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)  46 See accompanying notes to consolidated financial statements. 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, 2011 $ 92,000 $ — — $ 1,049 $1,958,225 $ (44,946) $ (3,830) $ 2,002,498 $ 1,378 $ 2,003,876 Net earnings — — — — — 142,015 — 142,015 (78) 141,937 Dividends declared and paid: $0.53776 per depositary share of Series C preferred stock — — — — — (1,979) — (1,979) — (1,979) $1.34340 per depositary share of Series D preferred stock — — — — — (15,449) — (15,449) — (15,449) $1.56 per share of common stock — — — 4 11,758 (167,495) — (155,733) — (155,733) Redemption of 3,680,000 shares of Series C Preferred Stock (92,000) — — — 3,098 (3,098) — (92,000) — (92,000) Issuance of 11,500,000 depositary shares of Series D Preferred Stock — 287,500 — — (9,855) — — 277,645 — 277,645 Issuance of common stock: 40,460 shares — — — — 833 — — 833 — 833 1,689,160 shares – stock purchase program — — — 17 44,395 — — 44,412 — 44,412 4,282,298 shares - ATM equity program — — — 43 129,049 — — 129,092 — 129,092 Issuance of 373,913 shares of restricted common stock — — — 4 331 — — 335 — 335 Equity component of convertible debt — — — — (41,486) — — (41,486) — (41,486) Stock issuance costs — — — — (2,265) — — (2,265) — (2,265) Performance incentive plan — — — — (451) — — (451) — (451) Amortization of deferred compensation — — — — 7,370 — — 7,370 — 7,370 Amortization of interest rate hedges — — — — — — 231 231 — 231 Unrealized gain – commercial mortgage residual interests — — — — — — 1,132 1,132 — 1,132 Stock value adjustment — — — — — — 85 85 — 85 Balances at December 31, 2012 $ — $ 287,500 $ — $ 1,117 $2,101,002 $ (90,952) $ (2,382) $ 2,296,285 $ 1,300 $ 2,297,585