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

News provided by

National Retail Properties, Inc.

Aug 03, 2022, 08:30 ET

ORLANDO, Fla., Aug. 3, 2022 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2022.  Highlights include:

Operating Results:

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

Quarter Ended
June 30,

Six Months Ended
June 30,



2022

2021

2022

2021



(in thousands, except per share data)

Revenues

$

190,783

$

179,011

$

381,062

$

358,789















Net earnings available to common stockholders

$

74,171

$

68,538

$

155,543

$

120,640

Net earnings per common share

$

0.42

$

0.39

$

0.89

$

0.69















FFO available to common stockholders

$

135,353

$

122,862

$

266,946

$

222,683

FFO per common share

$

0.77

$

0.70

$

1.53

$

1.27















Core FFO available to common stockholders

$

138,008

$

122,862

$

273,195

$

244,011

Core FFO per common share

$

0.79

$

0.70

$

1.56

$

1.40















AFFO available to common stockholders

$

142,103

(1)

$

134,375

(2)

$

280,824

(1)

$

267,908

(2)

AFFO per common share

$

0.81

(1)

$

0.77

(2)

$

1.60

(1)

$

1.53

(2)



(1)

Amounts include $1,729 and $3,509 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and six months ended June 30, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $1.58 for the quarter and six months ended June 30, 2022, respectively.



(2)

Amounts include $8,323 and $17,706 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and six months ended June 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.72 and $1.43 for the quarter and six months ended June 30, 2021, respectively.

Second Quarter 2022 Highlights:

  • Maintained high occupancy levels at 99.1%, with a weighted average remaining lease term of 10.6 years, at June 30, 2022 as compared to 99.2% at March 31, 2022 and 99.0% at December 31, 2021
  • Invested $153.8 million in property investments, including the acquisition of 43 properties with an aggregate 348,000 square feet of gross leasable area at an initial cash yield of 6.2%
  • Sold 8 properties for $7.9 million producing $0.8 million of gains on sales
  • Raised $31.8 million net proceeds from the issuance of 734,298 common shares
  • Maintained sector leading 14.2 year weighted average debt maturity for fixed rate debt

First Half of 2022 Highlights:

  • Invested $364.6 million in property investments, including the acquisition of 102 properties with an aggregate 1,227,000 square feet of gross leasable area at an initial cash yield of 6.2%
  • Sold 18 properties for $28.0 million producing $4.8 million gains on sales
  • Raised $32.5 million net proceeds from the issuance of 751,869 common shares

Core FFO guidance for 2022 was increased from a range of $3.01 to $3.08 per share to a range of $3.07 to $3.12 per share. The 2022 AFFO is estimated to be $3.14 to $3.19 per share. The Core FFO guidance equates to net earnings of $1.83 to $1.88 per share, plus $1.24 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.

Steve Horn, Chief Executive Officer, commented: "National Retail Properties saw continued operational momentum through the second quarter of 2022, highlighted by the selective acquisition of just over $150 million in new properties.  In July, we increased our common stock dividend by nearly four percent to 55 cents per share, while preserving our low dividend payout ratio, marking our 33rd consecutive year of increased annual dividends, a feat matched by only two other REITs and by fewer than 90 public companies in the United States."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of June 30, 2022, the company owned 3,305 properties in 48 states with a gross leasable area of approximately 33.8 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 August 3, 2022, 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, 2021 and (ii) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  National Retail Properties, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company's share of these items from the company's unconsolidated partnerships and any impairment charges on a depreciable real estate asset.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.

Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company's operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company's core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption costs, executive retirement costs, loss on early extinguishment of debt or other non-core amounts as they occur.   The company's computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company's performance.  The company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)



Quarter Ended
June 30,

Six Months Ended
June 30,



2022

2021

2022

2021

Income Statement Summary












Revenues:












Rental income

$

190,536

$

178,004

$

380,299

$

357,202

Interest and other income from real estate transactions

247


1,007


763


1,587




190,783


179,011


381,062


358,789















Operating expenses:












General and administrative

9,740


11,868


20,782


23,616

Real estate

6,173


6,619


13,371


14,344

Depreciation and amortization

57,444


50,875


110,124


100,855

Leasing transaction costs

76


22


164


60

Impairment losses – real estate, net of recoveries

4,618


7,735


6,250


9,866

Executive retirement costs

2,655


—


6,249


—




80,706


77,119


156,940


148,741

Gain on disposition of real estate

775


4,181


4,767


8,462

Earnings from operations

110,852


106,073


228,889


218,510















Other expenses (revenues):












Interest and other income

(52)


(33)


(87)


(98)

Interest expense

36,739


33,085


73,438


67,672

(1)

Loss on early extinguishment of debt

—


—


—


21,328




36,687


33,052


73,351


88,902















Net earnings

74,165


73,021


155,538


129,608

Loss attributable to noncontrolling interests

6


2


5


2















Net earnings attributable to NNN

74,171


73,023


155,543


129,610

Series F preferred stock dividends

—


(4,485)


—


(8,970)

Net earnings available to common stockholders

$

74,171

$

68,538

$

155,543

$

120,640















Weighted average common shares outstanding:












Basic

174,957


174,611


174,867


174,600

Diluted

175,108


174,727


175,022


174,733















Net earnings per share available to common stockholders:












Basic

$

0.42

$

0.39

$

0.89

$

0.69

Diluted

$

0.42

$

0.39

$

0.89

$

0.69

(1)

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

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)



Quarter Ended
June 30,

Six Months Ended
June 30,



2022

2021

2022

2021

Funds From Operations (FFO) Reconciliation:












Net earnings available to common stockholders

$

74,171

$

68,538

$

155,543

$

120,640

Real estate depreciation and amortization

57,339


50,770


109,920


100,639

Gain on disposition of real estate

(775)


(4,181)


(4,767)


(8,462)

Impairment losses – depreciable real estate, net of recoveries

4,618


7,735


6,250


9,866

Total FFO adjustments

61,182


54,324


111,403


102,043

FFO available to common stockholders

$

135,353

$

122,862

$

266,946

$

222,683















FFO per common share:












Basic

$

0.77

$

0.70

$

1.53

$

1.28

Diluted

$

0.77

$

0.70

$

1.53

$

1.27















Core Funds From Operations (Core FFO) Reconciliation:












Net earnings available to common stockholders

$

74,171

$

68,538

$

155,543

$

120,640

Total FFO adjustments

61,182


54,324


111,403


102,043

FFO available to common stockholders

135,353


122,862


266,946


222,683















Executive retirement costs

2,655


—


6,249


—

Loss on early extinguishment of debt

—


—


—


21,328

Total Core FFO adjustments

2,655


—


6,249


21,328

Core FFO available to common stockholders

$

138,008

$

122,862

$

273,195

$

244,011















Core FFO per common share:












Basic

$

0.79

$

0.70

$

1.56

$

1.40

Diluted

$

0.79

$

0.70

$

1.56

$

1.40

National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)



Quarter Ended
June 30,

Six Months Ended
June 30,



2022

2021

2022

2021

Adjusted Funds From Operations (AFFO) Reconciliation:












Net earnings available to common stockholders

$

74,171

$

68,538

$

155,543

$

120,640

Total FFO adjustments

61,182


54,324


111,403


102,043

Total Core FFO adjustments

2,655


—


6,249


21,328

Core FFO available to common stockholders

138,008


122,862


273,195


244,011















Straight-line accrued rent, net of reserves

1,547


7,359


2,643


15,692

Net capital lease rent adjustment

74


95


149


185

Below-market rent amortization

(140)


(112)


(280)


(274)

Stock based compensation expense

2,790


4,235


5,391


8,421

Capitalized interest expense

(176)


(64)


(274)


(127)

Total AFFO adjustments

4,095


11,513


7,629


23,897

AFFO available to common stockholders

$

142,103

(1)

$

134,375

(2)

$

280,824

(1)

$

267,908

(2)














AFFO per common share:












Basic

$

0.81

(1)

$

0.77

(2)

$

1.61

(1)

