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Real Estate (Tables)
 12 Months Ended
Dec. 31, 2016
Real Estate [Abstract]  
Classification of Investment Property Leases
The following outlines key information for NNN’s leases at December 31, 2016:
 
Lease classification:
 
Operating
2,566

Direct financing
9

Building portion – direct financing/land portion – operating
2

Weighted average remaining lease term (years)
11.6
Summary of Real Estate Subject to Operating Leases
Real estate subject to operating leases consisted of the following as of December 31 (dollars in thousands):
 
2016
 
2015
Land and improvements
$
2,102,915

 
$
1,909,569

Buildings and improvements
4,489,248

 
3,876,986

Leasehold interests
4,565

 
1,290

 
6,596,728

 
5,787,845

Less accumulated depreciation and amortization
(739,505
)
 
(617,786
)
 
5,857,223

 
5,170,059

Work in progress
24,057

 
61,354

 
$
5,881,280

 
$
5,231,413
Schedule of Future Minimum Lease Payments for Capital Leases
The following is a schedule of future minimum lease payments to be received on noncancellable operating leases at December 31, 2016 (dollars in thousands):
 
2017
$
535,048

2018
522,708

2019
508,143

2020
490,805

2021
470,388

Thereafter
3,721,409

 
$
6,248,501
Net Investment in Direct Financing Leases
The following lists the components of net investment in direct financing leases at December 31 (dollars in thousands):
 
 
2016
 
2015
Minimum lease payments to be received
$
11,200

 
$
13,900

Estimated unguaranteed residual values
5,664

 
7,589

Less unearned income
(5,634
)
 
(6,971
)
Net investment in direct financing leases
$
11,230

 
$
14,518
Schedule of Future Minimum Lease Receivables for Financing Leases
The following is a schedule of future minimum lease payments to be received on direct financing leases held for investment at December 31, 2016 (dollars in thousands):
 
2017
$
1,862

2018
1,834

2019
1,512

2020
1,043

2021
719

Thereafter
4,230

 
$
11,200
Disclosure of Long Lived Assets Held-for-sale
Real estate held for sale consisted of the following as of December 31 (dollars in thousands):
 
2016
 
2015
Land and improvements
$
14,114

 
$
23,024

Building and improvements
15,446

 
43,327

 
29,560

 
66,351

Less accumulated depreciation and amortization
(2,962
)
 
(6,821
)
Less impairment
(2,748
)
 
(2,003
)
 
$
23,850

 
$
57,527
Disclosure of Long Lived Assets Held-for-sale, Gains Recognized
The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties for the years ended December 31 (dollars in thousands):
 
2016
 
2015
 
2014
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
Gain on disposition of real estate
38
 
$
27,182

 
19
 
$
10,807

(1) 
25
 
$
11,587

 
Income tax expense
 
 
—

 
 
 
(357
)
 
 
 
(318
)
 
 
 
 
27,182

 
 
 
10,450

 
 
 
11,269

 
Gain on disposition of real estate included in discontinued operations
—
 
—

 
—
 
—

 
2
 
155

(1) 
Income tax expense
 
 
—

 
 
 
—

 
 
 
—

 
 
 
 
$
27,182

 
 
 
$
10,450

 
 
 
$
11,424

 
(1) Amount includes the recognition of deferred gains on previously sold properties.
Remaining Funding Commitments
These construction commitments, at December 31, 2016, are outlined in the table below (dollars in thousands):
Total commitment(1)
 
$
114,206

Amount funded
 
$
54,782

Remaining commitment
 
$
59,424

(1)
Includes land, construction costs, tenant improvements and lease costs.
Real Estate Impairments
As a result of the Company’s review of long lived assets, including identifiable intangible assets, NNN recognized the following real estate impairments for the years ended December 31 (dollars in thousands):
 
 
2016
 
2015
 
2014
Continuing operations
$
8,025

 
$
3,970

 
$
760

Discontinued operations
—

 
—

 
63

 
$
8,025

 
$
3,970

 
$
823