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Third Quarter 2020 Operating Results Announced By National Retail Properties, Inc.

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ORLANDO, Fla. , Nov. 2, 2020 /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, 2020.  Highlights include:

Operating Results:

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

 


Quarter Ended


Nine Months Ended


September 30,


September 30,


2020


2019


2020


2019


(in thousands, except per share data)

Revenues

$

158,633



$

168,607



$

497,397



$

497,111










Net earnings available to common stockholders

$

51,584


(1)

$

58,111



$

154,057


(1)

$

199,648


Net earnings per common share

$

0.30


(1)

$

0.35



$

0.89


(1)

$

1.22










FFO available to common stockholders

$

106,423



$

115,013



$

320,670



$

336,215


FFO per common share

$

0.62



$

0.70



$

1.87



$

2.06










Core FFO available to common stockholders

$

106,423



$

115,013



$

337,349



$

334,884


Core FFO per common share

$

0.62



$

0.70



$

1.96



$

2.05










AFFO available to common stockholders

$

106,690


(2)

$

116,870



$

311,680


(2)

$

340,119


AFFO per common share

$

0.62


(2)

$

0.71



$

1.81


(2)

$

2.09



(1)    Includes a write-off of $14,758 (or $0.09 per share) of receivables due to reclassifying certain tenants as cash basis for accounting 
       purposes during the quarter and nine months ended September 30, 2020.

(2)   For the quarter and nine months ended September 30, 2020, amounts exclude $8,499 and $38,938, respectively, of net straight-line
      accrued rent, resulting from the COVID-19 rent deferral lease amendments. Including the straight-line rent would result in AFFO per
      common share of $0.67 and $2.04 for the quarter and nine months ended September 30, 2020, respectively.

 

Third Quarter 2020 Highlights:

  • As of October 28, 2020 , NNN had collected approximately 90% of rent originally due for the quarter ended September 30, 2020 , and approximately 94% of rent originally due in October 2020

  • Portfolio occupancy was 98.4% at September 30, 2020 as compared to 98.7% at June 30, 2020 and 98.8% at March 31, 2020

  • Ended the quarter with $294.9 million of cash and no amounts drawn on $900 million bank credit facility

  • Invested $3.9 million in property investments, and completed construction with an aggregate 16,000 square feet of gross leasable area

  • Sold 3 properties for $2.4 million producing $0.1 million of gains on sales

  • Raised $10.9 million net proceeds from the issuance of 305,115 common shares

Highlights for the nine months ended September 30, 2020 :

  • Invested $78.0 million in property investments, including the acquisition of 21 properties with an aggregate 299,000 square feet of gross leasable area at an initial cash yield of 6.8%

  • Sold 25 properties for $42.5 million producing $13.6 million of gains on sales

  • Raised $64.2 million net proceeds from the issuance of 1,756,338 common shares

  • Issued $400 million principal amount of 2.50% senior unsecured notes due 2030 generating net proceeds of $395.1 million

  • Issued $300 million principal amount of 3.10% senior unsecured notes due 2050 generating net proceeds of $290.5 million

  • Paid off $325 million principal amount of 3.800% senior unsecured notes due 2022

NNN is actively working with its tenants that have been impacted by the COVID-19 pandemic. As of October 28, 2020 , NNN had collected approximately 90% of rent originally due for the quarter ended September 30, 2020 , and approximately 94% of rent originally due in October 2020 .

As a result of the COVID-19 pandemic, as of September 30, 2020 , NNN has entered into rent deferral lease amendments with certain tenants representing approximately 6% of the annual rent originally due for the year ending December 31, 2020 . On average, 2.7 months of rent was deferred with approximately 77% of deferred rent originally due in the second quarter of 2020 and 23% originally due in the third quarter of 2020. Approximately 66% of this deferred rent is due to be paid to NNN by June 30, 2021 and 89% is due by December 31, 2021 .

