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News and Information Article
SANTA ANA, Calif., Nov. 30 // -- NNN Realty Advisors, Inc.
today announced that Friedman, Billings, Ramsey & Co. closed a $160 million
private placement of NNN Realty Advisors common stock to institutional
investors and certain accredited investors.
NNN Realty Advisors is a nationwide commercial real estate asset
management and services firm that sponsors real estate investment programs
to provide investors with the opportunity to engage in tax-deferred
exchanges of real property and to invest in other real estate investment
vehicles including public non-traded real estate investment trusts and real
estate investment funds.
NNN Realty Advisors sold 16 million shares of its common stock in the
offering at an offering price of $10 per share. NNN Realty Advisors will
use the proceeds from the transaction to repay debt; fund asset purchases
and provide short-term financing for its sponsored programs; fund
co-investment of a new sponsored institutional-oriented real estate fund;
and for general corporate purposes.
NNN Realty Advisors plans to register as a public company and will seek
to become listed on the New York Stock Exchange by the fourth quarter of
2007.
"This is a first in our industry and further reinforces our business
plan," said Tony Thompson, Chairman of NNN Realty Advisors.
"We look forward to working with our new institutional partners,
including Friedman Billings Ramsey and Wachovia Securities," said Scott
Peters, the Chief Executive Officer and President of NNN Realty Advisors.
"NNN Realty Advisors intends to use the proceeds from this offering to
facilitate the continued growth and diversity of our sponsored investment
programs in order to increase the number of assets under management."
NNN Realty Advisors is the parent company of Triple Net Properties, LLC
and Triple Net Properties Realty, Inc. and will continue to build upon and
expand the businesses conducted by these companies since 1998. NNN Capital
Corp., an affiliated NASD-registered broker-dealer, also will become a
subsidiary of NNN Realty Advisors following receipt of regulatory approval.
NNN Realty Advisors is the sponsor of 125 commercial real estate investment
programs for individual investors and currently has $4.3 billion of
commercial real estate under management.
Friedman, Billings, Ramsey Group, Inc. provides investment banking*,
institutional brokerage*, asset management, and private wealth services
through its operating subsidiaries and invests in mortgage-related assets
and merchant banking opportunities. FBR focuses capital and financial
expertise on eight industry sectors: consumer, diversified industrials,
energy and natural resources, financial institutions, healthcare,
insurance, real estate, and technology, media and telecommunications. FBR
is headquartered in the Washington, D.C. metropolitan area with offices in
Arlington, Va., Boston, Dallas, Houston, Irvine, London, New York, Phoenix
and San Francisco. Friedman, Billings, Ramsey Group, Inc. is the parent
company of First NLC Financial Services, Inc., a non-conforming residential
mortgage originator headquartered in Deerfield Beach, Florida. For more
information, see http://www.fbr.com.
*Friedman, Billings, Ramsey & Co., Inc.
This press release does not represent a recommendation, solicitation,
or offer to buy or sell the stock of FBR or NNN Realty Advisors, Inc. or
any other security.
This press release contains certain forward-looking statements.
Forward-looking statements are statements that are not descriptions of
historical facts and include statements regarding managements intentions,
beliefs, expectations, plans or predictions of the future. Because such
statements include risks, uncertainties and contingencies, actual results
may differ materially from those expressed or implied by such
forward-looking statements. These risks, uncertainties and contingencies
include, but are not limited to, the following: uncertainties relating to
the companys ability to successfully register its common stock with the
U.S. Securities and Exchange Commission; uncertainties relating to the
timing and success of the NYSEs approval of any listing application;
changes in our results of operations; uncertainties relating to the
implementation of the companys real estate investment and asset management
strategies; and changes in general economic and real estate conditions.
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