Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 65

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 65
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    Fair Value Deferred In Other Comprehensive Income(2)

    2025
     
    October 2015
     
    Four forward starting swaps
     
    $
    300,000

    $
    13,369

    $
    13,369

    2026
     
    December 2016
     
    Two forward starting swaps

    180,000

    (13,352
    )

    (13,345
    )

    2027
     
    September 2017
     
    Two forward starting swaps

    250,000

    7,690

    7,688

    2028
     
    September 2018
     
    Two forward starting swaps

    250,000

    (4,080
    )

    (4,080
    )

    2030
     
    March 2020
     
    Three forward starting swaps

    200,000

    13,141

    13,141

    2052
     
    September 2021
     
    Two forward starting swaps

    120,000

    1,584

    1,584

    (1)
    The deferred liability (asset) is being amortized over the term of the respective notes using the effective interest method.

    (2)
    The amount reported in accumulated other comprehensive income will be reclassified to interest expense as interest payments are made on the related notes payable.

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.

41

In connection with the outstanding note 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