Cover page
Cover page - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 30, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-11290 | ||
Entity Registrant Name | NATIONAL RETAIL PROPERTIES, INC | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 56-1431377 | ||
Entity Address, Address Line One | 450 South Orange Avenue, Suite 900 | ||
Entity Address, City or Town | Orlando | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32801 | ||
City Area Code | 407 | ||
Local Phone Number | 265-7348 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | NNN | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,534,963,000 | ||
Entity Common Stock, Shares Outstanding | 181,461,427 | ||
Documents Incorporated by Reference | Registrant incorporates by reference into Part III (Items 10, 11, 12, 13 and 14) of this Annual Report on Form 10-K portions of National Retail Properties, Inc.’s definitive Proxy Statement for the 2023 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to Regulation 14A. | ||
Entity Central Index Key | 0000751364 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Orlando, Florida | ||
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Real estate portfolio, net of accumulated depreciation and amortization | $ 8,020,814,000 | $ 7,449,846,000 |
Cash and cash equivalents | 2,505,000 | 171,322,000 |
Restricted cash and cash held in escrow | 4,273,000 | 0 |
Receivables, net of allowance of $708 and $782, respectively | 3,612,000 | 3,154,000 |
Accrued rental income, net of allowance of $3,836 and $4,587, respectively | 27,795,000 | 31,942,000 |
Debt costs, net of accumulated amortization of $21,663 and $19,377, respectively | 5,352,000 | 7,443,000 |
Other assets | 81,694,000 | 87,347,000 |
Total assets | 8,146,045,000 | 7,751,054,000 |
Liabilities: | ||
Line of credit payable | 166,200,000 | 0 |
Mortgages payable, including unamortized premium and net of unamortized debt costs | 9,964,000 | 10,697,000 |
Notes payable, net of unamortized discount and unamortized debt costs | 3,739,890,000 | 3,735,769,000 |
Accrued interest payable | 23,826,000 | 23,923,000 |
Other liabilities | 82,663,000 | 79,002,000 |
Total liabilities | 4,022,543,000 | 3,849,391,000 |
Commitments and contingencies (Note 15) | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value. Authorized 375,000,000 shares; 181,424,670 and 175,635,792 shares issued and outstanding, respectively | 1,815,000 | 1,757,000 |
Capital in excess of par value | 4,928,034,000 | 4,662,714,000 |
Accumulated deficit | (793,765,000) | (747,853,000) |
Accumulated other comprehensive income (loss) | (12,582,000) | (14,956,000) |
Total stockholders’ equity of NNN | 4,123,502,000 | 3,901,662,000 |
Noncontrolling interests | 0 | 1,000 |
Total equity | 4,123,502,000 | 3,901,663,000 |
Total liabilities and equity | $ 8,146,045,000 | $ 7,751,054,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance on receivables | $ 708 | $ 782 |
Accrued rental income allowance | 3,836 | 4,587 |
Debt costs accumulated amortization | $ 21,663 | $ 19,377 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 375,000,000 | 375,000,000 |
Common stock, shares issued (in shares) | 181,424,670 | 175,635,792 |
Common stock, shares outstanding (in shares) | 181,424,670 | 175,635,792 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Rental income | $ 771,618,000 | $ 723,859,000 | $ 658,793,000 |
Interest and other income from real estate transactions | 1,435,000 | 2,548,000 | 1,888,000 |
Total revenues | 773,053,000 | 726,407,000 | 660,681,000 |
Operating expenses: | |||
General and administrative | 41,695,000 | 44,640,000 | 38,161,000 |
Real estate | 26,281,000 | 28,385,000 | 28,362,000 |
Depreciation and amortization | 223,834,000 | 205,220,000 | 196,623,000 |
Leasing transaction costs | 320,000 | 203,000 | 76,000 |
Impairment losses - real estate, net of recoveries | 8,309,000 | 21,957,000 | 37,442,000 |
Executive retirement costs | 7,520,000 | 0 | 1,766,000 |
Total operating expenses | 307,959,000 | 300,405,000 | 302,430,000 |
Gain on disposition of real estate | 17,443,000 | 23,094,000 | 16,238,000 |
Earnings from operations | 482,537,000 | 449,096,000 | 374,489,000 |
Other expenses (revenues): | |||
Interest and other income | (149,000) | (216,000) | (417,000) |
Interest expense | 148,065,000 | 137,874,000 | 129,431,000 |
Loss on early extinguishment of debt | 0 | 21,328,000 | 16,679,000 |
Total other expenses (revenues) | 147,916,000 | 158,986,000 | 145,693,000 |
Net earnings | 334,621,000 | 290,110,000 | 228,796,000 |
Loss (earnings) attributable to noncontrolling interests | 5,000 | 3,000 | 3,000 |
Net earnings attributable to NNN | 334,626,000 | 290,113,000 | 228,799,000 |
Preferred stock dividends | 0 | (14,999,000) | (17,940,000) |
Excess of redemption value over carrying value of preferred shares redeemed | 0 | (10,897,000) | 0 |
Net earnings attributable to common stockholders | $ 334,626,000 | $ 264,217,000 | $ 210,859,000 |
Net earnings per share of common stock: | |||
Basic (in dollars per share) | $ 1.89 | $ 1.51 | $ 1.22 |
Diluted (in dollars per share) | $ 1.89 | $ 1.51 | $ 1.22 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 176,403,656 | 174,710,921 | 172,109,713 |
Diluted (in shares) | 177,067,865 | 174,818,899 | 172,217,077 |
Other comprehensive income: | |||
Net earnings attributable to NNN | $ 334,626,000 | $ 290,113,000 | $ 228,799,000 |
Amortization of interest rate hedges | 2,374,000 | 3,073,000 | 2,300,000 |
Fair value of forward starting swaps | 0 | (1,584,000) | (7,617,000) |
Comprehensive income attributable to NNN | 337,000,000 | 291,602,000 | 223,482,000 |
Comprehensive income attributable to non-controlling interests | (5,000) | (3,000) | (3,000) |
Total comprehensive income | 336,995,000 | 291,599,000 | 223,479,000 |
Series F Preferred Stock | |||
Other expenses (revenues): | |||
Preferred stock dividends | $ 0 | $ (14,999,000) | $ (17,940,000) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Series F Preferred Stock | Total Stockholders' Equity of NNN | Total Stockholders' Equity of NNN Series F Preferred Stock | Preferred Stock Series F Preferred Stock | Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value Series F Preferred Stock | Accumulated Deficit | Accumulated Deficit Series F Preferred Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance at Dec. 31, 2019 | $ 4,331,682 | $ 4,331,675 | $ 345,000 | $ 1,718 | $ 4,495,314 | $ (499,229) | $ (11,128) | $ 7 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net earnings | 228,796 | 228,799 | 228,799 | (3) | ||||||||
Dividends declared and paid: | ||||||||||||
Preferred stock dividends declared and paid | $ (17,940) | $ (17,940) | $ (17,940) | |||||||||
Common stock dividends declared and paid | (351,544) | (351,544) | 1 | 4,864 | (356,409) | |||||||
Issuance of common stock: | ||||||||||||
Director compensation | 1,132 | 1,132 | 1,132 | |||||||||
Stock purchase plan | 308 | 308 | 308 | |||||||||
ATM equity program | 121,315 | 121,315 | 31 | 121,284 | ||||||||
Restricted shares - net of forfeitures and repurchases | 3 | (3) | ||||||||||
Stock issuance costs | (2,212) | (2,212) | (2,212) | |||||||||
Amortization of deferred compensation | 13,084 | 13,084 | 13,084 | |||||||||
Amortization of interest rate hedges | 2,300 | 2,300 | 2,300 | |||||||||
Fair value of forward starting swaps | (7,617) | (7,617) | (7,617) | |||||||||
Ending balance at Dec. 31, 2020 | 4,319,304 | 4,319,300 | 345,000 | 1,753 | 4,633,771 | (644,779) | (16,445) | 4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net earnings | 290,110 | 290,113 | 290,113 | (3) | ||||||||
Dividends declared and paid: | ||||||||||||
Preferred stock dividends declared and paid | (14,999) | (14,999) | (14,999) | |||||||||
Common stock dividends declared and paid | (364,792) | (364,792) | 2,499 | (367,291) | ||||||||
Redemption of depositary shares | $ (345,000) | $ (345,000) | (345,000) | $ 10,897 | $ (10,897) | |||||||
Issuance of common stock: | ||||||||||||
Director compensation | 1,145 | 1,145 | 1,145 | |||||||||
Stock purchase plan | 320 | 320 | 320 | |||||||||
ATM equity program | 1,234 | 1,234 | 1 | 1,233 | ||||||||
Restricted shares - net of forfeitures and repurchases | 3 | (3) | ||||||||||
Stock issuance costs | (299) | (299) | (299) | |||||||||
Amortization of deferred compensation | 13,151 | 13,151 | 13,151 | |||||||||
Amortization of interest rate hedges | 3,073 | 3,073 | 3,073 | |||||||||
Fair value of forward starting swaps | (1,584) | (1,584) | (1,584) | |||||||||
Ending balance at Dec. 31, 2021 | 3,901,663 | 3,901,662 | $ 0 | 1,757 | 4,662,714 | (747,853) | (14,956) | 1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net earnings | 334,621 | 334,626 | 334,626 | (5) | ||||||||
Dividends declared and paid: | ||||||||||||
Common stock dividends declared and paid | (377,773) | (377,773) | 2,765 | (380,538) | ||||||||
Issuance of common stock: | ||||||||||||
Director compensation | 1,244 | 1,244 | 1,244 | 0 | ||||||||
Stock purchase plan | 317 | 317 | 317 | 0 | ||||||||
ATM equity program | 250,890 | 250,890 | 55 | 250,835 | 0 | |||||||
Restricted shares - net of forfeitures and repurchases | 3 | (3) | ||||||||||
Stock issuance costs | (3,761) | (3,761) | (3,761) | 0 | ||||||||
Amortization of deferred compensation | 14,205 | 14,205 | 14,205 | 0 | ||||||||
Amortization of interest rate hedges | 2,374 | 2,374 | 2,374 | |||||||||
Fair value of forward starting swaps | 0 | |||||||||||
Other | (282) | (282) | 282 | |||||||||
Distributions to noncontrolling interests | (278) | (278) | ||||||||||
Ending balance at Dec. 31, 2022 | $ 4,123,502 | $ 4,123,502 | $ 1,815 | $ 4,928,034 | $ (793,765) | $ (12,582) | $ 0 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock dividends declared and paid (in dollars per share) | $ 2.1600 | $ 2.1000 | $ 2.0700 |
Issuance of common stock - Director compensation (in shares) | 33,013,000 | 30,539,000 | 35,351,000 |
Issuance of common stock - Stock purchase plan (in shares) | 7,235,000 | 7,062,000 | 8,079,000 |
Issuance of common stock - ATM equity program (in shares) | 5,473,072,000 | 30,000,000 | 3,119,153,000 |
Issuance of common stock - restricted shares, net (in shares) | 232,551,000 | 287,207,000 | 263,406,000 |
Series F Preferred Stock | |||
Preferred stock dividends declared and paid (in dollars per share) | $ 1.086944 | $ 1.3000 | |
Redemption of depositary shares (in shares) | 13,800,000,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net earnings | $ 334,621 | $ 290,110 | $ 228,796 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 223,834 | 205,220 | 196,623 | |
Impairment losses – real estate, net of recoveries | 8,309 | 21,957 | 37,442 | |
Loss on early extinguishment of debt | 0 | 21,328 | 16,679 | |
Amortization of notes payable discount | 1,691 | 2,130 | 3,036 | |
Amortization of debt costs | 4,734 | 5,186 | 5,009 | |
Amortization of mortgages payable premium | (87) | (85) | (85) | |
Amortization of interest rate hedges | 2,374 | 3,073 | 2,300 | |
Settlement of forward starting swaps | 0 | (1,584) | (13,141) | |
Gain on disposition of real estate | (17,443) | (23,094) | (16,238) | |
Performance incentive plan expense | 17,330 | 14,491 | 14,479 | |
Performance incentive plan payment | (103) | (721) | (846) | |
Change in operating assets and liabilities, net of assets acquired and liabilities assumed: | ||||
Decrease (increase) in receivables | 358 | 1,184 | (1,464) | |
Decrease (increase) in accrued rental income | 3,559 | 21,137 | (26,027) | |
Decrease in other assets | 424 | 1,589 | 488 | |
Increase (decrease) in accrued interest payable | (97) | 4,522 | 1,151 | |
Increase (decrease) in other liabilities | (1,217) | 2,279 | 1,986 | |
Other | 68 | (297) | 6 | |
Net cash provided by operating activities | 578,355 | 568,425 | 450,194 | |
Cash flows from investing activities: | ||||
Proceeds from the disposition of real estate | 66,962 | 123,052 | 53,254 | |
Additions to real estate | (842,872) | (553,322) | (195,944) | |
Principal payments received on mortgages and notes receivable | 521 | 486 | 374 | |
Other | (2,242) | (2,393) | (500) | |
Net cash used in investing activities | (777,631) | (432,177) | (142,816) | |
Cash flows from financing activities: | ||||
Proceeds from line of credit payable | 688,000 | 0 | 311,000 | |
Repayment of line of credit payable | (521,800) | 0 | (444,600) | |
Repayment of mortgages payable | (664) | (630) | (596) | |
Proceeds from notes payable | 0 | 881,172 | 692,646 | |
Repayment of notes payable | 0 | (350,000) | (325,000) | |
Payment for early extinguishment of debt | 0 | (21,328) | (16,679) | |
Payment of debt issuance costs | (199) | (17,814) | (7,941) | |
Proceeds from issuance of common stock | 253,972 | 4,053 | 126,488 | |
Stock issuance costs | (3,761) | (325) | (2,223) | |
Redemption of Series F preferred stock | 0 | (345,000) | 0 | |
Payment of Series F preferred stock dividends | 0 | (14,999) | (17,940) | |
Payment of common stock dividends | (380,538) | (367,291) | (356,409) | |
Noncontrolling interest distributions | (278) | 0 | 0 | |
Net cash provided by (used in) financing activities | 34,732 | (232,162) | (41,254) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (164,544) | (95,914) | 266,124 | |
Cash, cash equivalents and restricted cash at beginning of year | [1] | 171,322 | 267,236 | 1,112 |
Cash, cash equivalents and restricted cash at end of year | [1] | 6,778 | 171,322 | 267,236 |
Supplemental disclosure of cash flow information: | ||||
Interest paid, net of amount capitalized | 140,331 | 123,376 | 119,408 | |
Supplemental disclosure of noncash investing and financing activities: | ||||
Change in other comprehensive income | 2,374 | 1,489 | (5,317) | |
Work in progress accrual balance at the end of the period | 12,163 | 7,695 | 5,602 | |
Mortgage receivable issued in connection with a real estate disposition | $ 0 | $ 0 | $ 3,000 | |
[1] Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. As of December 31, 2022 , NNN had restricted cash of $ 4,273,000 . NNN did no t have restricted cash, including cash held in escrow as of December 31, 2021 and 2020 . |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | |||
Restricted cash and cash held in escrow | $ 4,273,000 | $ 0 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1 – Organization and Summary of Significant Accounting Policies : Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The term "NNN" or the "Company" refers to National Retail Properties, Inc. and all of its consolidated subsidiaries. NNN may elect to treat certain subsidiaries as taxable REIT subsidiaries, ("TRS"). NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2022 Property Portfolio: Total Properties 3,411 Gross leasable area (square feet) 35,010,000 States 48 Weighted average remaining lease term (years) 10.4 NNN's operations are reported within one operating segment in the consolidated financial statements and all properties are considered part of the Properties or Property Portfolio. As such, property counts and calculations involving property counts reflect all NNN properties. COVID-19 Pandemic – During the years ended December 31, 2021 and 2020, NNN and its tenants were impacted by the novel strain of coronavirus and its variants ("COVID-19") pandemic which resulted in the loss of revenue for certain tenants and challenged their ability to pay rent. As a result, NNN entered into rent deferral lease amendments with certain tenants (see "Note 2 – Real Estate"). Principles of Consolidation – NNN’s consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2022, 2021 and 2020, NNN recorded $ 881,000 , $ 328,000 and $ 1,388,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. NNN completed $ 784,165,000 and $ 531,726,000 of real estate acquisitions during the year ended December 31, 2022 and 2021, respectively. Additionally, NNN invested $ 63,582,000 and $ 23,689,000 of work in progress and improvements during the year ended December 31, 2022 and 2021 , respectively. Lease Accounting – NNN records its leases on the Property Portfolio in accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842"). In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842. NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the Property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below: Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN elected to make this policy election for COVID-19 lease concessions, provided in the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. Collectability – In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. When NNN deems the collection of rental income from a tenant not probable, uncollected previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, any rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. As a result of the review of lease payments collectability, NNN recorded a write-off of $ 21,792,000 of outstanding receivables and related accrued rent during the year ended December 31, 2020, and reclassified certain tenants as cash basis for accounting purposes. During the years ended December 31, 2022 and 2021, no additional tenants were deemed as cash basis for accounting purposes. The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2022 2021 2020 Number of tenants 8 11 13 Cash basis tenants as a percent of: Total Properties 5.0 % 5.5 % 6.4 % Total annual base rent (1) 7.0 % 7.0 % 7.4 % Total gross leasable area 6.6 % 7.3 % 8.0 % (1) Based on annualized base rent for all leases in place for each respective period. During the years ended December 31, 2022, 2021 and 2020, NNN recognized $ 62,454,000 , $ 52,129,000 and $ 4,722,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the year ended December 31, 2022, three tenants were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. The impact of the reclassification was immaterial. NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income. Right-Of-Use ("ROU") Assets and Operating Lease Liabilities – In accordance with ASC 842, NNN recorded ROU assets and operating lease liabilities as lessee under operating lease. NNN is a lessee for three ground lease arrangements and for its headquarters office lease. NNN recognized a ROU asset (recorded in other assets on the Consolidated Balance Sheets) and an operating lease liability (recorded in other liabilities on the Consolidated Balance Sheets) for the present value of the minimum lease payments. ROU assets represent NNN’s right to use an underlying asset for the lease term and lease liabilities represent NNN’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the options. NNN estimates an incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of the lease payments. NNN gives consideration to the Company's debt issuances, as well as, publicly available data for secured instruments with similar characteristics when calculating its incremental borrowing rates. On an annual basis, NNN will evaluate its lessee portfolio and determine if its incremental borrowing rate should be reassessed. NNN's lease agreements do not contain any residual value guarantees. Real Estate – Held For Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, "Property, Plant and Equipment," including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2022 and 2021 , NNN had recorded real estate held for sale of $ 786,000 (two properties) and $ 5,557,000 (two properties), respectively, in real estate portfolio on the Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2021 were sold during the year ended December 31, 2022. