 36,604 43.19 Shares available under the 2017 Plan for grant, end of period 4,520,013

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, 2024 ft² Property State
Property Portfolio:
Total properties | Property	3,568
Gross leasable area (square feet) (unaudited) | ft²	36,557,000
States | State	49
Weighted average remaining lease term (years)	10 years

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies (Narrative) (Details)		12 Months Ended
		Dec. 31, 2024 USD ($) Segment Tenant	Dec. 31, 2023 USD ($) Tenant	Dec. 31, 2022 USD ($) Tenant	Apr. 30, 2024 USD ($)
Debt Instrument [Line Items]
Number of operating segments | Segment		1
Noncontrolling Interest in Variable Interest Entity		$ 0
Interest costs capitalized		5,805,000	$ 4,286,000	$ 881,000
Real estate acquisitions		410,969,000	599,480,000
Investments in work in progress - improvements		154,447,000	220,230,000
Classified as held for sale	[1]	283,000	4,573,000
Escrow and other restricted accounts		331,000	3,966,000
Net operating loss carryforwards		3,804,000
Valuation Allowance Decreased		95,000
Write-off of outstanding receivables and related accrued rent		$ 763,000	$ 204,000	$ 0
Percentage of total properties for which revenue recognized on cash basis		2.50%	3.50%	5%
Percentage of aggregate gross leasable area for which revenue recognized on cash basis		4.50%	4.80%	6.60%
Number of tenants for which revenue recognized on cash basis | Tenant		12	9	8
Revenue recognized on cash basis		$ 39,495,000	$ 56,229,000	$ 62,454,000
Revolving credit facility borrowing capacity		1,200,000,000
Unrecognized tax benefits		0
Income tax penalties and interest expense		$ 0
Land improvements
Debt Instrument [Line Items]
Property estimated useful life		15 years
Mortgage receivable
Debt Instrument [Line Items]
Mortgage receivable		$ 454,000	1,002,000
Allowance for credit loss		$ 9,000	64,000
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
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity		$ 1,200,000,000			$ 1,100,000,000
Notes Payable
Debt Instrument [Line Items]
Debt costs		43,820,000	42,595,000
Debt costs accumulated amortization		$ 14,060,000	$ 14,343,000
[1] As of December 31, 2024 , two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - (Summary of tenants classified as cash basis) (Details) - Tenant		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Number of tenants		12	9	8
Cash basis tenants as a percent of:
Total Properties		2.50%	3.50%	5%
Total annual base rent	[1]	4.30%	5%	7%
Total gross leasable area		4.50%	4.80%	6.60%
[1] (1) Based on annualized base rent for all leases in place on each respective date. $ 860,562,000 as of December 31, 2024. $ 818,749,000 as of December 31, 2023. $ 771,984,000 as of December 31, 2022.

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic and Diluted Earnings:
Net earnings available to common stockholders	$ 396,835	$ 392,340	$ 334,626
Less: Earnings allocated to unvested restricted shares	(686)	(609)	(514)
Net earnings used in basic and diluted earnings per share	$ 396,149	$ 391,731	$ 334,112
Basic and Diluted Weighted Average Shares Outstanding:
Weighted average shares outstanding	184,723,988	182,184,038	177,332,094
Less: Unvested restricted shares	(299,534)	(273,077)	(237,918)
Less: Unvested contingent restricted shares	(735,892)	(710,921)	(690,520)
Weighted average shares outstanding used in basic earnings per share	183,688,562	181,200,040	176,403,656
Other dilutive securities	355,279	489,683	664,209
Weighted average shares outstanding used in diluted earnings per share	184,043,841	181,689,723	177,067,865

Organization and Summary of S_8

Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances		$ 4,157,457	$ 4,123,502
Balances		4,362,275	4,157,457
AOCI, cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances	[1]	(10,111)	(12,582)
Reclassifications from accumulated other comprehensive income to net earnings	[1],[2]	2,152	2,471
Balances	[1]	$ (7,959)	$ (10,111)
[1] Additional disclosure is included in "Note 4 – Notes Payable and Derivatives. Recorded in interest expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.

Organization and Summary of S_9

Organization and Summary of Significant Accounting Policies - Summarizes Those Tenants Classified as Cash Basis for Accounting Purposes (Parenthetical) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease Income Annualized On Base Rent	$ 860,562,000	$ 818,749,000	$ 771,984,000

Real Estate (Key Information fo

Real Estate (Key Information for Leases) (Details)	12 Months Ended
	Dec. 31, 2024 Property
Lease classification:
Operating	3,533
Direct financing	4
Weighted average remaining lease term (years)	10 years
Minimum
Lease classification:
Initial lease terms	10 years
Maximum
Lease classification:
Initial lease terms	20 years

Real Estate (Summary of Real Es

Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($)		Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Land and improvements	[1]	$ 2,919,976,000	$ 2,878,400,000
Buildings and improvements		7,805,939,000	7,368,873,000
Leasehold interests		355,000	355,000
Real estate subject to operating leases, gross		10,726,270,000	10,247,628,000
Less accumulated depreciation and amortization		(2,065,316,000)	(1,863,451,000)
Real estate subject to operating leases, net, before work in process		8,660,954,000	8,384,177,000
Work in progress – improvements		82,411,000	144,068,000
Accounted for using the operating method		8,743,365,000	8,528,245,000
Accounted for using the direct financing method		2,520,000	3,033,000
Classified as held for sale	[2]	283,000	4,573,000
Accounted for using the operating method, net of accumulated depreciation and amortization		8,746,168,000	8,535,851,000
Asset under construction
Property, Plant and Equipment [Line Items]
Land and improvements		$ 34,356,000	$ 96,464,000
[1] Includes $ 34,356 and $ 96,464 in land for Properties under construction as of December 31, 2024 and 2023 , respectively. As of December 31, 2024 , two Properties were classified as held for sale. The property classified as held for sale as of December 31, 2023 was sold during the year ended December 31, 2024.

