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THIRD QUARTER 2022 OPERATING RESULTS AND INCREASED 2022 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.
Press Releases

THIRD QUARTER 2022 OPERATING RESULTS AND INCREASED 2022 GUIDANCE ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

ORLANDO, Fla., Nov. 2, 2022 /PRNewswire/ — National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 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

September 30,



Nine Months Ended

September 30,





2022



2021



2022



2021





(in thousands, except per share data)



Revenues


$

193,471



$

180,357



$

574,533



$

539,146

















Net earnings available to common stockholders


$

88,421



$

78,448



$

243,964



$

199,088



Net earnings per common share


$

0.50



$

0.45



$

1.38



$

1.14

















FFO available to common stockholders


$

139,760



$

124,621



$

406,706



$

347,304



FFO per common share


$

0.79



$

0.71



$

2.31



$

1.99

















Core FFO available to common stockholders


$

140,316



$

124,621



$

413,511



$

368,632



Core FFO per common share


$

0.79



$

0.71



$

2.35



$

2.11

















AFFO available to common stockholders


$

142,987


(1)

$

131,753


(2)

$

423,811


(1)

$

399,660


(2)

AFFO per common share


$

0.81


(1)

$

0.75


(2)

$

2.41


(1)

$

2.29


(2)




(1)


Amounts include $1,201 and $4,710 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $2.38 for the quarter and nine months ended September 30, 2022, respectively.




(2)


Amounts include $4,294 and $21,996 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.73 and $2.16 for the quarter and nine months ended September 30, 2021, respectively.

Third Quarter 2022 Highlights:

  • Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.4 years, at September 30, 2022 as compared to 99.1% at June 30, 2022 and 99.0% at December 31, 2021
  • Invested $223.1 million in property investments, including the acquisition of 52 properties with an aggregate 613,000 square feet of gross leasable area at an initial cash yield of 6.3%
  • Sold 8 properties for $21.2 million producing $5.9 million of gains on sales
  • Raised $97.1 million net proceeds from the issuance of 2,101,476 common shares
  • Maintained sector leading 14 year weighted average debt maturity for fixed rate debt

Highlights for the nine months ended September 30, 2022:

  • Invested $587.7 million in property investments, including the acquisition of 154 properties with an aggregate 1,840,000 square feet of gross leasable area at an initial cash yield of 6.2%
  • Sold 26 properties for $49.2 million producing $10.7 million gains on sales
  • Raised $129.5 million net proceeds from the issuance of 2,853,345 common shares

Core FFO guidance for 2022 was increased from a range of $3.07 to $3.12 per share to a range of $3.11 to $3.15 per share. The 2022 AFFO is estimated to be $3.18 to $3.22 per share. The Core FFO guidance equates to net earnings of $1.85 to $1.89 per share, plus $1.26 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: “National Retail Properties is in position to finish 2022 strong. Third quarter included approximately $223 million of real estate acquisitions and NNN continues to consistently have high occupancy levels and rent collections. NNN is in fantastic shape heading into next year with an exceptional balance sheet; with less than $50 million outstanding on our $1.1 billion line of credit and no material debt maturities in 2023.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2022, the company owned 3,349 properties in 48 states with a gross leasable area of approximately 34.3 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 November 2, 2022, at 10:30 a.m. ET to review its results of operations.  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,” “in position,” “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, the potential impacts of the COVID-19 pandemic on the company’s business operations, financial results and financial position and on the world economy, general economic conditions, 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, and, risks related to the company’s status as a REIT.  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 (i) Annual Report on Form 10-K for the year ended December 31, 2021 and (ii) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022.  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 unconsolidated partnerships 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.

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)




Quarter Ended

September 30,



Nine Months Ended

September 30,





2022



2021



2022



2021



Income Statement Summary














Revenues:














Rental income


$

193,102



$

180,024



$

573,401



$

537,226



Interest and other income from real estate transactions



369




333




1,132




1,920






193,471




180,357




574,533




539,146

















Operating expenses:














General and administrative



10,124




11,077




30,906




34,693



Real estate



5,875




6,521




19,246




20,865



Depreciation and amortization



56,388




50,976




166,512




151,831



Leasing transaction costs



96




86




260




146



Impairment losses – real estate, net of recoveries



971




4,781




7,221




14,647



Executive retirement costs



556







6,805









74,010




73,441




230,950




222,182



Gain on disposition of real estate



5,889




9,473




10,656




17,935



Earnings from operations



125,350




116,389




354,239




334,899

















Other expenses (revenues):














Interest and other income



(33)




(61)




(120)




(159)



Interest expense



36,962




33,518




110,400




101,190


(1)

Loss on early extinguishment of debt












21,328






36,929




33,457




110,280




122,359

















Net earnings



88,421




82,932




243,959




212,540



Loss attributable to noncontrolling interests






1




5




3

















Net earnings attributable to NNN



88,421




82,933




243,964




212,543



Series F preferred stock dividends






(4,485)







(13,455)



Net earnings available to common stockholders


$

88,421



$

78,448



$

243,964



$

199,088

















Weighted average common shares outstanding:














Basic



176,901




174,629




175,542




174,610



Diluted



177,368




174,739




175,994




174,716

















Net earnings per share available to common stockholders:














Basic


$

0.50



$

0.45



$

1.39



$

1.14



Diluted


$

0.50



$

0.45



$

1.38



$

1.14






(1)


Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the nine months ended September 30, 2021.

