XML 24 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Earnings including noncontrolling interests $ 197,961 $ 191,170 $ 160,085
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 134,798 116,165 99,617
Impairment losses and other charges 4,420 823 4,106
Impairment – commercial mortgage residual interests valuation 531 256 1,185
Amortization of notes payable discount 1,306 1,238 3,188
Amortization of debt costs 2,915 2,782 3,118
Amortization of mortgages payable premium (207) (93) (57)
Amortization of deferred interest rate hedges 1,902 1,129 438
Interest rate hedge payment (13,369) (6,312) (3,141)
Gain on disposition of real estate (10,807) (11,742) (6,445)
Deferred income taxes 10,488 58 800
Performance incentive plan expense 10,474 9,841 8,518
Performance incentive plan payment (676) (2,808) (2,138)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:      
Additions to held for sale real estate 0 0 (1,029)
Decrease in real estate leased to others using the direct financing method 1,277 1,368 1,573
Decrease in mortgages, notes and accrued interest receivable 74 76 641
Decrease (increase) in receivables (335) 16 62
Decrease (increase) in accrued rental income (368) (1,731) 165
Decrease (increase) in other assets 4,996 (2,256) 400
Increase (decrease) in accrued interest payable 2,717 254 (385)
Increase (decrease) in other liabilities (6,610) (4,746) 3,841
Other (392) 1,245 (121)
Net cash provided by operating activities 341,095 296,733 274,421
Cash flows from investing activities:      
Proceeds from the disposition of real estate 38,502 58,853 60,626
Additions to real estate:      
Accounted for using the operating method (683,243) (602,780) (637,417)
Increase in mortgages and notes receivable 0 (7,246) (3,857)
Principal payments on mortgages and notes receivable 2,363 13,346 14,617
Other (2,166) (3,731) (2,009)
Net cash used in investing activities (644,544) (541,558) (568,040)
Cash flows from financing activities:      
Proceeds from line of credit payable 1,262,400 678,500 601,800
Repayment of line of credit payable (1,262,400) (724,900) (729,600)
Repayment of mortgages payable (2,035) (1,151) (1,070)
Proceeds from notes payable 399,036 349,293 347,406
Repayment of notes payable (150,000) (150,000) 0
Repayment of notes payable – convertible 0 0 (246,797)
Payment of debt costs (3,654) (6,321) (3,265)
Proceeds from issuance of common stock 332,117 360,072 267,613
Stock issuance costs (4,198) (10,726) (13,529)
Payment of common stock dividends (228,699) (204,157) (189,107)
Noncontrolling interest contributions 334 0 0
Noncontrolling interest distributions (362) (1,232) 0
Net cash provided by financing activities 307,105 253,944 293,028
Net increase (decrease) in cash and cash equivalents 3,656 9,119 (591)
Cash and cash equivalents at beginning of year 10,604 1,485 2,076
Cash and cash equivalents at end of year 14,260 10,604 1,485
Supplemental disclosure of cash flow information:      
Interest paid, net of amount capitalized 83,758 81,829 80,930
Taxes paid 234 59 360
Supplemental disclosure of noncash investing and financing activities:      
Issued 2,407,911 shares of common stock for conversion premium on 2028 Notes 0 0 85,224
Issued 285,263, 386,433 and 315,501 shares of restricted and unrestricted common stock in 2015, 2014 and 2013, respectively, pursuant to NNN’s performance incentive plan 8,990 10,884 8,800
Issued 16,010, 16,016 and 12,308 shares of common stock in 2015, 2014 and 2013, respectively, pursuant to NNN’s Deferred Director Fee Plan 287 263 162
Surrender of 241 shares of restricted common stock in 2013 0 0 7
Change in other comprehensive income 11,694 4,153 2,123
Change in lease classification (direct financing lease to operating lease) 1,179 0 1,156
Mortgages payable assumed in connection with real estate transactions 0 17,254 0
Mortgage receivable accepted in connection with real estate transactions 500 62 750
Note receivable accepted in connection with real estate transactions 0 70 0
Series D Preferred Stock      
Cash flows from financing activities:      
Payment of preferred stock dividends (19,047) (19,047) (19,047)
Series E Preferred Stock      
Cash flows from financing activities:      
Proceeds from issuance of preferred stock 0 0 287,500
Payment of preferred stock dividends $ (16,387) $ (16,387) $ (8,876)