Contractual Obligations and Commercial Commitments . The information in the following table summarizes NNN’s  contractual obligations and commercial commitments outstanding as of December 31, 2013. The table presents principal cash  flows by year-end of the expected maturity for debt obligations and commercial commitments outstanding as of December 31,  2013. In addition to the contractual obligations outlined above, NNN has agreed to fund construction commitments on certain of its  leased Properties. The improvements are estimated to be completed within 12 months. These construction commitments, as of  December 31, 2013, are outlined in the table below (dollars in thousands): (1)  Includes amounts outstanding under mortgages payable and notes payable and excludes unamortized note discounts. (2)  Excludes $17,142 of accrued interest payable. As of December 31, 2013, NNN did not have any other material contractual cash obligations, such as purchase obligations,  financing lease obligations or other long-term liabilities other than those reflected in the table. In addition to items reflected in  the table, NNN has issued preferred stock with cumulative preferential cash distributions, as described below under  “Dividends.” Management anticipates satisfying these obligations with a combination of NNN’s cash provided from operations, current  capital resources on hand, its Credit Facility, debt or equity financings and asset dispositions. Generally the Properties are leased under long-term net leases. Therefore, management anticipates that capital demands to meet  obligations with respect to these Properties will be modest for the foreseeable future and can be met with funds from operations  and working capital. Certain of NNN’s Properties are subject to leases under which NNN retains responsibility for specific  costs and expenses associated with the Property. Management anticipates the costs associated with NNN’s vacant Properties or  those Properties that become vacant will also be met with funds from operations and working capital. NNN may be required to  borrow under its Credit Facility or use other sources of capital in the event of unforeseen significant capital expenditures. The lost revenues and increased property expenses resulting from vacant properties or uncollectibility of lease revenues could  have a material adverse effect on the liquidity and results of operations if NNN is unable to release the Properties at comparable  rental rates and in a timely manner. As of December 31, 2013, NNN owned 33 vacant, un-leased Properties which accounted  for approximately two percent of total Properties held in NNN’s Property Portfolio. Additionally, as of January 31, 2014, less  than one percent of the total gross leasable area of NNN’s Property Portfolio was leased to tenants that have filed a voluntary  petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. As a result, these tenants have the right to reject or  affirm their leases with NNN. Dividends. NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Code, as amended, and  related regulations and intends to continue to operate so as to remain qualified as a REIT for federal income tax purposes. NNN  generally will not be subject to federal income tax on income that it distributes to its stockholders, provided that it distributes  100 percent of its REIT taxable income and meets certain other requirements for qualifying as a REIT. If NNN fails to qualify  as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates and will  not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during  which qualification is lost. Such an event could materially adversely affect NNN’s income and ability to pay dividends.  30 (1) Includes land, construction costs and tenant improvements. Number of properties 48 Total commitment (1) $ 145,818 Amount funded 99,024 Remaining commitment 46,794 Expected Maturity Date (dollars in thousands) Total 2014 2015 2016 2017 2018 Thereafter Long-term debt$^{(1)}$ $1,534,345 $ 151,100 $ 151,150 $ 6,827 $ 250,147 $ 86 $ 975,035 Credit Facility 46,400 — — 46,400 — — — Operating leases 831 831 — — — — — Total contractual cash obligations (2) $1,581,576 $ 151,931 $ 151,150 $ 53,227 $ 250,147 $ 86 $ 975,035