Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

Real Estate [Abstract]

Classification of Investment Property Leases

The following outlines key information for NNN’s leases:

	March 31, 2016
Lease classification:
Operating	2,330
Direct financing	10
Building portion – direct financing/land portion – operating	2
Weighted average remaining lease term (years)	11.3

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, 2016			December 31, 2015
Land and improvements	$	1,944,175		$	1,922,579
Buildings and improvements	4,020,538			3,891,239
Leasehold interests	4,565			1,290
	5,969,278			5,815,108
Less accumulated depreciation and amortization	(650,377		)	(620,188		)
	5,318,901			5,194,920
Work in progress	24,532			61,354
	$	5,343,433		$	5,256,274

Disclosure of Long Lived Assets Held-for-sale

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

	March 31, 2016		December 31, 2015
Land and improvements	$	627	$	9,419
Building and improvements	—		27,881
	627		37,300
Less accumulated depreciation and amortization	—		(4,419		)
Less impairment	—		(215		)
	$	627	$	32,666

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,
	2016			2015
	# of Sold Properties	Gain		# of Sold Properties	Gain
Gain on disposition of real estate	10	$	16,875	6	$	7,230
Income tax expense		—			(30		)
		$	16,875		$	7,200

Real Estate Funding Commitments

These construction commitments, as of March 31, 2016, are outlined in the table below (dollars in thousands):

Number of properties	19
Total commitment(1)	$	63,465
Amount funded	$	40,147
Remaining commitment	$	23,318

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