NNN Issues Public Offering - Analyst Blog
September 07 2011 - 5:30AM
Zacks
National Retail Properties,
Inc. (NNN) recently issued a public
offering of 8 million shares at an average price of $26.07 per
share. As a part of the offering, the underwriters have an option
of purchasing additional 1.2 million shares within a time period of
30 days.
Consistent with its investment
objectives and strategies, National Retail intends to utilize the
proceeds generated from the offering to acquire additional assets
and repay debts under its credit facility and for other general
corporate purposes.
This public offering will enable
the company to attain financial flexibility and seize investment
opportunities and acquisitions, which go a long way in enhancing
top-line growth.
National Retail reported second
quarter 2011 FFO (fund from operations) of $32.1 million or 38
cents per share compared with $29.4 million or 36 cents in the
year-earlier quarter. Fund from operations, a widely used metric to
gauge the performance of REITs, is obtained after adding
depreciation and amortization and other non-cash expenses to net
income. The company increased its FFO guidance from the range of
$1.50- $1.53 to $1.52 to $1.55 per share for 2011.
National Retail also expects its
acquisition volume to increase from the prior range of $200
million-$250 million to $400 million-$500 million for fiscal
2011.
National Retail is a publicly owned
equity real estate investment trust that acquires, owns, manages,
and develops retail properties in the United States. National
Retail currently retains a Zacks #3 Rank, which translates into a
short-term Hold rating. We are also maintaining our long-term
Neutral recommendation on the stock. One of its competitors,
Developers Diversified Realty Corp. (DDR) also
holds a Zacks #3 Rank.
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