ORLANDO, Fla., Dec. 15, 2016 /PRNewswire/ -- National Retail
Properties, Inc. (NYSE: NNN) (the "Company") reported today that it
has closed on its previously announced issuance of $350,000,000 of 3.60% senior unsecured notes due
2026 ("2026 Notes"). The 2026 Notes were offered at 98.897%
of the principal amount with a yield to maturity of 3.733%.
In June 2016, the Company entered
into two forward starting swaps with a total notional amount of
$180,000,000 to partially hedge the
risk of changes in interest-related cash outflows associated with
this issuance of long-term debt. On December 7, 2016, the Company received
$13,352,000 in connection with the
termination and settlement of these swaps. These swap
proceeds will be amortized as a reduction to interest expense using
the effective interest method over the next 10 years, thereby
reducing the effective yield of the 2026 Notes to 3.280%.
National Retail Properties, Inc. invests primarily in
high-quality retail properties subject generally to long-term, net
leases. As of September 30, 2016, the
Company owned 2,485 properties in 48 states with an aggregate gross
leasable area of approximately 26.6 million square feet and with a
weighted average remaining lease term of 11.5 years.
Statements in this press release that are not strictly
historical are "forward-looking" statements. These statements
generally are characterized by the use of terms such as "believe,"
"expect," "intend," "may," "estimated," or other similar words or
expressions. Forward-looking statements involve known and unknown
risks, which may cause the Company's actual future results to
differ materially from expected results. These risks include, among
others, general economic conditions, local real estate conditions,
changes in interest rates, increases in operating costs, the
preferences and financial condition of the Company's tenants, the
availability of capital and risks related to the Company's status
as a REIT. Additional information concerning these and other
factors that could cause actual results to differ materially from
these forward-looking statements is contained from time to time in
the Company's SEC filings, including, but not limited to, the
Company's Annual Report on Form 10-K. Copies of each filing may be
obtained from the Company or the SEC. Such forward-looking
statements should be regarded solely as reflections of the
Company's current operating plans and estimates. Actual operating
results may differ materially from what is expressed or forecast in
this press release. National Retail Properties, Inc. undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date these statements were made.
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SOURCE National Retail Properties, Inc.