Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an


           Off-Balance Sheet Arrangement of a Registrant.

National Retail Properties, Inc. (the "Company") entered into an underwriting agreement, dated September 15, 2021 (the "Underwriting Agreement"), among the Company and BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, and Truist Securities, Inc. as representatives of the several underwriters named therein, whereby the Company agreed to sell $450 million aggregate principal amount of 3.000% notes due 2052 (the "Notes") in an underwritten public offering. The offering of the Notes closed on September 24, 2021. Concurrently with the closing of the offering and issuance of the Notes, the Company entered into a Twentieth Supplemental Indenture (the "Supplemental Indenture") to the Indenture dated as of March 25, 1998, as amended (the "Base Indenture," and, together with the Supplemental Indenture, the "Indenture"), between the Company and U.S. Bank National Association, as successor trustee.

The Notes are registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement on Form S-3 (File No. 333-240297), filed by the Company with the Securities and Exchange Commission ("SEC") on August 3, 2020 (the "Registration Statement").

The Notes are senior unsecured obligations of the Company and will rank equally with all of the Company's other existing and future senior indebtedness. The Notes will mature on April 15, 2052 and bear interest at a rate of 3.000% per annum. Interest on the Notes is payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2022. The net proceeds from the offering were approximately $434.4 million, after deducting the underwriting discount and other estimated expenses of the offering payable by the Company. The Company intends to use the net proceeds from the offering to redeem all 13,800,000 outstanding depositary shares, each representing a 1/100th interest in a share of its 5.200% Series F Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Depositary Shares") and the Series F Cumulative Redeemable Preferred Stock underlying the Depositary Shares, to fund future property acquisitions and for general corporate purposes.

The foregoing descriptions of the Notes, the Underwriting Agreement, and the Indenture do not purport to be complete and are qualified in their entirety by reference to the full text of the Notes, the Underwriting Agreement, and the Indenture. A copy of the Underwriting Agreement is attached to this Current Report on Form 8-K as Exhibit 1.1 and is incorporated herein by reference. A copy of the Supplemental Indenture is attached to this Current Report on Form 8-K as Exhibit 4.1 and is incorporated herein by reference. A copy of the form of the Note is attached to this Current Report on Form 8-K as Exhibit 4.2 and is incorporated herein by reference. A copy of the Base Indenture is filed with the SEC as Exhibit 4.2 to the Registration Statement and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.






  (d) Exhibits.




 1.1       Underwriting Agreement, dated September 15, 2021, among the Company and
         BofA Securities, Inc., Wells Fargo Securities, LLC, Citigroup Global
         Markets Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC, and
         Truist Securities, Inc. as representatives of the several underwriters
         named therein.

 4.1       The Twentieth Supplemental Indenture between National Retail
         Properties, Inc. and U.S. Bank National Association.

 4.2       Form of 3.000% Note due 2052.

 5.1       Opinion of Pillsbury Winthrop Shaw Pittman LLP as to the legality of
         the securities being issued by the registrant.

 8.1       Opinion of Pillsbury Winthrop Shaw Pittman LLP regarding certain
         material tax issues relating to the registrant.

23.1       Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing of Exhibit
         5.1 herewith (included in its opinion filed as Exhibit 5.1).

23.2       Consent of Pillsbury Winthrop Shaw Pittman LLP to the filing of Exhibit
         8.1 herewith (included in its opinion filed as Exhibit 8.1).

104.1    Cover Page Interactive Data File (the Cover Page Interactive Data File is
         embedded within the Inline XBRL document)

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