v3.22.4
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 not have restricted cash, including cash held in escrow as of December 31, 2021 and 2020.