Real Estate (Rental Income) (De

Real Estate (Rental Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Rental income from operating leases	$ 846,653,000	$ 805,136,000	$ 751,680,000
Earned income from direct financing leases	468,000	560,000	595,000
Percentage rent	1,536,000	1,631,000	1,541,000
Rental revenues	848,657,000	807,327,000	753,816,000
Real estate expense reimbursement from tenants	18,811,000	18,763,000	17,802,000
Rental income	867,468,000	826,090,000	771,618,000
Rental income accrued during period	294,000	$ 7,453,000	$ (3,559,000)
increase of accrued rental income	$ 5,573,000

Real Estate (Future Minimum Lea

Real Estate (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Real Estate [Abstract]
2025	$ 807,969
2026	773,249
2027	730,349
2028	677,780
2029	639,162
Thereafter	4,488,602
Future minimum payments receivable	$ 8,117,111

Real Estate (Intangible Assets

Real Estate (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024		Dec. 31, 2023
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases	$ 39,869		$ 41,244
Less: accumulated amortization	(28,946)		(29,117)
Below-market in-place leases, net	10,923		12,127
Above-market in-place leases, net
Intangible lease assets (included in other assets):
Leases	14,753		15,297
Less: accumulated amortization	(12,159)		(12,080)
Leases, net	2,594		3,217
In-place leases, net
Intangible lease assets (included in other assets):
Leases	116,549		122,802
Less: accumulated amortization	(85,741)		(85,332)
Leases, net	$ 30,808	[1]	$ 37,470
[1] Amortized as an increase to amortization expense.

Real Estate (Amortization of Ac

Real Estate (Amortization of Acquired Lease Intangibles) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Above-Market and Below-Market In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, above- and below-market leases		$ 495,000		$ 430,000	$ 510,000
2025	[1]	392,000
2026	[1]	402,000
2027	[1]	460,000
2028	[1]	638,000
2029	[1]	686,000
Thereafter	[1]	5,751,000
Leases, net	[1]	$ 8,329,000
Weighted average amortization period (years)	[1]	15 years
In-Place Lease Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense, in-place leases		$ 6,108,000		6,793,000	$ 7,132,000
2025	[2]	5,293,000
2026	[2]	4,711,000
2027	[2]	3,963,000
2028	[2]	3,526,000
2029	[2]	3,100,000
Thereafter	[2]	10,215,000
Leases, net		$ 30,808,000	[2]	$ 37,470,000
Weighted average amortization period (years)	[2]	8 years
[1] Recorded as a net increase to rental income over the life of the lease. Amortized as an increase to amortization expense.

Real Estate (Dispositions) (Det

Real Estate (Dispositions) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Gain | $	$ 42,290	$ 47,485	$ 17,443
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	41	45	33

Real Estate (Commitments) (Deta

Real Estate (Commitments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property
Long-Term Purchase Commitment [Line Items]
Number of properties | Property	15
Total commitment	$ 165,550	[1]
Less amount funded	(116,767)
Real Estate Investment, Funding Commitments, Remaining Commitment, Total	$ 48,783
Maximum
Long-Term Purchase Commitment [Line Items]
Period for improvements to construction commitments	18 months
Minimum
Long-Term Purchase Commitment [Line Items]
Period for improvements to construction commitments	12 months
[1] Includes land, construction costs, tenant improvements, lease costs, capitalized interest and third-party costs.

Real Estate (Impairments) (Deta

Real Estate (Impairments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($) Property
Lessor, Lease, Description [Line Items]
Real estate impairments, net of recoveries | $	$ 6,632	$ 5,990	$ 8,309
Vacant	4	11	9
Occupied	9	3	7

Line of Credit Payable (Details

Line of Credit Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Apr. 30, 2024
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,200,000,000
Revolving credit facility weighted average outstanding balance	60,775,000
Option to increase facility size	$ 2,000,000,000
Weighted average interest rate	6.25%
LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	77.50%
SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	10%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 1,200,000,000	$ 1,100,000,000
Line of Credit
Line of Credit Facility [Line Items]
Line of credit payable	$ 0

Notes Payable and Derivatives_2

Notes Payable and Derivatives (Additional Information) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		$ 2,152,000	$ 2,471,000	$ 2,374,000
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net		1,670,000
AOCI, cash flow hedges
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		7,959,000
AOCI Attributable to Parent [Member]
Debt Instrument [Line Items]
Gain (loss) reclassification to interest expense		$ 2,152,000	2,471,000	$ 2,374,000
Notes Payable
Debt Instrument [Line Items]
Redemption price percentage	100%	100%
Debt issuance costs		$ 43,820,000	$ 42,595,000
Notes payable redeemed	$ 350,000,000
Stated Rate	3.90%

Notes Payable and Derivatives -

Notes Payable and Derivatives - Summary of outstanding series of unsecured notes (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Long-term debt maturities for the next five years		$ 1,550,000
Notes Payable
Debt Instrument [Line Items]
Stated Rate			3.90%
2025 Notes
Debt Instrument [Line Items]
Principal	[1],[2],[3]	400,000
Discount	[1],[2],[3],[4]	964
Net Price	[1],[2],[3]	$ 399,036
Stated Rate	[1],[2],[3]	4%
Effective Rate	[1],[2],[3],[5]	4.029%
2026 Notes
Debt Instrument [Line Items]
Principal	[1],[3]	$ 350,000
Discount	[1],[3],[4]	3,860
Net Price	[1],[3]	$ 346,140
Stated Rate	[1],[3]	3.60%
Effective Rate	[1],[3],[5]	3.733%
2027 Notes
Debt Instrument [Line Items]
Principal	[1],[3]	$ 400,000
Discount	[1],[3],[4]	1,628
Net Price	[1],[3]	$ 398,372
Stated Rate	[1],[3]	3.50%
Effective Rate	[1],[3],[5]	3.548%
2028 Notes
Debt Instrument [Line Items]
Principal	[1],[3]	$ 400,000
Discount	[1],[3],[4]	2,848
Net Price	[1],[3]	$ 397,152
Stated Rate	[1],[3]	4.30%
Effective Rate	[1],[3],[5]	4.388%
2030 Notes
Debt Instrument [Line Items]
Principal	[1]	$ 400,000
Discount	[1],[4]	1,288
Net Price	[1]	$ 398,712
Stated Rate	[1]	2.50%
Effective Rate	[1],[5]	2.536%
2033 Notes
Debt Instrument [Line Items]
Principal		$ 500,000
Discount	[4]	11,620
Net Price		$ 488,380
Stated Rate		5.60%
Effective Rate	[5]	5.905%
2034 Notes
Debt Instrument [Line Items]
Principal		$ 500,000
Discount	[4]	6,160
Net Price		$ 493,840
Stated Rate		5.50%
Effective Rate	[5]	5.662%
2048 Notes
Debt Instrument [Line Items]
Principal		$ 300,000
Discount	[4]	4,239
Net Price		$ 295,761
Stated Rate		4.80%
Effective Rate	[5]	4.89%
2050 Notes
Debt Instrument [Line Items]
Principal		$ 300,000
Discount	[4]	6,066
Net Price		$ 293,934
Stated Rate		3.10%
Effective Rate	[5]	3.205%
April 2051
Debt Instrument [Line Items]
Principal		$ 450,000
Discount	[4]	8,406
Net Price		$ 441,594
Stated Rate		3.50%
Effective Rate	[5]	3.602%
2052 Notes
Debt Instrument [Line Items]
Principal	[1]	$ 450,000
Discount	[1],[4]	10,422
Net Price	[1]	$ 439,578
Stated Rate	[1]	3%
Effective Rate	[1],[5]	3.118%
[1] 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. NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt. The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,550,000 . The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. Includes the effects of the discount at issuance.

