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Organization and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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").
 
September 30, 2019
Property Portfolio:
 
Total properties
3,057

Gross leasable area (square feet)
32,209,000

States
48

Weighted average remaining lease term (years)
11.2
Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of (dollars in thousands):
 
 
September 30, 2019
 
December 31, 2018
Intangible lease assets (included in other assets):
 
 
 
 
Above-market in-place leases
 
$
15,786

 
$
15,175

Less: accumulated amortization
 
(9,801
)
 
(9,239
)
Above-market in-place leases, net
 
$
5,985

 
$
5,936

 
 
 
 
 
In-place leases
 
$
119,713

 
$
104,871

Less: accumulated amortization
 
(63,916
)
 
(60,797
)
In-place leases, net
 
$
55,797

 
$
44,074

 
 
 
 
 
Intangible lease liabilities (included in other liabilities):
 
 
 
 
Below-market in-place leases
 
$
42,099

 
$
41,554

Less: accumulated amortization
 
(25,922
)
 
(25,258
)
Below-market in-place leases, net
 
$
16,177

 
$
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Basic and Diluted Earnings:
 
 
 
 
 
 
 
Net earnings attributable to NNN
$
66,693

 
$
82,032

 
$
225,394

 
$
255,886

Less: Series E preferred stock dividends
(4,097
)
 
(4,097
)
 
(12,291
)
 
(12,291
)
Less: Series F preferred stock dividends
(4,485
)
 
(4,485
)
 
(13,455
)
 
(13,455
)
Net earnings available to NNN’s common stockholders
58,111

 
73,450

 
199,648

 
230,140

Less: Earnings allocated to unvested restricted shares
(163
)
 
(147
)
 
(412
)
 
(412
)
Net earnings used in basic and diluted earnings per share
$
57,948

 
$
73,303

 
$
199,236

 
$
229,728

 
 
 
 
 
 
 
 
Basic and Diluted Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
Weighted average number of shares outstanding
165,737,947

 
157,634,757

 
163,421,419

 
155,316,866

Less: Unvested restricted stock
(316,856
)
 
(294,453
)
 
(272,185
)
 
(276,046
)
Less: Unvested contingent restricted shares
(537,582
)
 
(487,320
)
 
(507,973
)
 
(458,371
)
Weighted average number of shares outstanding used in basic earnings per share
164,883,509

 
156,852,984

 
162,641,261

 
154,582,449

Other dilutive securities
478,222

 
433,181

 
484,802

 
425,408

Weighted average number of shares outstanding used in diluted earnings per share
165,361,731

 
157,286,165

 
163,126,063

 
155,007,857
Changes in Accumulated Other Comprehensive Income (Loss) 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
(11,738
)
 
116

 
(11,622
)
Reclassifications from accumulated other comprehensive income to net earnings
975

(2) 
(1,331
)
(3) 
(356
)
Net current period other comprehensive income (loss)
(10,763
)
 
(1,215
)
 
(11,978
)
Ending balance, September 30, 2019
$
(17,674
)
 
$
—

 
$
(17,674
)
(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.