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RECORD ANNUAL RESULTS AND 2023 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.
Press Releases

RECORD ANNUAL RESULTS AND 2023 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

ORLANDO, Fla., Feb. 9, 2023 /PRNewswire/ — National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2022.  Highlights include:

Operating Results:

  • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

 



Quarter Ended



Year Ended





December 31,



December 31,





2022



2021



2022



2021





(in thousands, except per share data)



Revenues


$

198,520



$

187,261



$

773,053



$

726,407

















Net earnings available to common stockholders


$

90,662



$

65,129



$

334,626



$

264,217



Net earnings per common share


$

0.50



$

0.37



$

1.89



$

1.51

















FFO available to common stockholders


$

142,178



$

120,529



$

548,884



$

467,833



FFO per common share


$

0.79



$

0.69



$

3.10



$

2.68

















Core FFO available to common stockholders


$

142,893



$

131,426



$

556,404



$

500,058



Core FFO per common share


$

0.80



$

0.75



$

3.14



$

2.86

















AFFO available to common stockholders


$

145,142


(1)

$

135,132


(2)

$

568,952


(1)

$

534,792


(2)

AFFO per common share


$

0.81


(1)

$

0.77


(2)

$

3.21


(1)

$

3.06


(2)



(1)

Amounts include $681 and $5,391 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and year ended December 31, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $3.18 for the quarter and year ended December 31, 2022, respectively.

(2)

Amounts include $2,949 and $24,945 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and year ended December 31, 2021, respectively. Excluding such, AFFO per common share results would have been $0.76 and $2.92 for the quarter and year ended, respectively.

 

2022 Highlights:

  • Increased annual Core FFO per common share 9.8%
  • Dividend yield of 4.7% at December 31, 2022
  • Annual dividend per common share increased to $2.16 marking the 33rd consecutive year of annual dividend increases – the third longest record of consecutive annual dividend increases of all public REITs and 99% of all public companies
  • Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.4 years, at December 31, 2022 as compared to 99.4% at September 30, 2022, and 99.0% at December 31, 2021

2022 Highlights (continued):

  • $847.7 million in property investments, including the acquisition of 223 properties with aggregate gross leasable area of approximately 2,629,000 square feet at an initial cash cap rate of 6.4%, with a weighted average remaining lease term of 16.2 years
  • Sold 33 properties for $65.2 million, producing $17.4 million of gains on sale, at a cap rate of 5.9%
  • Raised $250.2 million in net proceeds from issuance of 5,543,414 common shares
  • Maintained leading debt profile: 96% is fixed-rate debt, 13.7-year weighted average debt maturity and 99.9% of properties are not encumbered with secured mortgage debt
  • Total average annual shareholder returns (11.8% for the past 30 years) exceed industry equity averages for the past 1-, 2-, 5-, 10-, 15-, 20-, 25- and 30-years

Fourth Quarter 2022 Highlights:

  • $260.0 million in property investments, including the acquisition of 69 properties with an aggregate gross leasable area of approximately 789,000 square feet at an initial cash cap rate of 6.6%, with a weighted average remaining lease term of 16.0 years
  • Sold seven properties with net proceeds of $16.0 million, producing $6.8 million of gains on sales at a cap rate of 5.9%
  • Raised $120.7 million in net proceeds from the issuance of 2,690,069 common shares

The company announced 2023 Core FFO guidance of $3.14 to $3.20 per share. The 2023 AFFO is estimated to be $3.19 to $3.25 per share. The Core FFO guidance equates to net earnings of $1.87 to $1.93 per share, plus $1.27 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

Steve Horn, Chief Executive Officer, commented: “We are delighted to report another excellent year at NNN, with record-level property acquisitions and above-average Core FFO growth in 2022. NNN’s best-in-class balance sheet and consistent, strong free cash flow positions NNN well headed into the potential macroeconomic challenges of 2023.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of December 31, 2022, the company owned 3,411 properties in 48 states with a gross leasable area of approximately 35.0 million square feet and with a weighted average remaining lease term of 10.4 years.  For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on February 9, 2023, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company’s web site.  In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.

Statements in this press release that are not strictly historical are “forward-looking” statements.  These statements generally are characterized by the use of terms such as “believe,” “expect,” “intend,” “may,” “estimated,” or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results.  These risks include, among others, general economic conditions, including inflation, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company’s tenants, the availability of capital, risks related to the company’s status as a REIT and the potential impacts of COVID-19, or any epidemic or pandemic on the company’s business operations, financial results and financial position on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the company’s Annual Report on Form 10-K.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  National Retail Properties, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company’s share of these items from the company’s noncontrolling interests and any impairment charges on a depreciable real estate asset.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company’s computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.

