Line of Credit Payable

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Line of Credit Payable

Line of Credit Payable:

NNN's $900,000,000 unsecured revolving credit facility (the “Credit Facility”) had a weighted average outstanding balance of $2,918,000 and a weighted average interest rate of 3.3% during the six months ended June 30, 2019. The Credit Facility matures January 2022, unless the Company exercises its option to extend maturity to January 2023. The Credit Facility bears interest at LIBOR plus 87.5 basis points; however, such interest rate may change pursuant to a tiered interest rate structure based on NNN's debt rating. The Credit Facility also includes an accordion feature which permits NNN to increase the facility size up to $1,600,000,000, subject to lender approval. As of June 30, 2019, $63,200,000 was outstanding and $836,800,000 was available for future borrowings under the Credit Facility.