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Notes Payable | 9 Months Ended
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Sep. 30, 2017
Notes Payable [Abstract] |
Notes Payable | Notes Payable: In September 2017, NNN filed a prospectus supplement to the prospectus contained in its February 2015 shelf registration statement and issued $400,000,000 aggregate principal amount of 3.50% notes due October 2027 (the “2027 Notes”). The 2027 Notes were sold at a discount with an aggregate purchase price of $398,372,000 with interest payable semi-annually commencing on April 15, 2018. The discount of $1,628,000 is being amortized to interest expense over the term of the notes using the effective interest method. The effective interest rate for the 2027 Notes after accounting for the note discount is 3.548%. NNN previously entered into two forward starting swaps with an aggregate notional amount of $250,000,000. Upon issuance of the 2027 Notes, NNN terminated the forward starting swaps resulting in a liability of $7,690,000, of which $7,688,000 was deferred in other comprehensive income. The deferred liability is being amortized to interest expense over the term of the 2027 Notes using the effective interest method. The 2027 Notes are senior unsecured obligations of NNN and are subordinated to all secured indebtedness and to the indebtedness and other liabilities of NNN's subsidiaries. Additionally, the 2027 Notes are redeemable at NNN's option, in whole or part anytime, for an amount equal to (i) the sum of the outstanding principal balance of the notes being redeemed plus accrued interest thereon to the redemption date, and (ii) the make whole amount, if any, as defined in the supplemental indenture dated September 6, 2017, relating to the 2027 Notes. NNN received approximately $394,722,000 of net proceeds in connection with the issuance of the 2027 Notes, after incurring debt issuance costs totaling $3,650,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses.

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