RECORD ANNUAL RESULTS AND 2023 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

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National Retail Properties (NYSE: NNN) today announced record annual results as of 12/31/22. FFO, Core FFO and AFFO per share were $0.79, $0.80 and $0.81. Annual Core FFO increased 9.8% and occupancy held at 99.4%.

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Dividend Yield

5.6%

Total Shareholder Return Comparison

	1 Year	5 Years	10 Years	15 Years	20 Years	25 Years	30 Years
NNN REIT	-6.8%	0.0%	5.8%	8.0%	9.6%	10.3%	10.2%
Indices
* NAREIT Equity REIT Index (FNERTR)	-1.7%	2.8%	6.2%	6.1%	7.9%	8.6%	8.6%
* Morgan Stanley REIT Index (RMS G)	3.2%	2.8%	5.9%	5.9%	7.7%	8.5%	N/A
S&P 500 Index (SPX)	21.7%	9.9%	11.9%	11.3%	9.7%	7.9%	9.8%
* S&P 400 Index (MID)	15.5%	6.0%	8.9%	10.3%	9.9%	10.3%	10.8%

For Periods Ending September 30, 2023. Total Return comprised of stock price appreciation plus dividends paid.

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