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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental income $ 193,102 $ 180,024 $ 573,401 $ 537,226
Interest and other income from real estate transactions 369 333 1,132 1,920
Total revenues 193,471 180,357 574,533 539,146
Operating expenses:        
General and administrative 10,124 11,077 30,906 34,693
Real estate 5,875 6,521 19,246 20,865
Depreciation and amortization 56,388 50,976 166,512 151,831
Leasing transaction costs 96 86 260 146
Impairment losses – real estate, net of recoveries 971 4,781 7,221 14,647
Executive retirement costs 556 0 6,805 0
Total operating expenses 74,010 73,441 230,950 222,182
Gain on disposition of real estate 5,889 9,473 10,656 17,935
Earnings from operations 125,350 116,389 354,239 334,899
Other expenses (revenues):        
Interest and other income (33) (61) (120) (159)
Interest expense 36,962 33,518 110,400 101,190
Loss on early extinguishment of debt 0 0 0 21,328
Total other expenses (revenues) 36,929 33,457 110,280 122,359
Net earnings 88,421 82,932 243,959 212,540
Loss attributable to noncontrolling interests 0 1 5 3
Net earnings attributable to NNN 88,421 82,933 243,964 212,543
Series F preferred stock dividends 0 (4,485) 0 (13,455)
Net earnings attributable to common stockholders $ 88,421 $ 78,448 $ 243,964 $ 199,088
Net earnings per share of common stock:        
Basic (in dollars per share) $ 0.50 $ 0.45 $ 1.39 $ 1.14
Diluted (in dollars per share) $ 0.50 $ 0.45 $ 1.38 $ 1.14
Weighted average number of common shares outstanding:        
Basic (in shares) 176,900,786 174,629,442 175,542,356 174,610,026
Diluted (in shares) 177,367,710 174,738,903 175,993,907 174,716,053
Other comprehensive income:        
Net earnings attributable to NNN $ 88,421 $ 82,933 $ 243,964 $ 212,543
Amortization of interest rate hedges 595 565 1,770 2,494
Fair value of forward starting swaps 0 1,584 0 1,584
Comprehensive income attributable to NNN 89,016 81,914 245,734 213,453
Comprehensive loss attributable to noncontrolling interests 0 (1) (5) (3)
Total comprehensive income $ 89,016 $ 81,913 $ 245,729 $ 213,450