National Retail Properties Prices 4.75 Million Common Shares - Analyst Blog

On Nov 11, National Retail Properties, Inc. (NNN) announced the pricing of a public offering of 4.75 million common shares at $38.16 per share. The company will utilize the net proceeds accrued from this public offering for the repayment of outstanding debt under its credit facility. Additionally, the real estate investment trust (“REIT”) intends to use the rest of the yield for funding acquisitions as well as for general corporate purposes.

National Retail Properties is an Orlando, FL-based equity-REIT, engaged in acquiring, owning, managing, and developing high-quality retail properties, usually subject to long-term, net leases with established tenants. As of Sep 30, 2014, the company had 2,038 Investment Properties over 47 states, with gross leasable area of around 22.1 million square feet.

Also, as part of the offering, underwriters were granted a 30-day option to purchase a maximum of 712,500 additional common shares. The offering, subject to certain customary closing conditions, is likely to close on Nov 14, 2014.

National Retail Properties currently holds a Zacks Rank #2 (Buy). Other top-ranked equity-REITs include Acadia Realty Trust (AKR), Agree Realty Corp. (ADC) and CBL & Associates Properties Inc. (CBL). All these stocks hold the same Zacks rank as National Retail Properties.

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