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Real Estate (Tables)
 12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Classification of Investment Property Leases
The following outlines key information for NNN’s leases at December 31, 2018:
 
Lease classification:
 
Operating
2,970

Direct financing
8

Building portion – direct financing / land portion – operating
1

Weighted average remaining lease term (years)
11.5
Summary of Real Estate Subject to Operating Leases
Real estate subject to operating leases consisted of the following as of December 31 (dollars in thousands):
 
2018
 
2017
Land and improvements (1)
$
2,374,005

 
$
2,282,919

Buildings and improvements
5,477,479

 
4,948,057

Leasehold interests
3,630

 
5,261

 
7,855,114

 
7,236,237

Less accumulated depreciation and amortization
(1,009,374
)
 
(874,519
)
 
6,845,740

 
6,361,718

Work in progress - improvements
8,017

 
41,920

 
$
6,853,757

 
$
6,403,638


(1) Includes $5,571 and $25,799 in land for Properties under construction at December 31, 2018 and 2017,
respectively.
Schedule of Future Minimum Lease Payments for Capital Leases
The following is a schedule of future minimum lease payments to be received on noncancellable operating leases at December 31, 2018 (dollars in thousands):
 
2019
$
613,402

2020
599,805

2021
579,904

2022
550,022

2023
522,386

Thereafter
4,243,077

 
$
7,108,596
Net Investment in Direct Financing Leases
The following lists the components of net investment in direct financing leases at December 31 (dollars in thousands):
 
 
2018
 
2017
Minimum lease payments to be received
$
10,899

 
$
9,339

Estimated unguaranteed residual values
4,395

 
4,967

Less unearned income
(7,225
)
 
(4,656
)
Net investment in direct financing leases
$
8,069

 
$
9,650
Schedule of Future Minimum Lease Receivables for Financing Leases
The following is a schedule of future minimum lease payments to be received on direct financing leases held for investment at December 31, 2018 (dollars in thousands):
 
2019
$
1,464

2020
1,013

2021
889

2022
895

2023
895

Thereafter
5,743

 
$
10,899
Disclosure of Long Lived Assets Held-for-sale
Real estate held for sale consisted of the following as of December 31 (dollars in thousands):
 
2018
 
2017
Land and improvements
$
8,606

 
$
9,411

Building and improvements
26,147

 
27,342

 
34,753

 
36,753

Less accumulated depreciation and amortization
(6,897
)
 
(6,602
)
Less impairment
(14,250
)
 
(778
)
 
$
13,606

 
$
29,373
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 for the years ended December 31 (dollars in thousands):
 
2018
 
2017
 
2016
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
 
Gain on disposition of real estate
61
 
$
65,070

 
48
 
$
36,655

 
38
 
$
27,182

 
Remaining Funding Commitments
These construction commitments, as of December 31, 2018, are outlined in the table below (dollars in thousands):
Total commitment(1)
 
$
34,756

Less amount funded
 
13,588

Remaining commitment
 
$
21,168

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