Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Note 5 – Stockholders' Equity:

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.

Preferred Stock – In October 2021, NNN redeemed all outstanding depositary shares (13,800,000) representing interests in its 5.200% Series F preferred stock. The Series F preferred stock was redeemed at $25.00 per depositary share, plus all accrued and unpaid dividends through, but not including, the redemption date, for an aggregate redemption price of $25.111944 per depositary share. The excess carrying amount of the Series F preferred stock redeemed over the cash paid to redeem the Series F preferred stock was $10,897,000, representing issuance costs which is reflected as a reduction to earnings attributable to common stockholders.

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 program:

	2020 ATM
Established date	August 2020
Termination date	August 2023
Total allowable shares		17,500,000
Total shares issued as of June 30, 2022		2,316,777

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

	Six Months Ended June 30,
	2022		2021
Shares of common stock		717,473		30,000
Average price per share (net)	$	43.23	$	37.05
Net proceeds	$	31,018	$	1,111
Stock issuance costs(1)	$	575	$	122

(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):

	Six Months Ended June 30,
	2022		2021
Shares of common stock		34,396		31,430
Net proceeds	$	1,456	$	1,293

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,
	2022		2021		2022		2021
Series F preferred stock(1):
Dividends	$	—	$	4,485	$	—	$	8,970
Per depositary share		—		0.3250		—		0.6500
Common stock:
Dividends		92,878		90,971		185,629		181,819
Per share		0.5300		0.5200		1.0600		1.0400

(1) The Series F preferred stock was redeemed in October 2021.

In July 2022, NNN declared a dividend of $0.5500 per share, which is payable in August 2022 to its common stockholders of record as of July 29, 2022.