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Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020
Property Portfolio: |
Total properties | 3,114 |
Gross leasable area (square feet) | 32,421,000 |
States | 48 |
Weighted average remaining lease term (years) | 10.7
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,
| 2020 |  | 2019 |  | 2020 |  | 2019
Basic and Diluted Earnings: |  |  |  |  |  |  |
Net earnings attributable to NNN | $ | 56,069 |  |  | $ | 66,693 |  |  | $ | 167,512 |  |  | $ | 225,394 |
Less: Series E preferred stock dividends | — |  |  | (4,097) |  |  | — |  |  | (12,291) |
Less: Series F preferred stock dividends | (4,485) |  |  | (4,485) |  |  | (13,455) |  |  | (13,455) |
Net earnings available to NNN’s common stockholders | 51,584 |  |  | 58,111 |  |  | 154,057 |  |  | 199,648 |
Less: Earnings allocated to unvested restricted shares | (179) |  |  | (163) |  |  | (516) |  |  | (412) |
Net earnings used in basic and diluted earnings per share | $ | 51,405 |  |  | $ | 57,948 |  |  | $ | 153,541 |  |  | $ | 199,236 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |
Weighted average number of shares outstanding | 173,596,374 |  |  | 165,737,947 |  |  | 172,579,042 |  |  | 163,421,419 |
Less: Unvested restricted stock | (344,429) |  |  | (316,856) |  |  | (332,730) |  |  | (272,185) |
Less: Unvested contingent restricted shares | (570,809) |  |  | (537,582) |  |  | (539,735) |  |  | (507,973) |
Weighted average number of shares outstanding used in basic earnings per share | 172,681,136 |  |  | 164,883,509 |  |  | 171,706,577 |  |  | 162,641,261 |
Other dilutive securities | 101,130 |  |  | 478,222 |  |  | 108,800 |  |  | 484,802 |
Weighted average number of shares outstanding used in diluted earnings per share | 172,782,266 |  |  | 165,361,731 |  |  | 171,815,377 |  |  | 163,126,063 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2020, (dollars in thousands):
| Gain (Loss) on Cash Flow Hedges (1) |  |  |  |  |  |
Beginning balance, December 31, 2019 | $ | (11,128) |  |  |  |  |  |  |
Other comprehensive income (loss) | (7,617) |  |  |  |  |  |  |
Reclassifications from accumulated other comprehensive income to net earnings | 1,663 |  | (2) |  |  |  |  |
Net other comprehensive income (loss) | (5,954) |  |  |  |  |  |  |
Ending balance, September 30, 2020 | $ | (17,082) |  |  |  |  |  |  |
(1) Additional disclosure is included in Note 6 – Derivatives. (2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.

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