<SUBMISSION>
<ACCESSION-NUMBER>0000950133-08-003243
<TYPE>FWP
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20080926
<DATE-OF-FILING-DATE-CHANGE>20080926
<SUBJECT-COMPANY>
<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>
<FILING-VALUES>
<FORM-TYPE>FWP
<ACT>34
<FILE-NUMBER>333-132095
<FILM-NUMBER>081090252
</FILING-VALUES>
<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>
</SUBJECT-COMPANY>
<FILED-BY>
<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>
<FILING-VALUES>
<FORM-TYPE>FWP
</FILING-VALUES>
<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>
</FILED-BY>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>w67325fwfwp.htm
<DESCRIPTION>FWP
<TEXT>
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<HEAD>
<TITLE>fwp</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Filed
    Pursuant to Rule&#160;433<BR>
    Dated September&#160;26, 2008<BR>
    Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-132095</FONT><BR>
    Supplementing Preliminary Prospectus Supplement Dated
    September&#160;25, 2008 and<BR>
    Prospectus dated February&#160;28, 2006
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">3,000,000&#160;Shares
    of Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Issuer:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    National Retail Properties, Inc.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Exchange/Symbol:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    NYSE/NNN</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Price to Public:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    $23.05 per share</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Total Shares Offered:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    3,000,000</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Option to Purchase Additional Shares:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    450,000</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Closing Date:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    October&#160;1, 2008</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>CUSIP:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    637417106</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Joint Book-Running Managers:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Citigroup Global Markets Inc.<BR>
    Banc of America Securities LLC</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Joint Lead Managers:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Raymond James&#160;&#038; Associates, Inc.<BR>
    Stifel, Nicolaus&#160;&#038; Company, Incorporated.<BR>
    BB&#038;T Capital Markets, a division of Scott&#160;&#038;
    Stringfellow, Inc.<BR>
    Janney Montgomery Scott LLC<BR>
    Morgan Keegan&#160;&#038; Company Inc.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Co-Managers:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Comerica Securities, Inc.<BR>
    PNC Capital Markets LLC</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Shares of Common Stock Outstanding After the</B>
    <B>Offering:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    77,859,356 (excluding 450,000&#160;shares if the
    underwriters&#146; over-allotment option is exercised in full)</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Proceeds:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Approximately $69,150,000 (before deducting the underwriting
    discount and other estimated expenses)</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of Proceeds:</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    We intend to use the net proceeds from this offering to repay
    all of the outstanding borrowings under our $400&#160;million
    credit facility, to fund future property acquisitions and for
    general corporate purposes.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The issuer has filed a registration statement (including a
    prospectus) with the SEC for the offering to which this
    communication relates. Before you invest, you should read the
    prospectus in that registration statement and other documents
    the issuer has filed with the SEC for more complete information
    about the issuer and this offering. You may get these documents
    for free by visiting EDGAR on the SEC&#146;s web site at
    www.sec.gov. Alternatively, the issuer, any underwriter or any
    dealer participating in the offering will arrange to send you
    the prospectus supplement and accompanying prospectus if you
    request it by contacting Citigroup Global Markets Inc. toll-free
    at
    <FONT style="white-space: nowrap">1-800-831-9146</FONT>
    <FONT style="white-space: nowrap">and/or</FONT> to
    Banc of America Securities LLC, toll-free at
    <FONT style="white-space: nowrap">1-800-294-1322.</FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
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</SUBMISSION>
