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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net earnings $ 299,608 $ 292,485 $ 265,371
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 188,871 174,398 173,720
Impairment losses – real estate and other charges, net of recoveries 31,992 28,211 4,953
Loss on early extinguishment of debt 0 18,240 0
Amortization of notes payable discount 1,739 3,263 1,788
Amortization of debt costs 3,731 4,611 3,502
Amortization of mortgages payable premium (86) (85) (85)
Amortization of interest rate hedges 1,307 3,664 1,932
Settlement of forward starting swaps 0 4,080 (7,688)
Gain on disposition of real estate (32,463) (65,070) (36,655)
Performance incentive plan expense 11,547 10,417 14,223
Performance incentive plan payment (775) (432) (862)
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:      
Decrease in real estate leased to others using the direct financing method 602 874 884
Decrease (increase) in receivables 923 (203) (175)
Increase in accrued rental income (2,333) (747) (1,752)
Decrease (increase) in other assets (96) 793 1,960
Increase (decrease) in accrued interest payable (1,269) (792) 646
Decrease in other liabilities (1,379) (1,516) (90)
Other (192) (282) (115)
Net cash provided by operating activities 501,727 471,909 421,557
Cash flows from investing activities:      
Proceeds from the disposition of real estate 123,997 148,476 97,245
Additions to real estate:      
Accounted for using the operating method (747,521) (756,971) (721,893)
Principal payments on mortgages and notes receivable 3,100 0 1,250
Other 1,016 (876) (2,159)
Net cash used in investing activities (619,408) (609,371) (625,557)
Cash flows from financing activities:      
Proceeds from line of credit payable 829,200 1,599,500 1,501,700
Repayment of line of credit payable (695,600) (1,720,000) (1,381,200)
Repayment of mortgages payable (567) (538) (510)
Proceeds from notes payable 0 692,913 398,372
Repayment of notes payable 0 (300,000) (250,000)
Payment for early extinguishment of debt 0 (18,240) 0
Payment of debt issuance costs (157) (7,156) (7,837)
Proceeds from issuance of common stock 542,280 345,324 256,764
Stock issuance costs (17,521) (3,947) (3,836)
Payment of common stock dividends (333,692) (303,164) (277,120)
Noncontrolling interest distributions (776) 0 (84)
Net cash provided by (used in) financing activities 4,526 250,365 (89,176)
Net increase (decrease) in cash, cash equivalents and restricted cash (113,155) 112,903 (293,176)
Cash, cash equivalents and restricted cash at beginning of year [1] 114,267 1,364 294,540
Cash, cash equivalents and restricted cash at end of year [1] 1,112 114,267 1,364
Supplemental disclosure of cash flow information:      
Interest paid, net of amount capitalized 115,700 107,861 103,761
Taxes received 0 0 (15)
Supplemental disclosure of noncash investing and financing activities:      
Increase (decrease) in other comprehensive income 5,432 (8,042) 5,547
Right-of-use assets recorded in connection with lease liabilities 8,224 0 0
Work in progress accrual balance 21,579 16,603 58,002
Change in lease classification (direct financing lease to operating lease) 3,100 0 0
Change in lease classification (direct financing lease to operating lease) 1,246 565 696
Change in lease classification (operating lease to direct financing lease) 0 258 0
Series D Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock 0 0 (287,500)
Payment of preferred stock dividends 0 0 (3,598)
Series E Preferred Stock      
Cash flows from financing activities:      
Redemption of preferred stock (287,500) 0 0
Payment of preferred stock dividends (13,201) (16,387) (16,387)
Series F Preferred Stock      
Cash flows from financing activities:      
Payment of preferred stock dividends $ (17,940) $ (17,940) $ (17,940)
[1]
Cash, cash equivalents and restricted cash is the aggregate of cash and cash equivalents and restricted cash and cash held in escrow from the Consolidated Balance Sheets. NNN did not have restricted cash or cash held in escrow as of December 31, 2019, 2018 and 2017.