National Retail Properties, Inc. (NNN) said Wednesday that it has commenced an underwritten public offering of depositary shares, each representing a 1/100th interest in a share of its newly designated Series E Cumulative Redeemable Preferred Stock.
The company also expects to grant the underwriters a 30-day option to purchase an additional 15% of the depositary shares initially offered.
The company plans to apply to list the depositary shares on the New York Stock Exchange under the symbol "NNNPRE". If its application is approved, the Company expects trading of the depositary shares on the New York Stock Exchange to commence within the 30-day period after the initial delivery of the depositary shares.
The company said it plans to use the net proceeds from the offering for general corporate purposes, which may include funding future property acquisitions.
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