First Quarter 2021 Operating Results Announced By National Retail Properties, Inc.

News provided by

National Retail Properties, Inc.

May 04, 2021, 08:30 ET

ORLANDO, Fla., May 4, 2021 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2021.  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,


2021


2020


(in thousands, except per share data)

Revenues

$

179,778



$

175,063






Net earnings available to common stockholders

$

52,102



$

60,693


Net earnings per common share

$

0.30



$

0.35






FFO available to common stockholders

$

99,821



$

102,509


FFO per common share

$

0.57



$

0.60






Core FFO available to common stockholders

$

121,149



$

119,188


Core FFO per common share

$

0.69



$

0.70






AFFO available to common stockholders

$

133,532


(1)

$

121,750


AFFO per common share

$

0.76


(1)

$

0.71




(1)

Amounts include $9,385 of net straight-line accrued rent from rent deferral repayments from the COVID-19 rent deferral lease amendments. Excluding such, AFFO per common share would have been $0.71 for the quarter ended March 31, 2021.

First Quarter 2021 Highlights:

  • As of April 28, 2021, NNN had collected approximately 97% of rent originally due for the quarter ended March 31, 2021, and approximately 98% of rent originally due in April 2021
  • Collected approximately $2.2 million of receivables written-off in 2020 from cash basis tenants
  • Maintained high occupancy levels at 98.3%, with a weighted average remaining lease term of 10.6 years, at March 31, 2021 as compared to 98.5% at December 31, 2020 and 98.8% at March 31, 2020
  • Invested $105.6 million in property investments, including the acquisition of 29 properties with an aggregate 355,000 square feet of gross leasable area at an initial cash yield of 6.4%
  • Sold 11 properties for $17.6 million producing $4.3 million of gains on sales
  • Issued $450 million principal amount of 3.500% senior unsecured notes due 2051
  • Redeemed $350 million principal amount of 3.300% senior unsecured notes due 2023
  • Weighted average debt maturity increased to 13.3 years at March 31, 2021
  • Ended the quarter with $311.2 million of cash and no amounts drawn on the $900 million bank credit facility

NNN has entered into rent deferral lease amendments with certain tenants for an aggregate $51,269,000 and $4,677,000 of rent originally due for the years ended December 31, 2020 and December 31, 2021, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $3,259,000 of deferred rent was repaid in 2020 and approximately $10,817,000 of deferred rent was repaid in the quarter ending March 31, 2021.

Core FFO guidance for 2021 was increased from a range of $2.55 to $2.62 to a range of $2.70 to $2.75 per share. The 2021 AFFO is estimated to be $2.91 to $2.96 per share. The Core FFO guidance equates to net earnings of $1.56 to $1.61 per share, plus $1.14 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments or loss on early extinguishment of debt. 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.

Jay Whitehurst, Chief Executive Officer, commented: "2021 is off to a great start for National Retail Properties. As the economic effects of the pandemic appear to recede, our impressive results have once again validated our consistent, long-term strategy of acquiring well-located parcels leased to strong regional and national operators at reasonable rents, all while maintaining low leverage and a flexible balance sheet. Based on our continued high occupancy, strong rent collections, solid quarter of acquisitions, and fortress-like balance sheet, we are pleased to increase our guidance for Core FFO per share by approximately six percent. Our acquisition pipeline of direct sale-leaseback transactions with our relationship tenants continues to grow, and with over $300 million of cash in the bank, zero balance drawn on our line of credit, no material debt maturities until 2024, and an average debt duration of over 13 years, we are well positioned to fund our 2021 acquisition guidance with the available capital on hand."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2021, the company owned 3,161 properties in 48 states with a gross leasable area of approximately 32.7 million square feet and with a weighted average remaining lease term of 10.6 years.  For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on May 4, 2021, 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, 2020 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.  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




March 31,




2021


2020


Income Statement Summary












Revenues:






Rental income


$

179,198



$

174,547



Interest and other income from real estate transactions


580



516





179,778



175,063









Operating expenses:






General and administrative


11,748



10,100



Real estate


7,725



7,635



Depreciation and amortization


49,980



49,188



Leasing transaction costs


38



36



Impairment losses – real estate, net of recoveries


2,131



5,513





71,622



72,472



Gain on disposition of real estate


4,281



12,770



Earnings from operations


112,437



115,361









Other expenses (revenues):






Interest and other income


(65)



(164)



Interest expense


34,587


(1)

33,670


(2)

Loss on early extinguishment of debt


21,328



16,679





55,850



50,185









Net earnings


56,587



65,176



Loss attributable to noncontrolling interests


—



2









Net earnings attributable to NNN


56,587



65,178



Series F preferred stock dividends


(4,485)



(4,485)



Net earnings available to common stockholders


$

52,102



$

60,693









Weighted average common shares outstanding:






Basic


174,589



171,039



Diluted


174,715



171,232









Net earnings per share available to common stockholders:






Basic


$

0.30



$

0.35



Diluted


$

0.30



$

0.35









(1) Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the quarter ended March 31, 2021.

