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Q4 2020 SUPPLEMENTAL INFORMATION |
VEREIT Supplemental Information | |||||
December 31, 2020 |
Section | Page | ![]() | ||||||
Company Overview | ||||||||
Annual Financial Summary | ||||||||
Quarterly Financial Summary | ||||||||
Financial and Operations Statistics and Ratios | ||||||||
Key Balance Sheet Metrics and Capital Structure | ||||||||
Balance Sheets | ||||||||
Statements of Operations | ||||||||
Funds From Operations (FFO) | ||||||||
Adjusted Funds From Operations (AFFO) | ||||||||
EBITDAre and Normalized EBITDA | ||||||||
Net Operating Income | ![]() | |||||||
Same Store Contract Rental Revenue | ||||||||
Debt and Preferred Equity Summary | ||||||||
Credit Facility and Corporate Bond Covenants | ||||||||
Acquisitions and Dispositions | ||||||||
Diversification Statistics | ||||||||
Top 10 Concentrations | ||||||||
Tenants Comprising Over 1% of Annualized Rental Income | ||||||||
Tenant Industry Diversification | ||||||||
Property Geographic Diversification | ||||||||
Lease Expirations | ![]() | |||||||
Lease Summary | ||||||||
Property Type Diversification and Rent Coverage | ||||||||
Unconsolidated Joint Venture Investment Summary | ||||||||
Definitions | ||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
About the Data | ||
Year Ended | Three Months Ended | |||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||
Deferred rent included in FFO, AFFO, EBITDAre, Normalized EBITDA and Cash NOI (1) | $ | 17,941 | $ | 132 | $ | 4,250 | $ | 13,559 | ||||||||||||||||||
Abatements (2) | $ | 18,315 | $ | 607 | $ | 6,524 | $ | 11,184 | ||||||||||||||||||
Reductions to rental revenue due to: | ||||||||||||||||||||||||||
Rent not probable of collection, net (3) | $ | 13,378 | $ | 5,479 | $ | 4,089 | $ | 3,810 | ||||||||||||||||||
General allowance | 9,617 | 3,584 | 5,122 | 911 | ||||||||||||||||||||||
Reductions to rental revenue - FFO, AFFO, and Cash NOI | $ | 22,995 | $ | 9,063 | $ | 9,211 | $ | 4,721 | ||||||||||||||||||
Straight-line rent receivable reserves | 3,529 | (1,129) | 999 | 3,659 | ||||||||||||||||||||||
Reductions to rental revenue - EBITDAre and Normalized EBITDA | $ | 26,524 | $ | 7,934 | $ | 10,210 | $ | 8,380 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Forward-Looking Statements | ||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Company Overview (unaudited) | ||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Company Overview (cont.) | ||
Senior Management | Board of Directors | |||||||
Glenn J. Rufrano, Chief Executive Officer | Hugh R. Frater, Non-Executive Chairman | |||||||
Michael J. Bartolotta, Executive Vice President and Chief Financial Officer | David B. Henry, Independent Director | |||||||
Lauren Goldberg, Executive Vice President, General Counsel and Secretary | Mary Hogan Preusse, Independent Director | |||||||
Paul H. McDowell, Executive Vice President and Chief Operating Officer | Richard J. Lieb, Independent Director | |||||||
Thomas W. Roberts, Executive Vice President and Chief Investment Officer | Eugene A. Pinover, Independent Director | |||||||
Gavin B. Brandon, Senior Vice President and Chief Accounting Officer | Julie G. Richardson, Independent Director | |||||||
Glenn J. Rufrano, Chief Executive Officer and Director | ||||||||
2325 E. Camelback Road, 9th Floor | 19 West 44th Street, Suite 1401 | |||||||
Phoenix, AZ 85016 | New York, NY 10036 | |||||||
800-606-3610 | 212-413-9100 | |||||||
www.VEREIT.com |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Annual Financial Summary (unaudited, dollars in thousands, except share and per share amounts) | ||
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Financial Results | |||||||||||
Total revenues (1) | $ | 1,161,366 | $ | 1,238,054 | |||||||
Net income (loss) (1) | $ | 201,219 | $ | (307,106) | |||||||
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners (1) | $ | 0.72 | $ | (1.85) | |||||||
Normalized EBITDA | $ | 995,332 | $ | 1,065,777 | |||||||
FFO attributable to common stockholders and limited partners | $ | 578,311 | $ | (138,372) | |||||||
FFO attributable to common stockholders and limited partners per diluted share | $ | 2.65 | $ | (0.68) | |||||||
AFFO attributable to common stockholders and limited partners | $ | 678,402 | $ | 706,935 | |||||||
AFFO attributable to common stockholders and limited partners per diluted share | $ | 3.11 | $ | 3.47 | |||||||
Dividends declared per common share | $ | 1.84 | $ | 2.75 | |||||||
Weighted-average shares outstanding - diluted | 217,862,005 | 203,646,958 | |||||||||
Portfolio Metrics | |||||||||||
Operating Properties | 3,831 | 3,858 | |||||||||
Rentable Square Feet (in thousands) | 89,493 | 89,491 | |||||||||
Economic Occupancy Rate | 98.1 | % | 99.1 | % | |||||||
Weighted Average Remaining Lease Term (years) | 8.4 | 8.3 | |||||||||
Investment-Grade Tenants | 38.7 | % | 38.6 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Quarterly Financial Summary (unaudited, dollars in thousands, except share and per share amounts) | ||
Three Months Ended | |||||||||||||||||||||||||||||
Financial Results | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Total revenues | $ | 287,909 | $ | 295,278 | $ | 278,997 | $ | 299,182 | $ | 305,685 | |||||||||||||||||||
Net (loss) income | $ | (37,866) | $ | 97,983 | $ | 54,239 | $ | 86,863 | $ | 71,168 | |||||||||||||||||||
Basic and diluted net (loss) income per share attributable to common stockholders and limited partners | $ | (0.21) | $ | 0.40 | $ | 0.19 | $ | 0.34 | $ | 0.26 | |||||||||||||||||||
Normalized EBITDA | $ | 246,689 | $ | 252,933 | $ | 238,479 | $ | 257,231 | $ | 261,538 | |||||||||||||||||||
FFO attributable to common stockholders and limited partners | $ | 69,313 | $ | 171,233 | $ | 155,943 | $ | 181,822 | $ | 149,433 | |||||||||||||||||||
FFO attributable to common stockholders and limited partners per diluted share | $ | 0.31 | $ | 0.79 | $ | 0.72 | $ | 0.84 | $ | 0.69 | |||||||||||||||||||
AFFO attributable to common stockholders and limited partners | $ | 169,798 | $ | 166,547 | $ | 161,083 | $ | 180,974 | $ | 173,853 | |||||||||||||||||||
AFFO attributable to common stockholders and limited partners per diluted share | $ | 0.76 | $ | 0.77 | $ | 0.75 | $ | 0.84 | $ | 0.81 | |||||||||||||||||||
Dividends declared per common share | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.69 | $ | 0.69 | |||||||||||||||||||
Weighted-average shares outstanding - diluted | 222,511,425 | 217,027,675 | 215,910,613 | 215,950,248 | 215,529,411 | ||||||||||||||||||||||||
Portfolio Metrics | |||||||||||||||||||||||||||||
Operating Properties | 3,831 | 3,820 | 3,836 | 3,853 | 3,858 | ||||||||||||||||||||||||
Rentable Square Feet (in thousands) | 89,493 | 88,869 | 88,947 | 89,539 | 89,491 | ||||||||||||||||||||||||
Economic Occupancy Rate | 98.1 | % | 98.5 | % | 98.8 | % | 99.1 | % | 99.1 | % | |||||||||||||||||||
Weighted Average Remaining Lease Term (years) | 8.4 | 8.4 | 8.5 | 8.3 | 8.3 | ||||||||||||||||||||||||
Investment-Grade Tenants (1) | 38.7 | % | 37.7 | % | 37.0 | % | 36.7 | % | 38.6 | % | |||||||||||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Financial and Operations Statistics and Ratios (unaudited, dollars in thousands) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Interest Coverage Ratio | ||||||||||||||||||||||||||||||||
Interest Expense, excluding non-cash amortization (1) | $ | 63,153 | $ | 64,713 | $ | 63,636 | $ | 63,123 | $ | 66,292 | ||||||||||||||||||||||
Normalized EBITDA (2) | 246,689 | 252,933 | 238,479 | 257,231 | 261,538 | |||||||||||||||||||||||||||
Interest Coverage Ratio | 3.91x | 3.91x | 3.75x | 4.08x | 3.95x | |||||||||||||||||||||||||||
Fixed Charge Coverage Ratio | ||||||||||||||||||||||||||||||||
Interest Expense, excluding non-cash amortization (1) | $ | 63,153 | $ | 64,713 | $ | 63,636 | $ | 63,123 | $ | 66,292 | ||||||||||||||||||||||
