Stockholders' Equity

9 Months Ended

Sep. 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):

		Nine Months Ended September 30,
		2013		2012
Series C preferred stock (1):
	Dividends	$	—	$	1,979
	Per share	—		0.5378
Series D preferred stock (3):
	Dividends	14,285		10,688
	Per share	1.2422		0.9293
Series E preferred stock (2)(3):
	Dividends	4,780		—
	Per share	0.4156		—
Common stock:
	Dividends	139,890		124,139
	Per share	1.195		1.165

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

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

²⁾ The Series E preferred stock dividends paid during the quarter ended September 30, 2013 include

accumulated and unpaid dividends from the issuance date through the declaration date.

³⁾ The Series D and E preferred stock have no maturity date and will remain outstanding unless redeemed.

In October2013, NNN declared a dividend of $0.405 per share, which is payable in November2013 to its common stockholders of record as of October 31, 2013.

Preferred 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 a price of $25.00 per depositary share, plus accumulated and unpaid distributions through the redemption date, for an aggregate redemption price of approximately $25.0768 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.

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):

	Nine Months Ended September 30,
	2013		2012
Shares of common stock	4,676,542		2,251,798
Average price per share (net)	$	32.60	$	28.97
Net proceeds	152,435		65,245
Stock issuance costs (1)	2,161		1,171

⁽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):

	Nine Months Ended September 30, 2013
Shares of common stock	2,280,450
Average price per share (net)	$	37.82
Net proceeds	86,237
Stock issuance costs (1)	1,585

⁽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):

	Nine Months Ended September 30,
	2013		2012
Shares of common stock	634,146		1,994,113
Net proceeds	$	21,159	$	52,781