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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, 2019
 
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, 2019 National Retail Properties, Inc. issued a press release announcing its results of operations and financial condition for the quarter ended March 31, 2019. 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, 2019
 
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

397750499_nnnlogo20180630a03.jpg    

NEWS RELEASE
For information contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348    FOR IMMEDIATE RELEASE
May 1, 2019

FIRST QUARTER 2019 OPERATING RESULTS
ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

Orlando, Florida, May 1, 2019 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2019. 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,
 
2019
 
2018
 
(in thousands, except per share data)
Revenues
$
163,712

 
$
152,836

 
 
 
 
Net earnings available to common stockholders
$
71,441

 
$
94,698

Net earnings per common share
$
0.44

 
$
0.62

 
 
 
 
FFO available to common stockholders
$
110,345

 
$
102,769

FFO per common share
$
0.68

 
$
0.67

 
 
 
 
Core FFO available to common stockholders
$
109,014

 
$
103,030

Core FFO per common share
$
0.67

 
$
0.67

 
 
 
 
AFFO available to common stockholders
$
110,631

 
$
102,880

AFFO per common share
$
0.68

 
$
0.67


First Quarter 2019 Highlights:
FFO and AFFO per common share increased 1.5% over prior year results
Portfolio occupancy was 98.2% at March 31, 2019 as compared to 98.2% on December 31, 2018 and 99.2% on March 31, 2018
Invested $117.0 million in property investments, including the acquisition of 33 properties with an aggregate 434,000 square feet of gross leasable area at an initial cash yield of 7.0%
Sold 17 properties for $19.4 million producing $10.4 million of gains on sales
Raised $5.3 million net proceeds from the issuance of 101,180 common shares





Jay Whitehurst, Chief Executive Officer, commented: “2019 is off to a steady, consistent start for National Retail Properties, with occupancy remaining above our long-term average and our new acquisitions being driven by our relationship tenants at strong initial cash yields, with future rent growth, and with long-term triple net leases. Coupled with our low leveraged, flexible balance sheet, we remain well positioned to continue our 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, 2019, the company owned 2,984 properties in 48 states with a gross leasable area of approximately 30.7 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, 2019, 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, 2019. 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 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

2


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,
 
 
2019
 
2018
Income Statement Summary
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
Lease income
 
$
163,026

 
$

Rental income from operating leases
 

 
147,829

Earned income from direct financing leases
 

 
230

Percentage rent
 

 
546

Real estate expense reimbursement from tenants
 

 
4,158

Interest and other income from real estate transactions
 
686

 
73

 
 
163,712

 
152,836

 
 
 
 
 
Operating expenses:
 
 
 
 
General and administrative
 
9,521

 
8,697

Real estate
 
7,093

 
5,862

Depreciation and amortization
 
46,180

 
44,498

Impairment losses – real estate, net of recoveries
 
3,245

 
2,248

Retirement severance costs
 

 
261

 
 
66,039

 
61,566

Gain on disposition of real estate
 
10,445

 
38,596

Earnings from operations
 
108,118

 
129,866

 
 
 
 
 
Other expenses (revenues):
 
 
 
 
Interest and other income
 
(1,924
)
 
(25
)
Interest expense
 
29,957

 
26,602

Leasing transaction costs
 
52

 

 
 
28,085

 
26,577

 
 
 
 
 
Net earnings
 
80,033

 
103,289

Earnings attributable to noncontrolling interests
 
(10
)
 
(9
)
 
 
 
 
 
Net earnings attributable to NNN
 
80,023

 
103,280

Series E preferred stock dividends
 
(4,097
)
 
(4,097
)
Series F preferred stock dividends
 
(4,485
)
 
(4,485
)
Net earnings available to common stockholders
 
$
71,441

 
$
94,698

 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
Basic
 
161,105

 
153,041

Diluted
 
161,614

 
153,393

 
 
 
 
 
Net earnings per share available to common stockholders:
 
 
 
 
Basic
 
$
0.44

 
$
0.62

Diluted
 
$
0.44

 
$
0.62




4


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

 
 
Quarter Ended
 
 
March 31,
 
 
2019
 
2018
Funds From Operations (FFO) Reconciliation:
 
 
 