Core Funds From Operations (“Core FFO”) is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company’s operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company’s operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company’s core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption costs, executive retirement costs, loss on early extinguishment of debt or other non-core amounts as they occur.   The company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance.  The company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate as defined by NAREIT (“EBITDA”) is a metric established by NAREIT and commonly used by real estate companies. The measure is a result of net earnings (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, excluding any gains (or including any losses) on disposition of real estate, any impairment charges and after adjustments for income and losses attributable to noncontrolling interests. Management considers the non-GAAP measure of EBITDA to be an appropriate measure of the company’s performance and should be considered in addition to, net earnings or loss, as a measure of the company’s operating performance. The company’s computation of EBITDA may differ from the methodology for calculating EBITDA used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to EBITDA, as defined by NAREIT, is included in the company’s Annual Supplemental Data accompanying this release.

 

National Retail Properties, Inc.

Income Statement Summary

(in thousands, except per share data)

(unaudited)








Quarter Ended



Year Ended





December 31,



December 31,





2022



2021



2022



2021



Revenues:














Rental income


$

198,217



$

186,633



$

771,618



$

723,859



Interest and other income from real estate transactions



303




628




1,435




2,548






198,520




187,261




773,053




726,407



Operating expenses:














General and administrative



10,788




9,947




41,695




44,640



Real estate



7,035




7,520




26,281




28,385



Depreciation and amortization



57,322




53,389




223,834




205,220



Leasing transaction costs



61




57




320




203



Impairment losses – real estate, net of recoveries



1,088




7,310




8,309




21,957



Executive retirement costs



715







7,520









77,009




78,223




307,959




300,405



Gain on disposition of real estate



6,787




5,159




17,443




23,094



Earnings from operations



128,298




114,197




482,537




449,096

















Other expenses (revenues):














Interest and other income



(29)




(57)




(149)




(216)



Interest expense



37,665




36,684




148,065




137,874


(1)

Loss on early extinguishment of debt












21,328






37,636




36,627




147,916




158,986

















Net earnings



90,662




77,570




334,621




290,110



Loss attributable to noncontrolling interests









5




3



Net earnings attributable to NNN



90,662




77,570




334,626




290,113



Series F preferred stock dividends






(1,544)







(14,999)



Excess of redemption value over carrying value of

      preferred shares redeemed






(10,897)







(10,897)



Net earnings available to common stockholders


$

90,662



$

65,129



$

334,626



$

264,217

















Weighted average common shares outstanding:














Basic



178,779




174,750




176,404




174,711



Diluted



179,472




174,868




177,068




174,819

















Net earnings per share available to common stockholders:














Basic


$

0.51



$

0.37



$

1.89



$

1.51



Diluted


$

0.50



$

0.37



$

1.89



$

1.51





(1)

Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the year ended December 31, 2021.

 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 








Quarter Ended



Year Ended





December 31,



December 31,





2022



2021



2022



2021



Funds From Operations (FFO) Reconciliation:














Net earnings available to common stockholders


$

90,662



$

65,129



$

334,626



$

264,217



Real estate depreciation and amortization



57,215




53,249




223,392




204,753



Gain on disposition of real estate



(6,787)




(5,159)




(17,443)




(23,094)



Impairment losses – depreciable real estate, net of recoveries



1,088




7,310




8,309




21,957



Total FFO adjustments



51,516




55,400




214,258




203,616



FFO available to common stockholders


$

142,178



$

120,529



$

548,884



$

467,833

















FFO per common share:














Basic


$

0.80



$

0.69



$

3.11



$

2.68



Diluted


$

0.79



$

0.69



$

3.10



$

2.68

















Core Funds From Operations (Core FFO) Reconciliation:














Net earnings available to common stockholders


$

90,662



$

65,129



$

334,626



$

264,217



Total FFO adjustments



51,516




55,400




214,258




203,616



FFO available to common stockholders



142,178




120,529




548,884




467,833

















Executive retirement costs



715







7,520






Loss on early extinguishment of debt












21,328



Excess of redemption value over carrying value of

 preferred shares redeemed






10,897







10,897



Total Core FFO adjustments



715




10,897




7,520




32,225



Core FFO available to common stockholders


$

142,893



$

131,426



$

556,404



$

500,058

















Core FFO per common share:














Basic


$

0.80



$

0.75



$

3.15



$

2.86



Diluted


$

0.80



$

0.75



$

3.14



$

2.86



 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)








