Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity:

Dividends – The following table outlines the dividends declared and paid for each issuance of NNN's stock (in thousands, except per share data):

		Six Months Ended June 30,
		2013		2012
Series C preferred stock (1):
	Dividends	$	—	$	1,979
	Per share	—		0.5378
Series D preferred stock (2):
	Dividends	9,523		5,926
	Per share	0.8281		0.5153
Common stock:
	Dividends	90,943		81,511
	Per share	0.790		0.770

¹⁾ The Series C preferred stock was redeemed in March 2012. The dividends paid during the six months

ended June 30, 2012 include accumulated and unpaid dividends through the redemption date.

²⁾ The Series D preferred stock has no maturity date and will remain outstanding unless redeemed.

In July2013, NNN declared a dividend of $0.405 per share, which is payable in August2013 to its common stockholders of record as of July 31, 2013.

Stock Issuances – In February 2012, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which permits the issuance by NNN of an indeterminate amount of debt and equity securities.

In February 2012, NNN issued 11,500,000 depositary shares representing interests in our 6.625% Series D Cumulative Redeemable Preferred Stock ("Series D Preferred Stock") at a price of $25.00 per depositary share generating gross proceeds of $287,500,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $9,855,000, consisting primarily of underwriters' fees and commissions, rating agency fees, legal and accounting fees and printing expenses.

In March 2012, NNN redeemed all 3,680,000 outstanding depositary shares representing interests in its 7.375% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”). The Series C Preferred Stock was redeemed at $25.00 per depositary share, plus accumulated and unpaid distributions through the redemption date, for an aggregate redemption price of $25.0768229 per depositary share. The excess carrying amount of preferred stock redeemed over the cash paid to redeem the preferred stock was $3,098,000, representing Series C Preferred Stock issuance costs.

In May 2013, NNN issued 11,500,000 depositary shares representing interests in its 5.700% Series E Cumulative Redeemable Preferred Stock ("Series E Preferred Stock") at a price of $25.00 per depositary share generating gross proceeds of $287,500,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $9,856,000, consisting primarily of underwriters' fees and commissions, rating agency fees, legal and accounting fees and printing expenses. The first dividend on the Series E Preferred Stock will be payable on September 15, 2013 and will be in the amount of $0.415625 per depositary share.

At The Market Offerings – In May 2012, NNN established an at-the-market equity program ("2012 ATM") which allowed NNN to sell up to an aggregate of 9,000,000 shares of common stock from time to time through May 2015. The following table outlines the common stock issuances pursuant to the 2012 ATM (dollars in thousands, except per share data):

	Six Months Ended June 30,
	2013		2012
Shares of common stock	4,676,542		394,901
Average price per share (net)	$	32.60	$	26.66
Net proceeds	152,435		10,527
Stock issuance costs (1)	2,161		253

⁽¹⁾ Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.

In March 2013, NNN established a second ATM equity program ("2013 ATM") which allows NNN to sell up to an aggregate of 9,000,000 shares of common stock from time to time through March 2015. The following table outlines the common stock issuances pursuant to the 2013 ATM (dollars in thousands, except per share data):

	Six Months Ended June 30,
	2013		2012
Shares of common stock	2,280,450		—
Average price per share (net)	$	37.83	$	—
Net proceeds	86,271		—
Stock issuance costs (1)	1,551		—

⁽¹⁾ Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.

Dividend Reinvestment and Stock Repurchase Plan – In February 2012, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 16,000,000 shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):

	Six Months Ended June 30,
	2013		2012
Shares of common stock	475,866		1,881,807
Net proceeds	$	15,881	$	49,476