Secured debt principal amortization | 858 | 834 | 861 | 1,071 | 2,360 | |||||||||||||||||||||||||||
Dividends attributable to preferred shares | 7,923 | 10,771 | 12,948 | 12,948 | 15,964 | |||||||||||||||||||||||||||
Total fixed charges | 71,934 | 76,318 | 77,445 | 77,142 | 84,616 | |||||||||||||||||||||||||||
Normalized EBITDA (2) | 246,689 | 252,933 | 238,479 | 257,231 | 261,538 | |||||||||||||||||||||||||||
Fixed Charge Coverage Ratio | 3.43x | 3.31x | 3.08x | 3.33x | 3.09x | |||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Net Debt Ratios | ||||||||||||||||||||||||||||||||
Net Debt (3) | $ | 5,564,553 | $ | 5,832,236 | $ | 5,804,109 | $ | 5,815,734 | $ | 5,790,308 | ||||||||||||||||||||||
Normalized EBITDA annualized | 986,756 | 1,011,732 | 953,916 | 1,028,924 | 1,046,152 | |||||||||||||||||||||||||||
Net Debt to Normalized EBITDA annualized ratio | 5.64x | 5.76x | 6.08x | 5.65x | 5.53x | |||||||||||||||||||||||||||
Net Debt (3) | $ | 5,564,553 | $ | 5,832,236 | $ | 5,804,109 | $ | 5,815,734 | $ | 5,790,308 | ||||||||||||||||||||||
Gross Real Estate Investments (3) | 14,646,970 | 14,621,857 | 14,704,629 | 14,781,956 | 14,775,948 | |||||||||||||||||||||||||||
Net Debt Leverage Ratio | 38.0 | % | 39.9 | % | 39.5 | % | 39.3 | % | 39.2 | % | ||||||||||||||||||||||
Unencumbered Assets/Real Estate Assets | ||||||||||||||||||||||||||||||||
Unencumbered Gross Real Estate Investments | $ | 11,968,277 | $ | 11,936,645 | $ | 11,933,717 | $ | 12,005,190 | $ | 11,681,648 | ||||||||||||||||||||||
Gross Real Estate Investments (3) | 14,646,970 | 14,621,857 | 14,704,629 | 14,781,956 | 14,775,948 | |||||||||||||||||||||||||||
Unencumbered Asset Ratio | 81.7 | % | 81.6 | % | 81.2 | % | 81.2 | % | 79.1 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Key Balance Sheet Metrics and Capital Structure (unaudited, dollars and shares in thousands, except per share amounts) | ||
Common equity | 57.0% | ||||||||||
Corporate bonds | 30.5% | ||||||||||
Mortgage notes payable | 8.7% | ||||||||||
Preferred equity | 3.1% | ||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 0.7% | ||||||||||
Fixed | 99.4 | % | |||
Variable | 0.6 | % |
VEREIT Capitalization Table | |||||||||||||||||
Wtd. Avg. Maturity (Years) | Rate (1) | December 31, 2020 | |||||||||||||||
Diluted shares outstanding | 229,771 | ||||||||||||||||
Stock price | $ | 37.79 | |||||||||||||||
Implied Equity Market Capitalization | $ | 8,683,046 | |||||||||||||||
Series F Perpetual Preferred (2) | 6.70 | % | $ | 473,025 | |||||||||||||
Mortgage notes payable | 2.1 | 4.99 | % | 1,333,195 | |||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 4.1 | 2.95 | % | 106,516 | |||||||||||||
Total secured debt | 2.2 | 4.84 | % | $ | 1,439,711 | ||||||||||||
Corporate bonds due 2024 | 3.1 | 4.60 | % | 500,000 | |||||||||||||
Corporate bonds due 2025 | 4.8 | 4.63 | % | 550,000 | |||||||||||||
Corporate bonds due 2026 | 5.4 | 4.88 | % | 600,000 | |||||||||||||
Corporate bonds due 2027 | 6.6 | 3.95 | % | 600,000 | |||||||||||||
Corporate bonds due January 2028 | 7.0 | 3.40 | % | 600,000 | |||||||||||||
Corporate bonds due June 2028 | 7.5 | 2.20 | % | 500,000 | |||||||||||||
Corporate bonds due 2029 | 9.0 | 3.10 | % | 600,000 | |||||||||||||
Corporate bonds due 2032 | 12.0 | 2.85 | % | 700,000 | |||||||||||||
Total unsecured debt | 7.1 | 3.68 | % | $ | 4,650,000 | ||||||||||||
Total Adjusted Principal Outstanding | 6.0 | 3.96 | % | $ | 6,089,711 | ||||||||||||
Total Capitalization | $ | 15,245,782 | |||||||||||||||
Less: Cash and cash equivalents | 523,539 | ||||||||||||||||
Less: Pro rata share of Unconsolidated Joint Ventures' cash and cash equivalents | 1,619 | ||||||||||||||||
Enterprise Value | $ | 14,720,624 | |||||||||||||||
Net Debt/Enterprise Value | 37.8 | % | |||||||||||||||
Net Debt/Normalized EBITDA Annualized | 5.64x | ||||||||||||||||
Net Debt + Preferred (2)/Normalized EBITDA Annualized | 6.12x | ||||||||||||||||
Fixed Charge Coverage Ratio | 3.43x | ||||||||||||||||
Liquidity (3) | $ | 2,019,865 | |||||||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Balance Sheets (unaudited, in thousands) | ||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||
Land | $ | 2,699,110 | $ | 2,691,122 | $ | 2,705,149 | $ | 2,715,625 | $ | 2,738,679 | ||||||||||||||||||||||
Buildings, fixtures and improvements | 10,032,055 | 10,046,076 | 10,117,636 | 10,135,933 | 10,200,550 | |||||||||||||||||||||||||||
Intangible lease assets | 1,872,461 | 1,872,899 | 1,891,831 | 1,899,900 | 1,904,641 | |||||||||||||||||||||||||||
Total real estate investments, at cost | 14,603,626 | 14,610,097 | 14,714,616 | 14,751,458 | 14,843,870 | |||||||||||||||||||||||||||
Less: accumulated depreciation and amortization | 3,863,732 | 3,829,368 | 3,756,132 | 3,659,980 | 3,594,247 | |||||||||||||||||||||||||||
Total real estate investments, net | 10,739,894 | 10,780,729 | 10,958,484 | 11,091,478 | 11,249,623 | |||||||||||||||||||||||||||
Operating lease right-of-use assets | 195,518 | 205,346 | 208,037 | 211,187 | 215,227 | |||||||||||||||||||||||||||
Investment in unconsolidated entities | 81,639 | 100,339 | 86,300 | 78,718 | 68,825 | |||||||||||||||||||||||||||
Cash and cash equivalents | 523,539 | 207,321 | 278,883 | 600,945 | 12,921 | |||||||||||||||||||||||||||
Restricted cash | 13,842 | 14,955 | 21,203 | 18,720 | 20,959 | |||||||||||||||||||||||||||
Rent and tenant receivables and other assets, net | 366,620 | 391,239 | 382,409 | 345,103 | 348,395 | |||||||||||||||||||||||||||
Goodwill | 1,337,773 | 1,337,773 | 1,337,773 | 1,337,773 | 1,337,773 | |||||||||||||||||||||||||||
Real estate assets held for sale, net | 65,583 | 1,896 | 48,093 | 88,513 | 26,957 | |||||||||||||||||||||||||||
Total assets | $ | 13,324,408 | $ | 13,039,598 | $ | 13,321,182 | $ | 13,772,437 | $ | 13,280,680 | ||||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||
Mortgage notes payable, net | $ | 1,328,835 | $ | 1,330,174 | $ | 1,393,652 | $ | 1,405,701 | $ | 1,528,134 | ||||||||||||||||||||||
Corporate bonds, net | 4,584,230 | 3,406,389 | 3,404,935 | 2,814,474 | 2,813,739 | |||||||||||||||||||||||||||
Convertible debt, net | — | 252,077 | 270,152 | 319,120 | 318,183 | |||||||||||||||||||||||||||
Credit facility, net | — | 896,630 | 896,314 | 1,767,306 | 1,045,669 | |||||||||||||||||||||||||||
Below-market lease liabilities, net | 120,938 | 124,009 | 130,208 | 134,410 | 143,583 | |||||||||||||||||||||||||||
Accounts payable and accrued expenses | 117,015 | 112,101 | 112,551 | 125,358 | 126,320 | |||||||||||||||||||||||||||
Derivative, deferred rent and other liabilities | 63,204 | 162,952 | 161,538 | 146,893 | 90,349 | |||||||||||||||||||||||||||
Distributions payable | 89,514 | 85,420 | 85,231 | 150,493 | 150,364 | |||||||||||||||||||||||||||
Operating lease liabilities | 209,104 | 214,102 | 215,322 | 217,567 | 221,061 | |||||||||||||||||||||||||||
Total liabilities | 6,512,840 | 6,583,854 | 6,669,903 | 7,081,322 | 6,437,402 | |||||||||||||||||||||||||||
Series F preferred stock | 189 | 189 | 309 | 309 | 309 | |||||||||||||||||||||||||||
Common stock | 2,289 | 2,183 | 2,156 | 2,156 | 2,153 | |||||||||||||||||||||||||||
Additional paid-in capital | 13,449,412 | 13,057,408 | 13,264,911 | 13,261,069 | 13,260,577 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | 536 | (97,008) | (106,109) | (104,217) | (27,670) | |||||||||||||||||||||||||||
Accumulated deficit | (6,648,028) | (6,514,171) | (6,517,303) | (6,475,568) | (6,399,626) | |||||||||||||||||||||||||||
Total stockholders' equity | 6,804,398 | 6,448,601 | 6,643,964 | 6,683,749 | 6,835,743 | |||||||||||||||||||||||||||
Non-controlling interests | 7,170 | 7,143 | 7,315 | 7,366 | 7,535 | |||||||||||||||||||||||||||
Total equity | 6,811,568 | 6,455,744 | 6,651,279 | 6,691,115 | 6,843,278 | |||||||||||||||||||||||||||