Quarter Ended



Year Ended





December 31,



December 31,





2022



2021



2022



2021



Adjusted Funds From Operations (AFFO) Reconciliation:














Net earnings available to common stockholders


$

90,662



$

65,129



$

334,626



$

264,217



Total FFO adjustments



51,516




55,400




214,258




203,616



Total Core FFO adjustments



715




10,897




7,520




32,225



Core FFO available to common stockholders



142,893




131,426




556,404




500,058

















Straight-line accrued rent, net of reserves



261




2,046




3,559




21,137



Net capital lease rent adjustment



78




79




302




340



Below-market rent amortization



(100)




(280)




(510)




(710)



Stock based compensation expense



2,344




1,975




10,078




14,295



Capitalized interest expense



(334)




(114)




(881)




(328)



Total AFFO adjustments



2,249




3,706




12,548




34,734



AFFO available to common stockholders


$

145,142


(1)

$

135,132


(2)

$

568,952


(1)

$

534,792


(2)















AFFO per common share:














Basic


$

0.81


(1)

$

0.77


(2)

$

3.23


(1)

$

3.06


(2)

Diluted


$

0.81


(1)

$

0.77


(2)

$

3.21


(1)

$

3.06


(2)















Other Information:














Rental income from operating leases(3)


$

192,738



$

181,078



$

751,680



$

703,865



Earned income from direct financing leases(3)


$

146



$

154



$

595



$

623



Percentage rent(3)


$

310



$

176



$

1,541



$

706

















Real estate expense reimbursement from tenants(3)


$

5,023



$

5,225



$

17,802



$

18,665



Real estate expenses



(7,035)




(7,520)




(26,281)




(28,385)



Real estate expenses, net of tenant reimbursements


$

(2,012)



$

(2,295)



$

(8,479)



$

(9,720)

















Amortization of debt costs


$

1,200



$

1,164



$

4,734



$

5,186



Scheduled debt principal amortization (excluding

      maturities)


$

170



$

161



$

664



$

630



Non-real estate depreciation expense


$

109



$

116



$

454



$

451





(1)

Amounts include $681 and $5,391 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and year ended December 31, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $3.18 for the quarter and year ended December 31, 2022, respectively.

(2)

Amounts include $2,949 and $24,945 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and year ended December 31, 2021, respectively. Excluding such, AFFO per common share results would have been $0.76 and $2.92 for the quarter and year ended December 31, 2021, respectively.

(3)

For the quarter and year ended December 31, 2022, the aggregate of such amounts is $198,217 and $771,618, respectively, classified as rental income on the income statement summary. For the quarter and year ended December 31, 2021, the aggregate of such amounts is $186,633 and $723,859, respectively.

 

National Retail Properties, Inc.

2023 Earnings Guidance:


Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company’s reports filed with the Commission.




2023 Guidance

Net earnings per common share excluding any gains on disposition

      of real estate, impairment charges, and executive retirement costs


$1.87 – $1.93 per share

Real estate depreciation and amortization per share


$1.27 per share

Core FFO per share


$3.14 – $3.20 per share

AFFO per share


$3.19 – $3.25 per share

General and administrative expenses


$43 – $45 Million

Real estate expenses, net of tenant reimbursements


$8 – $10 Million

Acquisition volume


$500 – $600 Million

Disposition volume


$100 – $120 Million

 

National Retail Properties, Inc.

Balance Sheet Summary

(in thousands)

(unaudited)






December 31,

2022



December 31,

2021


Assets:







Real estate portfolio, net of accumulated depreciation and amortization


$

8,020,814



$

7,449,846


Cash and cash equivalents



2,505




171,322


Restricted cash and cash equivalents



4,273





Receivables, net of allowance of $708 and $782, respectively



3,612




3,154


Accrued rental income, net of allowance of $3,836 and $4,587, respectively



27,795




31,942


Debt costs, net of accumulated amortization of $21,663 and $19,377, respectively



5,352




7,443


Other assets



81,694




87,347


Total assets


$

8,146,045



$

7,751,054









Liabilities:







Line of credit payable


$

166,200



$


Mortgages payable, including unamortized premium and net of unamortized debt costs



9,964




10,697


Notes payable, net of unamortized discount and unamortized debt costs



3,739,890




3,735,769


Accrued interest payable



23,826




23,923


Other liabilities



82,663




79,002


Total liabilities



4,022,543




3,849,391









Stockholders’ equity of NNN



4,123,502




3,901,662


Noncontrolling interests






1


Total equity



4,123,502




3,901,663









Total liabilities and equity


$

8,146,045



$

7,751,054









Common shares outstanding



181,425




175,636









Gross leasable area, Property Portfolio (square feet)



35,010




32,753


 

National Retail Properties, Inc.

