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Notes Payable - Convertible | 12 Months Ended
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Dec. 31, 2013
Convertible Notes Payable [Abstract] |
Notes Payable – Convertible | Notes Payable – Convertible: Each of NNN’s outstanding series of convertible notes are summarized in the table below (dollars in thousands, except conversion price):
Terms |  | 2026 Notes |  |  | 2028 Notes |
Issue Date |  | September 2006 |  |  |  | March 2008 |  |
Net Proceeds |  | $ | 168,650 |  |  |  | $ | 228,576 |  |
Stated Interest Rate |  | 3.950 | % |  |  | 5.125 | % |
Effective Interest Rate |  | 5.840 | % |  |  | 7.192 | % |
Debt Issuance Costs |  | $ | 3,850 |  |  |  | $ | 5,459 |  |
Original Principal |  | $ | 172,500 |  |  |  | $ | 234,035 |  |
Repurchases |  | (33,800 | ) |  |  | (11,000 | ) |
Settled |  | (138,700 | ) |  |  | (223,035 | ) |
Outstanding principal balance at December 31, 2013 |  | $ | — |  |  |  | $ | — |  |
The carrying amounts of the Company’s convertible debt and equity balances are summarized in the table below as of December 31 (dollars in thousands):
| 2013 |  | 2012
Carrying value of equity component | $ | — |  |  | $ | (22,193 | )
Principal amount of convertible debt | — |  |  | 238,572 |
Remaining unamortized debt discount | — |  |  | (2,072 | )
Net carrying value of convertible debt | $ | — |  |  | $ | 214,307 |
As of December 31, 2013, the debt discount for both the 2028 Notes and the 2026 Notes had been fully amortized. NNN recorded the following in interest expense relating to the 2028 Notes and the 2026 Notes for the years ended December 31 (dollars in thousands):
| 2013 |  | 2012 |  | 2011
Noncash interest charges | $ | 2,072 |  |  | $ | 4,291 |  |  | $ | 5,837 |
Contractual interest expense | 5,400 |  |  | 15,744 |  |  | 16,909 |
Amortization of debt costs | 566 |  |  | 1,149 |  |  | 1,583 |
| $ | 8,038 |  |  | $ | 21,184 |  |  | $ | 24,329 |
On September 28, 2012, NNN announced that the market price condition on its 2026 Notes has been satisfied, and that the 2026 Notes would be convertible during the calendar quarter beginning October 1, 2012. All note holders elected to exercise the conversion feature of the 2026 Notes prior to their redemption. Pursuant to the terms of the 2026 Notes, the Company elected to pay the full settlement value in cash. The settlement value of a note was based on an average of the daily closing price of the Company's common stock over an averaging period that commenced after the Company received a conversion notice from a note holder. The Company paid approximately $164,649,000 in aggregate settlement value for the $123,163,000 of settled 2026 Notes at the end of the applicable averaging periods. The difference between the amount paid and the principal amount of the settled 2026 Notes of $41,486,000 was recognized as a decrease to additional paid-in capital. As of December 31, 2012, $15,537,000 of the principal amount of 2026 Notes were outstanding. In January 2013, the Company paid approximately $20,702,000 in aggregate settlement value for the remaining $15,537,000 of outstanding 2026 Notes. The difference between the amount paid and the principal amount of the settled 2026 Notes of $5,028,000 was recognized as a decrease to additional paid-in capital and $137,000 was recorded as interest expense. As of December 31, 2012, $223,035,000 of the principal amount of 2028 Notes were outstanding. In June 2013, NNN called all of the outstanding 2028 Notes for redemption on July 11, 2013. On July 11, 2013, $130,000 principal amount of the 2028 Notes was settled at par plus accrued interest. The holders of the remaining balance of $222,905,000 principal amount of 2028 Notes elected to convert into cash and shares of the Company's common stock in accordance with the conversion formula which is based on the average daily closing price of NNN's common stock price over a period of 20 days commencing after receipt of a note holder's conversion notice. In 2013, the Company issued 2,407,911 shares of common stock and paid approximately $226,427,000 in aggregate settlement value for the $223,035,000 aggregate principal amount of 2028 Notes outstanding. The difference between the amount paid and the principal amount of the settled notes of $3,197,000 was recognized as a decrease to additional paid-in capital and $195,000 was recorded as interest expense.

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- Definition Information about debt arrangements, which includes amounts of borrowings under each covertible note payable and any other contractual agreement to repay funds, and about the underlying arrangements including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References No definition available. + Details
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- Details
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