XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net earnings $ 103,289,000 $ 73,648,000
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 44,498,000 40,143,000
Impairment losses – real estate and other charges, net of recoveries 2,248,000 1,206,000
Amortization of notes payable discount 458,000 437,000
Amortization of debt costs 888,000 859,000
Amortization of mortgages payable premium (21,000) (21,000)
Amortization of deferred interest rate hedges 525,000 447,000
Gain on disposition of real estate (38,596,000) (14,624,000)
Performance incentive plan expense 2,275,000 2,755,000
Performance incentive plan payment (432,000) (862,000)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:    
Decrease in real estate leased to others using the direct financing method 228,000 231,000
Decrease in receivables 125,000 307,000
Increase in accrued rental income (998,000) (675,000)
Decrease in other assets 414,000 453,000
Increase in accrued interest payable 16,068,000 16,714,000
Decrease in other liabilities (1,082,000) (3,701,000)
Other 110,000 (125,000)
Net cash provided by operating activities 129,997,000 117,192,000
Cash flows from investing activities:    
Proceeds from the disposition of real estate 71,627,000 39,251,000
Additions to real estate:    
Accounted for using the operating method (174,986,000) (98,058,000)
Other 207,000 (40,000)
Net cash used in investing activities (103,152,000) (58,847,000)
Cash flows from financing activities:    
Proceeds from line of credit payable 491,000,000 103,700,000
Repayment of line of credit payable (435,100,000) (103,700,000)
Repayment of mortgages payable (134,000) (127,000)
Payment of debt costs (38,000) (92,000)
Proceeds from issuance of common stock 1,554,000 49,011,000
Stock issuance costs (174,000) (798,000)
Redemption of Series D preferred stock 0 (287,500,000)
Payment of common stock dividends (72,733,000) (66,781,000)
Net cash used in financing activities (24,207,000) (318,467,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 2,638,000 (260,122,000)
Cash, cash equivalents and restricted cash at beginning of period [1] 1,364,000 294,540,000
Cash, cash equivalents and restricted cash at end of period [1] 4,002,000 34,418,000
Supplemental disclosure of cash flow information:    
Interest paid, net of amount capitalized 9,512,000 8,732,000
Taxes received 0 (3,000)
Supplemental disclosure of noncash investing and financing activities:    
Change in other comprehensive income 1,171,000 33,000
Change in lease classification (direct financing lease to operating lease) 0 696,000
Restricted cash and cash held in escrow 0 0
Series D Depositary Share    
Cash flows from financing activities:    
Payment of Series D, E and F preferred stock dividends 0 (3,598,000)
Series E Depositary Share    
Cash flows from financing activities:    
Payment of Series D, E and F preferred stock dividends (4,097,000) (4,097,000)
Series F Preferred Stock    
Cash flows from financing activities:    
Payment of Series D, E and F preferred stock dividends $ (4,485,000) $ (4,485,000)
[1] Cash, cash equivalents and restricted cash is the aggregate of Cash and cash equivalents and Restricted cash and cash held in escrow from the Condensed Consolidated Balance Sheets. NNN did not have Restricted cash and cash held in escrow at March 31, 2018 and 2017.