v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net earnings $ 191,875 $ 196,987
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 141,822 132,966
Impairment losses – real estate, net of recoveries 18,747 6,047
Amortization of notes payable discount 1,943 1,593
Amortization of debt costs 3,528 2,944
Amortization of interest rate hedges 154 929
Settlement of forward starting swaps 0 (409)
Gain on disposition of real estate (21,290) (20,011)
Performance incentive plan expense 8,252 8,692
Performance incentive plan payment (487) (1,702)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:    
Decrease in receivables 596 476
Increase in accrued rental income (2,129) (84)
Increase in other assets (1,259) (1,560)
Increase (decrease) in accrued interest payable (2,568) 986
Decrease in other liabilities (10,298) (5,247)
Other (307) 95
Net cash provided by operating activities 328,579 322,702
Cash flows from investing activities:    
Proceeds from the disposition of real estate 73,836 67,198
Additions to real estate (429,330) (453,909)
Principal payments received on mortgages and notes receivable 0 460
Other (1,214) (718)
Net cash used in investing activities (356,708) (386,969)
Cash flows from financing activities:    
Proceeds from line of credit payable 592,000 618,000
Repayment of line of credit payable (911,600) (350,300)
Proceeds from term loan payable 500,000 0
Less: stock issuance costs (1,364) (187)
Proceeds from issuance of common stock 75,954 11,593
Stock issuance costs (1,338) (252)
Payment of common stock dividends (227,122) (216,901)
Net cash provided by financing activities 26,530 61,953
Net decrease in cash, cash equivalents and restricted cash [1] (1,599) (2,314)
Cash, cash equivalents and restricted cash at beginning of period [1] 5,822 9,062
Cash, cash equivalents and restricted cash at end of period [1] 4,223 6,748
Supplemental disclosure of cash flow information:    
Interest paid, net of amount capitalized 104,290 92,016
Supplemental disclosure of noncash investing and financing activities:    
Change in other comprehensive income 5,650 520
Change in work in progress accrual $ 7,073 $ 11,020
[1]

Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. As of June 30, 2026, NNN had no restricted cash. As of December 31, 2025 and June 30, 2025, NNN had restricted cash of $776 and $775, respectively.