Real Estate (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate Investments, Net [Abstract]

Classification Of Investment Property Leases

The following outlines key information for NNN’s leases:



	September 30, 2014
Lease classification:
Operating	2,075
Direct financing	12
Building portion – direct financing / land portion – operating	1
Weighted average remaining lease term	12 Years

Summary Of Real Estate Subject To Operating Leases

Real estate subject to operating leases consisted of the following as of (dollars in thousands):



	September 30, 2014			December 31, 2013
Land and improvements	$	1,760,747		$	1,650,250
Buildings and improvements	3,360,140			2,953,712
Leasehold interests	1,290			1,290
	5,122,177			4,605,252
Less accumulated depreciation and amortization	(484,955		)	(415,424		)
	4,637,222			4,189,828
Work in progress	25,553			60,719
	$	4,662,775		$	4,250,547

Disclosure of Long Lived Assets Held-for-sale

Real estate held for sale consisted of the following as of (dollars in thousands):



	September 30, 2014			December 31, 2013
Land and improvements	$	5,285		$	7,805
Building and improvements	11,777			15,200
	17,062			23,005
Less accumulated depreciation and amortization	(1,980		)	(2,712		)
Less impairment	(1,022		)	(2,132		)
	$	14,060		$	18,161

Disclosure of Long Lived Assets Held-for-sale, Gains Recognized

The following table summarizes the number of Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):



	Quarter Ended September 30,										Nine Months Ended September 30,
	2014					2013					2014					2013
	# of Sold Properties	Gain				# of Sold Properties	Gain				# of Sold Properties	Gain				# of Sold Properties	Gain
Gain on disposition of real estate	10	$	3,464			—	$	—			22	$	8,472			—	$	—
Income tax expense		(108		)			—					(306		)			—
		3,356					—					8,166					—
Gain on disposition of real estate included in discontinued operations	—	143			⁽¹⁾	22	1,228			⁽¹⁾	2	155			⁽¹⁾	31	4,402			⁽¹⁾
Income tax expense		—					(416		)			—					(782		)
		$	3,499				$	812				$	8,321				$	3,620

Real Estate Funding Commitments

These construction commitments, as of September 30, 2014, are outlined in the table below (dollars in thousands):



Number of properties	22
Total commitment⁽¹⁾	$	84,782
Amount funded	$	43,895
Remaining commitment	$	40,887

⁽¹⁾ Includes land, construction costs and tenant improvements.

Details of Impairment of Long-Lived Assets Held and Used by Asset

As a result of the Company's review of long lived assets, including identifiable intangible assets, NNN recognized the following real estate impairments (dollars in thousands):



	Quarter Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
Continuing operations	$	77	$	435		$	562	$	3,535
Discontinued operations	—		292			63		1,196
Impairment recoveries – discontinued operations	—		(728		)	—		(728		)
	$	77	$	(1	)	$	625	$	4,003