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with FASB, ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASC 610-20"), provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Impairment – Real Estate – NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term. Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 326 requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The new guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. NNN held mortgages receivable, including accrued interest, of $ 1,530,000 and $ 2,023,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively, net of $ 98,000 and $ 129,000 allowance for credit loss, respectively. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years. Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows. Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts. Restricted Cash and Cash Held in Escrow – Restricted cash and cash held in escrow include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. As of December 31, 2022 NNN held $ 4,273,000 in escrow and other restricted accounts. NNN had no restricted cash or cash held in escrow as of December 31, 2021. Valuation of Trade Receivables – NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $ 1,100,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the credit facility as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $ 147,000 at December 31, 2022 and 2021, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 142,000 and $ 125,000 , respectively. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $ 38,145,000 at December 31, 2022 and 2021, respectively are included in notes payable on the Consolidated Balance Sheets net of accumulated amortization of $ 11,693,000 and $ 9,262,000 , respectively. Revenue Recognition – Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842 , based on the terms of the lease of the leased asset. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property. The core principle of ASU 2014-09, “Revenue from Contracts with Customers" (Topic 606), is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of ASC 842. NNN determined the key revenue stream impacted by ASU 2014-09 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASU 2014-09, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transaction price allocation. Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands): 2022 2021 2020 Basic and Diluted Earnings: Net earnings attributable to NNN $ 334,626 $ 290,113 $ 228,799 Less: Series F preferred stock dividends — ( 14,999 ) ( 17,940 ) Less: Excess of redemption value over carrying value — ( 10,897 ) — Net earnings available to common stockholders 334,626 264,217 210,859 Less: Earnings allocated to unvested restricted shares ( 514 ) ( 689 ) ( 698 ) Net earnings used in basic and diluted earnings per share $ 334,112 $ 263,528 $ 210,161 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,332,094 175,554,961 172,994,337 Less: Unvested restricted shares ( 237,918 ) ( 328,070 ) ( 337,078 ) Less: Unvested contingent restricted shares ( 690,520 ) ( 515,970 ) ( 547,546 ) Weighted average number of shares outstanding used in basic 176,403,656 174,710,921 172,109,713 Other dilutive securities 664,209 107,978 107,364 Weighted average number of shares outstanding used in diluted 177,067,865 174,818,899 172,217,077 Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on income it distributes to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2022, NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s former TRS. The deferred tax asset consists only of net operating loss carryforwards of $ 3,899,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. There was no change to the valuation allowance. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2019 through 2022. NNN also files in many states and localities with varying open years under statute. Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2020 $ ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 (2) Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Net current period other comprehensive income (loss) 2,374 Ending balance, December 31, 2022 $ ( 12,582 ) (1) Additional disclosure is included in Note 9 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated New Accounting Pronouncements – ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities, including the transition away from the London Interbank Offered Rate ("LIBOR"), that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2021, NNN elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. NNN continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. NNN had no derivative financial instruments outstanding as of December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2022, ASU 2022-06 had no impact on NNN's financial position or results of operations. Use of Estimates – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Note 2 – Real Estate : Real Estate – Portfolio Leases – At December 31, 2022, NNN's real estate portfolio has a weighted average remaining lease term of 10.4 years and consisted of 3,430 leases classified as operating leases and an additional five leases accounted for as direct financing leases. The following is a summary of the general structure of the leases in the Property Portfolio, although the specific terms of each lease can vary significantly. Generally, the Property leases provide for initial terms of 10 to 20 years. The Properties are generally leased under net leases, pursuant to which the tenant typically bears responsibility for substantially all property costs and expenses associated with ongoing maintenance, repair, replacement and operation of the property, including utilities, property taxes and property and liability insurance. Certain Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. NNN's leases provide for annual base rental payments (generally payable in monthly installments), and generally provide for limited increases in rent as a result of (i) increases in the Consumer Price Index, (ii) fixed increases, or, to a lesser extent, (iii) increases in the tenant’s sales volume. Generally, NNN's leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions provided under the initial lease term, including rent increases. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the renewal options. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property. Real Estate Portfolio – NNN's real estate consisted of the following at December 31 (dollars in thousands): 2022 2021 Land and improvements (1) $ 2,669,498 $ 2,527,483 Buildings and improvements 6,985,394 6,375,583 Leasehold interests 355 355 9,655,247 8,903,421 Less accumulated depreciation and amortization ( 1,660,308 ) ( 1,470,062 ) 7,994,939 7,433,359 Work in progress and improvements 21,737 7,277 Accounted for using the operating method 8,016,676 7,440,636 Accounted for using the direct financing method 3,352 3,653 Classified as held for sale 786 5,557 $ 8,020,814 $ 7,449,846 (1) Includes $ 22,356 and $ 8,979 in land for Properties under construction as of December 31, 2022 and 2021 , respectively. NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2022 2021 2020 Rental income from operating leases $ 751,680 $ 703,865 $ 639,265 Earned income from direct financing leases 595 623 647 Percentage rent 1,541 706 842 Real estate expense reimbursement from tenants 17,802 18,665 18,039 $ 771,618 $ 723,859 $ 658,793 Some leases provide for a free rent period or scheduled rent increases throughout the lease term. Such amounts are recognized on a straight-line basis over the terms of the leases. During 2021 and 2020, NNN entered into rent deferral lease amendments with certain tenants, for an aggregate $ 4,758,000 and $ 52,019,000 of rent originally due for the years ended December 31, 2021 and 2020, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. An aggregate of approximately 87 percent of deferred rent has been repaid, with $ 14,526,000 , $ 31,776,000 and $ 3,259,000 of deferred rent repaid during the years ended December 31, 2022, 2021, and 2020, respectively. The remaining deferred rents are substantially due periodically by December 31, 2023. For the years ended December 31, 2022, 2021 and 2020 , NNN recognized ($ 3,559,000 ), ($ 21,137,000 ) and $ 26,027,000 , respectively, of net-straight-line accrued rental income, net of reserves. Included in accrued rental income are the net impacts of the rent deferred and corresponding scheduled repayments from the lease amendments NNN entered into as a result of the COVID-19 pandemic. During the years ended December 31, 2022, 2021 and 2020 , NNN recorded ($ 5,391,000 ), ($ 24,945,000 ) and $ 30,473,000 , respectively, of net accrued rental income related to such amendments. Additionally, as a result of reclassifying certain tenants as cash basis for accounting purposes during the year ended December 31, 2020, NNN wrote-off approximately $ 16,367,000 of accrued rental income for the year ended December 31, 2020. The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2022 (dollars in thousands): 2023 $ 710,244 2024 693,766 2025 667,220 2026 624,196 2027 577,884 Thereafter 4,121,325 $ 7,394,635 Since lease renewal periods are exercisable at the option of the tenant, the above table only presents undiscounted cash flows due during the current lease terms. In addition, this table does not include amounts for potential variable rent increases that are based on the CPI or future contingent rents which may be received on the leases based on a percentage of the tenant’s sales volume. Real Estate – Intangibles In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands): 2022 2021 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,356 $ 15,335 Less: accumulated amortization ( 11,477 ) ( 10,821 ) Above-market in-place leases, net $ 3,879 $ 4,514 In-place leases $ 124,198 $ 122,069 Less: accumulated amortization ( 79,675 ) ( 73,345 ) In-place leases, net $ 44,523 $ 48,724 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,371 $ 41,705 Less: accumulated amortization ( 28,121 ) ( 27,447 ) Below-market in-place leases, net $ 13,250 $ 14,258 The amounts amortized as a net increase to rental income for capitalized above-market and below-market leases for the years ended December 31, 2022, 2021 and 2020 were $ 510,000 , $ 710,000 and $ 887,000 , respectively. The value of in-place leases amortized to expense for the years ended December 31, 2022, 2021 and 2020 was $ 7,132,000 , $ 7,687,000 and $ 8,304,000 , respectively. The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2022 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2023 $ 460 $ 6,834 2024 457 6,146 2025 443 5,427 2026 452 4,840 2027 470 4,023 Thereafter 7,089 17,253 $ 9,371 $ 44,523 Weighted average amortization period (years) 17.2 9.1 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense. Real Estate – Dispositions The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands): 2022 2021 2020 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 33 $ 17,443 74 $ 23,094 38 $ 16,238 Real Estate – Commitments As of December 31, 2022, NNN has committed to fund construction of 19 Properties. The improvements of such Properties are estimated to be completed within 12 months. These construction commitments, at December 31, 2022, are outlined in the table below (dollars in thousands): Total commitment (1) $ 117,640 Less amount funded ( 44,093 ) Remaining commitment $ 73,547 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest. Real Estate – Impairments NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2022 2021 2020 Total real estate impairments, net of recoveries $ 8,309 $ 21,957 $ 37,442 Number of Properties: Vacant 9 30 14 Occupied 7 12 17 The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. |
Line of Credit Payable
Line of Credit Payable | 12 Months Ended |
Dec. 31, 2022 | |
Line of Credit Facility [Abstract] | |
Line of Credit Payable | Note 3 – Line of Credit Payable : In June 2021, NNN amended and restated its credit agreement to increase the borrowing capacity under its unsecured revolving credit facility from $ 900,000,000 to $ 1,100,000,000 and amended certain other terms under the former revolving credit facility (as the context requires, the previous and new revolving credit facility, the "Credit Facility"). In December 2022, NNN entered into an amendment to the Credit Facility, to change the base interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR") plus a SOFR adjustment of 10 basis points ("Adjusted SOFR"). The Credit Facility bears interest at Adjusted SOFR plus 77.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. Additionally, as part of NNN's environmental, social and governance ("ESG") initiative, pricing may be reduced if specified ESG metrics are achieved. The Credit Facility had a weighted average outstanding balance of $ 39,220,000 and a weighted average interest rate of 4.13 % during the year ended December 31, 2022. The Credit Facility matures in June 2025, unless the Company exercises its options to extend maturity to June 2026. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $ 2,000,000,000 , subject to lender approval. In connection with the Credit Facility, loan costs are classified as debt costs on the Consolidated Balance Sheet. As of December 31, 2022, there was $ 166,200,000 outstanding and $ 933,800,000 was available for future borrowings under the Credit Facility. In accordance with the terms of the Credit Facility, NNN is required to meet certain restrictive financial covenants which, among other things, require NNN to maintain certain (i) leverage ratios, (ii) debt service coverage, (iii) cash flow coverage, and (iv) investment and dividend limitations. At December 31, 2022 , NNN was in compliance with those covenants. |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable, Noncurrent [Abstract] | |
Mortgages Payable | Note 4 – Mortgages Payable : The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands): Initial Interest Maturity Carrying Value of Outstanding Principal Entered Balance Rate Date (2) Asset(s) (3) 2022 2021 November 2014 (1) $ 15,151 5.23 % July 2023 $ 18,485 $ 9,969 $ 10,719 Debt costs ( 147 ) ( 147 ) Accumulated amortization 142 125 Debt costs, net of accumulated amortization ( 5 ) ( 22 ) Mortgages payable, including unamortized premium and net of $ 9,964 $ 10,697 (1) Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. (2) Monthly payments include interest and principal; the balance is due at maturity. (3) The loan is secured by a first mortgage lien on five of the Properties. As of December 31, 2022 , there was $ 9,969,000 of remaining principal payments due in 2023. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Notes Payable | Note 5 – Notes Payable : Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2024 (3) May 2014 $ 350,000 $ 707 $ 349,293 3.900 % 3.924 % June 2024 (4) 2025 (3) October 2015 400,000 964 399,036 4.000 % 4.029 % November 2025 (4) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 (4) 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 9 – Derivatives. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,500,000 . Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. Each of the notes is redeemable at the option of NNN, in whole or in part, at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus all accrued and unpaid interest thereon through the redemption date and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture relating to the notes. In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $ 38,145,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method. In March 2021, NNN redeemed the $ 350,000,000 3.300 % notes payable that were due in April 2023. The notes were redeemed at a price equal to 100 % of the principal amount, plus (i) a make-whole amount of $ 21,328,000 , and (ii) all accrued and unpaid interest. In accordance with the terms of the indentures, pursuant to which NNN’s notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2022 , NNN was in compliance with those covenants. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred Stock | Note 6 – Preferred Stock : In October 2021, NNN redeemed all outstanding depositary shares ( 13,800,000 ) representing interests in its 5.200 % Cumulative Redeemable Series F Preferred Stock ("Series F Preferred Stock"). The Series F Preferred Stock was redeemed at $ 25.00 per depositary share ($ 345,000,000 ), plus all accrued and unpaid dividends through, but not including, the redemption date, for an aggregate redemption price of $ 25.111944 per depositary share. The excess carrying amount of the Series F Preferred Stock redeemed over the cash paid to redeem the Series F Preferred Stock was $ 10,897,000 , representing issuance costs which is reflected as a reduction to earnings attributable to common stockholders. The following presents the dividends declared and paid to stockholders for NNN's Series F Preferred Stock for the years ended December 31 (dollars in thousands, except per share data): 2021 2020 Dividends $ 14,999 $ 17,940 Per share 1.086944 1.3000 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock | Note 7 – Common Stock : Universal Shelf Registration Statement. In August 2020, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which was automatically effective and permits the issuance by NNN of an indeterminate amount of debt and equity securities. At-The-Market Offerings. Under NNN's shelf registration statement, NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following table outlines NNN's active ATM programs for the three years ended December 31, 2022: 2020 ATM 2018 ATM Established date August 2020 February 2018 Termination date August 2023 August 2020 Total allowable shares 17,500,000 12,000,000 Total shares issued as of December 31, 2022 7,072,376 11,272,034 The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data): 2022 2021 2020 Shares of common stock 5,473,072 30,000 3,119,153 Average price per share (net) $ 45.15 $ 33.65 $ 38.21 Net proceeds $ 247,129 $ 1,009 $ 119,185 Stock issuance costs (1) $ 3,761 $ 224 $ 2,130 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting Dividend Reinvestment and Stock Purchase Plan. In February 2021, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 6,000,000 shares of common stock. The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands): 2022 2021 2020 Shares of common stock 70,342 62,577 138,507 Net proceeds $ 3,082 $ 2,744 $ 5,092 Dividends. The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2022 2021 2020 Dividends $ 380,538 $ 367,291 $ 356,409 Per share 2.1600 2.1000 2.0700 On January 13, 2023, NNN declared a dividend of $ 0.550 per share, payable February 15, 2023, to its common stockholders of record as of January 31, 2023 . |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Note 8 – Employee Benefit Plan : Effective January 1, 1998, NNN adopted a defined contribution retirement plan (the “Retirement Plan”) covering substantially all of the employees of NNN. The Retirement Plan permits participants to defer a portion of their compensation, as defined in the Retirement Plan, subject to limits established by the Code. NNN generally matches 75 percent of the first four percent and 50 percent of the next five percent of a participant’s contributions. Additionally, NNN may make discretionary contributions. NNN recorded contributions to the Retirement Plan of $ 590,000 , $ 576,000 and $ 546,000 , for the years ended December 31, 2022, 2021 and 2020 respectively |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 9 – Derivatives : In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward starting swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward starting swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. For derivatives designated as cash flow hedges, the change in the fair value of the derivative is initially reported in other comprehensive income (loss) (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt. NNN records a cash settlement of forward starting swaps in the statement of cash flows as an operating activity. The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Terminated Description Aggregate Liability (Asset) Fair Value (1) 2024 May 2014 Three forward starting swaps $ 225,000 $ 6,312 $ 6,312 2025 October 2015 Four forward starting swaps 300,000 13,369 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable. As of December 31, 2022, $ 12,582,000 remains in other comprehensive income (loss) related to NNN’s previously terminated interest rate hedges. During the years ended December 31, 2022, 2021 and 2020, NNN reclassified $ 2,374 ,000 , $ 3,073 ,000 and $ 2,300 ,000 , respectively, out of other comprehensive income (loss) as an increase to interest expense. Over the next 12 months, NNN estimates that an additional $ 2,471,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt. NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at December 31, 2022 . |
