v3.22.4
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

NATIONAL RETAIL PROPERTIES, INC. AND SUBSIDIARIES

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

December 31, 2022

(dollars in thousands)

 

Description

 

Interest
Rate

 

Maturity
Date

 

Periodic
Payment
Terms

 

Prior
Liens

 

 

Face
Amount of
Mortgages

 

 

Carrying
Amount of
Mortgages(c)

 

 

Principal
Amount
of Loans Subject
to Delinquent
Principal or
Interest

 

First mortgages on properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2 properties in VA

 

7.000%

 

3/1/2025

 

(b)

 

 

—

 

 

$

3,000

 

 

$

1,521

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

$

3,000

 

 

$

1,521

 

(a)

$

—

 

 

(a)
The following shows the changes in the carrying amounts of mortgage loans during the years ended December 31:

 

 

 

2022

 

 

2021

 

 

2020

 

Beginning balance, January 1

 

$

2,011

 

 

$

2,468

 

 

$

—

 

New mortgage loans(d)

 

 

—

 

 

 

—

 

 

 

3,000

 

Deductions during the year:

 

 

 

 

 

 

 

 

 

Collections of principal

 

 

(521

)

 

 

(486

)

 

 

(374

)

Other: credit (losses) recoveries(e)

 

 

31

 

 

 

29

 

 

 

(158

)

Foreclosures

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance, December 31

 

$

1,521

 

 

$

2,011

 

 

$

2,468

 

 

(b)
Principal and interest is payable at varying amounts over the life of the loan.
(c)
Mortgages held by NNN and its subsidiaries for federal income tax purposes for the year ended December 31, 2022, 2021 and 2020 were $1,530, $2,011 and $2,468, respectively.
(d)
Mortgages totaling $3,000 were accepted in connection with real estate transactions for the year ended December 31, 2020.
(e)
In accordance with FASB ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326),” NNN recorded an allowance for an estimated expected lifetime credit loss on its mortgage receivables based on the fair value of the collateral and the historical collectability trend analysis over 15 years.