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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Rental income from operating leases $ 462,346 $ 414,043 $ 372,913
Earned income from direct financing leases 1,506 1,725 1,955
Percentage rent 1,430 1,074 1,556
Real estate expense reimbursement from tenants 14,868 13,875 13,340
Interest and other income from real estate transactions 986 2,296 1,471
Interest income on commercial mortgage residual interests 1,778 1,834 2,290
Total revenues 482,914 434,847 393,525
Operating expenses:      
General and administrative 34,736 32,518 31,095
Real estate 19,774 18,905 18,497
Depreciation and amortization 134,798 116,162 99,274
Impairment – commercial mortgage residual interests valuation 531 256 1,185
Impairment losses and other charges, net of recoveries 4,420 760 3,580
Total operating expenses 194,259 168,601 153,631
Earnings from operations 288,655 266,246 239,894
Other expenses (revenues):      
Interest and other income (109) (357) (1,493)
Interest expense 90,008 85,510 85,822
Real estate acquisition costs 927 1,391 1,485
Total other expenses (revenues) 90,826 86,544 85,814
Earnings from continuing operations before income tax benefit (expense) 197,829 179,702 154,080
Income tax benefit (expense) (10,318) 75 (74)
Earnings from continuing operations 187,511 179,777 154,006
Earnings from discontinued operations, net of income tax expense 0 124 5,972
Earnings before gain on disposition of real estate, net of income tax expense 187,511 179,901 159,978
Gain on disposition of real estate, net of income tax expense 10,450 11,269 107
Earnings including noncontrolling interests 197,961 191,170 160,085
Loss (earnings) attributable to noncontrolling interests:      
Continuing operations (125) (569) 223
Discontinued operations 0 0 (163)
Net loss (income) attributable to noncontrolling interest (125) (569) 60
Net earnings attributable to NNN 197,836 190,601 160,145
Net earnings attributable to common stockholders $ 162,402 $ 155,167 $ 132,222
Basic:      
Continuing operations (in dollars per share) $ 1.21 $ 1.24 $ 1.06
Discontinued operations (in dollars per share) 0.00 0.00 0.05
Net earnings (in dollars per share) 1.21 1.24 1.11
Diluted:      
Continuing operations (in dollars per share) 1.20 1.24 1.05
Discontinued operations (in dollars per share) 0.00 0.00 0.05
Net earnings (in dollars per share) $ 1.20 $ 1.24 $ 1.10
Weighted average number of common shares outstanding:      
Weighted average number of shares outstanding used in basic earnings per share (in shares) 133,998,674 124,257,558 118,204,148
Weighted average number of shares outstanding used in diluted earnings per share (shares) 134,489,416 124,710,226 119,864,824
Other comprehensive income:      
Net earnings attributable to NNN $ 197,836 $ 190,601 $ 160,145
Amortization of interest rate hedges 1,902 1,129 438
Fair value forward starting swaps (13,369) (6,312) (3,141)
Net gain (loss) – commercial mortgage residual interests (339) 1,038 (438)
Net gain (loss) – available-for-sale securities 112 (8) 69
Reclassification of noncontrolling interests 0 0 949
Comprehensive income attributable to NNN 186,142 186,448 158,022
Series D Preferred Stock      
Loss (earnings) attributable to noncontrolling interests:      
Preferred stock dividends (19,047) (19,047) (19,047)
Series E Preferred Stock      
Loss (earnings) attributable to noncontrolling interests:      
Preferred stock dividends $ (16,387) $ (16,387) $ (8,876)