2014

National Retail Properties, Inc. Prices Series D Cumulative Redeemable Preferred Depositary Shares

ORLANDO, Fla., Feb. 15, 2012 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has priced an underwritten public offering of 10,000,000 depositary shares, each representing a 1/100th interest in a share of its newly designated 6.625% Series D Cumulative Redeemable Preferred Stock at a price of $25.00 per depositary share. As part of the offering, the Company granted the underwriters a 30-day option to purchase an additional 1,500,000 depositary shares. The offering is expected to close on or about February 23, 2012, subject to customary closing conditions.  The Company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "NNNPRD".  If its application is approved, the Company expects trading of the depositary shares on the New York Stock Exchange to commence within the 30-day period after the initial delivery of the depositary shares.

BofA Merrill Lynch, Citigroup, Wells Fargo Securities and RBC Capital Markets are acting as joint book-running managers for the offering. Raymond James and Stifel Nicolaus Weisel are acting as lead managers for the offering. BB&T Capital Markets, Janney Montgomery Scott and Morgan Keegan are acting as senior co-managers and FBR Capital Markets & Co., Piper Jaffray and PNC Capital Markets LLC are acting as co-managers for the offering.

The Company intends to use the net proceeds from the offering to redeem all of its outstanding depositary shares representing interests in the Company's Series C Preferred Stock and for general corporate purposes, which may include repaying the outstanding indebtedness under its credit facility.

This offering is being made pursuant to an effective shelf registration statement and prospectus and related prospectus supplement to be filed with the Securities and Exchange Commission. This press release shall not constitute an 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 any such state or jurisdiction.  When available, copies of the prospectus supplement and related prospectus for this offering may be obtained from BofA Merrill Lynch, Citigroup, Wells Fargo Securities or RBC Capital Markets. Any requests can be made by contacting BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, attn: Prospectus Department, or by e-mail at dg.prospectus_requests@baml.com, 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 batprospectusdept@citi.com, Wells Fargo Securities, Attention: Syndicate Operations, 1525 West W.T. Harris Blvd., Charlotte, NC 28262, by telephone at 1-800-326-5897, or by e-mail at cmclientsupport@wellsfargo.com, or RBC Capital Markets, Attention: Syndicate Operations Department, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at 1-866-375-6829 or by e-mail at rbcnyfixedincomeprospectus@rbccm.com.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2011, the company owned 1,422 properties in 47 states with a gross leasable area of approximately 16.4 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.



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