Jay Whitehurst , Chief Executive Officer, commented: "The third quarter of 2020 marks the 31 st consecutive year of increased common stock dividends for National Retail Properties.  This impressive record has been matched by only two other REITs, and by less than 90 US public companies.  Our liquidity position remains very solid, with almost $300M of cash in the bank and no amounts drawn on our $900M line of credit.  Rent collections continued to trend positively as we collected 90% of rent due for the third quarter and 94% of rent for the month of October.  After taking a pause in acquisitions during the height of the pandemic and related store closures, our pipeline of acquisitions is beginning to grow, primarily driven by new transactions with our existing relationship tenants. Lastly, and most importantly, our associates have remained healthy, energized and productive during this year of unforeseen challenges."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 million square feet and with a weighted average remaining lease term of 10.7 years.  For more information on the company, visit www.nnnreit.com .

Management will hold a conference call on November 2, 2020, 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, 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, 2019 and (ii) Quarterly Report on Form 10-Q for the quarter and nine months ended September 30 , 2020.  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 like transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption costs 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


Nine Months Ended



September 30,


September 30,



2020


2019


2020


2019

Income Statement Summary


















Revenues:









Rental income


$

157,865



$

168,224



$

495,891



$

495,846


Interest and other income from real estate transactions


768



383



1,506



1,265




158,633



168,607



497,397



497,111











Operating expenses:









General and administrative


9,419



8,726



28,914



27,524


Real estate


6,345



6,706



20,304



20,398


Depreciation and amortization


49,404



48,348



147,528



140,769


Leasing transaction costs




51



36



178


Impairment losses real estate, net of recoveries


5,695



10,692



33,062



21,124




70,863



74,523



229,844



209,993


Gain on disposition of real estate


148



2,061



13,637



25,508


Earnings from operations


87,918



96,145



281,190



312,626











Other expenses (revenues):









Interest and other income


(74)



(501)



(345)



(2,912)


Interest expense (1)


31,924



29,948



97,347



89,716


Loss on early extinguishment of debt






16,679






31,850



29,447



113,681



86,804











Net earnings


56,068



66,698



167,509



225,822


Loss (earnings) attributable to noncontrolling interests


1



(5)



3



(428)











Net earnings attributable to NNN


56,069



66,693



167,512



225,394


Series E preferred stock dividends




(4,097)





(12,291)


Series F preferred stock dividends


(4,485)



(4,485)



(13,455)



(13,455)


Net earnings available to common stockholders


$

51,584



$

58,111



$

154,057



$

199,648











Weighted average common shares outstanding:









Basic


172,681



164,884



171,707



162,641


Diluted


172,782



165,362



171,815



163,126











Net earnings per share available to common stockholders:









Basic


$

0.30



$

0.35



$

0.89



$

1.23


Diluted


$

0.30



$

0.35



$

0.89



$

1.22



(1) Includes $2,291 in connection with the early redemption of 3.80% senior unsecured notes due 2022 for the nine months ended September
     30, 2020.

 

 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)




Quarter Ended


Nine Months Ended



September 30,


September 30,



2020


2019


2020


2019

Funds From Operations (FFO) Reconciliation:









Net earnings available to common stockholders


$

51,584


(1)

$

58,111


...


$

154,057


(1)

$

199,648


Real estate depreciation and amortization


49,292



48,271



147,188



140,539


Gain on disposition of real estate, net of noncontrolling
interests


(148)



(2,061)



(13,637)



(25,096)


Impairment losses – depreciable real estate, net of
recoveries


5,695



10,692



33,062



21,124


Total FFO adjustments


54,839



56,902



166,613



136,567


FFO available to common stockholders


$

106,423



$

115,013



$

320,670



$

336,215











FFO per common share:









Basic


$

0.62



$

0.70



$

1.87



$

2.07


Diluted


$

0.62



$

0.70



$

1.87



$

2.06











Core Funds From Operations (Core FFO) Reconciliation:









Net earnings available to common stockholders


$

51,584


(1)

$

58,111



$

154,057


(1)

$

199,648


Total FFO adjustments


54,839



56,902



166,613



136,567


FFO available to common stockholders


106,423



115,013



320,670



336,215











Loss on early extinguishment of debt (early redemption of
notes payable due 2022)






