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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2014
Real Estate Investments, Net [Abstract] |
Classification of Investment Property Leases | The following outlines key information for NNN’s leases at December 31, 2014:
Lease classification: |
Operating | 2,083 |
Direct financing | 12 |
Building portion – direct financing/land portion – operating | 1 |
Weighted average remaining lease term | 12 years |
Summary of Real Estate Subject to Operating Leases | Real estate subject to operating leases consisted of the following as of December 31 (dollars in thousands):
| 2014 |  | 2013
Land and improvements | $ | 1,784,494 |  |  | $ | 1,652,304 |
Buildings and improvements | 3,414,691 |  |  | 2,960,845 |
Leasehold interests | 1,290 |  |  | 1,290 |
| 5,200,475 |  |  | 4,614,439 |
Less accumulated depreciation and amortization | (511,703 | ) |  | (415,774 | )
| 4,688,772 |  |  | 4,198,665 |
Work in progress | 28,908 |  |  | 60,719 |
| $ | 4,717,680 |  |  | $ | 4,259,384 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a schedule of future minimum lease payments to be received on noncancellable operating leases at December 31, 2014 (dollars in thousands):
2015 | $ | 432,369 |
2016 | 427,152 |
2017 | 417,412 |
2018 | 392,925 |
2019 | 375,013 |
Thereafter | 3,025,217 |
| $ | 5,070,088 |
Net Investment in Direct Financing Leases | The following lists the components of net investment in direct financing leases at December 31 (dollars in thousands):
| 2014 |  | 2013
Minimum lease payments to be received | $ | 17,376 |  |  | $ | 20,469 |
Estimated unguaranteed residual values | 8,274 |  |  | 8,274 |
Less unearned income | (8,676 | ) |  | (10,401 | )
Net investment in direct financing leases | $ | 16,974 |  |  | $ | 18,342 |
Schedule of Future Minimum Lease Receivables for Financing Leases | The following is a schedule of future minimum lease payments to be received on direct financing leases held for investment at December 31, 2014 (dollars in thousands):
2015 | $ | 2,956 |
2016 | 2,873 |
2017 | 2,035 |
2018 | 2,007 |
2019 | 1,513 |
Thereafter | 5,992 |
| $ | 17,376 |
The above table does not include future minimum lease payments for renewal periods, potential variable CPI rent increases or contingent rental payments that may become due in future periods (see Real Estate Portfolio – Accounted for Using the Operating Method).
Disclosure of Long Lived Assets Held-for-sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| 2014 |  | 2013
Land and improvements | $ | 3,246 |  |  | $ | 5,751 |
Building and improvements | 4,644 |  |  | 8,067 |
| 7,890 |  |  | 13,818 |
Less accumulated depreciation and amortization | (1,473 | ) |  | (2,362 | )
Less impairment | (1,022 | ) |  | (2,132 | )
| $ | 5,395 |  |  | $ | 9,324 |
Disclosure of Long Lived Assets Held-for-sale, Gains Recognized | The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands):
| 2014 |  | 2013 |  | 2012 |
# of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |
Gain on disposition of real estate | 25 |  | $ | 11,587 |  |  | — |  | $ | 173 |  |  | — |  | $ | — |  |
Income tax expense |  |  | (318 | ) |  |  |  | (66 | ) |  |  |  | — |  |
|  |  | 11,269 |  |  |  |  | 107 |  |  |  |  | — |  |
Gain on disposition of real estate included in discontinued operations | 2 |  | 155 |  | (1) | 35 |  | 6,272 |  | (1) | 34 |  | 10,956 |  | (1)
Income tax expense |  |  | — |  |  |  |  | (784 | ) |  |  |  | — |  |
|  |  | $ | 11,424 |  |  |  |  | $ | 5,595 |  |  |  |  | $ | 10,956 |  |
(1) Amount includes the recognition of deferred gains on previously sold properties.
Remaining Funding Commitments | These construction commitments, as of December 31, 2014, are outlined in the table below (dollars in thousands):
Number of properties |  | 26 |
Total commitment(1) |  | $ | 110,081 |
Amount funded |  | $ | 57,465 |
Remaining commitment |  | $ | 52,616 |
(1) | Includes land, construction costs, tenant improvements and lease costs.
Real Estate Impairments | As a result of the Company’s review of long lived assets, including identifiable intangible assets, NNN recognized the following real estate impairments for the years ended December 31 (dollars in thousands):
| 2014 |  | 2013 |  | 2012
Continuing operations | $ | 760 |  |  | $ | 3,565 |  |  | $ | 4,070 |
Discontinued operations | 63 |  |  | 541 |  |  | 6,242 |
| $ | 823 |  |  | $ | 4,106 |  |  | $ | 10,312 |

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