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Section 1: 8-K (FORM 8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 1, 2018
 
NATIONAL RETAIL PROPERTIES, INC.
(exact name of registrant as specified in its charter)
 
 
 
 
 
 
Maryland
 
001-11290
 
56-1431377
(State or other jurisdiction of
incorporation or organization)
 
(Commission
File Number)
 
(I.R.S. Employment
Identification No.)
450 South Orange Avenue, Suite 900, Orlando, Florida 32801
(Address of principal executive offices, including zip code)
(407) 265-7348
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
         




Item 2.02.
Results of Operations and Financial Condition.
On May 1, 2018 National Retail Properties, Inc. issued a press release announcing its results of operations and financial condition for the quarter ended March 31, 2018. The press release is attached hereto as Exhibit 99.1.
The information in this Form 8-K is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
 
 
 
99.1

  




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
National Retail Properties, Inc.
 
 
 
Dated: May 1, 2018
 
By:
 
/s/ Kevin B. Habicht
 
 
 
 
Kevin B. Habicht
 
 
 
 
Executive Vice President and Chief Financial Officer






EXHIBIT INDEX
 
 
 
 
Exhibit No.
  
Description
 
 
99.1
  


(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit

393276590_nnnlogo20180331.jpg    

NEWS RELEASE
For information contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348    FOR IMMEDIATE RELEASE
May 1, 2018

RECORD FIRST QUARTER 2018 OPERATING RESULTS AND INCREASED 2018 GUIDANCE
ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

Orlando, Florida, May 1, 2018 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2018. Highlights include:

Operating Results:
Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
 
Quarter Ended
 
March 31,
 
2018
 
2017
 
(in thousands, except per share data)
Revenues
$
152,836

 
$
141,432

 
 
 
 
Net earnings available to common stockholders
$
94,698

 
$
51,622

Net earnings per common share
$
0.62

 
$
0.35

 
 
 
 
FFO available to common stockholders
$
102,769

 
$
78,267

FFO per common share
$
0.67

 
$
0.53

 
 
 
 
Core FFO available to common stockholders
$
103,030

 
$
88,122

Core FFO per common share
$
0.67

 
$
0.60

 
 
 
 
AFFO available to common stockholders
$
102,880

 
$
89,045

AFFO per common share
$
0.67

 
$
0.60


First Quarter 2018 Highlights:
FFO per common share increased 26.4% over prior year results
Core FFO per common share increased 11.7% over prior year results
AFFO per common share increased 11.7% over prior year results
Portfolio occupancy was 99.2% at March 31, 2018 as compared to 99.1% on December 31, 2017 and March 31, 2017
Invested $177.0 million in property investments, including the acquisition of 52 properties with an aggregate 400,000 square feet of gross leasable area at an initial cash yield of 6.7%
Sold 15 properties for $71.6 million producing $38.6 million of gains on sales
No common shares were issued under the ATM equity program





Core FFO guidance for 2018 was increased from a range of $2.60 to $2.64 to a range of $2.62 to $2.66 per share. The 2018 AFFO is estimated to be $2.66 to $2.70 per share. The Core FFO guidance equates to net earnings of $1.51 to $1.55 per share, plus $1.11 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments and retirement severance costs. The guidance is based on current plans and assumptions and is subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Jay Whitehurst, Chief Executive Officer, commented: “National Retail Properties’ strong first quarter results highlight our ability to raise well-priced capital through dispositions, which is a meaningful strategic advantage when equity markets are choppy.  Our proven capability to accretively recycle capital, combined with our highly occupied portfolio and our solid pipeline of new acquisitions, positions us to raise guidance for 2018 and continue our track record of consistent per share growth on a multi-year basis.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2018, the company owned 2,800 properties in 48 states with a gross leasable area of approximately 29.1 million square feet and with a weighted average remaining lease term of 11.4 years. For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on May 1, 2018, 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, 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 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.

The reported results are preliminary and not final and there can be no assurance that the results will not vary from the final information filed on Form 10-Q with the Commission for the quarter ended March 31, 2018. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been 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

2


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.