Total liabilities and equity | $ | 13,324,408 | $ | 13,039,598 | $ | 13,321,182 | $ | 13,772,437 | $ | 13,280,680 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Statements of Operations (unaudited, in thousands, except per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rental | $ | 287,431 | $ | 293,692 | $ | 278,576 | $ | 298,586 | $ | 305,363 | ||||||||||||||||||||||
Fees from managed partnerships | 478 | 1,586 | 421 | 596 | 322 | |||||||||||||||||||||||||||
Total revenues | 287,909 | 295,278 | 278,997 | 299,182 | 305,685 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Acquisition-related | 1,048 | 1,050 | 1,169 | 1,523 | 1,168 | |||||||||||||||||||||||||||
Litigation and non-routine costs, net | 10,925 | 105 | (118) | (8,564) | 8,659 | |||||||||||||||||||||||||||
Property operating | 31,979 | 31,400 | 29,098 | 30,490 | 34,066 | |||||||||||||||||||||||||||
General and administrative | 15,399 | 14,774 | 16,120 | 15,056 | 16,966 | |||||||||||||||||||||||||||
Depreciation and amortization | 108,138 | 109,191 | 110,599 | 124,080 | 112,307 | |||||||||||||||||||||||||||
Impairments | 28,204 | 16,397 | 12,094 | 8,380 | 22,851 | |||||||||||||||||||||||||||
Restructuring | — | — | — | — | 356 | |||||||||||||||||||||||||||
Total operating expenses | 195,693 | 172,917 | 168,962 | 170,965 | 196,373 | |||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest expense | (68,416) | (66,935) | (65,613) | (64,696) | (69,628) | |||||||||||||||||||||||||||
(Loss) gain on extinguishment and forgiveness of debt, net | (67) | 61 | (200) | (1,280) | (17,413) | |||||||||||||||||||||||||||
Other income, net | 5,584 | 73 | 778 | 175 | 7,139 | |||||||||||||||||||||||||||
(Loss) on derivative instruments, net | (85,392) | — | — | — | — | |||||||||||||||||||||||||||
Equity in income and gain on disposition of unconsolidated entities | 1,133 | 663 | 1,497 | 246 | 936 | |||||||||||||||||||||||||||
Gain on disposition of real estate and held for sale assets, net | 18,434 | 42,814 | 8,795 | 25,249 | 41,541 | |||||||||||||||||||||||||||
Total other (expenses) income, net | (128,724) | (23,324) | (54,743) | (40,306) | (37,425) | |||||||||||||||||||||||||||
(Loss) income before taxes | (36,508) | 99,037 | 55,292 | 87,911 | 71,887 | |||||||||||||||||||||||||||
Provision for income taxes | (1,358) | (1,054) | (1,053) | (1,048) | (719) | |||||||||||||||||||||||||||
Net (loss) income | (37,866) | 97,983 | 54,239 | 86,863 | 71,168 | |||||||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests | 46 | (51) | (31) | (55) | (43) | |||||||||||||||||||||||||||
Net (loss) income attributable to the General Partner | $ | (37,820) | $ | 97,932 | $ | 54,208 | $ | 86,808 | $ | 71,125 | ||||||||||||||||||||||
Basic and diluted net (loss) income per share attributable to common stockholders and limited partners | $ | (0.21) | $ | 0.40 | $ | 0.19 | $ | 0.34 | $ | 0.26 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Funds From Operations (FFO) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Net (loss) income | $ | (37,866) | $ | 97,983 | $ | 54,239 | $ | 86,863 | $ | 71,168 | ||||||||||||||||||||||
Dividends on Series F Preferred Stock | (7,923) | (10,771) | (12,948) | (12,948) | (15,964) | |||||||||||||||||||||||||||
Gain on disposition of real estate assets, net | (18,965) | (42,814) | (8,795) | (25,249) | (41,541) | |||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 107,758 | 108,803 | 110,207 | 123,645 | 111,892 | |||||||||||||||||||||||||||
Impairment of real estate | 24,852 | 16,397 | 12,094 | 8,380 | 22,851 | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 1,457 | 1,635 | 1,146 | 1,131 | 1,027 | |||||||||||||||||||||||||||
FFO attributable to common stockholders and limited partners | $ | 69,313 | $ | 171,233 | $ | 155,943 | $ | 181,822 | $ | 149,433 | ||||||||||||||||||||||
Weighted-average shares outstanding - basic | 222,152,574 | 216,737,561 | 215,673,313 | 215,587,560 | 214,125,180 | |||||||||||||||||||||||||||
Effect of weighted-average Limited Partner OP Units and dilutive securities (1) | 358,851 | 290,114 | 237,300 | 362,688 | 1,404,231 | |||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted (2) | 222,511,425 | 217,027,675 | 215,910,613 | 215,950,248 | 215,529,411 | |||||||||||||||||||||||||||
FFO attributable to common stockholders and limited partners per diluted share (3) | $ | 0.31 | $ | 0.79 | $ | 0.72 | $ | 0.84 | $ | 0.69 | ||||||||||||||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Adjusted Funds From Operations (AFFO) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
FFO attributable to common stockholders and limited partners | $ | 69,313 | $ | 171,233 | $ | 155,943 | $ | 181,822 | $ | 149,433 | ||||||||||||||||||||||
Acquisition-related expenses | 1,048 | 1,050 | 1,169 | 1,523 | 1,168 | |||||||||||||||||||||||||||
Litigation and non-routine costs, net | 10,925 | 105 | (118) | (8,564) | 8,659 | |||||||||||||||||||||||||||
Impairment of intangibles and right of use assets | 3,352 | — | — | — | — | |||||||||||||||||||||||||||
Payments received on fully reserved loans | — | — | — | — | (133) | |||||||||||||||||||||||||||
(Gain) loss on investments | (313) | (76) | 142 | 541 | — | |||||||||||||||||||||||||||
Loss on derivative instruments, net | 85,392 | — | — | — | — | |||||||||||||||||||||||||||
Amortization of premiums and discounts on debt and investments, net | (193) | (201) | (362) | (689) | (1,479) | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,428 | 393 | 788 | 748 | 504 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 379 | 381 | 372 | 365 | 387 | |||||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | 6,262 | 3,114 | 2,898 | 2,841 | 5,305 | |||||||||||||||||||||||||||
Loss (gain) on extinguishment and forgiveness of debt, net | 67 | (61) | 200 | 1,280 | 17,413 | |||||||||||||||||||||||||||
Straight-line rent | (7,108) | (12,595) | (3,404) | (2,054) | (7,107) | |||||||||||||||||||||||||||
Equity-based compensation | 2,952 | 2,991 | 3,857 | 2,602 | 2,934 | |||||||||||||||||||||||||||
Restructuring expenses | — | — | — | — | 356 | |||||||||||||||||||||||||||
Other adjustments, net | (3,536) | 379 | 441 | 228 | (3,097) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | (170) | (166) | (843) | 331 | (493) | |||||||||||||||||||||||||||
Adjustment for Excluded Properties | — | — | — | — | 3 | |||||||||||||||||||||||||||
AFFO attributable to common stockholders and limited partners (1) | $ | 169,798 | $ | 166,547 | $ | 161,083 | $ | 180,974 | $ | 173,853 | ||||||||||||||||||||||
Weighted-average shares outstanding - basic | 222,152,574 | 216,737,561 | 215,673,313 | 215,587,560 | 214,125,180 | |||||||||||||||||||||||||||
Effect of weighted-average Limited Partner OP Units and dilutive securities (2) | 358,851 | 290,114 | 237,300 | 362,688 | 1,404,231 | |||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted (3) | 222,511,425 | 217,027,675 | 215,910,613 | 215,950,248 | 215,529,411 | |||||||||||||||||||||||||||
AFFO attributable to common stockholders and limited partners per diluted share (4) | $ | 0.76 | $ | 0.77 | $ | 0.75 | $ | 0.84 | $ | 0.81 | ||||||||||||||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
EBITDAre and Normalized EBITDA (unaudited, in thousands) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Net (loss) income | $ | (37,866) | $ | 97,983 | $ | 54,239 | $ | 86,863 | $ | 71,168 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Interest expense | 68,416 | 66,935 | 65,613 | 64,696 | 69,628 | |||||||||||||||||||||||||||
Depreciation and amortization | 108,138 | 109,191 | 110,599 | 124,080 | 112,307 | |||||||||||||||||||||||||||
Provision for income taxes | 1,358 | 1,054 | 1,053 | 1,048 | 719 | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 2,443 | 2,451 | 1,775 | 1,761 | 1,603 | |||||||||||||||||||||||||||
Gain on disposition of real estate assets, net | (18,965) | (42,814) | (8,795) | (25,249) | (41,541) | |||||||||||||||||||||||||||