$

1.53

(2)

Diluted

$

0.81

(1)

$

0.77

(2)

$

1.60

(1)

$

1.53

(2)














Other Information:












Rental income from operating leases(3)

$

185,791

$

173,371

$

370,102

$

346,954

Earned income from direct financing leases(3)

$

150

$

157

$

301

$

315

Percentage rent(3)

$

295

$

231

$

996

$

335















Real estate expense reimbursement from tenants(3)

$

4,300

$

4,245

$

8,900

$

9,598

Real estate expenses

(6,173)


(6,619)


(13,371)


(14,344)

Real estate expenses, net of tenant reimbursements

$

(1,873)

$

(2,374)

$

(4,471)

$

(4,746)















Amortization of debt costs

$

1,178

$

1,042

$

2,349

$

2,882

(4)

Scheduled debt principal amortization (excluding maturities)

$

163

$

155

$

328

$

312

Non-real estate depreciation expense

$

108

$

108

$

210

$

222

(1)

Amounts include $1,729 and $3,509 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and six months ended June 30, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $1.58 for the quarter and six months ended June 30, 2022, respectively.


(2)

Amounts include $8,323 and $17,706 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and six months ended June 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.72 and $1.43 for the quarter and six months ended June 30, 2021, respectively.


(3)

For the quarter and six months ended June 30, 2022, the aggregate of such amounts is $190,536 and $380,299, respectively, and is classified as rental income on the income statement summary. For the quarter and six months ended June 30, 2021, the aggregate of such amounts is $178,004 and $357,202, respectively.


(4)

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



National Retail Properties, Inc.

2022 Earnings Guidance

Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Commission.

2022 Guidance

Net earnings per common share excluding any gains on disposition
    of real estate, impairment charges, and executive retirement costs

$1.83 - $1.88 per share

Real estate depreciation and amortization per share

$1.24 per share

Core FFO per share

$3.07 - $3.12 per share

AFFO per share(1)

$3.14 - $3.19 per share

General and administrative expenses

$40 - $42 Million

Real estate expenses, net of tenant reimbursements

$9 - $11 Million

Acquisition volume

$600 - $700 Million

Disposition volume

$80 - $100 Million



(1)

Estimates include the net straight-line accrued rent impact of the net rent repayment from the COVID-19 rent deferral lease amendments of $5.4 million for 2022. Excluding such, AFFO per common share guidance would have been $3.11 - $3.16 for 2022.

National Retail Properties, Inc.

(in thousands)

(unaudited)



June 30,
2022

December 31,
2021

Balance Sheet Summary












Assets:





Real estate portfolio

$

7,674,508

$

7,444,289

Real estate held for sale

3,461


5,557

Cash and cash equivalents

3,289


171,322

Receivables, net of allowance of $699 and $782, respectively

2,612


3,154

Accrued rental income, net of allowance of $4,090 and $4,587, respectively

29,065


31,942

Debt costs, net of accumulated amortization of $20,515 and $19,377, respectively

6,427


7,443

Other assets

84,893


87,347

Total assets

$

7,804,255

$

7,751,054







Liabilities:





Line of credit payable

$

40,000

$

—

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

10,334


10,697

Notes payable, net of unamortized discount and unamortized debt costs

3,737,808


3,735,769

Accrued interest payable

23,178


23,923

Other liabilities

77,409


79,002

Total liabilities

3,888,729


3,849,391







Stockholders' equity of NNN

3,915,526


3,901,662

Noncontrolling interests

—


1

Total equity

3,915,526


3,901,663







Total liabilities and equity

$

7,804,255

$

7,751,054







Common shares outstanding

176,615


175,636







Gross leasable area, Property Portfolio (square feet)

33,758


32,753

National Retail Properties, Inc.

