TABLE  OF CONTENTS 2 | SHAREHOLDER’S LETTER 7 | HISTORICAL FINANCIAL HIGHLIGHTS 16 | OFFICERS AND DIRECTORS INSIDE BACK COVER | SHAREHOLDER INFORMATION  NNN CONSISTENTLY OUTPERFORMS  THE REIT INDUSTRY AND MAJOR EQUITY INDICES Annual Total Return Comparison For Periods Ending December 31, 2013 (quarterly) (NNN = $30.33 at 12/31/2013) 1 YEAR 3 YEARS 5 YEARS 10 YEARS 15 YEARS 20 YEARS NATIONAL RETAIL PROPERTIES (NNN) 2.0% 10.3% 19.0% 12.3% 13.8% 12.3% INDICES * NAREIT Equity REIT Index (FNERTR) 2.9% 10.1% 16.9% 8.6% 10.5% 10.3% * Morgan Stanley REIT Index (RMS G) 2.5% 9.5% 16.7% 8.4% 10.3% n/a S&P 500 Index (SPX) 32.3% 16.1% 17.9% 7.4% 4.7% 9.2%  Nasdaq (CCMP) 40.1% 17.8% 22.9% 8.8% 5.3% 8.8% * S&P 400 Index (MID) 33.4% 15.6% 21.8% 10.3% 9.9% 12.1% * Russell 1000 Index (RIY) 33.1% 16.3% 18.5% 7.8% 5.1% 7.3% * Russell 1000 Value Index (RLV) 32.5% 16.0% 16.6% 7.5% 6.2% 6.9% * NNN is a member of this index (deleted from S&P 600 and  added to S&P 400 in December 2011; deleted from Russell  2000 and added to Russell 1000 in June 2012) Source: Bloomberg