Performance Incentive Plan
Performance Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Performance Incentive Plan | Note 10 – Performance Incentive Plan : In May 2017, NNN filed a registration statement on Form S-8 with the Commission which permits the issuance of up to 1,800,000 shares of common stock pursuant to NNN’s 2017 Performance Incentive Plan (the “2017 Plan”). The 2017 Plan allows NNN to award or grant to key employees, directors and persons performing consulting or advisory services for NNN or its affiliates, stock options, stock awards, stock appreciation rights, Phantom Stock Awards, Performance Awards and Leveraged Stock Purchase Awards, each as defined in the 2017 Plan. There were no stock options outstanding or exercisable at December 31, 2022. Pursuant to the 2017 Plan, NNN has granted and issued shares of restricted stock to certain officers and key associates of NNN. The following summarizes the restricted stock activity for the year ended December 31, 2022: Number of Weighted Non-vested restricted shares, January 1 978,455 $ 49.54 Restricted shares granted 410,403 42.93 Restricted shares vested ( 219,805 ) 49.56 Restricted shares forfeited ( 177,852 ) 53.64 Non-vested restricted shares, December 31 991,201 46.06 Compensation expense for the restricted stock which is not contingent upon NNN’s performance goals is determined based upon the fair value at the date of grant and is recognized as the greater of the amount amortized over a straight-lined basis or the amount vested over the vesting periods. Vesting periods for officers and key associates of NNN range from three to five years and generally vest annually. NNN recognizes compensation expense on a straight-line basis for awards with only service conditions. During the year ended December 31, 2022 , NNN granted 289,434 performance-based shares subject to its total stockholder return after a three-year period relative to its peers. In accordance with FASB ASC Topic 718, "Compensation - Stock Compensation," ("ASC 718"), the fair value of these shares was determined using a Monte Carlo simulation model at the grant date (for a weighted average fair value share price of $ 29.76 ). The performance-based shares were granted to certain executive officers and had a weighted average grant price of $ 42.85 per share. Once the respective performance criteria are met and the actual number of shares earned is determined, the shares vest immediately. Compensation expense is recognized over the requisite service period. The following summarizes other grants made during the year ended December 31, 2022, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 12,903 $ 44.46 Deferred directors’ fees 20,100 44.46 33,003 44.46 Shares available under the 2017 Plan for grant, end of period 346,420 The total compensation expense for share-based payments for the years ended December 31, 2022, 2021 and 2020 totaled $ 15,449,000 , $ 14,296,000 and $ 14,213,000 , respectively. At December 31, 2022 , NNN had $ 11,266,000 of unrecognized compensation cost related to non-vested share-based compensation arrangements under the 2017 Plan. This cost is expected to be recognized over a weighted average period of 2.4 years. In April 2022, the former President and Chief Executive Officer retired from employment, as contemplated under the Company's long-term executive succession planning process and as previously announced in January 2022. At the date of announcement, and as a result of the retirement and transition agreement, the terms of the performance awards were modified to shorten the requisite service period to the April 2022 retirement date. In accordance with ASC 718, a valuation of the modified performance awards resulted in incremental executive retirement costs of $ 1,379,000 for the year ended December 31, 2022. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 11 – Fair Value of Financial Instruments : NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages payable at December 31, 2022 and 2021, approximate fair value based upon current market prices of comparable instruments (Level 3). At December 31, 2022 and 2021, the fair value of NNN’s notes payable excluding unamortized discount and debt costs, were $ 3,140,774,000 and $ 4,032,757,000 , respectively, based upon quoted market prices as of the close of the period, which is a Level 1 valuation since NNN's notes payable are publicly traded. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 12 – Segment Information : For the years ended December 31, 2022, 2021 and 2020 , NNN’s operations are reported within one operating segment in the consolidated financial statements and all properties are part of the Properties or Property Portfolio. |
Major Tenants
Major Tenants | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Major Tenants | Note 13 – Major Tenants : As of December 31, 2022 , NNN had no tenants that accounted for ten percent or more of its rental income. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies : A summary of NNN's commitments are included in Note 2 – Real Estate. In the ordinary course of its business, NNN is a party to various other legal actions which management believes are routine in nature and incidental to the operation of the business of NNN. Management does not believe that any of these proceedings are material to NNN's consolidated financial statements. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation and Amortization | NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2022 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances (e) Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Alabama 153 $ — $ 72,696 $ 170,608 $ 42,413 $ — $ 72,410 $ 212,980 $ 285,390 $ 51,199 1948 - 2020 2001 - 2022 10 - 40 Alaska 5 — 1,943 3,694 140 — 1,943 3,834 5,777 1,832 1971 - 2003 1996 - 2014 20 - 40 Arizona 65 4,113 79,138 105,736 65,305 — 79,138 171,041 250,179 37,208 1974 - 2023 1998 - 2022 10 - 40 Arkansas 71 — 33,017 100,158 17,168 — 33,017 117,326 150,343 17,409 1969 - 2020 1998 - 2022 20 - 40 California 76 — 144,304 221,594 35,459 — 143,287 249,216 392,503 57,927 1945 - 2018 1997 - 2022 20 - 40 Colorado 37 2,280 58,333 85,152 27,646 — 58,333 112,798 171,131 28,183 1969 - 2017 1994 - 2022 20 - 40 Connecticut 11 — 9,068 32,950 601 — 9,068 33,551 42,619 10,146 1929 - 2003 2006 - 2022 20 - 30 Delaware 1 — 2,994 6,062 71 — 2,994 6,133 9,127 4,276 1994 - 1994 1994 - 1994 40 - 40 District of 1 — 624 578 — — 624 578 1,202 257 1983 - 1983 2005 - 2005 40 - 40 Florida 257 — 266,019 411,157 148,672 — 266,019 559,829 825,848 122,805 1959 - 2023 1985 - 2022 5 - 40 Georgia 167 — 128,738 263,312 61,545 — 128,738 324,856 453,594 76,993 1964 - 2023 1996 - 2022 10 - 40 Idaho 11 — 7,593 10,197 8,331 — 7,593 18,529 26,122 4,839 1979 - 2017 2006 - 2022 20 - 40 Illinois 164 — 129,931 308,504 50,346 — 129,931 358,528 488,459 92,284 1924 - 2023 1995 - 2022 15 - 40 Indiana 148 — 98,266 199,255 79,718 — 98,266 278,973 377,239 73,025 1965 - 2023 2001 - 2022 15 - 40 Iowa 28 — 22,629 37,962 21,097 — 22,629 59,058 81,687 16,849 1964 - 2023 2005 - 2022 10 - 40 Kansas 37 — 16,970 37,358 9,776 — 16,970 47,134 64,104 10,242 1946 - 2017 1997 - 2022 15 - 40 Kentucky 58 — 40,962 99,052 13,385 — 40,962 112,437 153,399 28,111 1974 - 2020 2005 - 2022 25 - 40 Louisiana 50 — 35,517 85,430 37,942 — 35,517 123,371 158,888 22,179 1970 - 2018 1996 - 2022 15 - 40 Maine 12 — 3,781 13,017 — — 3,781 13,017 16,798 4,539 1915 - 2002 1996 - 2017 10 - 40 Maryland 50 — 62,149 126,171 3,006 — 62,149 129,177 191,326 38,605 1946 - 2017 1996 - 2019 20 - 40 Massachusetts 22 — 32,663 90,750 — — 32,663 90,750 123,413 17,016 1960 - 2017 2006 - 2019 20 - 40 Michigan 93 — 57,792 206,713 55,069 — 57,792 261,171 318,963 35,482 1963 - 2022 1996 - 2022 20 - 40 Minnesota 28 — 20,906 38,395 2,552 — 20,906 40,947 61,853 12,917 1950 - 2017 2005 - 2022 10 - 40 Mississippi 63 — 29,242 100,754 12,422 — 29,242 113,176 142,418 11,466 1959 - 2017 2006 - 2022 15 - 40 Missouri 103 — 58,704 125,359 67,347 — 58,704 192,707 251,411 39,757 1920 - 2023 1992 - 2022 15 - 40 Montana 26 3,554 4,102 11,865 2,654 — 4,102 14,518 18,620 4,842 1937 - 2016 2010 - 2016 20 - 40 Nebraska 6 — 5,608 3,066 5,033 — 5,608 8,099 13,707 1,831 1979 - 2015 2005 - 2017 20 - 40 Nevada 15 — 9,160 27,181 1,205 — 9,160 28,385 37,545 4,587 1961 - 2014 2012 - 2022 25 - 40 New Hampshire 10 — 11,299 39,056 — — 11,299 39,056 50,355 7,655 1980 - 2004 2011 - 2022 25 - 30 New Jersey 28 — 45,326 169,481 732 — 45,326 170,213 215,539 48,972 1965 - 2015 1996 - 2022 25 - 40 New Mexico 32 — 21,857 76,847 21,795 — 21,857 98,642 120,499 14,295 1955 - 2019 2001 - 2022 25 - 40 New York 41 — 29,467 58,384 27,785 — 29,467 82,826 112,293 16,447 1925 - 2020 1997 - 2022 20 - 40 North Carolina 163 — 125,961 257,979 33,757 — 125,961 291,736 417,697 75,699 1906 - 2021 2004 - 2022 5 - 40 North Dakota 4 — 411 1,606 — — 411 1,606 2,017 855 1974 - 1999 1997 - 2011 25 - 40 Ohio 192 — 128,082 304,090 74,540 — 128,082 378,437 506,519 96,378 1910 - 2019 1992 - 2022 15 - 40 Oklahoma 87 — 42,870 106,252 26,775 — 42,870 133,027 175,897 26,778 1964 - 2018 1996 - 2021 15 - 40 Oregon 8 — 5,290 9,283 987 — 5,290 10,269 15,559 3,242 1973 - 2008 1998 - 2022 25 - 40 Pennsylvania 86 — 68,270 127,892 36,682 — 68,084 163,526 231,610 42,432 1953 - 2023 1997 - 2022 15 - 40 Puerto Rico 1 — 1,729 — 2,732 — 1,729 2,131 3,860 847 1998 - 1998 2007 - 2007 33 - 33 NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION (CONTINUED) December 31, 2022 (dollars in thousands) Initial Costs to Costs Capitalized Gross Amount at Which State # of Encumbrances (e) Land Building, Improvements & Leasehold Interests Improvements Carrying Costs Land Building, Improvements & Leasehold Interests Total Accumulated Depreciation & Amortization (b) Year of Construction Year Acquired Life on Which Depreciation & Amortization in Latest Income Statement is Computed (Years) Rhode Island 5 — 2,377 7,450 — — 2,377 7,450 9,827 1,752 1989 - 2004 2016 - 2016 25 - 30 South Carolina 74 — 55,198 114,934 9,056 — 55,198 123,990 179,188 29,723 1921 - 2021 2005 - 2022 10 - 40 South Dakota 2 — 1,595 4,447 788 — 1,595 5,234 6,829 1,526 1985 - 2000 2012 - 2012 30 - 35 Tennessee 154 — 95,173 223,460 54,458 — 95,173 277,918 373,091 59,082 1958 - 2021 1996 - 2022 5 - 40 Texas 528 — 425,552 941,846 170,809 — 425,553 1,112,202 1,537,755 294,860 1890 - 2023 1993 - 2022 15 - 40 Utah 14 — 13,108 19,681 13,216 — 13,108 32,897 46,005 6,613 1951 - 2016 2006 - 2022 20 - 40 Virginia 119 — 98,396 184,327 42,544 — 97,286 225,913 323,199 62,168 1964 - 2022 1995 - 2022 5 - 40 Washington 27 — 22,568 34,547 15,894 — 22,568 50,441 73,009 15,872 1955 - 2017 1997 - 2019 20 - 40 West Virginia 23 — 13,784 24,797 1,385 — 13,784 26,182 39,966 6,478 1970 - 2013 2006 - 2022 25 - 40 Wisconsin 49 — 30,309 74,932 13,542 — 30,309 88,474 118,783 20,634 1940 - 2021 2006 - 2022 20 - 40 Wyoming 6 — 1,150 3,815 — — 1,150 3,815 4,965 1,551 1949 - 2001 2010 - 2012 20 - 30 3,411 $ 9,947 $ 2,672,621 $ 5,707,136 $ 1,316,380 $ — $ 2,670,023 $ 7,008,104 $ 9,678,127 $ 1,660,665 NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2022 (dollars in thousands) (a) The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31: 2022 2021 2020 Beginning balance, January 1 $ 8,917,586 $ 8,534,275 $ 8,448,702 Acquisitions and dollars invested in projects under construction or tenant improvements 846,331 551,287 177,901 Dispositions ( 77,481 ) ( 146,019 ) ( 54,886 ) Impairment losses ( 8,309 ) ( 21,957 ) ( 37,442 ) Ending balance, December 31 $ 9,678,127 $ 8,917,586 $ 8,534,275 (b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31: 2022 2021 2020 Beginning balance, January 1 $ 1,471,393 $ 1,319,943 $ 1,151,667 Dispositions ( 25,757 ) ( 44,509 ) ( 17,828 ) Depreciation and amortization expense 215,029 195,959 186,104 Ending balance, December 31 $ 1,660,665 $ 1,471,393 $ 1,319,943 (c) For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2022 , the net investment in real estate accounted for under the direct financing method was $ 3,352 . (d) As of December 31, 2022 , the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $ 9,594,276 (unaudited). (e) NNN's $ 15,151 long-term, fixed rate loan is secured by a first mortgage lien on five properties , located in three states. Mortgage payable, including unamortized premium and net of unamortized debt costs was $ 9,964 at December 31, 2022. See accompanying report of independent registered public accounting firm. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES SCHEDU LE IV - MORTGAGE LOANS ON REAL ESTATE December 31, 2022 (dollars in thousands) Description Interest Maturity Periodic Prior Face Carrying (c) Principal First mortgages on properties: 2 properties in VA 7.000 % 3/1/2025 (b) — $ 3,000 $ 1,521 $ — $ 3,000 $ 1,521 (a) $ — (a) The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31: 2022 2021 2020 Beginning balance, January 1 $ 2,011 $ 2,468 $ — New mortgage loans (d) — — 3,000 Deductions during the year: Collections of principal ( 521 ) ( 486 ) ( 374 ) Other: credit (losses) recoveries (e) 31 29 ( 158 ) Foreclosures — — — Ending balance, December 31 $ 1,521 $ 2,011 $ 2,468 (b) Principal and interest is payable at varying amounts over the life of the loan. (c) Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2022, 2021 and 2020 were $ 1,530 , $ 2,011 and $ 2,468 , respectively. (d) Mortgages totaling $ 3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020. (e) In accordance with FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and the historical collectability trend analysis over 15 years. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation – NNN’s consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated. NNN consolidates certain joint venture development entities based upon either NNN being the primary beneficiary of the respective variable interest entity or NNN having a controlling interest over the respective entity. NNN records a noncontrolling interest for its non-NNN ownership of consolidated entities. |
Real Estate Portfolio | Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of Properties developed or funded by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. For the years ended December 31, 2022, 2021 and 2020, NNN recorded $ 881,000 , $ 328,000 and $ 1,388,000 , respectively, in capitalized interest during development. Purchase Accounting for Acquisition of Real Estate – In accordance with the FASB guidance on business combinations, consideration for the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements and, if applicable, to identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. The fair value estimate is sensitive to significant assumptions, such as establishing a range of relevant market assumptions for land, building and rent and where the acquired property falls within that range. These market assumptions for land, building and rent use the most relevant comparable properties for an acquisition. The final value relies upon ranking comparable properties' attributes from most to least similar. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the renewal option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period. The aggregate value of other acquired intangible assets, consisting of in-place leases, is valued by comparing the purchase price paid for a property after adjusting for existing in-place leases to the estimated fair value of the property as-if-vacant, determined as set forth above. This intangible asset is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. NNN completed $ 784,165,000 and $ 531,726,000 of real estate acquisitions during the year ended December 31, 2022 and 2021, respectively. Additionally, NNN invested $ 63,582,000 and $ 23,689,000 of work in progress and improvements during the year ended December 31, 2022 and 2021 , respectively. Real Estate – Held For Sale – Real estate held for sale is not depreciated and is recorded at the lower of cost or fair value, less cost to sell. On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, "Property, Plant and Equipment," including management's intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sale to occur within 12 months. At December 31, 2022 and 2021 , NNN had recorded real estate held for sale of $ 786,000 (two properties) and $ 5,557,000 (two properties), respectively, in real estate portfolio on the Consolidated Balance Sheets. The two properties classified as held for sale as of December 31, 2021 were sold during the year ended December 31, 2022. Real Estate Dispositions – When real estate is disposed, the related cost, accumulated depreciation or amortization and any accrued rental income for operating leases and the net investment for direct financing leases are removed from the accounts, and gains and losses from the dispositions are reflected in income. Gains from the disposition of real estate are generally recognized using the full accrual method in accordance with FASB, ASC 610-20, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASC 610-20"), provided that various criteria relating to the terms of the sale and any subsequent involvement by NNN with the real estate sold are met. Impairment – Real Estate – NNN periodically assesses its long-lived real estate assets for possible impairment whenever certain events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. These indicators include, but are not limited to: changes in real estate market conditions, the ability of NNN to re-lease properties that are currently vacant or become vacant, properties reclassified as held for sale, persistent vacancies greater than one year, and properties leased to tenants in bankruptcy. Management evaluates whether an impairment in carrying value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), and the residual value of the real estate, with the carrying value of the individual asset. The future undiscounted cash flows are primarily driven by estimated future market rents. Future cash flow estimates are sensitive to the assumptions made by management regarding future market rents, which are affected by expectations about future market and economic conditions. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its estimated fair value. NNN's Properties are leased primarily to retail tenants under long-term net leases and primarily held for investment. Generally, NNN’s Property leases provide for initial terms of 10 to 20 years, with cash flows provided over the entire term. |
