| Schedule III - Real Estate and Accumulated Depreciation and Amortization |
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Initial Costs to
Company |
|
Costs Capitalized
Subsequent to
Acquisition |
|
Gross Amount at Which
Carried at Close of Period (a) (c) (f) |
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Life on Which Depreciation & Amortization |
State |
|
# of
Properties |
|
|
Land |
|
Building, Improvements & Leasehold Interests |
|
Improvements |
|
Land |
|
Building, Improvements & Leasehold Interests |
|
Total |
|
Accumulated Depreciation & Amortization (b) |
|
Year of Construction (e) |
|
Year Acquired |
|
in Latest Income Statement is Computed (Years) |
Alabama |
|
155 |
|
|
$ |
77,975 |
|
$ |
187,293 |
|
$ |
46,782 |
|
$ |
77,688 |
|
$ |
234,075 |
|
$ |
311,763 |
|
$ |
68,232 |
|
1960 - 2024 |
|
2001 - 2025 |
|
10 - 40 |
Alaska |
|
5 |
|
|
|
1,943 |
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|
3,694 |
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|
140 |
|
|
1,943 |
|
|
3,834 |
|
|
5,777 |
|
|
2,198 |
|
1971 - 2003 |
|
1996 - 2014 |
|
20 - 40 |
Arizona |
|
86 |
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|
125,562 |
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|
166,047 |
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144,796 |
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|
125,562 |
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|
310,843 |
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|
436,405 |
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|
54,320 |
|
1962 - 2024 |
|
2001 - 2025 |
|
10 - 40 |
Arkansas |
|
72 |
|
|
|
36,163 |
|
|
102,123 |
|
|
20,147 |
|
|
36,163 |
|
|
122,270 |
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|
158,433 |
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|
28,471 |
|
1966 - 2023 |
|
1998 - 2025 |
|
25 - 40 |
California |
|
71 |
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|
137,045 |
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|
209,150 |
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|
34,864 |
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|
136,029 |
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236,176 |
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|
372,205 |
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|
71,839 |
|
1965 - 2018 |
|
1997 - 2025 |
|
20 - 40 |
Colorado |
|
46 |
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73,257 |
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|
95,229 |
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|
47,357 |
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|
73,257 |
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|
142,586 |
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|
215,843 |
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|
39,460 |
|
1969 - 2025 |
|
1994 - 2025 |
|
20 - 40 |
Connecticut |
|
11 |
|
|
|
9,068 |
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|
32,773 |
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|
601 |
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|
9,068 |
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33,375 |
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42,443 |
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13,753 |
|
1929 - 2003 |
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2006 - 2022 |
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20 - 30 |
Delaware |
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1 |
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2,994 |
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|
6,062 |
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|
673 |
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|
2,994 |
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|
6,735 |
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9,729 |
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|
4,769 |
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1994 - 1994 |
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1994 - 1994 |
|
40 - 40 |
District of Columbia |
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1 |
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|
624 |
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|
578 |
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|
— |
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|
624 |
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|
578 |
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|
1,202 |
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|
300 |
|
1983 - 1983 |
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2005 - 2005 |
|
40 - 40 |
Florida |
|
270 |
|
|
|
312,514 |
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|
464,423 |
|
|
170,085 |
|
|
312,514 |
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|
633,247 |
|
|
945,761 |
|
|
168,017 |
|
1939 - 2025 |
|
1985 - 2025 |
|
5 - 40 |
Georgia |
|
172 |
|
|
|
143,127 |
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309,386 |
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|
66,277 |