3


National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)

 
 
Quarter Ended
 
 
March 31,
 
 
2018
 
2017
Income Statement Summary
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
Rental and earned income
 
$
148,605

 
$
137,298

Real estate expense reimbursement from tenants
 
4,158

 
3,860

Interest and other income from real estate transactions
 
73

 
274

 
 
152,836

 
141,432

 
 
 
 
 
Operating expenses:
 
 
 
 
General and administrative
 
8,697

 
8,919

Real estate
 
5,862

 
5,663

Depreciation and amortization
 
44,498

 
40,143

Impairment losses – real estate and other charges, net of recoveries
 
2,248

 
1,206

Retirement severance costs
 
261

 

 
 
61,566

 
55,931

 
 
 
 
 
Other expenses (revenues):
 
 
 
 
Interest and other income
 
(25
)
 
(137
)
Interest expense
 
26,602

 
26,614

 
 
26,577

 
26,477

 
 
 
 
 
Earnings before gain on disposition of real estate
 
64,693

 
59,024

 
 
 
 
 
Gain on disposition of real estate
 
38,596

 
14,624

 
 
 
 
 
Earnings including noncontrolling interests
 
103,289

 
73,648

 
 
 
 
 
Loss (earnings) attributable to noncontrolling interests
 
(9
)
 
9

 
 
 
 
 
Net earnings attributable to NNN
 
103,280

 
73,657

Series D preferred stock dividends
 

 
(3,598
)
Series E preferred stock dividends
 
(4,097
)
 
(4,097
)
Series F preferred stock dividends
 
(4,485
)
 
(4,485
)
Excess of redemption value over carrying value of Series D
   preferred shares redeemed
 

 
(9,855
)
Net earnings available to common stockholders
 
$
94,698

 
$
51,622

 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
Basic
 
153,041

 
146,930

Diluted
 
153,393

 
147,280

 
 
 
 
 
Net earnings per share available to common stockholders:
 
 
 
 
Basic
 
$
0.62

 
$
0.35

Diluted
 
$
0.62

 
$
0.35


4


National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)

 
 
Quarter Ended
 
 
March 31,
 
 
2018
 
2017
Funds From Operations (FFO) Reconciliation:
 
 
 
 
Net earnings available to common stockholders
 
$
94,698

 
$
51,622

Real estate depreciation and amortization
 
44,419

 
40,063

Gain on disposition of real estate
 
(38,596
)
 
(14,624
)
Impairment losses – depreciable real estate, net of recoveries
 
2,248

 
1,206

Total FFO adjustments
 
8,071

 
26,645

FFO available to common stockholders
 
$
102,769

 
$
78,267

 
 
 
 
 
FFO per common share:
 
 
 
 
Basic
 
$
0.67

 
$
0.53

Diluted
 
$
0.67

 
$
0.53

 
 
 
 
 
Core Funds From Operations Reconciliation:
 
 
 
 
Net earnings available to common stockholders
 
$
94,698

 
$
51,622

Total FFO adjustments
 
8,071

 
26,645

FFO available to common stockholders
 
102,769

 
78,267

 
 
 
 
 
Excess of redemption value over carrying value of preferred
   share redemption
 

 
9,855

Retirement severance costs
 
261

 

Total Core FFO adjustments
 
261

 
9,855

Core FFO available to common stockholders
 
$
103,030

 
$
88,122

 
 
 
 
 
Core FFO per common share:
 
 
 
 
Basic
 
$
0.67

 
$
0.60

Diluted
 
$
0.67

 
$
0.60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5


National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)

 
 
 
 
 
 
 
Quarter Ended
 
 
March 31,
 
 
2018
 
2017
Adjusted Funds From Operations (AFFO) Reconciliation:
 
 
 
 
Net earnings available to common stockholders
 
$
94,698

 
$
51,622

Total FFO adjustments
 
8,071

 
26,645

Total Core FFO adjustments
 
261

 
9,855

Core FFO available to common stockholders
 
103,030

 
88,122

 
 
 
 
 
Straight line accrued rent
 
(998
)
 
(675
)
Net capital lease rent adjustment
 
228

 
231

Below-market rent amortization
 
(697
)
 
(660
)
Stock based compensation expense
 
2,145

 
2,581

Capitalized interest expense
 
(828
)
 
(554
)
Total AFFO adjustments
 
(150
)
 
923

AFFO available to common stockholders
 
$
102,880

 
$
89,045

 
 
 
 
 
AFFO per common share:
 
 
 
 
Basic
 
$
0.67

 
$
0.61

Diluted
 
$
0.67

 
$
0.60

 
 
 
 
 
Other Information:
 
 
 
 
Percentage rent
 
$
546

 
$
548

Amortization of debt costs
 
$
888

 
$
859

Scheduled debt principal amortization (excluding maturities)
 
$
134

 
$
127

Non-real estate depreciation expense
 
$
81

 
$
82

2018 Earnings Guidance:
 
Core FFO guidance for 2018 is $2.62 to $2.66 per share. The 2018 AFFO is estimated to be $2.66 to $2.70 per share. The FFO guidance equates to net earnings of $1.51 to $1.55 per share, plus $1.11 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments and retirement severance 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.