Impairment of real estate | 24,852 | 16,397 | 12,094 | 8,380 | 22,851 | |||||||||||||||||||||||||||
EBITDAre | $ | 148,376 | $ | 251,197 | $ | 236,578 | $ | 261,579 | $ | 236,735 | ||||||||||||||||||||||
Impairment of intangibles and right of use assets | 3,352 | — | — | — | — | |||||||||||||||||||||||||||
Payments received on fully reserved loans | — | — | — | — | (133) | |||||||||||||||||||||||||||
Acquisition-related expenses | 1,048 | 1,050 | 1,169 | 1,523 | 1,168 | |||||||||||||||||||||||||||
Litigation and non-routine costs, net | 10,925 | 105 | (118) | (8,564) | 8,659 | |||||||||||||||||||||||||||
(Gain) loss on investments | (313) | (76) | 142 | 541 | — | |||||||||||||||||||||||||||
Loss on derivative instruments, net | 85,392 | — | — | — | — | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,428 | 393 | 788 | 748 | 504 | |||||||||||||||||||||||||||
Loss (gain) on extinguishment and forgiveness of debt, net | 67 | (61) | 200 | 1,280 | 17,413 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 379 | 381 | 372 | 365 | 387 | |||||||||||||||||||||||||||
Restructuring expenses | — | — | — | — | 356 | |||||||||||||||||||||||||||
Other adjustments, net | (3,919) | (8) | 54 | (205) | (3,511) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | (46) | (48) | (706) | (36) | (43) | |||||||||||||||||||||||||||
Adjustment for Excluded Properties | — | — | — | — | 3 | |||||||||||||||||||||||||||
Normalized EBITDA (1) | $ | 246,689 | $ | 252,933 | $ | 238,479 | $ | 257,231 | $ | 261,538 | ||||||||||||||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Net Operating Income (unaudited, dollars in thousands) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Rental revenue - as reported (1) | $ | 287,431 | $ | 293,692 | $ | 278,576 | $ | 298,586 | $ | 305,363 | ||||||||||||||||||||||
Property operating expense - as reported | (31,979) | (31,400) | (29,098) | (30,490) | (34,066) | |||||||||||||||||||||||||||
NOI | 255,452 | 262,292 | 249,478 | 268,096 | 271,297 | |||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Straight-line rent | (7,108) | (12,595) | (3,404) | (2,054) | (7,107) | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,428 | 393 | 788 | 748 | 504 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 379 | 381 | 372 | 365 | 387 | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 2,799 | 2,876 | 2,475 | 2,404 | 1,920 | |||||||||||||||||||||||||||
Adjustment for Excluded Properties | — | — | — | — | 3 | |||||||||||||||||||||||||||
Cash NOI (2) | $ | 252,950 | $ | 253,347 | $ | 249,709 | $ | 269,559 | $ | 267,004 |
Three Months Ended | ||||||||
December 31, 2020 | ||||||||
Cash NOI | $ | 252,950 | ||||||
Adjustments for intra-quarter acquisitions and dispositions (1) | 1,675 | |||||||
Normalized Cash NOI | $ | 254,625 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Same Store Contract Rental Revenue (unaudited, dollars in thousands) | ||
Year Ended December 31, | Increase/(Decrease) | |||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Contract Rental Revenue | $ | 995,467 | $ | 1,022,175 | $ | (26,708) | (2.6) | % | ||||||||||||||||||
Economic Occupancy Rate | 98.0 | % | 99.3 | % | N/A | (1.3) | % |
Contract Rental Revenue | ||||||||||||||||||||||||||||||||
Number of | Year Ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||
Properties | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||
Retail | 1,968 | $ | 439,538 | $ | 443,967 | $ | (4,429) | (1.0) | % | |||||||||||||||||||||||
Restaurant | 1,521 | 194,847 | 217,975 | (23,128) | (10.6) | % | ||||||||||||||||||||||||||
Industrial | 143 | 174,991 | 173,357 | 1,634 | 0.9 | % | ||||||||||||||||||||||||||
Office | 71 | 185,928 | 186,713 | (785) | (0.4) | % | ||||||||||||||||||||||||||
Other (3) | 8 | 163 | 163 | — | — | % | ||||||||||||||||||||||||||
Total | 3,711 | $ | 995,467 | $ | 1,022,175 | $ | (26,708) | (2.6) | % |
Three Months Ended December 31, | Increase/(Decrease) | |||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||||||||||||
Contract Rental Revenue | $ | 258,928 | $ | 261,706 | $ | (2,778) | (1.1) | % | ||||||||||||||||||
Economic Occupancy Rate | 98.0 | % | 99.3 | % | N/A | (1.3) | % |
Contract Rental Revenue | ||||||||||||||||||||||||||||||||
Number of | Three Months Ended December 31, | Increase/(Decrease) | ||||||||||||||||||||||||||||||
Properties | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||
Retail | 2,008 | $ | 115,088 | $ | 116,457 | $ | (1,369) | (1.2) | % | |||||||||||||||||||||||
Restaurant | 1,521 | 52,937 | 54,823 | (1,886) | (3.4) | % | ||||||||||||||||||||||||||
Industrial | 146 | 44,362 | 43,805 | 557 | 1.3 | % | ||||||||||||||||||||||||||
Office | 71 | 46,507 | 46,587 | (80) | (0.2) | % | ||||||||||||||||||||||||||
Other (3) | 8 | 34 | 34 | — | — | % | ||||||||||||||||||||||||||
Total | 3,754 | $ | 258,928 | $ | 261,706 | $ | (2,778) | (1.1) | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Adjusted Principal Outstanding and Preferred Equity Summary (unaudited, dollars in thousands) | ||
Principal Payments Due | Total | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage notes payable | $ | 1,333,195 | $ | 314,042 | $ | 266,951 | $ | 124,217 | $ | 621,021 | $ | 1,078 | $ | 1,138 | $ | 1,202 | $ | 3,546 | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | 4,650,000 | — | — | — | 500,000 | 550,000 | 600,000 | 600,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 106,516 | — | — | 20,510 | 53,850 | — | — | 32,156 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Principal Outstanding | $ | 6,089,711 | $ | 314,042 | $ | 266,951 | $ | 144,727 | $ | 1,174,871 | $ | 551,078 | $ | 601,138 | $ | 633,358 | $ | 2,403,546 |
Debt Type | Percentage of Adjusted Principal Outstanding | Weighted-Average Interest Rate | Weighted-Average Years to Maturity | |||||||||||||||||
Mortgage notes payable | 21.9 | % | 4.99 | % | 2.1 | |||||||||||||||
Corporate bonds | 76.4 | % | 3.68 | % | 7.1 | |||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 1.7 | % | 2.95 | % | 4.1 | |||||||||||||||
Total | 100.0 | % | 3.96 | % | 6.0 |
Debt Type | Percentage of Adjusted Principal Outstanding | Weighted-Average Interest Rate | Weighted-Average Years to Maturity | |||||||||||||||||
Total unsecured debt | 76.4 | % | 3.68 | % | 7.1 | |||||||||||||||
Total secured debt | 23.6 | % | 4.84 | % | 2.2 | |||||||||||||||
Total | 100.0 | % | 3.96 | % | 6.0 | |||||||||||||||
Total fixed-rate debt | 99.4 | % | 3.97 | % | 6.0 | |||||||||||||||
Total variable-rate debt | 0.6 | % | 2.54 | % | 1.4 | |||||||||||||||
Total | 100.0 | % | 3.96 | % | 6.0 |
Preferred Equity | Balance (1) | Dividend Rate | ||||||||||||
Series F preferred stock | $ | 473,025 | 6.7 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Adjusted Principal Outstanding and Preferred Equity Summary (cont.) (unaudited, dollars in millions) | ||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Credit Facility and Corporate Bond Covenants (unaudited) | ||
Unsecured Credit Facility Key Covenants | Required | December 31, 2020 | ||||||||||||
Ratio of total indebtedness to total asset value | ≤ 60% | 37.8% | ||||||||||||
Ratio of adjusted EBITDA to fixed charges | ≥ 1.5x | 3.21x | ||||||||||||
Ratio of secured indebtedness to total asset value | ≤ 45% | 6.2% | ||||||||||||
Ratio of unsecured indebtedness to unencumbered asset value | ≤ 60% | 39.9% | ||||||||||||
Ratio of unencumbered adjusted NOI to unsecured interest expense | ≥ 1.75x | 4.42x | ||||||||||||
Corporate Bond Key Covenants | Required | December 31, 2020 | ||||||||||||
Limitation on incurrence of total debt | ≤ 65% | 38.6% | ||||||||||||
Limitation on incurrence of secured debt | ≤ 40% | 8.7% | ||||||||||||
Debt service coverage | ≥ 1.5x | 3.97x | ||||||||||||
