ORLANDO, Fla., Nov. 14, 2014 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has closed an underwritten public offering of 5,462,500 shares of common stock at a price of $38.16 per share, which includes 712,500 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 $200.1 million, after deducting the underwriting discount. The Company intends to use the net proceeds from the offering to repay outstanding indebtedness under its credit facility. In addition, the Company intends to use the remainder of the net proceeds from the offering, if any, to fund future property acquisitions and for general corporate purposes.
BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley acted as joint book-running managers for the offering. Citigroup, RBC Capital Markets and Raymond James acted as co-lead managers for the offering. Stifel, BB&T Capital Markets, Capital One Securities, PNC Capital Markets LLC, SunTrust Robinson Humphrey and Piper Jaffray acted as senior co-managers for the offering. Finally, Baird, FBR and Ladenburg Thalmann 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 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. Copies of the prospectus supplement and related prospectus for the offering may be obtained from BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley. Any requests can be made by contacting BofA Merrill Lynch, 222 Broadway, New York, New York 10038, attn: Prospectus Department, or email: [email protected]; Wells Fargo Securities, 375 Park Avenue, New York, NY 10152, attn: Equity Syndicate Department, telephone: 1-800-326-5897 or email: [email protected]; or Morgan Stanley, 180 Varick Street, New York, NY 10014 attn: Prospectus Department.
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2014, the company owned 2,038 Investment Properties in 47 states with a gross leasable area of approximately 22.1 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. No assurance can be given that the net proceeds of the offering will be used as indicated. The application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it. 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. The Company 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.