 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)




Quarter Ended

September 30,



Nine Months Ended

September 30,





2022



2021



2022



2021



Funds From Operations (FFO) Reconciliation:














Net earnings available to common stockholders


$

88,421



$

78,448



$

243,964



$

199,088



Real estate depreciation and amortization



56,257




50,865




166,177




151,504



Gain on disposition of real estate



(5,889)




(9,473)




(10,656)




(17,935)



Impairment losses – depreciable real estate, net of recoveries



971




4,781




7,221




14,647



Total FFO adjustments



51,339




46,173




162,742




148,216



FFO available to common stockholders


$

139,760



$

124,621



$

406,706



$

347,304

















FFO per common share:














Basic


$

0.79



$

0.71



$

2.32



$

1.99



Diluted


$

0.79



$

0.71



$

2.31



$

1.99

















Core Funds From Operations (Core FFO) Reconciliation:














Net earnings available to common stockholders


$

88,421



$

78,448



$

243,964



$

199,088



Total FFO adjustments



51,339




46,173




162,742




148,216



FFO available to common stockholders



139,760




124,621




406,706




347,304

















Executive retirement costs



556







6,805






Loss on early extinguishment of debt












21,328



Total Core FFO adjustments



556







6,805




21,328



Core FFO available to common stockholders


$

140,316



$

124,621



$

413,511



$

368,632

















Core FFO per common share:














Basic


$

0.79



$

0.71



$

2.36



$

2.11



Diluted


$

0.79



$

0.71



$

2.35



$

2.11



 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)




Quarter Ended

September 30,



Nine Months Ended

September 30,





2022



2021



2022



2021



Adjusted Funds From Operations (AFFO) Reconciliation:














Net earnings available to common stockholders


$

88,421



$

78,448



$

243,964



$

199,088



Total FFO adjustments



51,339




46,173




162,742




148,216



Total Core FFO adjustments



556







6,805




21,328



Core FFO available to common stockholders



140,316




124,621




413,511




368,632

















Straight-line accrued rent, net of reserves



655




3,400




3,298




19,091



Net capital lease rent adjustment



76




77




225




262



Below-market rent amortization



(130)




(156)




(410)




(430)



Stock based compensation expense



2,343




3,898




7,734




12,320



Capitalized interest expense



(273)




(87)




(547)




(215)



Total AFFO adjustments



2,671




7,132




10,300




31,028



AFFO available to common stockholders


$

142,987


(1)

$

131,753


(2)

$

423,811


(1)

$

399,660


(2)















AFFO per common share:














Basic


$

0.81


(1)

$

0.75


(2)

$

2.41


(1)

$

2.29


(2)

Diluted


$

0.81


(1)

$

0.75


(2)

$

2.41


(1)

$

2.29


(2)















Other Information:














Rental income from operating leases(3)


$

188,840



$

175,833



$

558,942



$

522,787



Earned income from direct financing leases(3)


$

148



$

154



$

449



$

469



Percentage rent(3)


$

235



$

195



$

1,231



$

530

















Real estate expense reimbursement from tenants(3)


$

3,879



$

3,842



$

12,779



$

13,440



Real estate expenses



(5,875)




(6,521)




(19,246)




(20,865)



Real estate expenses, net of tenant reimbursements


$

(1,996)



$

(2,679)



$

(6,467)



$

(7,425)

















Amortization of debt costs


$

1,184



$

1,139



$

3,533



$

4,022


(4)

Scheduled debt principal amortization (excluding maturities)


$

166



$

157



$

494



$

469



Non-real estate depreciation expense


$

135



$

114



$

345



$

336





(1)

Amounts include $1,201 and $4,710 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $2.38 for the quarter and nine months ended September 30, 2022, respectively.



(2)

Amounts include $4,294 and $21,996 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.73 and $2.16 for the quarter and nine months ended September 30, 2021, respectively.



(3)

For the quarter and nine months ended September 30, 2022, the aggregate of such amounts is $193,102 and $573,401, respectively, and is classified as rental income on the income statement summary. For the quarter and nine months ended September 30, 2021, the aggregate of such amounts is $180,024 and $537,226, respectively.



