2015 Q2 Form 10-Q Financial Statement

#000075136415000028 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $117.2M $105.6M
YoY Change 10.98% 9.68%
Cost Of Revenue $4.700M $4.700M
YoY Change 0.0% 6.82%
Gross Profit $112.6M $100.9M
YoY Change 11.6% 9.79%
Gross Profit Margin 96.07% 95.54%
Selling, General & Admin $7.800M $8.100M
YoY Change -3.7% -13.83%
% of Gross Profit 6.93% 8.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.20M $28.00M
YoY Change 22.14% 23.89%
% of Gross Profit 30.37% 27.75%
Operating Expenses $49.80M $40.97M
YoY Change 21.55% 12.0%
Operating Profit $67.40M $64.64M
YoY Change 4.28% 8.25%
Interest Expense $21.68M $21.76M
YoY Change -0.38% -7.51%
% of Operating Profit 32.16% 33.67%
Other Income/Expense, Net -$21.74M -$21.69M
YoY Change 0.24% -6.33%
Pretax Income $45.67M $42.95M
YoY Change 6.31% 17.49%
Income Tax -$495.0K $441.0K
% Of Pretax Income -1.08% 1.03%
Net Earnings $46.19M $45.57M
YoY Change 1.35% 21.57%
Net Earnings / Revenue 39.41% 43.15%
Basic Earnings Per Share $0.28 $0.30
Diluted Earnings Per Share $0.28 $0.30
COMMON SHARES
Basic Shares Outstanding 133.3M shares 122.5M shares
Diluted Shares Outstanding 133.6M shares 122.8M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $85.40M
YoY Change -97.19% -63.95%
Cash & Equivalents $2.448M $85.36M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $3.800M $8.200M
Prepaid Expenses
Receivables $1.800M $2.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.000M $95.60M
YoY Change -91.63% -60.22%
LONG-TERM ASSETS
Property, Plant & Equipment $4.952B $4.386B
YoY Change 12.89% 4.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.80M $12.10M
YoY Change -10.74% -14.79%
Other Assets $15.10M $14.80M
YoY Change 2.03% -75.7%
Total Long-Term Assets $5.124B $4.555B
YoY Change 12.48% 3.32%
TOTAL ASSETS
Total Short-Term Assets $8.000M $95.60M
Total Long-Term Assets $5.124B $4.555B
Total Assets $5.132B $4.651B
YoY Change 10.34% 0.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $17.40M $18.50M
YoY Change -5.95% 6.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.40M $18.50M
YoY Change -5.95% 6.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.868B $1.723B
YoY Change 8.42% -1.35%
Other Long-Term Liabilities $100.4M $84.90M
YoY Change 18.26% -3.41%
Total Long-Term Liabilities $1.968B $1.808B
YoY Change 8.88% -1.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.40M $18.50M
Total Long-Term Liabilities $1.968B $1.808B
Total Liabilities $1.986B $1.826B
YoY Change 8.73% -1.37%
SHAREHOLDERS EQUITY
Retained Earnings -$225.8M -$175.6M
YoY Change 28.57% 46.5%
Common Stock $1.346M $1.247M
YoY Change 7.94% 4.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.146B $2.824B
YoY Change
Total Liabilities & Shareholders Equity $5.132B $4.651B
YoY Change 10.34% 0.03%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $46.19M $45.57M
YoY Change 1.35% 21.57%
Depreciation, Depletion And Amortization $34.20M $28.00M
YoY Change 22.14% 23.89%
Cash From Operating Activities $70.70M $58.50M
YoY Change 20.85% 11.64%
INVESTING ACTIVITIES
Capital Expenditures -$133.3M -$96.50M
YoY Change 38.13% -77.75%
Acquisitions
YoY Change
Other Investing Activities $2.300M $17.80M
YoY Change -87.08% 32.84%
Cash From Investing Activities -$131.0M -$78.70M
YoY Change 66.45% -81.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 58.40M 99.70M
YoY Change -41.42% -83.42%
NET CHANGE
Cash From Operating Activities 70.70M 58.50M
Cash From Investing Activities -131.0M -78.70M
Cash From Financing Activities 58.40M 99.70M
Net Change In Cash -1.900M 79.50M
YoY Change -102.39% -65.95%
FREE CASH FLOW
Cash From Operating Activities $70.70M $58.50M
Capital Expenditures -$133.3M -$96.50M
Free Cash Flow $204.0M $155.0M
YoY Change 31.61% -68.12%

Facts In Submission

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42530000 USD
us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
84614000 USD
CY2015Q2 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
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46160000 USD
us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
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92999000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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13000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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520000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
2000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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62000 USD
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42953000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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84981000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
45665000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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92945000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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42512000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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84632000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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46160000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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92999000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.30
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.58
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.28
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.62
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.30
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.58
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.28
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.62
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
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18000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
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0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
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0 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
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441000 USD
us-gaap Income Tax Expense Benefit
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349000 USD
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-495000 USD
us-gaap Income Tax Expense Benefit
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-54000 USD
us-gaap Income Taxes Paid
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101000 USD
us-gaap Income Taxes Paid
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196000 USD
us-gaap Increase Decrease In Interest Payable Net
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1390000 USD
us-gaap Increase Decrease In Interest Payable Net
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52000 USD
us-gaap Increase Decrease In Notes Receivables
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231000 USD
us-gaap Increase Decrease In Notes Receivables
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-71000 USD
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249000 USD
us-gaap Increase Decrease In Other Operating Assets
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964000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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-785000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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231000 USD
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-3112000 USD
