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Notes Payable - Convertible | 3 Months Ended
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Mar. 31, 2014
Convertible Notes Payable [Abstract] |
Notes Payable – Convertible | Notes Payable – Convertible: NNN recorded the following interest expense related to the 5.125% convertible senior notes due 2028 (the "2028 Notes") during the quarter ended March 31, 2013. No interest expense was recorded during the quarter ended March 31, 2014 (dollars in thousands):
Contractual interest expense | $ | 2,858 |
Noncash interest charges | 1,122 |
Amortization of debt costs | 305 |
Total interest expense | $ | 4,285 |
There was no interest expense related to the 3.950% convertible senior notes due 2026 ("the 2026 Notes") recorded during the quarters ended March 31, 2014 and 2013. As of December 31, 2012, $15,537,000 aggregate principal amount of 2026 Notes was outstanding. In January 2013, the Company paid approximately $20,702,000 in aggregate settlement value for the $15,537,000 of outstanding 2026 notes. The difference between the amount paid and the principal amount of the settled 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 aggregate principal amount of 2028 Notes was 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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