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 Company						Costs Capitalized Subsequent to Acquisition						Gross Amount at Which Carried at Close of Period (a) (c)
State	# of Properties		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 Columbia	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 Company						Costs Capitalized Subsequent to Acquisition						Gross Amount at Which Carried at Close of Period (a) (c)
State	# of Properties		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.