Maintenance of total unencumbered assets | ≥ 150% | 274.9% |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Acquisitions and Dispositions (unaudited, square feet and dollars in thousands) | ||
Property Type | Number of Properties | Square Feet | Weighted Average Lease Term (Years) (1) | Weighted Average Cash Cap Rate | Purchase Price (2) | |||||||||||||||||||||||||||
Retail | 13 | 353 | 16.5 | 7.0 | % | $ | 90,328 | |||||||||||||||||||||||||
Industrial | 11 | 566 | 18.3 | 6.7 | % | 60,223 | ||||||||||||||||||||||||||
Land | — | — | N/A | N/A | 450 | |||||||||||||||||||||||||||
Total real estate acquisitions | 24 | 919 | 17.2 | 6.9 | % | $ | 151,001 | |||||||||||||||||||||||||
Mezzanine positions and other (3) | 9.0 | % | 27,043 | |||||||||||||||||||||||||||||
Total acquisitions | 7.2 | % | $ | 178,044 |
Number of Properties | Square Feet | Weighted Average Lease Term (Years) (4) | Weighted Average Cash Cap Rate (5) | Sale Price | Gain (Loss) | |||||||||||||||||||||||||||||||||
Retail | 4 | 23 | 3.9 | 8.4 | % | $ | 5,571 | $ | 934 | |||||||||||||||||||||||||||||
Red Lobster | 2 | 14 | 23.8 | 7.1 | % | 4,650 | 399 | |||||||||||||||||||||||||||||||
Office | 1 | 246 | 9.2 | 6.6 | % | 52,750 | 17,456 | |||||||||||||||||||||||||||||||
Other restaurants | 2 | 4 | 4.2 | 6.0 | % | 765 | 433 | |||||||||||||||||||||||||||||||
Vacant and other (6) | 5 | 45 | N/A | N/A | 210 | (193) | ||||||||||||||||||||||||||||||||
Total real estate dispositions | 14 | 332 | 9.7 | 6.8 | % | $ | 63,946 | $ | 19,029 | |||||||||||||||||||||||||||||
Held for sale assets | (595) | |||||||||||||||||||||||||||||||||||||
Total gain on disposition of real estate, net | $ | 18,434 | ||||||||||||||||||||||||||||||||||||
Mezzanine positions (7) | 6.2 | % | 14,621 | 4,662 | ||||||||||||||||||||||||||||||||||
Total dispositions | 6.7 | % | $ | 78,567 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Rental Income) | ||
Statistics (square feet in thousands) | |||||||||||
Operating Properties | 3,831 | ||||||||||
Rentable Square Feet | 89,493 | ||||||||||
Economic Occupancy Rate | 98.1 | % | |||||||||
Weighted Average Remaining Lease Term | 8.4 | ||||||||||
Investment-Grade Tenants | 38.7 | % | |||||||||
Flat leases | 19.5 | % | |||||||||
NNN leases | 63.5 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Top 10 Concentrations: Real Estate Portfolio (unaudited, square feet and dollars in thousands) | ||
Tenant Concentration | Number of Leases | Leased Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | Investment Rating | ||||||||||||||||||||||||||||||||
Red Lobster | 25 | 1,496 | 1.7 | % | $ | 52,273 | 4.8 | % | CCC+ | |||||||||||||||||||||||||||||
Dollar Tree/Family Dollar | 116 | 3,381 | 3.8 | % | 38,859 | 3.6 | % | BBB | ||||||||||||||||||||||||||||||
Dollar General | 404 | 3,743 | 4.2 | % | 34,667 | 3.2 | % | BBB | ||||||||||||||||||||||||||||||
Walgreens | 93 | 1,321 | 1.5 | % | 32,730 | 3.0 | % | BBB | ||||||||||||||||||||||||||||||
FedEx | 42 | 2,741 | 3.1 | % | 28,914 | 2.7 | % | BBB | ||||||||||||||||||||||||||||||
CVS | 91 | 1,304 | 1.5 | % | 28,774 | 2.6 | % | BBB | ||||||||||||||||||||||||||||||
BJ's Wholesale Club | 3 | 2,223 | 2.5 | % | 20,800 | 1.9 | % | BB | ||||||||||||||||||||||||||||||
LA Fitness | 24 | 1,049 | 1.2 | % | 20,418 | 1.9 | % | CCC+ | ||||||||||||||||||||||||||||||
Albertson's | 26 | 1,536 | 1.7 | % | 18,628 | 1.7 | % | BB- | ||||||||||||||||||||||||||||||
PetSmart | 14 | 886 | 1.0 | % | 17,648 | 1.6 | % | B- | ||||||||||||||||||||||||||||||
Total | 838 | 19,680 | 22.2 | % | $ | 293,711 | 27.0 | % |
Tenant Industry Concentration | Number of Leases | Leased Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
Restaurants - Casual Dining | 305 | 3,738 | 4.2 | % | $ | 131,318 | 12.0 | % | ||||||||||||||||||||||||
Manufacturing | 52 | 16,747 | 18.7 | % | 97,913 | 9.0 | % | |||||||||||||||||||||||||
Restaurants - Quick Service | 766 | 2,978 | 3.3 | % | 93,014 | 8.5 | % | |||||||||||||||||||||||||
Retail - Discount | 550 | 9,026 | 10.1 | % | 90,430 | 8.3 | % | |||||||||||||||||||||||||
Retail - Pharmacy | 199 | 3,025 | 3.4 | % | 68,376 | 6.3 | % | |||||||||||||||||||||||||
Retail - Home & Garden | 111 | 8,878 | 9.9 | % | 65,158 | 6.0 | % | |||||||||||||||||||||||||
Retail - Grocery & Supermarket | 69 | 4,300 | 4.8 | % | 49,697 | 4.6 | % | |||||||||||||||||||||||||
Retail - Motor Vehicle | 183 | 6,138 | 6.9 | % | 48,848 | 4.5 | % | |||||||||||||||||||||||||
Entertainment & Recreation | 37 | 1,675 | 1.9 | % | 39,382 | 3.6 | % | |||||||||||||||||||||||||
Finance | 155 | 1,710 | 1.9 | % | 38,783 | 3.6 | % | |||||||||||||||||||||||||
Total | 2,427 | 58,215 | 65.1 | % | $ | 722,919 | 66.4 | % |
Geographic Concentration | Number of Properties | Rentable Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
Texas | 540 | 10,440 | 11.7 | % | $ | 132,136 | 12.1 | % | ||||||||||||||||||||||||
Ohio | 277 | 8,534 | 9.5 | % | 67,392 | 6.2 | % | |||||||||||||||||||||||||
Florida | 251 | 4,427 | 4.9 | % | 66,038 | 6.1 | % | |||||||||||||||||||||||||
Illinois | 153 | 4,672 | 5.2 | % | 64,614 | 5.9 | % | |||||||||||||||||||||||||
Georgia | 166 | 3,427 | 3.8 | % | 40,574 | 3.7 | % | |||||||||||||||||||||||||
California | 61 | 3,344 | 3.7 | % | 39,841 | 3.7 | % | |||||||||||||||||||||||||
Indiana | 131 | 4,499 | 5.0 | % | 38,957 | 3.6 | % | |||||||||||||||||||||||||
Pennsylvania | 101 | 3,753 | 4.2 | % | 38,517 | 3.5 | % | |||||||||||||||||||||||||
North Carolina | 148 | 3,259 | 3.6 | % | 35,017 | 3.2 | % | |||||||||||||||||||||||||
Michigan | 170 | 1,978 | 2.2 | % | 34,657 | 3.2 | % | |||||||||||||||||||||||||
Total | 1,998 | 48,333 | 53.8 | % | $ | 557,743 | 51.2 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Top 10 Concentrations: Real Estate Portfolio (unaudited, square feet and dollars in thousands) | ||
Metropolitan Statistical Area (MSA) Concentration | Number of Properties | Rentable Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
Chicago, IL | 97 | 3,984 | 4.5 | % | $ | 55,062 | 5.0 | % | ||||||||||||||||||||||||
Dallas, TX | 107 | 3,411 | 3.8 | % | 41,321 | 3.8 | % | |||||||||||||||||||||||||
Atlanta, GA | 73 | 2,470 | 2.8 | % | 25,515 | 2.3 | % | |||||||||||||||||||||||||
New York, NY | 24 | 1,094 | 1.2 | % | 24,283 | 2.2 | % | |||||||||||||||||||||||||
Phoenix, AZ | 48 | 1,327 | 1.5 | % | 22,834 | 2.1 | % | |||||||||||||||||||||||||
Houston, TX | 85 | 2,330 | 2.6 | % | 22,199 | 2.0 | % | |||||||||||||||||||||||||
Boston, MA | 20 | 1,505 | 1.7 | % | 21,158 | 1.9 | % | |||||||||||||||||||||||||
Philadelphia, PA | 36 | 1,124 | 1.3 | % | 20,186 | 1.9 | % | |||||||||||||||||||||||||
Cincinnati, OH | 42 | 2,315 | 2.6 | % | 18,548 | 1.7 | % | |||||||||||||||||||||||||
Indianapolis, IN | 41 | 1,721 | 1.9 | % | 17,151 | 1.6 | % | |||||||||||||||||||||||||
Total | 573 | 21,281 | 23.9 | % | $ | 268,257 | 24.5 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Tenants Comprising Over 1% of Annualized Rental Income (unaudited, square feet and dollars in thousands) | ||
Tenant | Number of Leases | Leased Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | Investment Rating | ||||||||||||||||||||||||||||||||
Red Lobster | 25 | 1,496 | 1.7 | % | $ | 52,273 | 4.8 | % | CCC+ | |||||||||||||||||||||||||||||
Dollar Tree/Family Dollar | 116 | 3,381 | 3.8 | % | 38,859 | 3.6 | % | BBB | ||||||||||||||||||||||||||||||
Dollar General | 404 | 3,743 | 4.2 | % | 34,667 | 3.2 | % | BBB | ||||||||||||||||||||||||||||||
Walgreens | 93 | 1,321 | 1.5 | % | 32,730 | 3.0 | % | BBB | ||||||||||||||||||||||||||||||
FedEx | 42 | 2,741 | 3.1 | % | 28,914 | 2.7 | % | BBB | ||||||||||||||||||||||||||||||
CVS | 91 | 1,304 | 1.5 | % | 28,774 | 2.6 | % | BBB | ||||||||||||||||||||||||||||||
BJ's Wholesale Club | 3 | 2,223 | 2.5 | % | 20,800 | 1.9 | % | BB | ||||||||||||||||||||||||||||||
LA Fitness | 24 | 1,049 | 1.2 | % | 20,418 | 1.9 | % | CCC+ | ||||||||||||||||||||||||||||||
Albertson's | 26 | 1,536 | 1.7 | % | 18,628 | 1.7 | % | BB- | ||||||||||||||||||||||||||||||
