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Organization and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Summary of NNN's Investment Portfolio
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” or individually a "Property"). 
 
December 31, 2014
Property Portfolio:
 
Total properties
2,054

Gross leasable area (square feet)
22,479,000

States
47

Weighted average remaining lease term (years)
12
Schedule of Intangible Assets and Related Amortization
Intangible assets and liabilities consisted of the following as of December 31 (in thousands):
 
 
2014
 
2013
Intangible lease assets (included in Other assets):
 
 
 
 
Value of above market in-place leases, net
 
$
11,751

 
$
11,803

Value of in-place leases, net
 
65,770

 
58,456

Intangible lease liabilities (included in Other liabilities):
 
 
 
 
Value of below market in-place leases, net
 
29,162

 
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 for the years ended December 31 (dollars in thousands):
 
 
2014
 
2013
 
2012
Basic and Diluted Earnings:
 
 
 
 
 
Net earnings attributable to NNN
$
190,601

 
$
160,145

 
$
142,015

Less: Series C preferred stock dividends
—

 
—

 
(1,979
)
Less: Series D preferred stock dividends
(19,047
)
 
(19,047
)
 
(15,449
)
Less: Series E preferred stock dividends
(16,387
)
 
(8,876
)
 
—

Less: Excess of redemption value over carrying value of Series C preferred shares redeemed
—

 
—

 
(3,098
)
Net earnings attributable to common stockholders
155,167

 
132,222

 
121,489

Less: Earnings attributable to unvested restricted shares
(773
)
 
(718
)
 
(741
)
Net earnings used in basic and diluted earnings per share
$
154,394

 
$
131,504

 
$
120,748

 
 
 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
 
 
Weighted average number of shares outstanding
125,221,358

 
118,969,771

 
107,873,577

Less: Unvested restricted shares
(467,968
)
 
(448,590
)
 
(654,127
)
Less: Unvested contingent shares
(495,832
)
 
(317,033
)
 
(254,294
)
Weighted average number of shares outstanding used in basic earnings per share
124,257,558

 
118,204,148

 
106,965,156

Effects of dilutive securities:
 
 
 
 
 
Convertible debt
—

 
1,468,559

 
1,987,842

Other
452,668

 
192,117

 
164,517

Weighted average number of shares outstanding used in diluted earnings per share
124,710,226

 
119,864,824

 
109,117,515
Changes in accumulated other comprehensive income
The following table outlines the changes in accumulated other comprehensive income (dollars in thousands):
 
Gain or Loss on Cash Flow Hedges (1)
 
Gains and Losses on Commercial Mortgage Residual Interests (2)
 
Gains and Losses on Available-for-Sale Securities
 
Total
 
Beginning balance, December 31, 2012
$
(5,693
)
 
$
3,244

 
$
67

 
$
(2,382
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
(3,141
)
 
511

 
69

 
(2,561
)
 
Reclassifications from accumulated other comprehensive income to net earnings
438

(3) 
—

(4 
) 
—

(5 
) 
438

 
Net current period other comprehensive income (loss)
(2,703
)
 
511

 
69

 
(2,123
)
 
Ending balance, December 31, 2013
(8,396
)
 
3,755

 
136

 
(4,505
)
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
(6,312
)
 
875

 
111

 
(5,326
)
 
Reclassifications from accumulated other comprehensive income to net earnings
1,129

(3) 
163

(4 
) 
(119
)
(5 
) 
1,173

 
Net current period other comprehensive income (loss)
(5,183
)
 
1,038

 
(8
)
 
(4,153
)
 
Ending balance, December 31, 2014
$
(13,579
)
 
$
4,793

 
$
128

 
$
(8,658
)
 
(1) Additional disclosure is included in Note 15 – Derivatives.
(2) Additional disclosure is included in Note 20 – Fair Value Measurements.
(3) Reclassifications out of other comprehensive income are recorded in Interest Expense on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.
(4) Reclassifications out of other comprehensive income are recorded in Impairment on the Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.
(5) Reclassifications out of other comprehensive income are recorded in Other Income on the Consolidated Statements of Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.