Paul Bayer to Retire as EVP & Chief Investment Officer of National Retail Properties, Inc.

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Orlando, Florida, December 14, 2020 – National Retail Properties, Inc. (NYSE: NNN) today announced that Paul Bayer, Executive Vice President and Chief Investment Officer, will retire effective December 31, 2020. Mr. Bayer has been the Company’s Chief Investment Officer since June 2010 and Executive Vice President since January 2007. He joined the Company in September 1999. Mr. Bayer will continue to provide consulting services to the company for a period of one year after his retirement.

Total Shareholder Return Comparison

	1 Year	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years
NNN REIT	5.3%	11.5%	5.3%	9.5%	10.0%	12.4%	11.3%
Indices
* NAREIT Equity REIT Index (FNERTR)	9.2%	9.5%	5.7%	8.9%	7.6%	9.9%	9.7%
* Morgan Stanley REIT Index (RMS G)	10.2%	11.3%	5.3%	8.7%	7.5%	9.7%	9.5%
S&P 500 Index (SPX)	8.2%	18.6%	12.5%	13.1%	10.2%	7.4%	10.4%
* S&P 400 Index (MID)	-2.7%	16.9%	8.4%	10.8%	9.3%	8.8%	11.2%

1 Year

5 Years

10 Years

15 Years

20 Years

25 Years

30 Years

NNN REIT

5.3%

11.5%

5.3%

9.5%

10.0%

12.4%

11.3%

Indices

* NAREIT Equity REIT Index (FNERTR)

9.2%

9.5%

5.7%

8.9%

7.6%

9.9%

9.7%

* Morgan Stanley REIT Index (RMS G)

10.2%

11.3%

5.3%

8.7%

7.5%

9.7%

9.5%

S&P 500 Index (SPX)

8.2%

18.6%

12.5%

13.1%

10.2%

7.4%

10.4%

* S&P 400 Index (MID)

-2.7%

16.9%

8.4%

10.8%

9.3%

8.8%

11.2%

For Periods Ending March 31, 2025. Total Return comprised of stock price appreciation plus dividends paid.

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

Paul Bayer to Retire as EVP & Chief Investment Officer of National Retail Properties, Inc.

Release Type

Dividend Yield

Total Shareholder Return Comparison