0000751364-17-000070.txt : 20170502 0000751364-17-000070.hdr.sgml : 20170502 20170502160513 ACCESSION NUMBER: 0000751364-17-000070 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170502 DATE AS OF CHANGE: 20170502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL RETAIL PROPERTIES, INC. CENTRAL INDEX KEY: 0000751364 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 561431377 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11290 FILM NUMBER: 17804968 BUSINESS ADDRESS: STREET 1: 450 S ORANGE AVE STREET 2: SUITE 900 CITY: ORLANDO STATE: FL ZIP: 32801 BUSINESS PHONE: 407-666-7348 MAIL ADDRESS: STREET 1: 450 SOUTH ORANGE AVE STREET 2: SUITE 900 CITY: ORLANDO STATE: FL ZIP: 32801 FORMER COMPANY: FORMER CONFORMED NAME: COMMERCIAL NET LEASE REALTY INC DATE OF NAME CHANGE: 19930510 FORMER COMPANY: FORMER CONFORMED NAME: CNL REALTY INVESTORS INC /DE/ DATE OF NAME CHANGE: 19930429 FORMER COMPANY: FORMER CONFORMED NAME: CNL REALTY INVESTORS INC DATE OF NAME CHANGE: 19920831 10-Q 1 a20170331form10-q.htm FORM 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2017
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                      to                     
Commission file number 001-11290
NATIONAL RETAIL PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
(State or other jurisdiction of
incorporation or organization)
56-1431377
(I.R.S. Employer Identification No.)
450 South Orange Avenue, Suite 900
Orlando, Florida 32801
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (407) 265-7348

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x     No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer  x
  
Accelerated filer  ¨
  
Non-accelerated filer  ¨
  
Smaller reporting company  ¨
Emerging growth company ¨
 


 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x
Indicate the number of shares outstanding of each of the issuer's classes of common stock as of the latest practicable date.
149,139,470 shares of common stock, $0.01 par value, outstanding as of April 27, 2017.




TABLE OF CONTENTS
 


PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements
NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
 
March 31, 2017

December 31, 2016
ASSETS
(unaudited)
 
 
Real estate portfolio:
 
 
 
Accounted for using the operating method, net of accumulated depreciation and amortization
$
5,944,220

 
$
5,875,488

Accounted for using the direct financing method
10,303

 
11,230

Real estate held for sale
7,263

 
29,642

Cash and cash equivalents
34,418

 
294,540

Receivables, net of allowance of $1,840 and $1,006, respectively
3,111

 
3,418

Accrued rental income, net of allowance of $3,078
25,549

 
25,101

Debt costs, net of accumulated amortization of $11,616 and $11,268, respectively
2,394

 
2,715

Other assets
87,514

 
92,017

Total assets
$
6,114,772

 
$
6,334,151

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Mortgages payable, including unamortized premium and net of unamortized debt costs
$
13,734

 
$
13,878

Notes payable, net of unamortized discount and unamortized debt costs
2,298,755

 
2,297,811

Accrued interest payable
36,379

 
19,665

Other liabilities
90,973

 
85,869

Total liabilities
2,439,841

 
2,417,223

 


 


Equity:
 
 
 
Stockholders’ equity:
 
 
 
Preferred stock, $0.01 par value. Authorized 15,000,000 shares
 
 
 
6.625% Series D, 115,000 shares issued and outstanding at December 31, 2016, at stated liquidation value of $2,500 per share
—

 
287,500

5.700% Series E, 115,000 shares issued and outstanding, at stated liquidation value of $2,500 per share
287,500

 
287,500

5.200% Series F, 138,000 shares issued and outstanding, at stated liquidation value of $2,500 per share
345,000

 
345,000

Common stock, $0.01 par value. Authorized 375,000,000 shares; 148,578,933 and 147,149,945 shares issued and outstanding, respectively
1,487

 
1,473

Capital in excess of par value
3,383,461

 
3,322,771

Accumulated deficit
(334,413
)
 
(319,254
)
Accumulated other comprehensive income (loss)
(8,224
)
 
(8,191
)
Total stockholders’ equity of NNN
3,674,811

 
3,916,799

Noncontrolling interests
120

 
129

Total equity
3,674,931

 
3,916,928

Total liabilities and equity
$
6,114,772

 
$
6,334,151

See accompanying notes to condensed consolidated financial statements.

3

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(dollars in thousands, except per share data)
(Unaudited)

 
Quarter Ended March 31,
  
2017
 
2016
Revenues:
 
 
 
Rental income from operating leases
$
136,493

 
$
121,645

Earned income from direct financing leases
257

 
356

Percentage rent
548

 
474

Real estate expense reimbursement from tenants
3,860

 
3,590

Interest and other income from real estate transactions
189

 
463

Interest income on commercial mortgage residual interests
85

 
452

 
141,432

 
126,980

Operating expenses:
 
 
 
General and administrative
8,919

 
9,249

Real estate
5,663

 
4,787

Depreciation and amortization
40,143

 
34,655

Impairment – commercial mortgage residual interests valuation
—

 
220

Impairment losses – real estate and other charges, net of recoveries
1,206

 
572

 
55,931

 
49,483

Earnings from operations
85,501

 
77,497

Other expenses (revenues):
 
 
 
Interest and other income
(137
)
 
(19
)
Interest expense
26,614

 
23,586

Real estate acquisition costs
—

 
129

 
26,477

 
23,696

Earnings before gain on disposition of real estate
59,024

 
53,801

Gain on disposition of real estate
14,624

 
16,875

Earnings including noncontrolling interests
73,648

 
70,676

Loss attributable to noncontrolling interests
9

 
7

Net earnings attributable to NNN
$
73,657

 
$
70,683

 
See accompanying notes to condensed consolidated financial statements. 

4

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - CONTINUED
(dollars in thousands, except per share data)
(Unaudited)

            
 
Quarter Ended March 31,
  
2017
 
2016
 
 
 
 
Net earnings attributable to NNN
$
73,657

 
$
70,683

Series D preferred stock dividends
(3,598
)
 
(4,762
)
Series E preferred stock dividends
(4,097
)
 
(4,097
)
Series F preferred stock dividends
(4,485
)
 
—

Excess of redemption value over carrying value of Series D preferred shares redeemed
(9,855
)
 
$
—

Net earnings attributable to common stockholders
$
51,622

 
$
61,824

Net earnings per share of common stock:
 
 
 
Basic
$
0.35

 
$
0.44

Diluted
$
0.35

 
$
0.44

Weighted average number of common shares outstanding:
 
 
 
Basic
146,929,678

 
140,840,371

Diluted
147,279,537

 
141,326,003

Other comprehensive income:
 
 
 
Net earnings attributable to NNN
$
73,657

 
$
70,683

Amortization of interest rate hedges
447

 
695

Fair value forward starting swaps
(554
)
 
—

Net loss – commercial mortgage residual interests
—

 
(175
)
Net gain – available-for-sale securities
74

 
174

Comprehensive income attributable to NNN
$
73,624

 
$
71,377


See accompanying notes to condensed consolidated financial statements.


5

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)


 
Quarter Ended March 31,
 
2017
 
2016
Cash flows from operating activities:
 
 
 
Earnings including noncontrolling interests
$
73,648

 
$
70,676

Adjustments to reconcile earnings including noncontrolling interests to net cash provided by operating activities:
 
 
 
Depreciation and amortization
40,143

 
34,655

Impairment losses – real estate and other charges, net of recoveries
1,206

 
572

Impairment – commercial mortgage residual interests valuation
—

 
220

Amortization of notes payable discount
437

 
338

Amortization of debt costs
859

 
756

Amortization of mortgages payable premium
(21
)
 
(51
)
Amortization of deferred interest rate hedges
447

 
695

Gain on disposition of real estate
(14,624
)
 
(16,875
)
Performance incentive plan expense
2,755

 
2,880

Performance incentive plan payment
(862
)
 
(581
)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
 
 
 
Decrease in real estate leased to others using the direct financing method
231

 
340

Increase in mortgages, notes and accrued interest receivable
—

 
(24
)
Decrease in receivables
307

 
471

Increase in accrued rental income
(675
)
 
(242
)
Decrease (increase) in other assets
453

 
(161
)
Increase in accrued interest payable
16,714

 
13,524

Decrease in other liabilities
(3,701
)
 
(4,457
)
Other
(125
)
 
(313
)
Net cash provided by operating activities
117,192

 
102,423

Cash flows from investing activities:
 
 
 
Proceeds from the disposition of real estate
39,251

 
50,902

Additions to real estate:
 
 
 
Accounted for using the operating method
(98,058
)
 
(126,577
)
Principal payments on mortgages and notes receivable
—

 
95

Other
(40
)
 
(652
)
Net cash used in investing activities
(58,847
)
 
(76,232
)
 
See accompanying notes to condensed consolidated financial statements.


6

NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(dollars in thousands)
(Unaudited)


 
Quarter Ended March 31,
 
2017
 
2016
Cash flows from financing activities:
 
 
 
Proceeds from line of credit payable
$
103,700

 
$
63,500

Repayment of line of credit payable
(103,700
)
 
(63,500
)
Repayment of mortgages payable
(127
)
 
(6,857
)
Payment of debt costs
(92
)
 
—

Proceeds from issuance of common stock
49,011

 
89,135

Stock issuance costs
(798
)
 
(1,380
)
Redemption of Series D preferred stock
(287,500
)
 
—

Payment of Series D preferred stock dividends
(3,598
)
 
(4,762
)
Payment of Series E preferred stock dividends
(4,097
)
 
(4,097
)
Payment of Series F preferred stock dividends
(4,485
)
 
—

Payment of common stock dividends
(66,781
)
 
(61,151
)
Net cash provided by (used in) financing activities
(318,467
)
 
10,888

Net increase (decrease) in cash, cash equivalents and restricted cash
(260,122
)
 
37,079

Cash, cash equivalents and restricted cash at beginning of period(1)
294,540

 
14,260

Cash, cash equivalents and restricted cash at end of period(1)
$
34,418

 
$
51,339

Supplemental disclosure of cash flow information:
 
 
 
Interest paid, net of amount capitalized
$
8,732

 
$
8,835

Taxes received
$
(3
)
 
$
—

Supplemental disclosure of noncash investing and financing activities:
 
 
 
Change in other comprehensive income
$
33

 
$
694

Change in lease classification (direct financing lease to operating lease)
$
696

 
$
—

 
(1) Cash, cash equivalents and restricted cash at the end of the period is the aggregate of Cash and cash equivalents and Restricted cash and cash held in escrow from the Consolidated Balance Sheets. NNN had no restricted cash and cash held in escrow at March 31, 2017 and $43,136 at March 31, 2016.

 
See accompanying notes to condensed consolidated financial statements.

7


NATIONAL RETAIL PROPERTIES, INC.
and SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2017
(Unaudited)

Note 1 – Organization and Summary of Significant Accounting Policies:
Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. The terms "NNN" or the "Company" refer to National Retail Properties, Inc. and all of its consolidated subsidiaries.
NNN's assets primarily include real estate assets. 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").
 
March 31, 2017
Property Portfolio:
 
Total properties
2,543

Gross leasable area (square feet)
27,311,000

States
48

Weighted average remaining lease term (years)
11.4

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles ("GAAP"). The unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Operating results for the quarter ended March 31, 2017, may not be indicative of the results that may be expected for the year ending December 31, 2017. Amounts as of December 31, 2016, included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto as well as Management's Discussion and Analysis of Financial Condition and Results of Operations in NNN's Form 10-K for the year ended December 31, 2016.
Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated.
Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $554,000 and $511,000 in capitalized interest during the development period for the quarters ended March 31, 2017 and 2016, respectively.
Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. Acquisition costs incurred in connection with a business combination are expensed when incurred.
The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the applicable option terms if it is probable that the tenant will

8


exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.
The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.
Intangible assets and liabilities consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Intangible lease assets (included in Other assets):
 
 
 
Value of above-market in-place leases, net
$
8,451

 
$
9,591

Value of in-place leases, net
52,234

 
55,290

Intangible lease liabilities (included in Other liabilities):
 
 
 
Value of below-market in-place leases, net
20,316

 
22,100

Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $650,000,000 line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the line of credit as an asset, in Debt Costs on the Consolidated Balance Sheets.
Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages payable have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $147,000 at March 31, 2017 and December 31, 2016, are included in Mortgages Payable on the Consolidated Balance Sheets net of accumulated amortization of $42,000 and $38,000, respectively.
Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $21,157,000 at March 31, 2017 and December 31, 2016, are included in Notes Payable on the Consolidated Balance Sheets net of accumulated amortization of $6,884,000 and $6,376,000, respectively.
Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share. The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.

9


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 March 31,
 
2017
 
2016
Basic and Diluted Earnings:
 
 
 
Net earnings attributable to NNN
$
73,657

 
$
70,683

Less: Series D preferred stock dividends
(3,598
)
 
(4,762
)
Less: Series E preferred stock dividends
(4,097
)
 
(4,097
)
Less: Series F preferred stock dividends
(4,485
)
 
—

Less: Excess of redemption value over carrying value of Series D preferred shares redeemed
(9,855
)
 
—

Net earnings available to NNN’s common stockholders
51,622

 
61,824

Less: Earnings allocated to unvested restricted shares
(130
)
 
(151
)
Net earnings used in basic and diluted earnings per share
$
51,492

 
$
61,673

 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
Weighted average number of shares outstanding
147,581,522

 
141,577,504

Less: Unvested restricted stock
(285,887
)
 
(343,466
)
Less: Unvested contingent restricted shares
(365,957
)
 
(393,667
)
Weighted average number of shares outstanding used in basic earnings per share
146,929,678

 
140,840,371

Other dilutive securities
349,859

 
485,632

Weighted average number of shares outstanding used in diluted earnings per share
147,279,537

 
141,326,003

Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
•
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
•
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

10


Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
 
Gains or (Losses) on Cash Flow Hedges (1)
 
Gains on Available-for-Sale Securities
 
Total
Beginning balance, December 31, 2016
$
(8,899
)
 
$
708

 
$
(8,191
)
 
 
 
 
 
 
Other comprehensive income (loss)
(554
)
 
74

 
(480
)
Reclassifications from accumulated other comprehensive income to net earnings
447

(2) 
—

 
447

Net current period other comprehensive income (loss)
(107
)
 
74

 
(33
)
Ending balance, March 31, 2017
$
(9,006
)
 
$
782

 
$
(8,224
)
(1) Additional disclosure is included in Note 5 – Derivatives.
(2) Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income.
New Accounting Pronouncements – In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. In March 2016, the FASB issued updated guidance. ASU 2016-08, "Revenue from Contracts with customers (Topic 606) - Principal versus Agent Considerations (Reporting Gross Versus Net)," clarifies the implementation guidance on principal versus agent considerations included within the scope of ASU 2014-09. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, which was issued as a part of ASU 2014-09, to add guidance for partial sales of nonfinancial assets. The guidance permits two methods of adoption: full retrospective approach to each prior reporting period presented, or modified retrospective approach with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The guidance was initially effective January 1, 2017, and early adoption was not permitted. The amended guidance provides for a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. NNN will adopt the guidance on January 1, 2018, and apply the cumulative catch-up transition method. NNN is currently evaluating to determine the potential impact the adoption of ASU 2014-09 and ASU 2016-08 will have on its financial position and results of operations.
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to today’s accounting. The guidance also eliminates today’s real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. NNN is currently evaluating to determine the potential impact the adoption of ASU 2016-02 will have on its financial position or results of operations.
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments in this update provide guidance on certain cash flow classification issues. The objective of the amendment is to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The adoption of ASU 2016-15 will not impact NNN's financial position or results of operations.
In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. The amendments in this update provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. NNN has early adopted ASU 2017-01. The adoption of ASU 2017-01 will not materially impact NNN's financial position or results of operations.
Use of Estimates – Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed

11


consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.

Note 2 – Real Estate:
Real Estate – Portfolio
Leases – The following outlines key information for NNN’s leases:
 
March 31, 2017
Lease classification:
 
Operating
2,581

Direct financing
7

Building portion – direct financing/land portion – operating
2

Weighted average remaining lease term (years)
11.4

The leases generally provide for limited increases in rent as a result of fixed increases, increases in the consumer price index, and/or increases in the tenant’s sales volume. Generally, the tenant is also required to pay all property taxes and assessments, substantially maintain the Property and carry property and liability insurance coverage. Certain of the Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. Generally, the leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions of the base term of the lease, including rent increases.
Real Estate Portfolio – Accounted for Using the Operating Method – Real estate subject to operating leases consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Land and improvements
$
2,123,019

 
$
2,100,367

Buildings and improvements
4,553,023

 
4,485,029

Leasehold interests
5,261

 
4,565

 
6,681,303

 
6,589,961

Less accumulated depreciation and amortization
(773,659
)
 
(738,530
)
 
5,907,644

 
5,851,431

Work in progress
36,576

 
24,057

 
$
5,944,220

 
$
5,875,488


Real Estate – Held For Sale
On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, Property, Plant & Equipment, including management’s intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sales to occur within 12 months. As of March 31, 2017, NNN had four of its Properties categorized as held for sale. NNN's real estate held for sale at December 31, 2016, included 18 Properties, 14 of which were sold in 2017. Real estate held for sale consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Land and improvements
$
4,116

 
$
16,663

Building and improvements
5,981

 
19,913

 
10,097

 
36,576

Less accumulated depreciation and amortization
(1,340
)
 
(3,937
)
Less impairment
(1,494
)
 
(2,997
)
 
$
7,263

 
$
29,642


12


Real Estate – Dispositions
The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
Gain on disposition of real estate
17
 
$
14,624

 
10
 
$
16,875

Real Estate – Commitments
NNN has committed to fund construction commitments on 25 Properties. The improvements are estimated to be completed within 12 months. These construction commitments, as of March 31, 2017, are outlined in the table below (dollars in thousands):
Total commitment(1)
$
110,995

Amount funded
$
67,951

Remaining commitment
$
43,044

(1) Includes land, construction costs, tenant improvements and lease costs.
Real Estate – Impairments
Management periodically assesses its real estate for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are vacant or become vacant in a reasonable period of time. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. As a result of the Company's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries of $1,206,000 and $572,000 for the quarters ended March 31, 2017 and 2016, respectively.

The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.

Note 3 – Line of Credit Payable:
NNN's $650,000,000 unsecured revolving credit facility (the “Credit Facility”) had a weighted average outstanding balance of $6,453,000 and a weighted average interest rate of 1.7% during the quarter ended March 31, 2017. The Credit Facility matures January 2019, unless the Company exercises its option to extend maturity to January 2020. The Credit Facility bears interest at LIBOR plus 92.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature to increase the facility size up to $1,000,000,000, subject to lender approval. As of March 31, 2017, there was no outstanding balance and $650,000,000 was available for future borrowings under the Credit Facility, excluding undrawn letters of credit totaling $230,000.


13


Note 4 – Stockholders' Equity:
In February 2015, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which permits the issuance by NNN of an indeterminate amount of debt and equity securities.
Dividend Reinvestment and Stock Purchase Plan – In February 2015, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 16,000,000 shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
16,320

 
134,150

Net proceeds
$
714

 
$
5,892


At-The-Market Offerings – NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following outlines NNN's ATM programs:
 
2016 ATM
2015 ATM
Established date
March 2016

February 2015

Termination date
March 2019

March 2016

Total allowable shares
12,000,000

10,000,000

Total shares issued as of March 31, 2017
5,310,645

9,852,465

The following table outlines the common stock issuances pursuant to NNN's ATM equity programs (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
1,087,355

 
1,865,260

Average price per share (net)
$
43.92

 
$
44.00

Net proceeds
$
47,757

 
$
82,076

Stock issuance costs(1)
$
743

 
$
1,429

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.

14


Dividends – The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Series D preferred stock(1):
 
 
 
Dividends
$
3,598

 
$
4,762

Per depositary share
0.312847

 
0.414063

 
 
 
 
Series E preferred stock(2):
 
 
 
Dividends
4,097

 
4,097

Per depositary share
0.356250

 
0.356250

 
 
 
 
Series F preferred stock(3):
 
 
 
Dividends
4,485

 
—

Per depositary share
0.325000

 
—

 
 
 
 
Common stock:
 
 
 
Dividends
66,781

 
61,151

Per share
0.455

 
0.435

(1) The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
(2) The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
(3) The Series F preferred stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F preferred stock is October 2021.
In April 2017, NNN declared a dividend of $0.455 per share, which is payable in May 2017 to its common stockholders of record as of April 28, 2017.

Note 5 – Derivatives:
In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or a firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.
NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount.
For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.
NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate.
When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt.

15


The following table outlines NNN's derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):
Terminated
Description
Aggregate Notional Amount
Liability Fair Value When Terminated
Fair Value Deferred In Other Comprehensive Income (1)
September 2007
Two treasury locks
$
100,000

$
3,260

$
3,228

June 2011
Two treasury locks
150,000

5,300

5,218

April 2013
Four forward starting swaps
240,000

3,156

3,141

May 2014
Three forward starting swaps
225,000

6,312

6,312

October 2015
Four forward starting swaps
300,000

13,369

13,369

December 2016
Two forward starting swaps
180,000

(13,352
)
(13,345
)
(1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.
As of March 31, 2017, $8,452,000 remained in other comprehensive income related to the effective portion of NNN’s previous terminated interest rate hedges. During the quarters ended March 31, 2017 and 2016, NNN reclassified out of other comprehensive income $447,000 and $695,000, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $1,664,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt.
During the quarter ended March 31, 2017, NNN entered into one forward starting swap with a total notional amount of $125,000,000 to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. The outstanding forward swap was designated as a cash flow hedge, and at March 31, 2017, has a fair value of ($554,000) included in other liabilities and accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. The fair value of the forward starting swap was based on a Level 2 valuation. No hedge ineffectiveness was recognized during the quarter ended March 31, 2017. This derivative financial instrument was still outstanding as of March 31, 2017.

NNN does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges.

Note 6 – Fair Value of Financial Instruments:
NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages and notes receivable and mortgages payable at March 31, 2017 and December 31, 2016, approximate fair value based upon current market prices of comparable instruments (Level 3). At March 31, 2017 and December 31, 2016, the fair value of NNN’s notes payable net of unamortized discount and excluding debt costs was $2,374,935,000 and $2,367,102,000, respectively, based upon quoted market prices, which is a Level 1 valuation since NNN's debt is publicly traded.

Note 7 – Subsequent Events:
NNN reviewed its subsequent events and transactions that have occurred after March 31, 2017, the date of the condensed consolidated balance sheet. There were no reportable subsequent events or transactions.


16


Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K of National Retail Properties, Inc. for the year ended December 31, 2016. The terms “NNN” and the “Company” refer to National Retail Properties, Inc. and all of its consolidated subsidiaries.