16,679




Gain on sale of equity investments








(1,331)


Total Core FFO adjustments






16,679



(1,331)


Core FFO available to common stockholders


$

106,423



$

115,013



$

337,349



$

334,884











Core FFO per common share:









Basic


$

0.62



$

0.70



$

1.96



$

2.06


Diluted


$

0.62



$

0.70



$

1.96



$

2.05











(1) Includes a write-off of $14,758 (or $0.09 per share) of receivables due to reclassifying certain tenants as cash basis for accounting
purposes during the quarter and nine months ended September 30, 2020.



























































































National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)












Quarter Ended


Nine Months Ended



September 30,


September 30,



2020


2019


2020


2019

Adjusted Funds From Operations (AFFO) Reconciliation:









Net earnings available to common stockholders


$

51,584


(1)

$

58,111



$

154,057


(1)

$

199,648


Total FFO adjustments


54,839



56,902



166,613



136,567


Total Core FFO adjustments






16,679



(1,331)


Core FFO available to common stockholders


106,423



115,013



337,349



334,884











Straight-line accrued rent, net of reserves


(2,419)



(542)



(33,464)



(1,702)


Net capital lease rent adjustment


61



170



144



508


Below-market rent amortization


(301)



(178)



(711)



(579)


Stock based compensation expense


3,258



2,734



9,580



7,805


Capitalized interest expense


(332)



(327)



(1,218)



(797)


Total AFFO adjustments


267



1,857



(25,669)



5,235


AFFO available to common stockholders


$

106,690


(2)

$

116,870



$

311,680


(2)

$

340,119











AFFO per common share:









Basic


$

0.62


(2)

$

0.71



$

1.82


(2)

$

2.09


Diluted


$

0.62


(2)

$

0.71



$

1.81


(2)

$

2.09











Other Information:









Rental income from operating leases(3)


$

153,825



$

163,673



$

481,858



$

482,306


Earned income from direct financing leases(3)


$

161



$

204



$

487



$

624


Percentage rent(3)


$

160



$

329



$

728



$

1,051











Real estate expense reimbursement from tenants(3)


$

3,719



$

4,017



$

12,818



$

11,865


Real estate expenses


(6,345)



(6,706)



(20,304)



(20,398)


Real estate expenses, net of tenant reimbursements


$

(2,626)



$

(2,689)



$

(7,486)



$

(8,533)











Amortization of debt costs


$

1,082



$

936



$

3,924


(4)

$

2,787


Scheduled debt principal amortization (excluding
maturities)


$

149



$

141



$

443



$

422


Non-real estate depreciation expense


$

114



$

80



$

347



$

238


(1)

Includes a write-off of $14,758 (or $0.09 per share) of receivables due to reclassifying certain tenants as cash basis for accounting purposes during the quarter and nine months ended September 30, 2020.

(2)

For the quarter and nine months ended September 30, 2020, amounts exclude $8,499 and $38,938, respectively, of net straight-line accrued rent, resulting from the COVID-19 rent deferral lease amendments. Including the straight-line rent would result in AFFO per common share of $0.67 and $2.04 for the quarter and nine months ended September 30, 2020, respectively.

(3)

The condensed consolidated financial statements for the quarter and nine months ended September 30, 2020 and 2019 are presented
under the new accounting standard, ASU 2016-02, "Leases (Topic 842)." For the quarter and nine months ended September 30,
2020, the aggregate of such amounts is $157,865 and $495,891, respectively, and is classified as rental income on the income
statement summary. For the quarter and nine months ended September 30, 2019, the aggregate of such amounts is $168,224 and
$495,846, respectively.

(4)

Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the nine months ended
September 30, 2020.

National Retail Properties, Inc.

