XML 47 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements Of Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:    
Rental income from operating leases $ 87,661 $ 72,335
Earned income from direct financing leases 566 628
Percentage rent 371 111
Real estate expense reimbursement from tenants 2,977 2,849
Interest and other income from real estate transactions 384 707
Interest income on commercial mortgage residual interests 606 755
Total revenues 92,565 77,385
Retail operations:    
Revenues 0 11,224
Operating expenses 0 (11,062)
Net 0 162
Operating expenses:    
General and administrative 8,264 7,604
Real estate 3,954 4,576
Depreciation and amortization 23,755 17,765
Impairment losses 1,812 35
Total operating expenses 37,785 29,980
Earnings from operations 54,780 47,567
Other expenses (revenues):    
Interest and other income (334) (358)
Interest expense 21,827 19,818
Total other expenses (revenues) 21,493 19,460
Earnings from continuing operations before income tax benefit (expense) and equity in earnings of unconsolidated affiliate 33,287 28,107
Income tax benefit (expense) 780 (115)
Equity in earnings of unconsolidated affiliate 0 150
Earnings from continuing operations 34,067 28,142
Earnings (loss) from discontinued operations, net of income tax expense (164) 1,682
Earnings including noncontrolling interests 33,903 29,824
Loss (earnings) attributable to noncontrolling interests:    
Continuing operations 219 14
Discontinued operations (56) (6)
Net loss (income) attributable to noncontrolling interest 163 8
Net earnings attributable to NNN 34,066 29,832
Excess of redemption value over carrying value of Series C preferred shares redeemed 0 (3,098)
Net earnings attributable to common stockholders 29,304 24,755
Basic:    
Continuing operations (in dollars per share) $ 0.26 $ 0.22
Discontinued operations (in dollars per share) $ 0.00 $ 0.01
Net earnings (in dollars per share) $ 0.26 $ 0.23
Diluted:    
Continuing operations (in dollars per share) $ 0.25 $ 0.22
Discontinued operations (in dollars per share) $ 0.00 $ 0.01
Net earnings (in dollars per share) $ 0.25 $ 0.23
Weighted average number of common shares outstanding:    
Basic (in shares) 113,491,101 104,840,867
Diluted (in shares) 115,850,253 106,211,366
Other comprehensive income:    
Net earnings attributable to NNN 34,066 29,832
Amortization of interest rate hedges 60 56
Fair value forward starting swaps (1,144) 0
Unrealized gain - commercial mortgage residual interests 869 0
Stock value adjustments 81 (1)
Reclassification of noncontrolling interests 949 0
Comprehensive income attributable to NNN 34,881 29,887
Series C Depositary Share [Member]
   
Loss (earnings) attributable to noncontrolling interests:    
Series C preferred stock dividends and Series D preferred stock dividends 0 [1] (1,979) [1]
Series D Depositary Share [Member]
   
Loss (earnings) attributable to noncontrolling interests:    
Series C preferred stock dividends and Series D preferred stock dividends $ (4,762) [2] $ 0 [2]
[1] The Series C preferred stock was redeemed in March 2012. The dividends paid during the quarter ended March 31, 2012 include accumulated and unpaid dividends through the redemption date.
[2] The Series D preferred stock has no maturity date and will remain outstanding unless redeemed.