Stockholders' Equity:

In February 2018, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which permits the issuance by NNN of an indeterminate amount of debt and equity securities.

Dividend Reinvestment and Stock Purchase Plan – In February 2018, 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 10,000,000 shares of common stock. The following table outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):



	Quarter Ended March 31,
	2018		2017
Shares of common stock	44,659		16,320
Net proceeds	$	1,491	$	714

At-The-Market Offerings – 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 programs:



	2018 ATM	2016 ATM
Established date	February 2018	March 2016
Termination date	February 2021	February 2018
Total allowable shares	12,000,000	12,000,000
Total shares issued as of March 31, 2018	—	10,044,656

There were no common stock issuances pursuant to NNN's ATM equity programs for the quarter ended March 31, 2018. The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the quarter ended March 31, 2017 (dollars in thousands, except per share data):



Shares of common stock	1,087,355
Average price per share (net)	$	43.92
Net proceeds	$	47,757
Stock issuance costs⁽¹⁾	$	743
⁽¹⁾ Stock issuance costs consist primarily of underwriters' fees and commissions, and legal and accounting fees.

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 March 31,
	2018		2017
Series D preferred stock⁽¹⁾:
Dividends	$	—	$	3,598
Per depositary share	—		0.312847

Series E preferred stock⁽²⁾:
Dividends	4,097		4,097
Per depositary share	0.356250		0.356250

Series F preferred stock⁽³⁾:
Dividends	4,485		4,485
Per depositary share	0.325000		0.325000

Common stock:
Dividends	72,733		66,781
Per share	0.475		0.455

⁽¹⁾The Series D preferred stock was redeemed in February 2017. The dividends paid in 2017 included accumulated and

unpaid dividends through the redemption date.

⁽²⁾The Series E preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest

redemption date for the Series E Preferred Stock is May 2018.

⁽³⁾The Series F preferred stock has no maturity date and will remain outstanding unless redeemed by NNN. The earliest

redemption date for the Series F preferred stock is October 2021.

In April 2018, NNN declared a dividend of $0.475 per share, which is payable in May 2018 to its common stockholders of record as of April 30, 2018.