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Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2021
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").
| March 31, 2021
Property Portfolio: |
Total properties | 3,161 |
Gross leasable area (square feet) | 32,717,000 |
States | 48 |
Weighted average remaining lease term (years) | 10.6
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 March 31, |  |
| 2021 |  | 2020 |  |  |  |
Basic and Diluted Earnings: |  |  |  |  |  |  |
Net earnings attributable to NNN | $ | 56,587 |  |  | $ | 65,178 |  |  |  |  |
Less: Series F preferred stock dividends | (4,485) |  |  | (4,485) |  |  |  |  |
Net earnings available to NNN’s common stockholders | 52,102 |  |  | 60,693 |  |  |  |  |
Less: Earnings allocated to unvested restricted shares | (151) |  |  | (160) |  |  |  |  |
Net earnings used in basic and diluted earnings per share | $ | 51,951 |  |  | $ | 60,533 |  |  |  |  |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |
Weighted average number of shares outstanding | 175,391,723 |  |  | 171,827,815 |  |  |  |  |
Less: Unvested restricted shares | (288,658) |  |  | (311,553) |  |  |  |  |
Less: Unvested contingent restricted shares | (513,765) |  |  | (477,245) |  |  |  |  |
Weighted average number of shares outstanding used in basic earnings per share | 174,589,300 |  |  | 171,039,017 |  |  |  |  |
Other dilutive securities | 125,317 |  |  | 192,811 |  |  |  |  |
Weighted average number of shares outstanding used in diluted earnings per share | 174,714,617 |  |  | 171,231,828 |  |  |  |  |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the quarter ended March 31, 2021, (dollars in thousands):
| Gain (Loss) on Cash Flow Hedges (1) |  |  |  |  |  |
Beginning balance, December 31, 2020 | $ | (16,445) |  |  |  |  |  |  |
Reclassifications from accumulated other comprehensive income to net earnings | 1,368 |  | (2) |  |  |  |  |
Net other comprehensive income (loss) | 1,368 |  |  |  |  |  |  |
Ending balance, March 31, 2021 | $ | (15,077) |  |  |  |  |  |  |
(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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