(in thousands)

(unaudited)




September 30,
2020


December 31,
2019

Balance Sheet Summary










Assets:





Real estate:





Accounted for using the operating method, net of accumulated depreciation
and amortization


$

7,167,992



$

7,287,374


Accounted for using the direct financing method


4,060



4,204


Real estate held for sale


5,408



9,661


Cash and cash equivalents


294,860



1,112


Receivables, net of allowance of $879 and $506, respectively


4,126



2,874


Accrued rental income, net of allowance of $7,978 and $1,842, respectively


61,754



28,897


Debt costs, net of accumulated amortization


2,340



2,783


Other assets


94,157



97,962


Total assets


$

7,634,697



$

7,434,867







Liabilities:





Line of credit payable


$



$

133,600


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


11,565



12,059


Notes payable, net of unamortized discount and unamortized debt costs


3,208,533



2,842,698


Accrued interest payable


51,327



18,250


Other liabilities


76,063



96,578


Total liabilities


3,347,488



3,103,185







Stockholders' equity of NNN


4,287,205



4,331,675


Noncontrolling interests


4



7


Total equity


4,287,209



4,331,682







Total liabilities and equity


$

7,634,697



$

7,434,867






















Common shares outstanding


173,727



171,694







Gross leasable area, Property Portfolio (square feet)


32,421



32,460









National Retail Properties, Inc.
Debt Summary
As of September 30, 2020
(in thousands)
(unaudited)


Unsecured Debt


Principal


Principal,
Net of
Unamortized
Discount


Stated Rate


Effective Rate


Maturity Date


Line of credit payable


$



$



L + 87.5 bps


2.556

%


January 2022












Unsecured notes payable:











2023


350,000



349,256



3.300

%


3.388

%


April 2023

2024


350,000



349,708



3.900

%


3.924

%


June 2024

2025


400,000



399,461



4.000

%


4.029

%


November 2025

2026


350,000



347,440



3.600

%


3.733

%


December 2026

2027


400,000



398,804



3.500

%


3.548

%


October 2027

2028


400,000



397,626



4.300

%


4.388

%


October 2028

2030


400,000



398,777



2.500

%


2.536

%


April 2030

2048


300,000



295,893



4.800

%


4.890

%


October 2048

2050


300,000



294,003



3.100

%


3.205

%


April 2050












Total


3,250,000



3,230,968



















Total unsecured debt(1)


$

3,250,000



$

3,230,968



















Debt costs




(31,140)








Accumulated amortization


8,705








Debt costs, net of accumulated amortization


(22,435)







Notes payable, net of unamortized discount and
unamortized debt costs


$

3,208,533









(1) Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 10.4 years.

Mortgages Payable


Principal
Balance


Interest Rate


Maturity Date


Mortgage(1)


$

11,609



5.230

%


July 2023










Debt costs


(147)







Accumulated amortization


103







Debt costs, net of accumulated amortization


(44)







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


$

11,565















(1) Includes unamortized premium



























National Retail Properties, Inc.

Debt Summary

As of September 30, 2020


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, 2020, the company believes it is in compliance with the covenants.


Unsecured Credit Facility Key Covenants


Required


September 30, 2020

Maximum leverage ratio


< 0.60


0.38

Minimum fixed charge coverage ratio


> 1.50


3.93

Maximum secured indebtedness ratio


< 0.40


0.001

Unencumbered asset value ratio


> 1.67


2.67

Unencumbered interest ratio


> 1.75


4.58











September 30, 2020

Unsecured Notes Key Covenants


Required


Notes Due (1)

Notes Due (2)

Limitation on incurrence of total debt


≤ 60%


36.1%

36.2%

Limitation on incurrence of secured debt


≤ 40%


0.1%

0.1%

Debt service coverage ratio


≥ 1.50


4.55

4.55

Maintenance of total unencumbered assets


≥ 150%


277.1%

276.9%







(1) Calculations pursuant to covenants for notes payable due 2023-2028 and 2048

(2) Calculations pursuant to covenants for notes payable due 2030 and 2050



National Retail Properties, Inc.

Property Portfolio


Top 20 Lines of Trade










% of Rent
Collections
Quarter Ended
September 30,
2020(3)





As of September 30,




Line of Trade


2020(1)


2019(2)


1.


Convenience stores


18.2

%


17.5

%


99.9

%

2.


Restaurants – full service


10.5

%


11.3

%


76.2

%

3.


Automotive service


10.2

%


9.3

%


100.0

%

4.


