content_image/283649.jpg content_image/283645.jpg content_image/283644.jpg
The following table summarizes NNN’s Property Portfolio as of December 31, 2013 (in thousands): 

<img src='content_image/283649.jpg'>

(1) $^{}$Approximate square feet. (2) 

Costs vary depending upon size and local demographic factors. 

As of December 31, 2013, NNN has agreed to fund construction commitments on leased Properties, estimated to be completed within 12 months, as outlined in the table below (dollars in thousands): 

<img src='content_image/283645.jpg'>

$^{(1)}$ Includes land, construction costs and tenant improvements. 

As of December 31, 2013, NNN did not have any tenant that accounted for ten percent or more of its rental income. 

Leases 

The following is a summary of the general structure of NNN’s Property leases, although the specific terms of each lease can vary. Generally, the Property leases provide for initial terms of 15 to 20 years. As of December 31, 2013, the weighted average remaining lease term of the Property Portfolio was approximately 12 years. The Properties are generally leased under net leases, pursuant to which the tenant typically bears responsibility for substantially all property costs and expenses associated with ongoing maintenance and operation, including utilities, property taxes and insurance. NNN's Property leases provide for annual base rental payments (payable in monthly installments) ranging from $1,000 to $2,607,000 (average of $211,000), and generally provide for limited increases in rent as a result of fixed increases, increases in the Consumer Price Index (“CPI”), and/or, to a lesser extent, increases in the tenant’s sales volume. 

Generally, the Property leases provide the tenant with one or more multi-year renewal options subject to generally the same terms and conditions provided under the initial lease term. Some of the leases also provide that in the event NNN wishes to sell the Property subject to that lease, NNN first must offer the lessee the right to purchase the Property on the same terms and conditions as any offer which NNN intends to accept for the sale of the Property. 

The following table summarizes the lease expirations, assuming none of the tenants exercise renewal options, of NNN’s Property Portfolio for each of the next 10 years and then thereafter in the aggregate as of December 31, 2013: 

<img src='content_image/283644.jpg'>

(1) $^{}$Based on annualized base rent for all leases in place as of December 31, 2013. (2) 

Approximate square feet. 

