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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2020
Real Estate [Abstract] |
Key Information for Leases | The following outlines key information for NNN’s leases:
| March 31, 2020
Lease classification: |
Operating | 3,141 |
Direct financing | 6 |
Weighted average remaining lease term (years) | 11.1 |
Real Estate Subject to Operating Leases | Real estate subject to operating leases consisted of the following at (dollars in thousands):
| March 31, 2020 |  | December 31, 2019
Land and improvements(1) | $ | 2,489,398 |  |  | $ | 2,490,959 |
Buildings and improvements | 5,943,971 |  |  | 5,913,799 |
Leasehold interests | 355 |  |  | 355 |
| 8,433,724 |  |  | 8,405,113 |
Less accumulated depreciation and amortization | (1,187,925 | ) |  | (1,146,334 | )
| 7,245,799 |  |  | 7,258,779 |
Work in progress for buildings and improvements | 39,437 |  |  | 27,438 |
| $ | 7,285,236 |  |  | $ | 7,286,217 |
(1) Includes $16,618 and $16,930 in land for Properties under construction at March 31, 2020 and December 31, 2019, respectively.
Rental Income | NNN recognized the following revenues in rental income (dollars in thousands):
| Quarter Ended March 31,
| 2020 |  | 2019
Rental income from operating leases | $ | 168,733 |  |  | $ | 158,398 |
Earned income from direct financing leases | 164 |  |  | 213 |
Percentage rent | 403 |  |  | 422 |
Real estate expense reimbursement from tenants | 5,247 |  |  | 3,993 |
| $ | 174,547 |  |  | $ | 163,026 |
Intangible Assets, Lease Liabilities, and Related Amortization | In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at (dollars in thousands):
|  | March 31, 2020 |  | December 31, 2019
Intangible lease assets (included in other assets): |  |  |  |
Above-market in-place leases |  | $ | 15,845 |  |  | $ | 15,754 |
Less: accumulated amortization |  | (10,090 | ) |  | (9,897 | )
Above-market in-place leases, net |  | $ | 5,755 |  |  | $ | 5,857 |
In-place leases |  | $ | 121,674 |  |  | $ | 119,846 |
Less: accumulated amortization |  | (66,048 | ) |  | (64,918 | )
In-place leases, net |  | $ | 55,626 |  |  | $ | 54,928 |
Intangible lease liabilities (included in other liabilities): |  |  |  |
Below-market in-place leases |  | $ | 42,633 |  |  | $ | 41,767 |
Less: accumulated amortization |  | (26,351 | ) |  | (26,135 | )
Below-market in-place leases, net |  | $ | 16,282 |  |  | $ | 15,632 |
Real Estate Held for Sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| March 31, 2020 |  | December 31, 2019
Land and improvements | $ | 3,817 |  |  | $ | 7,022 |
Building and improvements | 7,972 |  |  | 10,888 |
| 11,789 |  |  | 17,910 |
Less accumulated depreciation and amortization | (3,953 | ) |  | (5,334 | )
Less impairment | (3,338 | ) |  | (1,758 | )
| $ | 4,498 |  |  | $ | 10,818 |
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 March 31,
| 2020 |  | 2019
# of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain
Net gain on disposition of real estate | 14 |  | $ | 12,770 |  |  | 17 |  | $ | 10,445 |
Real Estate Commitments | These construction commitments, as of March 31, 2020, are outlined in the table below (dollars in thousands):
Total commitment(1) | $ | 74,525 |
Less amount funded | 56,055 |
Remaining commitment | $ | 18,470 |
(1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

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