Stockholders' Equity

6 Months Ended

Jun. 30, 2023

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.

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, 2023		7,722,511

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,
	2023		2022
Shares of common stock		650,135		717,473
Average price per share (net)	$	43.98	$	43.23
Net proceeds	$	28,592	$	31,018
Stock issuance costs(1)	$	558	$	575

(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,
	2023		2022
Shares of common stock		35,922		34,396
Net proceeds	$	1,615	$	1,456

Dividends – The following table outlines the dividends declared and paid for NNN's common stock (dollars in thousands, except per share data):

	Quarter Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Dividends	$	99,745	$	92,878	$	199,146	$	185,629
Per share		0.550		0.530		1.100		1.060

In July 2023, NNN declared a dividend of $0.5650 per share, which is payable in August 2023 to its common stockholders of record as of July 31, 2023.