NATIONAL RETAIL PROPERTIES, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY Years Ended December 31, 2013, 2012 and 2011 (dollars in thousands, except per share data)  47 Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock Common Stock Capital in Excess of Par Value Retained Earnings Accumulated  Other Comprehensive Income Total Stockholders’ Equity Noncontrolling Interests Total Equity Balances at December 31, 2012 $ — $ 287,500 $ — $ 1,117 $2,101,002 $ (90,952) $ (2,382) $ 2,296,285 $ 1,300 $ 2,297,585 Net earnings — — — — — 160,145 — 160,145 (60) 160,085 Dividends declared and paid: $1.65625 per depositary share of Series D preferred stock — — — — — (19,047) — (19,047) — (19,047) $0.77188 per depositary share of Series E preferred stock — — — — — (8,876) — (8,876) — (8,876) $1.60 per share of common stock — — — 4 14,941 (189,107) — (174,162) — (174,162) Issuance of 11,500,000 depositary shares of Series E Preferred Stock — — 287,500 — (9,856) — — 277,644 — 277,644 Issuance of common stock: 29,013 shares — — — — 744 — — 744 — 744 322,084 shares – stock purchase program — — — 3 10,458 — — 10,461 — 10,461 6,956,992 shares – ATM equity program — — — 70 242,348 — — 242,418 — 242,418 2,407,911 shares – conversion of 2028 Notes — — — 24 85,200 — — 85,224 — 85,224 Issuance of 290,181 shares of restricted common stock — — — 3 (213) — — (210) — (210) Equity component of convertible debt — — — — (93,450) — — (93,450) — (93,450) Stock issuance costs — — — — (3,774) — — (3,774) — (3,774) Amortization of deferred compensation — — — — 6,715 — — 6,715 — 6,715 Amortization of interest rate hedges — — — — — — 438 438 — 438 Fair value forward swaps — — — — — — (3,141) (3,141) — (3,141) Unrealized loss – commercial mortgage residual interests — — — — — — (438) (438) — (438) Stock value adjustment — — — — — — 69 69 — 69 Noncontrolling interests — — — — (949) — 949 — — — Balances at December 31, 2013 $ — $ 287,500 $ 287,500 $ 1,221 $2,353,166 $(147,837) $ (4,505) $ 2,777,045 $ 1,240 $ 2,778,285 See accompanying notes to consolidated financial statements.