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Real Estate (Tables)
 3 Months Ended
Mar. 31, 2020
Real Estate [Abstract]  
Key Information for Leases The following outlines key information for NNN’s leases:
 
March 31, 2020
Lease classification:
 
Operating
3,141

Direct financing
6

Weighted average remaining lease term (years)
11.1
Real Estate Subject to Operating Leases Real estate subject to operating leases consisted of the following at (dollars in thousands):
 
March 31, 2020
 
December 31, 2019
Land and improvements(1)
$
2,489,398

 
$
2,490,959

Buildings and improvements
5,943,971

 
5,913,799

Leasehold interests
355

 
355

 
8,433,724

 
8,405,113

Less accumulated depreciation and amortization
(1,187,925
)
 
(1,146,334
)
 
7,245,799

 
7,258,779

Work in progress for buildings and improvements
39,437

 
27,438

 
$
7,285,236

 
$
7,286,217


(1) Includes $16,618 and $16,930 in land for Properties under construction at March 31, 2020 and December 31, 2019, respectively.
Rental Income
NNN recognized the following revenues in rental income (dollars in thousands):
 
Quarter Ended March 31,
 
2020
 
2019
Rental income from operating leases
$
168,733

 
$
158,398

Earned income from direct financing leases
164

 
213

Percentage rent
403

 
422

Real estate expense reimbursement from tenants
5,247

 
3,993

 
$
174,547

 
$
163,026
Intangible Assets, Lease Liabilities, and Related Amortization
In accordance with purchase accounting for the acquisition of real estate subject to a lease, NNN has recorded intangible assets and lease liabilities that consisted of the following at (dollars in thousands):
 
 
March 31, 2020
 
December 31, 2019
Intangible lease assets (included in other assets):
 
 
 
 
Above-market in-place leases
 
$
15,845

 
$
15,754

Less: accumulated amortization
 
(10,090
)
 
(9,897
)
Above-market in-place leases, net
 
$
5,755

 
$
5,857

 
 
 
 
 
In-place leases
 
$
121,674

 
$
119,846

Less: accumulated amortization
 
(66,048
)
 
(64,918
)
In-place leases, net
 
$
55,626

 
$
54,928

 
 
 
 
 
Intangible lease liabilities (included in other liabilities):
 
 
 
 
Below-market in-place leases
 
$
42,633

 
$
41,767

Less: accumulated amortization
 
(26,351
)
 
(26,135
)
Below-market in-place leases, net
 
$
16,282

 
$
15,632
Real Estate Held for Sale Real estate held for sale consisted of the following as of (dollars in thousands):
 
March 31, 2020
 
December 31, 2019
Land and improvements
$
3,817

 
$
7,022

Building and improvements
7,972

 
10,888

 
11,789

 
17,910

Less accumulated depreciation and amortization
(3,953
)
 
(5,334
)
Less impairment
(3,338
)
 
(1,758
)
 
$
4,498

 
$
10,818
Real Estate Dispositions
The following table summarizes the Properties sold and the corresponding gain recognized on the disposition of Properties (dollars in thousands):
 
Quarter Ended March 31,
 
2020
 
2019
# of Sold
Properties
 
Net Gain
 
# of Sold
Properties
 
Net Gain
Net gain on disposition of real estate
14
 
$
12,770

 
17
 
$
10,445
Real Estate Commitments These construction commitments, as of March 31, 2020, are outlined in the table below (dollars in thousands):
Total commitment(1)
$
74,525

Less amount funded
56,055

Remaining commitment
$
18,470

(1)   Includes land, construction costs, tenant improvements, lease costs and
      capitalized interest.