Lease Accounting | Lease Accounting – NNN records its leases on the Property Portfolio in accordance with FASB Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," ("ASC 842"). In addition, NNN records right-of-use assets and operating lease liabilities as lessee under operating leases in accordance with ASC 842. NNN's real estate is generally leased to tenants on a net lease basis, whereby the tenant is responsible for all operating expenses relating to the Property, including property taxes, insurance, maintenance, repairs and capital expenditures. The leases are accounted for using either the operating or the direct financing method. Such methods are described below: Operating method – Properties with leases accounted for using the operating method are recorded at the cost of the real estate and depreciated on the straight-line method over their estimated remaining useful lives, which generally range from 20 to 40 years for buildings and improvements and 15 years for land improvements. Leasehold interests are amortized on the straight-line method over the terms of their respective leases. Revenue is recognized as rentals are earned and expenses (including depreciation) are charged to operations as incurred. When scheduled rentals vary during the lease term, income is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accrued rental income is the aggregate difference between the scheduled rents which vary during the lease term and the income recognized on a straight-line basis. Direct financing method – Properties with leases accounted for using the direct financing method are recorded at their net investment (which at the inception of the lease generally represents the cost of the Property). Unearned income is deferred and amortized into income over the lease terms so as to produce a constant periodic rate of return on NNN’s net investment in the leases. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of COVID-19. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to COVID-19 related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. NNN elected to make this policy election for COVID-19 lease concessions, provided in the rent deferral lease amendments effective during the years ended December 31, 2021 and 2020. Collectability – In accordance with ASC 842, NNN reviews the collectability of its lease payments on an ongoing basis. NNN considers collectability indicators when analyzing accounts receivable (and accrued rent) and historical bad debt levels, tenant credit-worthiness and current economic trends, all of which assists in evaluating the probability of outstanding and future rental income collections. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. When NNN deems the collection of rental income from a tenant not probable, uncollected previously recognized rental revenue and any related accrued rent are reversed as a reduction to rental income and, subsequently, any rental income is only recognized when cash receipts are received. At this point, a tenant is deemed cash basis for accounting purposes. As a result of the review of lease payments collectability, NNN recorded a write-off of $ 21,792,000 of outstanding receivables and related accrued rent during the year ended December 31, 2020, and reclassified certain tenants as cash basis for accounting purposes. During the years ended December 31, 2022 and 2021, no additional tenants were deemed as cash basis for accounting purposes. The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2022 2021 2020 Number of tenants 8 11 13 Cash basis tenants as a percent of: Total Properties 5.0 % 5.5 % 6.4 % Total annual base rent (1) 7.0 % 7.0 % 7.4 % Total gross leasable area 6.6 % 7.3 % 8.0 % (1) Based on annualized base rent for all leases in place for each respective period. During the years ended December 31, 2022, 2021 and 2020, NNN recognized $ 62,454,000 , $ 52,129,000 and $ 4,722,000 , respectively, of rental income from certain tenants for periods following their classification to cash basis for accounting purposes. During the year ended December 31, 2022, three tenants were reclassified to accrual basis for accounting purposes due to their improved qualitative and/or quantitative credit factors. The impact of the reclassification was immaterial. NNN includes an allowance for doubtful accounts in rental income on the Consolidated Statements of Income and Comprehensive Income. Right-Of-Use ("ROU") Assets and Operating Lease Liabilities – In accordance with ASC 842, NNN recorded ROU assets and operating lease liabilities as lessee under operating lease. NNN is a lessee for three ground lease arrangements and for its headquarters office lease. NNN recognized a ROU asset (recorded in other assets on the Consolidated Balance Sheets) and an operating lease liability (recorded in other liabilities on the Consolidated Balance Sheets) for the present value of the minimum lease payments. ROU assets represent NNN’s right to use an underlying asset for the lease term and lease liabilities represent NNN’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. NNN’s lease term is based on the non-cancellable base term unless economic incentives make it reasonably certain that an option period to extend the lease will be exercised, in which event NNN includes the options. NNN estimates an incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of the lease payments. NNN gives consideration to the Company's debt issuances, as well as, publicly available data for secured instruments with similar characteristics when calculating its incremental borrowing rates. On an annual basis, NNN will evaluate its lessee portfolio and determine if its incremental borrowing rate should be reassessed. NNN's lease agreements do not contain any residual value guarantees. |
Credit Losses on Financial Instruments | Credit Losses on Financial Instruments – Effective January 1, 2020, NNN adopted FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” (“ASC 326”). The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 326 requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings. The new guidance requires a lifetime credit loss expected at inception and requires pooling of assets, which share similar risk characteristics. NNN is required to evaluate current economic conditions, as well as, make future expectations of economic conditions. In addition, the measurement of the expected credit loss is over the asset’s contractual term. NNN held mortgages receivable, including accrued interest, of $ 1,530,000 and $ 2,023,000 included in other assets on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively, net of $ 98,000 and $ 129,000 allowance for credit loss, respectively. NNN measures the allowance for credit loss based on the fair value of the collateral and the historical collectability trend analysis over 15 years. Adoption of ASC 326 did not materially impact NNN’s financial position or results of operations and had no impact on cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents – NNN considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. Cash equivalents are stated at cost plus accrued interest, which approximates fair value. Cash accounts maintained on behalf of NNN in demand deposits at commercial banks and money market funds may exceed federally insured levels or may be held in accounts without any federal insurance or any other insurance or guarantee. However, NNN has not experienced any losses in such accounts. |
Restricted Cash and Cash Held in Escrow | Restricted Cash and Cash Held in Escrow – Restricted cash and cash held in escrow include (i) cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) cash that has been placed in escrow for the future funding of construction commitments, or (iii) cash that is not immediately available to NNN. As of December 31, 2022 NNN held $ 4,273,000 in escrow and other restricted accounts. NNN had no restricted cash or cash held in escrow as of December 31, 2021. |
Valuation of Trade Receivables | Valuation of Trade Receivables – NNN estimates the collectability of its accounts receivable related to rents, expense reimbursements and other revenues. NNN analyzes accounts receivable and historical bad debt levels, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants in bankruptcy are analyzed and estimates are made in connection with the expected recovery of pre-petition and post-petition claims. |
Debt Costs | Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $ 1,100,000,000 unsecured revolving line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the credit facility as an asset, in debt costs on the Consolidated Balance Sheets. Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $ 147,000 at December 31, 2022 and 2021, are included in mortgages payable on the Consolidated Balance Sheets net of accumulated amortization of $ 142,000 and $ 125,000 , respectively. Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s unsecured notes have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $ 38,145,000 at December 31, 2022 and 2021, respectively are included in notes payable on the Consolidated Balance Sheets net of accumulated amortization of $ 11,693,000 and $ 9,262,000 , respectively. |
Revenue Recognition | Revenue Recognition – Rental revenues for properties under construction commence upon completion of construction of the leased asset and delivery of the leased asset to the tenant. Rental revenues for non-development real estate assets are recognized when earned in accordance with ASC 842 , based on the terms of the lease of the leased asset. Lease termination fees are recognized when collected subsequent to the related lease that is cancelled and NNN no longer has continuing involvement with the former tenant with respect to that property. The core principle of ASU 2014-09, “Revenue from Contracts with Customers" (Topic 606), is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of ASC 842. NNN determined the key revenue stream impacted by ASU 2014-09 is gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. In accordance with ASU 2014-09, NNN evaluates any separate contracts or performance obligations to determine proper timing and/or amount of revenue recognition, as well as, transaction price allocation. |
Earnings Per Share | Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share . The guidance requires classification of the Company’s unvested restricted share units which contain rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands): 2022 2021 2020 Basic and Diluted Earnings: Net earnings attributable to NNN $ 334,626 $ 290,113 $ 228,799 Less: Series F preferred stock dividends — ( 14,999 ) ( 17,940 ) Less: Excess of redemption value over carrying value — ( 10,897 ) — Net earnings available to common stockholders 334,626 264,217 210,859 Less: Earnings allocated to unvested restricted shares ( 514 ) ( 689 ) ( 698 ) Net earnings used in basic and diluted earnings per share $ 334,112 $ 263,528 $ 210,161 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,332,094 175,554,961 172,994,337 Less: Unvested restricted shares ( 237,918 ) ( 328,070 ) ( 337,078 ) Less: Unvested contingent restricted shares ( 690,520 ) ( 515,970 ) ( 547,546 ) Weighted average number of shares outstanding used in basic 176,403,656 174,710,921 172,109,713 Other dilutive securities 664,209 107,978 107,364 Weighted average number of shares outstanding used in diluted 177,067,865 174,818,899 172,217,077 |
Income Taxes | Income Taxes – NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, and related regulations. NNN generally will not be subject to federal income taxes on income it distributes to stockholders, providing it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the years in the three-year period ended December 31, 2022, NNN believes it has qualified as a REIT. Notwithstanding NNN’s qualification for taxation as a REIT, NNN is subject to certain state and local income, franchise and excise taxes. NNN may elect to treat certain subsidiaries as TRS pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of NNN which occur within its TRS entities are subject to federal and state or local income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to NNN’s former TRS. The deferred tax asset consists only of net operating loss carryforwards of $ 3,899,000 from the former TRS that begin to expire in 2026. Management believes it is unlikely that NNN will realize any of the benefits of these deductible differences and has taken a valuation allowance against them. There was no change to the valuation allowance. NNN currently has no TRS entities. Income taxes are accounted for under the asset and liability method as required by ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the temporary differences based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the applicable period. In accordance with ASC 740, NNN has analyzed its various federal and state filing positions. NNN believes that its income tax filing positions and deductions are well documented and supported. Additionally, NNN believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded. NNN has had no unrecognized tax benefits during any of the years presented. Further, no interest or penalties have been included since no reserves were recorded and no significant increases or decreases are expected to occur within the next 12 months. When applicable, such interest and penalties will be recorded in non-operating expenses. The periods that remain open under federal statute are 2019 through 2022. NNN also files in many states and localities with varying open years under statute. |
Fair Value Measurement | Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: • Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. • Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2020 $ ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 (2) Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Net current period other comprehensive income (loss) 2,374 Ending balance, December 31, 2022 $ ( 12,582 ) (1) Additional disclosure is included in Note 9 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated |
New Accounting Pronouncements | New Accounting Pronouncements – ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”) contains practical expedients for reference rate reform-related activities, including the transition away from the London Interbank Offered Rate ("LIBOR"), that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In 2021, NNN elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. NNN continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. NNN had no derivative financial instruments outstanding as of December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform to December 31, 2024. ASU 2022-06 is effective immediately for all companies. For the year ended December 31, 2022, ASU 2022-06 had no impact on NNN's financial position or results of operations. |
Use of Estimates | Use of Estimates – Additional critical accounting policies of NNN include management’s estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities are required to prepare the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Significant accounting policies include management’s estimates of the purchase accounting for acquisition of real estate, the recoverability of the carrying value of long-lived assets and management's evaluation of the probability of outstanding and future lease payment collections. Actual results could differ from those estimates. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of NNN's Investment Portfolio | NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). December 31, 2022 Property Portfolio: Total Properties 3,411 Gross leasable area (square feet) 35,010,000 States 48 Weighted average remaining lease term (years) 10.4 |
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of December 31: 2022 2021 2020 Number of tenants 8 11 13 Cash basis tenants as a percent of: Total Properties 5.0 % 5.5 % 6.4 % Total annual base rent (1) 7.0 % 7.0 % 7.4 % Total gross leasable area 6.6 % 7.3 % 8.0 % (1) Based on annualized base rent for all leases in place for each respective period. |
Computation of Basic and Diluted Earnings Per Share | The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method for the years ended December 31 (dollars in thousands): 2022 2021 2020 Basic and Diluted Earnings: Net earnings attributable to NNN $ 334,626 $ 290,113 $ 228,799 Less: Series F preferred stock dividends — ( 14,999 ) ( 17,940 ) Less: Excess of redemption value over carrying value — ( 10,897 ) — Net earnings available to common stockholders 334,626 264,217 210,859 Less: Earnings allocated to unvested restricted shares ( 514 ) ( 689 ) ( 698 ) Net earnings used in basic and diluted earnings per share $ 334,112 $ 263,528 $ 210,161 Basic and Diluted Weighted Average Shares Outstanding: Weighted average number of shares outstanding 177,332,094 175,554,961 172,994,337 Less: Unvested restricted shares ( 237,918 ) ( 328,070 ) ( 337,078 ) Less: Unvested contingent restricted shares ( 690,520 ) ( 515,970 ) ( 547,546 ) Weighted average number of shares outstanding used in basic 176,403,656 174,710,921 172,109,713 Other dilutive securities 664,209 107,978 107,364 Weighted average number of shares outstanding used in diluted 177,067,865 174,818,899 172,217,077 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 (dollars in thousands): Gain or Loss on (1) Beginning balance, December 31, 2020 $ ( 16,445 ) Other comprehensive income (loss) ( 1,584 ) Reclassifications from accumulated other comprehensive income to net earnings 3,073 (2) Net current period other comprehensive income (loss) 1,489 Ending balance, December 31, 2021 ( 14,956 ) Reclassifications from accumulated other comprehensive income to net earnings 2,374 (2) Net current period other comprehensive income (loss) 2,374 Ending balance, December 31, 2022 $ ( 12,582 ) (1) Additional disclosure is included in Note 9 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Summary of Real Estate Subject to Operating Leases | Real Estate Portfolio – NNN's real estate consisted of the following at December 31 (dollars in thousands): 2022 2021 Land and improvements (1) $ 2,669,498 $ 2,527,483 Buildings and improvements 6,985,394 6,375,583 Leasehold interests 355 355 9,655,247 8,903,421 Less accumulated depreciation and amortization ( 1,660,308 ) ( 1,470,062 ) 7,994,939 7,433,359 Work in progress and improvements 21,737 7,277 Accounted for using the operating method 8,016,676 7,440,636 Accounted for using the direct financing method 3,352 3,653 Classified as held for sale 786 5,557 $ 8,020,814 $ 7,449,846 (1) Includes $ 22,356 and $ 8,979 in land for Properties under construction as of December 31, 2022 and 2021 , respectively. |
