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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2016
Real Estate [Abstract] |
Classification of Investment Property Leases | The following outlines key information for NNN’s leases at December 31, 2016:
Lease classification: |
Operating | 2,566 |
Direct financing | 9 |
Building portion – direct financing/land portion – operating | 2 |
Weighted average remaining lease term (years) | 11.6 |
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):
| 2016 |  | 2015
Land and improvements | $ | 2,102,915 |  |  | $ | 1,909,569 |
Buildings and improvements | 4,489,248 |  |  | 3,876,986 |
Leasehold interests | 4,565 |  |  | 1,290 |
| 6,596,728 |  |  | 5,787,845 |
Less accumulated depreciation and amortization | (739,505 | ) |  | (617,786 | )
| 5,857,223 |  |  | 5,170,059 |
Work in progress | 24,057 |  |  | 61,354 |
| $ | 5,881,280 |  |  | $ | 5,231,413 |
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, 2016 (dollars in thousands):
2017 | $ | 535,048 |
2018 | 522,708 |
2019 | 508,143 |
2020 | 490,805 |
2021 | 470,388 |
Thereafter | 3,721,409 |
| $ | 6,248,501 |
Net Investment in Direct Financing Leases | The following lists the components of net investment in direct financing leases at December 31 (dollars in thousands):
| 2016 |  | 2015
Minimum lease payments to be received | $ | 11,200 |  |  | $ | 13,900 |
Estimated unguaranteed residual values | 5,664 |  |  | 7,589 |
Less unearned income | (5,634 | ) |  | (6,971 | )
Net investment in direct financing leases | $ | 11,230 |  |  | $ | 14,518 |
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, 2016 (dollars in thousands):
2017 | $ | 1,862 |
2018 | 1,834 |
2019 | 1,512 |
2020 | 1,043 |
2021 | 719 |
Thereafter | 4,230 |
| $ | 11,200 |
Disclosure of Long Lived Assets Held-for-sale | Real estate held for sale consisted of the following as of December 31 (dollars in thousands):
| 2016 |  | 2015
Land and improvements | $ | 14,114 |  |  | $ | 23,024 |
Building and improvements | 15,446 |  |  | 43,327 |
| 29,560 |  |  | 66,351 |
Less accumulated depreciation and amortization | (2,962 | ) |  | (6,821 | )
Less impairment | (2,748 | ) |  | (2,003 | )
| $ | 23,850 |  |  | $ | 57,527 |
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):
| 2016 |  | 2015 |  | 2014 |
# of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |
Gain on disposition of real estate | 38 |  | $ | 27,182 |  |  | 19 |  | $ | 10,807 |  | (1) | 25 |  | $ | 11,587 |  |
Income tax expense |  |  | — |  |  |  |  | (357 | ) |  |  |  | (318 | ) |
|  |  | 27,182 |  |  |  |  | 10,450 |  |  |  |  | 11,269 |  |
Gain on disposition of real estate included in discontinued operations | — |  | — |  |  | — |  | — |  |  | 2 |  | 155 |  | (1)
Income tax expense |  |  | — |  |  |  |  | — |  |  |  |  | — |  |
|  |  | $ | 27,182 |  |  |  |  | $ | 10,450 |  |  |  |  | $ | 11,424 |  |
(1) Amount includes the recognition of deferred gains on previously sold properties.
Remaining Funding Commitments | These construction commitments, at December 31, 2016, are outlined in the table below (dollars in thousands):
Total commitment(1) |  | $ | 114,206 |
Amount funded |  | $ | 54,782 |
Remaining commitment |  | $ | 59,424 |
(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):
| 2016 |  | 2015 |  | 2014
Continuing operations | $ | 8,025 |  |  | $ | 3,970 |  |  | $ | 760 |
Discontinued operations | — |  |  | — |  |  | 63 |
| $ | 8,025 |  |  | $ | 3,970 |  |  | $ | 823 |

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