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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues:        
Rental income from operating leases $ 143,376 $ 129,944 $ 421,167 $ 378,007
Earned income from direct financing leases 241 338 743 1,041
Percentage rent 239 321 985 959
Real estate expense reimbursement from tenants 3,614 3,413 11,174 10,251
Interest and other income from real estate transactions 151 141 368 905
Interest income on commercial mortgage residual interests 84 384 249 1,285
Total revenues 147,705 134,541 434,686 392,448
Operating expenses:        
General and administrative 7,354 9,116 25,093 27,100
Real estate 5,553 4,942 16,640 14,297
Depreciation and amortization 48,409 38,970 129,878 110,114
Impairment – commercial mortgage residual interests valuation 0 5,978 0 6,830
Impairment losses – real estate and other charges, net of recoveries 80 4,917 1,247 10,949
Retirement severance costs 225 0 7,653 0
Total operating expenses 61,621 63,923 180,511 169,290
Earnings from operations 86,084 70,618 254,175 223,158
Other expenses (revenues):        
Interest and other income (64) (17) (239) (108)
Interest expense 28,204 24,257 82,092 71,923
Real estate acquisition costs 0 111 0 520
Total other expenses (revenues) 28,140 24,351 81,853 72,335
Earnings before gain on disposition of real estate 57,944 46,267 172,322 150,823
Gain on disposition of real estate 3,185 4,505 20,864 22,558
Earnings including noncontrolling interests 61,129 50,772 193,186 173,381
Loss (earnings) attributable to noncontrolling interests (9) 12 (381) 28
Net earnings attributable to NNN 61,120 50,784 192,805 173,409
Net earnings attributable to common stockholders $ 52,538 $ 41,925 $ 153,606 $ 146,833
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.35 $ 0.29 $ 1.03 $ 1.02
Diluted (in dollars per share) $ 0.35 $ 0.28 $ 1.03 $ 1.02
Weighted average number of common shares outstanding:        
Basic (in shares) 149,341,025 146,111,041 148,223,234 143,474,664
Diluted (in shares) 149,667,609 146,681,592 148,526,361 144,036,165
Other comprehensive income:        
Net earnings attributable to NNN $ 61,120 $ 50,784 $ 192,805 $ 173,409
Amortization of interest rate hedges 491 720 1,394 2,122
Fair value forward starting swaps (5,994) 701 (7,688) 1,013
Net gain – commercial mortgage residual interests 0 (4,561) 0 (4,454)
Net gain – available-for-sale securities 125 47 118 600
Comprehensive income attributable to NNN 55,742 47,691 186,629 172,690
Series D Preferred Stock        
Other expenses (revenues):        
Dividends 0 (4,762) (3,598) (14,285)
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 (4,097) (4,097) (12,291) (12,291)
Series F Preferred Stock        
Other expenses (revenues):        
Dividends $ (4,485) $ 0 $ (13,455) $ 0