Forward-Looking Statements

The information herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934 (the “Exchange Act”). These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated" or similar words or expressions. Forward-looking statements are not historical facts or guarantees of future performance and are subject to known and unknown risks. Certain factors that could cause actual results or events to differ materially from those NNN anticipates or projects include, but are not limited to, the following:

•
Financial and economic conditions may have an adverse impact on NNN, its tenants, and commercial real estate in general;
•
NNN may be unable to obtain debt or equity capital on favorable terms, if at all;
•
Loss of rent from tenants would reduce NNN's cash flow;
•
A significant portion of the source of the Property Portfolio annual base rent is concentrated in specific industry classifications, tenants and geographic locations;
•
Owning real estate and indirect interests in real estate carries inherent risk;
•
NNN's real estate investments are illiquid;
•
Costs of complying with changes in governmental laws and regulations may adversely affect NNN's results of operations;
•
NNN may be subject to known or unknown environmental liabilities and hazardous materials on Properties owned by NNN;
•
NNN may not be able to successfully execute its acquisition or development strategies;
•
NNN may not be able to dispose of properties consistent with its operating strategy;
•
NNN may suffer a loss in the event of a default of or bankruptcy of a borrower or a tenant;
•
Certain provisions of NNN's leases or loan agreements may be unenforceable;
•
Property ownership through joint ventures and partnerships could limit NNN's control of those investments;
•
Competition from numerous other REITs, commercial developers, real estate limited partnerships and other investors may impede NNN's ability to grow;
•
NNN's loss of key management personnel could adversely affect performance and the value of its securities;
•
Uninsured losses may adversely affect NNN's operating results and asset values;
•
Acts of violence, terrorist attacks or war may affect the markets in which NNN operates and NNN's results of operations;
•
Vacant properties or bankrupt tenants or borrowers could adversely affect NNN's business or financial condition;
•
The amount of debt NNN has and the restrictions imposed by that debt could adversely affect NNN's business and financial condition;
•
NNN is obligated to comply with financial and other covenants in its debt instruments that could restrict its operating activities, and the failure to comply with such covenants could result in defaults that accelerate the payment of such debt;
•
The market value of NNN's equity and debt securities is subject to various factors that may cause significant fluctuations or volatility;
•
NNN's failure to qualify as a REIT for federal income tax purposes could result in significant tax liability;
•
Even if NNN remains qualified as a REIT, NNN faces other tax liabilities that reduce operating results and cash flow;
•
Adverse legislative or regulatory tax changes could reduce NNN's earnings and cash flow and the market price of NNN's securities;
•
Compliance with REIT requirements, including distribution requirements, may limit NNN's flexibility and may negatively affect NNN's operating decisions;
•
Changes in accounting pronouncements could adversely impact NNN's or NNN's tenants' reported financial performance;
•
NNN's failure to maintain effective internal control over financial reporting could have a material adverse effect on its business, operating results and the market value of NNN's securities;
•
NNN's ability to pay dividends in the future is subject to many factors;
•
Cybersecurity risks and cyber incidents could adversely affect NNN's business, disrupt operations and expose NNN to liabilities to tenants, employees, capital providers, and other third parties; and

17


•
Future investment in international markets could subject NNN to additional risks.

Additional information related to these risks and uncertainties are included in Item 1A. Risk Factors of NNN's Annual Report on Form 10-K for the year ended December 31, 2016, and may cause NNN's actual future results to differ materially from expected results. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. NNN undertakes no obligation to update or revise such forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
NNN, a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. NNN's assets primarily include real estate assets. 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" or "Property Portfolio", or individually a "Property").
As of March 31, 2017, NNN owned 2,543 Properties, with an aggregate gross leasable area of approximately 27,311,000 square feet, located in 48 states, with a weighted average remaining lease term of 11.4 years. Approximately 99 percent of the Properties were leased as of March 31, 2017.
NNN’s management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN. The key indicators for NNN include items such as: the composition of the Property Portfolio (such as tenant, geographic and line of trade diversification), the occupancy rate of the Property Portfolio, certain financial performance ratios and profitability measures, and industry trends and performance compared to that of NNN.
NNN evaluates the creditworthiness of its current and prospective tenants. This evaluation includes reviewing available financial statements, store level financial performance, press releases, public credit ratings from major credit rating agencies, industry news publications, financial market data (debt and equity pricing). NNN also evaluates the tenant's business and operations, including periodically meeting with senior management of certain tenants.
NNN continues to maintain its diversification by tenant, geography and tenant’s line of trade. NNN’s largest lines of trade concentrations are the convenience store and restaurant (including full and limited service) sectors. These sectors represent a large part of the freestanding retail property marketplace and NNN’s management believes these sectors present attractive investment opportunities. The Property Portfolio is geographically concentrated in the south and southeast United States, which are regions of historically above-average population growth. Given these concentrations, any financial hardship within these sectors or geographic regions could have a material adverse effect on the financial condition and operating performance of NNN.




18


Results of Operations
Property Analysis
General.  The following table summarizes the Property Portfolio:
 
March 31, 2017
 
December 31, 2016
 
March 31, 2016
Properties Owned:
 
 
 
 
 
Number
2,543

 
2,535

 
2,293

Total gross leasable area (square feet)
27,311,000

 
27,204,000

 
25,401,000

Properties:
 
 
 
 
 
Leased and unimproved land
2,520

 
2,508

 
2,272

Percent of Properties – leased and unimproved land
99
%
 
99
%
 
99
%
Weighted average remaining lease term (years)
11.4

 
11.6

 
11.3

Total gross leasable area (square feet) – leased
26,915,000

 
26,700,000

 
25,055,000


The following table summarizes the diversification of the Property Portfolio based on the top 10 lines of trade:
 
 
 
 
% of Annual Base Rent (1)
 
 
Lines of Trade
 
March 31, 2017
 
December 31, 2016
 
March 31, 2016
1.
 
Convenience stores
 
16.8
%
 
16.9
%
 
16.5
%
2.
 
Restaurants – full service
 
11.7
%
 
11.8
%
 
10.8
%
3.
 
Restaurants – limited service
 
7.5
%
 
7.5
%
 
7.9
%
4.
 
Automotive service
 
7.0
%
 
6.6
%
 
7.0
%
5.
 
Family entertainment centers
 
6.1
%
 
5.8
%
 
5.7
%
6.
 
Health and fitness
 
5.7
%
 
5.7
%
 
4.0
%
7.
 
Theaters
 
4.9
%
 
4.9
%
 
5.1
%
8.
 
Automotive parts
 
3.8
%
 
3.9
%
 
4.1
%
9.
 
Recreational vehicle dealers, parts and accessories
 
3.4
%
 
3.4
%
 
3.6
%
10.
 
Banks
 
2.7
%
 
3.1
%
 
3.4
%
 
 
Other
 
30.4
%
 
30.4
%
 
31.9
%
 
 
 
 
100.0
%
 
100.0
%
 
100.0
%
(1) Based on annualized base rent for all leases in place for each respective period.

Property Acquisitions.  The following table summarizes the Property acquisitions (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Acquisitions:
 
 
 
Number of Properties
24

 
46

Gross leasable area (square feet)
250,000

 
591,000

Initial cash yield
6.9
%
 
7.0
%
Total dollars invested(1)
$
107,939

 
$
125,150

(1) Includes dollars invested in projects under construction or tenant improvements for each respective year.
NNN typically funds Property acquisitions either through borrowings under NNN's unsecured revolving credit facility (the "Credit Facility") (see "Debt – Line of Credit Payable") or by issuing its debt or equity securities in the capital markets.

19


Property Dispositions.  The following table summarizes the Properties sold by NNN (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Number of properties
17

 
10

Gross leasable area (square feet)
147,000

 
152,000

Net sales proceeds
$
38,955

 
$
52,839

Gain
$
14,624

 
$
16,875


NNN typically uses the proceeds from a Property disposition to either pay down the Credit Facility or reinvest in real estate.
Analysis of Revenue
General.  During the quarter ended March 31, 2017, rental income increased, as compared to the same period in 2016, primarily due to the increase in rental income from Property acquisitions (See “Results of Operations – Property Analysis – Property Acquisitions”). NNN anticipates increases in rental income will continue to come from additional Property acquisitions and increases in rents pursuant to existing lease terms.
The following table summarizes NNN’s revenues for the quarter ended March 31 (dollars in thousands):
 
 
 
 
 
Percent
Increase
(Decrease)
 
Percent of Total
 
2017
 
2016
 
 
2017
 
2016
Rental Income(1)
$
137,298

 
$
122,475

 
12.1%
 
97.1
%
 
96.4
%
Real estate expense reimbursement from tenants
3,860

 
3,590

 
7.5%
 
2.7
%
 
2.8
%
Interest and other income from real estate transactions
189

 
463

 
(59.2)%
 
0.1
%
 
0.4
%
Interest income on commercial mortgage residual interests
85

 
452

 
(81.2)%
 
0.1
%
 
0.4
%
Total revenues
$
141,432

 
$
126,980

 
11.4%
 
100.0
%
 
100.0
%
(1) Includes rental income from operating leases, earned income from direct financing leases and percentage rent (“Rental Income”).
Quarter Ended March 31, 2017 versus Quarter Ended March 31, 2016
Rental Income. Rental Income increased in amount and as a percent of the total revenues for the quarter ended March 31, 2017, as compared to the same period in 2016. The increase for the quarter ended March 31, 2017, is primarily due to a partial year of Rental Income received as a result of the acquisition of 24 properties with aggregate gross leasable area of approximately 250,000 during 2017 and a full year of Rental Income received as a result of the acquisition of 313 properties with a gross leasable area of approximately 2,734,000 square feet in 2016.
.






20


Analysis of Expenses
General.  Operating expenses increased for the quarter ended March 31, 2017, as compared to the same period in 2016, primarily due to an increase in depreciation expense and impairment losses recognized on real estate. The following table summarizes NNN’s expenses for the quarter ended March 31, (dollars in thousands):
 
 
 
 
 

Percent
Increase
(Decrease)
 
Percentage of Total
 
Percentage of
Revenues
 
2017
 
2016
 
 
2017
 
2016
 
2017
 
2016
General and administrative
$
8,919

 
$
9,249

 
(3.6)%
 
15.9
 %
 
18.7
 %
 
6.3
 %
 
7.3
%
Real estate
5,663

 
4,787

 
18.3%
 
10.1
 %
 
9.7
 %
 
4.0
 %
 
3.8
%
Depreciation and amortization
40,143

 
34,655

 
15.8%
 
71.8
 %
 
70.0
 %
 
28.4
 %
 
27.3
%
Impairment – commercial mortgage residual interests valuation
—

 
220

 
(100.0)%
 
—

 
0.4
 %
 
—

 
0.2
%
Impairment losses – real estate and other charges, net of recoveries
1,206

 
572

 
110.8%
 
2.2
 %
 
1.2
 %
 
0.9
 %
 
0.5
%
Total operating expenses
$
55,931

 
$
49,483

 
13.0%
 
100.0
 %
 
100.0
 %
 
39.6
 %
 
39.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and other income
$
(137
)
 
$
(19
)
 
621.1%
 
(0.5
)%
 
(0.1
)%
 
(0.1
)%
 
—

Interest expense
26,614

 
23,586

 
12.8%
 
100.5
 %
 
99.6
 %
 
18.8
 %
 
18.6
%
Real estate acquisition costs
—

 
129

 
(100.0)%
 
—

 
0.5
 %
 
—

 
0.1
%
Total other expenses
$
26,477

 
$
23,696

 
11.7%
 
100.0
 %
 
100.0
 %
 
18.7
 %
 
18.7
%
(1) Not Applicable ("N/A")
Quarter Ended March 31, 2017 versus Quarter Ended March 31, 2016
General and Administrative.   General and administrative expenses decreased in amount, as a percentage of total operating expenses and as a percentage of revenues for the quarter ended March 31, 2017, as compared to the same period in 2016. The decrease in general and administrative expenses for the quarter ended March 31, 2017, is primarily attributable to a decrease in incentive compensation costs.
Depreciation and Amortization.   Depreciation and amortization expenses increased in amount, as a percentage of total operating expenses and as a percentage of revenues for the quarter ended March 31, 2017, as compared to the same period in 2016. The increase in expenses is primarily due to the acquisition of 24 properties with an aggregate gross leasable area of approximately 250,000 square feet in 2017 and 313 properties with an aggregate gross leasable area of approximately 2,734,000 square feet during 2016.

Impairment losses – real estate and other charges, net of recoveries. NNN reviews long-lived assets for impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Events or circumstances that may occur include changes in real estate market conditions, the ability to re-lease properties that are currently vacant or become vacant, and the ability to sell properties at an attractive price. Management evaluates whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, with the carrying cost of the individual asset. If an impairment is indicated, a loss will be recorded for the amount by which the carrying value of the asset exceeds its fair value. NNN recognized real estate impairments, net of recoveries of $1,206,000 and $572,000 for the quarters ended March 31, 2017 and 2016, respectively.

21


Interest Expense.  Interest expense increased in amount and increased slightly as a percentage of total other expenses, but remained relatively flat as a percentage of revenues for the quarter ended March 31, 2017, as compared to the same period in 2016.
The following represents the primary changes in debt that have impacted interest expense:
(i)
the repayment in January 2016 of $5,876,000 principal amount of mortgages payable with an interest rate of 5.750%,
(ii)
the repayment in March 2016 of $722,000 principal amount of mortgages payable with an interest rate of 6.900%,
(iii)
the repayment in October 2016 of $2,709,000 principal amount of mortgages payable with an interest rate of 6.400%,
(iv)
the issuance in December 2016 of $350,000,000 principal amount of notes payable with a maturity of December 2026, and stated interest rate of 3.600%, and
(v)
the Credit Facility had a $4,202,000 increase in the weighted average outstanding balance and a slightly higher weighted average interest rate for the quarter ended March 31, 2017, as compared to the quarter ended March 31, 2016.

Liquidity
General.  NNN’s demand for funds has been, and will continue to be, primarily for (i) payment of operating expenses and cash dividends; (ii) Property acquisitions and development; (iii) capital expenditures; (iv) payment of principal and interest on its outstanding indebtedness; and (v) other investments.
Cash and Cash Equivalents.  NNN's cash and cash equivalents includes the aggregate of Cash and cash equivalents and Restricted cash and cash held in escrow from the Consolidated Balance Sheets. The table below summarizes NNN’s cash flows (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Cash and cash equivalents:
 
 
 
Provided by operating activities
$
117,192

 
$
102,423

Used in investing activities
(58,847
)
 
(76,232
)
Provided by (used in) financing activities
(318,467
)
 
10,888

Increase (decrease)
(260,122
)
 
37,079

Net cash at beginning of period
294,540

 
14,260

Net cash at end of period
$
34,418

 
$
51,339


Cash provided by operating activities represents cash received primarily from Rental Income and interest income less cash used for general and administrative expenses. NNN’s cash flow from operating activities has been sufficient to pay the distributions for each period presented. The change in cash provided by operations for the quarters ended March 31, 2017, and 2016, is primarily the result of changes in revenues and expenses as discussed in “Results of Operations.” Cash generated from operations is expected to fluctuate in the future.
Changes in cash for investing activities are primarily attributable to the acquisitions and dispositions of Properties. NNN typically uses proceeds from its Credit Facility to fund the acquisition of its Properties.

22


NNN’s financing activities for the quarter ended March 31, 2017, included the following significant transactions:
•
$287,500,000 paid to fully redeem NNN's 6.625% Series D Cumulative Redeemable Preferred Stock (the "Series D Preferred Stock"),
•
$714,000 in net proceeds from the issuance of 16,320 shares of common stock in connection with the Dividend Reinvestment and Stock Purchase Plan ("DRIP"),
•
$47,757,000 in net proceeds from the issuance of 1,087,355 shares of common stock in connection with the at-the-market ("ATM") equity program,
•
$3,598,000 in dividends paid to holders of the depositary shares of NNN’s Series D Preferred Stock,
•
$4,097,000 in dividends paid to holders of the depositary shares of NNN’s 5.700% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock"),
•
$4,485,000 in dividends paid to holders of the depositary shares of NNN's 5.200% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock"), and
•
$66,781,000 in dividends paid to common stockholders.
Contractual Obligations and Commercial Commitments. NNN has committed to fund construction commitments on 25 Properties. The improvements are estimated to be completed within 12 months. These construction commitments, at March 31, 2017, are outlined in the table below (dollars in thousands):
Total commitment(1)
 
$
110,995

Amount funded
 
$
67,951

Remaining commitment
 
$
43,044

(1)   Includes land, construction costs, tenant improvements and lease costs.
 
 
As of March 31, 2017, NNN did not have any other material contractual cash obligations, such as purchase obligations, financing lease obligations or other long-term liabilities other than those reflected in the tables above and previously disclosed under Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations included in NNN's Annual Report on Form 10-K for the year ended December 31, 2016. In addition to items reflected in the tables, NNN has issued preferred stock with cumulative preferential cash distributions, as described below under “Dividends.”
Management anticipates satisfying these obligations with a combination of NNN’s cash provided from operations, current capital resources on hand, its credit facility, debt or equity financings and asset dispositions.
Generally, the Properties are leased under long-term net leases, which require the tenant to pay all property taxes and assessments to maintain the interior and exterior of the property and to carry property and liability insurance coverage. Therefore, management anticipates that capital demands to meet obligations with respect to these Properties will be modest for the foreseeable future and can be met with funds from operations and working capital. Certain of the Properties are subject to leases under which NNN retains responsibility for specific costs and expenses associated with the Property. Management anticipates that the costs associated with the vacant Properties or those Properties that become vacant will also be met with funds from operations and working capital. NNN may be required to borrow under its credit facility or use other sources of capital in the event of significant capital expenditures.
The lost revenues and increased property expenses resulting from vacant Properties or uncollectibility of lease revenues could have a material adverse effect on the liquidity and results of operations if NNN is unable to re-lease the Properties at comparable rental rates and in a timely manner. As of March 31, 2017, NNN owned 23 vacant, un-leased Properties which accounted for less than one percent of total Properties held in the Property Portfolio. Additionally, as of March 31, 2017, approximately three percent of the Property Portfolio was leased to four tenants, including Gander Mountain, that each filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, these tenants have the right to reject or affirm their leases with NNN.
NNN generally monitors the financial performance of its significant tenants on an ongoing basis.
Dividends.  NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, as amended, and related regulations and intends to continue to operate so as to remain qualified as a REIT for federal income tax purposes. NNN generally will not be subject to federal income tax on income that it distributes to its stockholders, provided that it distributes 100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. If NNN fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four years following the year during

23


which qualification is lost. Such an event could materially adversely affect NNN’s income and ability to pay dividends. NNN believes it has been structured as, and its past and present operations qualify NNN as, a REIT.
One of NNN’s primary objectives, consistent with its policy of retaining sufficient cash for reserves and working capital purposes and maintaining its status as a REIT, is to distribute a substantial portion of its funds available from operations to its stockholders in the form of dividends.
The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Series D Preferred Stock(1):
 
 
 
Dividends
$
3,598

 
$
4,762

Per depositary share
0.312847

 
0.414063

 
 
 
 
Series E Preferred Stock(2):
 
 
 
Dividends
4,097

 
4,097

Per depositary share
0.356250

 
0.356250

 
 
 
 
Series F Preferred Stock(3):
 
 
 
Dividends
4,485

 
—

Per depositary share
0.325000

 
—

 
 
 
 
Common stock:
 
 
 
Dividends
66,781

 
61,151

Per share
0.455

 
0.435

(1) The Series D Preferred Stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
(2) The Series E Preferred Stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
(3) The Series F Preferred Stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F Preferred Stock is October 2021.
In April 2017, NNN declared a dividend of $0.455 per share which is payable in May 2017 to its common stockholders of record as of April 28, 2017.

Capital Resources
Generally, cash needs for Property acquisitions, debt payments, capital expenditures, development and other investments have been funded by equity and debt offerings, bank borrowings, the sale of Properties and, to a lesser extent, by internally generated funds. Cash needs for operating and interest expenses and dividends have generally been funded by internally generated funds. If available, future sources of capital include proceeds from the public or private offering of NNN’s debt or equity securities, secured or unsecured borrowings from banks or other lenders, proceeds from the sale of Properties, as well as undistributed funds from operations.

Debt
The following is a summary of NNN’s total outstanding debt as of (dollars in thousands):
 
March 31, 2017
 
Percentage
of Total
 
December 31, 2016
 
Percentage
of Total
Mortgages payable
$
13,734

 
0.6
%
 
$
13,878

 
0.6
%
Notes payable
2,298,755

 
99.4
%
 
2,297,811

 
99.4
%
Total outstanding debt
$
2,312,489

 
100.0
%
 
$
2,311,689

 
100.0
%


24


Indebtedness.  NNN expects to use indebtedness primarily for property acquisitions and development of single-tenant retail properties, either directly or through investment interests. Additionally indebtedness may be used to refinance existing indebtedness.
Line of Credit Payable. NNN's $650,000,000 unsecured revolving Credit Facility had a weighted average outstanding balance of $6,453,000 and a weighted average interest rate of 1.7% during the quarter ended March 31, 2017. The Credit Facility matures January 2019, unless the Company exercises its option to extend maturity to January 2020. The Credit Facility currently bears interest at LIBOR plus 92.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature to increase the facility size up to $1,000,000,000, subject to lender approval. As of March 31, 2017, there was no outstanding balance and $650,000,000 was available for future borrowings, under the Credit Facility, excluding undrawn letters of credit totaling $230,000.

Debt and Equity Securities
NNN has used, and expects to use in the future, issuances of debt and equity securities primarily to pay down its outstanding indebtedness and to finance investment acquisitions.
Securities Offerings. In February 2015, NNN filed a shelf registration statement with the Securities and Exchange Commission (the “Commission”) which was automatically effective and permits the issuance by NNN of an indeterminate amount of debt and equity securities.
Information related to NNN's publicly held debt and equity securities is included in NNN's Annual Report on Form 10-K for the year ended December 31, 2016.
Dividend Reinvestment and Stock Purchase Plan.  In February 2015, NNN filed a shelf registration statement which was automatically effective with the Commission for its DRIP, which permits the issuance by NNN of up to 16,000,000 shares of common stock. NNN’s DRIP provides an economical and convenient way for current stockholders and other interested new investors to invest in NNN’s common stock. The following outlines the common stock issuances pursuant to NNN’s DRIP (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
16,320

 
134,150

Net proceeds
$
714

 
$
5,892

At-The-Market Offerings. NNN established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following outlines NNN's ATM programs:
 
2016 ATM
2015 ATM
Established date
March 2016

February 2015

Termination date
March 2019

March 2016

Total allowable shares
12,000,000

10,000,000

Total shares issued at March 31, 2017
5,310,645

9,852,465

The following table outlines the common stock issuances pursuant to NNN's ATM equity programs (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
1,087,355

 
1,865,260

Average price per share (net)
$
43.92

 
$
44.00

Net proceeds
$
47,757

 
$
82,076

Stock issuance costs(1)
$
743

 
$
1,429

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.

