Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2019

Financial Instruments, Owned, at Fair Value [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments:

NNN believes the carrying value of its Credit Facility approximates fair value based upon its nature, terms and variable interest rate. NNN believes that the carrying value of its mortgages payable at December 31, 2019 and 2018, approximate fair value based upon current market prices of comparable instruments (Level 3). At December 31, 2019 and 2018, the fair value of NNN’s notes payable net of unamortized discount and excluding debt costs, was $3,074,538,000 and $2,813,583,000, respectively, based upon quoted market prices, which is a Level 1 valuation since NNN's notes payable are publicly traded.