CNLR Closing on $95.6M Stock Sale Deal

ORLANDO-Commercial Net Lease Realty Inc. expects to close today on the sale of 5.6 million shares of its common stock to cover a portion of the July 24th $142.8 million purchase contract for two fully leased office buildings totaling 540,707 sf and a two-story parking garage in Washington, DC.

CNLR’s chief financial officer Kevin B. Habicht says the REIT expects to realize net proceeds of $95.6 million from the stock which was priced at $18 per share, its current trading price on the New York Stock Exchange. CNLR has given the underwriters an over-allotment option to buy up to 840,000 additional shares.

Citigroup Global Markets Inc. acted as sole book-running manager for the public offering. Wachovia Securities was the co-lead manager. A.G. Edwards & Sons Inc. and Legg Mason Wood Walker Inc. were the other co-managers.