Recent Accounting Pronouncements

Refer to Note 1 to the March 31, 2017, Condensed Consolidated Financial Statements.

25



Item 3.Quantitative and Qualitative Disclosures About Market Risk

NNN is exposed to interest rate risk primarily as a result of its variable rate Credit Facility and its fixed rate debt which is used to finance NNN’s development and acquisition activities, as well as for general corporate purposes. NNN’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to reduce overall borrowing costs. To achieve its objectives, NNN borrows at both fixed and variable rates on its long-term debt. As of March 31, 2017, NNN has one forward starting swap with a total notional amount of $125,000,000 to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt.
The information in the table below summarizes NNN’s market risks associated with its debt obligations outstanding as of March 31, 2017 and December 31, 2016. The table presents principal payments and related interest rates by year for debt obligations outstanding as of March 31, 2017. NNN has a variable interest rate risk on its Credit Facility which had no outstanding balance as of March 31, 2017. The weighted average rate for the Credit Facility for the quarter ended March 31, 2017, was 1.7%. There was no outstanding balance on the Credit Facility as of March 31, 2017 and December 31, 2016. The table incorporates only those debt obligations that existed as of March 31, 2017, and it does not consider those debt obligations or positions which could arise after this date and therefore has limited predictive value. As a result, NNN’s ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the quarter, NNN’s hedging strategies at that time and interest rates. If interest rates on NNN’s variable rate debt increased by one percent, NNN’s interest expense would have increased by less than one percent for the quarter ended March 31, 2017.
 
Debt Obligations (dollars in thousands)
 
  
Fixed Rate Debt
 
  
Mortgages(1)
 
Unsecured Debt(2)
 
  
Debt
Obligation
 
Weighted
Average Effective
Interest Rate
 
Debt
Obligation
 
Effective
Interest
Rate
 
2017
$
447

 
5.23%
 
$
249,936

 
6.92%
 
2018
623

 
5.23%
 
—

 
—
 
2019
653

 
5.23%
 
—

 
—
 
2020
682

 
5.23%
 
—

 
—
 
2021
716

 
5.23%
 
297,873

 
5.69%
 
Thereafter
10,718

 
5.23%
 
1,765,219

 
3.73%
(3) 
Total
$
13,839

 
5.23%
 
$
2,313,028

 
4.39%
 
Fair Value:
 
 
 
 
 
 
 
 
March 31, 2017
$
13,839

 
 
 
$
2,374,935

 
 
 
December 31, 2016
$
13,987

 
 
 
$
2,367,102

 
 
 

(1) NNN's mortgages payable represent principal payments by year and include unamortized premiums and exclude debt costs.
(2) Includes NNN’s notes payable, each exclude debt costs and are net of unamortized discount. NNN uses market prices quoted from Bloomberg, a third party, which is a Level 1 input, to determine the fair value.
(3) Weighted average effective interest rate for periods after 2021.

26


Item 4.
Controls and Procedures

Evaluation of Disclosure Controls and Procedures. An evaluation was performed under the supervision and with the participation of NNN's management, including NNN's Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer, of the effectiveness as of March 31, 2017, of the design and operation of NNN's disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act. Based on that evaluation, the Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer concluded that the design and operation of these disclosure controls and procedures were effective as of the end of the period covered by this report.

Changes in Internal Control over Financial Reporting. There has been no change in NNN's internal control over financial reporting that occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, NNN's internal control over financial reporting.

27


PART II. OTHER INFORMATION

Item 1.
Legal Proceedings. Not applicable.

Item 1A.
Risk Factors. There were no material changes in NNN's risk factors disclosed in Item 1A. Risk Factors of NNN's Annual Report on Form 10-K for the year ended December 31, 2016.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds. Not applicable.

Item 3.
Defaults Upon Senior Securities. Not applicable.

Item 4.
Mine Safety Disclosures. Not applicable.

Item 5.
Other Information. Not applicable.

Item 6.
Exhibits

     The following exhibits are filed as a part of this report.
 
 
3.
Articles of Incorporation and Bylaws
 
 
 
3.1
 
 
 
 
 
 
 
 
3.2
 
 
 
 
 
 
 
 
3.3
 
 
 
 
 
 
 
 
3.4
 
 
 
 
 
 
 
 
3.5
 
 
 
 
 
 
 
 
3.6
 
 
 
 
 
 
 
 
3.7
 
 
 
 
 
 
4.
Instruments Defining the Rights of Security Holders, Including Indentures
 
 
 
 
 
 
 
 
4.1
Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant’s Registration Statement No. 1-11290 on Form 8-B filed with the Securities and Exchange Commission and incorporated herein by reference).
 
 
 
 
 
 
 
 
4.2
 
 
 
 
 
 
 
 
4.3
 
 
 
 
 

28


 
 
 
4.4
 
 
 
 
 
 
 
 
4.5
 
 
 
 
 
 
 
 
4.6
 
 
 
 
 
 
 
 
4.7
 
 
 
 
 
 
 
 
4.8
 
 
 
 
 
 
 
 
4.9
 
 
 
 
 
 
 
 
4.10
 
 
 
 
 
 
 
 
4.11
 
 
 
 
 
 
 
 
4.12
 
 
 
 
 
 
 
 
4.13
 
 
 
 
 
 
 
 
4.14
 
 
 
 
 
 
 
 
4.15
 
 
 
 
 
 
 
 
4.16
 
 
 
 
 
 
 
 
4.17
 
 
 
 
 
 
 
 
4.18
 
 
 
 
 
 
 
 
 
 

29


 
 
 
4.19
 
 
 
 
 
 
 
 
4.20
 
 
 
 
 
 
 
 
4.21
 
 
 
 
 
 
 
 
4.22
 
 
 
 
 
 
10.
Material Contracts
 
 
 
 
 
 
 
 
10.1
 
 
 
 
 
 
 
 
10.2
 
 
 
 
 
 
 
 
10.3
 
 
 
 
 
 
 
 
10.4
 
 
 
 
 
 
 
 
10.5
 
 
 
 
 
 
 
 
10.6
 
 
 
 
 
 
 
 
10.7
 
 
 
 
 
 
 
 
10.8
 
 
 
 
 
 
 
 
10.9
 
 
 
 
 
 
 
 
10.10
 
 
 
 
 
 
 
 
10.11
 
 
 
 
 

30


 
 
 
10.12
 
 
 
 
 
 
 
 
10.13
 
 
 
 
 
 
 
 
10.14
 
 
 
 
 
 
 
 
10.15
 
 
 
 
 
 
 
 
10.16
 
 
 
 
 
 
 
 
10.17
 
 
 
 
 
 
 
 
10.18
 
 
 
 
 
 
 
 
10.19
 
 
 
 
 
 
 
 
10.20
 
 
 
 
 
 
 
 
10.21
 
 
 
 
 
 
 
 
10.22
 
 
 
 
 
 
 
 
10.23
 
 
 
 
 
 
 
 
10.24
 
 
 
 
 
 
 
 
10.25
 
 
 
 
 
 
 
 
10.26
 
 
 
 
 
 
31.
Section 302 Certifications
 
 
 
 
 
 
 
 
31.1

31


 
 
 
 
 
 
 
 
31.2
 
 
 
 
 
 
32.
Section 906 Certifications
 
 
 
 
 
 
 
 
32.1
 
 
 
 
 
 
 
 
32.2
 
 
 
 
 
 
99.
Additional Exhibits
 
 
 
 
 
 
 
 
99.1
 
 
 
 
 
 
101.
Interactive Data File
 
 
 
 
 
 
 
 
101.1
The following materials from National Retail Properties, Inc. Quarterly Report on Form 10-Q for the period ended March 31, 2017, are formatted in Extensible Business Reporting Language: (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of comprehensive income, (iii) condensed consolidated statements of cash flows, and (iv) notes to condensed consolidated financial statements.


32


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DATED this 2nd day of May, 2017.
 
NATIONAL RETAIL PROPERTIES, INC.
 
 
By:
 /s/ Julian E. Whitehurst
 
 
Julian E. Whitehurst
 
 
Chief Executive Officer, President and Director
 
 
 
 
By:
 /s/ Kevin B. Habicht
 
 
Kevin B. Habicht
 
 
Chief Financial Officer, Executive Vice President and Director
 



33


Exhibit Index

3.
Articles of Incorporation and Bylaws
 
 
 
 
3.1

 
 
 
 
3.2

 
 
 
 
3.3

 
 
 
 
3.4

 
 
 
 
3.5

 
 
 
 
3.6

 
 
 
 
3.7

 
 
 
4.
Instruments Defining the Rights of Security Holders, Including Indentures
 
 
 
 
4.1

Specimen Certificate of Common Stock, par value $0.01 per share, of the Registrant (filed as Exhibit 3.4 to the Registrant’s Registration Statement No. 1-11290 on Form 8-B filed with the Securities and Exchange Commission and incorporated herein by reference).
 
 
 
 
4.2

 
 
 
 
4.3

 
 
 
 
4.4

 
 
 
 
4.5

 
 
 
 
4.6

 
 
 
 
4.7

 
 
 

34


 
4.8

 
 
 
 
4.9

 
 
 
 
4.10

 
 
 
 
4.11

 
 
 
 
4.12

 
 
 
 
4.13

 
 
 
 
4.14

 
 
 
 
4.15

 
 
 
 
4.16

 
 
 
 
4.17

 
 
 
 
4.18

 
 
 
 
4.19

 
 
 
 
4.20

 
 
 
 
4.21

 
 
 
 
4.22

 
 
 

35


10.
Material Contracts
 
 
 
 
10.1

 
 
 
 
10.2

 
 
 
 
10.3

 
 
 
 
10.4

 
 
 
 
10.5

 
 
 
 
10.6

 
 
 
 
10.7

 
 
 
 
10.8

 
 
 
 
10.9

 
 
 
 
10.10

 
 
 
 
10.11

 
 
 
 
10.12

 
 
 
 
10.13

 
 
 
 
10.14

 
 
 
 
10.15

 
 
 
 
10.16

 
 
 
 
10.17


36


 
 
 
 
10.18

 
 
 
 
10.19

 
 
 
 
10.20

 
 
 
 
10.21

 
 
 
 
10.22

 
 
 
 
10.23

 
 
 
 
10.24

 
 
 
 
10.25

 
 
 
 
10.26

 
 
 
31.
Section 302 Certifications
 
 
 
 
31.1

 
 
 
 
31.2

 
 
 
32.
Section 906 Certifications
 
 
 
 
32.1

 
 
 
 
32.2

 
 
 
99.
Additional Exhibits
 
 
 
 
99.1

 
 
 
101.
Interactive Data File
 
 
 
 
101.1

The following materials from National Retail Properties, Inc. Quarterly Report on Form 10-Q for the period ended March 31, 2017, are formatted in Extensible Business Reporting Language: (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of comprehensive income, (iii) condensed consolidated statements of cash flows, and (iv) notes to condensed consolidated financial statements.
 

37
 EX-31.1 2 nnn-20170331xexhibit311.htm EXHIBIT 31.1 Exhibit


Exhibit 31.1
CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Julian E. Whitehurst, certify that:
 

1.
I have reviewed this report on Form 10-Q of National Retail Properties, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


 
May 2, 2017
 
 
 
/s/ Julian E. Whitehurst
Date
 
Name:
 
Julian E. Whitehurst
 
 
Title:
 
Chief Executive Officer and President



 EX-31.2 3 nnn-20170331xexhibit312.htm EXHIBIT 31.2 Exhibit


Exhibit 31.2
CERTIFICATION PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Kevin B. Habicht, certify that:
 

1.
I have reviewed this report on Form 10-Q of National Retail Properties, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


 
May 2, 2017
 
 
 
/s/ Kevin B. Habicht
Date
 
Name:
 
Kevin B. Habicht
 
 
Title:
 
Chief Financial Officer



 EX-32.1 4 nnn-20170331xexhibit321.htm EXHIBIT 32.1 Exhibit


Exhibit 32.1
CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Julian E. Whitehurst, Chief Executive Officer and President, certifies, to the best of his knowledge, that (1) this Quarterly Report of National Retail Properties, Inc. (“NNN”) on Form 10-Q for the period ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in this Report fairly presents, in all material respects, the financial condition of NNN as of March 31, 2017 and December 31, 2016 and its results of operations for the quarters ended March 31, 2017 and 2016.
 
May 2, 2017
 
 
 
/s/ Julian E. Whitehurst
Date
 
Name:
 
Julian E. Whitehurst
 
 
Title:
 
Chief Executive Officer and President

A signed original of this written statement required by Section 906 has been provided to NNN and will be retained by NNN and furnished to the Securities and Exchange Commission or its staff upon request.



EX-32.2 5 nnn-20170331xexhibit322.htm EXHIBIT 32.2 Exhibit


Exhibit 32.2
CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Kevin B. Habicht, Chief Financial Officer, certifies, to the best of his knowledge, that (1) this Annual Report of National Retail Properties, Inc. (“NNN”) on Form 10-Q for the period ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (this “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and (2) the information contained in this Report fairly presents, in all material respects, the financial condition of NNN as of March 31, 2017 and December 31, 2016 and its results of operations for the quarters ended March 31, 2017 and 2016.
 
May 2, 2017
 
 
 
/s/ Kevin B. Habicht
Date
 
Name:
 
Kevin B. Habicht
 
 
Title:
 
Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to NNN and will be retained by NNN and furnished to the Securities and Exchange Commission or its staff upon request.



