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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2019
Real Estate [Abstract] |
Key Information for Leases | The following outlines key information for NNN’s leases:
| September 30, 2019
Lease classification: |
Operating | 3,084 |
Direct financing | 7 |
Building portion – direct financing/land portion – operating | 1 |
Weighted average remaining lease term (years) | 11.2 |
Real Estate Subject to Operating Leases | Real estate subject to operating leases consisted of the following as of (dollars in thousands):
| September 30, 2019 |  | December 31, 2018
Land and improvements(1) | $ | 2,463,934 |  |  | $ | 2,368,891 |
Buildings and improvements | 5,752,916 |  |  | 5,461,888 |
Leasehold interests | 355 |  |  | 3,630 |
| 8,217,205 |  |  | 7,834,409 |
Less accumulated depreciation and amortization | (1,109,285 | ) |  | (1,003,519 | )
| 7,107,920 |  |  | 6,830,890 |
Work in progress for buildings and improvements | 13,236 |  |  | 8,017 |
| $ | 7,121,156 |  |  | $ | 6,838,907 |
(1) Includes $11,707 and $5,571 in land for Properties under construction at September 30, 2019 and December 31, 2018, respectively.
Rental Income | NNN recognized the following revenues in rental income (dollars in thousands):
| Quarter Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Rental income from operating leases | $ | 163,674 |  |  | $ | 150,418 |  |  | $ | 482,306 |  |  | $ | 449,216 |
Earned income from direct financing leases | 204 |  |  | 242 |  |  | 624 |  |  | 696 |
Percentage rent | 329 |  |  | 284 |  |  | 1,051 |  |  | 1,018 |
Real estate expense reimbursement from tenants | 4,017 |  |  | 3,712 |  |  | 11,865 |  |  | 11,640 |
| $ | 168,224 |  |  | $ | 154,656 |  |  | $ | 495,846 |  |  | $ | 462,570 |
Undiscounted Cash Flows - Operating Leases | The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of September 30, 2019 (dollars in thousands):
2019 | $ | 163,060 |
2020 | 648,578 |
2021 | 630,739 |
2022 | 600,904 |
2023 | 572,995 |
Thereafter | 4,757,532 |
| $ | 7,373,808 |
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):
| September 30, 2019 |  | December 31, 2018
Minimum lease payments to be received | $ | 9,860 |  |  | $ | 10,899 |
Estimated unguaranteed residual values | 3,632 |  |  | 4,395 |
Less unearned income | (6,610 | ) |  | (7,225 | )
Net investment in direct financing leases | $ | 6,882 |  |  | $ | 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 September 30, 2019 (dollars in thousands):
2019 | $ | 360 |
2020 | 1,045 |
2021 | 920 |
2022 | 897 |
2023 | 895 |
Thereafter | 5,743 |
| $ | 9,860 |
Real Estate Held for Sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| September 30, 2019 |  | December 31, 2018
Land and improvements | $ | 5,120 |  |  | $ | 13,720 |
Building and improvements | 15,591 |  |  | 41,738 |
| 20,711 |  |  | 55,458 |
Less accumulated depreciation and amortization | (6,172 | ) |  | (12,752 | )
Less impairment | (578 | ) |  | (14,250 | )
| $ | 13,961 |  |  | $ | 28,456 |
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 September 30, |  | Nine Months Ended September 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 |  | $ | 2,061 |  |  | 18 |  | $ | 14,348 |  |  | 43 |  | $ | 25,508 |  |  | 46 |  | $ | 57,050 |
Real Estate Commitments | These construction commitments, as of September 30, 2019, are outlined in the table below (dollars in thousands):
Total commitment(1) | $ | 53,724 |
Less amount funded | 24,943 |
Remaining commitment | $ | 28,781 |
(1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

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