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Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2017
Notes Payable [Abstract] |
Notes Payable | Each of NNN’s outstanding series of unsecured notes is summarized in the table below (dollars in thousands):
Notes |  | Issue Date |  | Principal |  | Discount(1) |  | Net Price |  | Stated Rate |  | Effective Rate(2) |  | Maturity Date
2021(3) |  | July 2011 |  | $ | 300,000 |  |  | $ | 4,269 |  |  | $ | 295,731 |  |  | 5.500% |  | 5.689% |  | July 2021
2022 |  | August 2012 |  | 325,000 |  |  | 4,989 |  |  | 320,011 |  |  | 3.800% |  | 3.985% |  | October 2022
2023(4) |  | April 2013 |  | 350,000 |  |  | 2,594 |  |  | 347,406 |  |  | 3.300% |  | 3.388% |  | April 2023
2024(5) |  | May 2014 |  | 350,000 |  |  | 707 |  |  | 349,293 |  |  | 3.900% |  | 3.924% |  | June 2024
2025(6) |  | October 2015 |  | 400,000 |  |  | 964 |  |  | 399,036 |  |  | 4.000% |  | 4.029% |  | November 2025
2026(7) |  | December 2016 |  | 350,000 |  |  | 3,860 |  |  | 346,140 |  |  | 3.600% |  | 3.733% |  | December 2026
2027(8) |  | September 2017 |  | 400,000 |  |  | 1,628 |  |  | 398,372 |  |  | 3.500% |  | 3.548% |  | October 2027
(1) | The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.
(2) | Includes the effects of the discount at issuance.
(3) | NNN entered into two interest rate hedges with a total notional amount of $150,000. Upon issuance of the 2021 Notes, NNN terminated the interest rate hedge agreements resulting in a liability of $5,300, of which $5,218 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.
(4) | NNN entered into four forward starting swaps with an aggregate notional amount of $240,000. Upon issuance of the 2023 Notes, NNN terminated the forward starting swaps resulting in a liability of $3,156, of which $3,141 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.
(5) | NNN entered into three forward starting swaps with an aggregate notional amount of $225,000. Upon issuance of the 2024 Notes, NNN terminated the forward starting swaps resulting in a liability of $6,312, which was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.
(6) | NNN entered into four forward starting swaps with an aggregate notional amount of $300,000. Upon issuance of the 2025 Notes, NNN terminated the forward starting swaps resulting in a liability of $13,369, which was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.
(7) | NNN entered into two forward starting swaps with an aggregate notional amount of $180,000. Upon issuance of the 2026 Notes, NNN terminated the forward starting swaps resulting in a gain of $13,345, which was deferred in other comprehensive income. The deferred asset is being amortized over the term of the notes using the effective interest method.
(8) | NNN entered into two forward starting swaps with an aggregate notional amount of $250,000. Upon issuance of the 2027 Notes, NNN terminated the forward starting swaps resulting in a liability of $7,690, of which $7,688 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.

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