Each of NNN’s outstanding series of non-convertible notes is summarized in the table below (dollars in thousands):



Notes	Issue Date	Principal		Discount⁽³⁾		Net Price	Stated Rate		Effective Rate⁽⁴⁾		Maturity Date
2014^(1)(2)(5)	June 2004	$	150,000	$	440	149,560	6.250	%	5.910	%	June 2014
2015⁽¹⁾	November 2005	150,000		390		149,610	6.150	%	6.185	%	December 2015
2017⁽¹⁾⁽⁶⁾	September 2007	250,000		877		249,123	6.875	%	6.924	%	October 2017
2021⁽¹⁾⁽⁷⁾	July 2011	300,000		4,269		295,731	5.500	%	5.690	%	July 2021
2022 ⁽¹⁾	August 2012	325,000		4,989		320,011	3.800	%	3.984	%	October 2022


⁽¹⁾	The proceeds from the note issuance were used to pay down outstanding indebtedness of NNN’s Credit Facility.


⁽²⁾	The proceeds from the note issuance were used to repay the obligation of the 2004 Notes.


⁽³⁾	The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.


⁽⁴⁾	Includes the effects of the discount, treasury lock gain and swap gain (as applicable).

⁽⁵⁾

NNN entered into a forward starting interest rate swap agreement which fixed a swap rate of 4.61% on a notional amount of $94,000. Upon issuance of the 2014 Notes, NNN terminated the forward starting interest rate swap agreement resulting in a gain of $4,148. The gain has been deferred and is being amortized as an adjustment to interest expense over the term of the 2014 Notes using the effective interest method.

⁽⁶⁾

NNN entered into an interest rate hedge with a notional amount of $100,000. Upon issuance of the 2017 Notes, NNN terminated the interest rate hedge agreement resulting in a liability of $3,260, of which $3,228 was recorded to other comprehensive income. The liability has been deferred and is being amortized as an adjustment to interest expense over the term of the 2017 Notes using the effective interest method.


⁽⁷⁾	NNN entered into two interest rate hedges with a total notional amount of $150,000. Upon issuance of the 2021 Notes, NNN terminated the interest rate hedge agreements resulting in a liability of $5,300, of which $5,218 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the note using the effective interest method.