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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues:    
Rental income from operating leases $ 121,645 $ 111,474
Earned income from direct financing leases 356 405
Percentage rent 474 185
Real estate expense reimbursement from tenants 3,590 3,515
Interest and other income from real estate transactions 463 163
Interest income on commercial mortgage residual interests 452 445
Total revenues 126,980 116,187
Operating expenses:    
General and administrative 9,249 8,605
Real estate 4,787 4,759
Depreciation and amortization 34,655 32,141
Impairment – commercial mortgage residual interests valuation 220 0
Impairment losses, net of recoveries 572 1,028
Total operating expenses 49,483 46,533
Earnings from operations 77,497 69,654
Other expenses (revenues):    
Interest and other income (19) (11)
Interest expense 23,586 21,786
Real estate acquisition costs 129 599
Total other expenses (revenues) 23,696 22,374
Earnings before income tax expense 53,801 47,280
Income tax expense 0 (442)
Earnings before gain on disposition of real estate, net of income tax expense 53,801 46,838
Gain on disposition of real estate, net of income tax expense 16,875 7,200
Earnings including noncontrolling interests 70,676 54,038
Loss (earnings) attributable to noncontrolling interests 7 (60)
Net earnings attributable to NNN 70,683 53,978
Net earnings attributable to common stockholders $ 61,824 $ 45,119
Net earnings per share of common stock:    
Basic (in dollars per share) $ 0.44 $ 0.34
Diluted (in dollars per share) $ 0.44 $ 0.34
Weighted average number of common shares outstanding:    
Basic (in shares) 140,840,371 131,665,258
Diluted (in shares) 141,326,003 132,109,965
Other comprehensive income:    
Net earnings attributable to NNN $ 70,683 $ 53,978
Amortization of interest rate hedges 695 414
Net loss – commercial mortgage residual interests (175) (346)
Net gain – available-for-sale securities 174 73
Comprehensive income attributable to NNN 71,377 54,119
Series D Preferred Stock    
Other expenses (revenues):    
Dividends [1] (4,762) (4,762)
Series E Preferred Stock    
Other expenses (revenues):    
Dividends [1] $ (4,097) $ (4,097)
[1] The Series D and E preferred stock have no maturity date and will remain outstanding unless redeemed. The earliest redemption date for the Series D and Series E preferred stock is February 2017 and May 2018, respectively.