Rental Income, Operating Leases | NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands): 2022 2021 2020 Rental income from operating leases $ 751,680 $ 703,865 $ 639,265 Earned income from direct financing leases 595 623 647 Percentage rent 1,541 706 842 Real estate expense reimbursement from tenants 17,802 18,665 18,039 $ 771,618 $ 723,859 $ 658,793 |
Undiscounted Cash Flows to be Received on Noncancellable Operating Leases | The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2022 (dollars in thousands): 2023 $ 710,244 2024 693,766 2025 667,220 2026 624,196 2027 577,884 Thereafter 4,121,325 $ 7,394,635 |
Intangible Assets, Lease Liabilities, and Related Amortization | In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at December 31 (dollars in thousands): 2022 2021 Intangible lease assets (included in other assets ): Above-market in-place leases $ 15,356 $ 15,335 Less: accumulated amortization ( 11,477 ) ( 10,821 ) Above-market in-place leases, net $ 3,879 $ 4,514 In-place leases $ 124,198 $ 122,069 Less: accumulated amortization ( 79,675 ) ( 73,345 ) In-place leases, net $ 44,523 $ 48,724 Intangible lease liabilities (included in other liabilities ): Below-market in-place leases $ 41,371 $ 41,705 Less: accumulated amortization ( 28,121 ) ( 27,447 ) Below-market in-place leases, net $ 13,250 $ 14,258 The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2022 (dollars in thousands): Above-Market (1) In-Place Lease (2) 2023 $ 460 $ 6,834 2024 457 6,146 2025 443 5,427 2026 452 4,840 2027 470 4,023 Thereafter 7,089 17,253 $ 9,371 $ 44,523 Weighted average amortization period (years) 17.2 9.1 (1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense. |
Gains on Dispositions of Properties | The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands): 2022 2021 2020 # of Sold Gain # of Sold Gain # of Sold Gain Gain on disposition of real estate 33 $ 17,443 74 $ 23,094 38 $ 16,238 |
Remaining Funding Commitments | These construction commitments, at December 31, 2022, are outlined in the table below (dollars in thousands): Total commitment (1) $ 117,640 Less amount funded ( 44,093 ) Remaining commitment $ 73,547 (1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest. |
Real Estate Impairments | As a result of NNN's review of long-lived real estate assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands): 2022 2021 2020 Total real estate impairments, net of recoveries $ 8,309 $ 21,957 $ 37,442 Number of Properties: Vacant 9 30 14 Occupied 7 12 17 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable, Noncurrent [Abstract] | |
Schedule of Long-term Debt Instruments | The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands): Initial Interest Maturity Carrying Value of Outstanding Principal Entered Balance Rate Date (2) Asset(s) (3) 2022 2021 November 2014 (1) $ 15,151 5.23 % July 2023 $ 18,485 $ 9,969 $ 10,719 Debt costs ( 147 ) ( 147 ) Accumulated amortization 142 125 Debt costs, net of accumulated amortization ( 5 ) ( 22 ) Mortgages payable, including unamortized premium and net of $ 9,964 $ 10,697 (1) Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. (2) Monthly payments include interest and principal; the balance is due at maturity. (3) The loan is secured by a first mortgage lien on five of the Properties. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Payable [Abstract] | |
Notes Payable | Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands): Notes Issue Date Principal Discount (1) Net Stated Effective (2) Maturity Date 2024 (3) May 2014 $ 350,000 $ 707 $ 349,293 3.900 % 3.924 % June 2024 (4) 2025 (3) October 2015 400,000 964 399,036 4.000 % 4.029 % November 2025 (4) 2026 (3) December 2016 350,000 3,860 346,140 3.600 % 3.733 % December 2026 (4) 2027 (3) September 2017 400,000 1,628 398,372 3.500 % 3.548 % October 2027 (4) 2028 (3) September 2018 400,000 2,848 397,152 4.300 % 4.388 % October 2028 2030 (3) March 2020 400,000 1,288 398,712 2.500 % 2.536 % April 2030 2048 September 2018 300,000 4,239 295,761 4.800 % 4.890 % October 2048 2050 March 2020 300,000 6,066 293,934 3.100 % 3.205 % April 2050 2051 March 2021 450,000 8,406 441,594 3.500 % 3.602 % April 2051 2052 (3) September 2021 450,000 10,422 439,578 3.000 % 3.118 % April 2052 (1) The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. (2) Includes the effects of the discount at issuance. (3) NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 9 – Derivatives. (4) The aggregate principal balance of the unsecured note maturities for the next five years is $ 1,500,000 . |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following presents the dividends declared and paid to stockholders for NNN's Series F Preferred Stock for the years ended December 31 (dollars in thousands, except per share data): 2021 2020 Dividends $ 14,999 $ 17,940 Per share 1.086944 1.3000 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of ATM Program | The following table outlines NNN's active ATM programs for the three years ended December 31, 2022: 2020 ATM 2018 ATM Established date August 2020 February 2018 Termination date August 2023 August 2020 Total allowable shares 17,500,000 12,000,000 Total shares issued as of December 31, 2022 7,072,376 11,272,034 |
Schedule of Common Stock Issuances Pursuant to Equity Programs | The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data): 2022 2021 2020 Shares of common stock 5,473,072 30,000 3,119,153 Average price per share (net) $ 45.15 $ 33.65 $ 38.21 Net proceeds $ 247,129 $ 1,009 $ 119,185 Stock issuance costs (1) $ 3,761 $ 224 $ 2,130 (1) Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting |
Schedule of Common Stock Issuances Pursuant to DRIP | The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands): 2022 2021 2020 Shares of common stock 70,342 62,577 138,507 Net proceeds $ 3,082 $ 2,744 $ 5,092 |
Schedule of Dividends Declared and Paid | The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2022 2021 2020 Dividends $ 380,538 $ 367,291 $ 356,409 Per share 2.1600 2.1000 2.0700 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Dividends [Abstract] | |
Schedule of Dividends Declared and Paid | The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data): 2022 2021 2020 Dividends $ 380,538 $ 367,291 $ 356,409 Per share 2.1600 2.1000 2.0700 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands): Notes Terminated Description Aggregate Liability (Asset) Fair Value (1) 2024 May 2014 Three forward starting swaps $ 225,000 $ 6,312 $ 6,312 2025 October 2015 Four forward starting swaps 300,000 13,369 13,369 2026 December 2016 Two forward starting swaps 180,000 ( 13,352 ) ( 13,345 ) 2027 September 2017 Two forward starting swaps 250,000 7,690 7,688 2028 September 2018 Two forward starting swaps 250,000 ( 4,080 ) ( 4,080 ) 2030 March 2020 Three forward starting swaps 200,000 13,141 13,141 2052 September 2021 Two forward starting swaps 120,000 1,584 1,584 (1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable. |
Performance Incentive Plan (Tab
Performance Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Activity | The following summarizes the restricted stock activity for the year ended December 31, 2022: Number of Weighted Non-vested restricted shares, January 1 978,455 $ 49.54 Restricted shares granted 410,403 42.93 Restricted shares vested ( 219,805 ) 49.56 Restricted shares forfeited ( 177,852 ) 53.64 Non-vested restricted shares, December 31 991,201 46.06 |
Schedule of Other Grants | The following summarizes other grants made during the year ended December 31, 2022, pursuant to the 2017 Plan. Number of Weighted Other share grants under the 2017 Plan: Directors’ fees 12,903 $ 44.46 Deferred directors’ fees 20,100 44.46 33,003 44.46 Shares available under the 2017 Plan for grant, end of period 346,420 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details) | 12 Months Ended |
Dec. 31, 2022 ft² Property State | |
Property Portfolio: | |
Total properties | Property | 3,411 |
Gross leasable area (square feet) | ft² | 35,010,000 |
States | State | 48 |
Weighted average remaining lease term (years) | 10 years 4 months 24 days |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) Tenant Segment | Dec. 31, 2021 USD ($) Segment Tenant | Dec. 31, 2020 USD ($) Tenant Segment | Jun. 30, 2021 USD ($) | May 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Number of operating segments | Segment | 1 | 1 | 1 | ||
Interest costs capitalized | $ 881,000 | $ 328,000 | $ 1,388,000 | ||
Real estate acquisitions | 784,165,000 | 531,726,000 | |||
Investments in work in progress - improvements | 63,582,000 | 23,689,000 | |||
Real estate held for sale | 786,000 | 5,557,000 | |||
Escrow and other restricted accounts | 4,273,000 | 0 | |||
Net operating loss carryforwards | 3,899,000 | ||||
Write-off of outstanding receivables and related accrued rent | $ 0 | $ 0 | $ 21,792,000 | ||
Percentage of total properties for which revenue recognized on cash basis | 5% | 5.50% | 6.40% | ||
Percentage of aggregate gross leasable area for which revenue recognized on cash basis | 6.60% | 7.30% | 8% | ||
Number of tenants for which revenue recognized on cash basis | Tenant | 8 | 11 | 13 | ||
Revenue recognized on cash basis | $ 62,454,000 | $ 52,129,000 | $ 4,722,000 | ||
Revolving credit facility borrowing capacity | 933,800,000,000 | $ 1,100,000,000,000 | $ 900,000,000,000 | ||
Unrecognized tax benefits | 0 | ||||
Income tax penalties and interest expense | $ 0 | ||||
Land improvements | |||||
Debt Instrument [Line Items] | |||||
Property estimated useful life | 15 years | ||||
Mortgage receivable | |||||
Debt Instrument [Line Items] | |||||
Mortgage receivable | $ 1,530,000 | 2,023,000 | |||
Allowance for credit loss | $ 9,800,000 | 129,000 | |||
Collectability analysis, period used | 15 years | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Initial lease terms | 10 years | ||||
Minimum | Buildings and improvements | |||||
Debt Instrument [Line Items] | |||||
Property estimated useful life | 20 years | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Initial lease terms | 20 years | ||||
Maximum | Buildings and improvements | |||||
Debt Instrument [Line Items] | |||||
Property estimated useful life | 40 years | ||||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Deferred debt costs | $ 147,000 | 147,000 | |||
Deferred debt costs, accumulated amortization | 142,000 | 125,000 | |||
Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Deferred debt costs | 38,145,000 | 38,145,000 | |||
Deferred debt costs, accumulated amortization | 11,693,000 | $ 9,262,000 | |||
Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility borrowing capacity | $ 1,100,000,000 |
Organization and Summary of S_6
Organization and Summary of Significant Accounting Policies - Summary of tenants classified as cash basis (Details) - Tenant | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||||
Number of tenants | 8 | 11 | 13 | |
Cash Basis Tenants As A Percent Of | ||||
Total Properties | 5% | 5.50% | 6.40% | |
Total annual base rent | [1] | 7% | 7% | 7.40% |
Total gross leasable area | 6.60% | 7.30% | 8% | |
[1] (1) Based on annualized base rent for all leases in place for each respective period. |
Organization and Summary of S_7
Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic and Diluted Earnings: | ||||
Net earnings attributable to NNN | $ 334,626,000 | $ 290,113,000 | $ 228,799,000 | |
Less: preferred stock dividends | 0 | (14,999,000) | (17,940,000) | |
Less: Excess of redemption value over carrying value of preferred shares redeemed | 0 | (10,897,000) | 0 | |
Net earnings attributable to common stockholders | 334,626,000 | 264,217,000 | 210,859,000 | |
Less: Earnings allocated to unvested restricted shares | (514,000) | (689,000) | (698,000) | |
Net earnings used in basic and diluted earnings per share | $ 334,112,000 | $ 263,528,000 | $ 210,161,000 | |
Basic and Diluted Weighted Average Shares Outstanding: | ||||
Weighted average number of shares outstanding (in shares) | 177,332,094 | 175,554,961 | 172,994,337 | |
Less: Unvested restricted shares (in shares) | (237,918) | (328,070) | (337,078) | |
Less: Unvested contingent restricted shares (in shares) | (690,520) | (515,970) | (547,546) | |
Weighted Average Number of Shares Outstanding, Basic, Total | 176,403,656 | 174,710,921 | 172,109,713 | |
Other dilutive securities (shares) | 664,209 | 107,978 | 107,364 | |
Weighted average number of shares outstanding used in diluted earnings per share (in shares) | 177,067,865 | 174,818,899 | 172,217,077 | |
Series F Preferred Stock | ||||
Basic and Diluted Earnings: | ||||
Less: preferred stock dividends | $ 0 | $ (14,999,000) | $ (17,940,000) | |
Less: Excess of redemption value over carrying value of preferred shares redeemed | $ (10,897,000) |
Organization and Summary of S_8
Organization and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 3,901,663 | $ 4,319,304 | |
Ending balance | 4,123,502 | 3,901,663 | |
Gain or Loss on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | [1] | (14,956) | (16,445) |
Other comprehensive income (loss) | [1] | (1,584) | |
Reclassifications from accumulated other comprehensive income to net earnings | [1],[2] | 2,374 | 3,073 |
Net current period other comprehensive income (loss) | [1] | 2,374 | 1,489 |
Ending balance | [1] | (12,582) | (14,956) |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (14,956) | (16,445) | |
Ending balance | $ (12,582) | $ (14,956) | |
[1] Additional disclosure is included in Note 9 – Derivatives. Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Consolidated |
Real Estate (Key Information fo
Real Estate (Key Information for Leases) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Lease classification: | |
Weighted average remaining lease term (years) | 10 years 4 months 24 days |
Minimum | |
Lease classification: | |
Initial lease terms | 10 years |
Maximum | |
Lease classification: | |
Initial lease terms | 20 years |
Real Estate (Summary of Real Es
Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Land and improvements | [1] | $ 2,669,498,000 | $ 2,527,483,000 |
Buildings and improvements | 6,985,394,000 | 6,375,583,000 | |
Leasehold interests | 355,000 | 355,000 | |
Real estate subject to operating leases, gross | 9,655,247,000 | 8,903,421,000 | |
Less accumulated depreciation and amortization | (1,660,308,000) | (1,470,062,000) | |
Real estate subject to operating leases, net, before work in process | 7,994,939,000 | 7,433,359,000 | |
Work in progress – improvements | 21,737,000 | 7,277,000 | |
Accounted for using the operating method | 8,016,676,000 | 7,440,636,000 | |
Accounted for using the direct financing method | 3,352,000 | 3,653,000 | |
Classified as held for sale | 786,000 | 5,557,000 | |
Accounted for using the operating method, net of accumulated depreciation and amortization | 8,020,814,000 | 7,449,846,000 | |
Asset under construction | |||
Property, Plant and Equipment [Line Items] | |||
Land and improvements | $ 22,356,000 | $ 8,979,000 | |
[1] Includes $ 22,356 and $ 8,979 in land for Properties under construction as of December 31, 2022 and 2021 , respectively. |
Real Estate (Rental Income) (De
Real Estate (Rental Income) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Abstract] | |||
Rental income from operating leases | $ 751,680,000 | $ 703,865,000 | $ 639,265,000 |
Earned income from direct financing leases | 595,000 | 623,000 | 647,000 |
Percentage rent | 1,541,000 | 706,000 | 842,000 |
Real estate expense reimbursement from tenants | 17,802,000 | 18,665,000 | 18,039,000 |
Rental income | 771,618,000 | 723,859,000 | 658,793,000 |
Rental income accrued during period | 3,559,000 | (21,137,000) | 26,027,000 |
Decrease (increase) in accrued rental income | (5,391,000) | (24,945,000) | 30,473,000 |
Write-off of accrued rental income | 16,367,000 | ||
Originally rent due | 4,758,000 | 52,019,000 | |
Balance of accrued rental income | $ 14,526,000 | $ 31,776,000 | $ 3,259,000 |
Real Estate (Future Minimum Lea
Real Estate (Future Minimum Lease Payments Receivable) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Real Estate [Abstract] | |
2023 | $ 710,244 |
2024 | 693,766 |
2025 | 667,220 |
2026 | 624,196 |
2027 | 577,884 |
Thereafter | 4,121,325 |
Future minimum payments receivable | $ 7,394,635 |
Real Estate (Intangible Assets
Real Estate (Intangible Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible lease liabilities (included in other liabilities): | |||
Below-market in-place leases | $ 41,371 | $ 41,705 | |
Less: accumulated amortization | (28,121) | (27,447) | |
Below-market in-place leases, net | 13,250 | 14,258 | |
Above-market in-place leases, net | |||
Intangible lease assets (included in other assets): | |||
Leases | 15,356 | 15,335 | |
Less: accumulated amortization | (11,477) | (10,821) | |
Leases, net | 3,879 | 4,514 | |
In-place leases, net | |||
Intangible lease assets (included in other assets): | |||
Leases | 124,198 | 122,069 | |
Less: accumulated amortization | (79,675) | (73,345) | |
Leases, net | $ 44,523 | [1] | $ 48,724 |
[1] Amortized as an increase to amortization expense. |
Real Estate (Amortization of Ac
Real Estate (Amortization of Acquired Lease Intangibles) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Above-Market and Below-Market In-Place Lease Intangibles | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense, above- and below-market leases | $ 510,000 | $ 710,000 | $ 887,000 | ||
2023 | [1] | 460,000 | |||
2024 | [1] | 457,000 | |||
2025 | [1] | 443,000 | |||
2026 | [1] | 452,000 | |||
2027 | [1] | 470,000 | |||
Thereafter | [1] | 7,089,000 | |||
Leases, net | [1] | $ 9,371,000 | |||
Weighted average amortization period (years) | [1] | 17 years 2 months 12 days | |||
In-Place Lease Intangibles | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense, in-place leases | $ 7,132,000 | 7,687,000 | $ 8,304,000 | ||