Notes Payable and Derivatives_3

Notes Payable and Derivatives - Schedule of Terminated Derivatives (Details) - Forward Swap $ in Thousands		Sep. 30, 2021 USD ($) Instrument	Mar. 31, 2020 USD ($) Instrument	Sep. 30, 2018 USD ($) Instrument	Sep. 30, 2017 USD ($) Instrument	Dec. 31, 2016 USD ($) Instrument	Oct. 31, 2015 USD ($) Instrument
Derivative [Line Items]
Description | Instrument		2	3	2	2	2	4
Aggregate Notional Amount		$ 120,000	$ 200,000	$ 250,000	$ 250,000	$ 180,000	$ 300,000
Liability Fair Value When Terminated		1,584	13,141		7,690		13,369
Asset Fair Value When Terminated				(4,080)		(13,352)
Fair Value Deferred In Other Comprehensive Income	[1]	$ 1,584	$ 13,141	$ (4,080)	$ 7,688	$ (13,345)	$ 13,369
[1] The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

Stockholders' Equity - ATM Prog

Stockholders' Equity - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total allowable shares		375,000,000	375,000,000
Total shares issued as of December 31, 2024		187,540,929	182,474,770
Net proceeds		$ 217,581	$ 32,328	$ 253,972
Stock issuance costs(1)		$ 13,127	$ 4,510	$ 199
2020 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares		17,500,000
Total shares issued as of December 31, 2024		7,722,511
2023 ATM Equity Program
Class of Stock [Line Items]
Total allowable shares		17,500,000
Total shares issued as of December 31, 2024		4,652,100
ATM Equity Programs
Class of Stock [Line Items]
Shares of common stock		4,652,100	650,135	5,473,072
Average price per share (net) (in dollars per share)		$ 45.49	$ 43.52	$ 45.15
Net proceeds		$ 211,619	$ 28,292	$ 247,129
Stock issuance costs(1)	[1]	$ 3,242	$ 858	$ 3,761
[1] Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting fees.

Stockholders' Equity (Additiona

Stockholders' Equity (Additional Information) (Details) - $ / shares		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 29, 2024
Class of Stock [Line Items]
Total allowable shares		375,000,000	375,000,000
Common stock dividends declared and paid (in dollars per share)		$ 2.29	$ 2.23	$ 2.16
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.58
DRIP [Member]
Class of Stock [Line Items]
Total allowable shares					4,000,000

Stockholders' Equity - DRIP (De

Stockholders' Equity - DRIP (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds	$ 217,581	$ 32,328	$ 253,972
DRIP [Member]
Class of Stock [Line Items]
Shares of common stock (in shares)	64,654	76,229	70,342
Net proceeds	$ 2,634	$ 3,082	$ 3,082

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividends	$ 420,239	$ 404,458	$ 380,538
DRIP [Member]
Class of Stock [Line Items]
Dividends	$ 420,239	$ 404,458	$ 380,538
Per share	$ 2.29	$ 2.23	$ 2.16

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)		12 Months Ended
	Jan. 01, 1998	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Percentage of participant's contributions matched by employer	75%	50%
Employer matching contribution, percent	4%	5%
Employer contributions		$ 804,000	$ 734,000	$ 590,000

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 14, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Dividends		$ 420,239	$ 404,458	$ 380,538
Common stock dividends declared and paid (in dollars per share)		$ 2.29	$ 2.23	$ 2.16
Subsequent Event
Class of Stock [Line Items]
Common stock dividends declared and paid (in dollars per share)	$ 0.58

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Valuation Allowance Decreased	$ 95,000
Unrecognized tax benefits	$ 0

Performance Incentive Plan (Nar

Performance Incentive Plan (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	0
Restricted shares granted (in shares)	36,604
Restricted shares granted (in shares)	36,604
Share-based compensation cost	$ 11,816,000	$ 12,228,000	$ 15,449,000
Unrecognized compensation cost	$ 13,725,000
Weighted average period for recognition of unrecognized compensation cost	2 years 14 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,800,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				4,800,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	402,763
Restricted shares granted (in shares)	402,763
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)	275,482
Performance period used In calculation	3 years
Fair value share price (in dollars per share)	$ 27.59
Restricted shares granted (in shares)	275,482
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)	$ 39.98

Performance Incentive Plan (Res

Performance Incentive Plan (Restricted Stock Activity) (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Restricted shares granted (in shares) | shares	36,604
Weighted Average Share Price
Restricted shares granted (in dollars per share) | $ / shares	$ 43.19
Restricted stock
Number of Shares
Non-vested restricted shares, January 1 (in shares) | shares	1,038,124
Restricted shares granted (in shares) | shares	402,763
Restricted shares vested (in shares) | shares	(297,219)
Restricted shares forfeited (in shares) | shares	(60,088)
Non-vested restricted shares, December 31 (in shares) | shares	1,083,580
Weighted Average Share Price
Non-vested restricted shares, January 1 (in dollars per share) | $ / shares	$ 44.23
Restricted shares granted (in dollars per share) | $ / shares	39.98
Restricted shares vested (in dollars per share) | $ / shares	43.79
Restricted shares forfeited (in dollars per share) | $ / shares	42.54
Non-vested restricted shares, December 31 (in dollars per share) | $ / shares	$ 42.86