(2) Includes $2,291 in connection with the redemption of 3.80% senior unsecured notes due 2022 for the quarter ended March 31, 2020.

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)







Quarter Ended




March 31,




2021


2020


Funds From Operations (FFO) Reconciliation:






Net earnings available to common stockholders


$

52,102



$

60,693



Real estate depreciation and amortization


49,869



49,073



Gain on disposition of real estate


(4,281)



(12,770)



Impairment losses – depreciable real estate, net of recoveries


2,131



5,513



Total FFO adjustments


47,719



41,816



FFO available to common stockholders


$

99,821



$

102,509









FFO per common share:






Basic


$

0.57



$

0.60



Diluted


$

0.57



$

0.60









Core Funds From Operations (Core FFO) Reconciliation:






Net earnings available to common stockholders


$

52,102



$

60,693



Total FFO adjustments


47,719



41,816



FFO available to common stockholders


99,821



102,509









Loss on early extinguishment of debt


21,328



16,679



Total Core FFO adjustments


21,328



16,679



Core FFO available to common stockholders


$

121,149



$

119,188









Core FFO per common share:






Basic


$

0.69



$

0.70



Diluted


$

0.69



$

0.70























 

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 









Quarter Ended




March 31,




2021


2020


Adjusted Funds From Operations (AFFO) Reconciliation:






Net earnings available to common stockholders


$

52,102



$

60,693



Total FFO adjustments


47,719



41,816



Total Core FFO adjustments


21,328



16,679



Core FFO available to common stockholders


121,149



119,188









Straight-line accrued rent, net of reserves


8,332



(61)



Net capital lease rent adjustment


90



61



Below-market rent amortization


(162)



(220)



Stock based compensation expense


4,186



3,248



Capitalized interest expense


(63)



(466)



Total AFFO adjustments


12,383



2,562



AFFO available to common stockholders


$

133,532


(1)

$

121,750









AFFO per common share:






Basic


$

0.76


(1)

$

0.71



Diluted


$

0.76


(1)

$

0.71









Other Information:






Rental income from operating leases(2)


$

173,583



$

168,733



Earned income from direct financing leases(2)


$

158



$

164



Percentage rent(2)


$

104



$

403









Real estate expense reimbursement from tenants(2)


$

5,353



$

5,247



Real estate expenses


(7,725)



(7,635)



Real estate expenses, net of tenant reimbursements


$

(2,372)



$

(2,388)









Amortization of debt costs


$

1,840


(3)

$

1,816


(4)

Scheduled debt principal amortization (excluding maturities)


$

156



$

147



Non-real estate depreciation expense


$

113



$

118









(1) 

Amounts include the net straight-line accrued rent impact of the rent deferral repayments from the COVID-19 rent deferral lease amendments of $9,385 for the quarter ended March 31, 2021. Excluding such, AFFO per common share results would have been $0.71 for the quarter ended March 31, 2021.



(2) 

For the quarter ended March 31, 2021 and 2020, the aggregate of such amounts is $179,198 and $174,547, respectively, classified as rental income on the income statement summary.



(3) 

Includes $745 in connection with the redemption of the 3.30% senior unsecured notes due 2023 for the quarter ended March 31, 2021.



(4) 

Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the quarter ended March 31, 2020.


2021 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.



2021 Guidance

  Net earnings per common share excluding any gains on
   disposition of real estate, impairment charges and loss on early
   extinguishment of debt


$1.56 - $1.61 per share

  Real estate depreciation and amortization per share


$1.14 per share

Core FFO per share


$2.70 - $2.75 per share

  AFFO per share(1)


$2.91 - $2.96 per share

  General and administrative expenses


$43 - $45 Million

  Real estate expenses, net of tenant reimbursements


$11 - $13 Million

  Acquisition volume


$400 - $500 Million

  Disposition volume


$80 - $100 Million

(1) 

Estimates include the net straight-line accrued rent impact of the rent repayment from the COVID-19 rent deferral lease amendments of $24,961,000 for 2021. Absent such, AFFO per common share guidance would have been $2.77 - $2.82 per share for 2021.

National Retail Properties, Inc.

