Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Stockholders' Equity

Note 5 – Stockholders' Equity:

In August 2020, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which was automatically effective and permits the issuance by NNN of an indeterminate amount of debt and equity securities.

At-The-Market Offerings – Under NNN's shelf registration statement, 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:

	2020 ATM		2018 ATM
Established date	August 2020		February 2018
Termination date	August 2023		August 2020
Total allowable shares		17,500,000		12,000,000
Total shares issued as of September 30, 2021		1,599,304		11,272,034

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

	Nine Months Ended September 30,
	2021		2020
Shares of common stock		30,000		1,634,350
Average price per share (net)	$	35.35	$	36.56
Net proceeds	$	1,061	$	59,752
Stock issuance costs(1)	$	173	$	1,151

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

Dividend Reinvestment and Stock Purchase Plan – In February 2021, NNN filed a shelf registration statement that was automatically effective with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP"), which permits NNN to issue up to 6,000,000 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,
	2021		2020
Shares of common stock		46,666		121,988
Net proceeds	$	2,012	$	4,458

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Series F preferred stock(1):
Dividends	$	4,485	$	4,485	$	13,455	$	13,455
Per depositary share		0.3250		0.3250		0.9750		0.9750
Common stock:
Dividends		92,731		89,947		274,550		266,365
Per share		0.5300		0.5200		1.5700		1.5500

(1) In September 2021, NNN called for the redemption of all outstanding shares of its 5.200% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Stock"), including all accrued and unpaid dividends through, but not including, the redemption date, on October 16, 2021.

In October 2021, NNN declared a dividend of $0.5300 per share, which is payable in November 2021 to its common stockholders of record as of October 29, 2021.