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Real Estate (Tables)
 9 Months Ended
Sep. 30, 2016
Real Estate [Abstract]  
Classification of Investment Property Leases
The following outlines key information for NNN’s leases:
 
September 30, 2016
Lease classification:
 
Operating
2,531

Direct financing
10

Building portion – direct financing/land portion – operating
2

Weighted average remaining lease term (years)
11.5
Summary of Real Estate Subject to Operating Leases
Real estate subject to operating leases consisted of the following as of (dollars in thousands):
 
September 30, 2016
 
December 31, 2015
Land and improvements
$
2,049,072

 
$
1,904,646

Buildings and improvements
4,304,319

 
3,871,920

Leasehold interests
4,565

 
1,290

 
6,357,956

 
5,777,856

Less accumulated depreciation and amortization
(705,812
)
 
(615,121
)
 
5,652,144

 
5,162,735

Work in progress
25,737

 
61,354

 
$
5,677,881

 
$
5,224,089
Disclosure of Long Lived Assets Held-for-sale
Real estate held for sale consisted of the following as of (dollars in thousands):
 
September 30, 2016
 
December 31, 2015
Land and improvements
$
19,201

 
$
27,946

Building and improvements
20,512

 
48,394

 
39,713

 
76,340

Less accumulated depreciation and amortization
(5,703
)
 
(9,486
)
Less impairment
(4,776
)
 
(2,003
)
 
$
29,234

 
$
64,851
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 September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
Gain on disposition of real estate
7
 
$
4,505

 
5
 
$
1,970

 
24
 
$
22,558

 
14
 
$
9,231

 
Income tax expense
 
 
—

 
 
 
(56
)
 
 
 
—

 
 
 
(86
)
 
 
 
 
$
4,505

 
 
 
$
1,914

 
 
 
$
22,558

 
 
 
$
9,145

 
Real Estate Funding Commitments
These construction commitments, as of September 30, 2016, are outlined in the table below (dollars in thousands):
Number of properties
25

Total commitment(1)
$
85,350

Amount funded
$
51,021

Remaining commitment
$
34,329

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