v3.22.4
Common Stock
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Common Stock

Note 7 – Common Stock:

Universal Shelf Registration Statement. In August 2020, 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. Under NNN's shelf registration statement, 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 table outlines NNN's active ATM programs for the three years ended December 31, 2022:

 

 

 

2020 ATM

 

 

2018 ATM

 

Established date

 

August 2020

 

 

February 2018

 

Termination date

 

August 2023

 

 

August 2020

 

Total allowable shares

 

 

17,500,000

 

 

 

12,000,000

 

Total shares issued as of December 31, 2022

 

 

7,072,376

 

 

 

11,272,034

 

The following table outlines the common stock issuances pursuant to NNN's ATM equity programs for the years ended December 31 (dollars in thousands, except per share data):

 

 

 

2022

 

 

2021

 

 

2020

 

Shares of common stock

 

 

5,473,072

 

 

 

30,000

 

 

 

3,119,153

 

Average price per share (net)

 

$

45.15

 

 

$

33.65

 

 

$

38.21

 

Net proceeds

 

$

247,129

 

 

$

1,009

 

 

$

119,185

 

Stock issuance costs(1)

 

$

3,761

 

 

$

224

 

 

$

2,130

 
(1)
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, NNN filed a shelf registration statement with the Commission for its Dividend Reinvestment and Stock Purchase Plan ("DRIP") which permits the issuance by NNN of up to 6,000,000 shares of common stock. The following outlines the common stock issuances pursuant to the DRIP for the year ended December 31 (dollars in thousands):

 

 

 

2022

 

 

2021

 

 

2020

 

Shares of common stock

 

 

70,342

 

 

 

62,577

 

 

 

138,507

 

Net proceeds

 

$

3,082

 

 

$

2,744

 

 

$

5,092

 

 

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):

 

 

 

2022

 

 

2021

 

 

2020

 

Dividends

 

$

380,538

 

 

$

367,291

 

 

$

356,409

 

Per share

 

 

2.1600

 

 

 

2.1000

 

 

 

2.0700

 

 

On January 13, 2023, NNN declared a dividend of $0.550 per share, payable February 15, 2023, to its common stockholders of record as of January 31, 2023.