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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ddr Corp. | NYSE:DDR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.99 | 0.00 | 01:00:00 |
National Retail Properties Inc. (NNN) recently closed an underwritten public offering of 9.2 million shares at an average price of $26.07 per share. The public offering also included 1.2 million shares sold to the underwriters. After deducting underwriting discounts and other expenses, the company generated net proceeds of $229.4 million.
Consistent with its investment objectives and strategies, National Retail intends to utilize the proceeds generated from the offering to acquire additional assets, 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 (funds from operations) of $32.1 million or 38 cents per share compared with $29.4 million or 36 cents per share in the year-earlier quarter.
Funds 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 2011 FFO guidance from the range of $1.50- $1.53 to $1.52 - $1.55 per share, driven by higher acquisition volume.
The company expects its acquisition volume to increase in the range of $400 million - $500 million, from the previous range of $200 million to $250 million.
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 has 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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