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Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Notes Payable [Abstract]

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
2022		August 2012		$	325,000			$	4,989			$	320,011			3.800%		3.985%		October 2022
2023⁽³⁾		April 2013		350,000				2,594				347,406				3.300%		3.388%		April 2023
2024⁽⁴⁾		May 2014		350,000				707				349,293				3.900%		3.924%		June 2024
2025⁽⁵⁾		October 2015		400,000				964				399,036				4.000%		4.029%		November 2025
2026⁽⁶⁾		December 2016		350,000				3,860				346,140				3.600%		3.733%		December 2026
2027⁽⁷⁾		September 2017		400,000				1,628				398,372				3.500%		3.548%		October 2027
2028⁽⁸⁾		September 2018		400,000				2,848				397,152				4.300%		4.388%		October 2028
2048		September 2018		300,000				4,239				295,761				4.800%		4.890%		October 2048


⁽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 four forward starting swaps with an aggregate notional amount of $240,000. Upon issuance of the 2023 Notes, NNN terminated the forward starting swaps resulting in a liability of $3,156, of which $3,141 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.


⁽⁴⁾	NNN entered into three forward starting swaps with an aggregate notional amount of $225,000. Upon issuance of the 2024 Notes, NNN terminated the forward starting swaps resulting in a liability of $6,312, which was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.


⁽⁵⁾	NNN entered into four forward starting swaps with an aggregate notional amount of $300,000. Upon issuance of the 2025 Notes, NNN terminated the forward starting swaps resulting in a liability of $13,369, which was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.


⁽⁶⁾	NNN entered into two forward starting swaps with an aggregate notional amount of $180,000. Upon issuance of the 2026 Notes, NNN terminated the forward starting swaps resulting in a gain of $13,345, which was deferred in other comprehensive income. The deferred asset is being amortized over the term of the notes using the effective interest method.


⁽⁷⁾	NNN entered into two forward starting swaps with an aggregate notional amount of $250,000. Upon issuance of the 2027 Notes, NNN terminated the forward starting swaps resulting in a liability of $7,690, of which $7,688 was deferred in other comprehensive income. The deferred liability is being amortized over the term of the notes using the effective interest method.


⁽⁸⁾	NNN entered into two forward starting swaps with an aggregate notional amount of $250,000. Upon issuance of the 2028 Notes, NNN terminated the forward starting swaps resulting in a gain of $4,080, which was deferred in other comprehensive income. The gain is being amortized over the term of the notes using the effective interest method.