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Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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").
| June 30, 2021
Property Portfolio: |
Total properties | 3,173 |
Gross leasable area (square feet) | 32,664,000 |
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 June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Basic and Diluted Earnings: |  |  |  |  |  |  |
Net earnings attributable to NNN | $ | 73,023 |  |  | $ | 46,265 |  |  | $ | 129,610 |  |  | $ | 111,443 |
Less: Series F preferred stock dividends | (4,485) |  |  | (4,485) |  |  | (8,970) |  |  | (8,970) |
Net earnings available to NNN’s common stockholders | 68,538 |  |  | 41,780 |  |  | 120,640 |  |  | 102,473 |
Less: Earnings allocated to unvested restricted shares | (178) |  |  | (176) |  |  | (328) |  |  | (336) |
Net earnings used in basic and diluted earnings per share | $ | 68,360 |  |  | $ | 41,604 |  |  | $ | 120,312 |  |  | $ | 102,137 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |
Weighted average number of shares outstanding | 175,590,102 |  |  | 172,301,757 |  |  | 175,491,461 |  |  | 172,064,786 |
Less: Unvested restricted shares | (341,467) |  |  | (342,079) |  |  | (315,209) |  |  | (326,816) |
Less: Unvested contingent restricted shares | (637,738) |  |  | (570,809) |  |  | (576,094) |  |  | (524,027) |
Weighted average number of shares outstanding used in basic earnings per share | 174,610,897 |  |  | 171,388,869 |  |  | 174,600,158 |  |  | 171,213,943 |
Other dilutive securities | 115,915 |  |  | 96,416 |  |  | 132,918 |  |  | 159,873 |
Weighted average number of shares outstanding used in diluted earnings per share | 174,726,812 |  |  | 171,485,285 |  |  | 174,733,076 |  |  | 171,373,816 |
Changes in Accumulated Other Comprehensive Income (Loss) | The following table outlines the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 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 | 1,929 |  | (2) |  |  |  |  |
Net other comprehensive income (loss) | 1,929 |  |  |  |  |  |  |
Ending balance, June 30, 2021 | $ | (14,516) |  |  |  |  |  |  |
(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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