Craig Macnab to Retire as CEO of National Retail Properties, Inc.; Julian E. (“Jay”) Whitehurst Named as Successor

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Orlando, Florida, September 29, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that Craig Macnab, Chief Executive Officer and Chairman of the Board, will retire as CEO and step down as Chairman and a member of the Board of Directors effective April 28, 2017. Julian E. (“Jay”) Whitehurst, currently President and Chief Operating Officer, will assume the role of President and CEO as of April 28, 2017.

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%

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%

* Morgan Stanley REIT Index (RMS G)

3.2%

2.8%

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

Craig Macnab to Retire as CEO of National Retail Properties, Inc.; Julian E. (“Jay”) Whitehurst Named as Successor

Release Type

Dividend Yield

Total Shareholder Return Comparison