(4)

Includes $745 in connection with the redemption of the 3.30% senior unsecured notes due 2023 for the nine months ended September 30, 2021.



 

National Retail Properties, Inc.

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.



2022 Guidance

Net earnings per common share excluding any gains on disposition

    of real estate, impairment charges, and executive retirement costs


$1.85 – $1.89 per share

Real estate depreciation and amortization per share


$1.26 per share

Core FFO per share


$3.11 – $3.15 per share

AFFO per share(1)


$3.18 – $3.22 per share

General and administrative expenses


$40 – $42 Million

Real estate expenses, net of tenant reimbursements


$9 – $10 Million

Acquisition volume


$650 – $700 Million

Disposition volume


$65 – $85 Million




(1)


Estimates include the net straight-line accrued rent impact of the net rent repayment from the COVID-19 rent deferral lease amendments of $5.4 million for 2022. Excluding such, AFFO per common share guidance would have been $3.15 – $3.19 for 2022.




 

National Retail Properties, Inc.

(in thousands)

(unaudited)




September 30,

2022



December 31,

2021


Balance Sheet Summary














Assets:







Real estate portfolio


$

7,826,292



$

7,449,846


Cash and cash equivalents



3,277




171,322


Receivables, net of allowance of $664 and $782, respectively



2,978




3,154


Accrued rental income, net of allowance of $3,924 and $4,587, respectively



28,231




31,942


Debt costs, net of accumulated amortization of $21,085 and $19,377, respectively



5,858




7,443


Other assets



85,211




87,347


Total assets


$

7,951,847



$

7,751,054









Liabilities:







Line of credit payable


$

47,500



$


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



10,151




10,697


Notes payable, net of unamortized discount and unamortized debt costs



3,738,843




3,735,769


Accrued interest payable



57,384




23,923


Other liabilities



91,037




79,002


Total liabilities



3,944,915




3,849,391









Stockholders’ equity of NNN



4,006,932




3,901,662


Noncontrolling interests






1


Total equity



4,006,932




3,901,663









Total liabilities and equity


$

7,951,847



$

7,751,054









Common shares outstanding



178,732




175,636









Gross leasable area, Property Portfolio (square feet)



34,265




32,753


 

National Retail Properties, Inc. 

Debt Summary 

As of September 30, 2022 

(in thousands) 

(unaudited) 


Unsecured Debt


Principal



Principal,

Net of

Unamortized

Discount



Stated

Rate



Effective

Rate



Maturity Date

Line of credit payable


$

47,500



$

47,500



L + 77.5 bps




3.007

%


June 2025
















Unsecured notes payable:















2024



350,000




349,860




3.900

%



3.924

%


June 2024

2025



400,000




399,659




4.000

%



4.029

%


November 2025

2026



350,000




348,202




3.600

%



3.733

%


December 2026

2027



400,000




399,114




3.500

%



3.548

%


October 2027

2028



400,000




398,142




4.300

%



4.388

%


October 2028

2030



400,000




399,009




2.500

%



2.536

%


April 2030

2048



300,000




296,038




4.800

%



4.890

%


October 2048

2050



300,000




294,256




3.100

%



3.205

%


April 2050

2051



450,000




441,843




3.500

%



3.602

%


April 2051

2052



450,000




439,790




3.000

%



3.118

%


April 2052

Total



3,800,000




3,765,913

























Total unsecured debt(1)


$

3,847,500



$

3,813,413

























Debt costs





$

(38,145)










Accumulated amortization




11,075










Debt costs, net of accumulated amortization




(27,070)










Notes payable, net of unamortized discount and

    unamortized debt costs



$

3,738,843













(1)


Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 14.0 years.

 

Mortgages Payable


Principal

Balance



Interest

Rate



Maturity Date

Mortgage(1)


$

10,160




5.230 %



July 2023










Debt costs



(147)







Accumulated amortization



138







Debt costs, net of accumulated amortization



(9)







Mortgages payable, including unamortized

    premium and net of unamortized debt costs


$

10,151





















(1)


Includes unamortized premium

 

As of September 30, 2022, Debt / EBITDA based on current quarter EBITDA annualized is 5.3x.

 

National Retail Properties, Inc.

Debt Summary – Continued

As of September 30, 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 September 30, 2022, the company believes it is in compliance with the covenants. 






Unsecured Credit Facility Key Covenants


Required


September 30,

2022

Maximum leverage ratio


< 0.60


0.36

Minimum fixed charge coverage ratio


> 1.50


4.69

Maximum secured indebtedness ratio


< 0.40


0.001

Unencumbered asset value ratio


> 1.67


2.83

Unencumbered interest ratio


> 1.75


4.82






Unsecured Notes Key Covenants


Required


September 30,

2022

Limitation on incurrence of total debt


≤ 60%


40 %

Limitation on incurrence of secured debt


≤ 40%


0.1 %

Debt service coverage ratio


≥ 1.50


4.65

Maintenance of total unencumbered assets


≥ 150%


252 %

 

National Retail Properties, Inc.