EX-101.INS 6 nnn-20170331.xml XBRL INSTANCE DOCUMENT 0000751364 2017-01-01 2017-03-31 0000751364 2017-04-27 0000751364 us-gaap:SeriesDPreferredStockMember 2016-12-31 0000751364 2016-12-31 0000751364 2017-03-31 0000751364 us-gaap:SeriesDPreferredStockMember 2017-03-31 0000751364 us-gaap:SeriesEPreferredStockMember 2016-12-31 0000751364 us-gaap:SeriesFPreferredStockMember 2016-12-31 0000751364 us-gaap:SeriesEPreferredStockMember 2017-03-31 0000751364 us-gaap:SeriesFPreferredStockMember 2017-03-31 0000751364 us-gaap:SeriesFPreferredStockMember 2017-01-01 2017-03-31 0000751364 us-gaap:SeriesEPreferredStockMember 2016-01-01 2016-12-31 0000751364 us-gaap:SeriesFPreferredStockMember 2016-01-01 2016-12-31 0000751364 us-gaap:SeriesDPreferredStockMember 2017-01-01 2017-03-31 0000751364 us-gaap:SeriesEPreferredStockMember 2017-01-01 2017-03-31 0000751364 us-gaap:SeriesDPreferredStockMember 2016-01-01 2016-12-31 0000751364 2016-01-01 2016-03-31 0000751364 us-gaap:SeriesDPreferredStockMember 2016-01-01 2016-03-31 0000751364 us-gaap:SeriesFPreferredStockMember 2016-01-01 2016-03-31 0000751364 us-gaap:SeriesEPreferredStockMember 2016-01-01 2016-03-31 0000751364 nnn:SeriesDDepositaryShareMember 2017-01-01 2017-03-31 0000751364 2016-03-31 0000751364 nnn:SeriesEDepositaryShareMember 2017-01-01 2017-03-31 0000751364 nnn:SeriesDDepositaryShareMember 2016-01-01 2016-03-31 0000751364 2015-12-31 0000751364 nnn:SeriesEDepositaryShareMember 2016-01-01 2016-03-31 0000751364 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-03-31 0000751364 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0000751364 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-01-01 2017-03-31 0000751364 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-03-31 0000751364 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2016-12-31 0000751364 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2017-03-31 0000751364 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-03-31 0000751364 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-12-31 0000751364 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-03-31 0000751364 us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember 2017-03-31 0000751364 us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember 2016-12-31 0000751364 nnn:LeasesAcquiredAboveInPlaceMember 2016-12-31 0000751364 us-gaap:LeasesAcquiredInPlaceMember 2017-03-31 0000751364 nnn:LeasesAcquiredAboveInPlaceMember 2017-03-31 0000751364 us-gaap:LeasesAcquiredInPlaceMember 2016-12-31 0000751364 us-gaap:MortgagesMember 2016-12-31 0000751364 us-gaap:NotesPayableToBanksMember 2017-03-31 0000751364 us-gaap:MortgagesMember 2017-03-31 0000751364 us-gaap:NotesPayableToBanksMember 2016-12-31 0000751364 us-gaap:ConstructionInProgressMember 2017-03-31 0000751364 nnn:LeaseholdInterestsMember 2016-12-31 0000751364 us-gaap:LandImprovementsMember 2017-03-31 0000751364 us-gaap:LandImprovementsMember 2016-12-31 0000751364 nnn:LeaseholdInterestsMember 2017-03-31 0000751364 us-gaap:ConstructionInProgressMember 2016-12-31 0000751364 us-gaap:BuildingImprovementsMember 2016-12-31 0000751364 us-gaap:BuildingImprovementsMember 2017-03-31 0000751364 nnn:BuildingPortionSubjectToDirectFinancingLandPortionSubjectToOperatingLeaseMember 2017-03-31 0000751364 nnn:PropertySubjectToDirectFinancingMember 2017-03-31 0000751364 us-gaap:PropertySubjectToOperatingLeaseMember 2017-03-31 0000751364 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2016-01-01 2016-03-31 0000751364 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2017-01-01 2017-03-31 0000751364 us-gaap:LetterOfCreditMember 2017-03-31 0000751364 us-gaap:LineOfCreditMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-03-31 0000751364 nnn:DripMember 2016-01-01 2016-03-31 0000751364 nnn:DripMember 2017-01-01 2017-03-31 0000751364 nnn:ATMEquityProgram2016Member 2017-01-01 2017-03-31 0000751364 nnn:ATMEquityProgram2015Member 2016-01-01 2016-03-31 0000751364 nnn:DripMember 2015-02-28 0000751364 us-gaap:SubsequentEventMember 2017-04-01 2017-04-30 0000751364 nnn:ATMEquityProgram2015Member 2017-03-31 0000751364 nnn:ATMEquityProgram2016Member 2017-03-31 0000751364 nnn:ForwardSwapMember 2014-05-31 0000751364 us-gaap:TreasuryLockMember 2011-06-30 0000751364 us-gaap:TreasuryLockMember 2007-09-30 0000751364 nnn:ForwardSwapMember 2016-12-31 0000751364 nnn:ForwardSwapMember 2013-04-30 0000751364 nnn:ForwardSwapMember 2015-10-31 0000751364 nnn:ForwardSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2017-03-31 0000751364 nnn:ForwardSwapMember 2017-03-31 0000751364 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-03-31 0000751364 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-03-31 nnn:state nnn:property iso4217:USD nnn:derivative iso4217:USD xbrli:shares xbrli:pure xbrli:shares nnn:option utreg:sqft nnn:instrument false --12-31 Q1 2017 2017-03-31 10-Q 0000751364 149139470 Large Accelerated Filer NATIONAL RETAIL PROPERTIES, INC. 150000000 180000000 125000000 100000000 240000000 225000000 300000000 2997000 1494000 3078000 3078000 695000 447000 51000 21000 14260000 51339000 294540000 34418000 151000 130000 572000 1206000 572000 1206000 572000 1206000 -340000 -231000 485632 349859 19913000 5981000 2543 4565000 5261000 1000000000 10 17 2 2 2 4 3 4 2 7 2581 18 4 1 14 1 2880000 2755000 581000 862000 P12M 110995000 67951000 43044000 5851431000 5907644000 6589961000 6681303000 43136000 0 44.00 43.92 694000 33000 P11Y5M 3418000 3111000 38000 6376000 42000 6884000 11268000 11616000 8452000 -8191000 -8224000 3322771000 3383461000 1006000 1840000 338000 437000 695000 447000 756000 859000 27311000 6334151000 6114772000 129000 0 356000 257000 294540000 34418000 37079000 -260122000 5300000 -13352000 554000 3260000 3156000 6312000 13369000 5218000 -13345000 3228000 3141000 6312000 13369000 0.435 0.455 0.455 0.01 0.01 375000000 375000000 10000000 12000000 16000000 148578933 148578933 9852465 5310645 147149945 147149945 1473000 1487000 71377000 73624000 0.00925 2715000 2394000 147000 21157000 147000 21157000 25101000 25549000 34655000 40143000 34655000 40143000 24057000 36576000 4787000 5663000 4762000 4097000 0 3598000 4097000 4485000 9591000 55290000 8451000 52234000 16875000 14624000 16875000 14624000 16875000 14624000 9249000 8919000 220000 0 -7000 -9000 53801000 59024000 0.44 0.35 0.44 0.35 0 -3000 13524000 16714000 24000 0 161000 -453000 313000 125000 -4457000 -3701000 -471000 -307000 393667 365957 511000 554000 23586000 695000 26614000 447000 463000 189000 8835000 8732000 19665000 36379000 -1664000 16663000 4116000 29642000 7263000 4485029000 4553023000 19000 137000 2100367000 2123019000 2417223000 2439841000 6334151000 6114772000 0 6453000 230000 0.017 650000000 650000000 129000 120000 10888000 -318467000 -76232000 -58847000 102423000 117192000 70683000 73657000 61824000 51622000 61673000 51492000 11230000 10303000 2297811000 2298755000 2367102000 2374935000 48 22100000 20316000 49483000 55931000 77497000 85501000 121645000 136493000 92017000 87514000 174000 74000 -554000 74000 -480000 -107000 74000 -33000 0 -554000 -175000 0 452000 85000 85869000 90973000 -23696000 -26477000 652000 40000 0 287500000 0 92000 61151000 66781000 0 4762000 4097000 3598000 4097000 4485000 1380000 1429000 798000 743000 126577000 98058000 474000 548000 0.06625 0.057 0.052 0.06625 0.057 0.052 0.414063 0.356250 0 0.3128472 0.356250 0.32500 2500 2500 2500 2500 2500 2500 0.01 0.01 0 9855000 15000000 15000000 115000 115000 138000 115000 115000 138000 115000 115000 138000 115000 115000 138000 287500000 287500000 345000000 0 287500000 345000000 95000 0 89135000 5892000 49011000 714000 63500000 103700000 50902000 39251000 70676000 73648000 738530000 773659000 0 696000 36576000 10097000 3937000 1340000 5875488000 5944220000 -447000 0 -447000 63500000 103700000 6857000 127000 -319254000 -334413000 126980000 141432000 13878000 13734000 134150 16320 1865260 1087355 82076000 47757000 3916799000 3674811000 3916928000 -8899000 708000 -8191000 3674931000 -9006000 782000 -8224000 242000 675000 3590000 3860000 141326003 147279537 141577504 147581522 140840371 146929678 343466 285887 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:522px;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:277px;" rowspan="1" colspan="1"></td><td style="width:57px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:41px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:17px;" rowspan="1" colspan="1"></td><td style="width:57px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:41px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td rowspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"># of Sold</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"># of Sold</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gain</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gain on disposition of real estate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">14,624</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,875</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Line of Credit Payable</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN's </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$650,000,000</font><font style="font-family:inherit;font-size:10pt;"> unsecured revolving credit facility (the &#8220;Credit Facility&#8221;) had a weighted average outstanding balance of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$6,453,000</font><font style="font-family:inherit;font-size:10pt;"> and a weighted average interest rate of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.7%</font><font style="font-family:inherit;font-size:10pt;"> during the </font><font style="font-family:inherit;font-size:10pt;">quarter ended March 31, 2017</font><font style="font-family:inherit;font-size:10pt;">. The Credit Facility matures January 2019, unless the Company exercises its option to extend maturity to January 2020. The Credit Facility bears interest at LIBOR plus </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">92.5</font><font style="font-family:inherit;font-size:10pt;"> basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature to increase the facility size up to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1,000,000,000</font><font style="font-family:inherit;font-size:10pt;">, subject to lender approval. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">no</font><font style="font-family:inherit;font-size:10pt;"> outstanding balance and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$650,000,000</font><font style="font-family:inherit;font-size:10pt;"> was available for future borrowings under the Credit Facility, excluding undrawn letters of credit totaling </font><font style="font-family:inherit;font-size:10pt;">$230,000</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These construction commitments, as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, are outlined in the table below (dollars in thousands):</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:402px;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:312px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:78px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total commitment</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">110,995</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount funded</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">67,951</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Remaining commitment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:8px;text-align:left;padding-left:138px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font><font style="font-family:inherit;font-size:9pt;"> Includes land, construction costs, tenant improvements and lease costs.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.21875%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic and Diluted Earnings:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net earnings attributable to NNN</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">73,657</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">70,683</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Series D preferred stock dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,598</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,762</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Series E preferred stock dividends</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,097</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,097</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Series F preferred stock dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,485</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Excess of redemption value over carrying value of Series D preferred shares redeemed</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,855</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net earnings available to NNN&#8217;s common stockholders</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,622</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">61,824</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Earnings allocated to unvested restricted shares</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(151</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net earnings used in basic and diluted earnings per share</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,492</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">61,673</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic and Diluted Weighted Average Shares Outstanding:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average number of shares outstanding</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">147,581,522</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">141,577,504</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Unvested restricted stock</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(285,887</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(343,466</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Unvested contingent restricted shares</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(365,957</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(393,667</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average number of shares outstanding used in basic earnings per share</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">146,929,678</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">140,840,371</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other dilutive securities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">349,859</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">485,632</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average number of shares outstanding used in diluted earnings per share</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">147,279,537</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">141,326,003</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:604px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:425px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Series D preferred stock</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font><font style="font-family:inherit;font-size:9pt;">:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,598</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,762</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per depositary share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.312847</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.414063</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Series E preferred stock</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup></font><font style="font-family:inherit;font-size:9pt;">:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,097</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,097</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per depositary share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.356250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.356250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Series F preferred stock</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3)</sup></font><font style="font-family:inherit;font-size:9pt;">:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,485</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per depositary share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.325000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Common stock:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">66,781</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">61,151</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.455</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.435</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:4px;padding-left:60px;text-indent:-18px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1) </sup></font><font style="font-family:inherit;font-size:9pt;">The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date. </font></div><div style="line-height:120%;padding-top:4px;padding-left:60px;text-indent:-18px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2) </sup></font><font style="font-family:inherit;font-size:9pt;">The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018. </font></div><div style="line-height:120%;padding-top:4px;padding-left:60px;text-indent:-18px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3) </sup></font><font style="font-family:inherit;font-size:9pt;">The Series F preferred stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F preferred stock is October 2021.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets and liabilities consisted of the following as of (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:453px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Intangible lease assets (included in Other assets):</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Value of above-market in-place leases, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,451</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,591</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Value of in-place leases, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">52,234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">55,290</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Intangible lease liabilities (included in Other liabilities):</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Value of below-market in-place leases, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">20,316</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">22,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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")</font><font style="font-family:inherit;font-size:9pt;">.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:552px;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:434px;" rowspan="1" colspan="1"></td><td style="width:113px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Property Portfolio:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,543</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gross leasable area (square feet)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">27,311,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">States</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">48</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average remaining lease term (years)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following outlines NNN's ATM programs:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:526px;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:360px;" rowspan="1" colspan="1"></td><td style="width:78px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:78px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016 ATM</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2015 ATM</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Established date</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">February 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Termination date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2019</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2016</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total allowable shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12,000,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10,000,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total shares issued as of March 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,310,645</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,852,465</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following outlines key information for NNN&#8217;s leases:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:488px;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:381px;" rowspan="1" colspan="1"></td><td style="width:102px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Lease classification:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Operating</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,581</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Direct financing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Building portion &#8211; direct financing/land portion &#8211; operating</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average remaining lease term (years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11.4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Principles of Consolidation</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN&#8217;s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;) guidance included in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation.</font><font style="font-family:inherit;font-size:10pt;"> All significant intercompany account balances and transactions have been eliminated.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Debt Costs &#8211; Notes Payable</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8211;</font><font style="font-family:inherit;font-size:10pt;"> Debt costs incurred in connection with the issuance of NNN&#8217;s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Debt Costs &#8211; Line of Credit Payable</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> Debt costs incurred in connection with NNN&#8217;s </font><font style="font-family:inherit;font-size:10pt;">$650,000,000</font><font style="font-family:inherit;font-size:10pt;"> line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the line of credit as an asset, in Debt Costs on the Consolidated Balance Sheets. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Debt Costs &#8211; Mortgages Payable</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8211;</font><font style="font-family:inherit;font-size:10pt;"> Debt costs incurred in connection with NNN&#8217;s mortgages payable have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Derivatives</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value.&#160;The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation.&#160;Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or a firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges.&#160;Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN&#8217;s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines NNN's derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:536px;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:121px;" rowspan="1" colspan="1"></td><td style="width:182px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:54px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:70px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:73px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Terminated</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Description</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Aggregate Notional Amount</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Liability Fair Value When Terminated</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Fair Value Deferred In Other Comprehensive Income </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">September 2007</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Two treasury locks</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">100,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,260</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,228</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Two treasury locks</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">150,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,300</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,218</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">April 2013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Four forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">240,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,156</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">May 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Three forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">225,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,312</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,312</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">October 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Four forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">13,369</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">13,369</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Two forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">180,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,352</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,345</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;padding-left:90px;text-indent:-18px;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font><font style="font-family:inherit;font-size:9pt;"> </font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:9pt;">The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$8,452,000</font><font style="font-family:inherit;font-size:10pt;"> remained in other comprehensive income related to the effective portion of NNN&#8217;s previous terminated interest rate hedges. During the quarters ended March 31, 2017 and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;">, NNN reclassified out of other comprehensive income </font><font style="font-family:inherit;font-size:10pt;">$447,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$695,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional </font><font style="font-family:inherit;font-size:10pt;">$1,664,000</font><font style="font-family:inherit;font-size:10pt;"> will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on NNN&#8217;s long-term debt. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the quarter ended March 31, 2017, NNN entered into </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> forward starting swap with a total notional amount of </font><font style="font-family:inherit;font-size:10pt;">$125,000,000</font><font style="font-family:inherit;font-size:10pt;"> to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. The outstanding forward swap was designated as a cash flow hedge, and at March 31, 2017, has a fair value of </font><font style="font-family:inherit;font-size:10pt;">($554,000)</font><font style="font-family:inherit;font-size:10pt;"> included in other liabilities and accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. The fair value of the forward starting swap was based on a Level 2 valuation. No hedge ineffectiveness was recognized during the quarter ended March 31, 2017. This derivative financial instrument was still outstanding as of March 31, 2017.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate held for sale consisted of the following as of (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:537px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:308px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Land and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,116</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,663</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Building and improvements</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,981</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">19,913</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10,097</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">36,576</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,340</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,937</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less impairment</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,494</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,997</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,263</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">29,642</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:534px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:354px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Shares&#160;of&#160;common&#160;stock</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,320</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">134,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net proceeds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">714</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,892</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Earnings Per Share</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Earnings per share have been computed pursuant to the FASB guidance included in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings Per Share</font><font style="font-family:inherit;font-size:10pt;">. The guidance requires classification of the Company&#8217;s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN&#8217;s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 &#8211; Valuation is based upon quoted prices in active markets for identical assets or liabilities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 &#8211; Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 &#8211; Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Fair Value of Financial Instruments</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages and notes receivable and mortgages payable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, approximate fair value based upon current market prices of comparable instruments (Level 3). At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the fair value of NNN&#8217;s notes payable net of unamortized discount and excluding debt costs was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$2,374,935,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$2,367,102,000</font><font style="font-family:inherit;font-size:10pt;">, respectively, based upon quoted market prices, which is a Level 1 valuation since NNN's debt is publicly traded.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">New Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In May 2014, the FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. In March 2016, the FASB issued updated guidance. ASU 2016-08, "Revenue from Contracts with customers (Topic 606) - Principal versus Agent Considerations (Reporting Gross Versus Net)," clarifies the implementation guidance on principal versus agent considerations included within the scope of ASU 2014-09. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, which was issued as a part of ASU 2014-09, to add guidance for partial sales of nonfinancial assets. The guidance permits two methods of adoption: full retrospective approach to each prior reporting period presented, or modified retrospective approach with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The guidance was initially effective January 1, 2017, and early adoption was not permitted. The amended guidance provides for a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. NNN will adopt the guidance on January 1, 2018, and apply the cumulative catch-up transition method. NNN is currently evaluating to determine the potential impact the adoption of ASU 2014-09 and ASU 2016-08 will have on its financial position and results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to today&#8217;s accounting. The guidance also eliminates today&#8217;s real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. NNN is currently evaluating to determine the potential impact the adoption of ASU 2016-02 will have on its financial position or results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments in this update provide guidance on certain cash flow classification issues. The objective of the amendment is to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The adoption of ASU 2016-15 will not impact NNN's financial position or results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. The amendments in this update provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. NNN has early adopted ASU 2017-01. The adoption of ASU 2017-01 will not materially impact NNN's financial position or results of </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Organization and Summary of Significant Accounting Policies:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Organization and Nature of Business</font><font style="font-family:inherit;font-size:10pt;"> &#8211; National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (&#8220;REIT&#8221;) formed in 1984. The terms "NNN" or the "Company" refer to National Retail Properties, Inc. and all of its consolidated subsidiaries. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN's assets primarily include real estate assets. 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")</font><font style="font-family:inherit;font-size:9pt;">.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:552px;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:434px;" rowspan="1" colspan="1"></td><td style="width:113px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Property Portfolio:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,543</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gross leasable area (square feet)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">27,311,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">States</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">48</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average remaining lease term (years)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11.4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles ("GAAP"). The unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">quarter ended March 31,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;">, may not be indicative of the results that may be expected for the year ending December 31, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;">. Amounts as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto as well as Management's Discussion and Analysis of Financial Condition and Results of Operations in NNN's Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Principles of Consolidation</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN&#8217;s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;) guidance included in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation.</font><font style="font-family:inherit;font-size:10pt;"> All significant intercompany account balances and transactions have been eliminated.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Real Estate Portfolio</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded </font><font style="font-family:inherit;font-size:10pt;">$554,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$511,000</font><font style="font-family:inherit;font-size:10pt;"> in capitalized interest during the development period for the quarters ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Purchase Accounting for Acquisition of Real Estate Subject to a Lease</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. Acquisition costs incurred in connection with a business combination are expensed when incurred.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i)&#160;the contractual amounts to be paid pursuant to the in-place leases, and (ii)&#160;management&#8217;s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the applicable option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i)&#160;the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii)&#160;the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets and liabilities consisted of the following as of (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:453px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Intangible lease assets (included in Other assets):</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Value of above-market in-place leases, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,451</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,591</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Value of in-place leases, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">52,234</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">55,290</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Intangible lease liabilities (included in Other liabilities):</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Value of below-market in-place leases, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">20,316</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">22,100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Debt Costs &#8211; Line of Credit Payable</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> &#8211;</font><font style="font-family:inherit;font-size:10pt;"> Debt costs incurred in connection with NNN&#8217;s </font><font style="font-family:inherit;font-size:10pt;">$650,000,000</font><font style="font-family:inherit;font-size:10pt;"> line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the line of credit as an asset, in Debt Costs on the Consolidated Balance Sheets. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Debt Costs &#8211; Mortgages Payable</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8211;</font><font style="font-family:inherit;font-size:10pt;"> Debt costs incurred in connection with NNN&#8217;s mortgages payable have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of </font><font style="font-family:inherit;font-size:10pt;">$147,000</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, are included in Mortgages Payable on the Consolidated Balance Sheets net of accumulated amortization of </font><font style="font-family:inherit;font-size:10pt;">$42,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$38,000</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Debt Costs &#8211; Notes Payable</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#8211;</font><font style="font-family:inherit;font-size:10pt;"> Debt costs incurred in connection with the issuance of NNN&#8217;s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of </font><font style="font-family:inherit;font-size:10pt;">$21,157,000</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, are included in Notes Payable on the Consolidated Balance Sheets net of accumulated amortization of </font><font style="font-family:inherit;font-size:10pt;">$6,884,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$6,376,000</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Earnings Per Share</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Earnings per share have been computed pursuant to the FASB guidance included in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings Per Share</font><font style="font-family:inherit;font-size:10pt;">. The guidance requires classification of the Company&#8217;s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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):</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.21875%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic and Diluted Earnings:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net earnings attributable to NNN</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">73,657</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">70,683</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Series D preferred stock dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,598</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,762</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Series E preferred stock dividends</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,097</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,097</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Series F preferred stock dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,485</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Excess of redemption value over carrying value of Series D preferred shares redeemed</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,855</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net earnings available to NNN&#8217;s common stockholders</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,622</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">61,824</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Earnings allocated to unvested restricted shares</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(151</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net earnings used in basic and diluted earnings per share</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">51,492</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">61,673</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Basic and Diluted Weighted Average Shares Outstanding:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average number of shares outstanding</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">147,581,522</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">141,577,504</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Unvested restricted stock</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(285,887</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(343,466</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less: Unvested contingent restricted shares</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(365,957</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(393,667</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average number of shares outstanding used in basic earnings per share</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">146,929,678</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">140,840,371</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other dilutive securities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">349,859</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">485,632</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average number of shares outstanding used in diluted earnings per share</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">147,279,537</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">141,326,003</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN&#8217;s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 &#8211; Valuation is based upon quoted prices in active markets for identical assets or liabilities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 &#8211; Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 &#8211; Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.</font></div></td></tr></table><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Accumulated Other Comprehensive Income (Loss)</font><font style="font-family:inherit;font-size:10pt;"> &#8211; The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.65625%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gains or (Losses) on Cash Flow Hedges </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gains on Available-for-Sale Securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning balance, December 31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,899</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,191</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other comprehensive income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">74</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(480</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Reclassifications from accumulated other comprehensive income to net earnings</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">447</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup>&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">447</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(107</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">74</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(33</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending balance, March 31, 2017</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,006</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">782</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,224</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;padding-left:24px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1) </sup></font><font style="font-family:inherit;font-size:9pt;">Additional disclosure is included in Note 5 &#8211; Derivatives.</font></div><div style="line-height:120%;padding-top:4px;padding-left:24px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2) </sup></font><font style="font-family:inherit;font-size:9pt;">Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">New Accounting Pronouncements</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In May 2014, the FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">. In March 2016, the FASB issued updated guidance. ASU 2016-08, "Revenue from Contracts with customers (Topic 606) - Principal versus Agent Considerations (Reporting Gross Versus Net)," clarifies the implementation guidance on principal versus agent considerations included within the scope of ASU 2014-09. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, which was issued as a part of ASU 2014-09, to add guidance for partial sales of nonfinancial assets. The guidance permits two methods of adoption: full retrospective approach to each prior reporting period presented, or modified retrospective approach with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The guidance was initially effective January 1, 2017, and early adoption was not permitted. The amended guidance provides for a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. NNN will adopt the guidance on January 1, 2018, and apply the cumulative catch-up transition method. NNN is currently evaluating to determine the potential impact the adoption of ASU 2014-09 and ASU 2016-08 will have on its financial position and results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to today&#8217;s accounting. The guidance also eliminates today&#8217;s real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. NNN is currently evaluating to determine the potential impact the adoption of ASU 2016-02 will have on its financial position or results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments in this update provide guidance on certain cash flow classification issues. The objective of the amendment is to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The adoption of ASU 2016-15 will not impact NNN's financial position or results of operations.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. The amendments in this update provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. NNN has early adopted ASU 2017-01. The adoption of ASU 2017-01 will not materially impact NNN's financial position or results of operations.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Real Estate:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Real Estate &#8211; Portfolio</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Leases</font><font style="font-family:inherit;font-size:10pt;"> &#8211; The following outlines key information for NNN&#8217;s leases:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:488px;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:381px;" rowspan="1" colspan="1"></td><td style="width:102px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Lease classification:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Operating</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,581</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Direct financing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Building portion &#8211; direct financing/land portion &#8211; operating</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Weighted average remaining lease term (years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11.4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The leases generally provide for limited increases in rent as a result of fixed increases, increases in the consumer price index, and/or increases in the tenant&#8217;s sales volume. Generally, the tenant is also required to pay all property taxes and assessments, substantially maintain the Property and carry property and liability insurance coverage. Certain of the Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. Generally, the leases provide the tenant with </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> or more multi-year renewal options, subject to generally the same terms and conditions of the base term of the lease, including rent increases.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Real Estate Portfolio &#8211; Accounted for Using the Operating Method</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Real estate subject to operating leases consisted of the following as of (dollars in thousands):</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:488px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:253px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:103px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:103px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Land and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,123,019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,100,367</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Buildings and improvements</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,553,023</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,485,029</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Leasehold interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,261</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,565</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,681,303</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,589,961</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(773,659</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(738,530</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,907,644</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,851,431</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Work in progress</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">36,576</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">24,057</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,944,220</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,875,488</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Real Estate &#8211; Held For Sale</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Property, Plant &amp; Equipment,</font><font style="font-family:inherit;font-size:10pt;"> including management&#8217;s intent to commit to a plan to sell the asset.&#160;NNN anticipates the disposition of Properties classified as held for sales to occur within 12 months. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, NNN had </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">four</font><font style="font-family:inherit;font-size:10pt;"> of its Properties categorized as held for sale. NNN's real estate held for sale at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, included </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> Properties, </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> of which were sold in 2017. Real estate held for sale consisted of the following as of (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:537px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:308px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:101px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Land and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,116</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,663</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Building and improvements</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,981</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">19,913</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10,097</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">36,576</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,340</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,937</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less impairment</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,494</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,997</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,263</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">29,642</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Real Estate &#8211; Dispositions</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:522px;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:277px;" rowspan="1" colspan="1"></td><td style="width:57px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:41px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:17px;" rowspan="1" colspan="1"></td><td style="width:57px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:41px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td rowspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"># of Sold</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gain</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"># of Sold</font></div><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gain</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gain on disposition of real estate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">14,624</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,875</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Real Estate &#8211; Commitments</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN has committed to fund construction commitments on </font><font style="font-family:inherit;font-size:10pt;">25</font><font style="font-family:inherit;font-size:10pt;"> Properties. The improvements are estimated to be completed within </font><font style="font-family:inherit;font-size:10pt;">12 months</font><font style="font-family:inherit;font-size:10pt;">. These construction commitments, as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, are outlined in the table below (dollars in thousands):</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:402px;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:312px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:78px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total commitment</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">110,995</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount funded</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">67,951</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Remaining commitment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:8px;text-align:left;padding-left:138px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font><font style="font-family:inherit;font-size:9pt;"> Includes land, construction costs, tenant improvements and lease costs.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Real Estate &#8211; Impairments</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management periodically assesses its real estate for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are vacant or become vacant in a reasonable period of time. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. As a result of the Company's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries of </font><font style="font-family:inherit;font-size:10pt;">$1,206,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$572,000</font><font style="font-family:inherit;font-size:10pt;"> for the quarters ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Real Estate Portfolio</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded </font><font style="font-family:inherit;font-size:10pt;">$554,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$511,000</font><font style="font-family:inherit;font-size:10pt;"> in capitalized interest during the development period for the quarters ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Purchase Accounting for Acquisition of Real Estate Subject to a Lease</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. Acquisition costs incurred in connection with a business combination are expensed when incurred.