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|
143,127 |
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375,646 |
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518,773 |
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107,805 |
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1948 - 2024 |
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1996 - 2025 |
|
10 - 40 |
Hawaii |
|
1 |
|
|
|
775 |
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|
1,308 |
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|
— |
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|
775 |
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|
1,308 |
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|
2,083 |
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|
125 |
|
1971 - 1971 |
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2023 - 2023 |
|
30 - 30 |
Idaho |
|
13 |
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10,078 |
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15,218 |
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8,331 |
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10,078 |
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23,549 |
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33,627 |
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5,255 |
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1967 - 2017 |
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2006 - 2025 |
|
25 - 40 |
Illinois |
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179 |
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170,064 |
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318,191 |
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91,937 |
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169,951 |
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409,178 |
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579,129 |
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125,866 |
|
1924 - 2025 |
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1995 - 2025 |
|
10 - 40 |
Indiana |
|
165 |
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106,584 |
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227,635 |
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|
84,231 |
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|
106,584 |
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311,866 |
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418,450 |
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|
97,212 |
|
1940 - 2023 |
|
2001 - 2025 |
|
15 - 40 |
Iowa |
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28 |
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|
22,708 |
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38,304 |
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26,624 |
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22,708 |
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64,927 |
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|
87,635 |
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|
21,855 |
|
1964 - 2023 |
|
2005 - 2025 |
|
10 - 40 |
Kansas |
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37 |
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|
|
18,342 |
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52,542 |
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|
9,776 |
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18,342 |
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62,317 |
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80,659 |
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15,391 |
|
1946 - 2019 |
|
1997 - 2023 |
|
15 - 40 |
Kentucky |
|
58 |
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41,937 |
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119,467 |
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|
11,328 |
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41,937 |
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130,326 |
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172,263 |
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31,542 |
|
1974 - 2024 |
|
2005 - 2025 |
|
25 - 40 |
Louisiana |
|
65 |
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43,862 |
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131,796 |
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37,936 |
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43,862 |
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169,732 |
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213,594 |
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34,752 |
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1970 - 2023 |
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1996 - 2025 |
|
15 - 40 |
Maine |
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18 |
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5,958 |
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|
25,934 |
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|
— |
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5,958 |
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25,934 |
