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Notes Payable and Derivatives | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notes Payable and Derivatives | Note 4 – Notes Payable and Derivatives: Additional information related to NNN's notes payable and derivatives is included in NNN's Annual Report on Form 10-K for the year ended December 31, 2024. As of March 31, 2025, $7,499,000 remained in accumulated other comprehensive income (loss) related to NNN's previously terminated interest rate hedges. During the quarters ended March 31, 2025 and 2024, NNN reclassified out of accumulated other comprehensive income (loss) $460,000 and $632,000, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $1,274,000 will be reclassified as an increase in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN's long-term debt. During the quarter ended March 31, 2025, NNN entered into a forward starting swap with a total notional amount of $150,000,000 to hedge the risk of changes in the interest-related cash outflows associated with potential issuance of long-term debt. The outstanding forward swap was designated as a cash flow hedge and at March 31, 2025, had a fair value of $292,000 included in other liabilities and other comprehensive income on the Condensed Consolidated Balance Sheets (see “Note 6 – Fair Value of Financial Instruments”). The fair value of the forward starting swap was based on a Level 2 valuation. This derivative financial instrument was still outstanding as of March 31, 2025 and has a mandatory cash settlement date in April 2026. No hedge ineffectiveness was recognized during the quarter ended March 31, 2025. NNN does not use derivatives for trading or speculative purposes nor does NNN currently have any derivatives which are not designated as hedges.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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