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i)&#160;the contractual amounts to be paid pursuant to the in-place leases, and (ii)&#160;management&#8217;s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the applicable option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i)&#160;the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii)&#160;the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:97.65625%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gains or (Losses) on Cash Flow Hedges </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Gains on Available-for-Sale Securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning balance, December 31, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,899</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">708</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,191</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other comprehensive income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(554</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">74</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(480</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Reclassifications from accumulated other comprehensive income to net earnings</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">447</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup>&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">447</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(107</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">74</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(33</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending balance, March 31, 2017</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,006</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">782</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,224</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;padding-left:24px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1) </sup></font><font style="font-family:inherit;font-size:9pt;">Additional disclosure is included in Note 5 &#8211; Derivatives.</font></div><div style="line-height:120%;padding-top:4px;padding-left:24px;text-indent:-12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2) </sup></font><font style="font-family:inherit;font-size:9pt;">Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines NNN's derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:536px;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:121px;" rowspan="1" colspan="1"></td><td style="width:182px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:54px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:70px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:73px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Terminated</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Description</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Aggregate Notional Amount</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Liability Fair Value When Terminated</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Fair Value Deferred In Other Comprehensive Income </font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">September 2007</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Two treasury locks</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">100,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,260</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,228</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Two treasury locks</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">150,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,300</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,218</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">April 2013</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Four forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">240,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,156</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">May 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Three forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">225,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,312</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,312</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">October 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Four forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">300,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">13,369</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">13,369</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Two forward starting swaps</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">180,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,352</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,345</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;padding-left:90px;text-indent:-18px;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font><font style="font-family:inherit;font-size:9pt;"> </font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:9pt;">The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Real estate subject to operating leases consisted of the following as of (dollars in thousands):</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:488px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:253px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:103px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:103px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">December&#160;31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Land and improvements</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,123,019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,100,367</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Buildings and improvements</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,553,023</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,485,029</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Leasehold interests</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,261</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,565</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,681,303</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,589,961</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Less accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(773,659</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(738,530</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,907,644</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,851,431</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Work in progress</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">36,576</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">24,057</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,944,220</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,875,488</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines the common stock issuances pursuant to NNN's ATM equity programs (dollars in thousands, except per share data):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:528px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:338px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:81px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:81px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Shares of common stock</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,087,355</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,865,260</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Average price per share (net)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43.92</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">44.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net proceeds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">47,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">82,076</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Stock issuance costs</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">743</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,429</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt"> (1) </sup></font><font style="font-family:inherit;font-size:9pt;"> Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Stockholders' Equity</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which permits the issuance by NNN of an indeterminate amount of debt and equity securities.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Dividend Reinvestment and Stock Purchase Plan</font><font style="font-family:inherit;font-size:10pt;"> &#8211; In February 2015, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to </font><font style="font-family:inherit;font-size:10pt;">16,000,000</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:534px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:354px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Shares&#160;of&#160;common&#160;stock</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16,320</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">134,150</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net proceeds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">714</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,892</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">At-The-Market Offerings</font><font style="font-family:inherit;font-size:10pt;"> &#8211; NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following outlines NNN's ATM programs:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:526px;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:360px;" rowspan="1" colspan="1"></td><td style="width:78px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:78px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016 ATM</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2015 ATM</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Established date</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">February 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Termination date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2019</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">March 2016</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total allowable shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12,000,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10,000,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total shares issued as of March 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,310,645</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9,852,465</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table outlines the common stock issuances pursuant to NNN's ATM equity programs (dollars in thousands, except per share data):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:528px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:338px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:81px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:81px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Shares of common stock</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,087,355</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,865,260</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Average price per share (net)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">43.92</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">44.00</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net proceeds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">47,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">82,076</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Stock issuance costs</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">743</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,429</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:4px;text-align:left;text-indent:48px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt"> (1) </sup></font><font style="font-family:inherit;font-size:9pt;"> Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Dividends</font><font style="font-family:inherit;font-size:10pt;"> &#8211; The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:604px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:425px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:75px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Quarter Ended March 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2016</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Series D preferred stock</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1)</sup></font><font style="font-family:inherit;font-size:9pt;">:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,598</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,762</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per depositary share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.312847</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.414063</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Series E preferred stock</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup></font><font style="font-family:inherit;font-size:9pt;">:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,097</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,097</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per depositary share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.356250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.356250</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Series F preferred stock</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3)</sup></font><font style="font-family:inherit;font-size:9pt;">:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,485</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per depositary share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.325000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Common stock:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">66,781</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">61,151</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Per share</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.455</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">0.435</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:4px;padding-left:60px;text-indent:-18px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(1) </sup></font><font style="font-family:inherit;font-size:9pt;">The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date. </font></div><div style="line-height:120%;padding-top:4px;padding-left:60px;text-indent:-18px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2) </sup></font><font style="font-family:inherit;font-size:9pt;">The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018. </font></div><div style="line-height:120%;padding-top:4px;padding-left:60px;text-indent:-18px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(3) </sup></font><font style="font-family:inherit;font-size:9pt;">The Series F preferred stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F preferred stock is October 2021.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;">, NNN declared a dividend of </font><font style="font-family:inherit;font-size:10pt;">$0.455</font><font style="font-family:inherit;font-size:10pt;"> per share, which is payable in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">May</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> to its common stockholders of record as of </font><font style="font-family:inherit;font-size:10pt;">April&#160;28, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Subsequent Events</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NNN reviewed its subsequent events and transactions that have occurred after </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the date of the condensed consolidated balance sheet. There were no reportable subsequent events or transactions.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.</font></div></div> Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees. The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date. The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable. Additional disclosure is included in Note 5 – Derivatives. Cash, cash equivalents and restricted cash at the end of the period is the aggregate of Cash and cash equivalents and Restricted cash and cash held in escrow from the Consolidated Balance Sheets. NNN had no restricted cash and cash held in escrow at March 31, 2017 and $43,136 at March 31, 2016. The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018. Includes land, construction costs, tenant improvements and lease costs. Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income. EX-101.SCH 7 nnn-20170331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1001000 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Derivatives link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - Derivatives (Details) link:presentationLink link:calculationLink link:definitionLink 2311301 - Disclosure - Derivatives (Tables) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:calculationLink link:definitionLink 2412401 - Disclosure - Fair Value of Financial Instruments (Details) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Line of Credit Payable link:presentationLink link:calculationLink link:definitionLink 2404401 - Disclosure - Line of Credit Payable (Details) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2401407 - Disclosure - Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) link:presentationLink link:calculationLink link:definitionLink 2401406 - Disclosure - Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) link:presentationLink link:calculationLink link:definitionLink 2401406 - Disclosure - Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) link:presentationLink link:calculationLink link:definitionLink 2401405 - Disclosure - Organization and Summary of Significant Accounting Policies (Gross Intangible Assets and Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2401404 - Disclosure - Organization and Summary of Significant Accounting Policies (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2201201 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 2401403 - Disclosure - Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details) link:presentationLink link:calculationLink link:definitionLink 2301302 - Disclosure - Organization and Summary of Significant Accounting Policies (Tables) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Real Estate link:presentationLink link:calculationLink link:definitionLink 2402402 - Disclosure - Real Estate (Classification of Investment Property Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 2402406 - Disclosure - Real Estate (Commitments) (Details) link:presentationLink link:calculationLink link:definitionLink 2402405 - Disclosure - Real Estate (Dispositions) (Details) link:presentationLink link:calculationLink link:definitionLink 2402404 - Disclosure - Real Estate (Held for Sale) (Details) link:presentationLink link:calculationLink link:definitionLink 2402407 - Disclosure - Real Estate (Impairments) (Details) link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 2302301 - Disclosure - Real Estate (Tables) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Stockholders' Equity link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Stockholders' Equity (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Stockholders' Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 nnn-20170331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 nnn-20170331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 nnn-20170331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Real Estate [Abstract] Property Subject to or Available for Operating Lease, by Major Property Class [Table] Property Subject to or Available for Operating Lease, by Major Property Class [Table] Property Subject to or Available for Operating Lease [Axis] Property Subject to or Available for Operating Lease [Axis] Property Subject to or Available for Operating Lease [Domain] Property Subject to or Available for Operating Lease [Domain] Operating Property Subject to Operating Lease [Member] Direct financing Property Subject To Direct Financing Member Property Subject To Direct Financing [Member] Building portion – direct financing/land portion – operating Building Portion Subject To Direct Financing Land Portion Subject To Operating Lease Member Building Portion Subject To Direct Financing Land Portion Subject To Operating Lease [Member] Property Subject to or Available for Operating Lease [Line Items] Property Subject to or Available for Operating Lease [Line Items] Lease classification: Leases [Abstract] Operating Number Of Investment Properties Leased Under Operating Leases Total number of Investment Properties leased under operating leases Direct financing Number Of Investment Properties Leased Under Direct Financing Leases Number of Investment Properties leased under the direct financing method Building portion – direct financing/land portion – operating Number Of Investment Properties Leased Under Direct Financing And Operating Leases Number Of Investment Properties Leased Under Direct Financing And Operating Leases. Weighted average remaining lease term (years) Weighted Average Remaining Lease Term Weighted Average Remaining Lease Term Number of renewal options, or more Number of Renewal Options Number of Renewal Options Period for improvements to construction commitments Period for Improvements to Construction Commitments Period for Improvements to Construction Commitments Total commitment Real Estate Investment, Funding Commitments Real Estate Investment, Funding Commitments Amount funded Real Estate Investment, Funding Commitments, Amount Funded Real Estate Investment, Funding Commitments, Amount Funded Remaining commitment Real Estate Investment, Funding Commitments, Remaining Commitment Real Estate Investment, Funding Commitments, Remaining Commitment Accounting Policies [Abstract] Organization and Summary of Significant Accounting Policies Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Debt Disclosure [Abstract] Line of Credit Payable Line Of Credit Facilities [Text Block] Disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Impairment losses – real estate and other charges, net of recoveries Impairment Losses and Other Charges, Net of Recoveries Impairment Losses and Other Charges, Net of Recoveries Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table] Disposal Groups, Including Discontinued Operations [Table] Disposal Group Name [Axis] Disposal Group Name [Axis] Disposal Groups, Including Discontinued Operations, Name [Domain] Disposal Group Name [Domain] Assets Held-for-sale Disposal Group, Held-for-sale, Not Discontinued Operations [Member] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Number of sold properties - gain on disposition of real estate Number Of Disposed Properties Continuing Operations Number Of Disposed Properties, Continuing Operations Gain on disposition of real estate Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property Statement of Financial Position [Abstract] Statement [Table] Statement [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Series D Preferred Stock Series D Preferred Stock [Member] Series E Preferred Stock Series E Preferred Stock [Member] Series F Preferred Stock Series F Preferred Stock [Member] Statement [Line Items] Statement [Line Items] ASSETS Assets [Abstract] Real estate portfolio: Investments [Abstract] Accounted for using the operating method, net of accumulated depreciation and amortization Real Estate Investment Property, Net Accounted for using the direct financing method Net Investment in Direct Financing and Sales Type Leases Real estate held for sale Inventory, Real Estate, Held-for-sale Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Receivables, net of allowance of $1,840 and $1,006, respectively Accounts and Notes Receivable, Net Accrued rental income, net of allowance of $3,078 Deferred Rent Receivables, Net Debt costs, net of accumulated amortization of $11,616 and $11,268, respectively Debt Issuance Costs, Line of Credit Arrangements, Net Other assets Other Assets Total assets Assets LIABILITIES AND EQUITY Liabilities and Equity [Abstract] Liabilities: Liabilities [Abstract] Mortgages payable, including unamortized premium and net of unamortized debt costs Secured Debt Notes payable, net of unamortized discount and unamortized debt costs Notes Payable Accrued interest payable Interest Payable Other liabilities Other Liabilities Total liabilities Liabilities Equity: Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] Stockholders’ equity: Stockholders' Equity Attributable to Parent [Abstract] Preferred stock, $0.01 par value. Authorized 15,000,000 shares Preferred Stock, Value, Issued Common stock, $0.01 par value. Authorized 375,000,000 shares; 148,578,933 and 147,149,945 shares issued and outstanding, respectively Common Stock, Value, Issued Capital in excess of par value Additional Paid in Capital Accumulated deficit Retained Earnings (Accumulated Deficit) Accumulated other comprehensive income (loss) Accumulated Other Comprehensive Income (Loss), Net of Tax Total stockholders’ equity of NNN Stockholders' Equity Attributable to Parent Noncontrolling interests Stockholders' Equity Attributable to Noncontrolling Interest Total equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total liabilities and equity Liabilities and Equity Summary of NNN's Investment Portfolio Schedule Of Investment Properties [Table Text Block] Schedule of number of Investment Property Holdings and gross leasable area and number of states located Intangible Assets and Liabilities Schedule of Finite-lived Intangible Lease Assets and Related Amortization [Table Text Block] Schedule of Finite-lived Intangible Lease Assets and Related Amortization [Table Text Block] Computation of Basic and Diluted Earnings Per Share Schedule Of Computation Of Earnings Per Share Basic And Diluted [Table Text Block] Represents the calculation of the numerator and denominator used in basic and diluted earnings per share calculation. Schedule of AOCI Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Statement of Cash Flows [Abstract] Series D Depositary Share Series D Depositary Share [Member] Series D Depositary Share [Member] Series E Depositary Share Series E Depositary Share [Member] Series E Depositary Share Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Earnings including noncontrolling interests Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Adjustments to reconcile earnings including noncontrolling interests to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Depreciation, Depletion and Amortization Impairment losses – real estate and other charges, net of recoveries Impairment Losses and Other Charges Impairment Losses and Other Charges Impairment – commercial mortgage residual interests valuation Impairment of Retained Interest Amortization of notes payable discount Amortization of Debt Discount (Premium) Amortization of debt costs Amortization of Debt Issuance Costs Amortization of mortgages payable premium Amortization of Mortgages Premium Amortization of Mortgages Premium Amortization of deferred interest rate hedges Amortization of Deferred Hedge Gains Gain on disposition of real estate Gain (Loss) on Sale of Properties Performance incentive plan expense Performance Incentive Plan Expense The aggregate amount of noncash, equity-based and long-term incentive based employee remuneration. This may include the value of stock options, amortization of restricted stock, amortization of long term incentive compensation and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Performance incentive plan payment Performance Incentive Plan Payment Performance Incentive Plan Payment Change in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: Increase (Decrease) in Operating Capital [Abstract] Decrease in real estate leased to others using the direct financing method Increase Decrease In Direct Financing And Sales Type Leases The net change during the reporting period consisting of: (a) minimum lease payments due on direct financing and sales-type leases, (b) unguaranteed residual value, and (c) any unamortized initial direct costs on direct financing leases; less: (i) executory costs, (ii) unearned income, and (iii) the accumulated allowance for uncollectible minimum lease payments. Increase in mortgages, notes and accrued interest receivable Increase (Decrease) in Notes Receivables Decrease in receivables Increase (Decrease) in Receivables Increase in accrued rental income Straight Line Rent Decrease (increase) in other assets Increase (Decrease) in Other Operating Assets Increase in accrued interest payable Increase (Decrease) in Interest Payable, Net Decrease in other liabilities Increase (Decrease) in Other Operating Liabilities Other Increase (Decrease) in Other Operating Assets and Liabilities, Net Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Proceeds from the disposition of real estate Proceeds from Sale of Real Estate Held-for-investment Additions to real estate: Payments to Acquire Real Estate [Abstract] Accounted for using the operating method Payments to Acquire Real Estate Held-for-investment Principal payments on mortgages and notes receivable Proceeds from Collection of Notes Receivable Other Payments for (Proceeds from) Other Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Proceeds from line of credit payable Proceeds from Long-term Lines of Credit Repayment of line of credit payable Repayments of Long-term Lines of Credit Repayment of mortgages payable Repayments of Secured Debt Payment of debt costs Payments of Debt Issuance Costs Proceeds from issuance of common stock Proceeds from Issuance of Common Stock Stock issuance costs Payments of Stock Issuance Costs Redemption of Series D preferred stock Payments for Repurchase of Redeemable Preferred Stock Payment of Series D, E and F preferred stock dividends Payments of Ordinary Dividends, Preferred Stock and Preference Stock Payment of common stock dividends Payments of Ordinary Dividends, Common Stock Net cash provided by (used in) financing activities Net Cash Provided by (Used in) Financing Activities Net increase (decrease) in cash, cash equivalents and restricted cash Cash and Cash Equivalents, Period Increase (Decrease) Cash, cash equivalents and restricted cash at beginning of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, cash equivalents and restricted cash at end of period Supplemental disclosure of cash flow information: Supplemental Cash Flow Information [Abstract] Interest paid, net of amount capitalized Interest Paid, Net Taxes received Income Taxes Paid, Net Supplemental disclosure of noncash investing and financing activities: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Change in other comprehensive income Supplemental Change In Other Comprehensive Income Supplemental change in other comprehensive income Change in lease classification (direct financing lease to operating lease) SEC Schedule III, Real Estate, Acquisitions Through Foreclosures Restricted cash and cash held in escrow Restricted Cash and Investments, Restricted Cash and Cash Held in Escrow, Current Restricted Cash and Investments, Restricted Cash and Cash Held in Escrow, Current Number of properties classified as held for sale Number Of Properties Classified As Held For Sale Number Of Properties Classified As Held For Sale Number of properties sold Number of Properties Sold Number of Properties Sold Land and improvements Inventory, Land Held-for-sale Building and improvements Inventory, Building, Held-for-sale Inventory, Building, Held-for-sale Real estate held-for-sale Real Estate Held-for-sale Less accumulated depreciation and amortization Real Estate Investment Property, Accumulated Depreciation Less impairment Accumulated Impairment Real Estate Held For Sale Accumulated Impairment Real Estate Held For Sale Real estate held for sale Financial Instruments, Owned, at Fair Value [Abstract] Fair value of notes payable Notes Payable, Fair Value Disclosure Fair Value of Financial Instruments Financial Instruments Disclosure [Text Block] Equity [Abstract] Disclosure of Share-based Compensation Arrangements by Share-based Payment Award Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] Schedule of ATM Program Schedule of At The Market Equity Program [Table Text Block] Schedule of At The Market Equity Program [Table Text Block] Schedule of Stock by Class Schedule of Stock by Class [Table Text Block] Schedule of Dividends Declared and Paid Schedule of Dividends Declared and Paid [Table Text Block] Schedule of Dividends Declared and Paid [Table Text Block] Schedule of Finite-Lived Intangible Assets by Major Class [Table] Schedule of Finite-Lived Intangible Assets [Table] Acquired Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Value of above-market in-place leases, net Leases, Acquired, Above In-Place [Member] Leases, Acquired, In-Place [Member] Value of in-place leases, net Leases, Acquired-in-Place [Member] Value of below-market in-place leases, net Leases, Acquired-in-Place, Market Adjustment [Member] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Intangible lease assets (included in Other assets): Intangible Assets, Net (Including Goodwill) [Abstract] Intangible lease assets (included in Other assets): Finite-Lived Intangible Assets, Net Intangible lease liabilities (included in Other liabilities): Intangible Liabilities Net Including Goodwill Abstract [Abstract] Intangible Liabilities Net Including Goodwill Abstract [Abstract] Intangible lease liabilities (included in Other liabilities): Off-market Lease, Unfavorable Total properties Investment Properties Total Investment Properties Total Gross leasable area (square feet) Area of Real Estate Property States Number of States in which Entity Operates Classification of Investment Property Leases Schedule of Investment Property Leases [Table Text Block] Schedule of Investment Property Leases [Table Text Block] Summary of Real Estate Subject to Operating Leases Schedule of Property Subject to or Available for Operating Lease [Table Text Block] Disclosure of Long Lived Assets Held-for-sale Disclosure of Long Lived Assets Held-for-sale [Table Text Block] Disclosure of Long Lived Assets Held-for-sale, Gains Recognized Disclosure of Long Lived Assets Held-for-sale, Gains Recognized [Table Text Block] Disclosure of Long Lived Assets Held-for-sale, Gains Recognized [Table Text Block] Real Estate Funding Commitments Real Estate Funding Commitments [Table Text Block] Real Estate Funding Commitments [Table Text Block] Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Table] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Gains or (Losses) on Cash Flow Hedges Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] Gains on Available-for-Sale Securities Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] Total AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated Other Comprehensive Income (Loss) [Roll Forward] AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] Beginning balance, December 31, 2016 Other comprehensive income (loss) Other Comprehensive Income (Loss), before Reclassifications, Net of Tax Reclassifications from accumulated other comprehensive income to net earnings Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax Net current period other comprehensive income (loss) Other Comprehensive Income (Loss), Net of Tax Ending balance, March 31, 2017 Stockholders' Equity Stockholders' Equity Note Disclosure [Text Block] Real Estate Real Estate Disclosure [Text Block] Derivative Instruments and Hedging Activities Disclosure [Abstract] Schedule of Derivative Instruments Schedule of Derivative Instruments [Table Text Block] Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Table] Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Table] Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] Basic and Diluted Earnings: Earnings Per Share, Basic and Diluted [Abstract] Net earnings attributable to NNN Net Income (Loss) Attributable to Parent Less: preferred stock dividends Dividends, Preferred Stock Less: Excess of redemption value over carrying value of Series D preferred shares redeemed Preferred Stock Redemption Discount Net earnings attributable to common stockholders Net Income (Loss) Available to Common Stockholders, Basic Less: Earnings allocated to unvested restricted shares Earnings Attributable To Unvested Restricted Shares Using the Two-Class Method Earnings attributable to unvested shares using the two-class method Net earnings used in basic and diluted earnings per share Net Income (Loss) Available to Common Stockholders, Diluted Basic and Diluted Weighted Average Shares Outstanding: Weighted Average Number of Shares Outstanding Reconciliation [Abstract] Weighted average number of shares outstanding (in shares) Weighted Average Number of Shares Outstanding, Basic and Diluted Less: Unvested restricted stock (in shares) Weighted Average Number of Shares, Restricted Stock Less: Unvested contingent restricted shares (in shares) Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares Weighted average number of shares outstanding used in basic earnings per share (in shares) Weighted Average Number of Shares Outstanding, Basic Other dilutive securities (in shares) Incremental Common Shares Attributable To Dilutive Effect, Other Incremental Common Shares Attributable To Dilutive Effect, Other Weighted average number of shares outstanding used in diluted earnings per share (in shares) Weighted Average Number of Shares Outstanding, Diluted Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Mortgages Mortgages [Member] Notes Payable to Banks Notes Payable to Banks [Member] Debt Instrument [Line Items] Debt Instrument [Line Items] Interest costs capitalized Interest Costs Capitalized Revolving credit facility borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Debt costs Debt Issuance Costs, Gross Debt costs accumulated amortization Accumulated Amortization, Debt Issuance Costs Subsequent Events [Abstract] Subsequent Events Subsequent Events [Text Block] Derivatives Derivative Instruments and Hedging Activities Disclosure [Text Block] Derivative [Table] Derivative [Table] Hedging Designation [Axis] Hedging Designation [Axis] Hedging Designation [Domain] Hedging Designation [Domain] Designated as Hedging Instrument Designated as Hedging Instrument [Member] Reclassification out of Accumulated Other Comprehensive Income [Axis] Reclassification out of Accumulated Other Comprehensive Income [Axis] Reclassification out of Accumulated Other Comprehensive Income [Domain] Reclassification out of Accumulated Other Comprehensive Income [Domain] Reclassification out of Accumulated Other Comprehensive Income Reclassification out of Accumulated Other Comprehensive Income [Member] Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Contract [Domain] Derivative Contract [Domain] Treasury Lock Treasury Lock [Member] Forward Swap Forward Swap [Member] Forward Swap [Member] Derivative [Line Items] Derivative [Line Items] Number of interest rate derivatives terminated Number Of Interest Rate Derivatives Terminated Number of interest rate derivative instruments terminated by the entity during the period. Aggregate Notional Amount Derivative, Notional Amount Liability Fair Value When Terminated Cash Flow Hedge Derivative Instrument Liabilities at Fair Value Fair value deferred in other comprehensive income Cash Flow Hedges Derivative Instruments at Fair Value, Net Fair value of interest rate hedges recognized in other comprehensive income Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax Interest expense Interest Expense Interest rate hedges gain (loss) to be reclassified into interest expense over next 12 months Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net Number of interest rate derivatives entered into Number of Interest Rate Derivatives Entered Into Number of Interest Rate Derivatives Entered Into Receivables allowance Allowance for Doubtful Accounts, Premiums and Other Receivables Accrued rental income allowance Allowance Rental Income The valuation allowance as of the balance sheet date to reduce the gross amount of accrued rent receivable to estimated net realizable value, which would be presented in parentheses on the face of the balance sheet. Debt costs accumulated amortization Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements Preferred stock, par value (in dollars per share) Preferred Stock, Par or Stated Value Per Share Preferred stock, shares authorized (in shares) Preferred Stock, Shares Authorized Dividend rate Preferred Stock, Dividend Rate, Percentage Preferred stock, depositary shares issued (in shares) Preferred Stock, Shares Issued Preferred stock, depositary shares outstanding (in shares) Preferred Stock, Shares Outstanding Preferred stock, stated liquidation value per share (in dollars per share) Preferred Stock, Liquidation Preference Per Share Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share Common stock, shares authorized (in shares) Common Stock, Shares Authorized Common stock, shares issued (in shares) Common Stock, Shares, Issued Common stock, shares outstanding (in shares) Common Stock, Shares, Outstanding Line of Credit Facility [Table] Line of Credit Facility [Table] Letter of Credit Letter of Credit [Member] Line of Credit Line of Credit [Member] Variable Rate [Axis] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] LIBOR London Interbank Offered Rate (LIBOR) [Member] Line of Credit Facility [Line Items] Line of Credit Facility [Line Items] Revolving credit facility weighted average outstanding balance Line of Credit Facility, Average Outstanding Amount Revolving credit facility weighted average interest rate Line of Credit Facility, Interest Rate During Period Basis spread on variable rate Debt Instrument, Basis Spread on Variable Rate Option to increase facility size Line Of Credit Facility Option to Increase Facility Size Through Accordion Feature Line Of Credit Facility Option to Increase Facility Size Through Accordion Feature Line of credit payable Long-term Line of Credit Line of credit facility available for future borrowings Line of Credit Facility, Remaining Borrowing Capacity Line of credit facility, undrawn letters of credit Line of Credit Facility, Current Borrowing Capacity Principles of Consolidation Consolidation, Policy [Policy Text Block] Real Estate Portfolio Real Estate, Policy [Policy Text Block] Debt Costs Deferred Charges, Policy [Policy Text Block] Earnings Per Share Earnings Per Share, Policy [Policy Text Block] Fair Value Measurement Fair Value of Financial Instruments, Policy [Policy Text Block] New Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Use of Estimates Use of Estimates, Policy [Policy Text Block] Income Statement [Abstract] Revenues: Revenues [Abstract] Rental income from operating leases Operating Leases, Income Statement, Minimum Lease Revenue Earned income from direct financing leases Capital Leases, Income Statement, Direct Financing Lease Revenue Percentage rent Operating Leases, Income Statement, Percentage Revenue Real estate expense reimbursement from tenants Tenant Reimbursements Interest and other income from real estate transactions Interest Income, Operating Interest income on commercial mortgage residual interests Other Income Total revenues Revenues Operating expenses: Operating Expenses [Abstract] General and administrative General and Administrative Expense Real estate Direct Costs of Leased and Rented Property or Equipment Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction Impairment losses – real estate and other charges, net of recoveries Impairment Losses and Other Charges, Continuing Operations Impairment Losses and Other Charges, Continuing Operations Total operating expenses Operating Expenses Earnings from operations Operating Income (Loss) Other expenses (revenues): Other Nonoperating Income (Expense) [Abstract] Interest and other income Investment Income, Net Real estate acquisition costs Business Combination, Acquisition Related Costs Total other expenses (revenues) Other Nonoperating Income (Expense) Earnings before gain on disposition of real estate Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest Gain on disposition of real estate Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes Earnings including noncontrolling interests Loss attributable to noncontrolling interests Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest Net earnings attributable to NNN Dividends Excess of redemption value over carrying value of Series D preferred shares redeemed Net earnings per share of common stock: Earnings Per Share [Abstract] Basic (in dollars per share) Income (Loss) from Continuing Operations, Per Basic Share Diluted (in dollars per share) Income (Loss) from Continuing Operations, Per Diluted Share Weighted average number of common shares outstanding: Weighted Average Number of Shares Outstanding, Diluted [Abstract] Basic (in shares) Diluted (in shares) Other comprehensive income: Other Comprehensive Income (Loss), Net of Tax [Abstract] Amortization of interest rate hedges Amortization Of Interest Rate Hedges Amortization of interest rate hedges Fair value forward starting swaps Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax Net loss – commercial mortgage residual interests Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax Net gain – available-for-sale securities Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent Comprehensive income attributable to NNN Comprehensive Income (Loss), Net of Tax, Attributable to Parent Major Property Class [Axis] Major Property Class [Axis] Major Property Class [Domain] Major Property Class [Domain] Land and improvements Land Improvements [Member] Buildings and improvements Building Improvements [Member] Leasehold interests Leasehold Interests Member Leasehold Interests [Member] Work in progress Construction in Progress [Member] Property Subject to or Available for Operating Lease [Line Items] Land and improvements Land Buildings and improvements Investment Building and Building Improvements Leasehold interests Leasehold Interests Aggregate carrying amounts as of the balance sheet date of investments in leasehold interests Real estate subject to operating leases, gross Real Estate Subject to Operating Leases, Gross Real Estate Subject to Operating Leases, Gross Less accumulated depreciation and amortization Property Subject to or Available for Operating Lease, Accumulated Depreciation Real estate subject to operating leases before work in process Real Estate Subject To Operating Leases Before Work In Process Real Estate Subject To Operating Leases Before Work In Process Work in progress Development in Process Accounted for using the operating method, net of accumulated depreciation and amortization Schedule of Stock by Class [Table] Schedule of Stock by Class [Table] Equity Plan Name [Axis] Equity Plan Name [Axis] Equity Plan Name [Axis] Equity Plan Name [Domain] Equity Plan Name [Domain] Equity Plan Name [Domain] DRIP DRIP [Member] DRIP [Member] 2016 ATM ATM Equity Program 2016 [Member] ATM Equity Program 2016 [Member] 2015 ATM ATM Equity Program 2015 [Member] ATM Equity Program 2015 [Member] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event Subsequent Event [Member] Class of Stock [Line Items] Class of Stock [Line Items] Total allowable shares (in shares) Shares of common stock (in shares) Stock Issued During Period, Shares, Dividend Reinvestment Plan Net proceeds Total shares issued (in shares) Shares of common stock (in shares) Stock Issued During Period, Shares, New Issues Average price per share (net) (in dollars per share) Sale of Stock, Average Stock Price Per Share Sale of Stock, Average Stock Price Per Share Net proceeds Stock Issued During Period, Value, New Issues Stock issuance costs Preferred stock dividends Preferred stock per share (in dollars per share) Preferred Stock, Dividends, Per Share, Cash Paid Common stock dividends Common stock per share (in dollars per share) Common Stock, Dividends, Per Share, Cash Paid Common stock, dividends, per share, declared (in dollars per share) Common Stock, Dividends, Per Share, Declared Document And Entity Information [Abstract] Document and Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding EX-101.PRE 11 nnn-20170331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2017
Apr. 27, 2017
Document And Entity Information [Abstract]    
Entity Registrant Name NATIONAL RETAIL PROPERTIES, INC.  
Entity Central Index Key 0000751364  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Period End Date Mar. 31, 2017  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity Common Stock, Shares Outstanding   149,139,470
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Real estate portfolio:    
Accounted for using the operating method, net of accumulated depreciation and amortization $ 5,944,220 $ 5,875,488
Accounted for using the direct financing method 10,303 11,230
Real estate held for sale 7,263 29,642
Cash and cash equivalents 34,418 294,540
Receivables, net of allowance of $1,840 and $1,006, respectively 3,111 3,418
Accrued rental income, net of allowance of $3,078 25,549 25,101
Debt costs, net of accumulated amortization of $11,616 and $11,268, respectively 2,394 2,715
Other assets 87,514 92,017
Total assets 6,114,772 6,334,151
Liabilities:    
Mortgages payable, including unamortized premium and net of unamortized debt costs 13,734 13,878
Notes payable, net of unamortized discount and unamortized debt costs 2,298,755 2,297,811
Accrued interest payable 36,379 19,665
Other liabilities 90,973 85,869
Total liabilities 2,439,841 2,417,223
Stockholders’ equity:    
Common stock, $0.01 par value. Authorized 375,000,000 shares; 148,578,933 and 147,149,945 shares issued and outstanding, respectively 1,487 1,473
Capital in excess of par value 3,383,461 3,322,771
Accumulated deficit (334,413) (319,254)
Accumulated other comprehensive income (loss) (8,224) (8,191)
Total stockholders’ equity of NNN 3,674,811 3,916,799
Noncontrolling interests 120 129
Total equity 3,674,931 3,916,928
Total liabilities and equity 6,114,772 6,334,151
Series D Preferred Stock    
Stockholders’ equity:    
Preferred stock, $0.01 par value. Authorized 15,000,000 shares 0 287,500
Series E Preferred Stock    
Stockholders’ equity:    
Preferred stock, $0.01 par value. Authorized 15,000,000 shares 287,500 287,500
Series F Preferred Stock    
Stockholders’ equity:    
Preferred stock, $0.01 par value. Authorized 15,000,000 shares $ 345,000 $ 345,000
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Receivables allowance $ 1,840 $ 1,006
Accrued rental income allowance 3,078 3,078
Debt costs accumulated amortization $ 11,616 $ 11,268
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 15,000,000 15,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 375,000,000 375,000,000
Common stock, shares issued (in shares) 148,578,933 148,578,933
Common stock, shares outstanding (in shares) 147,149,945 147,149,945
Series D Preferred Stock    
Dividend rate 6.625% 6.625%
Preferred stock, depositary shares issued (in shares) 115,000 115,000
Preferred stock, depositary shares outstanding (in shares) 115,000 115,000
Preferred stock, stated liquidation value per share (in dollars per share) $ 2,500 $ 2,500
Series E Preferred Stock    
Dividend rate 5.70% 5.70%
Preferred stock, depositary shares issued (in shares) 115,000 115,000
Preferred stock, depositary shares outstanding (in shares) 115,000 115,000
Preferred stock, stated liquidation value per share (in dollars per share) $ 2,500 $ 2,500
Series F Preferred Stock    
Dividend rate 5.20% 5.20%
Preferred stock, depositary shares issued (in shares) 138,000 138,000
Preferred stock, depositary shares outstanding (in shares) 138,000 138,000
Preferred stock, stated liquidation value per share (in dollars per share) $ 2,500 $ 2,500
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Rental income from operating leases $ 136,493 $ 121,645
Earned income from direct financing leases 257 356
Percentage rent 548 474
Real estate expense reimbursement from tenants 3,860 3,590
Interest and other income from real estate transactions 189 463
Interest income on commercial mortgage residual interests 85 452
Total revenues 141,432 126,980
Operating expenses:    
General and administrative 8,919 9,249
Real estate 5,663 4,787
Depreciation and amortization 40,143 34,655
Impairment – commercial mortgage residual interests valuation 0 220
Impairment losses – real estate and other charges, net of recoveries 1,206 572
Total operating expenses 55,931 49,483
Earnings from operations 85,501 77,497
Other expenses (revenues):    
Interest and other income (137) (19)
Interest expense 26,614 23,586
Real estate acquisition costs 0 129
Total other expenses (revenues) 26,477 23,696
Earnings before gain on disposition of real estate 59,024 53,801
Gain on disposition of real estate 14,624 16,875
Earnings including noncontrolling interests 73,648 70,676
Loss attributable to noncontrolling interests 9 7
Net earnings attributable to NNN 73,657 70,683
Net earnings attributable to common stockholders $ 51,622 $ 61,824
Net earnings per share of common stock:    
Basic (in dollars per share) $ 0.35 $ 0.44
Diluted (in dollars per share) $ 0.35 $ 0.44
Weighted average number of common shares outstanding:    
Basic (in shares) 146,929,678 140,840,371
Diluted (in shares) 147,279,537 141,326,003
Other comprehensive income:    
Net earnings attributable to NNN $ 73,657 $ 70,683
Amortization of interest rate hedges 447 695
Fair value forward starting swaps (554) 0
Net loss – commercial mortgage residual interests 0 (175)
Net gain – available-for-sale securities 74 174
Comprehensive income attributable to NNN 73,624 71,377
Series D Preferred Stock    
Other expenses (revenues):    
Dividends [1] (3,598) (4,762)
Excess of redemption value over carrying value of Series D preferred shares redeemed (9,855) 0
Series E Preferred Stock    
Other expenses (revenues):    
Dividends [2] (4,097) (4,097)
Series F Preferred Stock    
Other expenses (revenues):    
Dividends $ (4,485) $ 0
[1] The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
[2] The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Earnings including noncontrolling interests $ 73,648,000 $ 70,676,000
Adjustments to reconcile earnings including noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization 40,143,000 34,655,000
Impairment losses – real estate and other charges, net of recoveries 1,206,000 572,000
Impairment – commercial mortgage residual interests valuation 0 220,000
Amortization of notes payable discount 437,000 338,000
Amortization of debt costs 859,000 756,000
Amortization of mortgages payable premium (21,000) (51,000)
Amortization of deferred interest rate hedges 447,000 695,000
Gain on disposition of real estate (14,624,000) (16,875,000)
Performance incentive plan expense 2,755,000 2,880,000
Performance incentive plan payment (862,000) (581,000)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:    
Decrease in real estate leased to others using the direct financing method 231,000 340,000
Increase in mortgages, notes and accrued interest receivable 0 (24,000)
Decrease in receivables 307,000 471,000
Increase in accrued rental income (675,000) (242,000)
Decrease (increase) in other assets 453,000 (161,000)
Increase in accrued interest payable 16,714,000 13,524,000
Decrease in other liabilities (3,701,000) (4,457,000)
Other (125,000) (313,000)
Net cash provided by operating activities 117,192,000 102,423,000
Cash flows from investing activities:    
Proceeds from the disposition of real estate 39,251,000 50,902,000
Additions to real estate:    
Accounted for using the operating method (98,058,000) (126,577,000)
Principal payments on mortgages and notes receivable 0 95,000
Other (40,000) (652,000)
Net cash used in investing activities (58,847,000) (76,232,000)
Cash flows from financing activities:    
Proceeds from line of credit payable 103,700,000 63,500,000
Repayment of line of credit payable (103,700,000) (63,500,000)
Repayment of mortgages payable (127,000) (6,857,000)
Payment of debt costs (92,000) 0
Proceeds from issuance of common stock 49,011,000 89,135,000
Stock issuance costs (798,000) (1,380,000)
Redemption of Series D preferred stock (287,500,000) 0
Payment of common stock dividends (66,781,000) (61,151,000)
Net cash provided by (used in) financing activities (318,467,000) 10,888,000
Net increase (decrease) in cash, cash equivalents and restricted cash (260,122,000) 37,079,000
Cash, cash equivalents and restricted cash at beginning of period [1] 294,540,000 14,260,000
Cash, cash equivalents and restricted cash at end of period [1] 34,418,000 51,339,000
Supplemental disclosure of cash flow information:    
Interest paid, net of amount capitalized 8,732,000 8,835,000
Taxes received (3,000) 0
Supplemental disclosure of noncash investing and financing activities:    
Change in other comprehensive income 33,000 694,000
Change in lease classification (direct financing lease to operating lease) 696,000 0
Restricted cash and cash held in escrow 0 43,136,000
Series D Depositary Share    
Cash flows from financing activities:    
Payment of Series D, E and F preferred stock dividends (3,598,000) (4,762,000)
Series E Depositary Share    
Cash flows from financing activities:    
Payment of Series D, E and F preferred stock dividends (4,097,000) (4,097,000)
Series F Preferred Stock    
Cash flows from financing activities:    
Payment of Series D, E and F preferred stock dividends $ (4,485,000) $ 0
[1] Cash, cash equivalents and restricted cash at the end of the period is the aggregate of Cash and cash equivalents and Restricted cash and cash held in escrow from the Consolidated Balance Sheets. NNN had no restricted cash and cash held in escrow at March 31, 2017 and $43,136 at March 31, 2016.
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Organization and Summary of Significant Accounting Policies
Organization and Summary of Significant Accounting Policies:
Organization and Nature of Business – National Retail Properties, Inc., a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) formed in 1984. The terms "NNN" or the "Company" refer to National Retail Properties, Inc. and all of its consolidated subsidiaries.
NNN's assets primarily include real estate assets. 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").
 