Performance Incentive Plan (Oth

Performance Incentive Plan (Other Grants) (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	36,604
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 43.19
Shares available under the 2017 Plan for grant, end of period (in shares)	4,520,013
Directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	6,720
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 43.15
Deferred directors’ fees
Other share grants under the 2017 Plan:
Restricted shares granted (in shares)	29,884
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares	$ 43.19

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of notes payable	$ 3,894,030,000	$ 3,801,367,000

Segment Information (Details)

Segment Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	1

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) Property		Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		3,568
Encumbrances		$ 0
Initial Cost to Company, Land		2,922,640
Initial Cost to Company, Building, Improvements & Leasehold Interests		6,280,821
Costs Capitalized Subsequent to Acquisition, Improvements		1,623,135
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	2,920,042
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	7,889,126
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests		10,809,168	[1],[2]	$ 10,397,432	$ 9,678,127	$ 8,917,586
Accumulated Depreciation and Amortization		$ 2,065,520	[3]	$ 1,864,614	$ 1,660,665	$ 1,471,393
Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		12 months
Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		18 months
ALABAMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		150
Encumbrances		$ 0
Initial Cost to Company, Land		74,390
Initial Cost to Company, Building, Improvements & Leasehold Interests		173,171
Costs Capitalized Subsequent to Acquisition, Improvements		48,708
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	74,104
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	221,879
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	295,983
Accumulated Depreciation and Amortization	[3]	$ 63,043
Start Year of Construction	[4]	1960
End Year of Construction	[4]	2024
Acquired of Beginning Year		2001
Acquired of Ending Year		2024
ALABAMA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
ALABAMA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ALASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		5
Encumbrances		$ 0
Initial Cost to Company, Land		1,943
Initial Cost to Company, Building, Improvements & Leasehold Interests		3,694
Costs Capitalized Subsequent to Acquisition, Improvements		140
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,943
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	3,834
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	5,777
Accumulated Depreciation and Amortization	[3]	$ 2,076
Start Year of Construction	[4]	1971
End Year of Construction	[4]	2003
Acquired of Beginning Year		1996
Acquired of Ending Year		2014
ALASKA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
ALASKA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ARIZONA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		81
Encumbrances		$ 0
Initial Cost to Company, Land		117,729
Initial Cost to Company, Building, Improvements & Leasehold Interests		142,329
Costs Capitalized Subsequent to Acquisition, Improvements		146,844
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	117,729
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	289,173
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	406,902
Accumulated Depreciation and Amortization	[3]	$ 48,809
Start Year of Construction	[4]	1962
End Year of Construction	[4]	2024
Acquired of Beginning Year		1998
Acquired of Ending Year		2024
ARIZONA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
ARIZONA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ARKANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		72
Encumbrances		$ 0
Initial Cost to Company, Land		35,523
Initial Cost to Company, Building, Improvements & Leasehold Interests		100,982
Costs Capitalized Subsequent to Acquisition, Improvements		20,455
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	35,523
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	121,438
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	156,961
Accumulated Depreciation and Amortization	[3]	$ 24,964
Start Year of Construction	[4]	1969
End Year of Construction	[4]	2023
Acquired of Beginning Year		1998
Acquired of Ending Year		2024
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		25 years
ARKANSAS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
CALIFORNIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		73
Encumbrances		$ 0
Initial Cost to Company, Land		144,400
Initial Cost to Company, Building, Improvements & Leasehold Interests		216,361
Costs Capitalized Subsequent to Acquisition, Improvements		37,430
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	143,383
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	244,599
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	387,982
Accumulated Depreciation and Amortization	[3]	$ 70,953
Start Year of Construction	[4]	1945
End Year of Construction	[4]	2018
Acquired of Beginning Year		1997
Acquired of Ending Year		2022
CALIFORNIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
CALIFORNIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
COLORADO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		45
Encumbrances		$ 0
Initial Cost to Company, Land		70,215
Initial Cost to Company, Building, Improvements & Leasehold Interests		92,324
Costs Capitalized Subsequent to Acquisition, Improvements		43,689
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	70,215
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	136,014
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	206,229
Accumulated Depreciation and Amortization	[3]	$ 35,256
Start Year of Construction	[4]	1969
End Year of Construction	[4]	2024
Acquired of Beginning Year		1994
Acquired of Ending Year		2023
COLORADO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
COLORADO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
CONNECTICUT
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		11
Encumbrances		$ 0
Initial Cost to Company, Land		9,068
Initial Cost to Company, Building, Improvements & Leasehold Interests		32,773
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	[1],[2]	9,068
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	33,375
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	42,443
Accumulated Depreciation and Amortization	[3]	$ 12,503
Start Year of Construction	[4]	1929
End Year of Construction	[4]	2003
Acquired of Beginning Year		2006
Acquired of Ending Year		2022
CONNECTICUT | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
CONNECTICUT | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
DELAWARE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		2,994
Initial Cost to Company, Building, Improvements & Leasehold Interests		6,062
Costs Capitalized Subsequent to Acquisition, Improvements		516
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	2,994
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	6,578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	9,572
Accumulated Depreciation and Amortization	[3]	$ 4,602
Start Year of Construction	[4]	1994
End Year of Construction	[4]	1994
Acquired of Beginning Year		1994
Acquired of Ending Year		1994
DELAWARE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
DELAWARE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
DISTRICT OF COLUMBIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		624
Initial Cost to Company, Building, Improvements & Leasehold Interests		578
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	624
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	578
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	1,202
Accumulated Depreciation and Amortization	[3]	$ 286
Start Year of Construction	[4]	1983
End Year of Construction	[4]	1983
Acquired of Beginning Year		2005
Acquired of Ending Year		2005
DISTRICT OF COLUMBIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
DISTRICT OF COLUMBIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
FLORIDA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		276
Encumbrances		$ 0
Initial Cost to Company, Land		305,961
Initial Cost to Company, Building, Improvements & Leasehold Interests		474,860
Costs Capitalized Subsequent to Acquisition, Improvements		145,081
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	305,961
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	618,368
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	924,329
Accumulated Depreciation and Amortization	[3]	$ 153,577
Start Year of Construction	[4]	1939
End Year of Construction	[4]	2024
Acquired of Beginning Year		1985
Acquired of Ending Year		2024
FLORIDA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
FLORIDA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
GEORGIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		175
Encumbrances		$ 0
Initial Cost to Company, Land		137,502
Initial Cost to Company, Building, Improvements & Leasehold Interests		300,069
Costs Capitalized Subsequent to Acquisition, Improvements		66,045
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	137,502
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	366,114
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	503,616
Accumulated Depreciation and Amortization	[3]	$ 97,474
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2024
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
GEORGIA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
GEORGIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
HAWAII
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		775
Initial Cost to Company, Building, Improvements & Leasehold Interests		1,308
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	775
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	1,308
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	2,083
Accumulated Depreciation and Amortization	[3]	$ 82
