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.