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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2021
Real Estate [Abstract] |
Summary of Real Estate Subject to Operating Leases | Real Estate Portfolio – NNN's real estate consisted of the following at December 31 (dollars in thousands):
|  | 2021 |  |  | 2020 |
Land and improvements (1) |  | $ | 2,527,483 |  |  | $ | 2,489,243 |
Buildings and improvements |  |  | 6,375,583 |  |  |  | 6,009,797 |
Leasehold interests |  |  | 355 |  |  |  | 355 |
|  |  | 8,903,421 |  |  |  | 8,499,395 |
Less accumulated depreciation and amortization |  |  | (1,470,062 | ) |  |  | (1,317,407 | )
|  |  | 7,433,359 |  |  |  | 7,181,988 |
Work in progress – improvements |  |  | 7,277 |  |  |  | 26,673 |
Accounted for using the operating method |  |  | 7,440,636 |  |  |  | 7,208,661 |
Accounted for using the direct financing method |  |  | 3,653 |  |  |  | 3,994 |
|  | $ | 7,444,289 |  |  | $ | 7,212,655 |
(1) Includes $8,979 and $8,421 in land for Properties under construction as of December 31, 2021 and 2020, respectively.
Rental Income, Operating Leases | NNN recognized the following revenues in rental income for the years ended December 31 (dollars in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Rental income from operating leases |  | $ | 703,865 |  |  | $ | 639,265 |  |  | $ | 650,112 |
Earned income from direct financing leases |  |  | 623 |  |  |  | 647 |  |  |  | 798 |
Percentage rent |  |  | 706 |  |  |  | 842 |  |  |  | 1,310 |
Real estate expense reimbursement from tenants |  |  | 18,665 |  |  |  | 18,039 |  |  |  | 16,789 |
|  | $ | 723,859 |  |  | $ | 658,793 |  |  | $ | 669,009 |
Undiscounted Cash Flows to be Received on Noncancellable Operating Leases | The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of December 31, 2021 (dollars in thousands):
2022 |  | $ | 654,927 |
2023 |  |  | 632,473 |
2024 |  |  | 613,371 |
2025 |  |  | 586,751 |
2026 |  |  | 543,893 |
Thereafter |  |  | 3,895,027 |
|  | $ | 6,926,442 |
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 December 31 (dollars in thousands):
|  | 2021 |  |  | 2020 |
Intangible lease assets (included in other assets): |  |  |  |  |  |
Above-market in-place leases |  | $ | 15,335 |  |  | $ | 15,474 |
Less: accumulated amortization |  |  | (10,821 | ) |  |  | (10,271 | )
Above-market in-place leases, net |  | $ | 4,514 |  |  | $ | 5,203 |
In-place leases |  | $ | 122,069 |  |  | $ | 118,416 |
Less: accumulated amortization |  |  | (73,345 | ) |  |  | (68,695 | )
In-place leases, net |  | $ | 48,724 |  |  | $ | 49,721 |
Intangible lease liabilities (included in other liabilities): |  |  |  |  |  |
Below-market in-place leases |  | $ | 41,705 |  |  | $ | 41,101 |
Less: accumulated amortization |  |  | (27,447 | ) |  |  | (26,486 | )
Below-market in-place leases, net |  | $ | 14,258 |  |  | $ | 14,615 |
The following is a schedule of the amortization of acquired above-market and below-market in-place lease intangibles and the amortization of the in-place lease intangibles as of December 31, 2021 (dollars in thousands):
|  | Above-Market and Below- Market In-Place Lease Intangibles(1) |  |  | In-Place Lease Intangibles(2) |
2022 |  | $ | 524 |  |  | $ | 7,021 |
2023 |  |  | 443 |  |  |  | 6,547 |
2024 |  |  | 440 |  |  |  | 5,859 |
2025 |  |  | 426 |  |  |  | 5,140 |
2026 |  |  | 435 |  |  |  | 4,553 |
Thereafter |  |  | 7,476 |  |  |  | 19,604 |
|  | $ | 9,744 |  |  | $ | 48,724 |
Weighted average amortization period (years) |  |  | 17.7 |  |  |  | 9.7 |
(1) Recorded as a net increase to rental income over the life of the lease. (2) Amortized as an increase to amortization expense.
Real Estate Held for Sale | Real estate held for sale consisted of the following as of December 31 (dollars in thousands):
|  | 2021 |  |  | 2020 |
Land and improvements |  | $ | 6,440 |  |  | $ | 3,841 |
Building and improvements |  |  | 4,313 |  |  |  | 4,971 |
|  |  | 10,753 |  |  |  | 8,812 |
Less accumulated depreciation and amortization |  |  | (1,331 | ) |  |  | (2,536 | )
Less impairment |  |  | (3,865 | ) |  |  | (605 | )
|  | $ | 5,557 |  |  | $ | 5,671 |
Gains on Dispositions of Properties | The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | # of Sold Properties |  | Gain |  |  | # of Sold Properties |  | Gain |  |  | # of Sold Properties |  | Gain |
Gain on disposition of real estate |  | 74 |  | $ | 23,094 |  |  | 38 |  | $ | 16,238 |  |  | 59 |  | $ | 32,463 |
Remaining Funding Commitments | These construction commitments, at December 31, 2021, are outlined in the table below (dollars in thousands):
Total commitment(1) |  | $ | 40,991 |
Less amount funded |  |  | 16,256 |
Remaining commitment |  | $ | 24,735 |
(1) Includes land, construction costs, tenant improvements, lease costs and capitalized interest.
Real Estate Impairments | As a result of NNN's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Total real estate impairments, net of recoveries |  | $ | 21,957 |  |  | $ | 37,442 |  |  | $ | 31,992 |
Number of Properties: |  |  |  |  |  |  |  |  |
Vacant |  |  | 30 |  |  |  | 14 |  |  |  | 27 |
Occupied |  |  | 12 |  |  |  | 17 |  |  |  | 12 |

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