 
Net earnings available to common stockholders
 
$
71,441

 
$
94,698

Real estate depreciation and amortization
 
46,104

 
44,419

Gain on disposition of real estate
 
(10,445
)
 
(38,596
)
Impairment losses – depreciable real estate, net of recoveries
 
3,245

 
2,248

Total FFO adjustments
 
38,904

 
8,071

FFO available to common stockholders
 
$
110,345

 
$
102,769

 
 
 
 
 
FFO per common share:
 
 
 
 
Basic
 
$
0.68

 
$
0.67

Diluted
 
$
0.68

 
$
0.67

 
 
 
 
 
Core Funds From Operations Reconciliation:
 
 
 
 
Net earnings available to common stockholders
 
$
71,441

 
$
94,698

Total FFO adjustments
 
38,904

 
8,071

FFO available to common stockholders
 
110,345

 
102,769

 
 
 
 
 
Retirement severance costs
 

 
261

Gain on sale of equity investments
 
(1,331
)
 

Total Core FFO adjustments
 
(1,331
)
 
261

Core FFO available to common stockholders
 
$
109,014

 
$
103,030

 
 
 
 
 
Core FFO per common share:
 
 
 
 
Basic
 
$
0.68

 
$
0.67

Diluted
 
$
0.67

 
$
0.67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5


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

 
 
Quarter Ended
 
 
March 31,
 
 
2019
 
2018
Adjusted Funds From Operations (AFFO) Reconciliation:
 
 
 
 
Net earnings available to common stockholders
 
$
71,441

 
$
94,698

Total FFO adjustments
 
38,904

 
8,071

Total Core FFO adjustments
 
(1,331
)
 
261

Core FFO available to common stockholders
 
109,014

 
103,030

 
 
 
 
 
Straight-line accrued rent
 
(747
)
 
(998
)
Net capital lease rent adjustment
 
172

 
228

Below-market rent amortization
 
(228
)
 
(697
)
Stock based compensation expense
 
2,546

 
2,145

Capitalized interest expense
 
(126
)
 
(828
)
Total AFFO adjustments
 
1,617

 
(150
)
AFFO available to common stockholders
 
$
110,631

 
$
102,880

 
 
 
 
 
AFFO per common share:
 
 
 
 
Basic
 
$
0.69

 
$
0.67

Diluted
 
$
0.68

 
$
0.67

 
 
 
 
 
Other Information:
 
 
 
 
Rental income from operating leases(1)
 
$
158,398

 
$
147,829

Earned income from direct financing leases(1)
 
$
213

 
$
230

Percentage rent(1)
 
$
422

 
$
546

 
 
 
 
 
Real estate expense reimbursement from tenants(1)
 
$
3,993

 
$
4,158

Real estate expenses
 
(7,092
)
 
(5,863
)
Real estate expenses, net of tenant reimbursements
 
$
(3,099
)
 
$
(1,705
)
 
 
 
 
 
Amortization of debt costs
 
$
920

 
$
888

Scheduled debt principal amortization (excluding maturities)
 
$
141

 
$
134

Non-real estate depreciation expense
 
$
79

 
$
81

(1) 
The condensed consolidated financial statement for the quarter ended March 31, 2019 is presented under the new accounting standard, ASU 2016-02, "Leases (Topic 842)," while comparative periods presented are not adjusted and continue to be reported in accordance with NNN's historical accounting policy.  For the quarter ended March 31, 2019, the aggregate of such amounts is $163,026 and classified as lease income on the income statement summary. For the quarter ended March 31, 2018, the aggregate of such amounts is $152,763.


6





2019 Earnings Guidance (Unchanged from February 2019):
 
 
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.
 
 
2019 Guidance 
  Net earnings per common share excluding any gains on disposition of real estate and impairment charges
 
$1.60 - $1.65 per share
  Real estate depreciation and amortization per share
 
$1.11 per share
Core FFO per share
 
$2.71 - $2.76 per share
  AFFO per share
 
$2.76 - $2.81 per share
  G&A expenses
 
$36.5 - $37.5 Million
  Real estate expenses, net of tenant reimbursements
 
$9.0 - $10.0 Million
  Acquisition volume
 
$550 - $650 Million
  Disposition volume
 
$80 - $120 Million


7


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

 
 
March 31, 2019
 
December 31, 2018
Balance Sheet Summary
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
Real estate:
 
