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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Rental income $ 190,536 $ 178,004 $ 380,299 $ 357,202
Interest and other income from real estate transactions 247 1,007 763 1,587
Total revenues 190,783 179,011 381,062 358,789
Operating expenses:        
General and administrative 9,740 11,868 20,782 23,616
Real estate 6,173 6,619 13,371 14,344
Depreciation and amortization 57,444 50,875 110,124 100,855
Leasing transaction costs 76 22 164 60
Impairment losses – real estate, net of recoveries 4,618 7,735 6,250 9,866
Executive retirement costs 2,655 0 6,249 0
Total operating expenses 80,706 77,119 156,940 148,741
Gain on disposition of real estate 775 4,181 4,767 8,462
Earnings from operations 110,852 106,073 228,889 218,510
Other expenses (revenues):        
Interest and other income (52) (33) (87) (98)
Interest expense 36,739 33,085 73,438 67,672
Loss on early extinguishment of debt 0 0 0 21,328
Total other expenses (revenues) 36,687 33,052 73,351 88,902
Net earnings 74,165 73,021 155,538 129,608
Loss attributable to noncontrolling interests 6 2 5 2
Net earnings attributable to NNN 74,171 73,023 155,543 129,610
Series F preferred stock dividends 0 (4,485) 0 (8,970)
Net earnings attributable to common stockholders $ 74,171 $ 68,538 $ 155,543 $ 120,640
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.42 $ 0.39 $ 0.89 $ 0.69
Diluted (in dollars per share) $ 0.42 $ 0.39 $ 0.89 $ 0.69
Weighted average number of common shares outstanding:        
Basic (in shares) 174,956,856,000 174,610,897,000 174,867,049,000 174,600,158,000
Diluted (in shares) 175,107,914,000 174,726,812,000 175,021,871,000 174,733,076,000
Other comprehensive income:        
Net earnings attributable to NNN $ 74,171 $ 73,023 $ 155,543 $ 129,610
Amortization of interest rate hedges 592 561 1,175 1,929
Comprehensive income attributable to NNN 74,763 73,584 156,436 131,539
Comprehensive loss attributable to noncontrolling interests (6) (2) (5) (2)
Total comprehensive income $ 74,757 $ 73,582 $ 156,431 $ 131,537