PetSmart | 14 | 886 | 1.0 | % | 17,648 | 1.6 | % | B- | ||||||||||||||||||||||||||||||
Goodyear | 7 | 4,728 | 5.3 | % | 17,421 | 1.6 | % | B+ | ||||||||||||||||||||||||||||||
Tractor Supply | 61 | 1,274 | 1.4 | % | 16,583 | 1.5 | % | BBB | ||||||||||||||||||||||||||||||
General Service Administration | 14 | 704 | 0.8 | % | 16,044 | 1.5 | % | AA+ | ||||||||||||||||||||||||||||||
At Home | 5 | 1,406 | 1.6 | % | 12,235 | 1.1 | % | B | ||||||||||||||||||||||||||||||
Advance Auto Parts | 104 | 716 | 0.8 | % | 11,903 | 1.1 | % | BBB- | ||||||||||||||||||||||||||||||
Home Depot | 9 | 1,751 | 2.0 | % | 11,836 | 1.1 | % | A | ||||||||||||||||||||||||||||||
Lowe's | 14 | 1,751 | 2.0 | % | 11,442 | 1.0 | % | BBB+ | ||||||||||||||||||||||||||||||
Merrill Lynch | 1 | 482 | 0.5 | % | 11,104 | 1.0 | % | A- | ||||||||||||||||||||||||||||||
Total | 1,053 | 32,492 | 36.6 | % | $ | 402,279 | 36.9 | % |
![]() | ||||||||
Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification: Tenant Industry (unaudited, square feet and dollars in thousands) | ||
Industry | Number of Leases | Leased Square Feet | Leased Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
Administration & Support Services | 3 | 425 | 0.5 | % | $ | 3,960 | 0.4 | % | ||||||||||||||||||||||||
Agricultural | 2 | 137 | 0.2 | % | 1,245 | 0.1 | % | |||||||||||||||||||||||||
Education | 5 | 219 | 0.2 | % | 2,179 | 0.2 | % | |||||||||||||||||||||||||
Entertainment & Recreation | 37 | 1,675 | 1.9 | % | 39,382 | 3.6 | % | |||||||||||||||||||||||||
Finance | 155 | 1,710 | 1.9 | % | 38,783 | 3.6 | % | |||||||||||||||||||||||||
Government & Public Services | 19 | 859 | 1.0 | % | 17,728 | 1.6 | % | |||||||||||||||||||||||||
Healthcare | 8 | 802 | 0.9 | % | 11,458 | 1.1 | % | |||||||||||||||||||||||||
Information & Communication | 7 | 389 | 0.4 | % | 5,357 | 0.5 | % | |||||||||||||||||||||||||
Insurance | 12 | 1,155 | 1.3 | % | 24,118 | 2.2 | % | |||||||||||||||||||||||||
Logistics | 45 | 3,443 | 3.8 | % | 34,669 | 3.2 | % | |||||||||||||||||||||||||
Manufacturing | 52 | 16,747 | 18.7 | % | 97,913 | 9.0 | % | |||||||||||||||||||||||||
Mining & Natural Resources | 5 | 424 | 0.5 | % | 6,793 | 0.6 | % | |||||||||||||||||||||||||
Other Services | 12 | 473 | 0.5 | % | 3,944 | 0.4 | % | |||||||||||||||||||||||||
Professional Services | 45 | 2,881 | 3.2 | % | 37,063 | 3.4 | % | |||||||||||||||||||||||||
Rental | 12 | 885 | 1.0 | % | 9,521 | 0.9 | % | |||||||||||||||||||||||||
Restaurants - Casual Dining | 305 | 3,738 | 4.2 | % | 131,318 | 12.0 | % | |||||||||||||||||||||||||
Restaurants - Quick Service | 766 | 2,978 | 3.3 | % | 93,014 | 8.5 | % | |||||||||||||||||||||||||
Retail - Apparel & Jewelry | 15 | 1,380 | 1.5 | % | 16,537 | 1.5 | % | |||||||||||||||||||||||||
Retail - Department Stores | 13 | 1,028 | 1.1 | % | 8,298 | 0.8 | % | |||||||||||||||||||||||||
Retail - Discount | 550 | 9,026 | 10.1 | % | 90,430 | 8.3 | % | |||||||||||||||||||||||||
Retail - Electronics & Appliances | 15 | 1,589 | 1.8 | % | 10,519 | 1.0 | % | |||||||||||||||||||||||||
Retail - Gas & Convenience | 126 | 731 | 0.8 | % | 34,944 | 3.2 | % | |||||||||||||||||||||||||
Retail - Grocery & Supermarket | 69 | 4,300 | 4.8 | % | 49,697 | 4.6 | % | |||||||||||||||||||||||||
Retail - Hobby, Books & Music | 16 | 2,106 | 2.4 | % | 12,873 | 1.2 | % | |||||||||||||||||||||||||
Retail - Home & Garden | 111 | 8,878 | 9.9 | % | 65,158 | 6.0 | % | |||||||||||||||||||||||||
Retail - Home Furnishings | 48 | 2,567 | 2.9 | % | 28,623 | 2.6 | % | |||||||||||||||||||||||||
Retail - Internet | 1 | 1,423 | 1.6 | % | 6,797 | 0.6 | % | |||||||||||||||||||||||||
Retail - Medical Services | 68 | 548 | 0.6 | % | 12,133 | 1.1 | % | |||||||||||||||||||||||||
Retail - Motor Vehicle | 183 | 6,138 | 6.9 | % | 48,848 | 4.5 | % | |||||||||||||||||||||||||
Retail - Office Supply | 2 | 36 | — | % | 587 | — | % | |||||||||||||||||||||||||
Retail - Pet Supply | 18 | 944 | 1.1 | % | 18,704 | 1.7 | % | |||||||||||||||||||||||||
Retail - Pharmacy | 199 | 3,025 | 3.4 | % | 68,376 | 6.3 | % | |||||||||||||||||||||||||
Retail - Specialty (Other) | 22 | 538 | 0.6 | % | 5,966 | 0.5 | % | |||||||||||||||||||||||||
Retail - Sporting Goods | 24 | 1,881 | 2.1 | % | 25,389 | 2.3 | % | |||||||||||||||||||||||||
Retail - Warehouse Clubs | 5 | 2,466 | 2.8 | % | 22,989 | 2.1 | % | |||||||||||||||||||||||||
Other | 18 | 231 | 0.2 | % | 5,485 | 0.4 | % | |||||||||||||||||||||||||
Total | 2,993 | 87,775 | 98.1 | % | $ | 1,090,798 | 100.0 | % |
![]() | ||||||||
Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification: Property Geographic (unaudited, square feet and dollars in thousands) | ||
Location | Number of Properties | Rentable Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
United States | ||||||||||||||||||||||||||||||||
Alabama | 151 | 1,719 | 1.9 | % | $ | 27,157 | 2.5 | % | ||||||||||||||||||||||||
Alaska | 3 | 25 | — | % | 806 | 0.1 | % | |||||||||||||||||||||||||
Arizona | 78 | 1,971 | 2.2 | % | 33,060 | 3.0 | % | |||||||||||||||||||||||||
Arkansas | 94 | 1,179 | 1.3 | % | 13,715 | 1.3 | % | |||||||||||||||||||||||||
California | 61 | 3,344 | 3.7 | % | 39,841 | 3.7 | % | |||||||||||||||||||||||||
Colorado | 44 | 1,670 | 1.9 | % | 24,960 | 2.3 | % | |||||||||||||||||||||||||
Connecticut | 14 | 85 | 0.1 | % | 1,831 | 0.2 | % | |||||||||||||||||||||||||
Delaware | 7 | 69 | 0.1 | % | 1,307 | 0.1 | % | |||||||||||||||||||||||||
Florida | 251 | 4,427 | 4.9 | % | 66,038 | 6.1 | % | |||||||||||||||||||||||||
Georgia | 166 | 3,427 | 3.8 | % | 40,574 | 3.7 | % | |||||||||||||||||||||||||
Idaho | 17 | 143 | 0.2 | % | 3,377 | 0.3 | % | |||||||||||||||||||||||||
Illinois | 153 | 4,672 | 5.2 | % | 64,614 | 5.9 | % | |||||||||||||||||||||||||
Indiana | 131 | 4,499 | 5.0 | % | 38,957 | 3.6 | % | |||||||||||||||||||||||||
Iowa | 46 | 1,067 | 1.2 | % | 12,390 | 1.1 | % | |||||||||||||||||||||||||
Kansas | 41 | 2,207 | 2.5 | % | 9,945 | 0.9 | % | |||||||||||||||||||||||||
Kentucky | 75 | 1,979 | 2.2 | % | 21,870 | 2.0 | % | |||||||||||||||||||||||||
Louisiana | 89 | 2,769 | 3.1 | % | 28,336 | 2.6 | % | |||||||||||||||||||||||||
Maine | 25 | 692 | 0.8 | % | 8,979 | 0.8 | % | |||||||||||||||||||||||||
Maryland | 27 | 596 | 0.7 | % | 14,299 | 1.3 | % | |||||||||||||||||||||||||
Massachusetts | 27 | 2,251 | 2.5 | % | 26,248 | 2.4 | % | |||||||||||||||||||||||||
Michigan | 170 | 1,978 | 2.2 | % | 34,657 | 3.2 | % | |||||||||||||||||||||||||
Minnesota | 53 | 1,084 | 1.2 | % | 13,660 | 1.2 | % | |||||||||||||||||||||||||
Mississippi | 73 | 1,907 | 2.1 | % | 14,593 | 1.3 | % | |||||||||||||||||||||||||
Missouri | 146 | 1,679 | 1.9 | % | 22,477 | 2.1 | % | |||||||||||||||||||||||||
Montana | 9 | 115 | 0.1 | % | 2,021 | 0.2 | % | |||||||||||||||||||||||||
Nebraska | 20 | 372 | 0.4 | % | 6,022 | 0.6 | % | |||||||||||||||||||||||||
Nevada | 30 | 743 | 0.8 | % | 8,888 | 0.8 | % | |||||||||||||||||||||||||
New Hampshire | 16 | 240 | 0.3 | % | 4,101 | 0.4 | % | |||||||||||||||||||||||||
New Jersey | 29 | 1,601 | 1.8 | % | 34,387 | 3.1 | % | |||||||||||||||||||||||||
New Mexico | 41 | 763 | 0.8 | % | 10,003 | 0.9 | % | |||||||||||||||||||||||||
New York | 69 | 1,483 | 1.7 | % | 26,004 | 2.4 | % | |||||||||||||||||||||||||
North Carolina | 148 | 3,259 | 3.6 | % | 35,017 | 3.2 | % | |||||||||||||||||||||||||
North Dakota | 12 | 211 | 0.2 | % | 4,406 | 0.4 | % | |||||||||||||||||||||||||
Ohio | 277 | 8,534 | 9.5 | % | 67,392 | 6.2 | % | |||||||||||||||||||||||||
Oklahoma | 74 | 1,764 | 2.0 | % | 25,145 | 2.3 | % | |||||||||||||||||||||||||
Oregon | 12 | 85 | 0.1 | % | 1,918 | 0.2 | % | |||||||||||||||||||||||||
Pennsylvania | 101 | 3,753 | 4.2 | % | 38,517 | 3.5 | % | |||||||||||||||||||||||||
Rhode Island | 4 | 141 | 0.2 | % | 2,259 | 0.2 | % | |||||||||||||||||||||||||
South Carolina | 100 | 2,198 | 2.5 | % | 22,142 | 2.0 | % | |||||||||||||||||||||||||
