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Real Estate (Tables)
 6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Key Information for Leases The following outlines key information for NNN’s leases:
June 30, 2020
Lease classification:
Operating3,128  
Direct financing6  
Weighted average remaining lease term (years)10.9
Real Estate Subject to Operating Leases Real estate subject to operating leases consisted of the following at (dollars in thousands):
June 30, 2020December 31, 2019
Land and improvements(1)
$2,482,387  $2,492,305  
Buildings and improvements5,942,581  5,916,474  
Leasehold interests355  355  
8,425,323  8,409,134  
Less accumulated depreciation and amortization(1,232,107) (1,147,524) 
7,193,216  7,261,610  
Work in progress for buildings and improvements28,202  27,438  
$7,221,418  $7,289,048  
(1)Includes $10,315 and $16,930 in land for Properties under construction at June 30, 2020 and December 31, 2019, respectively.
Rental Income
NNN recognized the following revenues in rental income (dollars in thousands):
Quarter Ended June 30,Six Months Ended June 30,
2020201920202019
Rental income from operating leases$159,300  $160,234  $328,033  $318,632  
Earned income from direct financing leases
162  208  326  420  
Percentage rent165  300  568  722  
Real estate expense reimbursement from tenants
3,852  3,854  9,099  7,848  
$163,479  $164,596  $338,026  $327,622  
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):
June 30, 2020December 31, 2019
Intangible lease assets (included in other assets):
Above-market in-place leases$15,845  $15,754  
Less: accumulated amortization(10,280) (9,897) 
Above-market in-place leases, net$5,565  $5,857  
In-place leases$121,323  $119,846  
Less: accumulated amortization(67,640) (64,918) 
In-place leases, net$53,683  $54,928  
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases$42,333  $41,767  
Less: accumulated amortization(26,431) (26,135) 
Below-market in-place leases, net$15,902  $15,632  
Real Estate Held for Sale Real estate held for sale consisted of the following as of (dollars in thousands):
June 30, 2020December 31, 2019
Land and improvements$2,471  $5,676  
Building and improvements4,647  7,562  
7,118  13,238  
Less accumulated depreciation and amortization(2,765) (4,144) 
Less impairment(738) (1,107) 
$3,615  $7,987  
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 June 30,Six Months Ended June 30,
 2020201920202019
# of Sold
Properties		Net Gain# of Sold
Properties		Net Gain# of Sold
Properties		Net Gain# of Sold
Properties		Gain
Gain on disposition of real estate
8$719  13$13,002  22$13,489  30$23,447  
Real Estate Commitments These construction commitments, as of June 30, 2020, are outlined in the table below (dollars in thousands):
Total commitment(1)
$52,488  
Less amount funded38,517  
Remaining commitment$13,971  
(1)Includes land, construction costs, tenant improvements, lease costs and capitalized interest.