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Notes Payable | 3 Months Ended
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Mar. 31, 2022
Notes Payable [Abstract] |
Notes Payable | Note 4 – Notes Payable: In 2021, NNN filed prospectus supplements 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”) and $450,000,000 aggregate principal amount of 3.000% notes due April 2052 (the "2052 Notes" and, together with the 2051 Notes, the "Notes"). Each note issuance is summarized in the table below (dollar in thousands):
Notes |  | Issue Date |  | Principal |  |  | Discount (1) |  |  | Net Price |  |  | Stated Rate |  |  | Effective Rate (2) |  |  | Maturity Date
2051 Notes |  | March 2021 |  | $ | 450,000 |  |  | $ | 8,406 |  |  | $ | 441,594 |  |  |  | 3.500 | % |  |  | 3.602 | % |  | April 2051
2052 Notes (3) |  | September 2021 |  |  | 450,000 |  |  |  | 10,422 |  |  |  | 439,578 |  |  |  | 3.000 | % |  |  | 3.118 | % |  | April 2052
(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 swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of the 2052 Notes, NNN terminated such derivatives, and the resulting fair value was deferred in accumulated other comprehensive income (loss) and is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 6 – Derivatives.
Each series of Notes is a senior unsecured obligation of NNN and is subordinated to all secured debt of NNN and to the debt and other liabilities of NNN's subsidiaries. Each series of Notes is redeemable at NNN's option, at any time, in whole or in part, at a redemption price equal to (i) the sum of the outstanding principal amount of the notes being redeemed plus accrued interest thereon, up to but not including the redemption date, and (ii) the make-whole amount, if any, as defined in the applicable supplemental indenture related to the notes. In connection with the Notes, NNN incurred debt issuance costs totaling $10,144,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of the respective notes using the effective interest method. 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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