Real Estate (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate Investments, Net [Abstract]

Classification Of Investment Property Leases

The following outlines key information for NNN’s leases:

	March 31, 2015
Lease classification:
Operating	2,140
Direct financing	11
Building portion – direct financing/land portion – operating	1
Weighted average remaining lease term (years)	11.5

Summary Of Real Estate Subject To Operating Leases

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

	March 31, 2015			December 31, 2014
Land and improvements	$	1,816,363		$	1,783,822
Buildings and improvements	3,515,904			3,414,570
Leasehold interests	1,290			1,290
	5,333,557			5,199,682
Less accumulated depreciation and amortization	(538,435		)	(511,667		)
	4,795,122			4,688,015
Work in progress	28,033			28,908
	$	4,823,155		$	4,716,923

Disclosure of Long Lived Assets Held-for-sale

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

	March 31, 2015			December 31, 2014
Land and improvements	$	3,592		$	3,918
Building and improvements	2,461			4,765
	6,053			8,683
Less accumulated depreciation and amortization	(757		)	(1,509		)
Less impairment	(565		)	(1,022		)
	$	4,731		$	6,152

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 March 31,
	2015				2014
	# of Sold Properties	Gain			# of Sold Properties	Gain
Gain on disposition of real estate	6	$	7,230		2	$	1,954
Income tax expense		(30		)		(198		)
		7,200				1,756
Gain on disposition of real estate included in discontinued operations	—	—			2	9			(1)
		$	7,200			$	1,765

⁽¹⁾ Amount includes deferred gain on previously sold properties.

Real Estate Funding Commitments

These construction commitments, as of March 31, 2015, are outlined in the table below (dollars in thousands):

Number of properties	30
Total commitment(1)	$	119,818
Amount funded	$	57,027
Remaining commitment	$	62,791

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

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 March 31,
	2015		2014
Continuing operations	$	1,028	$	396
Discontinued operations	—		63
	$	1,028	$	459