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Notes Payable - Convertible (Tables) | 6 Months Ended
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Jun. 30, 2013
Convertible Notes Payable [Abstract] |
Schedule of Debt | Each of NNN’s outstanding series of convertible notes is summarized in the table below (dollars in thousands, except conversion price):
Terms |  | 2026 Notes(1)(2) |  |  | 2028 Notes(1)(3)(4) |
Issue Date |  | September 2006 |  |  |  | March 2008 |  |
Net Proceeds |  | $ | 168,650 |  |  |  | $ | 228,576 |  |
Stated Interest Rate |  | 3.950 | % |  |  | 5.125 | % |
Effective Interest Rate (6) |  | 5.840 | % |  |  | 7.192 | % |
Debt Issuance Costs |  | $ | 3,850 |  |  |  | $ | 5,459 |  | (5)
Maturity Date |  | — |  |  |  | June 2028 |  |
Original Principal |  | $ | 172,500 |  |  |  | $ | 234,035 |  |
Repurchases |  | (33,800 | ) |  |  | (11,000 | ) |
Settled |  | (138,700 | ) |  |  | (91 | ) |
Outstanding principal balance at June 30, 2013 |  | $ | — |  |  |  | $ | 222,944 |  |
(1) | Debt issuance costs include underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. These costs were deferred and amortized using the effective interest method and are fully amortized at June 30, 2013.
(2) | The conversion rate per $1 principal amount was 42.6237 shares of NNN’s common stock, which is equivalent to a conversion price of $23.4611 per share of common stock.
(3) | The conversion rate per $1 principal amount was 39.5360 shares of NNN’s common stock, which is equivalent to a conversion price of $25.2934 per share of common stock.
(4) | NNN repurchased $11,000 in 2009 for a purchase price of $8,588 resulting in a gain of $1,867.
(5) | Includes $219 of note costs which were written off in connection with the repurchase of $11,000 of the 2028 Notes.
(6) | With the adoption of the accounting guidance on convertible debt securities in 2009, the effective interest rates for the 2026 Notes and the 2028 Notes are 5.840% and 7.192%, respectively.
Schedule of Long-term Debt Instruments | The carrying values of the Company’s convertible debt and equity components are summarized in the table below (dollars in thousands):
| June 30, 2013 |  | December 31, 2012
Principal amount of convertible debt | $ | 222,944 |  |  | $ | 238,572 |
Carrying value of equity component | (20,711 | ) |  | (22,193 | )
Remaining unamortized debt discount | — |  |  | (2,072 | )
Net carrying value of convertible debt | $ | 202,233 |  |  | $ | 214,307 |
Schedule of Debt Instrument Interest Expense | NNN recorded the following in interest expense relating to the 2026 Notes and the 2028 Notes (dollars in thousands):
| Quarter Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Contractual interest expense | $ | 2,516 |  |  | $ | 4,227 |  |  | $ | 5,374 |  |  | $ | 8,455 |
Noncash interest charges | 950 |  |  | 1,063 |  |  | 2,072 |  |  | 2,107 |
Amortization of debt costs | 260 |  |  | 284 |  |  | 566 |  |  | 560 |
Total interest expense | $ | 3,726 |  |  | $ | 5,574 |  |  | $ | 8,012 |  |  | $ | 11,122 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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