Real Estate (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Classification of Investment Property Leases

The following outlines key information for NNN’s leases:

	June 30, 2017
Lease classification:
Operating	2,713
Direct financing	7
Building portion – direct financing/land portion – operating	2
Weighted average remaining lease term (years)	11.5

Summary of Real Estate Subject to Operating Leases

Real estate subject to operating leases consisted of the following as of (dollars in thousands):

	June 30, 2017			December 31, 2016
Land and improvements	$	2,197,287		$	2,103,233
Buildings and improvements	4,785,858			4,489,159
Leasehold interests	5,261			4,565
	6,988,406			6,596,957
Less accumulated depreciation and amortization	(810,460		)	(739,362		)
	6,177,946			5,857,595
Work in progress	20,400			24,057
	$	6,198,346		$	5,881,652

Disclosure of Long Lived Assets Held-for-sale

Real estate held for sale consisted of the following as of (dollars in thousands):

	June 30, 2017			December 31, 2016
Land and improvements	$	1,259		$	13,796
Building and improvements	1,603			15,535
	2,862			29,331
Less accumulated depreciation and amortization	(521		)	(3,105		)
Less impairment	—			(2,748		)
	$	2,341		$	23,478

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	# of Sold Properties	Gain		# of Sold Properties	Gain		# of Sold Properties	Gain		# of Sold Properties	Gain
Gain on disposition of real estate	8	$	3,055	7	$	1,178	25	$	17,679	17	$	18,053

Real Estate Funding Commitments

These construction commitments, as of June 30, 2017, are outlined in the table below (dollars in thousands):

Total commitment(1)	$	126,634
Amount funded	48,304
Remaining commitment	78,330

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