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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
Key Information for Leases | The following outlines key information for NNN’s leases:
| September 30, 2020
Lease classification: |
Operating | 3,109 |
Direct financing | 6 |
Weighted average remaining lease term (years) | 10.7
Real Estate Subject to Operating Leases | Real estate subject to operating leases consisted of the following at (dollars in thousands):
| September 30, 2020 |  | December 31, 2019
Land and improvements(1) | $ | 2,479,994 |  |  | $ | 2,491,073 |
Buildings and improvements | 5,937,116 |  |  | 5,916,425 |
Leasehold interests | 355 |  |  | 355 |
| 8,417,465 |  |  | 8,407,853 |
Less accumulated depreciation and amortization | (1,276,495) |  |  | (1,147,918) |
| 7,140,970 |  |  | 7,259,935 |
Work in progress for buildings and improvements | 27,022 |  |  | 27,439 |
| $ | 7,167,992 |  |  | $ | 7,287,374 |
(1)Includes $9,449 and $16,930 in land for Properties under construction at September 30, 2020 and December 31, 2019, respectively.
Rental Income | NNN recognized the following revenues in rental income (dollars in thousands):
| Quarter Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Rental income from operating leases | $ | 153,825 |  |  | $ | 163,674 |  |  | $ | 481,858 |  |  | $ | 482,306 |
Earned income from direct financing leases | 161 |  |  | 204 |  |  | 487 |  |  | 624 |
Percentage rent | 160 |  |  | 329 |  |  | 728 |  |  | 1,051 |
Real estate expense reimbursement from tenants | 3,719 |  |  | 4,017 |  |  | 12,818 |  |  | 11,865 |
| $ | 157,865 |  |  | $ | 168,224 |  |  | $ | 495,891 |  |  | $ | 495,846 |
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):
|  | September 30, 2020 |  | December 31, 2019
Intangible lease assets (included in other assets): |  |  |  |
Above-market in-place leases |  | $ | 15,828 |  |  | $ | 15,754 |
Less: accumulated amortization |  | (10,444) |  |  | (9,897) |
Above-market in-place leases, net |  | $ | 5,384 |  |  | $ | 5,857 |
In-place leases |  | $ | 119,868 |  |  | $ | 119,846 |
Less: accumulated amortization |  | (68,208) |  |  | (64,918) |
In-place leases, net |  | $ | 51,660 |  |  | $ | 54,928 |
Intangible lease liabilities (included in other liabilities): |  |  |  |
Below-market in-place leases |  | $ | 41,786 |  |  | $ | 41,767 |
Less: accumulated amortization |  | (26,358) |  |  | (26,135) |
Below-market in-place leases, net |  | $ | 15,428 |  |  | $ | 15,632 |
Real Estate Held for Sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| September 30, 2020 |  | December 31, 2019
Land and improvements | $ | 3,703 |  |  | $ | 6,908 |
Building and improvements | 4,695 |  |  | 7,610 |
| 8,398 |  |  | 14,518 |
Less accumulated depreciation and amortization | (2,386) |  |  | (3,750) |
Less impairment | (604) |  |  | (1,107) |
| $ | 5,408 |  |  | $ | 9,661 |
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,
| 2020 |  | 2019 |  | 2020 |  | 2019
# of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain
Gain on disposition of real estate | 3 |  | $ | 148 |  |  | 13 |  | $ | 2,061 |  |  | 25 |  | $ | 13,637 |  |  | 43 |  | $ | 25,508 |
Real Estate Commitments | These construction commitments, as of September 30, 2020, are outlined in the table below (dollars in thousands):
Total commitment(1) | $ | 47,424 |
Less amount funded | 36,471 |
Remaining commitment | $ | 10,953 |
(1)Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

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