Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

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⁽⁴⁾
2023⁽³⁾	April 2013	350,000		2,594		347,406		3.300%	3.388%	April 2023⁽⁴⁾
2024⁽³⁾	May 2014	350,000		707		349,293		3.900%	3.924%	June 2024⁽⁴⁾
2025⁽³⁾	October 2015	400,000		964		399,036		4.000%	4.029%	November 2025
2026⁽³⁾	December 2016	350,000		3,860		346,140		3.600%	3.733%	December 2026
2027⁽³⁾	September 2017	400,000		1,628		398,372		3.500%	3.548%	October 2027
2028⁽³⁾	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 forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 12 – Derivatives.

⁽⁴⁾

The aggregate principal balance of the unsecured note maturities for the next five years is $1,025,000.