NNN REITRecord First Quarter 2018 Operating Results and Increased 2018 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, May 1, 2018 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2018. Highlights include: Operating Results:

Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

	Quarter Ended
	March 31,
	2018		2017
	(in thousands, except per share data)
Revenues	$	152,836	$	141,432

Net earnings available to common stockholders	$	94,698	$	51,622
Net earnings per common share	$	0.62	$	0.35

FFO available to common stockholders	$	102,769	$	78,267
FFO per common share	$	0.67	$	0.53

Core FFO available to common stockholders	$	103,030	$	88,122
Core FFO per common share	$	0.67	$	0.60

AFFO available to common stockholders	$	102,880	$	89,045
AFFO per common share	$	0.67	$	0.60

First Quarter 2018 Highlights:

FFO per common share increased 26.4% over prior year results
Core FFO per common share increased 11.7% over prior year results
AFFO per common share increased 11.7% over prior year results
Portfolio occupancy was 99.2% at March 31, 2018 as compared to 99.1% on December 31, 2017 and March 31, 2017
Invested $177.0 million in property investments, including the acquisition of 52 properties with an aggregate 400,000 square feet of gross leasable area at an initial cash yield of 6.7%
Sold 15 properties for $71.6 million producing $38.6 million of gains on sales
No common shares were issued under the ATM equity program

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Total Shareholder Return Comparison

	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years
NNN REIT	7.3%	6.7%	10.3%	11.5%	10.6%	11.1%
Indices
* NAREIT Equity REIT Index (FNERTR)	6.2%	6.5%	6.7%	9.5%	8.3%	9.1%
* Morgan Stanley REIT Index (RMS G)	6.0%	5.9%	6.2%	9.1%	8.0%	N/A
S&P 500 Index (SPX)	11.2%	12.2%	10.0%	10.4%	7.4%	9.7%
* S&P 400 Index (MID)	7.6%	9.8%	9.8%	11.1%	9.5%	11.1%

5 Years

10 Years

15 Years

20 Years

25 Years

30 Years

NNN REIT

7.3%

6.7%

10.3%

11.5%

10.6%

11.1%

Indices

* NAREIT Equity REIT Index (FNERTR)

6.2%

6.5%

6.7%

9.5%

8.3%

9.1%

* Morgan Stanley REIT Index (RMS G)

6.0%

5.9%

6.2%

9.1%

8.0%

N/A

S&P 500 Index (SPX)

11.2%

12.2%

10.0%

10.4%

7.4%

9.7%

* S&P 400 Index (MID)

7.6%

9.8%

11.1%

9.5%

11.1%

For Periods Ending March 31, 2023. Total Return comprised of stock price appreciation plus dividends paid.

* NNN is a member of this index. Source: Bloomberg

Record First Quarter 2018 Operating Results and Increased 2018 Guidance Announced by National Retail Properties, Inc.

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Dividend Yield

Total Shareholder Return Comparison