Real Estate (Tables)

9 Months Ended

Sep. 30, 2017

Real Estate [Abstract]

Classification of Investment Property Leases

The following outlines key information for NNN’s leases:

	September 30, 2017
Lease classification:
Operating	2,711
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):

	September 30, 2017			December 31, 2016
Land and improvements	$	2,220,519		$	2,103,185
Buildings and improvements	4,812,663			4,488,787
Leasehold interests	5,261			4,565
	7,038,443			6,596,537
Less accumulated depreciation and amortization	(846,365		)	(739,098		)
	6,192,078			5,857,439
Work in progress	49,589			24,057
	$	6,241,667		$	5,881,496

Disclosure of Long Lived Assets Held-for-sale

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

	September 30, 2017			December 31, 2016
Land and improvements	$	1,310		$	12,736
Building and improvements	1,975			14,266
	3,285			27,002
Less accumulated depreciation and amortization	(862		)	(3,368		)
	$	2,423		$	23,634

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 September 30,						Nine Months Ended September 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	6	$	3,185	7	$	4,505	31	$	20,864	24	$	22,558

Real Estate Funding Commitments

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

Total commitment(1)	$	175,821
Amount funded	89,243
Remaining commitment	86,578

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