Notes Payable (Tables)

9 Months Ended

Sep. 30, 2022

Notes Payable [Abstract]

Notes Payable

Each note issuance is summarized in the table below (dollar in thousands):

Notes	Issue Date	Principal		Discount (1)		Net Price		Stated Rate			Effective Rate (2)			Maturity Date
2051 Notes	March 2021	$	450,000	$	8,406	$	441,594		3.500	%		3.602	%	April 2051
2052 Notes (3)	September 2021		450,000		10,422		439,578		3.000	%		3.118	%	April 2052

(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 swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of the 2052 Notes, NNN terminated such derivatives, and the resulting fair value was deferred in accumulated other comprehensive income (loss) and is being amortized over the term of the respective notes using the effective interest method. Additional disclosure is included in Note 6 – Derivatives.