 
 
 
Accounted for using the operating method, net of accumulated depreciation and amortization
 
$
6,900,747

 
$
6,844,018

Accounted for using the direct financing method
 
7,219

 
8,069

Real estate held for sale
 
21,397

 
23,345

Cash and cash equivalents
 
80,521

 
114,267

Receivables, net of allowance
 
2,910

 
3,797

Accrued rental income, net of allowance
 
28,120

 
25,387

Debt costs, net of accumulated amortization
 
3,757

 
4,081

Other assets
 
92,317

 
80,474

Total assets
 
$
7,136,988

 
$
7,103,438

 
 
 
 
 
Liabilities:
 
 
 
 
Line of credit payable
 
$

 
$

 Mortgages payable, including unamortized premium and net of unamortized debt cost
 
12,536

 
12,694

 Notes payable, net of unamortized discount and unamortized debt costs
 
2,839,678

 
2,838,701

Accrued interest payable
 
47,456

 
19,519

Other liabilities
 
84,431

 
77,919

Total liabilities
 
2,984,101

 
2,948,833

 
 
 
 
 
Stockholders' equity of NNN
 
4,152,522

 
4,154,250

Noncontrolling interests
 
365

 
355

Total equity
 
4,152,887

 
4,154,605

 
 
 
 
 
Total liabilities and equity
 
$
7,136,988

 
$
7,103,438

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares outstanding
 
161,978

 
161,504

 
 
 
 
 
Gross leasable area, Property Portfolio (square feet)
 
30,698

 
30,487

 
 
 
 
 


8


National Retail Properties, Inc.
Debt Summary
As of March 31, 2019
(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

 
%
 
   January 2022
 
 
 
 
 
 
 
 
 
 
 
Unsecured notes payable:
 
 
 
 
 
 
 
 
 
 
2022
 
325,000

 
323,031

 
3.800
%
 
3.985
%
 
   October 2022
2023
 
350,000

 
348,846

 
3.300
%
 
3.388
%
 
   April 2023
2024
 
350,000

 
349,601

 
3.900
%
 
3.924
%
 
   June 2024
2025
 
400,000

 
399,323

 
4.000
%
 
4.029
%
 
   November 2025
2026
 
350,000

 
346,905

 
3.600
%
 
3.733
%
 
   December 2026
2027
 
400,000

 
398,586

 
3.500
%
 
3.548
%
 
   October 2027
2028
 
400,000

 
397,269

 
4.300
%
 
4.388
%
 
   October 2028
2048
 
300,000

 
295,793

 
4.800
%
 
4.890
%
 
   October 2048
Total
 
2,875,000

 
2,859,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total unsecured debt(1)
 
$
2,875,000

 
$
2,859,354

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
Debt costs
 
 
 
(26,932
)
 
 
 
 
 
 
Accumulated amortization
 
7,256

 
 
 
 
 
 
Debt costs, net of accumulated amortization
 
(19,676)
 
 
 
 
 
 
Notes payable, net of unamortized discount and unamortized debt costs
 
$
2,839,678

 
 
 
 
 
 
(1)  Unsecured notes payable have a weighted average interest rate of 4.0% and a weighted average maturity of 9.1 years.
 

Mortgages Payable
 
Principal Balance
 
Interest Rate
 
Maturity Date
 
Mortgage(1)
 
$
12,606

 
5.23
%
 
   July 2023
 
 
 
 
 
 
 
 
 
Debt costs
 
(147
)
 
 
 
 
 
Accumulated amortization
 
77

 
 
 
 
 
Debt costs, net of accumulated amortization
 
(70)
 
 
 
 
 
Mortgages payable, including unamortized premium and net of unamortized debt costs
 
$
12,536

 
 
 
 
 
(1)   Includes unamortized premium
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

9


National Retail Properties, Inc.
Property Portfolio

Top 20 Lines of Trade
 
 
 
 
As of March 31,
 
 
 
Line of Trade
 
2019(1)
 
2018(2)
 
1.
 
Convenience stores
 
17.8
%
 
17.9
%
 
2.
 
Restaurants – full service
 
11.3
%
 
12.0
%
 
3.
 
Restaurants – limited service
 
9.0
%
 
8.0
%
 
4.
 