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-3528000 USD
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-1033000 USD
us-gaap Increase Decrease In Receivables
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-1235000 USD
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516249 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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475077 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
476250 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
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438360 shares
CY2014Q2 us-gaap Interest Costs Capitalized
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487000 USD
us-gaap Interest Costs Capitalized
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921000 USD
CY2015Q2 us-gaap Interest Costs Capitalized
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558000 USD
us-gaap Interest Costs Capitalized
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948000 USD
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21761000 USD
us-gaap Interest Expense
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42040000 USD
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21678000 USD
us-gaap Interest Expense
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43464000 USD
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543000 USD
us-gaap Interest Income Operating
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1334000 USD
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213000 USD
us-gaap Interest Income Operating
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376000 USD
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39282000 USD
us-gaap Interest Paid Net
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41570000 USD
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17396000 USD
CY2015Q2 us-gaap Interest Payable Current And Noncurrent
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17448000 USD
us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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-351000 USD
us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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-832000 USD
CY2015Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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-1729000 USD
CY2014Q4 us-gaap Interests Continued To Be Held By Transferor Fair Value
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CY2015Q2 us-gaap Interests Continued To Be Held By Transferor Fair Value
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10832000 USD
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5453000 USD
CY2015Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
4538000 USD
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InventoryRealEstateHeldForSale
7169000 USD
CY2015Q2 us-gaap Inventory Real Estate Held For Sale
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3753000 USD
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94000 USD
us-gaap Investment Income Net
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158000 USD
CY2015Q2 us-gaap Investment Income Net
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35000 USD
us-gaap Investment Income Net
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47000 USD
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1985811000 USD
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4926714000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
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5131965000 USD
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33241000 USD
us-gaap Line Of Credit Facility Interest Rate During Period
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0.011
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650000000 USD
CY2015Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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522500000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Allowance
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124000 USD
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11075000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Net Reported Amount
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10628000 USD
CY2014Q4 us-gaap Minority Interest
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577000 USD
CY2015Q2 us-gaap Minority Interest
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347000 USD
us-gaap Mortgage Loan Related To Property Sales1
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62000 USD
us-gaap Mortgage Loan Related To Property Sales1
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500000 USD
us-gaap Mortgage Loans On Real Estate Amortization Of Premium
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29000 USD
us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
104000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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138251000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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167829000 USD
CY2014Q2 us-gaap Net Income Loss
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45571000 USD
us-gaap Net Income Loss
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88904000 USD
CY2014Q2 us-gaap Other Income
OtherIncome
454000 USD
us-gaap Other Income
OtherIncome
906000 USD
CY2015Q2 us-gaap Other Income
OtherIncome
447000 USD
us-gaap Other Income
OtherIncome
892000 USD
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CY2015Q2 us-gaap Other Liabilities
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us-gaap Other Nonoperating Income Expense
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CY2015Q2 us-gaap Net Income Loss
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46188000 USD
us-gaap Net Income Loss
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100167000 USD
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36713000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
71187000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
37330000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
82450000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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36515000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
70826000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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37154000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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82110000 USD
CY2014Q4 us-gaap Net Investment In Direct Financing And Sales Type Leases
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16974000 USD
CY2015Q2 us-gaap Net Investment In Direct Financing And Sales Type Leases
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15987000 USD
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CY2015Q2 us-gaap Notes Payable Fair Value Disclosure
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1768369000 USD
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CY2014Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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82587000 USD
CY2015Q2 us-gaap Operating Expenses
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49804000 USD
us-gaap Operating Expenses
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64639000 USD
us-gaap Operating Income Loss
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CY2015Q2 us-gaap Operating Income Loss
