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                             July 23, 2021

       Kevin B. Habicht
       Chief Financial Officer
       National Retail Properties, Inc.
       450 South Orange Avenue, Suite 900
       Orlando, FL 32801

                                                        Re: National Retail
Properties, Inc.
                                                            Form 10-K for the
year ended December 31, 2020
                                                            Filed February 11,
2021
                                                            File No. 001-11290

       Dear Mr. Habicht:

             We have reviewed your filing and have the following comment. In
our comment, we
       may ask you to provide us with information so we may better understand
your disclosure.

              Please respond to this comment within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comment applies to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to this comment, we may have additional comments.

       Form 10-K for the year ended December 31, 2020

       Analysis of Expenses, page 30

   1.                                                   We note that you have
recorded impairment expenses for each of the three years
                                                        presented. Please
expand your disclosure to better describe the impaired properties, the
                                                        factors that led to
impairment and whether or not you believe these impairments to
                                                        represent a trend, to
the extent this remains a significant expense line item.
               We remind you that the company and its management are
responsible for the accuracy
       and adequacy of their disclosures, notwithstanding any review, comments,
action or absence of
       action by the staff.

               You may contact William Demarest, Staff Accountant at
202-551-3432 or
       Kristi Marrone, Staff Accountant at 202-551-3429 if you have any
questions.
 Kevin B. Habicht
National Retail Properties, Inc.
July 23, 2021
Page 2

FirstName LastNameKevin B. Habicht              Sincerely,
Comapany NameNational Retail Properties, Inc.
                                                Division of Corporation Finance
July 23, 2021 Page 2                            Office of Real Estate &
Construction
FirstName LastName