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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Rental income $ 164,596 $ 155,153 $ 327,622 $ 307,915
Interest and other income from real estate transactions 196 365 882 438
Total revenues 164,792 155,518 328,504 308,353
Operating expenses:        
General and administrative 9,276 8,741 18,798 17,437
Real estate 6,600 5,828 13,692 11,690
Depreciation and amortization 46,241 43,304 92,421 87,802
Impairment losses – real estate, net of recoveries 7,187 3,835 10,432 6,083
Retirement severance costs 0 260 0 521
Total operating expenses 69,304 61,968 135,343 123,533
Gain on disposition of real estate 13,002 4,106 23,447 42,702
Earnings from operations 108,490 97,656 216,608 227,522
Other expenses (revenues):        
Interest and other income (487) (37) (2,411) (63)
Interest expense 29,811 27,110 59,768 53,712
Leasing transaction costs 75 0 127 0
Total other expenses (revenues) 29,399 27,073 57,484 53,649
Net earnings 79,091 70,583 159,124 173,873
Earnings attributable to noncontrolling interests (413) (10) (423) (19)
Net earnings attributable to NNN 78,678 70,573 158,701 173,854
Net earnings attributable to common stockholders $ 70,097 $ 61,992 $ 141,537 $ 156,690
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.43 $ 0.40 $ 0.87 $ 1.02
Diluted (in dollars per share) $ 0.43 $ 0.40 $ 0.87 $ 1.02
Weighted average number of common shares outstanding:        
Basic (in shares) 161,893,442 153,810,692 161,501,555 153,428,365
Diluted (in shares) 162,351,901 154,203,938 161,995,334 153,840,219
Other comprehensive income:        
Net earnings attributable to NNN $ 78,678 $ 70,573 $ 158,701 $ 173,854
Amortization of interest rate hedges 325 531 648 1,056
Fair value of forward starting swaps (3,920) 3,259 (3,920) 1,095
Valuation adjustments – available-for-sale securities 0 184 116 52
Realized gain – available-for-sale securities 0 0 (1,331) 0
Comprehensive income attributable to NNN 75,083 74,547 154,214 176,057
Series E Preferred Stock        
Other expenses (revenues):        
Dividends (4,096) (4,096) (8,194) (8,194)
Series F Preferred Stock        
Other expenses (revenues):        
Dividends $ (4,485) $ (4,485) $ (8,970) $ (8,970)