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Real Estate (Tables)
 6 Months Ended
Jun. 30, 2021
Real Estate [Abstract]  
Real Estate Portfolio NNN's real estate consisted of the following at (dollars in thousands):
June 30, 2021December 31, 2020
Land and improvements(1)
$2,503,718 $2,489,243 
Buildings and improvements6,154,976 6,009,797 
Leasehold interests355 355 
8,659,049 8,499,395 
Less accumulated depreciation and amortization(1,394,185)(1,317,407)
7,264,864 7,181,988 
Work in progress for buildings and improvements1,841 26,673 
Accounted for using the operating method7,266,705 7,208,661 
Accounted for using the direct financing method3,808 3,994 
$7,270,513 $7,212,655 
(1)Includes $5,222 and $8,421 in land for Properties under construction at June 30, 2021 and December 31, 2020, respectively.
Rental Income
NNN recognized the following revenues in rental income (dollars in thousands):
Quarter Ended June 30,Six Months Ended June 30,
2021202020212020
Rental income from operating leases$173,371 $159,300 $346,954 $328,033 
Earned income from direct financing leases
157 162 315 326 
Percentage rent231 165 335 568 
Real estate expense reimbursement from tenants
4,245 3,852 9,598 9,099 
$178,004 $163,479 $357,202 $338,026 
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):
June 30, 2021December 31, 2020
Intangible lease assets (included in other assets):
Above-market in-place leases$15,389 $15,474 
Less: accumulated amortization(10,525)(10,271)
Above-market in-place leases, net$4,864 $5,203 
In-place leases$121,951 $118,416 
Less: accumulated amortization(70,671)(68,695)
In-place leases, net$51,280 $49,721 
Intangible lease liabilities (included in other liabilities):
Below-market in-place leases$41,373 $41,101 
Less: accumulated amortization(26,887)(26,486)
Below-market in-place leases, net$14,486 $14,615 
Real Estate Held for Sale Real estate held for sale consisted of the following as of (dollars in thousands):
June 30, 2021December 31, 2020
Land and improvements$14,860 $3,841 
Building and improvements17,018 4,971 
31,878 8,812 
Less accumulated depreciation and amortization(5,659)(2,536)
Less impairment(13,483)(605)
$12,736 $5,671 
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,
 2021202020212020
# of Sold
Properties		Net Gain# of Sold
Properties		Net Gain# of Sold
Properties		Net Gain# of Sold
Properties		Net Gain
Gain on disposition of real estate
15$4,181 8$719 26$8,462 22$13,489 
Real Estate Commitments These construction commitments, as of June 30, 2021, are outlined in the table below (dollars in thousands):
Total commitment(1)
$17,555 
Less amount funded7,063 
Remaining commitment$10,492 
(1)Includes land, construction costs, tenant improvements, lease costs and capitalized interest.
Real Estate Impairments
As a result of NNN's review of long-lived assets, including identifiable intangible assets, NNN recognized real estate impairments, net of recoveries as summarized in the table below (dollars in thousands):
Quarter Ended June 30,Six Months Ended June 30,
2021202020212020
Total real estate impairments, net of recoveries$7,735$21,854$9,866$27,367
Number of Properties:
Vacant82149
Occupied712813