Start Year of Construction	[4]	1971
End Year of Construction	[4]	1971
Acquired of Beginning Year		2023
Acquired of Ending Year		2023
HAWAII | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
HAWAII | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
IDAHO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		11
Encumbrances		$ 0
Initial Cost to Company, Land		7,644
Initial Cost to Company, Building, Improvements & Leasehold Interests		9,468
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	[1],[2]	7,644
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	17,799
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	25,443
Accumulated Depreciation and Amortization	[3]	$ 5,356
Start Year of Construction	[4]	1983
End Year of Construction	[4]	2017
Acquired of Beginning Year		2006
Acquired of Ending Year		2022
IDAHO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
IDAHO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
ILLINOIS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		167
Encumbrances		$ 0
Initial Cost to Company, Land		137,420
Initial Cost to Company, Building, Improvements & Leasehold Interests		311,509
Costs Capitalized Subsequent to Acquisition, Improvements		74,151
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	137,420
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	385,481
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	522,901
Accumulated Depreciation and Amortization	[3]	$ 114,478
Start Year of Construction	[4]	1924
End Year of Construction	[4]	2024
Acquired of Beginning Year		1995
Acquired of Ending Year		2023
ILLINOIS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
ILLINOIS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
INDIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		149
Encumbrances		$ 0
Initial Cost to Company, Land		99,065
Initial Cost to Company, Building, Improvements & Leasehold Interests		201,373
Costs Capitalized Subsequent to Acquisition, Improvements		84,248
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	99,065
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	285,621
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	384,686
Accumulated Depreciation and Amortization	[3]	$ 89,296
Start Year of Construction	[4]	1965
End Year of Construction	[4]	2023
Acquired of Beginning Year		2001
Acquired of Ending Year		2024
INDIANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
INDIANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
IOWA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		28
Encumbrances		$ 0
Initial Cost to Company, Land		22,527
Initial Cost to Company, Building, Improvements & Leasehold Interests		37,962
Costs Capitalized Subsequent to Acquisition, Improvements		26,624
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	22,527
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	64,585
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	87,112
Accumulated Depreciation and Amortization	[3]	$ 20,410
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2023
Acquired of Beginning Year		2005
Acquired of Ending Year		2022
IOWA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
IOWA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
KANSAS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		39
Encumbrances		$ 0
Initial Cost to Company, Land		19,541
Initial Cost to Company, Building, Improvements & Leasehold Interests		53,896
Costs Capitalized Subsequent to Acquisition, Improvements		9,776
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	19,541
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	63,672
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	83,213
Accumulated Depreciation and Amortization	[3]	$ 13,912
Start Year of Construction	[4]	1946
End Year of Construction	[4]	2019
Acquired of Beginning Year		1997
Acquired of Ending Year		2023
KANSAS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
KANSAS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
KENTUCKY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		60
Encumbrances		$ 0
Initial Cost to Company, Land		44,003
Initial Cost to Company, Building, Improvements & Leasehold Interests		105,088
Costs Capitalized Subsequent to Acquisition, Improvements		13,085
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	44,003
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	118,173
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	162,176
Accumulated Depreciation and Amortization	[3]	$ 34,057
Start Year of Construction	[4]	1974
End Year of Construction	[4]	2024
Acquired of Beginning Year		2005
Acquired of Ending Year		2024
KENTUCKY | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
KENTUCKY | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
LOUISIANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		52
Encumbrances		$ 0
Initial Cost to Company, Land		36,135
Initial Cost to Company, Building, Improvements & Leasehold Interests		92,862
Costs Capitalized Subsequent to Acquisition, Improvements		37,936
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	36,135
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	130,798
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	166,933
Accumulated Depreciation and Amortization	[3]	$ 30,411
Start Year of Construction	[4]	1970
End Year of Construction	[4]	2023
Acquired of Beginning Year		1996
Acquired of Ending Year		2023
LOUISIANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
LOUISIANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MAINE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		17
Encumbrances		$ 0
Initial Cost to Company, Land		5,618
Initial Cost to Company, Building, Improvements & Leasehold Interests		23,757
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],[2]	5,618
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	23,757
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	29,375
Accumulated Depreciation and Amortization	[3]	$ 5,982
Start Year of Construction	[4]	1915
End Year of Construction	[4]	2017
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
MAINE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
MAINE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MARYLAND
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		50
Encumbrances		$ 0
Initial Cost to Company, Land		62,149
Initial Cost to Company, Building, Improvements & Leasehold Interests		125,927
Costs Capitalized Subsequent to Acquisition, Improvements		3,426
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	62,149
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	129,353
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	191,502
Accumulated Depreciation and Amortization	[3]	$ 46,469
Start Year of Construction	[4]	1946
End Year of Construction	[4]	2017
Acquired of Beginning Year		1996
Acquired of Ending Year		2019
MARYLAND | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MARYLAND | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MASSACHUSETTS
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		24
Encumbrances		$ 0
Initial Cost to Company, Land		33,600
Initial Cost to Company, Building, Improvements & Leasehold Interests		94,097
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],[2]	33,600
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	94,097
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	127,697
Accumulated Depreciation and Amortization	[3]	$ 23,118
Start Year of Construction	[4]	1910
End Year of Construction	[4]	2017
Acquired of Beginning Year		2006
Acquired of Ending Year		2024
MASSACHUSETTS | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MASSACHUSETTS | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MICHIGAN
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		97
Encumbrances		$ 0
Initial Cost to Company, Land		62,812
Initial Cost to Company, Building, Improvements & Leasehold Interests		223,420
Costs Capitalized Subsequent to Acquisition, Improvements		49,677
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	62,812
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	272,744
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	335,556
Accumulated Depreciation and Amortization	[3]	$ 47,797
Start Year of Construction	[4]	1963
End Year of Construction	[4]	2024
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
MICHIGAN | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MICHIGAN | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MINNESOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		33
Encumbrances		$ 0
Initial Cost to Company, Land		23,342
Initial Cost to Company, Building, Improvements & Leasehold Interests		42,701
Costs Capitalized Subsequent to Acquisition, Improvements		7,156
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	23,342
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	49,857
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	73,199
Accumulated Depreciation and Amortization	[3]	$ 15,728
Start Year of Construction	[4]	1950
End Year of Construction	[4]	2024
Acquired of Beginning Year		2005
Acquired of Ending Year		2024
MINNESOTA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
MINNESOTA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MISSISSIPPI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		63
Encumbrances		$ 0
Initial Cost to Company, Land		29,466
Initial Cost to Company, Building, Improvements & Leasehold Interests		100,855
Costs Capitalized Subsequent to Acquisition, Improvements		12,422
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	29,466
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	113,277
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	142,743
Accumulated Depreciation and Amortization	[3]	$ 18,742
Start Year of Construction	[4]	1959
End Year of Construction	[4]	2021
Acquired of Beginning Year		2006
Acquired of Ending Year		2023
MISSISSIPPI | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
MISSISSIPPI | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MISSOURI
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		106
Encumbrances		$ 0
Initial Cost to Company, Land		64,782
