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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Rental income $ 168,224 $ 154,656 $ 495,846 $ 462,570
Interest and other income from real estate transactions 383 675 1,265 1,113
Total revenues 168,607 155,331 497,111 463,683
Operating expenses:        
General and administrative 8,726 8,543 27,524 25,980
Real estate 6,706 5,759 20,398 17,449
Depreciation and amortization 48,348 42,479 140,769 130,280
Impairment losses – real estate, net of recoveries 10,692 3,635 21,124 9,718
Retirement severance costs 0 222 0 743
Total operating expenses 74,472 60,638 209,815 184,170
Gain on disposition of real estate 2,061 14,348 25,508 57,050
Earnings from operations 96,196 109,041 312,804 336,563
Other expenses (revenues):        
Interest and other income (501) (195) (2,912) (258)
Interest expense 29,948 27,194 89,716 80,906
Leasing transaction costs 51 0 178 0
Total other expenses (revenues) 29,498 26,999 86,982 80,648
Net earnings 66,698 82,042 225,822 255,915
Earnings attributable to noncontrolling interests (5) (10) (428) (29)
Net earnings attributable to NNN 66,693 82,032 225,394 255,886
Net earnings attributable to common stockholders $ 58,111 $ 73,450 $ 199,648 $ 230,140
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.35 $ 0.47 $ 1.23 $ 1.49
Diluted (in dollars per share) $ 0.35 $ 0.47 $ 1.22 $ 1.48
Weighted average number of common shares outstanding:        
Basic (in shares) 164,883,509 156,852,984 162,641,261 154,582,449
Diluted (in shares) 165,361,731 157,286,165 163,126,063 155,007,857
Other comprehensive income:        
Net earnings attributable to NNN $ 66,693 $ 82,032 $ 225,394 $ 255,886
Amortization of interest rate hedges 327 525 975 1,581
Fair value of forward starting swaps (7,818) 2,985 (11,738) 4,080
Valuation adjustments – available-for-sale securities 0 13 116 65
Realized gain – available-for-sale securities 0 0 (1,331) 0
Comprehensive income attributable to NNN 59,202 85,555 213,416 261,612
Series E Preferred Stock        
Other expenses (revenues):        
Dividends (4,097) (4,097) (12,291) (12,291)
Series F Preferred Stock        
Other expenses (revenues):        
Dividends $ (4,485) $ (4,485) $ (13,455) $ (13,455)