XML 39 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements Of Income and Comprehensive Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:    
Rental income from operating leases $ 111,474us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue $ 99,055us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue
Earned income from direct financing leases 405us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue 443us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue
Percentage rent 185us-gaap_PercentageRent 90us-gaap_PercentageRent
Real estate expense reimbursement from tenants 3,515us-gaap_TenantReimbursements 3,232us-gaap_TenantReimbursements
Interest and other income from real estate transactions 163us-gaap_InterestIncomeOperating 792us-gaap_InterestIncomeOperating
Interest income on commercial mortgage residual interests 445us-gaap_OtherIncome 452us-gaap_OtherIncome
Total revenues 116,187us-gaap_Revenues 104,064us-gaap_Revenues
Operating expenses:    
General and administrative 8,605us-gaap_GeneralAndAdministrativeExpense 8,706us-gaap_GeneralAndAdministrativeExpense
Real estate 4,759us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 4,340us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
Depreciation and amortization 32,141us-gaap_DepreciationAndAmortization 28,012us-gaap_DepreciationAndAmortization
Impairment – commercial mortgage residual interests valuation 0us-gaap_ImpairmentOfRetainedInterest 158us-gaap_ImpairmentOfRetainedInterest
Impairment losses 1,028nnn_ImpairmentLossesAndOtherChargesContinuingOperations 396nnn_ImpairmentLossesAndOtherChargesContinuingOperations
Total operating expenses 46,533us-gaap_OperatingExpenses 41,612us-gaap_OperatingExpenses
Earnings from operations 69,654us-gaap_OperatingIncomeLoss 62,452us-gaap_OperatingIncomeLoss
Other expenses (revenues):    
Interest and other income (11)us-gaap_InvestmentIncomeNet (63)us-gaap_InvestmentIncomeNet
Interest expense 21,786us-gaap_InterestExpense 20,278us-gaap_InterestExpense
Real estate acquisition costs 599us-gaap_BusinessCombinationAcquisitionRelatedCosts 209us-gaap_BusinessCombinationAcquisitionRelatedCosts
Total other expenses (revenues) 22,374us-gaap_OtherNonoperatingIncomeExpense 20,424us-gaap_OtherNonoperatingIncomeExpense
Earnings from continuing operations before income tax benefit (expense) 47,280us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 42,028us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax benefit (expense) (442)us-gaap_IncomeTaxExpenseBenefit 93us-gaap_IncomeTaxExpenseBenefit
Earnings from continuing operations 46,838us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 42,121us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Loss from discontinued operations, net of income tax expense 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax (36)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Earnings before gain on disposition of real estate, net of income tax expense 46,838us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges 42,085us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
Gain on disposition of real estate, net of income tax expense 7,200us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes 1,756us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
Earnings including noncontrolling interests 54,038us-gaap_ProfitLoss 43,841us-gaap_ProfitLoss
Earnings attributable to noncontrolling interests:    
Continuing operations (60)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity (508)us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
Net earnings attributable to NNN 53,978us-gaap_NetIncomeLoss 43,333us-gaap_NetIncomeLoss
Net earnings attributable to common stockholders 45,119us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic 34,474us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Basic:    
Continuing operations (in dollars per share) $ 0.34us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.28us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Net earnings (in dollars per share) $ 0.34us-gaap_EarningsPerShareBasic $ 0.28us-gaap_EarningsPerShareBasic
Diluted:    
Continuing operations (in dollars per share) $ 0.34us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.28us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Net earnings (in dollars per share) $ 0.34us-gaap_EarningsPerShareDiluted $ 0.28us-gaap_EarningsPerShareDiluted
Weighted average number of common shares outstanding:    
Basic (in shares) 131,665,258us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 121,575,983us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 132,109,965us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 121,866,951us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Other comprehensive income:    
Net earnings attributable to NNN 53,978us-gaap_NetIncomeLoss 43,333us-gaap_NetIncomeLoss
Amortization of interest rate hedges 414nnn_AmortizationOfInterestRateHedges 135nnn_AmortizationOfInterestRateHedges
Fair value forward starting swaps 0us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax (3,373)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
Net gain (loss) – commercial mortgage residual interests (346)us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 684us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
Net gain – available-for-sale securities 73us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent 115us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
Comprehensive income attributable to NNN 54,119us-gaap_ComprehensiveIncomeNetOfTax 40,894us-gaap_ComprehensiveIncomeNetOfTax
Series D Preferred Stock    
Earnings attributable to noncontrolling interests:    
Dividends (4,762)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesDPreferredStockMember
[1] (4,762)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesDPreferredStockMember
[1]
Series E Preferred Stock    
Earnings attributable to noncontrolling interests:    
Dividends $ (4,097)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
[1] $ (4,097)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
[1]
[1] The Series D and E preferred stock have no maturity date and will remain outstanding unless redeemed.