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31,892 |
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6,830 |
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1915 - 2017 |
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1996 - 2025 |
|
10 - 40 |
Maryland |
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50 |
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62,149 |
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125,927 |
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|
4,132 |
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62,149 |
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130,059 |
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192,208 |
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50,451 |
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1946 - 2016 |
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1996 - 2019 |
|
20 - 40 |
Massachusetts |
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23 |
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|
32,734 |
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|
93,604 |
|
|
— |
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32,734 |
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93,604 |
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|
126,338 |
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|
25,743 |
|
1910 - 2016 |
|
2006 - 2024 |
|
20 - 40 |
Michigan |
|
136 |
|
|
|
82,582 |
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|
345,112 |
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|
56,683 |
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|
82,582 |
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401,441 |
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|
484,023 |
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|
56,957 |
|
1958 - 2025 |
|
1996 - 2025 |
|
15 - 40 |
Minnesota |
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28 |
|
|
|
20,623 |
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|
37,440 |
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|
7,916 |
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|
20,623 |
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|
45,356 |
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|
65,979 |
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|
15,889 |
|
1955 - 2024 |
|
2005 - 2024 |
|
10 - 40 |
Mississippi |
|
67 |
|
|
|
34,678 |
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|
117,839 |
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|
12,422 |
|
|
34,678 |
|
|
130,261 |
|
|
164,939 |
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|
22,799 |
|
1959 - 2021 |
|
2006 - 2025 |
|
15 - 40 |
Missouri |
|
102 |
|
|
|
61,496 |
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|
124,949 |
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|
63,323 |
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61,496 |
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|
188,273 |
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|
249,769 |
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|
49,617 |
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1920 - 2023 |
|
1992 - 2024 |
|
20 - 40 |
Montana |
|
21 |
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|
|
3,895 |
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|
10,674 |
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|
2,654 |
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|
3,895 |
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|
13,328 |
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|
17,223 |
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|
5,528 |
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1937 - 2016 |
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2010 - 2016 |
|
20 - 40 |
Nebraska |
|
11 |
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|
|
10,052 |
|
|
10,581 |
|
|
5,033 |
|
|
10,052 |
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|
15,614 |
|
|
25,666 |
|
|
2,964 |
|
1973 - 2019 |
|
2005 - 2024 |
|
20 - 40 |
Nevada |
|
18 |
|
|
|
18,618 |
|
|
46,065 |
|
|
7,784 |
|
|
18,618 |
|
|
53,848 |
|
|
72,466 |
|
|
8,148 |
|
1961 - 2023 |
|
2012 - 2025 |
|
15 - 40 |
New Hampshire |
|
9 |
|
|
|
11,123 |
|
|
38,012 |
|
|
— |
|
|
11,123 |
|
|
38,012 |
|
|
49,135 |
|
|
11,410 |
|
1980 - 2004 |
|
2011 - 2022 |
|
25 - 30 |
New Jersey |
|
33 |
|
|
|
53,956 |
|
|
202,697 |
|
|
8,072 |
|
|
53,956 |
|
|
210,769 |
|
|
264,725 |
|
|
66,015 |
|
1948 - 2020 |
|
1996 - 2024 |
|
25 - 40 |
New Mexico |
|
34 |
|
|
|
22,690 |
|
|
83,821 |
|
|
21,795 |
|
|
22,690 |
|
|
105,616 |
|
|
128,306 |
|
|
24,201 |
|
1955 - 2019 |
|
2001 - 2025 |
|
25 - 40 |
New York |
|
49 |
|
|
|
35,685 |
|
|
83,121 |
|
|
20,168 |
|
|
35,685 |
|
|
103,289 |
|
|
138,974 |
|
|
22,263 |
|
1905 - 2020 |
|
1997 - 2025 |
|
20 - 40 |
North Carolina |
|
158 |
|
|
|
132,952 |
|
|
255,684 |
|
|
66,467 |
|
|
132,952 |
|
|
320,762 |
|
|
453,714 |
|
|
96,652 |
|
1906 - 2025 |
|
2004 - 2025 |
|
5 - 40 |
North Dakota |
|
2 |
|
|
|
345 |
|
|
1,185 |
|
|
28 |
|
|
345 |
|
|