 
 
2018 Guidance 
  Net earnings per common share excluding any gains on sale of real estate, impairment charges or retirement severance costs
 
$1.51 - $1.55 per share
  Real estate depreciation and amortization per share
 
$1.11 per share
Core FFO per share
 
$2.62 - $2.66 per share
  AFFO per share
 
$2.66 - $2.70 per share
  G&A expenses (excluding retirement severance costs)
 
$34 - $35 Million
  Real estate expenses, net of tenant reimbursements
 
$8 - $9 Million
  Acquisition volume
 
$500 - $600 Million
  Disposition volume
 
$100 - $140 Million


6


National Retail Properties, Inc.
(in thousands)
(unaudited)

 
 
March 31, 2018
 
December 31, 2017
Balance Sheet Summary
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
Real estate:
 
 
 
 
Accounted for using the operating method, net of accumulated depreciation and amortization
 
$
6,529,910

 
$
6,426,640

Accounted for using the direct financing method
 
9,422

 
9,650

Real estate held for sale
 
3,791

 
6,371

Cash and cash equivalents
 
4,002

 
1,364

Receivables, net of allowance
 
3,863

 
4,317

Accrued rental income, net of allowance
 
26,361

 
25,916

Debt costs, net of accumulated amortization
 
5,062

 
5,380

Other assets
 
78,245

 
80,896

Total assets
 
$
6,660,656

 
$
6,560,534

 
 
 
 
 
Liabilities:
 
 
 
 
Line of credit payable
 
$
176,400

 
$
120,500

 Mortgages payable, including unamortized premium and net of unamortized debt cost
 
13,149

 
13,300

 Notes payable, net of unamortized discount and unamortized debt costs
 
2,447,393

 
2,446,407

Accrued interest payable
 
36,379

 
20,311

Other liabilities
 
122,829

 
119,106

Total liabilities
 
2,796,150

 
2,719,624

 
 
 
 
 
Stockholders' equity of NNN
 
3,864,180

 
3,840,593

Noncontrolling interests
 
326

 
317

Total equity
 
3,864,506

 
3,840,910

 
 
 
 
 
Total liabilities and equity
 
$
6,660,656

 
$
6,560,534

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares outstanding
 
153,848

 
153,577

 
 
 
 
 
Gross leasable area, Property Portfolio (square feet)
 
29,116

 
29,093

 
 
 
 
 


7


National Retail Properties, Inc.
Debt Summary
As of March 31, 2018
(in thousands)
(unaudited)
Unsecured Debt
 
Principal
 
Principal, Net of Unamortized Discount
 
Stated Rate
 
Effective Rate
 
Maturity Date
Line of credit payable
 
$
176,400

 
$
176,400

 
L + 87.5 bps

 
2.546
%
 
   January 2022
 
 
 
 
 
 
 
 
 
 
 
Unsecured notes payable:
 
 
 
 
 
 
 
 
 
 
2021
 
300,000

 
298,324

 
5.500
%
 
5.689
%
 
   July 2021
2022
 
325,000

 
322,523

 
3.800
%
 
3.985
%
 
   October 2022
2023
 
350,000

 
348,584

 
3.300
%
 
3.388
%
 
   April 2023
2024
 
350,000

 
349,533

 
3.900
%
 
3.924
%
 
   June 2024
2025
 
400,000

 
399,236

 
4.000
%
 
4.029
%
 
   November 2025
2026
 
350,000

 
346,564

 
3.600
%
 
3.733
%
 
   December 2026
2027
 
400,000

 
398,446

 
3.500
%
 
3.548
%
 
   October 2027
Total
 
2,475,000

 
2,463,210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total unsecured debt(1)
 
$
2,651,400

 
$
2,639,610

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Debt costs
 
 
 
(22,682
)
 
 
 
 
 
 
Accumulated amortization
 
6,865

 
 
 
 
 
 
Debt costs, net of accumulated amortization
 
(15,817)
 
 
 
 
 
 
Notes payable, net of unamortized discount and unamortized debt costs
 
$
2,447,393

 
 
 
 
 
 

(1) Unsecured notes payable have a weighted average interest rate of 4.0% and a weighted average maturity of 6.7 years.


Mortgages Payable
 
Principal Balance
 
Interest Rate
 
Maturity Date
Mortgage(1)
 
13,236

 
5.230
%
 
   July 2023
 
 
 
 
 
 
 
Debt costs
 
(147
)
 
 
 
 
Accumulated amortization
 
60

 
 
 
 
Debt costs, net of accumulated amortization
 
(87)
 
 
 
 
Mortgages payable, including unamortized premium and net of unamortized debt costs
 
$
13,149

 
 
 
 
 
 
 
 
 
 
 
(1)   Includes unamortized premium
 
 
 
 
 
 


8


National Retail Properties, Inc.
Property Portfolio

Top 20 Lines of Trade
 
 
 
 
As of March 31,
 
 
Line of Trade
 
2018(1)
 
2017(2)
1.
 