(in thousands)

(unaudited)




March 31,
2021


December 31,
2020

Balance Sheet Summary










Assets:





Real estate portfolio


$

7,249,613



$

7,212,655


Real estate held for sale


6,498



5,671


Cash and cash equivalents


311,231



267,236


Receivables, net of allowance of $846 and $835, respectively


4,611



4,338


Accrued rental income, net of allowance of $6,030 and $6,947, respectively


45,450



53,958


Debt costs, net of accumulated amortization of $17,764 and $17,294, respectively


1,492



1,917


Other assets


93,308



92,069


Total assets


$

7,712,203



$

7,637,844







Liabilities:





Line of credit payable


$

—



$

—


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


11,222



11,395


 Notes payable, net of unamortized discount and unamortized debt costs


3,298,302



3,209,527


Accrued interest payable


44,668



19,401


Other liabilities


70,172



78,217


Total liabilities


3,424,364



3,318,540







Stockholders' equity of NNN


4,287,835



4,319,300


Noncontrolling interests


4



4


Total equity


4,287,839



4,319,304







Total liabilities and equity


$

7,712,203



$

7,637,844






















Common shares outstanding


175,580



175,233







Gross leasable area, Property Portfolio (square feet)


32,717



32,461








National Retail Properties, Inc.
Debt Summary
As of March 31, 2021
(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:











2024


350,000



349,744



3.900

%


3.924

%


   June 2024

2025


400,000



399,509



4.000

%


4.029

%


   November 2025

2026


350,000



347,625



3.600

%


3.733

%


   December 2026

2027


400,000



398,880



3.500

%


3.548

%


   October 2027

2028


400,000



397,751



4.300

%


4.388

%


   October 2028

2030


400,000



398,834



2.500

%


2.536

%


April 2030

2048


300,000



295,928



4.800

%


4.890

%


   October 2048

2050


300,000



294,065



3.100

%


3.205

%


April 2050

2051


450,000



441,601



3.500

%


3.602

%


April 2051












Total


3,350,000



3,323,937



















Total unsecured debt(1)


$

3,350,000



$

3,323,937



















Debt costs




(33,178)








Accumulated amortization


7,543








Debt costs, net of accumulated amortization


(25,635)








Notes payable, net of unamortized discount and
unamortized debt costs


$

3,298,302









(1)  Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 13.3 years.

Mortgages Payable


Principal
Balance


Interest Rate


Maturity Date


Mortgage(1)


$

11,257



5.230

%


   July 2023










Debt costs


(147)







Accumulated amortization


112







Debt costs, net of accumulated amortization


(35)







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


$

11,222















(1)   Includes unamortized premium



























National Retail Properties, Inc.
Debt Summary
As of March 31, 2021


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 March 31, 2021, the company believes it is in compliance with the covenants.


Unsecured Credit Facility Key Covenants


Required


March 31, 2021

Maximum leverage ratio


< 0.60


0.38

Minimum fixed charge coverage ratio


> 1.50


3.95

Maximum secured indebtedness ratio


< 0.40


0.001

Unencumbered asset value ratio


> 1.67


2.67

Unencumbered interest ratio


> 1.75


4.96






Unsecured Notes Key Covenants


Required


March 31, 2021

Limitation on incurrence of total debt


≤ 60%


36.5%

Limitation on incurrence of secured debt


≤ 40%


0.1%

Debt service coverage ratio


≥ 1.50


4.37

Maintenance of total unencumbered assets


≥ 150%


274%

National Retail Properties, Inc.

Property Portfolio

Top 20 Lines of Trade









% of Rent
Collections
Quarter Ended
March 31,
2021(3)





As of March 31,




Line of Trade


2021(1)


2020(2)


1.


Convenience stores


18.0

%


18.1

%


99.9

%

2.


Automotive service


10.7

%


9.9

%


98.7

%

3.


Restaurants – full service


10.2

%


11.0

%


91.5

%

4.


Restaurants – limited service


9.5

%


8.7

%


99.9

%

5.


Family entertainment centers


6.0

%


6.7

%


99.6

%

6.


Health and fitness


5.2

%


5.2

%


94.2

%

7.


Theaters


4.4

%


4.7

%


75.8

%

8.


Recreational vehicle dealers, parts and accessories


3.5

%


3.4

%


100.0

%

9.


Equipment rental


3.1

%


2.6

%


100.0

%

10.


Automotive parts


3.1

%


3.1

%


99.7

%

11.


Home improvement


2.6

%


2.6

%


99.1

%

12.


Wholesale clubs


2.5

%


2.5

%


100.0

%

13.


Medical service providers


2.1

%


2.1

%


99.6

%

14.


General merchandise


1.7

%


1.7

%


99.1

%

15.


Furniture


1.7

%


1.7

%


99.2

%

16.


Home furnishings


1.6

%


1.6

%


99.9

%

17.


Travel plazas


1.5

%


1.5

%


100.0

%

18.


Consumer electronics


1.5

%


1.5

%


100.0

%

19.


Drug stores


1.4

%


1.5

%


100.0

%

20.


