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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Rental income from operating leases $ 150,418 $ 143,376 $ 449,216 $ 421,167
Earned income from direct financing leases 242 241 696 743
Percentage rent 284 239 1,018 985
Real estate expense reimbursement from tenants 3,712 3,614 11,640 11,174
Interest and other income from real estate transactions 675 235 1,113 617
Total revenues 155,331 147,705 463,683 434,686
Operating expenses:        
General and administrative 8,543 7,354 25,980 25,093
Real estate 5,759 5,553 17,449 16,640
Depreciation and amortization 42,479 48,409 130,280 129,878
Impairment losses – real estate and other charges, net of recoveries 3,635 80 9,718 1,247
Retirement severance costs 222 225 743 7,653
Total operating expenses 60,638 61,621 184,170 180,511
Earnings from operations 94,693 86,084 279,513 254,175
Other expenses (revenues):        
Interest and other income (195) (64) (258) (239)
Interest expense 27,194 28,204 80,906 82,092
Total other expenses (revenues) 26,999 28,140 80,648 81,853
Earnings before gain on disposition of real estate 67,694 57,944 198,865 172,322
Gain on disposition of real estate 14,348 3,185 57,050 20,864
Net earnings 82,042 61,129 255,915 193,186
Earnings attributable to noncontrolling interests (10) (9) (29) (381)
Net earnings attributable to NNN 82,032 61,120 255,886 192,805
Net earnings attributable to common stockholders $ 73,450 $ 52,538 $ 230,140 $ 153,606
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.47 $ 0.35 $ 1.49 $ 1.03
Diluted (in dollars per share) $ 0.47 $ 0.35 $ 1.48 $ 1.03
Weighted average number of common shares outstanding:        
Basic (in shares) 156,852,984 149,341,025 154,582,449 148,223,234
Diluted (in shares) 157,286,165 149,667,609 155,007,857 148,526,361
Other comprehensive income:        
Net earnings attributable to NNN $ 82,032 $ 61,120 $ 255,886 $ 192,805
Amortization of interest rate hedges 525 491 1,581 1,394
Fair value of forward starting swaps 2,985 (5,994) 4,080 (7,688)
Net gain (loss) – available-for-sale securities 13 125 65 118
Comprehensive income attributable to NNN 85,555 55,742 261,612 186,629
Series D Preferred Stock        
Other expenses (revenues):        
Dividends 0 0 0 (3,598)
Excess of redemption value over carrying value of Series D preferred shares redeemed 0 0 0 (9,855)
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) $ (4,485) $ (13,455) $ (13,455)