1,213 |
|
|
1,558 |
|
|
778 |
|
1996 - 1999 |
|
1997 - 2010 |
|
30 - 40 |
Ohio |
|
215 |
|
|
|
150,569 |
|
|
342,091 |
|
|
87,535 |
|
|
150,569 |
|
|
428,482 |
|
|
579,051 |
|
|
122,220 |
|
1910 - 2025 |
|
1992 - 2025 |
|
15 - 40 |
Oklahoma |
|
90 |
|
|
|
50,403 |
|
|
113,219 |
|
|
25,303 |
|
|
50,403 |
|
|
138,522 |
|
|
188,925 |
|
|
39,252 |
|
1964 - 2018 |
|
1996 - 2025 |
|
15 - 40 |
Oregon |
|
8 |
|
|
|
6,632 |
|
|
14,324 |
|
|
1,000 |
|
|
6,632 |
|
|
15,323 |
|
|
21,955 |
|
|
4,354 |
|
1968 - 2008 |
|
1998 - 2025 |
|
20 - 40 |
Pennsylvania |
|
87 |
|
|
|
73,940 |
|
|
141,259 |
|
|
49,710 |
|
|
73,755 |
|
|
189,892 |
|
|
263,647 |
|
|
56,263 |
|
1953 - 2024 |
|
1997 - 2025 |
|
15 - 40 |
Puerto Rico |
|
1 |
|
|
|
1,729 |
|
|
— |
|
|
2,732 |
|
|
1,729 |
|
|
2,131 |
|
|
3,860 |
|
|
1,041 |
|
1998 - 1998 |
|
2007 - 2007 |
|
33 - 33 |
Rhode Island |
|
6 |
|
|
|
3,497 |
|
|
10,325 |
|
|
— |
|
|
3,497 |
|
|
10,325 |
|
|
13,822 |
|
|
2,885 |
|
1938 - 2004 |
|
2016 - 2023 |
|
25 - 30 |
South Carolina |
|
80 |
|
|
|
74,941 |
|
|
133,949 |
|
|
16,887 |
|
|
74,941 |
|
|
150,837 |
|
|
225,778 |
|
|
41,845 |
|
1921 - 2024 |
|
2005 - 2025 |
|
10 - 40 |
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
|
|
Initial Costs to
Company |
|
Costs Capitalized
Subsequent to
Acquisition |
|
Gross Amount at Which
Carried at Close of Period (a) (c) (f) |
|
|
|
|
|
|
|
Life on Which Depreciation & Amortization |
State |
|
# of
Properties |
|
|
Land |
|
Building, Improvements & Leasehold Interests |
|
Improvements |
|
Land |
|
Building, Improvements & Leasehold Interests |
|
Total |
|
Accumulated Depreciation & Amortization (b) |
|
Year of Construction (e) |
|
Year Acquired |
|
in Latest Income Statement is Computed (Years) |
South Dakota |
|
3 |
|
|
|
1,942 |
|
|
4,447 |
|
|
3,511 |
|
|
1,942 |
|
|
7,957 |
|
|
9,899 |
|
|
2,122 |
|
1985 - 2024 |
|
2012 - 2023 |
|
30 - 35 |
Tennessee |
|
156 |
|
|
|
113,783 |
|
|
241,078 |
|
|
62,317 |
|
|
113,783 |
|
|
303,395 |
|
|
417,178 |
|
|
78,720 |
|
1955 - 2024 |
|
1996 - 2025 |
|
5 - 40 |
Texas |
|
594 |
|
|
|
510,793 |
|
|
1,222,689 |
|
|
251,177 |
|
|
510,793 |
|
|
1,473,409 |
|
|
1,984,202 |
|
|
405,227 |
|
1890 - 2025 |
|
1993 - 2025 |
|
15 - 40 |
Utah |
|
15 |
|
|
|
14,467 |
|
|
21,496 |
|
|
13,239 |
|
|
14,467 |
|
|
34,736 |
|
|
49,203 |
|
|
9,812 |
|
1951 - 2016 |
|
2006 - 2025 |
|
20 - 40 |
Vermont |
|
1 |
|
|
|
371 |
|
|
1,514 |
|
|
— |
|
|
371 |
|
|
1,514 |
|
|
1,885 |
|
|
53 |
|
1989 - 1989 |
|
2025 - 2025 |
|
25 - 25 |
Virginia |
|
119 |
|
|
|
101,823 |
|
|
179,140 |
|
|
71,033 |
|
|
101,823 |
|
|
250,174 |
|
|
351,997 |
|
|
76,787 |
|
1947 - 2025 |
|
1995 - 2025 |
|
5 - 40 |
Washington |
|
25 |
|
|
|
21,063 |
|
|
34,977 |
|
|
11,661 |
|
|
21,063 |
|
|
46,638 |
|
|
67,701 |
|
|
19,442 |
|
1965 - 2017 |
|
1997 - 2024 |
|
20 - 40 |
West Virginia |
|
25 |
|
|
|
14,746 |
|
|
29,113 |
|
|
1,394 |
|
|
14,746 |
|
|
30,507 |
|
|
45,253 |
|
|
9,133 |
|
1970 - 2021 |
|
2006 - 2025 |
|
25 - 40 |
Wisconsin |
|
66 |
|
|
|
47,057 |
|
|
118,143 |
|
|
30,621 |
|
|
47,057 |
|
|
148,764 |
|
|
195,821 |
|
|
30,936 |
|
1930 - 2025 |
|
2006 - 2025 |
|
20 - 40 |
Wyoming |
|
6 |
|
|
|
1,150 |
|
|
3,815 |
|
|
— |
|
|
1,150 |
|
|
3,815 |
|
|
4,965 |
|
|
1,971 |
|
1949 - 2001 |
|
2010 - 2012 |
|
20 - 30 |
|
|
|
3,692 |
|
|
$ |
3,113,064 |
|
$ |
6,695,443 |
|
$ |
1,706,482 |
|
$ |
3,111,463 |
|
$ |
8,386,368 |
|
$ |
11,497,831 |
|
$ |
2,259,470 |
|
|
|
|
|
|
NNN REIT, INC. AND SUBSIDIARIES NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION December 31, 2025 (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:
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
Beginning balance, January 1 |
$ |
10,809,168 |
|
|
$ |
10,397,432 |
|
|
$ |
9,678,127 |
|
Acquisitions and dollars invested in projects under construction or tenant improvements |
|
924,599 |
|
|
|
565,707 |
|
|
|
820,238 |
|
Dispositions |
|
(207,334 |
) |
|
|
(147,339 |
) |
|
|
(94,943 |
) |
Impairment losses |
|
(28,602 |
) |
|
|
(6,632 |
) |
|
|
(5,990 |
) |
Ending balance, December 31 |
$ |
11,497,831 |
|
|
$ |
10,809,168 |
|
|
$ |
10,397,432 |
|
(b) The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Beginning balance, January 1 |
$ |
2,065,520 |
|
|
$ |
1,864,614 |
|
|
$ |
1,660,665 |
|
Dispositions |
|
(65,041 |
) |
|
|
(41,046 |
) |
|
|
(26,236 |
) |
Depreciation and amortization expense |
|
258,991 |
|
|
|
241,952 |
|
|
|
230,185 |
|
Ending balance, December 31 |
$ |
2,259,470 |
|
|
$ |
2,065,520 |
|
|
$ |
1,864,614 |
|
(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, 2025, the net investment in real estate accounted for under the direct financing method was $1,181. (d) As of December 31, 2025, the aggregate cost of the properties owned by NNN for federal tax purposes was approximately $11,354,050 (unaudited). (e) As of December 31, 2025, NNN has committed to fund the construction of certain properties, which is estimated to be completed within 12 to 18 months. The year of construction represents the anticipated completion date. (f) As of December 31, 2025, there were no encumbrances or carrying costs on any of the properties in the Portfolio.
|