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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2021
Real Estate [Abstract] |
Real Estate Portfolio | NNN's real estate consisted of the following at (dollars in thousands):
| March 31, 2021 |  | December 31, 2020
Land and improvements(1) | $ | 2,501,471 |  |  | $ | 2,489,243 |
Buildings and improvements | 6,098,338 |  |  | 6,009,797 |
Leasehold interests | 355 |  |  | 355 |
| 8,600,164 |  |  | 8,499,395 |
Less accumulated depreciation and amortization | (1,358,764) |  |  | (1,317,407) |
| 7,241,400 |  |  | 7,181,988 |
Work in progress for buildings and improvements | 4,309 |  |  | 26,673 |
Accounted for using the operating method | 7,245,709 |  |  | 7,208,661 |
Accounted for using the direct financing method | 3,904 |  |  | 3,994 |
| $ | 7,249,613 |  |  | $ | 7,212,655 |
(1)Includes $2,328 and $8,421 in land for Properties under construction at March 31, 2021 and December 31, 2020, respectively.
Rental Income | NNN recognized the following revenues in rental income (dollars in thousands):
| Quarter Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Rental income from operating leases | $ | 173,583 |  |  | $ | 168,733 |  |  |  |  |
Earned income from direct financing leases | 158 |  |  | 164 |  |  |  |  |
Percentage rent | 104 |  |  | 403 |  |  |  |  |
Real estate expense reimbursement from tenants | 5,353 |  |  | 5,247 |  |  |  |  |
| $ | 179,198 |  |  | $ | 174,547 |  |  |  |  |
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, 2021 |  | December 31, 2020
Intangible lease assets (included in other assets): |  |  |  |
Above-market in-place leases |  | $ | 15,408 |  |  | $ | 15,474 |
Less: accumulated amortization |  | (10,327) |  |  | (10,271) |
Above-market in-place leases, net |  | $ | 5,081 |  |  | $ | 5,203 |
In-place leases |  | $ | 121,486 |  |  | $ | 118,416 |
Less: accumulated amortization |  | (68,986) |  |  | (68,695) |
In-place leases, net |  | $ | 52,500 |  |  | $ | 49,721 |
Intangible lease liabilities (included in other liabilities): |  |  |  |
Below-market in-place leases |  | $ | 41,077 |  |  | $ | 41,101 |
Less: accumulated amortization |  | (26,559) |  |  | (26,486) |
Below-market in-place leases, net |  | $ | 14,518 |  |  | $ | 14,615 |
Real Estate Held for Sale | Real estate held for sale consisted of the following as of (dollars in thousands):
| March 31, 2021 |  | December 31, 2020
Land and improvements | $ | 4,313 |  |  | $ | 3,841 |
Building and improvements | 5,480 |  |  | 4,971 |
| 9,793 |  |  | 8,812 |
Less accumulated depreciation and amortization | (2,316) |  |  | (2,536) |
Less impairment | (979) |  |  | (605) |
| $ | 6,498 |  |  | $ | 5,671 |
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, |  |
| 2021 |  | 2020 |  |  |  |
# of Sold Properties |  | Net Gain |  | # of Sold Properties |  | Net Gain |  |  |  |  |  |  |  |
Gain on disposition of real estate | 11 |  | $ | 4,281 |  |  | 14 |  | $ | 12,770 |  |  |  |  |  |  |  |  |
Real Estate Commitments | These construction commitments, as of March 31, 2021, are outlined in the table below (dollars in thousands):
Total commitment(1) | $ | 12,077 |
Less amount funded | 6,637 |
Remaining commitment | $ | 5,440 |
(1)Includes land, construction costs, tenant improvements, lease costs and capitalized interest.

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