National Retail Properties
(NNN - Get Report)
shares failed to ride Wednesday's market rally -- even as other mall and retail
real estate investment trusts
were gaining -- after the company priced a secondary offering.
National Retail said late Tuesday it had priced an offering of 8 million shares at $26.07 per share. Underwriters were granted a 30-day option to purchase up to an additional 1.2 million shares to cover over-allotments.
The offering is expected to close on Sept. 12, 2011.
Investors, worried about the dilutive effect the offering will have on their own holdings, bid National Retail shares 1.2% lower at $26.28 in afternoon trading. The stock traded heavily; around 8.4 million shares changed hands with more than two hours left in the trading session, compared with their average daily volume of just 1.4 million.
Elsewhere in the retail REIT space,
(KIM - Get Report)
General Growth Properties
(GGP - Get Report)
Simon Property Group
(SPG - Get Report)
Tanger Factory Outlet Centers
(SKT - Get Report)
all traded higher. Kimco gained 3.4%, General Growth added 2.4%, Simon Property rose 1.6% and Tanger gained 1.4%.
Written by Miriam Marcus Reimer in New York.
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