XML 60 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization And Summary Of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2014
Accounting Policies [Abstract]  
Summary Of NNN's Investment Portfolio
NNN's assets include: real estate, mortgages and notes receivable, and commercial mortgage residual interests. 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” or “Property Portfolio”). 
 
March 31, 2014
Property Portfolio:
 
Total properties
1,903

Gross leasable area (square feet)
20,632,000

States
47
Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of (in thousands):
 
March 31, 2014
 
December 31, 2013
Intangible lease assets (included in Other assets):
 
 
 
Value of above market in-place leases, net
$
11,828

 
$
11,803

Value of in-place leases, net
58,776

 
58,456

Intangible lease liabilities (included in Other liabilities):
 
 
 
Value of below market in-place leases, net
28,579

 
28,708
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,
 
2014
 
2013
Basic and Diluted Earnings:
 
 
 
Net earnings attributable to NNN
$
43,333

 
$
34,066

Less: Series D preferred stock dividends
(4,762
)
 
(4,762
)
Less: Series E preferred stock dividends
(4,097
)
 
—

Net earnings available to NNN’s common stockholders
34,474

 
29,304

Less: Earnings attributable to unvested restricted shares
(163
)
 
(102
)
Net earnings used in basic and diluted earnings per share
$
34,311

 
$
29,202

 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
Weighted average number of shares outstanding
122,412,739

 
114,126,832

Less: Unvested restricted stock
(403,309
)
 
(385,258
)
Less: Unvested contingent shares
(433,447
)
 
(250,473
)
Weighted average number of shares outstanding used in basic
   earnings per share
121,575,983

 
113,491,101

Effects of dilutive securities:
 
 
 
Convertible debt
—

 
2,191,512

Other
290,968

 
167,640

Weighted average number of shares outstanding used in
  diluted earnings per share
121,866,951

 
115,850,253
Schedule of AOCI
The following table outlines the changes in accumulated other comprehensive income (dollars in thousands):
 
Gain or Loss on Cash Flow Hedges (1)
 
Unrealized Gains and Losses on Commercial Mortgage Residual Interests (2)
 
Unrealized Gains and Losses on Available-for-Sale Securities
 
Total
 
Beginning balance, December 31, 2013
$
(8,396
)
 
$
3,755

 
$
136

 
$
(4,505
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
(3,373
)
 
521

 
115

 
(2,737
)
 
Reclassifications from accumulated other comprehensive income to net earnings
135

 
163

 
—

 
298

(3) 
Net current period other comprehensive income (loss)
(3,238
)
 
684

 
115

 
(2,439
)
 
Ending balance, March 31, 2014
$
(11,634
)
 
$
4,439

 
$
251

 
$
(6,944
)
 
1) Additional disclosure is included in Note 9 – Derivatives.
2) Additional disclosure is included in Note 10 – Fair Value Measurements.
3) Reclassifications out of other comprehensive income are recorded in Interest Expense on the Condensed Consolidated Statements of Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.