v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net earnings $ 389,777 $ 396,835 $ 392,340
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 268,439 249,681 238,625
Impairment losses – real estate, net of recoveries 28,602 6,632 5,990
Amortization of notes payable discount 3,521 2,926 2,074
Amortization of debt costs 6,218 5,993 4,943
Amortization of mortgages payable premium 0 0 (21)
Amortization of interest rate hedges 1,690 2,152 2,471
Settlement of forward starting swaps (409) 0 0
Gain on disposition of real estate (48,220) (42,290) (47,485)
Performance incentive plan expense 15,043 12,835 13,375
Performance incentive plan payment (1,702) (1,274) (916)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:      
Decrease (increase) in receivables (495) 674 (853)
Increase in accrued rental income (1,921) (294) (7,453)
Decrease (increase) in other assets (7,589) (190) 243
Increase (decrease) in accrued interest payable 10,858 (4,675) 10,548
Increase (decrease) in other liabilities 3,466 6,581 (1,550)
Other (147) (82) 79
Net cash provided by operating activities 667,131 635,504 612,410
Cash flows from investing activities:      
Proceeds from the disposition of real estate 191,163 149,834 116,334
Additions to real estate (937,078) (572,874) (795,791)
Principal payments received on mortgages and notes receivable 460 599 559
Other (2,609) (1,895) (1,762)
Net cash used in investing activities (748,064) (424,336) (680,660)
Cash flows from financing activities:      
Proceeds from line of credit payable 1,092,800 545,500 872,500
Repayment of line of credit payable (744,700) (677,500) (906,700)
Repayment of mortgages payable 0 0 (9,947)
Proceeds from notes payable 495,910 493,840 488,380
Repayment of notes payable (400,000) (350,000) 0
Payment of debt issuance costs (6,849) (13,127) (4,510)
Proceeds from issuance of common stock 85,425 217,581 32,328
Stock issuance costs (1,691) (3,316) (966)
Payment of common stock dividends (443,202) (420,239) (404,458)
Net cash provided by (used in) financing activities 77,693 (207,261) 66,627
Net increase (decrease) in cash, cash equivalents and restricted cash (3,240) 3,907 (1,623)
Cash, cash equivalents and restricted cash at beginning of year [1] 9,062 5,155 6,778
Cash, cash equivalents and restricted cash at end of year [1] 5,822 9,062 5,155
Supplemental disclosure of cash flow information:      
Interest paid, net of amount capitalized 184,027 183,426 148,169
Supplemental disclosure of noncash investing and financing activities:      
Change in other comprehensive income 1,638 2,152 2,471
Right-of-use assets recorded in connection with lease liabilities 3,382 0 6,401
Change in work in progress accrual $ (6,061) $ (7,458) $ 23,103
[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, 2025, 2024 and 2023, NNN had restricted cash of $776, $331 and $3,966, respectively.