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Notes Payable | 6 Months Ended
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Jun. 30, 2021
Notes Payable [Abstract] |
Notes Payable | Notes Payable: In March 2021, NNN filed a prospectus supplement to the prospectus contained in its August 2020 shelf registration statement and issued $450,000,000 aggregate principal amount of 3.500% notes due April 2051 (the “2051 Notes”). The 2051 Notes were sold at a discount with an aggregate purchase price of $441,594,000 with interest payable semi-annually commencing on October 15, 2021. The discount of $8,406,000 is being amortized to interest expense over the term of the notes using the effective interest method. The effective interest rate for the 2051 Notes after accounting for the note discount is 3.602%. The 2051 Notes are senior unsecured obligations of NNN and are subordinated to all secured debt and to the debt and other liabilities of NNN's subsidiaries. Additionally, the Notes are each redeemable at NNN's option, in whole or in 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 March 10, 2021, relating to the 2051 Notes. NNN received approximately $436,417,000 of net proceeds in connection with the issuance of the 2051 Notes, after incurring debt issuance costs consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses, totaling $5,177,000 for the 2051 Notes. In March 2021, NNN redeemed the $350,000,000 3.300% notes payable that were due in April 2023. The notes were redeemed at a price equal to 100% of the principal amount, plus (i) a make-whole amount of $21,328,000 which is included in loss on early extinguishment of debt on the Condensed Consolidated Statement of Income and Comprehensive Income, and (ii) accrued and unpaid interest.

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- Definition Notes Payable [Text Block] + References No definition available. + Details
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