2023 | [2] | 6,834,000 | |||
2024 | [2] | 6,146,000 | |||
2025 | [2] | 5,427,000 | |||
2026 | [2] | 4,840,000 | |||
2027 | [2] | 4,023,000 | |||
Thereafter | [2] | 17,253,000 | |||
Leases, net | $ 44,523,000 | [2] | $ 48,724,000 | ||
Weighted average amortization period (years) | [2] | 9 years 1 month 6 days | |||
[1] Recorded as a net increase to rental income over the life of the lease. Amortized as an increase to amortization expense. |
Real Estate (Dispositions) (Det
Real Estate (Dispositions) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain | $ | $ 17,443 | $ 23,094 | $ 16,238 |
Assets Held-for-sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties sold at a gain | Property | 33 | 74 | 38 |
Real Estate (Commitments) (Deta
Real Estate (Commitments) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
Real Estate [Abstract] | ||
Period for improvements to construction commitments | 12 months | |
Total commitment | $ 117,640 | [1] |
Less amount funded | (44,093) | |
Remaining commitment | $ 73,547 | |
[1] Includes land, construction costs, tenant improvements, lease costs and capitalized interest. |
Real Estate (Impairments) (Deta
Real Estate (Impairments) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) Property | |
Lessor, Lease, Description [Line Items] | |||
Real estate impairments, net of recoveries | $ | $ 8,309 | $ 21,957 | $ 37,442 |
Vacant | 9 | 30 | 14 |
Occupied | 7 | 12 | 17 |
Line of Credit Payable (Details
Line of Credit Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jun. 30, 2021 | May 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Revolving credit facility borrowing capacity | $ 933,800,000,000 | $ 1,100,000,000,000 | $ 900,000,000,000 |
Revolving credit facility weighted average outstanding balance | 39,220,000 | ||
Option to increase facility size | $ 2,000,000,000 | ||
Debt, Weighted Average Interest Rate | 4.13% | ||
LIBOR | |||
Line of Credit Facility [Line Items] | |||
Spread over LIBOR, percent | 77.50% | ||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Spread over LIBOR, percent | 10% | ||
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility borrowing capacity | $ 1,100,000,000 | ||
Line of credit payable | $ 166,200,000,000 |
Mortgages Payable (Details)
Mortgages Payable (Details) - Mortgages [Member] | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Debt costs | $ (147,000) | $ (147,000) | |
Accumulated amortization | 142,000 | 125,000 | |
Debt costs, net of accumulated amortization | (5,000) | (22,000) | |
Mortgages payable, including unamortized premium and net of unamortized debt costs | 9,964,000 | 10,697,000 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2023 | 9,969,000 | ||
November 2014 | |||
Debt Instrument [Line Items] | |||
Initial Balance | [1] | $ 15,151,000 | |
Interest Rate | [1] | 5.23% | |
Carrying Value of Encumbered Asset(s) | [1],[2] | $ 18,485,000 | |
Outstanding Principal Balance | [1] | $ 9,969,000 | $ 10,719,000 |
Number of encumbered assets | Property | 5 | ||
[1] Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium. The loan is secured by a first mortgage lien on five of the Properties. |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||||
Long-term debt maturities for the next five years | $ 1,500,000,000 | ||||
Payment of make-whole premium | 0 | $ 21,328,000 | $ 16,679,000 | ||
Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs | 38,145,000 | $ 38,145,000 | |||
2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | 350,000,000 | ||||
Discount | [1] | 707,000 | |||
Net Price | $ 349,293,000 | ||||
Stated Rate | 3.90% | ||||
Effective Rate | [2] | 3.924% | |||
2025 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | ||||
Discount | [1] | 964,000 | |||
Net Price | $ 399,036,000 | ||||
Stated Rate | 4% | ||||
Effective Rate | [2] | 4.029% | |||
2026 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 350,000,000 | ||||
Discount | [1] | 3,860,000 | |||
Net Price | $ 346,140,000 | ||||
Stated Rate | 3.60% | ||||
Effective Rate | [2] | 3.733% | |||
2027 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | ||||
Discount | [1] | 1,628,000 | |||
Net Price | $ 398,372,000 | ||||
Stated Rate | 3.50% | ||||
Effective Rate | [2] | 3.548% | |||
2028 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | ||||
Discount | [1] | 2,848,000 | |||
Net Price | $ 397,152,000 | ||||
Stated Rate | 4.30% | ||||
Effective Rate | [2] | 4.388% | |||
2030 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 400,000,000 | ||||
Discount | [1] | 1,288,000 | |||
Net Price | $ 398,712,000 | ||||
Stated Rate | 2.50% | ||||
Effective Rate | [2] | 2.536% | |||
2048 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 300,000,000 | ||||
Discount | [1] | 4,239,000 | |||
Net Price | $ 295,761,000 | ||||
Stated Rate | 4.80% | ||||
Effective Rate | [2] | 4.89% | |||
2050 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 300,000,000 | ||||
Discount | [1] | 6,066,000 | |||
Net Price | $ 293,934,000 | ||||
Stated Rate | 3.10% | ||||
Effective Rate | [2] | 3.205% | |||
2051 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 450,000,000 | ||||
Discount | [1] | 8,406,000 | |||
Net Price | $ 441,594,000 | ||||
Stated Rate | 3.50% | ||||
Effective Rate | [2] | 3.602% | |||
2052 Notes | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 450,000,000 | ||||
Discount | [1] | 10,422,000 | |||
Net Price | $ 439,578,000 | ||||
Stated Rate | 3% | ||||
Effective Rate | [2] | 3.118% | |||
2022 Notes | |||||
Debt Instrument [Line Items] | |||||
Stated Rate | 3.30% | ||||
Notes payable redeemed | $ 350,000,000,000 | ||||
Redemption price percentage | 100% | ||||
Payment of make-whole premium | $ 21,328,000,000 | ||||
[1] The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method. Includes the effects of the discount at issuance. |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Dividends Payable | $ 345,000,000 | |||
Excess of redemption value over carrying value of preferred shares redeemed | $ 0 | $ 10,897,000 | $ 0 | |
Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares redeemed (in shares) | 13,800,000 | 13,800,000,000 | ||
Dividend rate | 5.20% | |||
Stated liquidation value per share (in dollars per share) | $ 25 | |||
Aggregate redemption price (in dollars per share) | $ 25.111944 | |||
Excess of redemption value over carrying value of preferred shares redeemed | $ 10,897,000 |
Preferred Stock - Summary of di
Preferred Stock - Summary of dividends declared and paid to stockholders for NNN's Series F Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Dividends | $ 0 | $ 14,999 | $ 17,940 |
Series F Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Dividends | $ 0 | $ 14,999 | $ 17,940 |
Preferred Stock, Dividends Per Share, Declared | $ 1.086944 | $ 1.3000 |
Common Stock (Details)
Common Stock (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total allowable shares (in shares) | 375,000,000 | 375,000,000 | ||
Total shares issued (in shares) | 181,424,670 | 175,635,792 | ||
Stock issuance costs | $ 3,761 | $ 325 | $ 2,223 | |
Net proceeds | $ 253,972 | $ 4,053 | $ 126,488 | |
2020 ATM Equity Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total allowable shares (in shares) | 17,500,000,000 | |||
Total shares issued (in shares) | 7,072,376,000 | |||
2018 ATM Equity Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total allowable shares (in shares) | 12,000,000,000 | |||
Total shares issued (in shares) | 11,272,034,000 | |||
ATM Equity Programs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shelf registration, shares issued (in shares) | 5,473,072,000 | 30,000,000 | 3,119,153,000 | |
Net proceeds | $ 247,129 | $ 1,009 | $ 119,185 | |
DRIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total allowable shares (in shares) | 6,000,000 | |||
Shares of common stock (in shares) | 70,342,000 | 62,577,000 | 138,507,000 | |
Net proceeds | $ 3,082 | $ 2,744 | $ 5,092 |
Common Stock - ATM Program (Det
Common Stock - ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Class of Stock [Line Items] | ||||
Total allowable shares (in shares) | 375,000,000 | 375,000,000 | ||
Total shares issued (in shares) | 181,424,670 | 175,635,792 | ||
Net proceeds | $ 253,972 | $ 4,053 | $ 126,488 | |
Stock issuance costs(1) | $ 199 | $ 17,814 | $ 7,941 | |
2020 ATM Equity Program | ||||
Class of Stock [Line Items] | ||||
Total allowable shares (in shares) | 17,500,000,000 | |||
Total shares issued (in shares) | 7,072,376,000 | |||
2018 ATM Equity Program | ||||
Class of Stock [Line Items] | ||||
Total allowable shares (in shares) | 12,000,000,000 | |||
Total shares issued (in shares) | 11,272,034,000 | |||
ATM Equity Programs | ||||
Class of Stock [Line Items] | ||||
Shares of common stock | 5,473,072,000 | 30,000,000 | 3,119,153,000 | |
Average price per share (net) (in dollars per share) | $ 45.15 | $ 33.65 | $ 38.21 | |
Net proceeds | $ 247,129 | $ 1,009 | $ 119,185 | |
Stock issuance costs(1) | [1] | $ 3,761 | $ 224 | $ 2,130 |
[1] Stock issuance costs consist primarily of underwriters' and agent's fees and commissions, and legal and accounting |
Common Stock (Additional Inform
Common Stock (Additional Information) (Details) - $ / shares | 12 Months Ended | ||||
Jan. 13, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 375,000,000 | 375,000,000 | |||
Common stock dividends declared and paid (in dollars per share) | $ 2.1600 | $ 2.1000 | $ 2.0700 | ||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Common stock dividends declared and paid (in dollars per share) | $ 0.550 | ||||
DRIP [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares authorized (in shares) | 6,000,000 |
Common Stock - DRIP (Details)
Common Stock - DRIP (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Net proceeds | $ 253,972 | $ 4,053 | $ 126,488 |
DRIP [Member] | |||
Class of Stock [Line Items] | |||
Shares of common stock (in shares) | 70,342,000 | 62,577,000 | 138,507,000 |
Net proceeds | $ 3,082 | $ 2,744 | $ 5,092 |
Common Stock - Dividends Declar
Common Stock - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Dividends | $ 380,538 | $ 367,291 | $ 356,409 |
DRIP [Member] | |||
Class of Stock [Line Items] | |||
Dividends | $ 380,538 | $ 367,291 | $ 356,409 |
Dividends, Per share (in dollars per share) | $ 2.1600 | $ 2.1000 | $ 2.0700 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Percentage of participant's contributions matched by employer | 75% | 50% | |
Employer matching contribution, percent | 4% | 5% | |
Employer contributions | $ 590,000 | $ 576,000 | $ 546,000 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 13, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Dividends | $ 380,538 | $ 367,291 | $ 356,409 | |
Common stock dividends declared and paid (in dollars per share) | $ 2.1600 | $ 2.1000 | $ 2.0700 | |
Preferred stock, dividends | $ 0 | $ 14,999 | $ 17,940 | |
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Common stock dividends declared and paid (in dollars per share) | $ 0.550 | |||
Series F Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividends | $ 0 | $ 14,999 | $ 17,940 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0 |
Derivatives (Terminated Derivat
Derivatives (Terminated Derivatives) (Details) - Forward Swap $ in Thousands | Sep. 30, 2021 USD ($) Instrument | Mar. 31, 2020 USD ($) Instrument | Sep. 30, 2018 USD ($) Instrument | Sep. 30, 2017 USD ($) Instrument | Dec. 31, 2016 USD ($) Instrument | Oct. 31, 2015 USD ($) Instrument | May 30, 2014 USD ($) Instrument | |
Derivative [Line Items] | ||||||||
Number Of Interest Rate Derivatives Terminated | Instrument | 2 | 3 | 2 | 2 | 2 | 4 | 3 | |
Aggregate Notional Amount | $ 120,000 | $ 200,000 | $ 250,000 | $ 250,000 | $ 180,000 | $ 300,000 | $ 225,000 | |
Liability Fair Value When Terminated | 1,584 | 13,141 | 7,690 | 13,369 | 6,312 | |||
Asset Fair Value When Terminated | (4,080) | (13,352) | ||||||
Fair Value Deferred In Other Comprehensive Income | [1] | $ 1,584 | $ 13,141 | $ (4,080) | $ 7,688 | $ (13,345) | $ 13,369 | $ 6,312 |
[1] The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Derivative [Line Items] | |||||
Stockholders' equity | $ (4,123,502,000) | $ (3,901,663,000) | $ (4,319,304,000) | $ (4,331,682,000) | |
Gain (loss) reclassification to interest expense | 2,374,000 | 3,073,000 | 2,300,000 | ||
Interest rate cash flow hedge gain (loss) to be reclassified over next 12 months, net | 2,471,000 | ||||
AOCI, cash flow hedges | |||||
Derivative [Line Items] | |||||
Stockholders' equity | [1] | 12,582,000 | 14,956,000 | 16,445,000 | |
Gain (loss) reclassification to interest expense | 12,582,000 | ||||
Accumulated Other Comprehensive Income (Loss) | |||||
Derivative [Line Items] | |||||
Stockholders' equity | 12,582,000 | 14,956,000 | 16,445,000 | $ 11,128,000 | |
Gain (loss) reclassification to interest expense | $ 2,374,000 | $ 3,073,000 | $ 2,300,000 | ||
[1] Additional disclosure is included in Note 9 – Derivatives. |
Performance Incentive Plan (Nar
Performance Incentive Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 1,800,000,000 | |||
Stock options outstanding (in shares) | 0 | |||
Restricted shares granted (in shares) | 33,003,000 | |||
Share-based compensation cost | $ 15,449,000 | $ 14,296,000 | $ 14,213,000 | |
Unrecognized compensation cost | $ 11,266,000 | |||
Weighted average period for recognition of unrecognized compensation cost | 2 years 4 months 24 days | |||
Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental executive retirement costs | $ 1,379,000 | |||
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares granted (in shares) | 410,403,000 | |||
Restricted stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 3 years | |||
Restricted stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 5 years | |||
Performance shares, subject to shareholder return | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted shares granted (in shares) | 289,434 | |||
Performance period used In calculation | 3 years | |||
Fair value share price (in dollars per share) | $ 29.76 | |||
Performance shares, subject to Core Funds From Operations growth | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average grant price (in dollars per share) | $ 42.85 |
Performance Incentive Plan (Res
Performance Incentive Plan (Restricted Stock Activity) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Number of Shares | |
Restricted shares granted (in shares) | shares | 33,003,000 |
Weighted Average Share Price | |
Restricted shares granted (in dollars per share) | $ / shares | $ 44.46 |
Restricted stock | |
Number of Shares | |
Non-vested restricted shares, January 1 (in shares) | shares | 978,455,000 |
Restricted shares granted (in shares) | shares | 410,403,000 |
Restricted shares vested (in shares) | shares | (219,805,000) |
Restricted shares forfeited (in shares) | shares | (177,852,000) |
Non-vested restricted shares, December 31 (in shares) | shares | 991,201,000 |
Weighted Average Share Price | |
Non-vested restricted shares, January 1 (in dollars per share) | $ / shares | $ 49.54 |
Restricted shares granted (in dollars per share) | $ / shares | 42.93 |
Restricted shares vested (in dollars per share) | $ / shares | 49.56 |
Restricted shares forfeited (in dollars per share) | $ / shares | 53.64 |
Non-vested restricted shares, December 31 (in dollars per share) | $ / shares | $ 46.06 |
Performance Incentive Plan (Oth
Performance Incentive Plan (Other Grants) (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Other share grants under the 2017 Plan: | |
Restricted shares granted (in shares) | 33,003,000 |
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares | $ 44.46 |
Shares available under the 2017 Plan for grant, end of period (in shares) | 346,420,000 |
Directors’ fees | |
Other share grants under the 2017 Plan: | |
Restricted shares granted (in shares) | 12,903,000 |
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares | $ 44.46 |
Deferred directors’ fees | |
Other share grants under the 2017 Plan: | |
Restricted shares granted (in shares) | 20,100,000 |
Restricted shares granted, weighted average share price (in dollars per share) | $ / shares | $ 44.46 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Fair value of notes payable | $ 3,140,774,000 | $ 4,032,757,000 |
Segment Information (Details)
Segment Information (Details) - Segment | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 1 | 1 | 1 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 3,411 | |||
Encumbrances | $ 9,947 | |||
Initial Cost to Company, Land | 2,672,621 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 5,707,136 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,316,380 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,670,023 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 7,008,104 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 9,678,127 | $ 8,917,586 | $ 8,534,275 | $ 8,448,702 |
Accumulated Depreciation and Amortization | $ 1,660,665 | $ 1,471,393 | $ 1,319,943 | $ 1,151,667 |
ALABAMA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 153 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 72,696 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 170,608 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 42,413 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 72,410 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 212,980 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 285,390 | |||
Accumulated Depreciation and Amortization | $ 51,199 | |||
Start Year of Construction | 1948 | |||
End Year of Construction | 2020 | |||
Acquired of Beginning Year | 2001 | |||
Acquired of Ending Year | 2022 | |||
ALABAMA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
ALABAMA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
ALASKA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 5 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,943 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 3,694 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 140 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,943 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 3,834 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 5,777 | |||
Accumulated Depreciation and Amortization | $ 1,832 | |||
Start Year of Construction | 1971 | |||
End Year of Construction | 2003 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2014 | |||
ALASKA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
ALASKA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
ARIZONA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 65 | |||
Encumbrances | $ 4,113 | |||
Initial Cost to Company, Land | 79,138 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 105,736 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 65,305 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 79,138 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 171,041 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 250,179 | |||
Accumulated Depreciation and Amortization | $ 37,208 | |||
Start Year of Construction | 1974 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1998 | |||
Acquired of Ending Year | 2022 | |||
