Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 174

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 6
Chunk 174
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        6,066

        293,934

        3.100%
         
        3.205%
         
        April 2050

        2051
         
        March 2021

        450,000

        8,406

        441,594

        3.500%
         
        3.602%
         
        April 2051

        2052(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 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. (4)The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.(5)NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.Each series of the notes represents senior, unsecured obligations of NNN and is subordinated to all secured debt of NNN. NNN may redeem each series of notes in whole or in part at any time prior to the par call date for the notes at the redemption price as set forth in the applicable supplemental indenture relating to the notes; provided, however, that if NNN redeems the notes on or after the par call date, the redemption price will equal 100 percent of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date.In connection with the outstanding debt offerings, NNN incurred debt issuance costs totaling $43,820,000 consisting primarily of underwriting discounts and commissions, legal and accounting fees, rating agency fees and printing expenses. Debt issuance costs for all note issuances have been deferred and presented as a reduction to notes payable and are being amortized over the term of