Notes Payable and Derivatives	9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notes Payable and Derivatives	Note 5 – Notes Payable and Derivatives: In August 2023, NNN filed a prospectus supplement to the prospectus contained in its August 2023 shelf registration statement (see "Note 6 – Stockholder's Equity") and issued $500,000,000 aggregate principal amount of 5.600% notes due October 2033 (the "2033 Notes"). The 2033 Notes were sold at a discount with an aggregate net price of $488,380,000 with interest payable semi-annually on April 15 and October 15, commencing April 15, 2024. The discount of $11,620,000 is being amortized to interest expense over the term of the notes using the effective interest method. The effective interest rate for the 2033 Notes after accounting for the note discount is 5.905%. The 2033 Notes are senior, unsecured obligations of NNN and are subordinated to all secured debt of NNN. NNN may redeem the 2033 Notes, in whole or part, at any time prior to the par call date at the redemption price as set forth in the supplemental indenture dated August 8, 2023 relating to the 2033 Notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest there on to, but not including, the redemption date. NNN received approximately $483,930,000 of net proceeds in connection with the issuance of the 2033 Notes, after incurring debt issuance costs consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses, totaling $4,450,000 for the 2033 Notes. As of September 30, 2023, $10,739,000 remained in accumulated other comprehensive income (loss) related to NNN’s previously terminated interest rate hedges. During the nine months ended September 30, 2023 and 2022, NNN reclassified out of accumulated other comprehensive income (loss) $1,843,000 and $1,770,000, respectively, of which $620,000 and $595,000 was reclassified during the quarters ended September 30, 2023 and 2022, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $2,321,000 will be reclassified as an increase in interest expense from these terminated derivatives. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt. NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at September 30, 2023. Additional information related to NNN's notes payable and derivatives is included in NNN's Annual Report on Form 10-K for the year ended December 31, 2022.

Notes Payable and Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Note 5 – Notes Payable and Derivatives:

In August 2023, NNN filed a prospectus supplement to the prospectus contained in its August 2023 shelf registration statement (see "Note 6 – Stockholder's Equity") and issued $500,000,000 aggregate principal amount of 5.600% notes due October 2033 (the "2033 Notes").

The 2033 Notes were sold at a discount with an aggregate net price of $488,380,000 with interest payable semi-annually on April 15 and October 15, commencing April 15, 2024. The discount of $11,620,000 is being amortized to interest expense over the term of the notes using the effective interest method. The effective interest rate for the 2033 Notes after accounting for the note discount is 5.905%.

The 2033 Notes are senior, unsecured obligations of NNN and are subordinated to all secured debt of NNN. NNN may redeem the 2033 Notes, in whole or part, at any time prior to the par call date at the redemption price as set forth in the supplemental indenture dated August 8, 2023 relating to the 2033 Notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest there on to, but not including, the redemption date.

NNN received approximately $483,930,000 of net proceeds in connection with the issuance of the 2033 Notes, after incurring debt issuance costs consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses, totaling $4,450,000 for the 2033 Notes.

As of September 30, 2023, $10,739,000 remained in accumulated other comprehensive income (loss) related to NNN’s previously terminated interest rate hedges. During the nine months ended September 30, 2023 and 2022, NNN reclassified out of accumulated other comprehensive income (loss) $1,843,000 and $1,770,000, respectively, of which $620,000 and $595,000 was reclassified during the quarters ended September 30, 2023 and 2022, respectively, as an increase in interest expense. Over the next 12 months, NNN estimates that an additional $2,321,000 will be reclassified as an increase in interest expense from these terminated derivatives. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on NNN’s long-term debt.

NNN does not use derivatives for trading or speculative purposes. NNN had no derivative financial instruments outstanding at September 30, 2023.

Additional information related to NNN's notes payable and derivatives is included in NNN's Annual Report on Form 10-K for the year ended December 31, 2022.