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Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 |
Property Portfolio: |  |  |
Total properties |  |  | 3,271 |
Gross leasable area (square feet) |  |  | 33,545,000 |
States |  |  | 48 |
Weighted average remaining lease term (years) |  |  | 10.6 |
Summary of tenants classified as cash basis | The following table summarizes those tenants classified as cash basis for accounting purposes as of:
|  | March 31, |
|  | 2022 |  |  | 2021 |
Number of tenants |  |  | 9 |  |  |  | 12 |
Cash basis tenants as a percent of: |  |  |  |  |  |
Total properties |  |  | 5.4 | % |  |  | 6.1 | %
Total gross leasable area |  |  | 7.0 | % |  |  | 7.7 | %
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, |
|  | 2022 |  |  | 2021 |
Basic and Diluted Earnings: |  |  |  |  |  |
Net earnings attributable to NNN |  | $ | 81,372 |  |  | $ | 56,587 |
Less: Series F preferred stock dividends |  |  | — |  |  |  | (4,485 | )
Net earnings available to NNN’s common stockholders |  |  | 81,372 |  |  |  | 52,102 |
Less: Earnings allocated to unvested restricted shares |  |  | (156 | ) |  |  | (151 | )
Net earnings used in basic and diluted earnings per share |  | $ | 81,216 |  |  | $ | 51,951 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |
Weighted average number of shares outstanding |  |  | 175,635,634 |  |  |  | 175,391,723 |
Less: Unvested restricted shares |  |  | (294,665 | ) |  |  | (288,658 | )
Less: Unvested contingent restricted shares |  |  | (568,726 | ) |  |  | (513,765 | )
Weighted average number of shares outstanding used in basic earnings per share |  |  | 174,772,243 |  |  |  | 174,589,300 |
Other dilutive securities |  |  | 138,970 |  |  |  | 125,317 |
Weighted average number of shares outstanding used in diluted earnings per share |  |  | 174,911,213 |  |  |  | 174,714,617 |
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, 2022 (dollars in thousands):
|  | Gain (Loss) on Cash Flow Hedges(1) |  |
Beginning balance, December 31, 2021 |  | $ | (14,956 | ) |
Reclassifications from accumulated other comprehensive income to net earnings |  |  | 583 |  | (2)
Ending balance, March 31, 2022 |  | $ | (14,373 | ) |
(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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