Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Designated as Cash Flow Hedges

As of December 31, 2025, NNN had the following outstanding interest rate derivatives that were designated as cash flow hedges to hedge the risk of changes in the interest-related cash outflows associated with the Term Loan (dollars in thousands):


Description		Aggregate Notional Amount				Estimated Fair Value(1)				Effective Date
Two forward starting swaps(2)		$	200,000			$	357			January 15, 2026


(1)	Included in other assets and other comprehensive income on the Consolidated Balance Sheets (see "Note 10 – Fair Value of Financial Instruments").


(2)	No hedge ineffectiveness was recognized during the year ended December 31, 2025.

Schedule of Derivative Instruments

The following table outlines NNN's terminated derivatives which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term unsecured notes (dollars in thousands):


Notes		Terminated		Description		Aggregate Notional Amount				Liability (Asset) Fair Value When Terminated (1)				Fair Value Deferred In Other Comprehensive Income(2)
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
2031		June 2025		Two forward starting swaps			200,000				409				409
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 hedged forecasted transaction using the effective interest method.


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