National Retail Properties Inc. Declares Dividend for Its Series C Preferred Stock

ORLANDO, FL -- The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend on its Series C Cumulative Redeemable Preferred Stock of 46.09375 cents per depositary share payable March 15, 2012, to shareholders of record on February 29, 2012.

The dividend represents an annualized rate of $1.84375 per depositary share.

National Retail Properties invests primarily in high‐quality retail properties subject generally to long‐term, net leases. As of December 31, 2011, the company owned 1,422 properties in 47 state with a gross leasable area of approximately 16.4 million square feet. For more information on the company, visit www.nnnreit.com.

Contact:

Kevin B. Habicht

Chief Financial Officer

(407) 265‐7348