v3.25.4

Notes Payable | 12 Months Ended
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Dec. 31, 2025
Notes Payable [Abstract] |
Notes Payable | Note 5 – Notes Payable: Each of NNN's outstanding series of unsecured notes is summarized in the table below (dollars in thousands):
Notes |  | Issue Date |  | Principal |  |  | Discount(1) |  |  | Net Price |  |  | Stated Rate |  | Effective Rate(2) |  | Maturity Date
2026(3) |  | December 2016 |  | $ | 350,000 |  |  | $ | 3,860 |  |  | $ | 346,140 |  |  | 3.600% |  | 3.733% |  | December 2026(4)(5)
2027(3) |  | September 2017 |  |  | 400,000 |  |  |  | 1,628 |  |  |  | 398,372 |  |  | 3.500% |  | 3.548% |  | October 2027(4)
2028(3) |  | September 2018 |  |  | 400,000 |  |  |  | 2,848 |  |  |  | 397,152 |  |  | 4.300% |  | 4.388% |  | October 2028(4)
2030(3) |  | March 2020 |  |  | 400,000 |  |  |  | 1,288 |  |  |  | 398,712 |  |  | 2.500% |  | 2.536% |  | April 2030(4)
2031(3) |  | July 2025 |  |  | 500,000 |  |  |  | 4,090 |  |  |  | 495,910 |  |  | 4.600% |  | 4.766% |  | February 2031
2033 |  | August 2023 |  |  | 500,000 |  |  |  | 11,620 |  |  |  | 488,380 |  |  | 5.600% |  | 5.905% |  | October 2033
2034 |  | May 2024 |  |  | 500,000 |  |  |  | 6,160 |  |  |  | 493,840 |  |  | 5.500% |  | 5.662% |  | June 2034
2048 |  | September 2018 |  |  | 300,000 |  |  |  | 4,239 |  |  |  | 295,761 |  |  | 4.800% |  | 4.890% |  | October 2048
2050 |  | March 2020 |  |  | 300,000 |  |  |  | 6,066 |  |  |  | 293,934 |  |  | 3.100% |  | 3.205% |  | April 2050
2051 |  | March 2021 |  |  | 450,000 |  |  |  | 8,406 |  |  |  | 441,594 |  |  | 3.500% |  | 3.602% |  | April 2051
2052(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 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".
(4) | The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.
(5) | NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.
Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes in whole or in part at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date. In connection with the issuances of the outstanding notes, NNN incurred debt issuance costs totaling $44,420,000 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 June 2024, NNN redeemed the $350,000,000 3.900% notes payable that were due in June 2024. The notes were redeemed at a price equal to 100 percent of the principal amount and accrued and unpaid interest. In November 2025, NNN redeemed the $400,000,000 4.000% notes payable that were due in November 2025. The notes were redeemed at a price equal to 100 percent of the principal amount and accrued and unpaid interest. In accordance with the terms of the indentures, pursuant to which NNN's notes have been issued, NNN is required to meet certain restrictive financial covenants, which, among other things, require NNN to maintain (i) certain leverage ratios and (ii) certain interest coverage. At December 31, 2025, NNN was in compliance with each of the financial covenants.

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