National Retail Properties (NNN) prices 30-year senior notes.

National Retail Properties, Inc. (NNN) announced today that it has priced a $450 million offering of 3.500% senior unsecured notes due 2051.  The notes were priced at a discount to yield 3.602%, or +137 basis points to the treasury curve.  The notes are expected to be rated Baa1/BBB+ by Moody's and S&P.

Established in 1990, National Retail Properties is an equity REIT specializing in the acquisition and ownership of retail properties leased to large retail chains. The company's portfolio currently includes 3,143 properties in 48 states with sector concentrations in restaurants (20% of annualized rent), convenience stores (18%), automotive service (10%), family entertainment (6%), and health/fitness (5%). NNN has a total market capitalization of approximately $10.8 billion and is a member of the S&P 400 MidCap index.