v3.25.4

Stockholders' Equity | 12 Months Ended
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Dec. 31, 2025
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 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 |  | 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 December 31, 2025 |  | 6,579,993 |  | 7,722,511
The following table outlines the common stock issuances pursuant to NNN's ATM for the years ended December 31 (dollars in thousands, except per share data):
|  | 2025(1) |  |  | 2024 |  |  | 2023 |
Shares of common stock |  |  | 1,927,893 |  |  |  | 4,652,100 |  |  |  | 650,135 |
Average price per share (net) |  | $ | 42.07 |  |  | $ | 45.49 |  |  | $ | 43.52 |
Net proceeds |  | $ | 81,106 |  |  | $ | 211,619 |  |  | $ | 28,292 |
Stock issuance costs(2) |  | $ | 1,691 |  |  | $ | 3,242 |  |  | $ | 858 |
(1) | Includes 35,934 shares settled as part of a forward sale agreement. There were no outstanding forward sale agreements as of December 31, 2025.
(2) | Stock issuance costs consist primarily of underwriters' and agent's fees and commissions and legal and accounting fees.
Dividend Reinvestment and Stock Purchase Plan. In February 2021 and 2024, NNN filed shelf registration statements for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") with the Commission that were automatically effective and permit NNN to issue up to 6,000,000 and 4,000,000 shares of common stock, respectively. The following outlines the common stock issuances pursuant to NNN's DRIP for the years ended December 31 (dollars in thousands):
|  | 2025 |  |  | 2024 |  |  | 2023 |
Shares of common stock |  |  | 65,062 |  |  |  | 64,654 |  |  |  | 76,229 |
Net proceeds |  | $ | 2,628 |  |  | $ | 2,634 |  |  | $ | 3,082 |
Dividends. The following table outlines the dividends declared and paid for NNN's common stock for the years ended December 31 (in thousands, except per share data):
|  | 2025 |  |  | 2024 |  |  | 2023 |
Dividends |  | $ | 443,202 |  |  | $ | 420,239 |  |  | $ | 404,458 |
Per share |  |  | 2.360 |  |  |  | 2.290 |  |  |  | 2.230 |
On January 15, 2026, NNN declared a dividend of $0.600 per share, which is payable February 13, 2026 to its common stockholders of record as of January 30, 2026.

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