March 31, 2017
Property Portfolio:
 
Total properties
2,543

Gross leasable area (square feet)
27,311,000

States
48

Weighted average remaining lease term (years)
11.4


The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles ("GAAP"). The unaudited condensed consolidated financial statements reflect all adjustments (including normal recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Operating results for the quarter ended March 31, 2017, may not be indicative of the results that may be expected for the year ending December 31, 2017. Amounts as of December 31, 2016, included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto as well as Management's Discussion and Analysis of Financial Condition and Results of Operations in NNN's Form 10-K for the year ended December 31, 2016.
Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated.
Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $554,000 and $511,000 in capitalized interest during the development period for the quarters ended March 31, 2017 and 2016, respectively.
Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. Acquisition costs incurred in connection with a business combination are expensed when incurred.
The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the applicable option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.
The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.
Intangible assets and liabilities consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Intangible lease assets (included in Other assets):
 
 
 
Value of above-market in-place leases, net
$
8,451

 
$
9,591

Value of in-place leases, net
52,234

 
55,290

Intangible lease liabilities (included in Other liabilities):
 
 
 
Value of below-market in-place leases, net
20,316

 
22,100

Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $650,000,000 line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the line of credit as an asset, in Debt Costs on the Consolidated Balance Sheets.
Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages payable have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method. These costs of $147,000 at March 31, 2017 and December 31, 2016, are included in Mortgages Payable on the Consolidated Balance Sheets net of accumulated amortization of $42,000 and $38,000, respectively.
Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method. These costs of $21,157,000 at March 31, 2017 and December 31, 2016, are included in Notes Payable on the Consolidated Balance Sheets net of accumulated amortization of $6,884,000 and $6,376,000, respectively.
Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share. The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
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 March 31,
 
2017
 
2016
Basic and Diluted Earnings:
 
 
 
Net earnings attributable to NNN
$
73,657

 
$
70,683

Less: Series D preferred stock dividends
(3,598
)
 
(4,762
)
Less: Series E preferred stock dividends
(4,097
)
 
(4,097
)
Less: Series F preferred stock dividends
(4,485
)
 
—

Less: Excess of redemption value over carrying value of Series D preferred shares redeemed
(9,855
)
 
—

Net earnings available to NNN’s common stockholders
51,622

 
61,824

Less: Earnings allocated to unvested restricted shares
(130
)
 
(151
)
Net earnings used in basic and diluted earnings per share
$
51,492

 
$
61,673

 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
Weighted average number of shares outstanding
147,581,522

 
141,577,504

Less: Unvested restricted stock
(285,887
)
 
(343,466
)
Less: Unvested contingent restricted shares
(365,957
)
 
(393,667
)
Weighted average number of shares outstanding used in basic earnings per share
146,929,678

 
140,840,371

Other dilutive securities
349,859

 
485,632

Weighted average number of shares outstanding used in diluted earnings per share
147,279,537

 
141,326,003


Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
•
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
•
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
 
Gains or (Losses) on Cash Flow Hedges (1)
 
Gains on Available-for-Sale Securities
 
Total
Beginning balance, December 31, 2016
$
(8,899
)
 
$
708

 
$
(8,191
)
 
 
 
 
 
 
Other comprehensive income (loss)
(554
)
 
74

 
(480
)
Reclassifications from accumulated other comprehensive income to net earnings
447

(2) 
—

 
447

Net current period other comprehensive income (loss)
(107
)
 
74

 
(33
)
Ending balance, March 31, 2017
$
(9,006
)
 
$
782

 
$
(8,224
)
(1) Additional disclosure is included in Note 5 – Derivatives.
(2) Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income.
New Accounting Pronouncements – In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. In March 2016, the FASB issued updated guidance. ASU 2016-08, "Revenue from Contracts with customers (Topic 606) - Principal versus Agent Considerations (Reporting Gross Versus Net)," clarifies the implementation guidance on principal versus agent considerations included within the scope of ASU 2014-09. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, which was issued as a part of ASU 2014-09, to add guidance for partial sales of nonfinancial assets. The guidance permits two methods of adoption: full retrospective approach to each prior reporting period presented, or modified retrospective approach with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The guidance was initially effective January 1, 2017, and early adoption was not permitted. The amended guidance provides for a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. NNN will adopt the guidance on January 1, 2018, and apply the cumulative catch-up transition method. NNN is currently evaluating to determine the potential impact the adoption of ASU 2014-09 and ASU 2016-08 will have on its financial position and results of operations.
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to today’s accounting. The guidance also eliminates today’s real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. NNN is currently evaluating to determine the potential impact the adoption of ASU 2016-02 will have on its financial position or results of operations.
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments in this update provide guidance on certain cash flow classification issues. The objective of the amendment is to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The adoption of ASU 2016-15 will not impact NNN's financial position or results of operations.
In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. The amendments in this update provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. NNN has early adopted ASU 2017-01. The adoption of ASU 2017-01 will not materially impact NNN's financial position or results of operations.
Use of Estimates – Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Real Estate
Real Estate:
Real Estate – Portfolio
Leases – The following outlines key information for NNN’s leases:
 
March 31, 2017
Lease classification:
 
Operating
2,581

Direct financing
7

Building portion – direct financing/land portion – operating
2

Weighted average remaining lease term (years)
11.4


The leases generally provide for limited increases in rent as a result of fixed increases, increases in the consumer price index, and/or increases in the tenant’s sales volume. Generally, the tenant is also required to pay all property taxes and assessments, substantially maintain the Property and carry property and liability insurance coverage. Certain of the Properties are subject to leases under which NNN retains responsibility for specific costs and expenses of the Property. Generally, the leases provide the tenant with one or more multi-year renewal options, subject to generally the same terms and conditions of the base term of the lease, including rent increases.
Real Estate Portfolio – Accounted for Using the Operating Method – Real estate subject to operating leases consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Land and improvements
$
2,123,019

 
$
2,100,367

Buildings and improvements
4,553,023

 
4,485,029

Leasehold interests
5,261

 
4,565

 
6,681,303

 
6,589,961

Less accumulated depreciation and amortization
(773,659
)
 
(738,530
)
 
5,907,644

 
5,851,431

Work in progress
36,576

 
24,057

 
$
5,944,220

 
$
5,875,488



Real Estate – Held For Sale
On a quarterly basis, the Company evaluates its Properties for held for sale classification based on specific criteria as outlined in ASC 360, Property, Plant & Equipment, including management’s intent to commit to a plan to sell the asset. NNN anticipates the disposition of Properties classified as held for sales to occur within 12 months. As of March 31, 2017, NNN had four of its Properties categorized as held for sale. NNN's real estate held for sale at December 31, 2016, included 18 Properties, 14 of which were sold in 2017. Real estate held for sale consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Land and improvements
$
4,116

 
$
16,663

Building and improvements
5,981

 
19,913

 
10,097

 
36,576

Less accumulated depreciation and amortization
(1,340
)
 
(3,937
)
Less impairment
(1,494
)
 
(2,997
)
 
$
7,263

 
$
29,642


Real Estate – Dispositions
The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
Gain on disposition of real estate
17
 
$
14,624

 
10
 
$
16,875


Real Estate – Commitments
NNN has committed to fund construction commitments on 25 Properties. The improvements are estimated to be completed within 12 months. These construction commitments, as of March 31, 2017, are outlined in the table below (dollars in thousands):
Total commitment(1)
$
110,995

Amount funded
$
67,951

Remaining commitment
$
43,044

(1) Includes land, construction costs, tenant improvements and lease costs.
Real Estate – Impairments
Management periodically assesses its real estate for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations. Events or circumstances that may occur include significant changes in real estate market conditions and the ability of NNN to re-lease or sell properties that are vacant or become vacant in a reasonable period of time. Impairments are measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset. As a result of the Company's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries of $1,206,000 and $572,000 for the quarters ended March 31, 2017 and 2016, respectively.

