Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity:

In February 2015, 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 November 2014, NNN filed a prospectus supplement to the prospectus contained in its February 2012 shelf registration statement and issued 5,462,500 shares (including 712,500 shares in connection with the underwriters' over-allotment) of common stock at a price of $38.16 per share and received net proceeds of $199,961,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $8,488,000, consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses.

Dividend Reinvestment and Stock Repurchase Plan – In February 2015, 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):

	Quarter Ended March 31,
	2015		2014
Shares of common stock	31,854		184,503
Net proceeds	$	1,142	$	6,107

At The Market Offerings – NNN established an at-the-market equity program ("ATM") which allows NNN to sell shares of common stock from time to time. The following outlines NNN's ATM programs:

	2015 ATM	2013 ATM	2012 ATM
Established date	February 2015	March 2013	May 2012
Termination date	February 2018	February 2015	February 2015
Total allowable shares	10,000,000	9,000,000	9,000,000
Total shares issued as of March 31, 2015	977,973	6,252,812	8,958,840

The following table outlines the common stock issuances pursuant to NNN's ATM equity program (dollars in thousands, except per share data):

	Quarter Ended March 31,
	2015				2014
	2015 ATM		2013 ATM		2013 ATM
Shares of common stock	977,973		214,000		432,000
Average price per share (net)	$	39.91	$	39.84	$	34.91
Net proceeds	$	39,031	$	8,525	$	15,080
Stock issuance costs(1)	$	712	$	130	$	265

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

No shares were issued under the 2012 ATM during the quarters ended March 31, 2015 and 2014.

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

	Quarter Ended March 31,
	2015		2014
Series D preferred stock(1):
Dividends	$	4,762	$	4,762
Per depositary share	0.414063		0.414063
Series E preferred stock(1):
Dividends	4,097		4,097
Per depositary share	0.356250		0.356250
Common stock:
Dividends	55,314		49,273
Per share	0.420		0.405

⁽¹⁾ The Series D and E preferred stock have no maturity date and will remain outstanding unless redeemed.

In April2015, NNN declared a dividend of $0.420 per share, which is payable in May2015 to its common stockholders of record as of April 30, 2015.