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Consolidated Statements of Income and Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:      
Rental income from operating leases $ 414,043us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 372,913us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 312,629us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue
Earned income from direct financing leases 1,725us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue 1,955us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue 2,119us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue
Percentage rent 1,074us-gaap_PercentageRent 1,556us-gaap_PercentageRent 1,165us-gaap_PercentageRent
Real estate expense reimbursement from tenants 13,875us-gaap_TenantReimbursements 13,340us-gaap_TenantReimbursements 11,817us-gaap_TenantReimbursements
Interest and other income from real estate transactions 2,296us-gaap_InterestIncomeOperating 1,471us-gaap_InterestIncomeOperating 2,243us-gaap_InterestIncomeOperating
Interest income on commercial mortgage residual interests 1,834us-gaap_OtherIncome 2,290us-gaap_OtherIncome 2,673us-gaap_OtherIncome
Total revenues 434,847us-gaap_Revenues 393,525us-gaap_Revenues 332,646us-gaap_Revenues
Retail operations:      
Revenues 0nnn_RetailOperationsRevenues 0nnn_RetailOperationsRevenues 19,008nnn_RetailOperationsRevenues
Operating expenses 0nnn_RetailOperationsOperatingExpenses 0nnn_RetailOperationsOperatingExpenses (18,542)nnn_RetailOperationsOperatingExpenses
Net 0nnn_RetailOperationsOperatingIncomeLoss 0nnn_RetailOperationsOperatingIncomeLoss 466nnn_RetailOperationsOperatingIncomeLoss
Operating expenses:      
General and administrative 32,518us-gaap_GeneralAndAdministrativeExpense 31,095us-gaap_GeneralAndAdministrativeExpense 31,828us-gaap_GeneralAndAdministrativeExpense
Real estate 18,905us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 18,497us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 17,425us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
Depreciation and amortization 116,162us-gaap_DepreciationAndAmortization 99,274us-gaap_DepreciationAndAmortization 73,806us-gaap_DepreciationAndAmortization
Impairment – commercial mortgage residual interests valuation 256us-gaap_ImpairmentOfRetainedInterest 1,185us-gaap_ImpairmentOfRetainedInterest 2,812us-gaap_ImpairmentOfRetainedInterest
Impairment losses and other charges, net of recoveries 760nnn_ImpairmentLossesAndOtherChargesNetOfRecoveries 3,580nnn_ImpairmentLossesAndOtherChargesNetOfRecoveries 3,899nnn_ImpairmentLossesAndOtherChargesNetOfRecoveries
Total operating expenses 168,601us-gaap_OperatingExpenses 153,631us-gaap_OperatingExpenses 129,770us-gaap_OperatingExpenses
Earnings from operations 266,246us-gaap_OperatingIncomeLoss 239,894us-gaap_OperatingIncomeLoss 203,342us-gaap_OperatingIncomeLoss
Other expenses (revenues):      
Interest and other income (357)us-gaap_InvestmentIncomeNet (1,493)us-gaap_InvestmentIncomeNet (2,232)us-gaap_InvestmentIncomeNet
Interest expense 85,510us-gaap_InterestExpense 85,822us-gaap_InterestExpense 83,787us-gaap_InterestExpense
Real estate acquisition costs 1,391us-gaap_BusinessCombinationAcquisitionRelatedCosts 1,485us-gaap_BusinessCombinationAcquisitionRelatedCosts 364us-gaap_BusinessCombinationAcquisitionRelatedCosts
Total other expenses (revenues) 86,544us-gaap_OtherNonoperatingIncomeExpense 85,814us-gaap_OtherNonoperatingIncomeExpense 81,919us-gaap_OtherNonoperatingIncomeExpense
Earnings from continuing operations before income tax benefit (expense) and equity in earnings of unconsolidated affiliate 179,702us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 154,080us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 121,423us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax benefit (expense) 75us-gaap_IncomeTaxExpenseBenefit (74)us-gaap_IncomeTaxExpenseBenefit 6,891us-gaap_IncomeTaxExpenseBenefit
Equity in earnings of unconsolidated affiliate 0us-gaap_IncomeLossFromEquityMethodInvestments 0us-gaap_IncomeLossFromEquityMethodInvestments 4,074us-gaap_IncomeLossFromEquityMethodInvestments
Earnings from continuing operations 179,777us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 154,006us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 132,388us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Earnings from discontinued operations, net of income tax expense 124us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 5,972us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 9,549us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Earnings before gain on disposition of real estate, net of income tax expense 179,901us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges 159,978us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges 141,937us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
Gain on disposition of real estate, net of income tax expense 11,269us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes 107us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes 0us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
Earnings including noncontrolling interests 191,170us-gaap_ProfitLoss 160,085us-gaap_ProfitLoss 141,937us-gaap_ProfitLoss
Loss (earnings) attributable to noncontrolling interests:      
Continuing operations (569)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity 223us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity 102us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
Discontinued operations 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest (163)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest (24)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
