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Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2019
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").
| September 30, 2019
Property Portfolio: |
Total properties | 3,057 |
Gross leasable area (square feet) | 32,209,000 |
States | 48 |
Weighted average remaining lease term (years) | 11.2 |
Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following as of (dollars in thousands):
|  | September 30, 2019 |  | December 31, 2018
Intangible lease assets (included in other assets): |  |  |  |
Above-market in-place leases |  | $ | 15,786 |  |  | $ | 15,175 |
Less: accumulated amortization |  | (9,801 | ) |  | (9,239 | )
Above-market in-place leases, net |  | $ | 5,985 |  |  | $ | 5,936 |
In-place leases |  | $ | 119,713 |  |  | $ | 104,871 |
Less: accumulated amortization |  | (63,916 | ) |  | (60,797 | )
In-place leases, net |  | $ | 55,797 |  |  | $ | 44,074 |
Intangible lease liabilities (included in other liabilities): |  |  |  |
Below-market in-place leases |  | $ | 42,099 |  |  | $ | 41,554 |
Less: accumulated amortization |  | (25,922 | ) |  | (25,258 | )
Below-market in-place leases, net |  | $ | 16,177 |  |  | $ | 16,296 |
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 September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Basic and Diluted Earnings: |  |  |  |  |  |  |
Net earnings attributable to NNN | $ | 66,693 |  |  | $ | 82,032 |  |  | $ | 225,394 |  |  | $ | 255,886 |
Less: Series E preferred stock dividends | (4,097 | ) |  | (4,097 | ) |  | (12,291 | ) |  | (12,291 | )
Less: Series F preferred stock dividends | (4,485 | ) |  | (4,485 | ) |  | (13,455 | ) |  | (13,455 | )
Net earnings available to NNN’s common stockholders | 58,111 |  |  | 73,450 |  |  | 199,648 |  |  | 230,140 |
Less: Earnings allocated to unvested restricted shares | (163 | ) |  | (147 | ) |  | (412 | ) |  | (412 | )
Net earnings used in basic and diluted earnings per share | $ | 57,948 |  |  | $ | 73,303 |  |  | $ | 199,236 |  |  | $ | 229,728 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |
Weighted average number of shares outstanding | 165,737,947 |  |  | 157,634,757 |  |  | 163,421,419 |  |  | 155,316,866 |
Less: Unvested restricted stock | (316,856 | ) |  | (294,453 | ) |  | (272,185 | ) |  | (276,046 | )
Less: Unvested contingent restricted shares | (537,582 | ) |  | (487,320 | ) |  | (507,973 | ) |  | (458,371 | )
Weighted average number of shares outstanding used in basic earnings per share | 164,883,509 |  |  | 156,852,984 |  |  | 162,641,261 |  |  | 154,582,449 |
Other dilutive securities | 478,222 |  |  | 433,181 |  |  | 484,802 |  |  | 425,408 |
Weighted average number of shares outstanding used in diluted earnings per share | 165,361,731 |  |  | 157,286,165 |  |  | 163,126,063 |  |  | 155,007,857 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
| Gain or Loss on Cash Flow Hedges (1) |  | Gains and Losses on Available-for-Sale Securities |  | Total
Beginning balance, December 31, 2018 | $ | (6,911 | ) |  | $ | 1,215 |  |  | $ | (5,696 | )
Other comprehensive income | (11,738 | ) |  | 116 |  |  | (11,622 | )
Reclassifications from accumulated other comprehensive income to net earnings | 975 |  | (2) | (1,331 | ) | (3) | (356 | )
Net current period other comprehensive income (loss) | (10,763 | ) |  | (1,215 | ) |  | (11,978 | )
Ending balance, September 30, 2019 | $ | (17,674 | ) |  | $ | — |  |  | $ | (17,674 | )
(1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income. (3) Recorded in interest and other income on the Condensed Consolidated Statements of Income and Comprehensive Income.

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