Initial Cost to Company, Building, Improvements & Leasehold Interests		131,418
Costs Capitalized Subsequent to Acquisition, Improvements		67,399
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	64,782
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	198,817
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	263,599
Accumulated Depreciation and Amortization	[3]	$ 47,317
Start Year of Construction	[4]	1920
End Year of Construction	[4]	2023
Acquired of Beginning Year		1992
Acquired of Ending Year		2024
MISSOURI | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
MISSOURI | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
MONTANA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		26
Encumbrances		$ 0
Initial Cost to Company, Land		4,102
Initial Cost to Company, Building, Improvements & Leasehold Interests		11,865
Costs Capitalized Subsequent to Acquisition, Improvements		2,654
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	4,102
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	14,518
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	18,620
Accumulated Depreciation and Amortization	[3]	$ 5,828
Start Year of Construction	[4]	1937
End Year of Construction	[4]	2016
Acquired of Beginning Year		2010
Acquired of Ending Year		2016
MONTANA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
MONTANA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEBRASKA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		11
Encumbrances		$ 0
Initial Cost to Company, Land		10,052
Initial Cost to Company, Building, Improvements & Leasehold Interests		10,581
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	[1],[2]	10,052
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	15,614
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	25,666
Accumulated Depreciation and Amortization	[3]	$ 2,488
Start Year of Construction	[4]	1973
End Year of Construction	[4]	2019
Acquired of Beginning Year		2005
Acquired of Ending Year		2024
NEBRASKA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
NEBRASKA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEVADA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		16
Encumbrances		$ 0
Initial Cost to Company, Land		16,023
Initial Cost to Company, Building, Improvements & Leasehold Interests		41,187
Costs Capitalized Subsequent to Acquisition, Improvements		9,097
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	16,023
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	50,284
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	66,307
Accumulated Depreciation and Amortization	[3]	$ 6,540
Start Year of Construction	[4]	1961
End Year of Construction	[4]	2023
Acquired of Beginning Year		2012
Acquired of Ending Year		2024
NEVADA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEVADA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEW HAMPSHIRE
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		10
Encumbrances		$ 0
Initial Cost to Company, Land		11,299
Initial Cost to Company, Building, Improvements & Leasehold Interests		39,056
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	11,299
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	39,056
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	50,355
Accumulated Depreciation and Amortization	[3]	$ 10,424
Start Year of Construction	[4]	1980
End Year of Construction	[4]	2004
Acquired of Beginning Year		2011
Acquired of Ending Year		2022
NEW HAMPSHIRE | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEW HAMPSHIRE | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
NEW JERSEY
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		33
Encumbrances		$ 0
Initial Cost to Company, Land		53,956
Initial Cost to Company, Building, Improvements & Leasehold Interests		202,697
Costs Capitalized Subsequent to Acquisition, Improvements		7,600
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	53,956
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	210,297
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	264,253
Accumulated Depreciation and Amortization	[3]	$ 59,343
Start Year of Construction	[4]	1948
End Year of Construction	[4]	2025
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
NEW JERSEY | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEW JERSEY | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEW MEXICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		33
Encumbrances		$ 0
Initial Cost to Company, Land		22,315
Initial Cost to Company, Building, Improvements & Leasehold Interests		81,052
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	[1],[2]	22,315
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	102,848
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	125,163
Accumulated Depreciation and Amortization	[3]	$ 20,786
Start Year of Construction	[4]	1955
End Year of Construction	[4]	2019
Acquired of Beginning Year		2001
Acquired of Ending Year		2024
NEW MEXICO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NEW MEXICO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NEW YORK
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		48
Encumbrances		$ 0
Initial Cost to Company, Land		34,302
Initial Cost to Company, Building, Improvements & Leasehold Interests		77,027
Costs Capitalized Subsequent to Acquisition, Improvements		20,168
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	34,302
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	97,194
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	131,496
Accumulated Depreciation and Amortization	[3]	$ 19,628
Start Year of Construction	[4]	1905
End Year of Construction	[4]	2020
Acquired of Beginning Year		1997
Acquired of Ending Year		2024
NEW YORK | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
NEW YORK | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NORTH CAROLINA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		161
Encumbrances		$ 0
Initial Cost to Company, Land		126,272
Initial Cost to Company, Building, Improvements & Leasehold Interests		258,620
Costs Capitalized Subsequent to Acquisition, Improvements		41,909
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	126,272
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	300,529
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	426,801
Accumulated Depreciation and Amortization	[3]	$ 92,021
Start Year of Construction	[4]	1906
End Year of Construction	[4]	2024
Acquired of Beginning Year		2004
Acquired of Ending Year		2024
NORTH CAROLINA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
NORTH CAROLINA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
NORTH DAKOTA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		4
Encumbrances		$ 0
Initial Cost to Company, Land		411
Initial Cost to Company, Building, Improvements & Leasehold Interests		1,606
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	411
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	1,606
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	2,017
Accumulated Depreciation and Amortization	[3]	$ 948
Start Year of Construction	[4]	1974
End Year of Construction	[4]	1999
Acquired of Beginning Year		1997
Acquired of Ending Year		2011
NORTH DAKOTA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
NORTH DAKOTA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
OHIO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		193
Encumbrances		$ 0
Initial Cost to Company, Land		126,588
Initial Cost to Company, Building, Improvements & Leasehold Interests		299,250
Costs Capitalized Subsequent to Acquisition, Improvements		77,934
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	126,588
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	376,991
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	503,579
Accumulated Depreciation and Amortization	[3]	$ 118,574
Start Year of Construction	[4]	1910
End Year of Construction	[4]	2025
Acquired of Beginning Year		1992
Acquired of Ending Year		2024
OHIO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
OHIO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
OKLAHOMA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		89
Encumbrances		$ 0
Initial Cost to Company, Land		43,661
Initial Cost to Company, Building, Improvements & Leasehold Interests		109,605
Costs Capitalized Subsequent to Acquisition, Improvements		26,775
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	43,661
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	136,380
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	180,041
Accumulated Depreciation and Amortization	[3]	$ 35,678
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2018
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
OKLAHOMA | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
OKLAHOMA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
OREGON
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		8
Encumbrances		$ 0
Initial Cost to Company, Land		6,040
Initial Cost to Company, Building, Improvements & Leasehold Interests		10,216
Costs Capitalized Subsequent to Acquisition, Improvements		1,000
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	6,040
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	11,216
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	17,256
Accumulated Depreciation and Amortization	[3]	$ 3,976
Start Year of Construction	[4]	1968
End Year of Construction	[4]	2008
Acquired of Beginning Year		1998
Acquired of Ending Year		2023
OREGON | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
OREGON | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
PENNSYLVANIA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		88
Encumbrances		$ 0
Initial Cost to Company, Land		72,020
Initial Cost to Company, Building, Improvements & Leasehold Interests		137,489
Costs Capitalized Subsequent to Acquisition, Improvements		49,818
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	71,835
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	185,984
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	257,819
Accumulated Depreciation and Amortization	[3]	$ 51,594
Start Year of Construction	[4]	1953
End Year of Construction	[4]	2024
