National Retail Properties, Inc. Prices Offering Of $450,000,000 Of 3.500% Senior Unsecured Notes Due 2051

Company Release - 3/1/2021 6:15 PM ET

ORLANDO, Fla., March 1, 2021 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN) (the "Company") today announced that it has priced its public offering of $450,000,000 of 3.500% senior unsecured notes due 2051 (the "notes").  The notes were offered at 98.132% of the principal amount with a yield to maturity of 3.602%.  Interest on the notes will be payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2021.  The notes mature on April 15, 2051. The offering is expected to close on or about March 10, 2021, subject to customary closing conditions.

BofA Securities, Inc., Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are acting as joint book-running managers and representatives of the underwriters for the offering. RBC Capital Markets, LLC, Truist Securities, Inc. and PNC Capital Markets LLC are acting as joint book-running managers for the offering. Citigroup Global Markets Inc., Capital One Securities, Inc. and Raymond James & Associates, Inc. are acting as senior co-managers for the offering.

The Company intends to use the net proceeds from the offering of the notes to redeem all of its outstanding 3.30% notes due 2023, to fund future property acquisitions and for general corporate purposes. This press release does not constitute a notice of redemption under the indenture governing such 3.30% notes due 2023.

The offering is being made only by means of a prospectus supplement and accompanying prospectus, which are part of an effective shelf registration statement the Company filed with the Securities and Exchange Commission ("SEC").  You may obtain copies of these documents for free by visiting EDGAR on the SEC's website at Alternatively, copies of these documents, when available, may be obtained by contacting BofA Securities, Inc., 200 North College Street, 3rd Floor, NC1-004-03-43, Charlotte, NC 28255-001, Attention: Prospectus Department, by telephone: 1-800-294-1322 or by email at; Wells Fargo Securities, LLC, 550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention: WFS Customer Service, by telephone: 1-800-645-3751, or by email at; Morgan Stanley & Co. LLC, 1585 Broadway, 4th Floor, New York, New York 10036, by telephone: 1-866-718-1649, or by email at; TD Securities (USA) LLC, 1 Vanderbilt Avenue, 12th Floor, New York, New York 10017, Attention: Transaction Management Group, by telephone: 1-855-495-9846, or by email at; or U.S. Bancorp Investments, Inc., 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Credit Fixed Income or by telephone: 1-877-558-2607.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

National Retail Properties, Inc. invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2020, the Company owned 3,143 properties in 48 states with an aggregate gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 10.7 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. For example, the fact that this offering has priced may imply that this offering will close, but the closing is subject to conditions customary in transactions of this type and may be delayed or may not occur at all. No assurance can be given that the offering discussed above will be completed on the terms described or at all or that the net proceeds of this offering will be used as described. Completion of this offering on the terms described, and the application of the net proceeds of this offering, are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company or are unknown to it. These risks include, among others, the potential impacts of the COVID-19 pandemic on the Company's business operations, financial results and financial position and on the world economy, 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 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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