South Dakota | 11 | 172 | 0.2 | % | 2,072 | 0.2 | % | |||||||||||||||||||||||||
Tennessee | 105 | 2,875 | 3.2 | % | 28,072 | 2.6 | % | |||||||||||||||||||||||||
Texas | 540 | 10,440 | 11.7 | % | 132,136 | 12.1 | % | |||||||||||||||||||||||||
Utah | 11 | 515 | 0.6 | % | 5,801 | 0.5 | % | |||||||||||||||||||||||||
Vermont | 6 | 53 | 0.1 | % | 1,140 | 0.1 | % | |||||||||||||||||||||||||
Virginia | 98 | 2,462 | 2.7 | % | 29,604 | 2.7 | % | |||||||||||||||||||||||||
Washington | 26 | 607 | 0.7 | % | 10,522 | 1.0 | % | |||||||||||||||||||||||||
West Virginia | 36 | 227 | 0.3 | % | 5,361 | 0.5 | % |
![]() | ||||||||
Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification: Property Geographic (cont.) (unaudited, square feet and dollars in thousands) | ||
Location | Number of Properties | Rentable Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
Wisconsin | 103 | 1,284 | 1.4 | % | 20,467 | 1.9 | % | |||||||||||||||||||||||||
Wyoming | 8 | 69 | 0.1 | % | 1,375 | 0.1 | % | |||||||||||||||||||||||||
Territories | ||||||||||||||||||||||||||||||||
Puerto Rico | 3 | 88 | 0.1 | % | 2,335 | 0.2 | % | |||||||||||||||||||||||||
Total | 3,831 | 89,493 | 100.0 | % | $ | 1,090,798 | 100.0 | % |
![]() | ||||||||
Q4 2020 SUPPLEMENTAL INFORMATION |
Lease Expirations (unaudited, square feet and dollars in thousands) | ||
Year of Expiration | Number of Leases Expiring | Leased Square Feet | Leased Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||||||||||||||||||
2021 | 131 | 6,154 | 6.9 | % | $ | 54,379 | 5.0 | % | ||||||||||||||||||||||||
2022 | 231 | 7,660 | 8.6 | % | 69,463 | 6.4 | % | |||||||||||||||||||||||||
2023 | 274 | 4,579 | 5.1 | % | 60,387 | 5.5 | % | |||||||||||||||||||||||||
2024 | 247 | 9,852 | 11.0 | % | 119,653 | 11.0 | % | |||||||||||||||||||||||||
2025 | 304 | 5,208 | 5.9 | % | 67,482 | 6.2 | % | |||||||||||||||||||||||||
2026 | 249 | 8,873 | 10.0 | % | 85,297 | 7.8 | % | |||||||||||||||||||||||||
2027 | 331 | 6,778 | 7.6 | % | 94,935 | 8.7 | % | |||||||||||||||||||||||||
2028 | 326 | 5,892 | 6.6 | % | 70,435 | 6.5 | % | |||||||||||||||||||||||||
2029 | 154 | 5,805 | 6.5 | % | 55,251 | 5.1 | % | |||||||||||||||||||||||||
2030 | 104 | 4,776 | 5.4 | % | 57,969 | 5.3 | % | |||||||||||||||||||||||||
Thereafter | 642 | 22,198 | 24.5 | % | 355,547 | 32.5 | % | |||||||||||||||||||||||||
Total | 2,993 | 87,775 | 98.1 | % | $ | 1,090,798 | 100.0 | % |
![]() | ||||||||
Q4 2020 SUPPLEMENTAL INFORMATION |
Lease Expirations (cont.) (unaudited, square feet and dollars in thousands) | ||
Year of Expiration | Number of Leases Expiring | Leased Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Retail | 49 | 584 | 0.7 | % | $ | 9,333 | 0.9 | % | ||||||||||||||||||||||||
Restaurant | 56 | 306 | 0.3 | % | 7,235 | 0.6 | % | |||||||||||||||||||||||||
Industrial | 8 | 3,839 | 4.3 | % | 13,941 | 1.3 | % | |||||||||||||||||||||||||
Office | 16 | 1,425 | 1.6 | % | 23,810 | 2.2 | % | |||||||||||||||||||||||||
Other (1) | 2 | — | — | % | 60 | — | % | |||||||||||||||||||||||||
Total 2021 | 131 | 6,154 | 6.9 | % | $ | 54,379 | 5.0 | % | ||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
Retail | 142 | 1,553 | 1.7 | % | $ | 24,483 | 2.3 | % | ||||||||||||||||||||||||
Restaurant | 54 | 241 | 0.3 | % | 6,478 | 0.6 | % | |||||||||||||||||||||||||
Industrial | 21 | 4,709 | 5.3 | % | 16,579 | 1.5 | % | |||||||||||||||||||||||||
Office | 13 | 1,157 | 1.3 | % | 21,850 | 2.0 | % | |||||||||||||||||||||||||
Other (1) | 1 | — | — | % | 73 | — | % | |||||||||||||||||||||||||
Total 2022 | 231 | 7,660 | 8.6 | % | $ | 69,463 | 6.4 | % | ||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||
Retail | 173 | 2,298 | 2.6 | % | $ | 30,261 | 2.8 | % | ||||||||||||||||||||||||
Restaurant | 72 | 290 | 0.3 | % | 7,688 | 0.7 | % | |||||||||||||||||||||||||
Industrial | 18 | 1,411 | 1.6 | % | 12,195 | 1.1 | % | |||||||||||||||||||||||||
Office | 7 | 580 | 0.6 | % | 10,040 | 0.9 | % | |||||||||||||||||||||||||
Other (1) | 4 | — | — | % | 203 | — | % | |||||||||||||||||||||||||
Total 2023 | 274 | 4,579 | 5.1 | % | $ | 60,387 | 5.5 | % | ||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||
Retail | 137 | 2,373 | 2.7 | % | $ | 33,998 | 3.1 | % | ||||||||||||||||||||||||
Restaurant | 71 | 311 | 0.3 | % | 8,226 | 0.8 | % | |||||||||||||||||||||||||
Industrial | 13 | 3,533 | 3.9 | % | 16,430 | 1.5 | % | |||||||||||||||||||||||||
Office | 24 | 3,635 | 4.1 | % | 60,805 | 5.6 | % | |||||||||||||||||||||||||
Other (1) | 2 | — | — | % | 194 | — | % | |||||||||||||||||||||||||
Total 2024 | 247 | 9,852 | 11.0 | % | $ | 119,653 | 11.0 | % | ||||||||||||||||||||||||
![]() | ||||||||
Q4 2020 SUPPLEMENTAL INFORMATION |
Lease Expirations (cont.) (unaudited, square feet and dollars in thousands) | ||
Year of Expiration | Number of Leases Expiring | Leased Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||
Retail | 194 | 2,425 | 2.7 | % | $ | 33,056 | 3.0 | % | ||||||||||||||||||||||||
Restaurant | 90 | 342 | 0.4 | % | 9,778 | 0.9 | % | |||||||||||||||||||||||||
Industrial | 13 | 1,853 | 2.1 | % | 15,066 | 1.4 | % | |||||||||||||||||||||||||
Office | 7 | 588 | 0.7 | % | 9,582 | 0.9 | % | |||||||||||||||||||||||||
Total 2025 | 304 | 5,208 | 5.9 | % | $ | 67,482 | 6.2 | % | ||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||||||||
Retail | 106 | 1,943 | 2.2 | % | $ | 24,622 | 2.3 | % | ||||||||||||||||||||||||
Restaurant | 116 | 505 | 0.6 | % | 17,402 | 1.6 | % | |||||||||||||||||||||||||
Industrial | 15 | 5,523 | 6.2 | % | 24,258 | 2.2 | % | |||||||||||||||||||||||||
Office | 11 | 902 | 1.0 | % | 18,869 | 1.7 | % | |||||||||||||||||||||||||
Other (1) | 1 | — | — | % | 146 | — | % | |||||||||||||||||||||||||
Total 2026 | 249 | 8,873 | 10.0 | % | $ | 85,297 | 7.8 | % | ||||||||||||||||||||||||
2027 | ||||||||||||||||||||||||||||||||
Retail | 245 | 3,857 | 4.3 | % | $ | 50,987 | 4.7 | % | ||||||||||||||||||||||||
Restaurant | 72 | 595 | 0.7 | % | 23,059 | 2.1 | % | |||||||||||||||||||||||||
Industrial | 10 | 1,771 | 2.0 | % | 12,730 | 1.2 | % | |||||||||||||||||||||||||
Office | 4 | 555 | 0.6 | % | 8,159 | 0.7 | % | |||||||||||||||||||||||||
Other (1) | — | — | — | % | — | — | % | |||||||||||||||||||||||||
Total 2027 | 331 | 6,778 | 7.6 | % | $ | 94,935 | 8.7 | % | ||||||||||||||||||||||||
2028 | ||||||||||||||||||||||||||||||||
Retail | 189 | 2,910 | 3.3 | % | $ | 37,472 | 3.4 | % | ||||||||||||||||||||||||
Restaurant | 111 | 483 | 0.5 | % | 13,270 | 1.2 | % | |||||||||||||||||||||||||
Industrial | 19 | 2,166 | 2.4 | % | 14,363 | 1.3 | % | |||||||||||||||||||||||||
Office | 7 | 333 | 0.4 | % | 5,330 | 0.6 | % | |||||||||||||||||||||||||
Total 2028 | 326 | 5,892 | 6.6 | % | $ | 70,435 | 6.5 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Lease Expirations (cont.) (unaudited, square feet and dollars in thousands) | ||
Year of Expiration | Number of Leases Expiring | Leased Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income Expiring | Annualized Rental Income Expiring as a % of Total Portfolio | |||||||||||||||||||||||||||
2029 | ||||||||||||||||||||||||||||||||
Retail | 94 | 2,250 | 2.5 | % | $ | 27,852 | 2.6 | % | ||||||||||||||||||||||||
Restaurant | 52 | 321 | 0.4 | % | 10,171 | 0.9 | % | |||||||||||||||||||||||||
Industrial | 6 | 3,024 | 3.4 | % | 13,810 | 1.3 | % | |||||||||||||||||||||||||
Office | 2 | 210 | 0.2 | % | 3,418 | 0.3 | % | |||||||||||||||||||||||||
Total 2029 | 154 | 5,805 | 6.5 | % | $ | 55,251 | 5.1 | % | ||||||||||||||||||||||||
2030 | ||||||||||||||||||||||||||||||||
Retail | 74 | 3,367 | 3.8 | % | $ | 43,730 | 4.0 | % | ||||||||||||||||||||||||
Restaurant | 23 | 183 | 0.2 | % | 3,913 | 0.3 | % | |||||||||||||||||||||||||
Industrial | 6 | 1,127 | 1.3 | % | 4,246 | 0.4 | % | |||||||||||||||||||||||||
Office | 1 | 99 | 0.1 | % | 6,080 | 0.6 | % | |||||||||||||||||||||||||
Total 2030 | 104 | 4,776 | 5.4 | % | $ | 57,969 | 5.3 | % | ||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||||||||
