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Organization and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Summary of NNN's Investment Portfolio | NNN's assets primarily include real estate assets. 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, 2022 |
Property Portfolio: |  |  |
Total Properties |  |  | 3,305 |
Gross leasable area (square feet) |  |  | 33,758,000 |
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:
|  | June 30, |
|  | 2022 |  |  | 2021 |
Number of tenants |  |  | 8 |  |  |  | 11 |
Cash basis tenants as a percent of: |  |  |  |  |  |
Total Properties |  |  | 5.3 | % |  |  | 6.0 | %
Total annual base rent |  |  | 7.2 | % |  |  | 7.1 | %
Total gross leasable area |  |  | 6.9 | % |  |  | 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Basic and Diluted Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings attributable to NNN |  | $ | 74,171 |  |  | $ | 73,023 |  |  | $ | 155,543 |  |  | $ | 129,610 |
Less: Series F preferred stock dividends |  |  | — |  |  |  | (4,485 | ) |  |  | — |  |  |  | (8,970 | )
Net earnings available to NNN’s common stockholders |  |  | 74,171 |  |  |  | 68,538 |  |  |  | 155,543 |  |  |  | 120,640 |
Less: Earnings allocated to unvested restricted shares |  |  | (165 | ) |  |  | (178 | ) |  |  | (319 | ) |  |  | (328 | )
Net earnings used in basic and diluted earnings per share |  | $ | 74,006 |  |  | $ | 68,360 |  |  | $ | 155,224 |  |  | $ | 120,312 |
Basic and Diluted Weighted Average Shares Outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of shares outstanding |  |  | 175,989,323 |  |  |  | 175,590,102 |  |  |  | 175,813,456 |  |  |  | 175,491,461 |
Less: Unvested restricted shares |  |  | (310,844 | ) |  |  | (341,467 | ) |  |  | (300,810 | ) |  |  | (315,209 | )
Less: Unvested contingent restricted shares |  |  | (721,623 | ) |  |  | (637,738 | ) |  |  | (645,597 | ) |  |  | (576,094 | )
Weighted average number of shares outstanding used in basic earnings per share |  |  | 174,956,856 |  |  |  | 174,610,897 |  |  |  | 174,867,049 |  |  |  | 174,600,158 |
Other dilutive securities |  |  | 151,058 |  |  |  | 115,915 |  |  |  | 154,822 |  |  |  | 132,918 |
Weighted average number of shares outstanding used in diluted earnings per share |  |  | 175,107,914 |  |  |  | 174,726,812 |  |  |  | 175,021,871 |  |  |  | 174,733,076 |
Changes in Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 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 |  |  | 1,175 |  | (2)
Ending balance, June 30, 2022 |  | $ | (13,781 | ) |
(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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