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Notes Payable and Derivatives - Summary of outstanding series of unsecured notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Debt Instrument [Line Items]    
Long-term debt maturities for the next five years $ 1,550,000  
Notes Payable    
Debt Instrument [Line Items]    
Stated Rate   3.90%
2025 Notes    
Debt Instrument [Line Items]    
Principal [1],[2],[3] 400,000  
Discount [1],[2],[3],[4] 964  
Net Price [1],[2],[3] $ 399,036  
Stated Rate [1],[2],[3] 4.00%  
Effective Rate [1],[2],[3],[5] 4.029%  
2026 Notes    
Debt Instrument [Line Items]    
Principal [1],[3] $ 350,000  
Discount [1],[3],[4] 3,860  
Net Price [1],[3] $ 346,140  
Stated Rate [1],[3] 3.60%  
Effective Rate [1],[3],[5] 3.733%  
2027 Notes    
Debt Instrument [Line Items]    
Principal [1],[3] $ 400,000  
Discount [1],[3],[4] 1,628  
Net Price [1],[3] $ 398,372  
Stated Rate [1],[3] 3.50%  
Effective Rate [1],[3],[5] 3.548%  
2028 Notes    
Debt Instrument [Line Items]    
Principal [1],[3] $ 400,000  
Discount [1],[3],[4] 2,848  
Net Price [1],[3] $ 397,152  
Stated Rate [1],[3] 4.30%  
Effective Rate [1],[3],[5] 4.388%  
2030 Notes    
Debt Instrument [Line Items]    
Principal [1] $ 400,000  
Discount [1],[4] 1,288  
Net Price [1] $ 398,712  
Stated Rate [1] 2.50%  
Effective Rate [1],[5] 2.536%  
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] 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 respective notes using the effective interest method.
[2] NNN plans to use proceeds from the Credit Facility and/or potential debt or equity offerings to repay the outstanding debt.
[3] The aggregate principal balance of the unsecured note maturities for the next five years is $1,550,000.
[4] The note discounts are amortized to interest expense over the respective term of each debt obligation using the effective interest method.
[5] Includes the effects of the discount at issuance.