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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Rental income from operating leases $ 141,298 $ 126,418 $ 277,791 $ 248,063
Earned income from direct financing leases 246 347 502 703
Percentage rent 198 164 746 638
Real estate expense reimbursement from tenants 3,700 3,248 7,560 6,838
Interest and other income from real estate transactions 28 301 217 764
Interest income on commercial mortgage residual interests 80 448 165 901
Total revenues 145,550 130,926 286,981 257,907
Operating expenses:        
General and administrative 8,820 8,735 17,739 17,984
Real estate 5,424 4,567 11,087 9,355
Depreciation and amortization 41,326 36,489 81,469 71,144
Impairment – commercial mortgage residual interests valuation 0 632 0 852
Impairment losses – real estate and other charges, net of recoveries (39) 5,459 1,167 6,031
Retirement severance costs 7,428 0 7,428 0
Total operating expenses 62,959 55,882 118,890 105,366
Earnings from operations 82,591 75,044 168,091 152,541
Other expenses (revenues):        
Interest and other income (37) (72) (175) (91)
Interest expense 27,274 24,081 53,888 47,667
Real estate acquisition costs 0 280 0 409
Total other expenses (revenues) 27,237 24,289 53,713 47,985
Earnings before gain on disposition of real estate 55,354 50,755 114,378 104,556
Gain on disposition of real estate 3,055 1,178 17,679 18,053
Earnings including noncontrolling interests 58,409 51,933 132,057 122,609
Loss (earnings) attributable to noncontrolling interests (381) 9 (372) 16
Net earnings attributable to NNN 58,028 51,942 131,685 122,625
Net earnings attributable to common stockholders $ 49,447 $ 43,084 $ 101,068 $ 104,908
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.33 $ 0.30 $ 0.68 $ 0.74
Diluted (in dollars per share) $ 0.33 $ 0.30 $ 0.68 $ 0.73
Weighted average number of common shares outstanding:        
Basic (in shares) 148,372,501 143,443,375 147,655,076 142,141,990
Diluted (in shares) 148,719,470 143,976,712 148,023,668 142,693,785
Other comprehensive income:        
Net earnings attributable to NNN $ 58,028 $ 51,942 $ 131,685 $ 122,625
Amortization of interest rate hedges 455 707 903 1,402
Fair value forward starting swaps (1,140) 312 (1,694) 312
Net gain – commercial mortgage residual interests 0 282 0 107
Net gain (loss) – available-for-sale securities (81) 379 (7) 553
Comprehensive income attributable to NNN 57,262 53,622 130,887 124,999
Series D Preferred Stock        
Other expenses (revenues):        
Dividends 0 (4,762) (3,598) (9,523)
Excess of redemption value over carrying value of Series D preferred shares redeemed 0 0 (9,855) 0
Series E Preferred Stock        
Other expenses (revenues):        
Dividends (4,096) (4,096) (8,194) (8,194)
Series F Preferred Stock        
Other expenses (revenues):        
Dividends $ (4,485) $ 0 $ (8,970) $ 0