Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [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.

Dividend Reinvestment and Stock Purchase 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,
	2017		2016
Shares of common stock	16,320		134,150
Net proceeds	$	714	$	5,892

At-The-Market Offerings – NNN has 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:

	2016 ATM	2015 ATM
Established date	March 2016	February 2015
Termination date	March 2019	March 2016
Total allowable shares	12,000,000	10,000,000
Total shares issued as of March 31, 2017	5,310,645	9,852,465

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

	Quarter Ended March 31,
	2017		2016
Shares of common stock	1,087,355		1,865,260
Average price per share (net)	$	43.92	$	44.00
Net proceeds	$	47,757	$	82,076
Stock issuance costs(1)	$	743	$	1,429

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

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,
	2017		2016
Series D preferred stock(1):
Dividends	$	3,598	$	4,762
Per depositary share	0.312847		0.414063
Series E preferred stock(2):
Dividends	4,097		4,097
Per depositary share	0.356250		0.356250
Series F preferred stock(3):
Dividends	4,485		—
Per depositary share	0.325000		—
Common stock:
Dividends	66,781		61,151
Per share	0.455		0.435

⁽¹⁾ The Series D preferred stock was redeemed in February 2017. The dividends paid during the quarter ended March 31, 2017 included accumulated and unpaid dividends through the redemption date.

⁽²⁾ The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series E Preferred Stock is May 2018.

⁽³⁾ The Series F preferred stock was issued in October 2016 and has no maturity date and will remain outstanding unless redeemed by NNN. The earliest redemption date for the Series F preferred stock is October 2021.

In April2017, NNN declared a dividend of $0.455 per share, which is payable in May2017 to its common stockholders of record as of April 28, 2017.