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Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2018
Accounting Policies [Abstract] |
Summary of NNN's Investment Portfolio | NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").
| June 30, 2018
Property Portfolio: |
Total properties | 2,846 |
Gross leasable area (square feet) | 29,389,000 |
States | 48 |
Weighted average remaining lease term (years) | 11.5 |
Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following as of (dollars in thousands):
|  | June 30, 2018 |  | December 31, 2017
Intangible lease assets (included in Other assets): |  |  |  |
Above-market in-place leases |  | $ | 15,329 |  |  | $ | 16,583 |
Less: accumulated amortization |  | (9,197 | ) |  | (9,299 | )
Above-market in-place leases, net |  | $ | 6,132 |  |  | $ | 7,284 |
In-place leases |  | $ | 101,887 |  |  | $ | 104,592 |
Less: accumulated amortization |  | (60,070 | ) |  | (61,004 | )
In-place leases, net |  | $ | 41,817 |  |  | $ | 43,588 |
Intangible lease liabilities (included in Other liabilities): |  |  |  |
Below-market in-place leases |  | $ | 41,912 |  |  | $ | 44,468 |
Less: accumulated amortization |  | (25,151 | ) |  | (26,055 | )
Below-market in-place leases, net |  | $ | 16,761 |  |  | $ | 18,413 |
Computation of Basic and Diluted Earnings Per Share | The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands):
| Quarter Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Basic and Diluted Earnings: |  |  |  |  |  |  |
Net earnings attributable to NNN | $ | 70,573 |  |  | $ | 58,028 |  |  | $ | 173,854 |  |  | $ | 131,685 |
Less: Series D preferred stock dividends | — |  |  | — |  |  | — |  |  | (3,598 | )
Less: Series E preferred stock dividends | (4,096 | ) |  | (4,096 | ) |  | (8,194 | ) |  | (8,194 | )
Less: Series F preferred stock dividends | (4,485 | ) |  | (4,485 | ) |  | (8,970 | ) |  | (8,970 | )
Less: Excess of redemption value over carrying value of Series D preferred shares redeemed | — |  |  | — |  |  | — |  |  | (9,855 | )
Net earnings available to NNN’s common stockholders | 61,992 |  |  | 49,447 |  |  | 156,690 |  |  | 101,068 |
Less: Earnings allocated to unvested restricted shares | (141 | ) |  | (137 | ) |  | (273 | ) |  | (267 | )
Net earnings used in basic and diluted earnings per share | $ | 61,851 |  |  | $ | 49,310 |  |  | $ | 156,417 |  |  | $ | 100,801 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |
Weighted average number of shares outstanding | 154,593,456 |  |  | 149,119,191 |  |  | 154,138,711 |  |  | 148,354,604 |
Less: Unvested restricted stock | (295,444 | ) |  | (301,206 | ) |  | (266,690 | ) |  | (293,588 | )
Less: Unvested contingent restricted shares | (487,320 | ) |  | (445,484 | ) |  | (443,656 | ) |  | (405,940 | )
Weighted average number of shares outstanding used in basic earnings per share | 153,810,692 |  |  | 148,372,501 |  |  | 153,428,365 |  |  | 147,655,076 |
Other dilutive securities | 393,246 |  |  | 346,969 |  |  | 411,854 |  |  | 368,592 |
Weighted average number of shares outstanding used in diluted earnings per share | 154,203,938 |  |  | 148,719,470 |  |  | 153,840,219 |  |  | 148,023,668 |
Schedule of AOCI | The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
| Gains or (Losses) on Cash Flow Hedges (1) |  | Gains on Available-for-Sale Securities |  | Total
Beginning balance, December 31, 2017 | $ | (14,655 | ) |  | $ | 917 |  |  | $ | (13,738 | )
Other comprehensive income | 1,095 |  |  | 52 |  |  | 1,147 |
Reclassifications from accumulated other comprehensive income to net earnings | 1,056 |  | (2) | — |  |  | 1,056 |
Net current period other comprehensive income | 2,151 |  |  | 52 |  |  | 2,203 |
Ending balance, June 30, 2018 | $ | (12,504 | ) |  | $ | 969 |  |  | $ | (11,535 | )
(1) Additional disclosure is included in Note 5 – Derivatives. (2) Reclassifications out of other comprehensive income (loss) are recorded in Interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.

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