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National Retail Properties launches common stock offering

National Retail Properties Inc. is selling 6.0 million common shares in a public offering.

The single-tenant real estate investment trust expects to grant a 30-day option for the underwriters to acquire up to 900,000 additional shares.

The gross offering proceeds, based on the company's Sept. 4 closing stock price of $57.68 per share and assuming the additional-share option is fully exercised, are expected to total approximately $398.0 million.

The REIT plans to use the net proceeds to redeem all of its 11.5 million outstanding depositary shares, each representing a 1/100th interest in a share of its 5.700% series E cumulative redeemable preferred stock, and the series E cumulative redeemable preferred stock underlying the depositary shares.

Any remaining net proceeds will be used for outstanding debt repayment under the REIT's credit facility, additional property acquisitions and general corporate functions.

BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley will be the joint book-running managers and representatives of the underwriters for the offering, while Citigroup, Jefferies, RBC Capital Markets, Raymond James and Stifel will be the joint book-running managers.