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National Retail Properties launches offering of depositary shares

National RetailProperties Inc. initiated an underwritten public offering ofdepositary shares, as the company expects to record a noncash impairment chargeof $6 million to $7 million during the third quarter on four of the sevensecuritization trusts in which it holds residual interests, or residuals.

Each depositary share in the offering represents a 0.01interest in a share of the company's series F cumulative redeemable preferredstock.

The company noted that the impairment charge comes as aresult of the loan servicers of the four securitization trusts exercising theircleanup call options in September to effectively buy all of the assets of thesesecuritization trusts. The move ends future cash distributions payable to theREIT as the holder of the residual interests under these securitization trusts.

National Retail said the valuation of its investment in theresiduals on its balance sheet is based on the present value of projectedfuture cash flows, which amounted to about $10.6 million as of June 30, or lessthan 0.2% of its total assets.

The company's core funds from operations and adjusted fundsfrom operations are not expected to be impacted by the impairment charge,according to a filing.