National Retail Properties, Inc. Upgraded by Moody's

ORLANDO, FL, June 18, 2008 /PRNewswire-FirstCall/ -- National Retail Properties, Inc. (NYSE: NNN) announced today that Moody's Investors Service upgraded the Company's senior unsecured debt rating to Baa2 from Baa3 and its preferred stock rating to Baa3 from Ba1, with a stable outlook.

Mr. Craig Macnab, (top right photo) Chief Executive Officer, noted: "We are pleased with Moody's rating action which we believe reflects our strong real estate portfolio, stable cash flow, conservative balance sheet and consistent performance.

"This upgrade is particularly gratifying considering the challenging macroeconomic environment. We anticipate 2008 will produce record FFO per share results and are on track for our nineteenth consecutive year of increased dividends."

NNN acquires, owns, invests in, manages and develops properties that are leased primarily to retail tenants under long-term net leases. As of March 31, 2008, NNN owned 931 Investment Properties, with an aggregate leasable area of 11 million square feet, located in 44 states. For more information on the Company, visit http://www.nnnreit.com/.

Contact: Kevin B. Habicht, (bottom right photo) Chief Financial Officer of National Retail Properties, Inc., +1-407-265-7348