Derivatives (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Designated as Cash Flow Hedges

As of June 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%		$	3,271			January 15, 2026		January 15, 2029
One(3)			100,000			3.32%			1,436			February 13, 2026		February 15, 2029
One(3)			100,000			3.43%			1,147			June 15, 2026		February 15, 2029
Total		$	400,000			3.30%		$	5,854


(1)	Fixed rate paid is average of strike price for the associated hedges.
(2)	Included in other assets and 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 six months ended June 30, 2026.