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v3.19.3.a.u2

Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2019
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
2022 |  | August 2012 |  | $ | 325,000 |  |  | $ | 4,989 |  |  | $ | 320,011 |  |  | 3.800% |  | 3.985% |  | October 2022(4)
2023(3) |  | April 2013 |  | 350,000 |  |  | 2,594 |  |  | 347,406 |  |  | 3.300% |  | 3.388% |  | April 2023(4)
2024(3) |  | May 2014 |  | 350,000 |  |  | 707 |  |  | 349,293 |  |  | 3.900% |  | 3.924% |  | June 2024(4)
2025(3) |  | October 2015 |  | 400,000 |  |  | 964 |  |  | 399,036 |  |  | 4.000% |  | 4.029% |  | November 2025
2026(3) |  | December 2016 |  | 350,000 |  |  | 3,860 |  |  | 346,140 |  |  | 3.600% |  | 3.733% |  | December 2026
2027(3) |  | September 2017 |  | 400,000 |  |  | 1,628 |  |  | 398,372 |  |  | 3.500% |  | 3.548% |  | October 2027
2028(3) |  | September 2018 |  | 400,000 |  |  | 2,848 |  |  | 397,152 |  |  | 4.300% |  | 4.388% |  | October 2028
2048 |  | September 2018 |  | 300,000 |  |  | 4,239 |  |  | 295,761 |  |  | 4.800% |  | 4.890% |  | October 2048
(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 forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 12 – Derivatives.
(4) The aggregate principal balance of the unsecured note maturities for the next five years is $1,025,000.

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