National Retail Properties, Inc announced that it is notifying holders of its 3.30% Notes due 2023 (the “Notes”) that the Company will redeem all outstanding Notes on March 12, 2021. The Notes will be redeemed in cash at a price equal to 100% of the principal amount of Notes being redeemed, plus a Make-Whole Amount of $21,327,880.22, plus accrued and unpaid interest to, but excluding, March 12, 2021. As of March 2, 2021, approximately $350 million aggregate principal amount of Notes remained outstanding.
The notice of redemption containing the information required by the terms of the indenture governing the Notes was sent to registered holders of the Notes on March 2, 2021. U.S. Bank National Association will act as the paying agent for redeemed Notes.
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.