The valuation of impaired assets is determined using widely accepted valuation techniques including discounted cash flow analysis, income capitalization, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties, which are Level 3 inputs. NNN may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Line of Credit Payable
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Line of Credit Payable
Line of Credit Payable:
NNN's $650,000,000 unsecured revolving credit facility (the “Credit Facility”) had a weighted average outstanding balance of $6,453,000 and a weighted average interest rate of 1.7% during the quarter ended March 31, 2017. The Credit Facility matures January 2019, unless the Company exercises its option to extend maturity to January 2020. The Credit Facility bears interest at LIBOR plus 92.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature to increase the facility size up to $1,000,000,000, subject to lender approval. As of March 31, 2017, there was no outstanding balance and $650,000,000 was available for future borrowings under the Credit Facility, excluding undrawn letters of credit totaling $230,000.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Stockholders' Equity
Stockholders' Equity:
In February 2015, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which permits the issuance by NNN of an indeterminate amount of debt and equity securities.
Dividend Reinvestment and Stock Purchase Plan – In February 2015, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 16,000,000 shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
16,320

 
134,150

Net proceeds
$
714

 
$
5,892



At-The-Market Offerings – NNN has established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following outlines NNN's ATM programs:
 
2016 ATM
2015 ATM
Established date
March 2016

February 2015

Termination date
March 2019

March 2016

Total allowable shares
12,000,000

10,000,000

Total shares issued as of March 31, 2017
5,310,645

9,852,465


The following table outlines the common stock issuances pursuant to NNN's ATM equity programs (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
1,087,355

 
1,865,260

Average price per share (net)
$
43.92

 
$
44.00

Net proceeds
$
47,757

 
$
82,076

Stock issuance costs(1)
$
743

 
$
1,429

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
Dividends – The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Series D preferred stock(1):
 
 
 
Dividends
$
3,598

 
$
4,762

Per depositary share
0.312847

 
0.414063

 
 
 
 
Series E preferred stock(2):
 
 
 
Dividends
4,097

 
4,097

Per depositary share
0.356250

 
0.356250

 
 
 
 
Series F preferred stock(3):
 
 
 
Dividends
4,485

 
—

Per depositary share
0.325000

 
—

 
 
 
 
Common stock:
 
 
 
Dividends
66,781

 
61,151

Per share
0.455

 
0.435


(1) The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
(2) The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
(3) The Series F preferred stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F preferred stock is October 2021.
In April 2017, NNN declared a dividend of $0.455 per share, which is payable in May 2017 to its common stockholders of record as of April 28, 2017.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
Derivatives:
In accordance with the guidance on derivatives and hedging, NNN records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or a firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.
NNN’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements or other identified risks. To accomplish this objective, NNN primarily uses treasury locks, forward swaps and interest rate swaps as part of its cash flow hedging strategy. Treasury locks and forward starting swaps are used to hedge forecasted debt issuances. Treasury locks designated as cash flow hedges lock in the yield/price of a treasury security. Forward swaps also lock the associated swap spread. Interest rate swaps designated as cash flow hedges are used to hedge the variable cash flows associated with floating rate debt and involve the receipt or payment of variable rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount.
For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings.
NNN discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative expires or is sold, terminated or exercised, the derivative is re-designated as a hedging instrument or management determines that designation of the derivative as a hedging instrument is no longer appropriate.
When hedge accounting is discontinued, NNN recognizes any changes in its fair value in earnings and continues to carry the derivative on the balance sheet or may choose to settle the derivative at that time with a cash payment or receipt.
The following table outlines NNN's derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):
Terminated
Description
Aggregate Notional Amount
Liability Fair Value When Terminated
Fair Value Deferred In Other Comprehensive Income (1)
September 2007
Two treasury locks
$
100,000

$
3,260

$
3,228

June 2011
Two treasury locks
150,000

5,300

5,218

April 2013
Four forward starting swaps
240,000

3,156

3,141

May 2014
Three forward starting swaps
225,000

6,312

6,312

October 2015
Four forward starting swaps
300,000

13,369

13,369

December 2016
Two forward starting swaps
180,000

(13,352
)
(13,345
)
(1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.
As of March 31, 2017, $8,452,000 remained in other comprehensive income related to the effective portion of NNN’s previous terminated interest rate hedges. During the quarters ended March 31, 2017 and 2016, NNN reclassified out of other comprehensive income $447,000 and $695,000, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $1,664,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt.
During the quarter ended March 31, 2017, NNN entered into one forward starting swap with a total notional amount of $125,000,000 to hedge the risk of changes in the interest-related cash outflows associated with the potential issuance of long-term debt. The outstanding forward swap was designated as a cash flow hedge, and at March 31, 2017, has a fair value of ($554,000) included in other liabilities and accumulated other comprehensive income (loss) on the condensed consolidated balance sheet. The fair value of the forward starting swap was based on a Level 2 valuation. No hedge ineffectiveness was recognized during the quarter ended March 31, 2017. This derivative financial instrument was still outstanding as of March 31, 2017.

NNN does not use derivatives for trading or speculative purposes or currently have any derivatives that are not designated as hedges.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2017
Financial Instruments, Owned, at Fair Value [Abstract]  
Fair Value of Financial Instruments
Fair Value of Financial Instruments:
NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages and notes receivable and mortgages payable at March 31, 2017 and December 31, 2016, approximate fair value based upon current market prices of comparable instruments (Level 3). At March 31, 2017 and December 31, 2016, the fair value of NNN’s notes payable net of unamortized discount and excluding debt costs was $2,374,935,000 and $2,367,102,000, respectively, based upon quoted market prices, which is a Level 1 valuation since NNN's debt is publicly traded.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
 3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events:
NNN reviewed its subsequent events and transactions that have occurred after March 31, 2017, the date of the condensed consolidated balance sheet. There were no reportable subsequent events or transactions.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation – NNN’s condensed consolidated financial statements include the accounts of each of the respective majority owned and controlled affiliates, including transactions whereby NNN has been determined to be the primary beneficiary in accordance with the Financial Accounting Standards Board (“FASB”) guidance included in Consolidation. All significant intercompany account balances and transactions have been eliminated.
Real Estate Portfolio
Real Estate Portfolio – NNN records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by NNN includes direct and indirect costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. NNN recorded $554,000 and $511,000 in capitalized interest during the development period for the quarters ended March 31, 2017 and 2016, respectively.
Purchase Accounting for Acquisition of Real Estate Subject to a Lease – In accordance with the FASB guidance on business combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases and the value of in-place leases, as applicable, based on their respective fair values. Acquisition costs incurred in connection with a business combination are expensed when incurred.
The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to land, building and tenant improvements based on the determination of their fair values.
In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease and the applicable option terms if it is probable that the tenant will exercise options. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the Company believes that it is likely that the tenant will renew the lease for an option term whereby the Company amortizes the value attributable to the renewal over the renewal period.
The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases exclusive of the value of above-market and below-market in-place leases is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off in that period. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.
Debt Costs
Debt Costs – Notes Payable – Debt costs incurred in connection with the issuance of NNN’s notes payable have been deferred and are being amortized to interest expense over the term of the respective debt obligation using the effective interest method.
Debt Costs – Line of Credit Payable – Debt costs incurred in connection with NNN’s $650,000,000 line of credit have been deferred and are being amortized to interest expense over the term of the loan commitment using the straight-line method, which approximates the effective interest method. NNN has recorded debt costs associated with the line of credit as an asset, in Debt Costs on the Consolidated Balance Sheets.
Debt Costs – Mortgages Payable – Debt costs incurred in connection with NNN’s mortgages payable have been deferred and are being amortized over the term of the respective loan commitment using the straight-line method, which approximates the effective interest method.
Earnings Per Share
Earnings Per Share – Earnings per share have been computed pursuant to the FASB guidance included in Earnings Per Share. The guidance requires classification of the Company’s unvested restricted share units, which carry rights to receive nonforfeitable dividends, as participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average shares outstanding during the period.
Fair Value Measurement
Fair Value Measurement – NNN’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
•
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
•
Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
New Accounting Pronouncements
New Accounting Pronouncements – In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606). The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. In March 2016, the FASB issued updated guidance. ASU 2016-08, "Revenue from Contracts with customers (Topic 606) - Principal versus Agent Considerations (Reporting Gross Versus Net)," clarifies the implementation guidance on principal versus agent considerations included within the scope of ASU 2014-09. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, which was issued as a part of ASU 2014-09, to add guidance for partial sales of nonfinancial assets. The guidance permits two methods of adoption: full retrospective approach to each prior reporting period presented, or modified retrospective approach with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The guidance was initially effective January 1, 2017, and early adoption was not permitted. The amended guidance provides for a one-year deferral of the effective date to January 1, 2018, with an option of applying the standard on the original effective date. NNN will adopt the guidance on January 1, 2018, and apply the cumulative catch-up transition method. NNN is currently evaluating to determine the potential impact the adoption of ASU 2014-09 and ASU 2016-08 will have on its financial position and results of operations.
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The FASB issued final guidance that requires lessees to put most leases on their balance sheets but recognize expenses in the income statement in a manner similar to today’s accounting. The guidance also eliminates today’s real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs for all entities. For lessors, the standard modifies the classification criteria and the accounting for sales-type and direct financing leases. NNN is currently evaluating to determine the potential impact the adoption of ASU 2016-02 will have on its financial position or results of operations.
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The amendments in this update provide guidance on certain cash flow classification issues. The objective of the amendment is to reduce existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. The adoption of ASU 2016-15 will not impact NNN's financial position or results of operations.
In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. The amendments in this update provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. NNN has early adopted ASU 2017-01. The adoption of ASU 2017-01 will not materially impact NNN's financial position or results of
Use of Estimates
Use of Estimates – Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2017
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").
 
March 31, 2017
Property Portfolio:
 
Total properties
2,543

Gross leasable area (square feet)
27,311,000

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):
 
March 31, 2017
 
December 31, 2016
Intangible lease assets (included in Other assets):
 
 
 
Value of above-market in-place leases, net
$
8,451

 
$
9,591

Value of in-place leases, net
52,234

 
55,290

Intangible lease liabilities (included in Other liabilities):
 
 
 
Value of below-market in-place leases, net
20,316

 
22,100
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 March 31,
 
2017
 
2016
Basic and Diluted Earnings:
 
 
 
Net earnings attributable to NNN
$
73,657

 
$
70,683

Less: Series D preferred stock dividends
(3,598
)
 
(4,762
)
Less: Series E preferred stock dividends
(4,097
)
 
(4,097
)
Less: Series F preferred stock dividends
(4,485
)
 
—

Less: Excess of redemption value over carrying value of Series D preferred shares redeemed
(9,855
)
 
—

Net earnings available to NNN’s common stockholders
51,622

 
61,824

Less: Earnings allocated to unvested restricted shares
(130
)
 
(151
)
Net earnings used in basic and diluted earnings per share
$
51,492

 
$
61,673

 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
Weighted average number of shares outstanding
147,581,522

 
141,577,504

Less: Unvested restricted stock
(285,887
)
 
(343,466
)
Less: Unvested contingent restricted shares
(365,957
)
 
(393,667
)
Weighted average number of shares outstanding used in basic earnings per share
146,929,678

 
140,840,371

Other dilutive securities
349,859

 
485,632

Weighted average number of shares outstanding used in diluted earnings per share
147,279,537

 
141,326,003
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 on Available-for-Sale Securities
 
Total
Beginning balance, December 31, 2016
$
(8,899
)
 
$
708

 
$
(8,191
)
 
 
 
 
 
 
Other comprehensive income (loss)
(554
)
 
74

 
(480
)
Reclassifications from accumulated other comprehensive income to net earnings
447

(2) 
—

 
447

Net current period other comprehensive income (loss)
(107
)
 
74

 
(33
)
Ending balance, March 31, 2017
$
(9,006
)
 
$
782

 
$
(8,224
)
(1) Additional disclosure is included in Note 5 – Derivatives.
(2) Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Tables)
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Classification of Investment Property Leases
The following outlines key information for NNN’s leases:
 
March 31, 2017
Lease classification:
 
Operating
2,581

Direct financing
7

Building portion – direct financing/land portion – operating
2

Weighted average remaining lease term (years)
11.4
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, 2017
 
December 31, 2016
Land and improvements
$
2,123,019

 
$
2,100,367

Buildings and improvements
4,553,023

 
4,485,029

Leasehold interests
5,261

 
4,565

 
6,681,303

 
6,589,961

Less accumulated depreciation and amortization
(773,659
)
 
(738,530
)
 
5,907,644

 
5,851,431

Work in progress
36,576

 
24,057

 
$
5,944,220

 
$
5,875,488
Disclosure of Long Lived Assets Held-for-sale
Real estate held for sale consisted of the following as of (dollars in thousands):
 
March 31, 2017
 
December 31, 2016
Land and improvements
$
4,116

 
$
16,663

Building and improvements
5,981

 
19,913

 
10,097

 
36,576

Less accumulated depreciation and amortization
(1,340
)
 
(3,937
)
Less impairment
(1,494
)
 
(2,997
)
 
$
7,263

 
$
29,642
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 (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
Gain on disposition of real estate
17
 
$
14,624

 
10
 
$
16,875
Real Estate Funding Commitments
These construction commitments, as of March 31, 2017, are outlined in the table below (dollars in thousands):
Total commitment(1)
$
110,995

Amount funded
$
67,951

Remaining commitment
$
43,044

(1) Includes land, construction costs, tenant improvements and lease costs.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
16,320

 
134,150

Net proceeds
$
714

 
$
5,892
Schedule of ATM Program
The following outlines NNN's ATM programs:
 
2016 ATM
2015 ATM
Established date
March 2016

February 2015

Termination date
March 2019

March 2016

Total allowable shares
12,000,000

10,000,000

Total shares issued as of March 31, 2017
5,310,645

9,852,465
Schedule of Stock by Class
The following table outlines the common stock issuances pursuant to NNN's ATM equity programs (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Shares of common stock
1,087,355

 
1,865,260

Average price per share (net)
$
43.92

 
$
44.00

Net proceeds
$
47,757

 
$
82,076

Stock issuance costs(1)
$
743

 
$
1,429

(1) Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
Schedule of Dividends Declared and Paid
The following table outlines the dividends declared and paid for each issuance of NNN's stock (dollars in thousands, except per share data):
 
Quarter Ended March 31,
 
2017
 
2016
Series D preferred stock(1):
 
 
 
Dividends
$
3,598

 
$
4,762

Per depositary share
0.312847

 
0.414063

 
 
 
 
Series E preferred stock(2):
 
 
 
Dividends
4,097

 
4,097

Per depositary share
0.356250

 
0.356250

 
 
 
 
Series F preferred stock(3):
 
 
 
Dividends
4,485

 
—

Per depositary share
0.325000

 
—

 
 
 
 
Common stock:
 
 
 
Dividends
66,781

 
61,151

Per share
0.455

 
0.435


(1) The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
(2) The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
(3) The Series F preferred stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F preferred stock is October 2021.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table outlines NNN's derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt (dollars in thousands):
Terminated
Description
Aggregate Notional Amount
Liability Fair Value When Terminated
Fair Value Deferred In Other Comprehensive Income (1)
September 2007
Two treasury locks
$
100,000

