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Mortgages Payable
 12 Months Ended
Dec. 31, 2021
Notes Payable, Noncurrent [Abstract]  
Mortgages Payable

Note 4 – Mortgages Payable:

The following table outlines the mortgages payable included in NNN’s consolidated financial statements (dollars in thousands):

 

 

 

Initial

 

 

Interest

 

 

Maturity

 

Carrying Value of
Encumbered

 

 

Outstanding Principal
Balance at December 31,

 

Entered

 

Balance

 

 

Rate

 

 

Date(2)

 

Asset(s)(3)

 

 

2021

 

 

2020

 

November 2014(1)

 

$

15,151

 

 

 

5.23

%

 

July 2023

 

$

18,972

 

 

$

10,719

 

 

$

11,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt costs

 

 

 

 

 

 

 

 

 

 

 

 

 

(147

)

 

 

(147

)

Accumulated amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

125

 

 

 

108

 

Debt costs, net of accumulated amortization

 

 

 

 

 

(22

)

 

 

(39

)

Mortgages payable, including unamortized premium and net of
   unamortized debt costs

 

 

 

 

$

10,697

 

 

$

11,395

 

 

(1)
Date entered represents the date that NNN acquired real estate subject to a mortgage securing a loan. Initial balance and outstanding principal balance includes unamortized premium.
(2)
Monthly payments include interest and principal; the balance is due at maturity.
(3)
The loan is secured by a first mortgage lien on five of the Properties.

The following outlines of the scheduled principal payments, including premium amortization of NNN’s mortgages payable as of December 31, 2021 (dollars in thousands):

 

2022

 

$

750

 

2023

 

 

9,969

 

 

 

$

10,719