Restaurants – limited service


8.8

%


8.8

%


73.6

%

5.


Family entertainment centers


6.7

%


6.8

%


85.2

%

6.


Health and fitness


5.3

%


5.3

%


84.9

%

7.


Theaters


4.5

%


4.8

%


32.9

%

8.


Recreational vehicle dealers, parts and accessories


3.5

%


3.5

%


99.7

%

9.


Automotive parts


3.1

%


3.2

%


100.0

%

10.


Equipment rental


2.6

%


2.7

%


100.0

%

11.


Home improvement


2.6

%


2.6

%


99.0

%

12.


Wholesale clubs


2.6

%


2.6

%


99.6

%

13.


Medical service providers


2.2

%


2.2

%


98.8

%

14.


General merchandise


1.7

%


1.8

%


99.9

%

15.


Furniture


1.7

%


1.6

%


96.9

%

16.


Home furnishings


1.6

%


1.7

%


99.2

%

17.


Consumer electronics


1.5

%


1.5

%


100.0

%

18.


Travel plazas


1.5

%


1.6

%


100.0

%

19.


Drug stores


1.5

%


1.6

%


100.0

%

20.


Bank


1.3

%


1.4

%


100.0

%



Other


8.4

%


8.2

%


98.5

%



Total


100.0

%


100.0

%


90.1

%

Top 10 States



State



% of Total(1)



State



% of Total(1)


1.

Texas



17.6

%


6.

Georgia



4.5

%


2.

Florida



8.8

%


7.

Indiana



4.2

%


3.

Ohio



5.9

%


8.

Tennessee



3.7

%


4.

Illinois



5.1

%


9.

Virginia



3.5

%


5.

North Carolina



4.5

%


10.

California



3.3

%



(1) Based on the annual base rent of 674,077,000, which is the annualized base rent for all leases
in place as of September 30, 2020.



(2) Based on the annual base rent of $658,347,000, which is the annualized base rent for all leases
in place as of September 30, 2019.



(3) Rent collections received as of October 28, 2020.


National Retail Properties, Inc.

Property Portfolio


Top 20 Tenants





Properties


% of Total(1)

1.

7-Eleven


140



5.1

%

2.

Mister Car Wash


115



4.5

%

3.

Camping World


47



4.4

%

4.

LA Fitness


30



3.8

%

5.

Flynn Restaurant Group (Taco Bell/Arby's)


203



3.5

%

6.

GPM Investments (Convenience Stores)


151



3.3

%

7.

AMC Theatre


19



2.8

%

8.

Couche Tard (Pantry)


82



2.7

%

9.

BJ's Wholesale Club


11



2.6

%

10.

Sunoco


59



2.2

%

11.

Mavis Tire Express Services


120



2.2

%

12.

Chuck-E-Cheese's


53



2.1

%

13.

Main Event


18



1.8

%

14.

Frisch's Restaurants


74



1.8

%

15.

Bob Evans


116



1.7

%

16.

Fikes (Convenience Stores)


56



1.6

%

17.

Best Buy


15



1.5

%

18.

Life Time Fitness


3



1.5

%

19.

Dave & Buster's


11



1.5

%

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)

2020


0.3

%


21



170,000



2026


4.4

%


170



1,716,000


2021


3.3

%


117



1,166,000



2027


6.6

%


176



2,517,000


2022


5.4

%


121



1,563,000



2028


5.1

%


164



1,237,000


2023


2.9

%


116



1,436,000



2029


3.1

%


76



1,054,000


2024


3.6

%


97



1,484,000



2030


3.6

%


103



1,105,000


2025


6.3

%


199



2,100,000



Thereafter


55.4

%


1,700



16,001,000


(1)

Based on the annual base rent of $674,077,000, which is the annualized base rent for all leases in place as of September 30, 2020.

(2)

As of September 30, 2020, the weighted average remaining lease term is 10.7 years.

(3)

Square feet.

(PRNewsfoto/National Retail Properties, Inc.)
(PRNewsfoto/National Retail Properties, Inc.)
Cision
Cision

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SOURCE National Retail Properties, Inc.