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Organization and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Summary of NNN's Investment Portfolio
NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").
 
September 30, 2018
Property Portfolio:
 
Total properties
2,847

Gross leasable area (square feet)
29,739,000

States
48

Weighted average remaining lease term (years)
11.4
Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of (dollars in thousands):
 
 
September 30, 2018
 
December 31, 2017
Intangible lease assets (included in Other assets):
 
 
 
 
Above-market in-place leases
 
$
15,297

 
$
16,583

Less: accumulated amortization
 
(9,081
)
 
(9,299
)
Above-market in-place leases, net
 
$
6,216

 
$
7,284

 
 
 
 
 
In-place leases
 
$
104,310

 
$
104,592

Less: accumulated amortization
 
(60,095
)
 
(61,004
)
In-place leases, net
 
$
44,215

 
$
43,588

 
 
 
 
 
Intangible lease liabilities (included in Other liabilities):
 
 
 
 
Below-market in-place leases
 
$
41,988

 
$
44,468

Less: accumulated amortization
 
(25,306
)
 
(26,055
)
Below-market in-place leases, net
 
$
16,682

 
$
18,413
Computation of Basic and Diluted Earnings Per Share
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands):
 
Quarter Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Basic and Diluted Earnings:
 
 
 
 
 
 
 
Net earnings attributable to NNN
$
82,032

 
$
61,120

 
$
255,886

 
$
192,805

Less: Series D preferred stock dividends
—

 
—

 
—

 
(3,598
)
Less: Series E preferred stock dividends
(4,097
)
 
(4,097
)
 
(12,291
)
 
(12,291
)
Less: Series F preferred stock dividends
(4,485
)
 
(4,485
)
 
(13,455
)
 
(13,455
)
Less: Excess of redemption value over carrying value of Series D preferred shares redeemed
—

 
—

 
—

 
(9,855
)
Net earnings available to NNN’s common stockholders
73,450

 
52,538

 
230,140

 
153,606

Less: Earnings allocated to unvested restricted shares
(147
)
 
(132
)
 
(412
)
 
(399
)
Net earnings used in basic and diluted earnings per share
$
73,303

 
$
52,406

 
$
229,728

 
$
153,207

 
 
 
 
 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
Weighted average number of shares outstanding
157,634,757

 
150,076,348

 
155,316,866

 
148,934,825

Less: Unvested restricted stock
(294,453
)
 
(277,713
)
 
(276,046
)
 
(288,238
)
Less: Unvested contingent restricted shares
(487,320
)
 
(457,610
)
 
(458,371
)
 
(423,353
)
Weighted average number of shares outstanding used in basic earnings per share
156,852,984

 
149,341,025

 
154,582,449

 
148,223,234

Other dilutive securities
433,181

 
326,584

 
425,408

 
303,127

Weighted average number of shares outstanding used in diluted earnings per share
157,286,165

 
149,667,609

 
155,007,857

 
148,526,361
Schedule of AOCI
The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
 
Gains or (Losses) on Cash Flow Hedges (1)
 
Gains on Available-for-Sale Securities
 
Total
Beginning balance, December 31, 2017
$
(14,655
)
 
$
917

 
$
(13,738
)
 
 
 
 
 
 
Other comprehensive income
4,080

 
65

 
4,145

Reclassifications from accumulated other comprehensive income to net earnings
1,581

(2) 
—

 
1,581

Net current period other comprehensive income
5,661

 
65

 
5,726

Ending balance, September 30, 2018
$
(8,994
)
 
$
982

 
$
(8,012
)
(1) Additional disclosure is included in Note 6 – Derivatives.
(2) Reclassifications out of other comprehensive income (loss) are recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.