Convenience stores
 
17.9
%
 
16.8
%
2.
 
Restaurants – full service
 
12.0
%
 
11.7
%
3.
 
Restaurants – limited service
 
8.0
%
 
7.5
%
4.
 
Automotive service
 
7.6
%
 
7.0
%
5.
 
Family entertainment centers
 
6.4
%
 
6.1
%
6.
 
Health and fitness
 
5.6
%
 
5.7
%
7.
 
Theaters
 
4.8
%
 
4.9
%
8.
 
Automotive parts
 
3.6
%
 
3.8
%
9.
 
Recreational vehicle dealers, parts and accessories
 
3.1
%
 
3.4
%
10.
 
Wholesale clubs
 
2.4
%
 
2.3
%
11.
 
Banks
 
2.4
%
 
2.7
%
12.
 
Medical service providers
 
2.3
%
 
2.4
%
13.
 
Equipment rental
 
2.0
%
 
0.7
%
14.
 
Drug stores
 
2.0
%
 
2.1
%
15.
 
Furniture
 
1.9
%
 
1.9
%
16.
 
General merchandise
 
1.8
%
 
1.8
%
17.
 
Travel plazas
 
1.8
%
 
1.9
%
18.
 
Consumer electronics
 
1.7
%
 
1.9
%
19.
 
Home improvement
 
1.7
%
 
1.9
%
20.
 
Home furnishings
 
1.6
%
 
1.7
%
 
 
Other
 
9.4
%
 
11.8
%
 
 
Total
 
100.0
%
 
100.0
%

Top 10 States
 
State
 
 
% of Total(1)
 
 
State
 
 
% of Total(1)
1.
Texas
 
 
18.0
%
 
6.
Georgia
 
 
4.8
%
2.
Florida
 
 
8.8
%
 
7.
Tennessee
 
 
3.9
%
3.
Ohio
 
 
5.5
%
 
8.
Indiana
 
 
3.9
%
4.
Illinois
 
 
5.3
%
 
9.
Virginia
 
 
3.9
%
5.
North Carolina
 
 
5.0
%
 
10.
Alabama
 
 
3.1
%

(1) 
Based on the annualized base rent for all leases in place as of March 31, 2018.
(2) 
Based on the annualized base rent for all leases in place as of March 31, 2017.


9


National Retail Properties, Inc.
Property Portfolio

Top Tenants ( ≥ 2.0%)
 
 
 
Properties
 
% of Total(1)
 
7-Eleven
 
152

 
6.2
%
 
Mister Car Wash
 
96

 
4.1
%
 
Camping World
 
40

 
3.9
%
 
LA Fitness
 
30

 
3.9
%
 
AMC Theatre
 
20

 
3.4
%
 
Couche-Tard (Pantry)
 
86

 
3.2
%
 
GPM Investments (Convenience Stores)
 
103

 
2.8
%
 
Bell American (Taco Bell)
 
115

 
2.6
%
 
BJ's Wholesale Club
 
9

 
2.4
%
 
Chuck E. Cheese's
 
53

 
2.3
%
 
SunTrust
 
99

 
2.3
%
 
Frisch's Restaurant
 
74

 
2.0
%
 

 


 



Lease Expirations(2) 
 
 
% of
Total
(1)
 
# of
Properties
 
Gross Leasable
Area
(3)
 
 
 
% of
Total
(1)
 
# of
Properties
 
Gross Leasable Area(3)
2018
 
1.4
%
 
46

 
520,000

 
2024
 
2.2
%
 
50

 
833,000

2019
 
2.6
%
 
74

 
1,079,000

 
2025
 
4.6
%
 
129

 
1,132,000

2020
 
3.5
%
 
126

 
1,576,000

 
2026
 
5.6
%
 
183

 
1,854,000

2021
 
4.1
%
 
121

 
1,320,000

 
2027
 
8.4
%
 
194

 
2,717,000

2022
 
6.3
%
 
125

 
1,697,000

 
2028
 
5.6
%
 
174

 
1,353,000

2023
 
2.9
%
 
110

 
1,293,000

 
Thereafter
 
52.8
%
 
1,439

 
13,378,000


(1) 
Based on the annual base rent of $594,023,000, which is the annualized base rent for all leases in place as of March 31, 2018.
(2) 
As of March 31, 2018, the weighted average remaining lease term is 11.4 years.
(3) 
Square feet.










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