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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Stockholders' Equity | ## Note 5 – Stockholders' Equity: Universal Shelf Registration Statement. In August 2023, NNN filed a shelf registration statement with the Securities and Exchange Commission (the "Commission") which became automatically effective ("Universal Shelf"). The Universal Shelf permits the issuance by NNN of an indeterminate amount of debt and equity securities, including preferred stock, depositary shares, common stock, stock purchase contracts, rights, warrants and units. NNN may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. 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:
|  | 2023 ATM
Shelf registration statement: |  |
Effective date |  | August 2023
Termination date |  | August 2026
Total allowable shares |  | 17,500,000
Total shares issued as of September 30, 2025 |  | 6,544,059
The following table outlines the common stock issuances pursuant to NNN's ATM (dollars in thousands, except per share data):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Shares of common stock |  |  | 1,655,053 |  |  |  | 3,848,657 |  |  |  | 1,891,959 |  |  |  | 4,652,100 |
Average price per share (net) |  | $ | 42.13 |  |  | $ | 46.31 |  |  | $ | 42.13 |  |  | $ | 45.51 |
Net proceeds |  | $ | 69,736 |  |  | $ | 178,235 |  |  | $ | 79,714 |  |  | $ | 211,727 |
Stock issuance costs(1) |  | $ | 1,277 |  |  | $ | 2,899 |  |  | $ | 1,529 |  |  | $ | 3,134 |
(1) | Stock issuance costs consist primarily of underwriters' and agents' fees and commissions and legal and accounting fees.
Dividend Reinvestment and Stock Purchase Plan. In February 2024, NNN filed a shelf registration statement for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") with the Commission that was automatically effective and permits NNN to issue up to 4,000,000 shares of common stock. The following outlines the common stock issuances pursuant to NNN's DRIP (dollars in thousands):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Shares of common stock |  |  | 15,684 |  |  |  | 15,043 |  |  |  | 49,776 |  |  |  | 49,352 |
Net proceeds |  | $ | 647 |  |  | $ | 675 |  |  | $ | 2,010 |  |  | $ | 1,988 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Dividends |  | $ | 112,809 |  |  | $ | 106,077 |  |  | $ | 329,710 |  |  | $ | 311,920 |
Per share |  |  | 0.600 |  |  |  | 0.580 |  |  |  | 1.760 |  |  |  | 1.710 |
In October 2025, NNN declared a dividend of $0.600 per share, which is payable in November 2025 to its common stockholders of record as of October 31, 2025.

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