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Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 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").
|  | September 30, 2021 |
Property Portfolio: |  |  |
Total properties |  |  | 3,195 |
Gross leasable area (square feet) |  |  | 33,005,000 |
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to NNN |  | $ | 82,933 |  |  | $ | 56,069 |  |  | $ | 212,543 |  |  | $ | 167,512 |
Less: Series F preferred stock dividends |  |  | (4,485 | ) |  |  | (4,485 | ) |  |  | (13,455 | ) |  |  | (13,455 | )
Net earnings available to NNN’s common stockholders |  |  | 78,448 |  |  |  | 51,584 |  |  |  | 199,088 |  |  |  | 154,057 |
Less: Earnings allocated to unvested restricted shares |  |  | (180 | ) |  |  | (179 | ) |  |  | (509 | ) |  |  | (516 | )
Net earnings used in basic and diluted earnings per share |  | $ | 78,268 |  |  | $ | 51,405 |  |  | $ | 198,579 |  |  | $ | 153,541 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding |  |  | 175,607,905 |  |  |  | 173,596,374 |  |  |  | 175,530,702 |  |  |  | 172,579,042 |
Less: Unvested restricted shares |  |  | (340,725 | ) |  |  | (344,429 | ) |  |  | (323,808 | ) |  |  | (332,730 | )
Less: Unvested contingent restricted shares |  |  | (637,738 | ) |  |  | (570,809 | ) |  |  | (596,868 | ) |  |  | (539,735 | )
Weighted average number of shares outstanding used in basic earnings per share |  |  | 174,629,442 |  |  |  | 172,681,136 |  |  |  | 174,610,026 |  |  |  | 171,706,577 |
Other dilutive securities |  |  | 109,461 |  |  |  | 101,130 |  |  |  | 106,027 |  |  |  | 108,800 |
Weighted average number of shares outstanding used in diluted earnings per share |  |  | 174,738,903 |  |  |  | 172,782,266 |  |  |  | 174,716,053 |  |  |  | 171,815,377 |
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, 2021, (dollars in thousands):
|  | Gain (Loss) on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2020 |  | $ | (16,445 | ) |
Other comprehensive income (loss) |  |  | (1,584 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 2,494 |  | (2)
Net other comprehensive income (loss) |  |  | 910 |  |
Ending balance, September 30, 2021 |  | $ | (15,535 | ) |
(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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