NNN REIT, INC. — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RETAIL PROPERTIES, INC. (NNN)
CIK: 0000751364
Period of Report: 2012-04-30

Reporting Person: JENNINGS RICHARD B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-30	Common Stock	A	472	$27.38	Acquired	48506	Direct
2012-04-30	Common Stock	A	730	$27.38	Acquired	49236	Direct

Footnotes

F1: Shares were acquired pursuant to a stock award under the National Retail Properties 2007 Performance Incentive Plan in a transaction 16-b.

F2: Reflects the deferral under the Plan and conversion into stock units of compensation otherwise payable for Board and Committee services.