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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2015
Real Estate [Abstract] |
Classification of Investment Property Leases | The following outlines key information for NNN’s leases at December 31, 2015:
Lease classification: |
Operating | 2,294 |
Direct financing | 10 |
Building portion – direct financing/land portion – operating | 2 |
Weighted average remaining lease term (years) | 11.4 |
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):
| 2015 |  | 2014
Land and improvements | $ | 1,922,579 |  |  | $ | 1,776,222 |
Buildings and improvements | 3,891,239 |  |  | 3,386,810 |
Leasehold interests | 1,290 |  |  | 1,290 |
| 5,815,108 |  |  | 5,164,322 |
Less accumulated depreciation and amortization | (620,188 | ) |  | (508,229 | )
| 5,194,920 |  |  | 4,656,093 |
Work in progress | 61,354 |  |  | 28,908 |
| $ | 5,256,274 |  |  | $ | 4,685,001 |
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, 2015 (dollars in thousands):
2016 | $ | 478,512 |
2017 | 469,698 |
2018 | 445,099 |
2019 | 426,224 |
2020 | 408,372 |
Thereafter | 3,267,955 |
| $ | 5,495,860 |
Net Investment in Direct Financing Leases | The following lists the components of net investment in direct financing leases at December 31 (dollars in thousands):
| 2015 |  | 2014
Minimum lease payments to be received | $ | 13,900 |  |  | $ | 17,376 |
Estimated unguaranteed residual values | 7,589 |  |  | 8,274 |
Less unearned income | (6,971 | ) |  | (8,676 | )
Net investment in direct financing leases | $ | 14,518 |  |  | $ | 16,974 |
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, 2015 (dollars in thousands):
2016 | $ | 2,700 |
2017 | 1,862 |
2018 | 1,834 |
2019 | 1,512 |
2020 | 1,043 |
Thereafter | 4,949 |
| $ | 13,900 |
Disclosure of Long Lived Assets Held-for-sale | Real estate held for sale consisted of the following as of December 31 (dollars in thousands):
| 2015 |  | 2014
Land and improvements | $ | 9,419 |  |  | $ | 11,518 |
Building and improvements | 27,881 |  |  | 32,525 |
| 37,300 |  |  | 44,043 |
Less accumulated depreciation and amortization | (4,419 | ) |  | (4,947 | )
Less impairment | (215 | ) |  | (1,022 | )
| $ | 32,666 |  |  | $ | 38,074 |
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):
| 2015 |  | 2014 |  | 2013 |
# of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |
Gain on disposition of real estate | 19 |  | $ | 10,807 |  | (1) | 25 |  | $ | 11,587 |  |  | — |  | $ | 173 |  |
Income tax expense |  |  | (357 | ) |  |  |  | (318 | ) |  |  |  | (66 | ) |
|  |  | 10,450 |  |  |  |  | 11,269 |  |  |  |  | 107 |  |
Gain on disposition of real estate included in discontinued operations | — |  | — |  |  | 2 |  | 155 |  | (1) | 35 |  | 6,272 |  | (1)
Income tax expense |  |  | — |  |  |  |  | — |  |  |  |  | (784 | ) |
|  |  | $ | 10,450 |  |  |  |  | $ | 11,424 |  |  |  |  | $ | 5,595 |  |
(1) Amount includes the recognition of deferred gains on previously sold properties.
Remaining Funding Commitments | These construction commitments, at December 31, 2015, are outlined in the table below (dollars in thousands):
Number of properties |  | 27 |
Total commitment(1) |  | $ | 116,394 |
Amount funded |  | $ | 87,406 |
Remaining commitment |  | $ | 28,988 |
(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):
| 2015 |  | 2014 |  | 2013
Continuing operations | $ | 3,970 |  |  | $ | 760 |  |  | $ | 3,565 |
Discontinued operations | — |  |  | 63 |  |  | 541 |
| $ | 3,970 |  |  | $ | 823 |  |  | $ | 4,106 |

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