v3.25.4
Notes Payable - Summary of outstanding series of unsecured notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Nov. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]      
Long-term debt maturities for the next five years $ 1,550,000    
Loans Payable      
Debt Instrument [Line Items]      
Stated Rate   4.00% 3.90%
2026 Notes      
Debt Instrument [Line Items]      
Principal [1],[2],[3] 350,000    
Discount [1],[2],[3],[4] 3,860    
Net Price [1],[2],[3] $ 346,140    
Stated Rate [1],[2],[3] 3.60%    
Effective Rate [1],[2],[3],[5] 3.733%    
2027 Notes      
Debt Instrument [Line Items]      
Principal [1],[2] $ 400,000    
Discount [1],[2],[4] 1,628    
Net Price [1],[2] $ 398,372    
Stated Rate [1],[2] 3.50%    
Effective Rate [1],[2],[5] 3.548%    
2028 Notes      
Debt Instrument [Line Items]      
Principal [1],[2] $ 400,000    
Discount [1],[2],[4] 2,848    
Net Price [1],[2] $ 397,152    
Stated Rate [1],[2] 4.30%    
Effective Rate [1],[2],[5] 4.388%    
2030 Notes      
Debt Instrument [Line Items]      
Principal [1],[2] $ 400,000    
Discount [1],[2],[4] 1,288    
Net Price [1],[2] $ 398,712    
Stated Rate [1],[2] 2.50%    
Effective Rate [1],[2],[5] 2.536%    
2031 Notes      
Debt Instrument [Line Items]      
Principal [1] $ 500,000    
Discount [1],[4] 4,090    
Net Price [1] $ 495,910    
Stated Rate [1] 4.60%    
Effective Rate [1],[5] 4.766%    
2033 Notes      
Debt Instrument [Line Items]      
Principal $ 500,000    
Discount [4] 11,620    
Net Price $ 488,380    
Stated Rate 5.60%    
Effective Rate [5] 5.905%    
2034 Notes      
Debt Instrument [Line Items]      
Principal $ 500,000    
Discount [4] 6,160    
Net Price $ 493,840    
Stated Rate 5.50%    
Effective Rate [5] 5.662%    
2048 Notes      
Debt Instrument [Line Items]      
Principal $ 300,000    
Discount [4] 4,239    
Net Price $ 295,761    
Stated Rate 4.80%    
Effective Rate [5] 4.89%    
2050 Notes      
Debt Instrument [Line Items]      
Principal $ 300,000    
Discount [4] 6,066    
Net Price $ 293,934    
Stated Rate 3.10%    
Effective Rate [5] 3.205%    
April 2051      
Debt Instrument [Line Items]      
Principal $ 450,000    
Discount [4] 8,406    
Net Price $ 441,594    
Stated Rate 3.50%    
Effective Rate [5] 3.602%    
2052 Notes      
Debt Instrument [Line Items]      
Principal [1] $ 450,000    
Discount [1],[4] 10,422    
Net Price [1] $ 439,578    
Stated Rate [1] 3.00%    
Effective Rate [1],[5] 3.118%    
[1]

(3)

NNN entered into forward starting swaps which were hedging the risk of changes in forecasted interest payments on forecasted issuance of long-term debt. Upon the issuance of a series of unsecured notes, NNN terminated such derivatives, and the resulting fair value was deferred in other comprehensive income. The deferred liability (asset) is being amortized over the term of the hedged forecasted transaction using the effective interest method. Additional disclosure is included in "Note 8 – Derivatives".

 
[2]

(4)

The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.

 
[3]

(5)

NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.
[4]

(1)

The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.

 
[5]

(2)

Includes the effects of the discount at issuance.