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67404000 USD
us-gaap Operating Income Loss
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100730000 USD
us-gaap Operating Leases Income Statement Minimum Lease Revenue
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199786000 USD
CY2015Q2 us-gaap Operating Leases Income Statement Minimum Lease Revenue
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us-gaap Operating Leases Income Statement Minimum Lease Revenue
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224189000 USD
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CY2015Q2 us-gaap Other Assets
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CY2014Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
91000 USD
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-147000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-74000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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374000 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-6312000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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0 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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240000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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925000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-38000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Stock Issuance Costs
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1104000 USD
us-gaap Payments Of Stock Issuance Costs
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1623000 USD
us-gaap Payments To Acquire Notes Receivable
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us-gaap Payments To Acquire Notes Receivable
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0 USD
us-gaap Payments To Acquire Real Estate Held For Investment
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186390000 USD
us-gaap Payments To Acquire Real Estate Held For Investment
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284612000 USD
us-gaap Payments To Minority Shareholders
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1232000 USD
us-gaap Payments To Minority Shareholders
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292000 USD
CY2014Q2 us-gaap Percentage Rent
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223000 USD
us-gaap Percentage Rent
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312000 USD
CY2015Q2 us-gaap Percentage Rent
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112000 USD
us-gaap Percentage Rent
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297000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
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us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables Categorized As Available For Sale
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874000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Long Term Lines Of Credit
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319000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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679800000 USD
us-gaap Proceeds From Notes Payable
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349293000 USD
us-gaap Proceeds From Notes Payable
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0 USD
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29510000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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24904000 USD
CY2014Q2 us-gaap Profit Loss
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45584000 USD
us-gaap Profit Loss
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89424000 USD
CY2015Q2 us-gaap Profit Loss
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46190000 USD
us-gaap Profit Loss
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100229000 USD
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CY2015Q2 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
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565335000 USD
us-gaap Real Estate Acquisitions Through Foreclosures
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0 USD
us-gaap Real Estate Acquisitions Through Foreclosures
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311000 USD
CY2014Q4 us-gaap Real Estate Heldforsale
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6285000 USD
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1512000 USD
CY2015Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
39000 USD
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4715906000 USD
CY2015Q2 us-gaap Real Estate Investment Property Net
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4935472000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Repayments Of Long Term Lines Of Credit
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552300000 USD
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150000000 USD
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0 USD
us-gaap Repayments Of Secured Debt
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554000 USD
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1126000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q2 us-gaap Revenues
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us-gaap Revenues
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233394000 USD
CY2014Q4 us-gaap Secured Debt
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q2 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3083092000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3146154000 USD
us-gaap Straight Line Rent
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us-gaap Straight Line Rent
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18000 USD
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us-gaap Tenant Reimbursements
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6460000 USD
CY2015Q2 us-gaap Tenant Reimbursements
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3324000 USD
us-gaap Tenant Reimbursements
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6838000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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122392731 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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133600656 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132824800 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
123495650 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
122957186 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
134163959 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
133313523 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122490306 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122035670 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133267292 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132470700 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
489095 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
446439 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
420417 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
404463 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassification</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Certain items in the prior year&#8217;s consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:inherit;font-size:10pt;"> presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.</font></div></div>

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