v3.25.4

Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2025
Notes Payable [Abstract] |
Summary of 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.

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