Preferred Stock:

NNN completed the following underwritten public offerings of cumulative redeemable preferred stock and are still outstanding ("Preferred Stock Shares") (dollars in thousands, except per share data):



Series	Dividend Rate⁽¹⁾		Issued	Depositary Shares Outstanding⁽²⁾	Gross Proceeds		Stock Issuance Costs⁽³⁾		Dividend Per Depositary Share		Earliest Redemption Date
Series D	6.625	%	February 2012	11,500,000	$	287,500	$	9,855	$	1.656250	February 2017
Series E	5.700	%	May 2013	11,500,000	287,500		9,856		1.425000		May 2018
Series F	5.200	%	October 2016	13,800,000	345,000		10,897		1.300000		October 2021


⁽¹⁾	Holders are entitled to receive, when and as authorized by the Board of Directors, cumulative preferential cash dividends.


⁽²⁾	Representing 1/100th of a preferred share. Series D and E issuances each included 1,500,000 depositary shares in connection with the underwriters' over-allotment. Series F issuance included 1,800,000 depositary shares in connection with the underwriters' over-allotment.


⁽³⁾	Consisting primarily of underwriting commissions and fees, rating agency fees, legal and accounting fees and printing expenses.

The Preferred Stock Shares underlying the depositary shares rank senior to NNN’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of NNN. The Preferred Stock Shares have no maturity date and will remain outstanding unless redeemed. In addition, upon a change of control, as defined in the articles supplementary fixing the rights and preferences of the Preferred Stock Shares, NNN may redeem the Preferred Stock Shares underlying the depositary shares at a redemption price of $2,500.00 per share (or $25.00 per depositary share), plus all accumulated and unpaid dividends, and in limited circumstances the holders of depositary shares may convert some or all of their Preferred Stock Shares into shares of NNN's common stock at conversion rates provided in the related articles supplementary. As of February 13, 2017, the Series E and Series F Preferred Stock Shares were not redeemable or convertible.

In January 2017, NNN announced the redemption of all outstanding depositary shares representing interests in its 6.625% Series D Preferred Stock. The depositary shares will be redeemed on February 23, 2017 at $25.00 per depositary share, plus all accrued and unpaid dividends through the redemption date, for an aggregate redemption price of $25.3128472 per depositary share. After the redemption date, dividends on the depositary shares representing interests in the Series D Preferred Stock will cease to accrue.