<SUBMISSION>
<ACCESSION-NUMBER>0001181431-08-010641
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20080212
<FILING-DATE>20080214
<DATE-OF-FILING-DATE-CHANGE>20080214
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>WHITEHURST JULIAN E
<CIK>0001214565
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-11290
<FILM-NUMBER>08618536
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>450 S. ORANGE AVE.
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
</BUSINESS-ADDRESS>
</REPORTING-OWNER>
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>NATIONAL RETAIL PROPERTIES, INC.
<CIK>0000751364
<ASSIGNED-SIC>6798
<IRS-NUMBER>561431377
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>450 S ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
<PHONE>407-666-7348
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>450 SOUTH ORANGE AVE
<STREET2>SUITE 900
<CITY>ORLANDO
<STATE>FL
<ZIP>32801
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>COMMERCIAL NET LEASE REALTY INC
<DATE-CHANGED>19930510
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC /DE/
<DATE-CHANGED>19930429
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CNL REALTY INVESTORS INC
<DATE-CHANGED>19920831
</FORMER-COMPANY>
</ISSUER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd195477.xml
<DESCRIPTION>2008 RESTRICTED STOCK GRANT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-02-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000751364</issuerCik>
        <issuerName>NATIONAL RETAIL PROPERTIES, INC.</issuerName>
        <issuerTradingSymbol>NNN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001214565</rptOwnerCik>
            <rptOwnerName>WHITEHURST JULIAN E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>450 S. ORANGE AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 900</rptOwnerStreet2>
            <rptOwnerCity>ORLANDO</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>32801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and COO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-02-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>38238</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>21.82</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>180592</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Fifty percent of the shares will vest 20% annually beginning in 2009 through 2013.  The Reporting Person has voting and dividend rights on all of these shares, including unvested shares.  The other fifty percent of the shares will vest from 2010 to 2012 based upon achieving certain total shareholder return or funds from operations per share amounts.  The Reporting Person has no voting or dividend rights on these shares until the shares are vested.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/Julian E. Whitehurst</signatureName>
        <signatureDate>2008-02-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