Bank


1.3

%


1.3

%


100.0

%



Other


8.4

%


8.6

%


99.7

%



Total


100.0

%


100.0

%


97.5

%

Top 10 States



State



% of Total(1)



State



% of Total(1)


1.

Texas



17.4

%


6.

Georgia



4.4

%


2.

Florida



8.7

%


7.

Indiana



4.2

%


3.

Ohio



5.7

%


8.

Tennessee



3.7

%


4.

Illinois



5.1

%


9.

California



3.4

%


5.

North Carolina



4.4

%


10.

Virginia



3.4

%















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


(1) $684,283,000 as of March 31, 2021.


(2) $677,536,000 as of March 31, 2020.


(3) Rent collections received as of April 28, 2021, excluding the repayment of amounts previously deferred according to

    the rent deferral lease amendments.

National Retail Properties, Inc.

Property Portfolio

Top 20 Tenants





Properties


% of Total(1)

1.

7-Eleven


140



5.0

%

2.

Mister Car Wash


115



4.5

%

3.

Camping World


47



4.3

%

4.

LA Fitness


30



3.8

%

5.

Flynn Restaurant Group (Taco Bell/Arby's)


202



3.4

%

6.

GPM Investments (Convenience Stores)


153



3.3

%

7.

AMC Theatre


19



2.8

%

8.

Couche Tard (Pantry)


82



2.7

%

9.

BJ's Wholesale Club


11



2.5

%

10.

Sunoco


59



2.2

%

11.

Mavis Tire Express Services


120



2.1

%

12.

Main Event


18



1.8

%

13.

Frisch's Restaurants


74



1.8

%

14.

Bob Evans


114



1.6

%

15.

Fikes (Convenience Stores)


56



1.6

%

16.

Chuck E. Cheese's


53



1.6

%

17.

Best Buy


15



1.5

%

18.

Life Time Fitness


3



1.5

%

19.

Dave & Buster's


11



1.4

%

20.

Ahern Rentals


35



1.4

%

Lease Expirations(2)




% of
Total(1)


# of

Properties


Gross Leasable
Area(3)




% of
Total(1)


# of

Properties


Gross Leasable
Area(3)

2021


2.0

%


79



765,000



2027


6.4

%


176



2,563,000


2022


5.2

%


119



1,493,000



2028


4.8

%


157



1,183,000


2023


2.7

%


113



1,417,000



2029


3.0

%


75



1,052,000


2024


3.5

%


95



1,473,000



2030


3.7

%


106



1,190,000


2025


6.2

%


198



2,092,000



2031


8.7

%


192



2,920,000


2026


5.3

%


200



2,000,000



Thereafter


48.5

%


1,593



13,762,000




(1) 

Based on the annual base rent of $684,283,000, which is the annualized base rent for all leases in place as of March 31, 2021.

(2) 

As of March 31, 2021, the weighted average remaining lease term is 10.6 years.

(3) 

Square feet.

National Retail Properties, Inc.
Rent Deferral Lease Amendments
(in thousands)

The following table outlines the rent deferred and corresponding recapture payback by quarter of the rent deferral lease
amendments executed as of March 31, 2021 (dollars in thousands):







Deferred



Scheduled Repayment




Accrual
Basis


Cash
Basis


Total


% of Total



Accrual
Basis


Cash
Basis


Total


% of Total


Cumulative
Total

2020



$

33,610



$

17,659



$

51,269



91.6

%



$

3,239



$

20



$

3,259



5.8

%


5.8

%






















2021

Q1


678



1,937



2,615



4.7

%



10,063



754



10,817



19.3

%


25.1

%


Q2


278



750



1,028



1.8

%



8,603



1,823



10,426



18.6

%


43.7

%


Q3


34



750



784



1.4

%



4,332



1,698



6,030



10.8

%


54.5

%


Q4


—



250



250



0.4

%



2,953



1,698



4,651



8.3

%


62.8

%




990



3,687



4,677



8.4

%



25,951



5,973



31,924



57.0

%


62.8

%






















2022

Q1


—



—



—



—




1,780



2,117



3,897



7.0

%


69.8

%


Q2


—



—



—



—




1,729



2,117



3,846



6.9

%


76.7

%


Q3


—



—



—



—




1,201



2,117



3,318



5.9

%


82.6

%


Q4


—



—



—



—




681



2,117



2,798



5.0

%


87.6

%




—



—



—



—




5,391



8,468



13,859



24.8

%


87.6

%






















2023



—



—



—



—




19



3,021



3,040



5.4

%


93.0

%






















2024



—



—



—



—




—



1,932



1,932



3.5

%


96.5

%






















2025



—



—



—



—




—



1,932



1,932



3.5

%


100.0

%

























$

34,600



$

21,346



$

55,946






$

34,600



$

21,346



$

55,946






SOURCE National Retail Properties, Inc.