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Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2020
Real Estate [Abstract] |
Key Information for Leases | The following outlines key information for NNN’s leases:
| June 30, 2020
Lease classification: |
Operating | 3,128 |
Direct financing | 6 |
Weighted average remaining lease term (years) | 10.9
Real Estate Subject to Operating Leases | Real estate subject to operating leases consisted of the following at (dollars in thousands):
| June 30, 2020 |  | December 31, 2019
Land and improvements(1) | $ | 2,482,387 |  |  | $ | 2,492,305 |
Buildings and improvements | 5,942,581 |  |  | 5,916,474 |
Leasehold interests | 355 |  |  | 355 |
| 8,425,323 |  |  | 8,409,134 |
Less accumulated depreciation and amortization | (1,232,107) |  |  | (1,147,524) |
| 7,193,216 |  |  | 7,261,610 |
Work in progress for buildings and improvements | 28,202 |  |  | 27,438 |
| $ | 7,221,418 |  |  | $ | 7,289,048 |
(1)Includes $10,315 and $16,930 in land for Properties under construction at June 30, 2020 and December 31, 2019, respectively.
Rental Income | NNN recognized the following revenues in rental income (dollars in thousands):
| Quarter Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Rental income from operating leases | $ | 159,300 |  |  | $ | 160,234 |  |  | $ | 328,033 |  |  | $ | 318,632 |
Earned income from direct financing leases | 162 |  |  | 208 |  |  | 326 |  |  | 420 |
Percentage rent | 165 |  |  | 300 |  |  | 568 |  |  | 722 |
Real estate expense reimbursement from tenants | 3,852 |  |  | 3,854 |  |  | 9,099 |  |  | 7,848 |
| $ | 163,479 |  |  | $ | 164,596 |  |  | $ | 338,026 |  |  | $ | 327,622 |
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):
|  | June 30, 2020 |  | December 31, 2019
Intangible lease assets (included in other assets): |  |  |  |
Above-market in-place leases |  | $ | 15,845 |  |  | $ | 15,754 |
Less: accumulated amortization |  | (10,280) |  |  | (9,897) |
Above-market in-place leases, net |  | $ | 5,565 |  |  | $ | 5,857 |
In-place leases |  | $ | 121,323 |  |  | $ | 119,846 |
Less: accumulated amortization |  | (67,640) |  |  | (64,918) |
In-place leases, net |  | $ | 53,683 |  |  | $ | 54,928 |
Intangible lease liabilities (included in other liabilities): |  |  |  |
Below-market in-place leases |  | $ | 42,333 |  |  | $ | 41,767 |
Less: accumulated amortization |  | (26,431) |  |  | (26,135) |
Below-market in-place leases, net |  | $ | 15,902 |  |  | $ | 15,632 |
Real Estate Held for Sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| June 30, 2020 |  | December 31, 2019
Land and improvements | $ | 2,471 |  |  | $ | 5,676 |
Building and improvements | 4,647 |  |  | 7,562 |
| 7,118 |  |  | 13,238 |
Less accumulated depreciation and amortization | (2,765) |  |  | (4,144) |
Less impairment | (738) |  |  | (1,107) |
| $ | 3,615 |  |  | $ | 7,987 |
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, |  |  |  |  |  |
| 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2019 |  |
| # of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Gain
Gain on disposition of real estate | 8 |  | $ | 719 |  |  | 13 |  | $ | 13,002 |  |  | 22 |  | $ | 13,489 |  |  | 30 |  | $ | 23,447 |
Real Estate Commitments | These construction commitments, as of June 30, 2020, are outlined in the table below (dollars in thousands):
Total commitment(1) | $ | 52,488 |
Less amount funded | 38,517 |
Remaining commitment | $ | 13,971 |
(1)Includes land, construction costs, tenant improvements, lease costs and capitalized interest. |

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