Debt Summary

As of June 30, 2022

(in thousands)

(unaudited)

Unsecured Debt

Principal

Principal,
Net of
Unamortized
Discount

Stated
Rate

Effective
Rate

Maturity Date

Line of credit payable

$

40,000

$

40,000

L + 77.5 bps


2.038

%

June 2025















Unsecured notes payable:













2024

350,000


349,840


3.900

%

3.924

%

June 2024

2025

400,000


399,633


4.000

%

4.029

%

November 2025

2026

350,000


348,103


3.600

%

3.733

%

December 2026

2027

400,000


399,075


3.500

%

3.548

%

October 2027

2028

400,000


398,075


4.300

%

4.388

%

October 2028

2030

400,000


398,980


2.500

%

2.536

%

April 2030

2048

300,000


296,019


4.800

%

4.890

%

October 2048

2050

300,000


294,224


3.100

%

3.205

%

April 2050

2051

450,000


441,802


3.500

%

3.602

%

April 2051

2052

450,000


439,737


3.000

%

3.118

%

April 2052

Total

3,800,000


3,765,488























Total unsecured debt(1)

$

3,840,000

$

3,805,488























Debt costs



$

(38,145)








Accumulated amortization


10,465








Debt costs, net of accumulated amortization


(27,680)








Notes payable, net of unamortized discount and
    unamortized debt costs

$

3,737,808


(1)

Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 14.2 years.

Mortgages Payable

Principal
Balance

Interest
Rate

Maturity Date

Mortgage(1)

$

10,347


5.230

%

July 2023









Debt costs

(147)





Accumulated amortization

134





Debt costs, net of accumulated amortization

(13)





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

$

10,334
















(1)

Includes unamortized premium



As of June 30, 2022, Debt / EBITDA based on current quarter EBITDA annualized is 5.4x.

National Retail Properties, Inc.
Debt Summary – Continued
As of June 30, 2022
(unaudited)

Credit Facility and Note Covenants

The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of June 30, 2022, the company believes it is in compliance with the covenants.

Unsecured Credit Facility Key Covenants

Required

June 30, 2022

Maximum leverage ratio

< 0.60

0.36

Minimum fixed charge coverage ratio

> 1.50

4.59

Maximum secured indebtedness ratio

< 0.40

0.001

Unencumbered asset value ratio

> 1.67

2.79

Unencumbered interest ratio

> 1.75

4.82





Unsecured Notes Key Covenants

Required

June 30, 2022

Limitation on incurrence of total debt

≤ 60%

40 %

Limitation on incurrence of secured debt

≤ 40%

0.1 %

Debt service coverage ratio

≥ 1.50

4.67

Maintenance of total unencumbered assets

≥ 150%

247 %

National Retail Properties, Inc.

Property Portfolio

Top 20 Lines of Trade





As of June 30,


Lines of Trade

2022(1)

2021(2)

1.

Convenience stores

17.0 %

18.0 %

2.

Automotive service

13.1 %

11.4 %

3.

Restaurants – full service

9.6 %

9.9 %

4.

Restaurants – limited service

9.2 %

9.2 %

5.

Family entertainment centers

6.2 %

6.1 %

6.

Health and fitness

5.0 %

5.2 %

7.

Theaters

4.3 %

4.6 %

8.

Recreational vehicle dealers, parts and accessories

4.2 %

3.5 %

9.

Equipment rental

3.2 %

3.2 %

10.

Automotive parts

2.9 %

3.1 %

11.

Home improvement

2.4 %

2.6 %

12.

Wholesale clubs

2.4 %

2.5 %

13.

Furniture

2.4 %

1.6 %

14.

Medical service providers

2.0 %

2.2 %

15.

General merchandise

1.6 %

1.7 %

16.

Home furnishings

1.5 %

1.6 %

17.

Travel plazas

1.5 %

1.5 %

18.

Consumer electronics

1.5 %

1.6 %

19.

Automobile auctions, wholesale

1.2 %

1.1 %

20.

Drug stores

1.2 %

1.4 %


Other

7.6 %

8.0 %


Total

100.0 %

100.0 %

Top 10 States



State

% of
Total(1)


State

% of
Total(1)

1.

Texas

17.0 %

6.

North Carolina

4.2 %

2.

Florida

8.9 %

7.

Indiana

3.9 %

3.

Illinois

5.4 %

8.

