v3.25.4

Notes Payable - Summary of outstanding series of unsecured notes (Details) - USD ($) $ in Thousands | Dec. 31, 2025 | Nov. 30, 2025 | Jun. 30, 2024
--- | --- | --- | ---
Debt Instrument [Line Items] |  |  |  |
Long-term debt maturities for the next five years |  | $ 1,550,000 |  |
Loans Payable |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Stated Rate |  |  | 4.00% | 3.90%
2026 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal | [1],[2],[3] | 350,000 |  |
Discount | [1],[2],[3],[4] | 3,860 |  |
Net Price | [1],[2],[3] | $ 346,140 |  |
Stated Rate | [1],[2],[3] | 3.60% |  |
Effective Rate | [1],[2],[3],[5] | 3.733% |  |
2027 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal | [1],[2] | $ 400,000 |  |
Discount | [1],[2],[4] | 1,628 |  |
Net Price | [1],[2] | $ 398,372 |  |
Stated Rate | [1],[2] | 3.50% |  |
Effective Rate | [1],[2],[5] | 3.548% |  |
2028 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal | [1],[2] | $ 400,000 |  |
Discount | [1],[2],[4] | 2,848 |  |
Net Price | [1],[2] | $ 397,152 |  |
Stated Rate | [1],[2] | 4.30% |  |
Effective Rate | [1],[2],[5] | 4.388% |  |
2030 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal | [1],[2] | $ 400,000 |  |
Discount | [1],[2],[4] | 1,288 |  |
Net Price | [1],[2] | $ 398,712 |  |
Stated Rate | [1],[2] | 2.50% |  |
Effective Rate | [1],[2],[5] | 2.536% |  |
2031 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal | [1] | $ 500,000 |  |
Discount | [1],[4] | 4,090 |  |
Net Price | [1] | $ 495,910 |  |
Stated Rate | [1] | 4.60% |  |
Effective Rate | [1],[5] | 4.766% |  |
2033 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal |  | $ 500,000 |  |
Discount | [4] | 11,620 |  |
Net Price |  | $ 488,380 |  |
Stated Rate |  | 5.60% |  |
Effective Rate | [5] | 5.905% |  |
2034 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal |  | $ 500,000 |  |
Discount | [4] | 6,160 |  |
Net Price |  | $ 493,840 |  |
Stated Rate |  | 5.50% |  |
Effective Rate | [5] | 5.662% |  |
2048 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal |  | $ 300,000 |  |
Discount | [4] | 4,239 |  |
Net Price |  | $ 295,761 |  |
Stated Rate |  | 4.80% |  |
Effective Rate | [5] | 4.89% |  |
2050 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal |  | $ 300,000 |  |
Discount | [4] | 6,066 |  |
Net Price |  | $ 293,934 |  |
Stated Rate |  | 3.10% |  |
Effective Rate | [5] | 3.205% |  |
April 2051 |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal |  | $ 450,000 |  |
Discount | [4] | 8,406 |  |
Net Price |  | $ 441,594 |  |
Stated Rate |  | 3.50% |  |
Effective Rate | [5] | 3.602% |  |
2052 Notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Principal | [1] | $ 450,000 |  |
Discount | [1],[4] | 10,422 |  |
Net Price | [1] | $ 439,578 |  |
Stated Rate | [1] | 3.00% |  |
Effective Rate | [1],[5] | 3.118% |  |
[1] |
(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 hedged forecasted transaction using the effective interest method. Additional disclosure is included in "Note 8 – Derivatives".
[2] |
(4) | The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.
[3] |
(5) | NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.
[4] |
(1) | The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.
[5] |
(2) | Includes the effects of the discount at issuance.

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