Earnings from Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]

Earnings from Discontinued Operations

Earnings from Discontinued Operations:

Effective January 1, 2014, NNN has early adopted ASU 2014-08. Under ASU 2014-08, only disposals representing a strategic shift in operations are to be presented as discontinued operations. This requires the Company to continue to classify any Property disposal or Property classified as held for sale as of December 31, 2014, as discontinued operations prospectively. Therefore, the revenues and expenses related to these properties are presented as discontinued operations as of December 31, 2014. The Company did not classify any additional properties as discontinued operations subsequent to December 31, 2013.

The following is a summary of the earnings from discontinued operations for each of the years ended December 31 (dollars in thousands):

	2014			2013			2012
Revenues:
Rental income from operating leases	$	—		$	1,666		$	6,466
Earned income from direct financing leases	—			190			324
Percentage rent	—			2			27
Real estate expense reimbursement from tenants	23			97			153
Interest and other income from real estate transactions	21			33			13
	44			1,988			6,983
Operating expenses:
General and administrative	—			6			5
Real estate	9			203			642
Depreciation and amortization	3			343			1,381
Impairment losses and other charges	63			541			6,215
	75			1,093			8,243
Other expenses (revenues):
Interest expense	—			41			137
Real estate acquisition costs	—			209			10
	—			250			147
Earnings (loss) before gain on disposition of real estate and income tax expense	(31		)	645			(1,407		)
Gain on disposition of real estate	155			6,272			10,956
Income tax expense	—			(945		)	—
Earnings from discontinued operations attributable to NNN, including noncontrolling interests	124			5,972			9,549
Earnings attributable to noncontrolling interests	—			(163		)	(24		)
Earnings from discontinued operations attributable to NNN	$	124		$	5,809		$	9,525