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Notes Payable
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Notes Payable [Text Block]
Notes Payable:

In August 2012, NNN filed a prospectus supplement to the prospectus contained in its February 2012 shelf registration statement and issued $325,000,000 principal amount of 3.80% Notes due October 2022 (“2022 Notes”). The 2022 Notes were sold at a discount at an aggregate purchase price of $320,011,000 with interest payable semi-annually commencing on October 15, 2012. The discount of $4,989,000 is being amortized to interest expense over the term of the debt obligation using the effective interest method. The effective interest rate on the 2022 Notes after the note discount is 3.98%.

The 2022 Notes are senior unsecured obligations of NNN and are subordinated to all secured indebtedness and to the indebtedness and other liabilities of NNN's subsidiaries. Additionally, the 2022 Notes are redeemable at NNN's option, in whole or part anytime, for an amount equal to (i) the sum of the outstanding principal balance of the notes being redeemed plus accrued interest thereon to the redemption date, and (ii) the make whole amount, if any, as defined in the supplemental indenture dated August 7, 2012, relating to the 2022 Notes.

NNN received approximately $317,094,000 of proceeds in connection with the issuance of the 2022 Notes, net of debt issuance cost totaling $2,917,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, printing fees, and rating agency fees. The debt costs are being amortized to interest expense over the term of the 2022 Notes using the effective interest method.