| Summary of NNN's Investment Portfolio |
NNN's assets primarily include real estate assets. NNN acquires, owns, invests in and develops properties that are leased primarily to retail tenants under long-term net leases and primarily held for investment ("Properties", "Property Portfolio", or individually a "Property").
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June 30, 2022 |
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Property Portfolio: |
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Total Properties |
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3,305 |
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Gross leasable area (square feet) |
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33,758,000 |
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States |
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48 |
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Weighted average remaining lease term (years) |
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10.6 |
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| Computation of Basic and Diluted Earnings Per Share |
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (dollars in thousands):
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Quarter Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Basic and Diluted Earnings: |
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Net earnings attributable to NNN |
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$ |
74,171 |
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$ |
73,023 |
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$ |
155,543 |
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$ |
129,610 |
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Less: Series F preferred stock dividends |
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— |
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(4,485 |
) |
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— |
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(8,970 |
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Net earnings available to NNN’s common stockholders |
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74,171 |
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68,538 |
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155,543 |
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120,640 |
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Less: Earnings allocated to unvested restricted shares |
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(165 |
) |
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(178 |
) |
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(319 |
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(328 |
) |
Net earnings used in basic and diluted earnings per share |
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$ |
74,006 |
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$ |
68,360 |
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$ |
155,224 |
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$ |
120,312 |
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Basic and Diluted Weighted Average Shares Outstanding: |
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Weighted average number of shares outstanding |
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175,989,323 |
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175,590,102 |
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175,813,456 |
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175,491,461 |
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Less: Unvested restricted shares |
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(310,844 |
) |
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(341,467 |
) |
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(300,810 |
) |
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(315,209 |
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Less: Unvested contingent restricted shares |
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(721,623 |
) |
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(637,738 |
) |
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(645,597 |
) |
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(576,094 |
) |
Weighted average number of shares outstanding used in
basic earnings per share |
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174,956,856 |
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174,610,897 |
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174,867,049 |
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174,600,158 |
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Other dilutive securities |
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151,058 |
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115,915 |
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154,822 |
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132,918 |
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Weighted average number of shares outstanding used in diluted
earnings per share |
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175,107,914 |
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174,726,812 |
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175,021,871 |
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174,733,076 |
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| Changes in Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss) – The following table outlines the changes in accumulated other comprehensive income (loss) for the six months ended June 30, 2022 (dollars in thousands):
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Gain (Loss) on
Cash Flow Hedges(1) |
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Beginning balance, December 31, 2021 |
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$ |
(14,956 |
) |
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Reclassifications from accumulated other comprehensive income to net earnings |
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1,175 |
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(2) |
Ending balance, June 30, 2022 |
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$ |
(13,781 |
) |
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(1) |
Additional disclosure is included in Note 6 – Derivatives. |
(2) |
Recorded in interest expense on the Condensed Consolidated Statements of Income and Comprehensive Income. |
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