$
3,260

$
3,228

June 2011
Two treasury locks
150,000

5,300

5,218

April 2013
Four forward starting swaps
240,000

3,156

3,141

May 2014
Three forward starting swaps
225,000

6,312

6,312

October 2015
Four forward starting swaps
300,000

13,369

13,369

December 2016
Two forward starting swaps
180,000

(13,352
)
(13,345
)
(1) The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details)
 3 Months Ended
Mar. 31, 2017
ft²
state
property
Accounting Policies [Abstract]  
Total properties | property 2,543
Gross leasable area (square feet) | ft² 27,311,000
States | state 48
Weighted average remaining lease term (years) 11 years 5 months
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Debt Instrument [Line Items]      
Interest costs capitalized $ 554,000 $ 511,000  
Revolving credit facility borrowing capacity 650,000,000    
Mortgages      
Debt Instrument [Line Items]      
Debt costs 147,000   $ 147,000
Debt costs accumulated amortization 42,000   38,000
Notes Payable to Banks      
Debt Instrument [Line Items]      
Debt costs 21,157,000   21,157,000
Debt costs accumulated amortization $ 6,884,000   $ 6,376,000
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Gross Intangible Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Value of above-market in-place leases, net    
Intangible lease assets (included in Other assets):    
Intangible lease assets (included in Other assets): $ 8,451 $ 9,591
Value of in-place leases, net    
Intangible lease assets (included in Other assets):    
Intangible lease assets (included in Other assets): 52,234 55,290
Value of below-market in-place leases, net    
Intangible lease liabilities (included in Other liabilities):    
Intangible lease liabilities (included in Other liabilities): $ 20,316 $ 22,100
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Basic and Diluted Earnings:    
Net earnings attributable to NNN $ 73,657 $ 70,683
Net earnings attributable to common stockholders 51,622 61,824
Less: Earnings allocated to unvested restricted shares (130) (151)
Net earnings used in basic and diluted earnings per share $ 51,492 $ 61,673
Basic and Diluted Weighted Average Shares Outstanding:    
Weighted average number of shares outstanding (in shares) 147,581,522 141,577,504
Less: Unvested restricted stock (in shares) (285,887) (343,466)
Less: Unvested contingent restricted shares (in shares) (365,957) (393,667)
Weighted average number of shares outstanding used in basic earnings per share (in shares) 146,929,678 140,840,371
Other dilutive securities (in shares) 349,859 485,632
Weighted average number of shares outstanding used in diluted earnings per share (in shares) 147,279,537 141,326,003
Series D Preferred Stock    
Basic and Diluted Earnings:    
Less: preferred stock dividends [1] $ (3,598) $ (4,762)
Less: Excess of redemption value over carrying value of Series D preferred shares redeemed (9,855) 0
Series E Preferred Stock    
Basic and Diluted Earnings:    
Less: preferred stock dividends [2] (4,097) (4,097)
Series F Preferred Stock    
Basic and Diluted Earnings:    
Less: preferred stock dividends $ (4,485) $ 0
[1] The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
[2] The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning balance, December 31, 2016 $ 3,916,928
Ending balance, March 31, 2017 3,674,931
Gains or (Losses) on Cash Flow Hedges  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning balance, December 31, 2016 (8,899) [1]
Other comprehensive income (loss) (554) [1]
Reclassifications from accumulated other comprehensive income to net earnings 447 [2]
Net current period other comprehensive income (loss) (107) [1]
Ending balance, March 31, 2017 (9,006) [1]
Gains on Available-for-Sale Securities  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning balance, December 31, 2016 708
Other comprehensive income (loss) 74
Reclassifications from accumulated other comprehensive income to net earnings 0
Net current period other comprehensive income (loss) 74
Ending balance, March 31, 2017 782
Total  
Accumulated Other Comprehensive Income (Loss) [Roll Forward]  
Beginning balance, December 31, 2016 (8,191)
Other comprehensive income (loss) (480)
Reclassifications from accumulated other comprehensive income to net earnings 447
Net current period other comprehensive income (loss) (33)
Ending balance, March 31, 2017 $ (8,224)
[1] Additional disclosure is included in Note 5 – Derivatives.
[2] Reclassifications out of other comprehensive income (loss) are recorded in Interest Expense on the Condensed Consolidated Statements of Income and Comprehensive Income.
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Classification of Investment Property Leases) (Details)
 3 Months Ended
Mar. 31, 2017
property
option
Lease classification:  
Weighted average remaining lease term (years) 11 years 5 months
Number of renewal options, or more | option 1
Operating  
Lease classification:  
Operating 2,581
Direct financing  
Lease classification:  
Direct financing 7
Building portion – direct financing/land portion – operating  
Lease classification:  
Building portion – direct financing/land portion – operating 2
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Property Subject to or Available for Operating Lease [Line Items]    
Real estate subject to operating leases, gross $ 6,681,303 $ 6,589,961
Less accumulated depreciation and amortization (773,659) (738,530)
Real estate subject to operating leases before work in process 5,907,644 5,851,431
Accounted for using the operating method, net of accumulated depreciation and amortization 5,944,220 5,875,488
Land and improvements    
Property Subject to or Available for Operating Lease [Line Items]    
Land and improvements 2,123,019 2,100,367
Buildings and improvements    
Property Subject to or Available for Operating Lease [Line Items]    
Buildings and improvements 4,553,023 4,485,029
Leasehold interests    
Property Subject to or Available for Operating Lease [Line Items]    
Leasehold interests 5,261 4,565
Work in progress    
Property Subject to or Available for Operating Lease [Line Items]    
Work in progress $ 36,576 $ 24,057
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Held for Sale) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
property
Dec. 31, 2016
USD ($)
property
Real Estate [Abstract]    
Number of properties classified as held for sale | property 4 18
Number of properties sold | property 14  
Land and improvements $ 4,116 $ 16,663
Building and improvements 5,981 19,913
Real estate held-for-sale 10,097 36,576
Less accumulated depreciation and amortization (1,340) (3,937)
Less impairment (1,494) (2,997)
Real estate held for sale $ 7,263 $ 29,642
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Dispositions) (Details) - Assets Held-for-sale
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
property
Mar. 31, 2016
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of sold properties - gain on disposition of real estate | property 17 10
Gain on disposition of real estate | $ $ 14,624 $ 16,875
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Commitments) (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
Real Estate [Abstract]  
Period for improvements to construction commitments 12 months
Total commitment $ 110,995 [1]
Amount funded 67,951
Remaining commitment $ 43,044
[1] Includes land, construction costs, tenant improvements and lease costs.
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate (Impairments) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Real Estate [Abstract]    
Impairment losses – real estate and other charges, net of recoveries $ 1,206 $ 572
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Line of Credit Payable (Details)
 3 Months Ended
Mar. 31, 2017
USD ($)
Line of Credit Facility [Line Items]  
Revolving credit facility borrowing capacity $ 650,000,000
Revolving credit facility weighted average outstanding balance $ 6,453,000
Revolving credit facility weighted average interest rate 1.70%
Option to increase facility size $ 1,000,000,000
Line of credit payable 0
Line of credit facility available for future borrowings 650,000,000
Letter of Credit  
Line of Credit Facility [Line Items]  
Line of credit facility, undrawn letters of credit $ 230,000
Line of Credit | LIBOR  
Line of Credit Facility [Line Items]  
Basis spread on variable rate 0.925%
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Apr. 30, 2017
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Feb. 28, 2015
Class of Stock [Line Items]          
Total allowable shares (in shares)   375,000,000   375,000,000  
Net proceeds   $ 49,011 $ 89,135    
Total shares issued (in shares)   148,578,933   148,578,933  
Stock issuance costs   $ 798 1,380    
Common stock dividends   $ 66,781 $ 61,151    
Common stock per share (in dollars per share)   $ 0.455 $ 0.435    
Subsequent Event          
Class of Stock [Line Items]          
Common stock, dividends, per share, declared (in dollars per share) $ 0.455        
Series D Preferred Stock          
Class of Stock [Line Items]          
Preferred stock dividends [1]   $ 3,598 $ 4,762    
Preferred stock per share (in dollars per share) [1]   $ 0.3128472 $ 0.414063    
Series E Preferred Stock          
Class of Stock [Line Items]          
Preferred stock dividends [2]   $ 4,097 $ 4,097    
Preferred stock per share (in dollars per share) [2]   $ 0.356250 $ 0.356250    
Series F Preferred Stock          
Class of Stock [Line Items]          
Preferred stock dividends   $ 4,485 $ 0    
Preferred stock per share (in dollars per share)   $ 0.32500 $ 0    
DRIP          
Class of Stock [Line Items]          
Total allowable shares (in shares)         16,000,000
Shares of common stock (in shares)   16,320 134,150    
Net proceeds   $ 714 $ 5,892    
2016 ATM          
Class of Stock [Line Items]          
Total allowable shares (in shares)   12,000,000      
Total shares issued (in shares)   5,310,645      
Shares of common stock (in shares)   1,087,355      
Average price per share (net) (in dollars per share)   $ 43.92      
Net proceeds   $ 47,757      
Stock issuance costs [3]   $ 743      
2015 ATM          
Class of Stock [Line Items]          
Total allowable shares (in shares)   10,000,000      
Total shares issued (in shares)   9,852,465      
Shares of common stock (in shares)     1,865,260    
Average price per share (net) (in dollars per share)     $ 44.00    
Net proceeds     $ 82,076    
Stock issuance costs [3]     $ 1,429    
[1] The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.
[2] The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.
[3] Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Derivatives (Details)
 3 Months Ended
Mar. 31, 2017
USD ($)
derivative
Mar. 31, 2016
USD ($)
Dec. 31, 2016
USD ($)
instrument
Oct. 31, 2015
USD ($)
instrument
May 31, 2014
USD ($)
instrument
Apr. 30, 2013
USD ($)
instrument
Jun. 30, 2011
USD ($)
instrument
Sep. 30, 2007
USD ($)
instrument
Derivative [Line Items]                
Fair value of interest rate hedges recognized in other comprehensive income $ 8,452,000              
Interest expense 26,614,000 $ 23,586,000            
Interest rate hedges gain (loss) to be reclassified into interest expense over next 12 months 1,664,000              
Treasury Lock                
Derivative [Line Items]                
Number of interest rate derivatives terminated | instrument             2 2
Aggregate Notional Amount             $ 150,000,000 $ 100,000,000
Liability Fair Value When Terminated             5,300,000 3,260,000
Fair value deferred in other comprehensive income [1]             $ 5,218,000 $ 3,228,000
Forward Swap                
Derivative [Line Items]                
Number of interest rate derivatives terminated | instrument     2 4 3 4    
Aggregate Notional Amount $ 125,000,000   $ 180,000,000 $ 300,000,000 $ 225,000,000 $ 240,000,000    
Liability Fair Value When Terminated     (13,352,000) 13,369,000 6,312,000 3,156,000    
Fair value deferred in other comprehensive income [1]     $ (13,345,000) $ 13,369,000 $ 6,312,000 $ 3,141,000    
Number of interest rate derivatives entered into | derivative 1              
Reclassification out of Accumulated Other Comprehensive Income                
Derivative [Line Items]                
Interest expense $ 447,000 $ 695,000            
Designated as Hedging Instrument | Forward Swap                
Derivative [Line Items]                
Liability Fair Value When Terminated $ 554,000              
[1] The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Financial Instruments, Owned, at Fair Value [Abstract]    
Fair value of notes payable $ 2,374,935 $ 2,367,102
EXCEL 44 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 46 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 48 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 78 215 1 true 32 0 false 10 false false R1.htm 0001000 - Document - Document And Entity Information Sheet http://www.nnnreit.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 1001000 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.nnnreit.com/role/CondensedConsolidatedBalanceSheets CONDENSED CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 1001501 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.nnnreit.com/role/CondensedConsolidatedBalanceSheetsParenthetical CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Sheet http://www.nnnreit.com/role/CondensedConsolidatedStatementsOfIncomeAndComprehensiveIncome CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Statements 4 false false R5.htm 1004000 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.nnnreit.com/role/CondensedConsolidatedStatementsOfCashFlows CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 5 false false R6.htm 2101100 - Disclosure - Organization and Summary of Significant Accounting Policies Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies Organization and Summary of Significant Accounting Policies Notes 6 false false R7.htm 2102100 - Disclosure - Real Estate Sheet http://www.nnnreit.com/role/RealEstate Real Estate Notes 7 false false R8.htm 2104100 - Disclosure - Line of Credit Payable Sheet http://www.nnnreit.com/role/LineOfCreditPayable Line of Credit Payable Notes 8 false false R9.htm 2108100 - Disclosure - Stockholders' Equity Sheet http://www.nnnreit.com/role/StockholdersEquity Stockholders' Equity Notes 9 false false R10.htm 2111100 - Disclosure - Derivatives Sheet http://www.nnnreit.com/role/Derivatives Derivatives Notes 10 false false R11.htm 2112100 - Disclosure - Fair Value of Financial Instruments Sheet http://www.nnnreit.com/role/FairValueOfFinancialInstruments Fair Value of Financial Instruments Notes 11 false false R12.htm 2113100 - Disclosure - Subsequent Events Sheet http://www.nnnreit.com/role/SubsequentEvents Subsequent Events Notes 12 false false R13.htm 2201201 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies Organization and Summary of Significant Accounting Policies (Policies) Policies http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies 13 false false R14.htm 2301302 - Disclosure - Organization and Summary of Significant Accounting Policies (Tables) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables Organization and Summary of Significant Accounting Policies (Tables) Tables http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies 14 false false R15.htm 2302301 - Disclosure - Real Estate (Tables) Sheet http://www.nnnreit.com/role/RealEstateTables Real Estate (Tables) Tables http://www.nnnreit.com/role/RealEstate 15 false false R16.htm 2308301 - Disclosure - Stockholders' Equity (Tables) Sheet http://www.nnnreit.com/role/StockholdersEquityTables Stockholders' Equity (Tables) Tables http://www.nnnreit.com/role/StockholdersEquity 16 false false R17.htm 2311301 - Disclosure - Derivatives (Tables) Sheet http://www.nnnreit.com/role/DerivativesTables Derivatives (Tables) Tables http://www.nnnreit.com/role/Derivatives 17 false false R18.htm 2401403 - Disclosure - Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesSummaryOfNnnsInvestmentPortfolioDetails Organization and Summary of Significant Accounting Policies (Summary of NNN's Investment Portfolio) (Details) Details http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 18 false false R19.htm 2401404 - Disclosure - Organization and Summary of Significant Accounting Policies (Narrative) (Details) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesNarrativeDetails Organization and Summary of Significant Accounting Policies (Narrative) (Details) Details http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 19 false false R20.htm 2401405 - Disclosure - Organization and Summary of Significant Accounting Policies (Gross Intangible Assets and Liabilities) (Details) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesGrossIntangibleAssetsAndLiabilitiesDetails Organization and Summary of Significant Accounting Policies (Gross Intangible Assets and Liabilities) (Details) Details http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 20 false false R21.htm 2401406 - Disclosure - Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesComputationOfBasicAndDilutedEarningsPerShareDetails Organization and Summary of Significant Accounting Policies (Computation of Basic and Diluted Earnings per Share) (Details) Details http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 21 false false R22.htm 2401407 - Disclosure - Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) Sheet http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesChangesInAociDetails Organization and Summary of Significant Accounting Policies (Changes in AOCI) (Details) Details http://www.nnnreit.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 22 false false R23.htm 2402402 - Disclosure - Real Estate (Classification of Investment Property Leases) (Details) Sheet http://www.nnnreit.com/role/RealEstateClassificationOfInvestmentPropertyLeasesDetails Real Estate (Classification of Investment Property Leases) (Details) Details http://www.nnnreit.com/role/RealEstateTables 23 false false R24.htm 2402403 - Disclosure - Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) Sheet http://www.nnnreit.com/role/RealEstateSummaryOfRealEstateSubjectToOperatingLeasesDetails Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) Details http://www.nnnreit.com/role/RealEstateTables 24 false false R25.htm 2402404 - Disclosure - Real Estate (Held for Sale) (Details) Sheet http://www.nnnreit.com/role/RealEstateHeldForSaleDetails Real Estate (Held for Sale) (Details) Details http://www.nnnreit.com/role/RealEstateTables 25 false false R26.htm 2402405 - Disclosure - Real Estate (Dispositions) (Details) Sheet http://www.nnnreit.com/role/RealEstateDispositionsDetails Real Estate (Dispositions) (Details) Details http://www.nnnreit.com/role/RealEstateTables 26 false false R27.htm 2402406 - Disclosure - Real Estate (Commitments) (Details) Sheet http://www.nnnreit.com/role/RealEstateCommitmentsDetails Real Estate (Commitments) (Details) Details http://www.nnnreit.com/role/RealEstateTables 27 false false R28.htm 2402407 - Disclosure - Real Estate (Impairments) (Details) Sheet http://www.nnnreit.com/role/RealEstateImpairmentsDetails Real Estate (Impairments) (Details) Details http://www.nnnreit.com/role/RealEstateTables 28 false false R29.htm 2404401 - Disclosure - Line of Credit Payable (Details) Sheet http://www.nnnreit.com/role/LineOfCreditPayableDetails Line of Credit Payable (Details) Details http://www.nnnreit.com/role/LineOfCreditPayable 29 false false R30.htm 2408402 - Disclosure - Stockholders' Equity (Details) Sheet http://www.nnnreit.com/role/StockholdersEquityDetails Stockholders' Equity (Details) Details http://www.nnnreit.com/role/StockholdersEquityTables 30 false false R31.htm 2411402 - Disclosure - Derivatives (Details) Sheet http://www.nnnreit.com/role/DerivativesDetails Derivatives (Details) Details http://www.nnnreit.com/role/DerivativesTables 31 false false R32.htm 2412401 - Disclosure - Fair Value of Financial Instruments (Details) Sheet http://www.nnnreit.com/role/FairValueOfFinancialInstrumentsDetails Fair Value of Financial Instruments (Details) Details http://www.nnnreit.com/role/FairValueOfFinancialInstruments 32 false false All Reports Book All Reports nnn-20170331.xml nnn-20170331.xsd nnn-20170331_cal.xml nnn-20170331_def.xml nnn-20170331_lab.xml nnn-20170331_pre.xml true true ZIP 50 0000751364-17-000070-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000751364-17-000070-xbrl.zip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

VCEQT+Q=P'3>XET^YCIK,7D[J MTW#1%=?Y(8)VEVBP52#P104L]./ QF\7+JS!>_S/&^;=_>/AYJ])-E<84T2K M[8<4\N:%3AAA;-S""ASW!8/G*'CR.7 B%H1_5F9,A!1BA#Z\CK%Z*H\=9(^6 MR^/T;-N/*;R0'K__R\\%D.P,I'W0["1 JG6&YL%0WP/W3P9U:X$8),)>.7SS MP/!APP&B(!S*G '2/F%^#GQF/-=M@N"P70OP<^; \YA5X@&\,9]-!,9B$DGZ MW=)ZX7&K&.U*8;H 10Y4/B%N($T%.ABT^PB&DX"V-YTZB"% J+EP8"?,4 X MC4DGBJG\/R*6>0@$\&1%&$M[^,;W4-I.LO&!%GP,@-7Q9($!O>%--P_]^^K0R8-SYA*H M60B"[#F)+F;*(!]8W1?9!@^8;1#>BS#R*<\UV&U@V,L*;\$G?VH:JF:TUGYM M'7R^^^BLI^;4M4B=/A30^[A83@+H3YQ1A I\.U5)8XB"F+):N!*A*A'S,+K? M66 TO\@'X J"%0I-X^#][W/5V#XHDVTD;3YR.+,F)9FS)8RE-WSH0 M"4DX(0$5!'WIUW%"#.X2=GJHO5EUN[/!N-QZ[>//WSX7[O]Q^7=-1IRP[4)DV@@");$1 ]4 MKM%7DSC?T%)P&WWEXAN]Q^VVAX3TPZ-CGCO&FM@882D%7;B27'%A#\D2NY:\ M:+GL+Q=;=$F)"2Q81#61 (A]EEBLB)Q@FS@;;)"+UEK*S7FG\_#P\(8Q)@B5 M;PQN=TZZO5^ZIZ>]%@(IF7-N4?8M ?RX$-8;+E8 V3WMJ,\+[) '$@5)LTX M8ZZ=3=R4HB.?-J0#0&V (H(:(=Y^I"2" C!EB!.7X&W'^Q@'I3GR4N9(S(Q0 MWL>4?AY.-73O_?OW'?TU!'7,+$ @V^O\<7,]TY9N??P!(6UY:F^XD(BE++;$ MSD)CNDY[A?%&Z?5=N]MK*\UZ_G+-#2RU=\9%SD3L$$LZP9MV1.H-\-!"G7+L M"&X1IR9^-*U#&5+>4!=#FE85AO*\: <[:13UJQW@M=6K=N_D,"ZBOEN.BP"O M#B[>=[ PE*G!;(9LD\>-A1F67#Q=P>]BG%E")*B,(B**Q?>*Q=Z[ UC4E!E9 MJ=!=G*4X5JU\E%!+@'%P^]GQN @;<%J&BQB:_]R.2%3CA&%JZ,&W5X:1 M",M[;$<$JK'A4*,T$P&.>CB< ;D1Y3D(D/13#@^8,2XU(?4J>+G94+;DWAMX MIX;L\V#61IKC@H0"M@(&(F\[&,/ZLANMXO:: 9"Z;D >!Y, M)\/19#8:JJ?9]'H\[,_AQV7_NC\9C-#L\V@TGWWH;!/;:L8%IJ;LHW[>UIN/ M[(/D(&[U\L)XR9Z4B>:_#,QRD+%N,20C=C-VNH0&>Z'&!G?67QAX/Z8C;!?&.>%>Z3LSG\PN.,*HGY$V,>I MY2&1F%H5E!T@YNG\K-<[ZY[DZ!S]Y),YIL$J)O\<+ZPJGN[CY>G^M-<[U7G$ M;MU[5(Y*]?Y"'$3W$9-4/HVA2A:VYJJH%?)(Y!BD&^;GX6I@[!&H(8\'203^BX#5"NR^00R.TFW;.,;I)MCJ/L&5.QPHS^K;F H7CFVC86 M3]/EC*X875(#PWAOZ&4SRE:W4#4:M'#:5HUV?N_**F7B[2 ,^83?DC)QK"T4 M-8:"UEXMG6^-P1JS%7'&K,\-6J['UM=>?@>'0NN7&CT"_>3S@"A#_>E@_/-K M7"AL/6YO7$_BZ?(2.]0 U"&U7$G,$18,0)U;(F9K+$J&_V=C9Z^OO:O7UR(6 M%;QF4A/QV40!GVA#!-*$$MJE9_GR% EN!BK_>]K=7[-&Y>/:ZPK2=8 M"#W]^0Q^E6IKK_>H]8?NO_E'89L]1VQ6J\4ZZO9-TR7Z0/P1/KTZPQT A MU(0Q&!C49D@U:7C+A5P""'^&V%&4A;TAY;16%XK!3B:3']78%+"&0MY>PTUA M,Y=:_SNDA=R5PF[O-+U*>Y"?'-_*XAW!ULA1&S\*6C.&D#_7E[4JI9"1AWV4 M.AY8V'&T!WH59"Q">OM&GZX)=LI6#]7IYX?ADXQ-$#$+0I69:$[UL'A<]5M$ M7I/'&5UCIN&V366%Y<9<$GL-F)I62!HPHGCL]@$E;;BCZ58V4!:-O19*E=X) M"\5)'KN)/A/+O.)BALLN/^:2V&N@5'6;,)"BB)9<($7SV"TTMC>8BH."7 :) MO19*K2 E+!2C>.SV"7/O^*O%_XDAYWP*HS56^?!A*4B%)O;:-U4,)NP;2_#C M[_U6D>0H;/W\^H0S^P0I>KY%%I^D7Z2L9TW8:[C*[IGDAO? MUMPRB7!&?[E4/A54?09B?A'^:T81'B?R(_+('+7RRPUUN_'SP]:O&=5TEBF. M,A2EE5HJ).U$SP]-OV:$IFR3'&&,^ N7<'VKG);4S9&#XHN5K( X3DBG)SK@%-5_BG5#J'R/-NKSSO7EZ>D'_# M<&WE2L2,:L_,.8A0GC(85>3SWMBAO<8G'Z$U@!Q#7XBM&_B:GSQSEYE)<6 MI)>!ANHA=8"WR(!,W4-XWFG3OH\3:J$8;'5W4"[&5K6+*.@F&0@2;UZ\#P<[ M?/O^';S:;?@7O4!+8AU/;_YUOC@ .W_@>DGWAL@U-P.QZB#TW8P1VYNXM_9X M7SZI)5/.M'20Q%BNF1(7R@"BN'6V%5@3S:9U!#\3!W.H:YK[CS02/.M+,?9- M>6Y26]UAPG5/>'Y!AKH79HL2?FM<[01CQ@,6YNP!;P6GK \O'J.B8N>:P["G M=J]/Y9J(P5I=^QWZT7ZPE\@5:A!PP-4.-!=\V<\$.2LJ] [4[U01$R+5*I'! M[X%N8<.GL1HK/H-A"E+\(?'^';.MZD!MC(154!LWX"8T8>M) M &_8\]*&9'*A1T9(AD?+)4BJ39Y01S7\ P9.W4;=L3HZ(!,[% ,^'>8 GS@W M'X#K( O>SIP/(?!2640DO)K;Y>(I*)\SIL7VP#2T0$QMNE3;F;E4MS)&8NT" MJ"X399*LB,BS2P'F=0!1RQ_!5%88AS*_-,P$NWI:FO=D\DYD!QAGJ8;A37G MP2 >O)_1O\E\#9RMUNH@@C !ZHI@Z0J2(W1%>L"(>$T/:CH$F5^8240Z M9]W: ):6_6!ZWZ=JZE#']Z:"PWRAN9:/Q2;_J(R:W\_(=,L@-$,XOBLZC?1K ME4GQI'0%,9HB7F2*&22&VZ*DOC9DE.'+.\+( [:\5,'9YCOU]<7YOB5"+_= M/@%I#7P!EU#SK*/'C;KO.A!@/UA3YWYV<7Z+GQ3.!^;&\$ MU!GZK(7DZJ9R8-50Z+&39C&!RV%5ES\0HNY:+#CCN&O-/UF1%89^\;HLVGIT MY3(U\1(S1/92=BF,)E1KL1-'87:19CTMWA[HIM9:Q03HV^I,O'H?%2.5,+]O M-=P1U8D2[\II(YM \Y6RZW3.)8$P3=1?^QTSB&(&<3)Z1CGDALT<%M>%OMRJ MN/0!>&/EW=J1%;EU>K>6^D?5(I2-'$/PAX'^"XBQOE$+K89J2E5?TZ4^'M"_ M!Q.OB'Z^!:E(L+,CT$1!V$KC( R"&Y_$H6.@^MO-IJM83=QKN&>_2G8"4!.M M)J0&D2A#>D]-PDQG2 P+JVET9MYBNE<%A?&:N'$;W=/[Z[>I]7U42U65TL MA30< M$GUC"^0A.K0EYP#VP#1NM=GC=U1 IITP+SZ;,7,W&RO8,Z2OAQ\S;QM9UE_C M\V4JA]/8J;FOA*[6:D3PTM"P,-7=2BTD!@(7 7S&"3CO,*3W%Z<__O /4$L# M!!0 ( ,* HDK4KK;1VAT $$O 0 4 ;FYN+3(P,3R'EFBJ73%$ &OCP]5F @X.__-_O%Z,77U,SK2?C'U_2'\C+%VD< M)K$>G_WX\I=/ M+MR[27"SQ;//9[,O?W[UZK???OOA=]^,?I@T9Z\8(?S55:U'2Y3?X+(8E*^ M,N#TA]^G\>4+'.%XNGCV%@^Y+/[[O?*_\45I:JU]M?CK5=%I_5!!;):^^M=/ M[SXMQ@GU>#ISXY!>_O5/+UXLX6@FH_0QY1?E_U\^GMYJ9#P>-ZF>_1 F%Z_* MWU\=3\8QC:7T_KBRPCQ>-5;AS^X!GETGF9U<*/6O7^PM1Z'\FF&/\N+,'V? MC]WT_.UH\MM.<["VH8$&<(KO_$4Z&F.!BR]-.L?"]=>T_+;MF+9INYMAGJ0& M!<\,6]\T$0^4[+P+)VGFZM$3>G*G0N<=^NS\Z"G(W"[?47=6V@/I\&8\JV?? M3L=YTEPL=,"FGFU1M9M.OG5U\P\WFJ?W^6T]1A%3N]$IRN]F\?Q-"&Y9>Y"N M;L?!IS723Y\_U6?C.J/>PY4Q:'>^+ZW:G./PSH^=^.S M-#T='TU"O=TT=?ZE\MJCS/K]VTSI@U9-Z-$?E^\8U8RPZ_9":3^=H M%?6)SN[=>%[@';M18 >"X*V^[!'&OS63*;X8Z-:J@ ])%5Z5^'H^1DF@ZSXKA]&'2 MS#(6F?0XZ4]\]!Y!VLK[Z*#E;H;X,;G1FVGQ8C?T^'[!KCMP/'+3Z6+P2R5Q M8Y:;R9?4S+Z]2VZZK:QMW6[GPYM<7-2S)W@KVU3MNI,G]?3+9%H7H)[]/X'N8T9W%G[70]W*PWT6/%N.O-I-@F_GD]&,373-_^9U[-O M&[KS>(6^.K0=G3?6ZZM[6TWBIFH==6[NI^D_W=56T?+1Z?=9PAIQL35U^?#1)-P:SNJ!BUVS[*9^L<X3C5JS2:32^_*2-70.AJ$^Y_5U]7-YRS8MX]2NZ1\VGTXTOL1+5MU8J( M1'7V'*S7&FBP!K)0!'26,9) *"'F]L!'9?-QTJQ 'VSDVPVR4I&G8*T$212# ME"V##+S4)-+D6H1ZEBXNZY?MWSXG;=(E6#B402;^4PKS)L63Y&=K)OY&J

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�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