Tennessee

3.8 %

4.

Ohio

5.4 %

9.

Virginia

3.4 %

5.

Georgia

4.7 %

10.

California

3.3 %

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

(1)

$738,670,000 as of June 30, 2022.

(2)

$689,364,000 as of June 30, 2021.

National Retail Properties, Inc.

Property Portfolio – Continued

Top 20 Tenants



Tenant

# of
Properties

% of
Total(1)

1.

7-Eleven

138

4.9 %

2.

Mister Car Wash

121

4.5 %

3.

Camping World

47

4.1 %

4.

LA Fitness

30

3.5 %

5.

GPM Investments (Convenience Stores)

152

3.3 %

6.

Dave & Buster's

29

3.1 %

7.

Flynn Restaurant Group (Taco Bell/Arby's)

204

3.0 %

8.

AMC Theatre

20

2.8 %

9.

BJ's Wholesale Club

12

2.4 %

10.

Mavis Tire Express Services

133

2.2 %

11.

Sunoco

59

2.2 %

12.

Chuck E. Cheese's

53

2.0 %

13.

Couche Tard (Pantry)

71

1.8 %

14.

Frisch's Restaurants

69

1.8 %

15.

Fikes (Convenience Stores)

59

1.7 %

16.

Life Time Fitness

3

1.5 %

17.

Bob Evans

106

1.4 %

18.

Best Buy

16

1.4 %

19.

Ahern Rentals

39

1.4 %

20.

Pull-A-Part

20

1.3 %

Lease Expirations(2)



% of
Total(1)

# of
Properties

Gross
Leasable
Area(3)


% of
Total(1)

# of
Properties

Gross
Leasable
Area(3)

2022

0.5 %

14

232,000

2028

4.7 %

165

1,368,000

2023

2.2 %

102

1,241,000

2029

3.0 %

81

1,025,000

2024

3.2 %

92

1,447,000

2030

3.6 %

107

1,205,000

2025

5.7 %

188

1,992,000

2031

8.2 %

190

2,781,000

2026

5.4 %

216

2,136,000

2032

6.4 %

219

2,151,000

2027

8.7 %

236

3,596,000

Thereafter

48.4 %

1,665

14,352,000

(1)

Based on the annual base rent of $738,670,000, which is the annualized base rent for all leases in place as of June 30, 2022.

(2)

As of June 30, 2022, 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 scheduled repayment of the COVID-19 rent deferral lease amendments executed as of June 30, 2022 (dollars in thousands):

Deferred


Scheduled Repayment



Accrual
Basis

Cash
Basis

Total

% of
Total


Accrual
Basis

Cash
Basis

Total

% of
Total

Cumulative
Total

2020

$

33,594

$

18,425

$

52,019


91.7

%

$

3,239

$

20

$

3,259


5.7

%

5.7

%






























2021


990


3,768


4,758


8.3

%


25,935


5,841


31,776


56.0

%

61.7

%






























2022

Q1

—


—


—


—



1,780


2,283


4,063


7.2

%

68.9

%

Q2

—


—


—


—



1,729


2,284


4,013


7.1

%

76.0

%

Q3

—


—


—


—



1,201


2,284


3,485


6.1

%

82.1

%

Q4

—


—


—


—



681


2,284


2,965


5.2

%

87.3

%




—


—


—


—



5,391


9,135


14,526


25.6

%

87.3

%






























2023

Q1

—


—


—


—



9


1,704


1,713


2.9

%

90.2

%

Q2

—


—


—


—



10


543


553


1.0

%

91.2

%

Q3

—


—


—


—



—


543


543


1.0

%

92.2

%

Q4

—


—


—


—



—


544


544


1.0

%

93.2

%




—


—


—


—



19


3,334


3,353


5.9

%

93.2

%






























2024


—


—


—


—



—


1,932


1,932


3.4

%

96.6

%






























2025


—


—


—


—



—


1,931


1,931


3.4

%

100.0

%

































$

34,584

$

22,193

$

56,777





$

34,584

$

22,193

$

56,777






SOURCE National Retail Properties, Inc.

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