Net loss (income) attributable to noncontrolling interest (569)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 60us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 78us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net earnings attributable to NNN 190,601us-gaap_NetIncomeLoss 160,145us-gaap_NetIncomeLoss 142,015us-gaap_NetIncomeLoss
Excess of redemption value over carrying value of Series C preferred shares redeemed 0us-gaap_StockRedeemedOrCalledDuringPeriodValue 0us-gaap_StockRedeemedOrCalledDuringPeriodValue (3,098)us-gaap_StockRedeemedOrCalledDuringPeriodValue
Net earnings attributable to common stockholders 155,167us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic 132,222us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic 121,489us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Basic:      
Continuing operations (in dollars per share) $ 1.24us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 1.06us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 1.04us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.05us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.09us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Net earnings (in dollars per share) $ 1.24us-gaap_EarningsPerShareBasic $ 1.11us-gaap_EarningsPerShareBasic $ 1.13us-gaap_EarningsPerShareBasic
Diluted:      
Continuing operations (in dollars per share) $ 1.24us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 1.05us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 1.02us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.05us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.09us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Net earnings (in dollars per share) $ 1.24us-gaap_EarningsPerShareDiluted $ 1.10us-gaap_EarningsPerShareDiluted $ 1.11us-gaap_EarningsPerShareDiluted
Weighted average number of common shares outstanding:      
Basic (in shares) 124,257,558us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 118,204,148us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 106,965,156us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 124,710,226us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 119,864,824us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 109,117,515us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Other comprehensive income:      
Net earnings attributable to NNN 190,601us-gaap_NetIncomeLoss 160,145us-gaap_NetIncomeLoss 142,015us-gaap_NetIncomeLoss
Amortization of interest rate hedges 1,129nnn_AmortizationOfInterestRateHedges 438nnn_AmortizationOfInterestRateHedges 231nnn_AmortizationOfInterestRateHedges
Fair value forward starting swaps (6,312)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax (3,141)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax 0us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
Net gain (loss) – commercial mortgage residual interests 1,038us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax (438)us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax 1,132us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
Net gain (loss) – available-for-sale securities (8)us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent 69us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent 85us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
Reclassification of noncontrolling interests 0us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest 949us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest 0us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
Comprehensive income attributable to NNN 186,448us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest 158,022us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest 143,463us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
Series C Preferred Stock      
Loss (earnings) attributable to noncontrolling interests:      
Preferred stock dividends 0us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesCPreferredStockMember
[1] 0us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesCPreferredStockMember
[1] (1,979)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesCPreferredStockMember
[1]
Excess of redemption value over carrying value of Series C preferred shares redeemed     (92,000)us-gaap_StockRedeemedOrCalledDuringPeriodValue
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesCPreferredStockMember
Series D Preferred Stock      
Loss (earnings) attributable to noncontrolling interests:      
Preferred stock dividends (19,047)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesDPreferredStockMember
[2] (19,047)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesDPreferredStockMember
[2] (15,449)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesDPreferredStockMember
[2]
Series E Preferred Stock      
Loss (earnings) attributable to noncontrolling interests:      
Preferred stock dividends $ (16,387)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
[3] $ (8,876)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
[3] $ 0us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
[3]
[1] The Series C Preferred Stock was redeemed in March 2012. The dividends paid during the quarter ended March 31, 2012 include accumulated and unpaid dividends through the redemption date.
[2] The Series D Preferred Stock dividends paid during the quarter ended June 30, 2012 include accumulated and unpaid dividends from the issuance date through the declaration date. The Series D Preferred Stock has no maturity date and will remain outstanding unless redeemed.
[3] 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. The Series E Preferred Stock has no maturity date and will remain outstanding unless redeemed.