NNN REITSecond Quarter 2017 Operating Results and Increased 2017 Guidance Announced by National Retail Properties, Inc.

Orlando, Florida, August 1, 2017 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2017. Highlights include: Operating Results: • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
	(in thousands, except per share data)
Revenues	$	145,550	$	130,926	$	286,981	$	257,907

Net earnings available to common stockholders	$	49,447	$	43,084	$	101,068	$	104,908
Net earnings per common share	$	0.33	$	0.30	$	0.68	$	0.73

FFO available to common stockholders	$	87,884	$	80,503	$	166,151	$	160,601
FFO per common share	$	0.59	$	0.56	$	1.12	$	1.13

Core FFO available to common stockholders	$	95,425	$	84,404	$	183,547	$	164,722
Core FFO per common share	$	0.64	$	0.59	$	1.24	$	1.15

AFFO available to common stockholders	$	96,412	$	86,531	$	185,457	$	168,280
AFFO per common share	$	0.65	$	0.60	$	1.25	$	1.18

Second Quarter 2017 Highlights:

FFO per share increased 5.4% over prior year results
Core FFO per common share increased 8.5% over prior year results
AFFO per common share increased 8.3% over prior year results
Portfolio occupancy was 99.3% at June 30, 2017 as compared to 99.1% at March 31, 2017 and 99.0% at December 31, 2016
Invested $299.5 million in property investments, including the acquisition of 140 properties with an aggregate 832,000 square feet of gross leasable area at an initial cash yield of 6.9%
Sold eight properties for $9.3 million producing $2.7 million of gains on sales, net of noncontrolling interests
Raised $25.1 million net proceeds from the issuance of 583,946 common shares

First Half 2017 Highlights:

Core FFO per share increased 7.8% over prior year results
AFFO per share increased 5.9% over prior year results
Invested $407.4 million in 164 properties with an aggregate 1,082,000 square feet of gross leasable area at an initial cash yield of 6.9%
Sold 25 properties for $48.3 million producing $17.3 million of gains on sales, net of noncontrolling interests
Raised $73.6 million in net proceeds from the issuance of 1,687,621 common shares

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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

Second Quarter 2017 Operating Results and Increased 2017 Guidance Announced by National Retail Properties, Inc.

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Dividend Yield

Total Shareholder Return Comparison