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Organization and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Summary of NNN's Investment Portfolio
NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").
 
March 31, 2016
Property Portfolio:
 
Total properties
2,293

Gross leasable area (square feet)
25,401,000

States
47

Weighted average remaining lease term (years)
11.3
Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of (dollars in thousands):
 
March 31, 2016
 
December 31, 2015
Intangible lease assets (included in Other assets):
 
 
 
Value of above market in-place leases, net
$
10,619

 
$
10,883

Value of in-place leases, net
60,530

 
61,359

Intangible lease liabilities (included in Other liabilities):
 
 
 
Value of below market in-place leases, net
24,538

 
25,767
Computation of Basic and Diluted Earnings Per Share
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands):
 
Quarter Ended March 31,
 
2016
 
2015
Basic and Diluted Earnings:
 
 
 
Net earnings attributable to NNN
$
70,683

 
$
53,978

Less: Series D preferred stock dividends
(4,762
)
 
(4,762
)
Less: Series E preferred stock dividends
(4,097
)
 
(4,097
)
Net earnings available to NNN’s common stockholders
61,824

 
45,119

Less: Earnings allocated to unvested restricted shares
(151
)
 
(163
)
Net earnings used in basic and diluted earnings per share
$
61,673

 
$
44,956

 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
Weighted average number of shares outstanding
141,577,504

 
132,453,638

Less: Unvested restricted stock
(343,466
)
 
(388,331
)
Less: Unvested contingent shares
(393,667
)
 
(400,049
)
Weighted average number of shares outstanding used in basic earnings per share
140,840,371

 
131,665,258

Other dilutive securities
485,632

 
444,707

Weighted average number of shares outstanding used in diluted earnings per share
141,326,003

 
132,109,965
Schedule of AOCI
The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
 
Gains or Losses on Cash Flow Hedges (1)
 
Gains and Losses on Commercial Mortgage Residual Interests (2)
 
Gains and Losses on Available-for-Sale Securities
 
Total
Beginning balance, December 31, 2015
$
(25,046
)
 
$
4,454

 
$
240

 
$
(20,352
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
—

 
(234
)
 
174

 
(60
)
Reclassifications from accumulated other comprehensive income to net earnings
695

(3) 
59

(4) 
—

 
754

Net current period other comprehensive income (loss)
695

 
(175
)
 
174

 
694

Ending balance, March 31, 2016
$
(24,351
)
 
$
4,279

 
$
414

 
$
(19,658
)
(1) Additional disclosure is included in Note 6 – Derivatives.
(2) Additional disclosure is included in Note 7 – Fair Value Measurements.
(3) Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.
(4) Reclassifications out of other comprehensive income are recorded in Impairment on the Condensed Consolidated Statements of Income and Comprehensive Income. There is no income tax expense (benefit) resulting from this reclassification.