Acquired of Beginning Year		1997
Acquired of Ending Year		2024
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		2 years
PENNSYLVANIA | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
PUERTO RICO
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		1
Encumbrances		$ 0
Initial Cost to Company, Land		1,729
Initial Cost to Company, Building, Improvements & Leasehold Interests		0
Costs Capitalized Subsequent to Acquisition, Improvements		2,732
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,729
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	2,131
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	3,860
Accumulated Depreciation and Amortization	[3]	$ 976
Start Year of Construction	[4]	1998
End Year of Construction	[4]	1998
Acquired of Beginning Year		2007
Acquired of Ending Year		2007
PUERTO RICO | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		33 years
PUERTO RICO | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		33 years
Rohde Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		6
Encumbrances		$ 0
Initial Cost to Company, Land		3,497
Initial Cost to Company, Building, Improvements & Leasehold Interests		10,325
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	3,497
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	10,325
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	13,822
Accumulated Depreciation and Amortization	[3]	$ 2,503
Start Year of Construction	[4]	1938
End Year of Construction	[4]	2004
Acquired of Beginning Year		2016
Acquired of Ending Year		2023
Rohde Island | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
Rohde Island | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		78
Encumbrances		$ 0
Initial Cost to Company, Land		59,751
Initial Cost to Company, Building, Improvements & Leasehold Interests		116,840
Costs Capitalized Subsequent to Acquisition, Improvements		16,619
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	59,751
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	133,459
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	193,210
Accumulated Depreciation and Amortization	[3]	$ 37,609
Start Year of Construction	[4]	1921
End Year of Construction	[4]	2024
Acquired of Beginning Year		2005
Acquired of Ending Year		2023
South Carolina | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		10 years
South Carolina | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
South Dakota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		3
Encumbrances		$ 0
Initial Cost to Company, Land		1,942
Initial Cost to Company, Building, Improvements & Leasehold Interests		4,447
Costs Capitalized Subsequent to Acquisition, Improvements		3,511
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,942
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	7,957
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	9,899
Accumulated Depreciation and Amortization	[3]	$ 1,888
Start Year of Construction	[4]	1985
End Year of Construction	[4]	2024
Acquired of Beginning Year		2012
Acquired of Ending Year		2023
South Dakota | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		30 years
South Dakota | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		35 years
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		153
Encumbrances		$ 0
Initial Cost to Company, Land		104,561
Initial Cost to Company, Building, Improvements & Leasehold Interests		236,390
Costs Capitalized Subsequent to Acquisition, Improvements		61,081
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	104,561
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	297,471
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	402,032
Accumulated Depreciation and Amortization	[3]	$ 71,525
Start Year of Construction	[4]	1958
End Year of Construction	[4]	2024
Acquired of Beginning Year		1996
Acquired of Ending Year		2024
Tennessee | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
Tennessee | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		575
Encumbrances		$ 0
Initial Cost to Company, Land		481,901
Initial Cost to Company, Building, Improvements & Leasehold Interests		1,177,369
Costs Capitalized Subsequent to Acquisition, Improvements		249,929
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	481,901
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	1,426,839
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	1,908,740
Accumulated Depreciation and Amortization	[3]	$ 362,319
Start Year of Construction	[4]	1890
End Year of Construction	[4]	2024
Acquired of Beginning Year		1993
Acquired of Ending Year		2024
Texas | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		15 years
Texas | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		14
Encumbrances		$ 0
Initial Cost to Company, Land		13,108
Initial Cost to Company, Building, Improvements & Leasehold Interests		19,681
Costs Capitalized Subsequent to Acquisition, Improvements		13,239
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	13,108
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	32,921
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	46,029
Accumulated Depreciation and Amortization	[3]	$ 8,727
Start Year of Construction	[4]	1951
End Year of Construction	[4]	2016
Acquired of Beginning Year		2006
Acquired of Ending Year		2022
Utah | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Utah | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		118
Encumbrances		$ 0
Initial Cost to Company, Land		101,701
Initial Cost to Company, Building, Improvements & Leasehold Interests		177,563
Costs Capitalized Subsequent to Acquisition, Improvements		66,719
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	100,591
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	243,323
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	343,914
Accumulated Depreciation and Amortization	[3]	$ 69,571
Start Year of Construction	[4]	1964
End Year of Construction	[4]	2024
Acquired of Beginning Year		1995
Acquired of Ending Year		2024
Virginia | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		5 years
Virginia | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		27
Encumbrances		$ 0
Initial Cost to Company, Land		22,767
Initial Cost to Company, Building, Improvements & Leasehold Interests		35,177
Costs Capitalized Subsequent to Acquisition, Improvements		15,999
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	22,767
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	51,177
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	73,944
Accumulated Depreciation and Amortization	[3]	$ 18,979
Start Year of Construction	[4]	1965
End Year of Construction	[4]	2017
Acquired of Beginning Year		1997
Acquired of Ending Year		2024
Washington | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Washington | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
West Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		24
Encumbrances		$ 0
Initial Cost to Company, Land		14,442
Initial Cost to Company, Building, Improvements & Leasehold Interests		28,027
Costs Capitalized Subsequent to Acquisition, Improvements		1,394
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	14,442
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	29,421
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	43,863
Accumulated Depreciation and Amortization	[3]	$ 8,220
Start Year of Construction	[4]	1970
End Year of Construction	[4]	2021
Acquired of Beginning Year		2006
Acquired of Ending Year		2023
West Virginia | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		25 years
West Virginia | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		56
Encumbrances		$ 0
Initial Cost to Company, Land		39,822
Initial Cost to Company, Building, Improvements & Leasehold Interests		92,092
Costs Capitalized Subsequent to Acquisition, Improvements		24,389
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	39,822
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	116,481
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	156,303
Accumulated Depreciation and Amortization	[3]	$ 26,846
Start Year of Construction	[4]	1940
End Year of Construction	[4]	2024
Acquired of Beginning Year		2006
Acquired of Ending Year		2024
Wisconsin | Minimum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		20 years
Wisconsin | Maximum [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Life on Which Depreciation & Amortization in Latest Income Statement is Computed		40 years
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Properties | Property		6
Encumbrances		$ 0
Initial Cost to Company, Land		1,150
Initial Cost to Company, Building, Improvements & Leasehold Interests		3,815
Costs Capitalized Subsequent to Acquisition, Improvements		0
Costs Capitalized Subsequent to Acquisition, Carrying Costs		0
Gross Amount at Which Carried at Close of Period, Land	[1],[2]	1,150
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests	[1],[2]	3,815
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests	[1],[2]	4,965
Accumulated Depreciation and Amortization	[3]	$ 1,831
Start Year of Construction	[4]	1949
End Year of Construction	[4]	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
[1] 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, 2024 , the net investment in real estate accounted for under the direct financing method was $ 2,520 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: 2024 2023 2022 Beginning balance, January 1 $ 10,397,432 $ 9,678,127 $ 8,917,586 Acquisitions and dollars invested in projects under construction or tenant improvements 565,707 820,238 846,331 Dispositions ( 147,339 ) ( 94,943 ) ( 77,481 ) Impairment losses ( 6,632 ) ( 5,990 ) ( 8,309 ) Ending balance, December 31 $ 10,809,168 $ 10,397,432 $ 9,678,127 The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2024 2023 2022 Beginning balance, January 1 $ 1,864,614 $ 1,660,665 $ 1,471,393 Dispositions ( 41,046 ) ( 26,236 ) ( 25,757 ) Depreciation and amortization expense 241,952 230,185 215,029 Ending balance, December 31 $ 2,065,520 $ 1,864,614 $ 1,660,665 As of December 31, 2024 , NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date.

