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Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2019
Real Estate [Abstract] |
Key Information for Leases | The following outlines key information for NNN’s leases:
| June 30, 2019
Lease classification: |
Operating | 3,062 |
Direct financing | 7 |
Building portion – direct financing/land portion – operating | 1 |
Weighted average remaining lease term (years) | 11.4 |
Real Estate Subject to Operating Leases | Real estate subject to operating leases consisted of the following as of (dollars in thousands):
| June 30, 2019 |  | December 31, 2018
Land and improvements(1) | $ | 2,455,201 |  |  | $ | 2,371,925 |
Buildings and improvements | 5,717,692 |  |  | 5,476,416 |
Leasehold interests | 3,630 |  |  | 3,630 |
| 8,176,523 |  |  | 7,851,971 |
Less accumulated depreciation and amortization | (1,083,623 | ) |  | (1,008,772 | )
| 7,092,900 |  |  | 6,843,199 |
Work in progress for buildings and improvements | 17,698 |  |  | 8,017 |
| $ | 7,110,598 |  |  | $ | 6,851,216 |
(1) Includes $14,686 and $5,571 in land for Properties under construction at June 30, 2019 and December 31, 2018, respectively.
Lease Income | NNN recognized the following revenues in rental income (dollars in thousands):
| Quarter Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Rental income from operating leases | $ | 160,234 |  |  | $ | 150,969 |  |  | $ | 318,632 |  |  | $ | 298,798 |
Earned income from direct financing leases | 208 |  |  | 225 |  |  | 420 |  |  | 455 |
Percentage rent | 300 |  |  | 189 |  |  | 722 |  |  | 734 |
Real estate expense reimbursement from tenants | 3,854 |  |  | 3,770 |  |  | 7,848 |  |  | 7,928 |
| $ | 164,596 |  |  | $ | 155,153 |  |  | $ | 327,622 |  |  | $ | 307,915 |
Undiscounted Cash Flows - Operating Leases | The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of June 30, 2019 (dollars in thousands):
2019 | $ | 312,588 |
2020 | 637,801 |
2021 | 619,480 |
2022 | 589,653 |
2023 | 561,588 |
Thereafter | 4,648,975 |
| $ | 7,370,085 |
Components of Net Investment in Direct Financing Leases | The following lists the components of net investment in direct financing leases as of (dollars in thousands):
| June 30, 2019 |  | December 31, 2018
Minimum lease payments to be received | $ | 10,234 |  |  | $ | 10,899 |
Estimated unguaranteed residual values | 3,632 |  |  | 4,395 |
Less unearned income | (6,814 | ) |  | (7,225 | )
Net investment in direct financing leases | $ | 7,052 |  |  | $ | 8,069 |
Undiscounted Cash Flows - Direct Financing Leases | The following is a schedule of undiscounted cash flows to be received on direct financing leases held for investment as of June 30, 2019 (dollars in thousands):
2019 | $ | 734 |
2020 | 1,045 |
2021 | 920 |
2022 | 897 |
2023 | 895 |
Thereafter | 5,743 |
| $ | 10,234 |
Real Estate Held for Sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| June 30, 2019 |  | December 31, 2018
Land and improvements | $ | 2,207 |  |  | $ | 10,808 |
Building and improvements | 1,655 |  |  | 27,802 |
| 3,862 |  |  | 38,610 |
Less accumulated depreciation and amortization | (619 | ) |  | (7,499 | )
Less impairment | (2,955 | ) |  | (14,964 | )
| $ | 288 |  |  | $ | 16,147 |
Real Estate Dispositions | The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):
| Quarter Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
# of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain |  | # of Sold Properties |  | Gain
Gain on disposition of real estate | 13 |  | $ | 13,002 |  |  | 13 |  | $ | 4,106 |  |  | 30 |  | $ | 23,447 |  |  | 28 |  | $ | 42,702 |
Real Estate Commitments | These construction commitments, as of June 30, 2019, are outlined in the table below (dollars in thousands):
Total commitment(1) | $ | 75,188 |
Less amount funded | 32,384 |
Remaining commitment | $ | 42,804 |
(1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

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