ARIZONA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
ARIZONA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
ARKANSAS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 71 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 33,017 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 100,158 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 17,168 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 33,017 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 117,326 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 150,343 | |||
Accumulated Depreciation and Amortization | $ 17,409 | |||
Start Year of Construction | 1969 | |||
End Year of Construction | 2020 | |||
Acquired of Beginning Year | 1998 | |||
Acquired of Ending Year | 2022 | |||
ARKANSAS | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
ARKANSAS | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
CALIFORNIA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 76 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 144,304 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 221,594 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 35,459 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 143,287 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 249,216 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 392,503 | |||
Accumulated Depreciation and Amortization | $ 57,927 | |||
Start Year of Construction | 1945 | |||
End Year of Construction | 2018 | |||
Acquired of Beginning Year | 1997 | |||
Acquired of Ending Year | 2022 | |||
CALIFORNIA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
CALIFORNIA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
COLORADO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 37 | |||
Encumbrances | $ 2,280 | |||
Initial Cost to Company, Land | 58,333 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 85,152 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 27,646 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 58,333 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 112,798 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 171,131 | |||
Accumulated Depreciation and Amortization | $ 28,183 | |||
Start Year of Construction | 1969 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 1994 | |||
Acquired of Ending Year | 2022 | |||
COLORADO | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
COLORADO | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
CONNECTICUT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 11 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,068 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 32,950 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 601 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 9,068 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 33,551 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 42,619 | |||
Accumulated Depreciation and Amortization | $ 10,146 | |||
Start Year of Construction | 1929 | |||
End Year of Construction | 2003 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2022 | |||
CONNECTICUT | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
CONNECTICUT | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 30 years | |||
DELAWARE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,994 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 6,062 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 71 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,994 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 6,133 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 9,127 | |||
Accumulated Depreciation and Amortization | $ 4,276 | |||
Start Year of Construction | 1994 | |||
End Year of Construction | 1994 | |||
Acquired of Beginning Year | 1994 | |||
Acquired of Ending Year | 1994 | |||
DELAWARE | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
DELAWARE | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
DISTRICT OF COLUMBIA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 624 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 578 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 624 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 578 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 1,202 | |||
Accumulated Depreciation and Amortization | $ 257 | |||
Start Year of Construction | 1983 | |||
End Year of Construction | 1983 | |||
Acquired of Beginning Year | 2005 | |||
Acquired of Ending Year | 2005 | |||
DISTRICT OF COLUMBIA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
DISTRICT OF COLUMBIA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
FLORIDA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 257 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 266,019 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 411,157 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 148,672 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 266,019 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 559,829 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 825,848 | |||
Accumulated Depreciation and Amortization | $ 122,805 | |||
Start Year of Construction | 1959 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1985 | |||
Acquired of Ending Year | 2022 | |||
FLORIDA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 5 years | |||
FLORIDA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
GEORGIA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 167 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 128,738 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 263,312 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 61,545 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 128,738 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 324,856 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 453,594 | |||
Accumulated Depreciation and Amortization | $ 76,993 | |||
Start Year of Construction | 1964 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2022 | |||
GEORGIA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
GEORGIA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
IDAHO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 11 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,593 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 10,197 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 8,331 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 7,593 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 18,529 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 26,122 | |||
Accumulated Depreciation and Amortization | $ 4,839 | |||
Start Year of Construction | 1979 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2022 | |||
IDAHO | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
IDAHO | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
ILLINOIS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 164 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 129,931 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 308,504 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 50,346 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 129,931 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 358,528 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 488,459 | |||
Accumulated Depreciation and Amortization | $ 92,284 | |||
Start Year of Construction | 1924 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1995 | |||
Acquired of Ending Year | 2022 | |||
ILLINOIS | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
ILLINOIS | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
INDIANA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 148 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 98,266 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 199,255 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 79,718 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 98,266 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 278,973 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 377,239 | |||
Accumulated Depreciation and Amortization | $ 73,025 | |||
Start Year of Construction | 1965 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 2001 | |||
Acquired of Ending Year | 2022 | |||
INDIANA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
INDIANA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
IOWA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 28 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 22,629 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 37,962 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 21,097 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 22,629 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 59,058 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 81,687 | |||
Accumulated Depreciation and Amortization | $ 16,849 | |||
Start Year of Construction | 1964 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 2005 | |||
Acquired of Ending Year | 2022 | |||
IOWA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
IOWA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
KANSAS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 37 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 16,970 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 37,358 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 9,776 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 16,970 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 47,134 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 64,104 | |||
Accumulated Depreciation and Amortization | $ 10,242 | |||
Start Year of Construction | 1946 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 1997 | |||
Acquired of Ending Year | 2022 | |||
KANSAS | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
KANSAS | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
KENTUCKY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 58 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 40,962 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 99,052 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 13,385 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 40,962 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 112,437 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 153,399 | |||
Accumulated Depreciation and Amortization | $ 28,111 | |||
Start Year of Construction | 1974 | |||
End Year of Construction | 2020 | |||
Acquired of Beginning Year | 2005 | |||
Acquired of Ending Year | 2022 | |||
KENTUCKY | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
KENTUCKY | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
LOUISIANA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 50 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 35,517 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 85,430 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 37,942 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 35,517 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 123,371 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 158,888 | |||
Accumulated Depreciation and Amortization | $ 22,179 | |||
Start Year of Construction | 1970 | |||
End Year of Construction | 2018 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2022 | |||
LOUISIANA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
LOUISIANA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MAINE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 12 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,781 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 13,017 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 3,781 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 13,017 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 16,798 | |||
Accumulated Depreciation and Amortization | $ 4,539 | |||
Start Year of Construction | 1915 | |||
End Year of Construction | 2002 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2017 | |||
MAINE | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
MAINE | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MARYLAND | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 50 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 62,149 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 126,171 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,006 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 62,149 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 129,177 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 191,326 | |||
Accumulated Depreciation and Amortization | $ 38,605 | |||
Start Year of Construction | 1946 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2019 | |||
MARYLAND | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
MARYLAND | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MASSACHUSETTS | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 22 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 32,663 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 90,750 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 32,663 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 90,750 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 123,413 | |||
Accumulated Depreciation and Amortization | $ 17,016 | |||
Start Year of Construction | 1960 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2019 | |||
MASSACHUSETTS | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
MASSACHUSETTS | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MICHIGAN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 93 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 57,792 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 206,713 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 55,069 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 57,792 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 261,171 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 318,963 | |||
Accumulated Depreciation and Amortization | $ 35,482 | |||
Start Year of Construction | 1963 | |||
End Year of Construction | 2022 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2022 | |||
MICHIGAN | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
MICHIGAN | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MINNESOTA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 28 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 20,906 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 38,395 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,552 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 20,906 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 40,947 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 61,853 | |||
Accumulated Depreciation and Amortization | $ 12,917 | |||
Start Year of Construction | 1950 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 2005 | |||
Acquired of Ending Year | 2022 | |||
MINNESOTA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
MINNESOTA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MISSISSIPPI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 63 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 29,242 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 100,754 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 12,422 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 29,242 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 113,176 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 142,418 | |||
Accumulated Depreciation and Amortization | $ 11,466 | |||
Start Year of Construction | 1959 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2022 | |||
MISSISSIPPI | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
MISSISSIPPI | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MISSOURI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 103 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 58,704 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 125,359 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 67,347 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 58,704 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 192,707 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 251,411 | |||
Accumulated Depreciation and Amortization | $ 39,757 | |||
Start Year of Construction | 1920 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1992 | |||
Acquired of Ending Year | 2022 | |||
MISSOURI | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
MISSOURI | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
MONTANA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 26 | |||
Encumbrances | $ 3,554 | |||
Initial Cost to Company, Land | 4,102 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 11,865 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,654 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,102 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 14,518 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 18,620 | |||
Accumulated Depreciation and Amortization | $ 4,842 | |||
Start Year of Construction | 1937 | |||
End Year of Construction | 2016 | |||
Acquired of Beginning Year | 2010 | |||
Acquired of Ending Year | 2016 | |||
MONTANA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
MONTANA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NEBRASKA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 6 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,608 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 3,066 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 5,033 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,608 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 8,099 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 13,707 | |||
Accumulated Depreciation and Amortization | $ 1,831 | |||
Start Year of Construction | 1979 | |||
End Year of Construction | 2015 | |||
Acquired of Beginning Year | 2005 | |||
Acquired of Ending Year | 2017 | |||
NEBRASKA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
NEBRASKA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NEVADA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 15 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,160 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 27,181 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,205 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 9,160 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 28,385 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 37,545 | |||
Accumulated Depreciation and Amortization | $ 4,587 | |||
Start Year of Construction | 1961 | |||
End Year of Construction | 2014 | |||
Acquired of Beginning Year | 2012 | |||
Acquired of Ending Year | 2022 | |||
NEVADA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
NEVADA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NEW HAMPSHIRE | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 10 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 11,299 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 39,056 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 11,299 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 39,056 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 50,355 | |||
Accumulated Depreciation and Amortization | $ 7,655 | |||
