Derivatives (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Designated as Cash Flow Hedges

As of September 30, 2026, 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):


# of Swap Agreements		Aggregate Notional Amount				Fixed Rate Paid(1)		Estimated Fair Value(2)				Effective Date		Maturity Date
Two(3)		$	200,000			3.22%		$	6,216			January 15, 2026		January 15, 2029
One(3)			100,000			3.32%			3,008			February 13, 2026		February 15, 2029
One(3)			100,000			3.43%			2,747			June 15, 2026		February 15, 2029
Total		$	400,000			3.30%		$	11,971


(1)	Fixed rate paid is average of strike price for the associated hedges.
(2)	Included in other assets and accumulated other comprehensive income on the Condensed Consolidated Balance Sheets (see "Note 8 – Fair value of Financial Instruments").
(3)	No hedge ineffectiveness was recognized during the nine months ended September 30, 2026.