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Real Estate (Tables)
 3 Months Ended
Mar. 31, 2019
Real Estate [Abstract]  
Key Information for Leases The following outlines key information for NNN’s leases:
 
March 31, 2019
Lease classification:
 
Operating
2,986

Direct financing
7

Building portion – direct financing/land portion – operating
1

Weighted average remaining lease term (years)
11.4
Real Estate Subject to Operating Leases Real estate subject to operating leases consisted of the following as of (dollars in thousands):
 
March 31, 2019
 
December 31, 2018
Land and improvements(1)
$
2,386,548

 
$
2,368,635

Buildings and improvements
5,535,000

 
5,469,460

Leasehold interests
3,630

 
3,630

 
7,925,178

 
7,841,725

Less accumulated depreciation and amortization
(1,043,855
)
 
(1,005,724
)
 
6,881,323

 
6,836,001

Work in progress for buildings and improvements
19,424

 
8,017

 
$
6,900,747

 
$
6,844,018


(1) Includes $10,846 and $5,571 in land for Properties under construction at March 31, 2019 and December 31, 2018,
respectively.
Lease Income NNN recognized the following revenues in lease income for the quarter ended March 31, 2019 (dollars in thousands):
Rental income from operating leases
$
158,398

Earned income from direct financing leases
213

Percentage rent
422

Real estate expense reimbursement from tenants
3,993

 
$
163,026
Undiscounted Cash Flows - Operating Leases The following is a schedule of undiscounted cash flows to be received on noncancellable operating leases as of March 31, 2019 (dollars in thousands):
2019
$
470,392

2020
617,630

2021
599,143

2022
569,341

2023
541,303

Thereafter
4,422,859

 
$
7,220,668
Components of Net Investment in Direct Financing Leases The following lists the components of net investment in direct financing leases as of (dollars in thousands):
 
March 31, 2019
 
December 31, 2018
Minimum lease payments to be received
$
10,609

 
$
10,899

Estimated unguaranteed residual values
3,632

 
4,395

Less unearned income
(7,022
)
 
(7,225
)
Net investment in direct financing leases
$
7,219

 
$
8,069
Undiscounted Cash Flows - Direct Financing Leases The following is a schedule of undiscounted cash flows to be received on direct financing leases held for investment as of March 31, 2019 (dollars in thousands):
2019
$
1,109

2020
1,045

2021
920

2022
897

2023
895

Thereafter
5,743

 
$
10,609
Real Estate Held for Sale Real estate held for sale consisted of the following as of (dollars in thousands):
 
March 31, 2019
 
December 31, 2018
Land and improvements
$
13,982

 
$
13,976

Building and improvements
34,166

 
34,166

 
48,148

 
48,142

Less accumulated depreciation and amortization
(10,608
)
 
(10,547
)
Less impairment
(16,143
)
 
(14,250
)
 
$
21,397

 
$
23,345
Real Estate Dispositions The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):
 
Quarter Ended March 31,
 
2019
 
2018
# of Sold
Properties
 
Gain
 
# of Sold
Properties
 
Gain
Gain on disposition of real estate
17
 
$
10,445

 
15
 
$
38,596
Real Estate Commitments These construction commitments, as of March 31, 2019, are outlined in the table below (dollars in thousands):
Total commitment(1)
$
58,616

Less amount funded
30,270

Remaining commitment
$
28,346

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