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Land, buildings, and leasehold interests:
Beginning balance	$ 10,397,432		$ 9,678,127	$ 8,917,586
Acquisitions and dollars invested in projects under construction and tenant improvements	565,707		820,238	846,331
Dispositions	(147,339)		(94,943)	(77,481)
Impairment losses	(6,632)		(5,990)	(8,309)
Ending balance	10,809,168	[1],[2]	10,397,432	9,678,127
Accumulated depreciation and amortization:
Beginning balance	1,864,614		1,660,665	1,471,393
Dispositions	(41,046)		(26,236)	(25,757)
Depreciation and amortization expense	241,952		230,185	215,029
Ending balance	2,065,520	[3]	1,864,614	$ 1,660,665
Net investment in direct financing leases	2,520		$ 3,033
Real estate, federal income tax basis	$ 10,665,000
Maximum [Member]
Accumulated depreciation and amortization:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation	18 months
Minimum [Member]
Accumulated depreciation and amortization:
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation	12 months
[1] 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, 2024 , the net investment in real estate accounted for under the direct financing method was $ 2,520 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: 2024 2023 2022 Beginning balance, January 1 $ 10,397,432 $ 9,678,127 $ 8,917,586 Acquisitions and dollars invested in projects under construction or tenant improvements 565,707 820,238 846,331 Dispositions ( 147,339 ) ( 94,943 ) ( 77,481 ) Impairment losses ( 6,632 ) ( 5,990 ) ( 8,309 ) Ending balance, December 31 $ 10,809,168 $ 10,397,432 $ 9,678,127 The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2024 2023 2022 Beginning balance, January 1 $ 1,864,614 $ 1,660,665 $ 1,471,393 Dispositions ( 41,046 ) ( 26,236 ) ( 25,757 ) Depreciation and amortization expense 241,952 230,185 215,029 Ending balance, December 31 $ 2,065,520 $ 1,864,614 $ 1,660,665

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages		$ 3,000
Carrying amount of mortgages		451	[1]	$ 996	$ 1,521
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		996		1,521	2,011
New mortgage loans		0		0	0	$ 3,000
Deductions during the year:
Collections of principal		(599)		(559)	(521)
Other: credit (losses) recoveries	[2]	54		34	31
Foreclosures		0		0	0
Balance at the close of year		451	[1]	996	1,521
Mortgages held, federal income tax basis		$ 454		$ 1,002	$ 1,530
2 properties in VA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate		7%
Face Amount of Mortgages	[3]	$ 3,000
Carrying amount of mortgages	[1],[4]	451
Principal Amount of Loans Subject to Delinquent Principal or Interest	[4]	0
Deductions during the year:
Balance at the close of year	[1],[4]	$ 451
[1] Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2024, 2023 and 2022 were $ 454 , $ 1,002 and $ 1,530 , respectively In accordance with FASB ASC Topic 326, Financial Instruments - Credit Losses, NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and a 15-year historical collectability trend analysis. Principal and interest is payable at varying amounts over the life of the loan. Mortgages totaling $ 3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020.