Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity:

In February 2018, 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 2018, 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 10,000,000 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,
	2019		2018
Shares of common stock	137,316		143,997
Net proceeds	$	7,166	$	5,471

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 program:



	2018 ATM
Established date	February 2018
Termination date	February 2021
Total allowable shares	12,000,000
Total shares issued as of June 30, 2019	8,873,711

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



	Six Months Ended June 30,
	2019		2018
Shares of common stock	1,495,548		3,037,464
Average price per share (net)	$	53.52	$	41.17
Net proceeds	$	80,046	$	125,052
Stock issuance costs ⁽¹⁾	$	766	$	1,633
⁽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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Series E preferred stock⁽¹⁾:
Dividends	$	4,096	$	4,096	$	8,194	$	8,194
Per depositary share	0.356250		0.356250		0.712500		0.712500

Series F preferred stock⁽²⁾:
Dividends	4,485		4,485		8,970		8,970
Per depositary share	0.325000		0.325000		0.650000		0.650000

Common stock:
Dividends	81,074		72,850		161,639		145,583
Per share	0.500		0.475		1.000		0.950

⁽¹⁾The 5.700% Series E Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock") has no maturity date and will remain outstanding unless redeemed by NNN. As of May 2018, the Series E Preferred Stock is redeemable by NNN.

⁽²⁾The 5.200% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock") 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 July 2019, NNN declared a dividend of $0.515 per share, which is payable in August 2019 to its common stockholders of record as of July 31, 2019.