Start Year of Construction | 1980 | |||
End Year of Construction | 2004 | |||
Acquired of Beginning Year | 2011 | |||
Acquired of Ending Year | 2022 | |||
NEW HAMPSHIRE | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
NEW HAMPSHIRE | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 30 years | |||
NEW JERSEY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 28 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 45,326 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 169,481 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 732 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 45,326 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 170,213 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 215,539 | |||
Accumulated Depreciation and Amortization | $ 48,972 | |||
Start Year of Construction | 1965 | |||
End Year of Construction | 2015 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2022 | |||
NEW JERSEY | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
NEW JERSEY | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NEW MEXICO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 32 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 21,857 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 76,847 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 21,795 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 21,857 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 98,642 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 120,499 | |||
Accumulated Depreciation and Amortization | $ 14,295 | |||
Start Year of Construction | 1955 | |||
End Year of Construction | 2019 | |||
Acquired of Beginning Year | 2001 | |||
Acquired of Ending Year | 2022 | |||
NEW MEXICO | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
NEW MEXICO | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NEW YORK | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 41 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 29,467 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 58,384 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 27,785 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 29,467 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 82,826 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 112,293 | |||
Accumulated Depreciation and Amortization | $ 16,447 | |||
Start Year of Construction | 1925 | |||
End Year of Construction | 2020 | |||
Acquired of Beginning Year | 1997 | |||
Acquired of Ending Year | 2022 | |||
NEW YORK | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
NEW YORK | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NORTH CAROLINA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 163 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 125,961 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 257,979 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 33,757 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 125,961 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 291,736 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 417,697 | |||
Accumulated Depreciation and Amortization | $ 75,699 | |||
Start Year of Construction | 1906 | |||
End Year of Construction | 2021 | |||
Acquired of Beginning Year | 2004 | |||
Acquired of Ending Year | 2022 | |||
NORTH CAROLINA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 5 years | |||
NORTH CAROLINA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
NORTH DAKOTA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 4 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 411 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 1,606 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 411 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 1,606 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 2,017 | |||
Accumulated Depreciation and Amortization | $ 855 | |||
Start Year of Construction | 1974 | |||
End Year of Construction | 1999 | |||
Acquired of Beginning Year | 1997 | |||
Acquired of Ending Year | 2011 | |||
NORTH DAKOTA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
NORTH DAKOTA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
OHIO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 192 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 128,082 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 304,090 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 74,540 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 128,082 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 378,437 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 506,519 | |||
Accumulated Depreciation and Amortization | $ 96,378 | |||
Start Year of Construction | 1910 | |||
End Year of Construction | 2019 | |||
Acquired of Beginning Year | 1992 | |||
Acquired of Ending Year | 2022 | |||
OHIO | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
OHIO | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
OKLAHOMA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 87 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 42,870 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 106,252 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 26,775 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 42,870 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 133,027 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 175,897 | |||
Accumulated Depreciation and Amortization | $ 26,778 | |||
Start Year of Construction | 1964 | |||
End Year of Construction | 2018 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2021 | |||
OKLAHOMA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
OKLAHOMA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
OREGON | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 8 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,290 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 9,283 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 987 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,290 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 10,269 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 15,559 | |||
Accumulated Depreciation and Amortization | $ 3,242 | |||
Start Year of Construction | 1973 | |||
End Year of Construction | 2008 | |||
Acquired of Beginning Year | 1998 | |||
Acquired of Ending Year | 2022 | |||
OREGON | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
OREGON | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
PENNSYLVANIA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 86 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 68,270 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 127,892 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 36,682 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 68,084 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 163,526 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 231,610 | |||
Accumulated Depreciation and Amortization | $ 42,432 | |||
Start Year of Construction | 1953 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1997 | |||
Acquired of Ending Year | 2022 | |||
PENNSYLVANIA | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
PENNSYLVANIA | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
PUERTO RICO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 1 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,729 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 0 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,732 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,729 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 2,131 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 3,860 | |||
Accumulated Depreciation and Amortization | $ 847 | |||
Start Year of Construction | 1998 | |||
End Year of Construction | 1998 | |||
Acquired of Beginning Year | 2007 | |||
Acquired of Ending Year | 2007 | |||
PUERTO RICO | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 33 years | |||
PUERTO RICO | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 33 years | |||
Rohde Island | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 5 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,377 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 7,450 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,377 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 7,450 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 9,827 | |||
Accumulated Depreciation and Amortization | $ 1,752 | |||
Start Year of Construction | 1989 | |||
End Year of Construction | 2004 | |||
Acquired of Beginning Year | 2016 | |||
Acquired of Ending Year | 2016 | |||
Rohde Island | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
Rohde Island | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 30 years | |||
South Carolina | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 74 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 55,198 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 114,934 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 9,056 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 55,198 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 123,990 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 179,188 | |||
Accumulated Depreciation and Amortization | $ 29,723 | |||
Start Year of Construction | 1921 | |||
End Year of Construction | 2021 | |||
Acquired of Beginning Year | 2005 | |||
Acquired of Ending Year | 2022 | |||
South Carolina | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 10 years | |||
South Carolina | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
South Dakota | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 2 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,595 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 4,447 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 788 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,595 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 5,234 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 6,829 | |||
Accumulated Depreciation and Amortization | $ 1,526 | |||
Start Year of Construction | 1985 | |||
End Year of Construction | 2000 | |||
Acquired of Beginning Year | 2012 | |||
Acquired of Ending Year | 2012 | |||
South Dakota | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 30 years | |||
South Dakota | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 35 years | |||
Tennessee | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 154 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 95,173 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 223,460 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 54,458 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 95,173 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 277,918 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 373,091 | |||
Accumulated Depreciation and Amortization | $ 59,082 | |||
Start Year of Construction | 1958 | |||
End Year of Construction | 2021 | |||
Acquired of Beginning Year | 1996 | |||
Acquired of Ending Year | 2022 | |||
Tennessee | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 5 years | |||
Tennessee | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
Texas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 528 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 425,552 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 941,846 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 170,809 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 425,553 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 1,112,202 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 1,537,755 | |||
Accumulated Depreciation and Amortization | $ 294,860 | |||
Start Year of Construction | 1890 | |||
End Year of Construction | 2023 | |||
Acquired of Beginning Year | 1993 | |||
Acquired of Ending Year | 2022 | |||
Texas | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 15 years | |||
Texas | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
Utah | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 14 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,108 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 19,681 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 13,216 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 13,108 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 32,897 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 46,005 | |||
Accumulated Depreciation and Amortization | $ 6,613 | |||
Start Year of Construction | 1951 | |||
End Year of Construction | 2016 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2022 | |||
Utah | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
Utah | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
Virginia | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 119 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 98,396 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 184,327 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 42,544 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 97,286 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 225,913 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 323,199 | |||
Accumulated Depreciation and Amortization | $ 62,168 | |||
Start Year of Construction | 1964 | |||
End Year of Construction | 2022 | |||
Acquired of Beginning Year | 1995 | |||
Acquired of Ending Year | 2022 | |||
Virginia | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 5 years | |||
Virginia | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
Washington | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 27 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 22,568 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 34,547 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 15,894 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 22,568 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 50,441 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 73,009 | |||
Accumulated Depreciation and Amortization | $ 15,872 | |||
Start Year of Construction | 1955 | |||
End Year of Construction | 2017 | |||
Acquired of Beginning Year | 1997 | |||
Acquired of Ending Year | 2019 | |||
Washington | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
Washington | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
West Virginia | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 23 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,784 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 24,797 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,385 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 13,784 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 26,182 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 39,966 | |||
Accumulated Depreciation and Amortization | $ 6,478 | |||
Start Year of Construction | 1970 | |||
End Year of Construction | 2013 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2022 | |||
West Virginia | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 25 years | |||
West Virginia | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
Wisconsin | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 49 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 30,309 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 74,932 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 13,542 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 30,309 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 88,474 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 118,783 | |||
Accumulated Depreciation and Amortization | $ 20,634 | |||
Start Year of Construction | 1940 | |||
End Year of Construction | 2021 | |||
Acquired of Beginning Year | 2006 | |||
Acquired of Ending Year | 2022 | |||
Wisconsin | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
Wisconsin | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 40 years | |||
Wyoming | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Properties | Property | 6 | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,150 | |||
Initial Cost to Company, Building, Improvements & Leasehold Interests | 3,815 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,150 | |||
Gross Amount at Which Carried at Close of Period, Building, Improvements & Leasehold Interests | 3,815 | |||
Gross Amount at Which Carried at Close of Period, Land, Building, Improvements & Leasehold Interests | 4,965 | |||
Accumulated Depreciation and Amortization | $ 1,551 | |||
Start Year of Construction | 1949 | |||
End Year of Construction | 2001 | |||
Acquired of Beginning Year | 2010 | |||
Acquired of Ending Year | 2012 | |||
Wyoming | Minimum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 20 years | |||
Wyoming | Maximum [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Life on Which Depreciation & Amortization in Latest Income Statement is Computed | 30 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Land, buildings, and leasehold interests: | |||
Beginning balance | $ 8,917,586 | $ 8,534,275 | $ 8,448,702 |
Acquisitions and dollars invested in projects under construction and tenant improvements | 846,331 | 551,287 | 177,901 |
Dispositions | (77,481) | (146,019) | (54,886) |
Impairment losses | (8,309) | (21,957) | (37,442) |
Ending balance | 9,678,127 | 8,917,586 | 8,534,275 |
Accumulated depreciation and amortization: | |||
Beginning balance | 1,471,393 | 1,319,943 | 1,151,667 |
Dispositions | (25,757) | (44,509) | (17,828) |
Depreciation and amortization expense | 215,029 | 195,959 | 186,104 |
Ending balance | 1,660,665 | 1,471,393 | $ 1,319,943 |
Net investment in direct financing leases | 3,352 | 3,653 | |
Real estate, federal income tax basis | 9,594,276 | ||
Mortgages payable, including unamortized premium and net of unamortized debt costs | 9,964 | $ 10,697 | |
Mortgage Agreement Three [Member] | |||
Accumulated depreciation and amortization: | |||
Mortgages payable, including unamortized premium and net of unamortized debt costs | 15,151 | ||
Unamortized Discount (Premium) and Debt Issuance Costs | $ 9,964 | ||
Mortgage Agreement Three [Member] | Mortgages [Member] | |||
Accumulated depreciation and amortization: | |||
Number Of Properties Securing Mortgages Payable | Property | 5 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Face Amount of Mortgages | $ 3,000 | ||
Carrying amount of mortgages | 1,521 | $ 2,011 | $ 2,468 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of year | 2,011 | 2,468 | 0 |
New mortgage loans | 0 | 0 | 3,000 |
Deductions during the year: | |||
Collections of principal | (521) | (486) | (374) |
Other: (Credit losses) recoveries | (31) | 29 | (158) |
Foreclosures | 0 | 0 | 0 |
Balance at the close of year | 1,521 | 2,011 | 2,468 |
Mortgages held, federal income tax basis | 1,530 | 2,011 | 2,468 |
Mortgages accepted in connection with real estate transactions | $ 0 | $ 0 | $ 3,000 |
2 properties in VA | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 7% | ||
Face Amount of Mortgages | $ 3,000 | ||
Carrying amount of mortgages | 1,521 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
Deductions during the year: | |||
Balance at the close of year | $ 1,521 |