ORLANDO, FL Sept. 6, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has commenced an underwritten public offering of 8,000,000 shares of common stock. As part of the offering, the Company also expects to grant the underwriters a 30-day option to purchase up to 1,200,000 additional shares of common stock.
Citigroup, Wells Fargo Securities and BofA Merrill Lynch will act as joint book-running managers for the offering.
The Company intends to use the net proceeds from the offering to repay borrowings under its credit facility and for general corporate purposes, which may include future property acquisitions.
National Retail Properties, Inc. Announces Increased 2011 FFO Guidance
ORLANDO, FL, Sept. 6, 2011 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced increased 2011 FFO guidance of $1.52 to $1.55 per share before any impairment expense and estimated AFFO to be $1.65 to $1.68 per share.
This FFO guidance equates to net earnings before any gains or losses from the sale of real estate of $0.93 to $0.96 per share plus $0.59 per share of real estate related depreciation and amortization.
The increased guidance is primarily related to increased projected acquisition volume of $400-$500 million in 2011 from our prior projected acquisition volume of $200-$250 million in 2011.
In 2011 through the date of this release, NNN has completed the acquisition of approximately $290 million in the Investment Portfolio, including acquiring 99 properties with an aggregate 1.8 million square feet of gross leasable area.
This guidance updates the Company's previously announced 2011 FFO and AFFO guidance and is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the Securities and Exchange Commission.
Contact: Kevin B. Habicht, Chief Financial Officer, +1-407-265-7348
No comments:
Post a Comment