National Retail Properties, Inc. Announces Redemption Of All Outstanding Depositary Shares Representing Interests In Its 5.200% Series F Cumulative Redeemable Preferred Stock

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National Retail Properties, Inc. (NYSE: NNN) announced the redemption of all outstanding shares of its 5.200% Series F Cumulative Redeemable Preferred Stock. The redemption will occur on October 16, 2021, at a value of $25.00 per share, totaling $25.111944 including accrued dividends. The shares will cease to accrue dividends on the redemption date. As of June 30, 2021, the company owned 3,173 retail properties across 48 states, with an average lease term of 10.6 years.

Positive

• Redeeming Series F Preferred Shares may improve financial flexibility.
• Ownership of 3,173 properties with a robust average lease term of 10.6 years.

Negative

• None.

ORLANDO, Fla., Sept. 16, 2021 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the Company") today called for redemption of all outstanding shares of its 5.200% Series F Cumulative Redeemable Preferred Stock (the "Series F Preferred Shares") represented by depositary shares, each representing a 1/100th interest in a Series F Preferred Share (the "Depositary Shares," CUSIP: 637417874; NYSE: NNNPRF). The Depositary Shares will be redeemed on October 16, 2021 at $25.00 per Depositary Share, plus all accrued and unpaid dividends up to (but not including) the redemption date, for an aggregate redemption price of $25.111944 per Depositary Share. On the redemption date, dividends on the Depositary Shares representing interests in Series F Preferred Shares will cease to accrue.

The redemptions will be made in accordance with The Depositary Trust Company's procedures. The Depositary Shares shall be surrendered for payment of the redemption price to American Stock Transfer and Trust Company, LLC the redemption and paying agent.

National Retail Properties, Inc. invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2021, the Company owned 3,173 properties in 48 states with an aggregate gross leasable area of approximately 32.7 million square feet and with a weighted average remaining lease term of 10.6 years.

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SOURCE National Retail Properties, Inc.

FAQ

What is the significance of NNN's Series F Preferred Stock redemption?

The redemption allows NNN to enhance its financial flexibility by eliminating the obligation of preferred dividends.

When will the Series F Preferred Shares be redeemed?

The Series F Preferred Shares will be redeemed on October 16, 2021.

What is the redemption price for NNN's Series F Preferred Shares?

The redemption price is $25.00 per Depositary Share, totaling $25.111944 including accrued dividends.

How many properties does National Retail Properties own?

As of June 30, 2021, NNN owned 3,173 properties in 48 states.

What is the average remaining lease term for NNN's properties?

The average remaining lease term for NNN's properties is 10.6 years.