Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 143

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 6
Chunk 143
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 method.

    (3)
    Includes the effects of the discount at issuance.

    (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.

NNN entered into forward starting swaps which hedged the risk of changes in forecasted interest payments on the forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives as outlined in the following table (dollars in thousands):

    Notes
     
    Terminated
     
    Description
     
    Aggregate Notional Amount

    Liability (Asset) Fair Value When Terminated (1)

    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