Company: NNN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000950170-25-017472
Chunk: 68

Company: NNN REIT, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 1B
Chunk 68
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NN's ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, NNN's hedging strategies at that time and interest rates. If interest rates on NNN's variable rate debt increased by one percent, NNN's interest expense would have increased by less than one percent for the year ended December 31, 2024.

    Debt Obligations(1) (dollars in thousands)

    Variable Rate Debt

    Fixed Rate Debt

    Credit Facility

    Unsecured Debt(2)

    DebtObligation

    WeightedAverageInterest Rate

    PrincipalDebtObligation

    EffectiveInterestRate

    2025
     
    $
    —

    —

    $
    400,000

    4.03
    %

    2026

    —

    —

    350,000

    3.73
    %

    2027

    —

    —

    400,000

    3.55
    %

    2028

    —

    —

    400,000

    4.39
    %

    2029

    —

    —

    —

    —

    Thereafter

    —

    —

    2,900,000

    4.22
    %
    (3)

    Total
     
    $
    —

    —

    $
    4,450,000

    4.12
    %

    Fair Value:

    December 31, 2024
     
    $
    —

    $
    3,894,030

    December 31, 2023
     
    $
    132,000

    $
    3,801,367

    (1)
    NNN's unsecured debt obligations have a weighted average interest rate of 4.1% and a weighted average maturity of 12.1 years.

    (2)
    Includes NNN's notes payable, each exclude unamortized discounts and debt costs. The fair value is based upon quoted market prices as of the close of the year, which is a Level 1 valuation since NNN's notes payable are publicly traded on the over-the-counter market. 

    (3)
    Weighted average effective interest rate for years after 2029.

43

Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors