Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 64

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 64
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4

    500,000

    6,160

    493,840

    5.500%
     
    5.662%
     
    June 2034

    2048
     
    September 2018

    300,000

    4,239

    295,761

    4.800%
     
    4.890%
     
    October 2048

    2050
     
    March 2020

    300,000

    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
     
    September 2021

    450,000

    10,422

    439,578

    3.000%
     
    3.118%
     
    April 2052

    (1)
    The proceeds from each note issuance were used to (i) pay down the outstanding balance on NNN's Credit Facility, (ii) redeem notes payable prior to maturity, (iii) redeem outstanding preferred stock, (iv) fund future property acquisitions, and/or (v) for general corporate purposes.

    (2)
    The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest 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)