v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net earnings $ 301,803 $ 293,826
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 215,979 200,218
Impairment losses – real estate, net of recoveries 22,217 13,242
Amortization of notes payable discount 2,925 2,545
Amortization of debt costs 5,401 4,574
Amortization of interest rate hedges 229 1,409
Settlement of forward starting swaps 0 (409)
Gain on disposition of real estate (36,336) (32,581)
Performance incentive plan expense 12,108 12,194
Performance incentive plan payment (487) (1,702)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:    
Decrease in receivables 897 709
Increase in accrued rental income (3,167) (715)
Increase in other assets (1,834) (190)
Increase (decrease) in accrued interest payable 32,611 50,227
Decrease in other liabilities (2,860) (2,479)
Other (815) 95
Net cash provided by operating activities 548,671 540,963
Cash flows from investing activities:    
Proceeds from the disposition of real estate 126,905 108,668
Additions to real estate (664,322) (742,419)
Principal payments received on mortgages and notes receivable 0 460
Other (2,335) (1,554)
Net cash used in investing activities (539,752) (634,845)
Cash flows from financing activities:    
Proceeds from line of credit payable 848,000 618,000
Repayment of line of credit payable (1,177,100) (618,000)
Proceeds from term loan payable 500,000 0
Proceeds from notes payable 0 495,910
Less: stock issuance costs (1,363) (4,411)
Proceeds from issuance of common stock 167,533 83,253
Stock issuance costs (3,511) (1,529)
Payment of common stock dividends (345,574) (329,710)
Net cash provided by financing activities (12,015) 243,513
Net decrease in cash, cash equivalents and restricted cash [1] (3,096) 149,631
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] 2,726 158,693
Supplemental disclosure of cash flow information:    
Interest paid, net of amount capitalized 121,862 93,548
Supplemental disclosure of noncash investing and financing activities:    
Change in other comprehensive income 11,842 1,000
Change in work in progress accrual $ (6,178) $ 5,537
[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 September 30, 2026, NNN had no restricted cash. At December 31, 2025 and September 30, 2025, NNN had restricted cash of $776.