Automotive service
 
8.9
%
 
7.6
%
 
5.
 
Family entertainment centers
 
7.1
%
 
6.4
%
 
6.
 
Health and fitness
 
5.5
%
 
5.6
%
 
7.
 
Theaters
 
4.9
%
 
4.8
%
 
8.
 
Recreational vehicle dealers, parts and accessories
 
3.5
%
 
3.1
%
 
9.
 
Automotive parts
 
3.4
%
 
3.6
%
 
10.
 
Home improvement
 
2.4
%
 
1.7
%
 
11.
 
Wholesale clubs
 
2.3
%
 
2.4
%
 
12.
 
Medical service providers
 
2.2
%
 
2.3
%
 
13.
 
Equipment rental
 
1.9
%
 
2.0
%
 
14.
 
Drug stores
 
1.7
%
 
2.0
%
 
15.
 
Travel plazas
 
1.7
%
 
1.8
%
 
16.
 
Furniture
 
1.6
%
 
1.9
%
 
17.
 
General merchandise
 
1.6
%
 
1.8
%
 
18.
 
Consumer electronics
 
1.6
%
 
1.7
%
 
19.
 
Bank
 
1.6
%
 
2.4
%
 
20.
 
Home furnishings
 
1.5
%
 
1.6
%
 
 
 
Other
 
8.5
%
 
9.4
%
 
 
 
Total
 
100.0
%
 
100.0
%
 

Top 10 States
 
State
 
 
% of Total(1)
 
 
State
 
 
% of Total(1)
 
1.
Texas
 
 
17.4
%
 
6.
Georgia
 
 
4.5
%
 
2.
Florida
 
 
8.9
%
 
7.
Tennessee
 
 
3.9
%
 
3.
Ohio
 
 
5.7
%
 
8.
Indiana
 
 
3.9
%
 
4.
Illinois
 
 
5.2
%
 
9.
Virginia
 
 
3.7
%
 
5.
North Carolina
 
 
4.6
%
 
10.
Alabama
 
 
3.1
%
 
 
(1) Based on the annualized base rent for all leases in place as of March 31, 2019.
 
 
(2) Based on the annualized base rent for all leases in place as of March 31, 2018.
 




10


National Retail Properties, Inc.
Property Portfolio

Top Tenants ( ≥ 2.0%)
 
 
 
Properties
 
% of Total(1)
 
7-Eleven
 
140

 
5.3
%
 
Camping World
 
47

 
4.4
%
 
Mister Car Wash
 
106

 
4.4
%
 
LA Fitness
 
30

 
3.9
%
 
Flynn Restaurant Group (Taco Bell/Arby's)
 
202

 
3.6
%
 
GPM Investments (Convenience Stores)
 
151

 
3.5
%
 
AMC Theatre
 
20

 
3.2
%
 
Couche Tard (Pantry)
 
85

 
3.0
%
 
Sunoco
 
61

 
2.4
%
 
BJ's Wholesale Club
 
9

 
2.3
%
 
Chuck E. Cheese's
 
53

 
2.2
%

Lease Expirations(2) 
 
 
% of
Total
(1)
 
# of
Properties
 
Gross Leasable
Area
(3)
 
 
 
% of
Total
(1)
 
# of
Properties
 
Gross Leasable Area(3)
2019
 
1.0
%
 
30

 
334,000

 
2025
 
5.1
%
 
140

 
1,561,000

2020
 
2.4
%
 
100

 
1,090,000

 
2026
 
4.9
%
 
179

 
1,697,000

2021
 
3.8
%
 
119

 
1,299,000

 
2027
 
7.6
%
 
193

 
2,600,000

2022
 
5.8
%
 
124

 
1,643,000

 
2028
 
4.9
%
 
158

 
1,173,000

2023
 
3.0
%
 
116

 
1,453,000

 
2029
 
3.4
%
 
76

 
1,239,000

2024
 
3.2
%
 
81

 
1,342,000

 
Thereafter
 
54.9
%
 
1,612

 
14,187,000


(1) 
Based on the annual base rent of $633,239,000, which is the annualized base rent for all leases in place as of March 31, 2019.
(2) 
As of March 31, 2019, the weighted average remaining lease term is 11.4 years.
(3) 
Square feet.










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