Property Portfolio

Top 20 Lines of Trade






As of September 30,



Lines of Trade


2022(1)


2021(2)

1.


Convenience stores


16.7 %


17.6 %

2.


Automotive service


13.6 %


12.1 %

3.


Restaurants – full service


9.4 %


9.9 %

4.


Restaurants – limited service


9.0 %


9.0 %

5.


Family entertainment centers


6.0 %


5.9 %

6.


Health and fitness


4.9 %


5.1 %

7.


Theaters


4.3 %


4.5 %

8.


Recreational vehicle dealers, parts and accessories


4.1 %


4.0 %

9.


Equipment rental


3.2 %


3.2 %

10.


Automotive parts


2.9 %


3.1 %

11.


Wholesale clubs


2.4 %


2.5 %

12.


Home improvement


2.4 %


2.5 %

13.


Furniture


2.3 %


1.7 %

14.


Medical service providers


1.9 %


2.1 %

15.


General merchandise


1.6 %


1.7 %

16.


Consumer electronics


1.5 %


1.5 %

17.


Home furnishings


1.5 %


1.5 %

18.


Travel plazas


1.5 %


1.5 %

19.


Automobile auctions, wholesale


1.3 %


1.3 %

20.


Drug stores


1.2 %


1.3 %



Other


8.3 %


8.0 %



Total


100.0 %


100.0 %

 

Top 10 States




State


% of

Total(1)




State


% of

Total(1)

1.


Texas


17.1 %


6.


North Carolina


4.1 %

2.


Florida


8.7 %


7.


Indiana


3.9 %

3.


Illinois


5.4 %


8.


Tennessee


3.8 %

4.


Ohio


5.3 %


9.


California


3.5 %

5.


Georgia


4.7 %


10.


Virginia


3.3 %


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


(1)

$752,785,000 as of September 30, 2022.


(2)

$706,162,000 as of September 30, 2021.

 

National Retail Properties, Inc.

Property Portfolio – Continued

Top 20 Tenants




Tenant


# of

Properties


% of

Total(1)

1.


7-Eleven


138


4.8 %

2.


Mister Car Wash


121


4.4 %

3.


Camping World


47


4.0 %

4.


LA Fitness


30


3.4 %

5.


GPM Investments (Convenience Stores)


152


3.2 %

6.


Flynn Restaurant Group (Taco Bell/Arby’s)


204


3.0 %

7.


Dave & Buster’s


28


2.9 %

8.


AMC Theatre


20


2.7 %

9.


BJ’s Wholesale Club


13


2.4 %

10.


Mavis Tire Express Services


134


2.2 %

11.


Sunoco


59


2.1 %

12.


Chuck E. Cheese’s


53


2.0 %

13.


Couche Tard (Pantry)


71


1.8 %

14.


Frisch’s Restaurants


69


1.8 %

15.


Fikes (Convenience Stores)


59


1.7 %

16.


Life Time Fitness


3


1.5 %

17.


Ahern Rentals


40


1.4 %

18.


Best Buy


16


1.4 %

19.


Bob Evans


106


1.4 %

20.


Pull-A-Part


20


1.3 %

 

Lease Expirations(2)




% of

Total(1)


# of

Properties


Gross

Leasable

Area(3)




% of

Total(1)


# of

Properties


Gross

Leasable

Area(3)

2022


0.4 %


8


180,000


2028


5.0 %


175


1,573,000

2023


1.7 %


87


987,000


2029


2.9 %


81


1,025,000

2024


3.1 %


91


1,445,000


2030


3.5 %


107


1,207,000

2025


5.6 %


188


1,992,000


2031


7.9 %


188


2,718,000

2026


5.3 %


218


2,157,000


2032


6.6 %


222


2,363,000

2027


8.7 %


240


3,635,000


Thereafter


49.3 %


1,723


14,814,000




(1)


Based on the annual base rent of $752,785,000, which is the annualized base rent for all leases in place as of September 30, 2022.

(2)


As of September 30, 2022, the weighted average remaining lease term is 10.4 years.

(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 September 30, 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




2.9

%



90.2

%


Q2
















10




543




553




1.0

%



91.2

%


Q3



















543




543




1.0

%



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







$

34,584



$

22,193



$

56,777








 

(PRNewsfoto/National Retail Properties, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/third-quarter-2022-operating-results-and-increased-2022-guidance-announced-by-national-retail-properties-inc-301665435.html

SOURCE National Retail Properties, Inc.

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