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Organization and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 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").
 
June 30, 2016
Property Portfolio:
 
Total properties
2,452

Gross leasable area (square feet)
26,326,000

States
48

Weighted average remaining lease term (years)
11.4
Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of (dollars in thousands):
 
June 30, 2016
 
December 31, 2015
Intangible lease assets (included in Other assets):
 
 
 
Value of above market in-place leases, net
$
10,231

 
$
10,883

Value of in-place leases, net
59,611

 
61,359

Intangible lease liabilities (included in Other liabilities):
 
 
 
Value of below market in-place leases, net
24,009

 
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 June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Basic and Diluted Earnings:
 
 
 
 
 
 
 
Net earnings attributable to NNN
$
51,942

 
$
46,188

 
$
122,625

 
$
100,167

Less: Series D preferred stock dividends
(4,762
)
 
(4,762
)
 
(9,523
)
 
(9,523
)
Less: Series E preferred stock dividends
(4,096
)
 
(4,096
)
 
(8,194
)
 
(8,194
)
Net earnings available to NNN’s common stockholders
43,084

 
37,330

 
104,908

 
82,450

Less: Earnings allocated to unvested restricted shares
(177
)
 
(176
)
 
(326
)
 
(340
)
Net earnings used in basic and diluted earnings per share
$
42,907

 
$
37,154

 
$
104,582

 
$
82,110

 
 
 
 
 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
Weighted average number of shares outstanding
144,315,093

 
134,163,959

 
142,946,299

 
133,313,523

Less: Unvested restricted stock
(406,170
)
 
(420,417
)
 
(374,701
)
 
(404,463
)
Less: Unvested contingent shares
(465,548
)
 
(476,250
)
 
(429,608
)
 
(438,360
)
Weighted average number of shares outstanding used in basic earnings per share
143,443,375

 
133,267,292

 
142,141,990

 
132,470,700

Other dilutive securities
533,337

 
333,364

 
551,795

 
354,100

Weighted average number of shares outstanding used in diluted earnings per share
143,976,712

 
133,600,656

 
142,693,785

 
132,824,800
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)
312

 
(182
)
 
553

 
683

Reclassifications from accumulated other comprehensive income to net earnings
1,402

(3) 
289

(4) 
—

 
1,691

Net current period other comprehensive income
1,714

 
107

 
553

 
2,374

Ending balance, June 30, 2016
$
(23,332
)
 
$
4,561

 
$
793

 
$
(17,978
)
(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.