National Retail Properties, Inc. Closes Offering of Common Stock
ORLANDO, Fla., Dec. 5, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NNN) (the "Company") today announced that it has closed an underwritten public offering of 8,050,000 shares of common stock at a price of $25.75 per share, which includes 1,050,000 shares sold to the underwriters pursuant to the full exercise of their option to purchase additional shares. The Company estimates that the net proceeds from the offering will be approximately $198.3 million, after deducting the underwriting discount and estimated offering expenses. The Company intends to use the net proceeds from the offering to repay borrowings under its credit facility, for general corporate purposes and to fund future property acquisitions.
Wells Fargo Securities, BofA Merrill Lynch and Citigroup acted as joint book-running managers for the offering. Raymond James and RBC Capital Markets acted as senior co-managers for the offering. Also, Morgan Keegan, Stifel Nicolaus Weisel, UBS Investment Bank, BB&T Capital Markets, Janney Montgomery Scott, Piper Jaffray, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Capital One Southcoast and FBR Capital Markets acted as co-managers for the offering.
This offering was made pursuant to an effective shelf registration statement and prospectus and related prospectus supplement filed with the Securities and Exchange Commission. This press release shall not constitute and offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such any state or jurisdiction. Copies of the prospectus supplement and related prospectus for this offering may be obtained from Wells Fargo Securities, LLC, BofA Merrill Lynch or Citigroup. Any requests can be made by contacting Wells Fargo Securities, LLC, Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by telephone at 1-800-326-5897, or by e-mail at firstname.lastname@example.org, BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, attn: Prospectus Department, or by e-mail at email@example.com, or Citigroup, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, by telephone at 1-800-831-9146, or by e-mail at firstname.lastname@example.org.
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2011, the company owned 1,298 Investment Properties in 47 states with a gross leasable area of approximately 15.3 million square feet.
Statements in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of our tenants, the availability of capital, risks related to our status as a REIT, and the profitability of the company's taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's Securities and Exchange Commission ("SEC") filings, including, but not limited to, the company's Annual Report on Form 10-K. Copies of each filing may be obtained from the company or the SEC. Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. National Retail Properties undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
SOURCE National Retail Properties, Inc.