Debt Summary

As of December 31, 2022

(in thousands)

(unaudited)


Unsecured Debt


Principal



Principal,

Net of

Unamortized

Discount



Stated

Rate



Effective

Rate



Maturity

Date

Line of credit payable


$

166,200



$

166,200



SOFR + 87.5bps




5.175

%


June 2025
















Unsecured notes payable:















2024



350,000




349,880




3.900

%



3.924

%


June 2024

2025



400,000




399,684




4.000

%



4.029

%


November 2025

2026



350,000




348,301




3.600

%



3.733

%


December 2026

2027



400,000




399,155




3.500

%



3.548

%


October 2027

2028



400,000




398,210




4.300

%



4.388

%


October 2028

2030



400,000




399,039




2.500

%



2.536

%


April 2030

2048



300,000




296,057




4.800

%



4.890

%


October 2048

2050



300,000




294,289




3.100

%



3.205

%


April 2050

2051



450,000




441,884




3.500

%



3.602

%


April 2051

2052



450,000




439,843




3.000

%



3.118

%


April 2052

Total



3,800,000




3,766,342

























Total unsecured debt(1)


$

3,966,200



$

3,932,542

























Debt costs





$

(38,145)










Accumulated amortization




11,693










Debt costs, net of accumulated amortization




(26,452)










Notes payable, net of unamortized discount and

    unamortized debt costs



$

3,739,890












(1)

Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 13.7 years.

 

Mortgages Payable


Principal

Balance



Interest

Rate



Maturity

Date

Mortgage(1)


$

9,969




5.230

%


July 2023










Debt costs



(147)







Accumulated amortization



142







Debt costs, net of accumulated amortization



(5)







Mortgages payable, including unamortized

    premium and net of unamortized debt costs


$

9,964




















(1)

Includes unamortized premium.

 

As of December 31, 2022, Debt / EBITDA based on current quarter EBITDA annualized is 5.4x.


National Retail Properties, Inc.

Debt Summary – Continued

As of December 31, 2022

(unaudited)


Credit Facility and Note Covenants


The following is a summary of key financial covenants for the company’s unsecured credit facility and notes, as defined and calculated per the terms of the facility’s credit agreement and the notes’ governing documents, respectively, which are included in the company’s filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of December 31, 2022, the company believes it is in compliance with the covenants.


Unsecured Credit Facility Key Covenants


Required


December 31, 2022

Maximum leverage ratio


< 0.60


0.36

Minimum fixed charge coverage ratio


> 1.50


4.76

Maximum secured indebtedness ratio


< 0.40


0.001

Unencumbered asset value ratio


> 1.67


2.81

Unencumbered interest ratio


> 1.75


4.82






Unsecured Notes Key Covenants


Required


December 31, 2022

Limitation on incurrence of total debt


≤ 60%


40.0 %

Limitation on incurrence of secured debt


≤ 40%


0.1 %

Debt service coverage ratio


≥ 1.50


4.68

Maintenance of total unencumbered assets


≥ 150%


250 %

 

National Retail Properties, Inc.

Property Portfolio




Top 20 Lines of Trade








As of December 31,




Lines of Trade


2022(1)


2021(2)


1.


Convenience stores


16.5 %


17.9 %


2.


Automotive service


13.7 %


12.3 %


3.


Restaurants – full service


9.1 %


9.8 %


4.


Restaurants – limited service


8.9 %


9.4 %


5.


Family entertainment centers


5.9 %


5.9 %


6.


Health and fitness


4.9 %


5.2 %


7.


Theaters


4.3 %


4.5 %


8.


Recreational vehicle dealers, parts and accessories


4.1 %


3.9 %


9.


Equipment rental


3.1 %


3.2 %


10.


Automotive parts


2.6 %


3.0 %


11.


Wholesale clubs


2.6 %


2.5 %


12.


Drug stores


2.6 %


1.3 %


13.


Home improvement


2.3 %


2.5 %


14.


Furniture


2.3 %


1.7 %


15.


Medical service providers


1.9 %


2.0 %


16.


General merchandise


1.6 %


1.7 %


17.


Consumer electronics


1.4 %


1.5 %


18.


Home furnishings


1.4 %


1.5 %


19.


Travel plazas


1.4 %


1.5 %


20.


Automobile auctions, wholesale


1.3 %


1.3 %




Other


8.1 %


7.4 %




Total


100.0 %


100.0 %


 

Top 10 States




State


% of Total(1)




State


% of Total(1)

1.


