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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2022
Real Estate [Abstract] |
Summary of Real Estate Subject to Operating Leases | Real Estate Portfolio – NNN's real estate consisted of the following at (dollars in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Land and improvements(1) |  | $ | 2,616,920 |  |  | $ | 2,527,483 |
Buildings and improvements |  |  | 6,779,242 |  |  |  | 6,375,583 |
Leasehold interests |  |  | 355 |  |  |  | 355 |
|  |  | 9,396,517 |  |  |  | 8,903,421 |
Less accumulated depreciation and amortization |  |  | (1,610,018 | ) |  |  | (1,470,062 | )
|  |  | 7,786,499 |  |  |  | 7,433,359 |
Work in progress for buildings and improvements |  |  | 32,183 |  |  |  | 7,277 |
Accounted for using the operating method |  |  | 7,818,682 |  |  |  | 7,440,636 |
Accounted for using the direct financing method |  |  | 3,429 |  |  |  | 3,653 |
Classified as held for sale |  |  | 4,181 |  |  |  | 5,557 |
|  | $ | 7,826,292 |  |  | $ | 7,449,846 |
(1) | Includes $21,543 and $8,979 in land for Properties under construction at September 30, 2022 and December 31, 2021, respectively.
Rental Income, Operating Leases | NNN recognized the following revenues in rental income (dollars in thousands):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Rental income from operating leases |  | $ | 188,840 |  |  | $ | 175,833 |  |  | $ | 558,942 |  |  | $ | 522,787 |
Earned income from direct financing leases |  |  | 148 |  |  |  | 154 |  |  |  | 449 |  |  |  | 469 |
Percentage rent |  |  | 235 |  |  |  | 195 |  |  |  | 1,231 |  |  |  | 530 |
Real estate expense reimbursement from tenants |  |  | 3,879 |  |  |  | 3,842 |  |  |  | 12,779 |  |  |  | 13,440 |
|  | $ | 193,102 |  |  | $ | 180,024 |  |  | $ | 573,401 |  |  | $ | 537,226 |
Intangible Assets, Lease Liabilities, and Related Amortization | Real Estate – Intangibles 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 (dollars in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
Intangible lease assets (included in other assets): |  |  |  |  |  |
Above-market in-place leases |  | $ | 15,410 |  |  | $ | 15,335 |
Less: accumulated amortization |  |  | (11,339 | ) |  |  | (10,821 | )
Above-market in-place leases, net |  | $ | 4,071 |  |  | $ | 4,514 |
In-place leases |  | $ | 124,310 |  |  | $ | 122,069 |
Less: accumulated amortization |  |  | (77,992 | ) |  |  | (73,345 | )
In-place leases, net |  | $ | 46,318 |  |  | $ | 48,724 |
Intangible lease liabilities (included in other liabilities): |  |  |  |  |  |
Below-market in-place leases |  | $ | 41,371 |  |  | $ | 41,705 |
Less: accumulated amortization |  |  | (27,830 | ) |  |  | (27,447 | )
Below-market in-place leases, net |  | $ | 13,541 |  |  | $ | 14,258 |
Gains on Dispositions of Properties | The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | # of Sold Properties |  | Net Gain |  |  | # of Sold Properties |  | Net Gain |  |  | # of Sold Properties |  | Net Gain |  |  | # of Sold Properties |  | Net Gain |
Gain on disposition of real estate |  | 8 |  | $ | 5,889 |  |  | 27 |  | $ | 9,473 |  |  | 26 |  | $ | 10,656 |  |  | 53 |  | $ | 17,935 |
Real Estate Commitments | These construction commitments, as of September 30, 2022, are outlined in the table below (dollars in thousands):
Total commitment(1) |  | $ | 103,875 |
Less amount funded |  |  | (53,726 | )
Remaining commitment |  | $ | 50,149 |
(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):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Total real estate impairments, net of recoveries |  | $ | 971 |  |  | $ | 4,781 |  |  | $ | 7,221 |  |  | $ | 14,647 |
Number of Properties: |  |  |  |  |  |  |  |  |  |  |  |
Vacant |  |  | 2 |  |  |  | 5 |  |  |  | 8 |  |  |  | 19 |
Occupied |  |  | 1 |  |  |  | 2 |  |  |  | 6 |  |  |  | 10 |

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