v3.25.4

Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives Designated as Cash Flow Hedges | As of December 31, 2025, NNN had the following outstanding interest rate derivatives that were designated as cash flow hedges to hedge the risk of changes in the interest-related cash outflows associated with the Term Loan (dollars in thousands):
Description |  | Aggregate Notional Amount |  |  | Estimated Fair Value(1) |  |  | Effective Date
Two forward starting swaps(2) |  | $ | 200,000 |  |  | $ | 357 |  |  | January 15, 2026
(1) | Included in other assets and other comprehensive income on the Consolidated Balance Sheets (see "Note 10 – Fair Value of Financial Instruments").
(2) | No hedge ineffectiveness was recognized during the year ended December 31, 2025.
Schedule of Derivative Instruments | The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term unsecured notes (dollars in thousands):
Notes |  | Terminated |  | Description |  | Aggregate Notional Amount |  |  | Liability (Asset) Fair Value When Terminated (1) |  |  | Fair Value Deferred In Other Comprehensive Income(2) |
2026 |  | December 2016 |  | Two forward starting swaps |  | $ | 180,000 |  |  | $ | (13,352 | ) |  | $ | (13,345 | )
2027 |  | September 2017 |  | Two forward starting swaps |  |  | 250,000 |  |  |  | 7,690 |  |  |  | 7,688 |
2028 |  | September 2018 |  | Two forward starting swaps |  |  | 250,000 |  |  |  | (4,080 | ) |  |  | (4,080 | )
2030 |  | March 2020 |  | Three forward starting swaps |  |  | 200,000 |  |  |  | 13,141 |  |  |  | 13,141 |
2031 |  | June 2025 |  | Two forward starting swaps |  |  | 200,000 |  |  |  | 409 |  |  |  | 409 |
2052 |  | September 2021 |  | Two forward starting swaps |  |  | 120,000 |  |  |  | 1,584 |  |  |  | 1,584 |
(1) | The deferred liability (asset) is being amortized over the term of the hedged forecasted transaction using the effective interest method.
(2) | The amount reported in accumulated other comprehensive income (loss) will be reclassified to interest expense as interest payments are made on the related notes payable.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
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- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
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