trending Market Intelligence /marketintelligence/en/news-insights/trending/jjcwxnq39avtbzr_g3ywsa2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

National Retail Properties launches offering of depositary shares

IoT and AI Aid Critical Event Management to Battle COVID-19, but Deployment could Raise Privacy Concerns

Video

The Global Impact of COVID-19

COVID-19: The 451 Research Take

Australia And New Zealand Telcos Launch Special Packs Amidst COVID-19 Outbreak


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.