Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock

Note 7 – Common Stock:

Universal Shelf Registration Statement. 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.

Common Stock. In September 2019, NNN filed a prospectus supplement to the prospectus contained in its February 2018 shelf registration statement and issued 7,000,000 shares of common stock at a price of $56.50 per share and received net proceeds of $379,410,000. In connection with this offering, NNN incurred stock issuance costs totaling approximately $16,090,000, consisting primarily of underwriters' fees and commissions, legal and accounting fees and printing expenses.

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 table outlines NNN's active ATM programs for the three years ended December 31, 2021:

	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 December 31, 2021		1,599,304		11,272,034

The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data):

	2021		2020		2019
Shares of common stock		30,000		3,119,153		2,344,022
Average price per share (net)	$	33.65	$	38.21	$	53.71
Net proceeds	$	1,009	$	119,185	$	125,905
Stock issuance costs(1)	$	224	$	2,130	$	1,431

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

Dividend Reinvestment and Stock Purchase Plan. In February 2021, 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 6,000,000 shares of common stock. The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands):

	2021		2020		2019
Shares of common stock		62,577		138,507		362,918
Net proceeds	$	2,744	$	5,092	$	19,442