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Condensed Consolidated Statements Of Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:        
Rental income from operating leases $ 95,772 $ 79,815 $ 274,583 $ 228,690
Earned income from direct financing leases 534 571 1,630 1,739
Percentage rent 267 242 800 574
Real estate expense reimbursement from tenants 3,113 2,658 9,203 8,024
Interest and other income from real estate transactions 341 512 1,095 1,982
Interest income on commercial mortgage residual interests 594 593 1,789 2,064
Total revenues 100,621 84,391 289,100 243,073
Retail operations:        
Revenues 0 0 0 19,008
Operating expenses 0 0 0 (18,543)
Net 0 0 0 465
Operating expenses:        
General and administrative 7,534 8,653 25,209 23,282
Real estate 4,420 3,842 12,580 12,376
Depreciation and amortization 25,856 17,242 72,126 53,574
Impairment – commercial mortgage residual interests valuation 16 0 16 2,718
Impairment losses and other charges, net of recoveries 0 3,223 1,972 3,258
Total operating expenses 37,826 32,960 111,903 95,208
Earnings from operations 62,795 51,431 177,197 148,330
Other expenses (revenues):        
Interest and other income (722) (1,194) (1,433) (1,913)
Interest expense 19,989 23,039 65,210 62,425
Total other expenses (revenues) 19,267 21,845 63,777 60,512
Earnings from continuing operations before income tax benefit (expense) and equity in earnings of unconsolidated affiliate 43,528 29,586 113,420 87,818
Income tax benefit (expense) (365) 7,438 (363) 7,167
Equity in earnings of unconsolidated affiliate 0 3,769 0 4,074
Earnings from continuing operations 43,163 40,793 113,057 99,059
Earnings (loss) from discontinued operations, net of income tax expense 1,179 (2,803) 2,794 2,231
Earnings including noncontrolling interests 44,342 37,990 115,851 101,290
Loss (earnings) attributable to noncontrolling interests:        
Continuing operations 17 27 276 73
Discontinued operations (7) (2) (223) (10)
Net loss (income) attributable to noncontrolling interest 10 25 53 63
Net earnings attributable to NNN 44,352 38,015 115,904 101,353
Excess of redemption value over carrying value of Series C preferred shares redeemed 0 0 0 (3,098)
Net earnings attributable to common stockholders 34,810 33,253 96,839 85,588
Basic:        
Continuing operations (in dollars per share) $ 0.28 $ 0.33 $ 0.80 $ 0.78
Discontinued operations (in dollars per share) $ 0.01 $ (0.02) $ 0.02 $ 0.02
Net earnings (in dollars per share) $ 0.29 $ 0.31 $ 0.82 $ 0.80
Diluted:        
Continuing operations (in dollars per share) $ 0.28 $ 0.32 $ 0.79 $ 0.77
Discontinued operations (in dollars per share) $ 0.01 $ (0.02) $ 0.02 $ 0.02
Net earnings (in dollars per share) $ 0.29 $ 0.30 $ 0.81 $ 0.79
Weighted average number of common shares outstanding:        
Basic (in shares) 120,287,890 107,487,935 117,222,163 106,140,002
Diluted (in shares) 121,230,232 110,339,705 119,356,194 108,091,909
Other comprehensive income:        
Net earnings attributable to NNN 44,352 38,015 115,904 101,353
Amortization of interest rate hedges 128 57 306 171
Fair value forward starting swaps 0 0 (3,141) 0
Unrealized gain – commercial mortgage residual interests 376 0 1,595 213
Stock value adjustments 36 (1) 125 (2)
Reclassification of noncontrolling interests 0 0 949 0
Comprehensive income attributable to NNN 44,892 38,071 115,738 101,735
Series C Depositary Share [Member]
       
Loss (earnings) attributable to noncontrolling interests:        
Series C preferred stock dividends and Series D preferred stock dividends 0 0 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) (4,762) (14,285) [2] (10,688) [2]
Series E Depositary Share [Member]
       
Loss (earnings) attributable to noncontrolling interests:        
Series C preferred stock dividends and Series D preferred stock dividends $ (4,780) $ 0 $ (4,780) [2],[3] $ 0 [2],[3]
[1] The Series C preferred stock was redeemed in March 2012. The dividends paid during the nine months ended September 30, 2012 include accumulated and unpaid dividends through the redemption date.
[2] The Series E preferred stock dividends paid during the quarter ended September 30, 2013 include accumulated and unpaid dividends from the issuance date through the declaration date.
[3] The Series D and E preferred stock have no maturity date and will remain outstanding unless redeemed.