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Organization and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2019
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").
 
June 30, 2019
Property Portfolio:
 
Total properties
3,043

Gross leasable area (square feet)
32,053,000

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):
 
 
June 30, 2019
 
December 31, 2018
Intangible lease assets (included in other assets):
 
 
 
 
Above-market in-place leases
 
$
15,717

 
$
15,175

Less: accumulated amortization
 
(9,604
)
 
(9,239
)
Above-market in-place leases, net
 
$
6,113

 
$
5,936

 
 
 
 
 
In-place leases
 
$
115,642

 
$
104,871

Less: accumulated amortization
 
(62,400
)
 
(60,797
)
In-place leases, net
 
$
53,242

 
$
44,074

 
 
 
 
 
Intangible lease liabilities (included in other liabilities):
 
 
 
 
Below-market in-place leases
 
$
41,737

 
$
41,554

Less: accumulated amortization
 
(25,595
)
 
(25,258
)
Below-market in-place leases, net
 
$
16,142

 
$
16,296
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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Basic and Diluted Earnings:
 
 
 
 
 
 
 
Net earnings attributable to NNN
$
78,678

 
$
70,573

 
$
158,701

 
$
173,854

Less: Series E preferred stock dividends
(4,096
)
 
(4,096
)
 
(8,194
)
 
(8,194
)
Less: Series F preferred stock dividends
(4,485
)
 
(4,485
)
 
(8,970
)
 
(8,970
)
Net earnings available to NNN’s common stockholders
70,097

 
61,992

 
141,537

 
156,690

Less: Earnings allocated to unvested restricted shares
(134
)
 
(141
)
 
(249
)
 
(273
)
Net earnings used in basic and diluted earnings per share
$
69,963

 
$
61,851

 
$
141,288

 
$
156,417

 
 
 
 
 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
Weighted average number of shares outstanding
162,697,005

 
154,593,456

 
162,243,958

 
154,138,711

Less: Unvested restricted stock
(265,981
)
 
(295,444
)
 
(249,480
)
 
(266,690
)
Less: Unvested contingent restricted shares
(537,582
)
 
(487,320
)
 
(492,923
)
 
(443,656
)
Weighted average number of shares outstanding used in basic earnings per share
161,893,442

 
153,810,692

 
161,501,555

 
153,428,365

Other dilutive securities
458,459

 
393,246

 
493,779

 
411,854

Weighted average number of shares outstanding used in diluted earnings per share
$
162,351,901

 
154,203,938

 
161,995,334

 
153,840,219
Schedule of AOCI The following table outlines the changes in accumulated other comprehensive income (loss) (dollars in thousands):
 
Gain or Loss on Cash Flow Hedges (1)
 
Gains and Losses on Available-for-Sale Securities
 
Total
Beginning balance, December 31, 2018
$
(6,911
)
 
$
1,215

 
$
(5,696
)
 
 
 
 
 
 
Other comprehensive income
(3,920
)
 
116

 
(3,804
)
Reclassifications from accumulated other comprehensive income to net earnings
648

(2) 
(1,331
)
(3) 
(683
)
Net current period other comprehensive income (loss)
(3,272
)
 
(1,215
)
 
(4,487
)
Ending balance, June 30, 2019
$
(10,183
)
 
$
—

 
$
(10,183
)
(1) Additional disclosure is included in Note 6 – Derivatives.
(2) Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income.
(3) Recorded in interest and other income on the Condensed Consolidated Statements of Income and Comprehensive Income.