Texas


17.1 %


6.


North Carolina


4.0 %

2.


Florida


8.8 %


7.


Indiana


3.8 %

3.


Illinois


5.3 %


8.


Tennessee


3.8 %

4.


Ohio


5.2 %


9.


Virginia


3.6 %

5.


Georgia


4.6 %


10.


California


3.5 %

 

As a percentage of annual base rent, which is the annualized base rent for all leases in place.


(1)

$771,984,000 as of December 31, 2022.


(2)

$713,169,000 as of December 31, 2021.



 

National Retail Properties, Inc.

Property Portfolio – Continued


Top 20 Tenants




Tenant


# of

Properties


% of

Total(1)

1.


7-Eleven


138


4.7 %

2.


Mister Car Wash


121


4.4 %

3.


Camping World


47


3.9 %

4.


LA Fitness


30


3.4 %

5.


GPM Investments (Convenience Stores)


152


3.1 %

6.


Dave & Buster’s


28


2.9 %

7.


Flynn Restaurant Group (Taco Bell/Arby’s)


204


2.9 %

8.


AMC Theatres


20


2.8 %

9.


BJ’s Wholesale Club


13


2.6 %

10.


Mavis Tire Express Services


134


2.1 %

11.


Sunoco


59


2.1 %

12.


Walgreens


49


2.0 %

13.


Chuck E. Cheese’s


53


1.9 %

14.


United Rentals


52


1.8 %

15.


Couche Tard (Pantry)


71


1.7 %

16.


Frisch’s Restaurants


69


1.7 %

17.


Fikes (Convenience Stores)


59


1.6 %

18.


Life Time Fitness


3


1.4 %

19.


Best Buy


16


1.4 %

20.


Bob Evans


106


1.4 %

 

Lease Expirations(1)




% of

Total(2)


# of

Properties


Gross

Leasable

Area (3)




% of

Total(2)


# of

Properties


Gross

Leasable

Area (3)

2023


1.6 %


83


889,000


2029


2.9 %


82


1,032,000

2024


3.0 %


90


1,439,000


2030


3.5 %


107


1,207,000

2025


5.4 %


187


1,986,000


2031


7.8 %


186


2,704,000

2026


5.2 %


219


2,162,000


2032


6.3 %


221


2,358,000

2027


8.7 %


240


3,637,000


2033


5.0 %


139


1,390,000

2028


5.1 %


179


1,753,000


Thereafter


45.5 %


1,655


14,272,000



(1)

As of December 31, 2022, the weighted average remaining lease term is 10.4 years.

(2)

Based on the annual base rent of  $771,984,000, which is the annualized base rent for all leases in place as of December 31, 2022.

(3)

Square feet.

 

National Retail Properties, Inc.

Rent Deferral Lease Amendments

(in thousands)


The following table outlines the rent deferred and corresponding scheduled repayment of the COVID-19 rent deferral lease amendments executed as of December 31, 2022 (dollars in thousands):





Deferred




Scheduled Repayment





Accrual

Basis



Cash

Basis



Total



% of

Total




Accrual

Basis



Cash

Basis



Total



% of

Total



Cumulative

Total


2020



$

33,594



$

18,425



$

52,019




91.7

%



$

3,239



$

20



$

3,259




5.7

%



5.7

%































2021




990




3,768




4,758




8.3

%




25,935




5,841




31,776




56.0

%



61.7

%































2022

Q1
















1,780




2,283




4,063




7.2

%



68.9

%


Q2
















1,729




2,284




4,013




7.1

%



76.0

%


Q3
















1,201




2,284




3,485




6.1

%



82.1

%


Q4
















681




2,284




2,965




5.2

%



87.3

%


















5,391




9,135




14,526




25.6

%



87.3

%































2023

Q1
















9




1,704




1,713




3.0

%



90.3

%


Q2
















10




543




553




1.0

%



91.3

%


Q3



















543




543




0.9

%



92.2

%


Q4



















544




544




1.0

%



93.2

%


















19




3,334




3,353




5.9

%



93.2

%































2024




















1,932




1,932




3.4

%



96.6

%































2025




















1,931




1,931




3.4

%



100.0

%


































$

34,584



$

22,193



$

56,777




100

%



$

34,584



$

22,193



$

56,777




100

%




 

(PRNewsfoto/National Retail Properties, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/record-annual-results-and-2023-guidance-announced-by-national-retail-properties-inc-301742503.html

SOURCE National Retail Properties, Inc.

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