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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity | Note 6 – Stockholders' Equity: Universal Shelf Registration Statement – In August 2023, 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 – 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:
|  | 2023 ATM |  | 2020 ATM
Shelf registration statement: |  |  |  |
Effective date |  | August 2023 |  | August 2020
Termination date |  | August 2026 |  | August 2023
Total allowable shares |  | 17,500,000 |  | 17,500,000
Total shares issued as of September 30, 2023 |  | — |  | 7,722,511
The following table outlines the common stock issuances pursuant to NNN's ATM (dollars in thousands, except per share data):
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Shares of common stock |  |  | 650,135 |  |  |  | 2,801,778 |
Average price per share (net) |  | $ | 43.52 |  |  | $ | 45.42 |
Net proceeds |  | $ | 28,292 |  |  | $ | 127,270 |
Stock issuance costs(1) |  | $ | 858 |  |  | $ | 1,879 |
(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):
|  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |
Shares of common stock |  |  | 55,261 |  |  |  | 51,567 |
Net proceeds |  | $ | 2,302 |  |  | $ | 2,258 |
Dividends – The following table outlines the dividends declared and paid for NNN's common stock (dollars in thousands, except per share data):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Dividends |  | $ | 102,647 |  |  | $ | 97,008 |  |  | $ | 301,793 |  |  | $ | 282,637 |
Per share |  |  | 0.5650 |  |  |  | 0.5500 |  |  |  | 1.6650 |  |  |  | 1.6100 |
In October 2023, NNN declared a dividend of $0.5650 per share, which is payable in November 2023 to its common stockholders of record as of October 31, 2023.

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