Retail | 296 | 9,916 | 11.0 | % | $ | 179,567 | 16.4 | % | ||||||||||||||||||||||||
Restaurant | 322 | 3,064 | 3.3 | % | 114,669 | 10.5 | % | |||||||||||||||||||||||||
Industrial | 17 | 8,510 | 9.5 | % | 49,115 | 4.5 | % | |||||||||||||||||||||||||
Office | 4 | 708 | 0.7 | % | 11,981 | 1.1 | % | |||||||||||||||||||||||||
Other (1) | 3 | — | — | % | 215 | — | % | |||||||||||||||||||||||||
Total Thereafter | 642 | 22,198 | 24.5 | % | $ | 355,547 | 32.5 | % | ||||||||||||||||||||||||
Total Remaining Lease Expirations | 2,993 | 87,775 | 98.1 | % | $ | 1,090,798 | 100.0 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Lease Summary (unaudited) | ||
Number of Leases | Leased Square Feet | Leased Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | ||||||||||||||||||||||||||||
Fixed dollar or percent increase | 1,903 | 61,363 | 68.6 | % | $ | 765,744 | 70.2 | % | ||||||||||||||||||||||||
CPI | 169 | 7,656 | 8.6 | % | 112,520 | 10.3 | % | |||||||||||||||||||||||||
Flat | 921 | 18,756 | 20.9 | % | 212,534 | 19.5 | % | |||||||||||||||||||||||||
Total | 2,993 | 87,775 | 98.1 | % | $ | 1,090,798 | 100.0 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Lease Summary (cont.) (unaudited) | ||
Number of Leases | Leased Square Feet | Leased Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | ||||||||||||||||||||||||||||
NNN | 2,080 | 53,372 | 59.6 | % | $ | 692,433 | 63.5 | % | ||||||||||||||||||||||||
NN | 888 | 33,290 | 37.3 | % | 371,468 | 34.0 | % | |||||||||||||||||||||||||
Other (1) | 25 | 1,113 | 1.2 | % | 26,897 | 2.5 | % | |||||||||||||||||||||||||
Total | 2,993 | 87,775 | 98.1 | % | $ | 1,090,798 | 100.0 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Property Type Diversification and Rent Coverage (unaudited, square feet and dollars in thousands) | ||
Property Type | Number of Properties (1) | Rentable Square Feet | Square Feet as a % of Total Portfolio | Annualized Rental Income | Annualized Rental Income as a % of Total Portfolio | |||||||||||||||||||||||||||
Retail (1) | 2,071 | 34,187 | 38.2 | % | $ | 495,361 | 45.4 | % | ||||||||||||||||||||||||
Restaurant | 1,521 | 6,990 | 7.8 | % | 221,889 | 20.3 | % | |||||||||||||||||||||||||
Industrial | 158 | 37,477 | 41.9 | % | 192,733 | 17.7 | % | |||||||||||||||||||||||||
Office | 71 | 10,839 | 12.1 | % | 179,924 | 16.5 | % | |||||||||||||||||||||||||
Other (2) | 10 | — | — | % | 891 | 0.1 | % | |||||||||||||||||||||||||
Total | 3,831 | 89,493 | 100.0 | % | $ | 1,090,798 | 100.0 | % |
Property Type | Number of Properties (3) | 2020 Rent Coverage | ||||||||||||
Retail and Restaurant | 1,430 | 2.36x |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification by Property Type: Retail (unaudited, percentages based on Annualized Rental Income of the retail properties) | ||
Statistics (square feet in thousands) | |||||||||||
Operating Properties | 2,071 | ||||||||||
Rentable Square Feet | 34,187 | ||||||||||
Economic Occupancy Rate | 97.9 | % | |||||||||
Weighted Average Remaining Lease Term | 8.8 | ||||||||||
Investment-Grade Tenants | 49.0 | % | |||||||||
Flat leases | 27.9 | % | |||||||||
NNN leases | 66.1 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification by Property Type: Restaurants (unaudited, percentages based on Annualized Rental Income of the retail properties) | ||
Statistics (square feet in thousands) | |||||||||||
Operating Properties | 1,521 | ||||||||||
Rentable Square Feet | 6,990 | ||||||||||
Economic Occupancy Rate | 95.0 | % | |||||||||
Weighted Average Remaining Lease Term | 11.6 | ||||||||||
Investment-Grade Tenants | 3.4 | % | |||||||||
Flat leases | 9.0 | % | |||||||||
NNN leases | 99.3 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification by Property Type: Industrial (unaudited, percentages based on Annualized Rental Income of the retail properties) | ||
Statistics (square feet in thousands) | |||||||||||
Operating Properties | 158 | ||||||||||
Rentable Square Feet | 37,477 | ||||||||||
Economic Occupancy Rate | 100.0 | % | |||||||||
Weighted Average Remaining Lease Term | 7.3 | ||||||||||
Investment-Grade Tenants | 36.7 | % | |||||||||
Flat leases | 16.9 | % | |||||||||
NNN leases | 54.4 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Diversification by Property Type: Office (unaudited, percentages based on Annualized Rental Income of the retail properties) | ||
Statistics (square feet in thousands) | |||||||||||
Operating Properties | 71 | ||||||||||
Rentable Square Feet | 10,839 | ||||||||||
Economic Occupancy Rate | 94.0 | % | |||||||||
Weighted Average Remaining Lease Term | 4.3 | ||||||||||
Investment-Grade Tenants | 56.4 | % | |||||||||
Flat leases | 11.8 | % | |||||||||
NNN leases | 22.0 | % |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Unconsolidated Joint Venture Investment Summary (unaudited, square feet and dollars in thousands) | ||
Joint Venture | Legal Ownership Percentage (1) | Property Type | Number of Properties | Pro Rata Share of Gross Real Estate Investments | Pro Rata Share of Rentable Square Feet | Pro Rata Share of Annualized Rental Income | Pro Rata Share of Adjusted Principal Outstanding | |||||||||||||||||||||||||||||||||||||
Industrial partnership | 20% | Industrial | 7 | $ | 131,788 | 1,409 | $ | 8,154 | $ | 86,006 | ||||||||||||||||||||||||||||||||||
Office partnership | 20% | Office | 4 | 33,857 | 145 | 3,196 | 20,510 | |||||||||||||||||||||||||||||||||||||
Total | $ | 165,645 | 1,554 | $ | 11,350 | $ | 106,516 | |||||||||||||||||||||||||||||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (unaudited, in thousands, except share and per share data) | ||
Year Ended December 31, | Three Months Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental revenue - as reported | $ | 1,158,285 | $ | 1,237,234 | $ | 287,431 | $ | 305,363 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Costs reimbursed related to CAM, property operating expenses and ground leases | (99,411) | (108,365) | (23,881) | (27,954) | |||||||||||||||||||
Straight-line rent | (25,161) | (28,032) | (7,108) | (7,107) | |||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 3,357 | 2,538 | 1,428 | 504 | |||||||||||||||||||
Net direct financing lease adjustments | 1,497 | 1,617 | 379 | 387 | |||||||||||||||||||
Other non-contract rental revenue | (3,234) | (249) | 1,831 | 9 | |||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 10,975 | 5,170 | 2,953 | 2,031 | |||||||||||||||||||
Contract Rental Revenue - Excluded Properties | — | (289) | — | — | |||||||||||||||||||
Contract Rental Revenue | $ | 1,046,308 | $ | 1,109,624 | $ | 263,033 | $ | 273,233 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
Year Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Net income (loss) | $ | 201,219 | $ | (307,106) | ||||||||||
Adjustments: | ||||||||||||||
Interest expense | 265,660 | 278,574 | ||||||||||||
Depreciation and amortization | 452,008 | 481,995 | ||||||||||||
Provision for income taxes | 4,513 | 4,262 | ||||||||||||
Proportionate share of adjustments for unconsolidated entities | 8,430 | 3,966 | ||||||||||||
Gain on disposition of real estate assets, including joint ventures, net | (95,823) | (292,654) | ||||||||||||
Impairment of real estate | 61,723 | 47,091 | ||||||||||||
EBITDAre | $ | 897,730 | $ | 216,128 | ||||||||||
Impairment of intangibles and right of use assets | 3,352 | — | ||||||||||||
Payments received on fully reserved loans | — | (133) | ||||||||||||
Acquisition-related expenses | 4,790 | 4,337 | ||||||||||||
Litigation and non-routine costs, net | 2,348 | 815,422 | ||||||||||||
Loss on investments | 294 | 493 | ||||||||||||
Loss on derivative instruments, net | 85,392 | 58 | ||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 3,357 | 2,538 | ||||||||||||
Loss on extinguishment and forgiveness of debt, net | 1,486 | 17,910 | ||||||||||||
Net direct financing lease adjustments | 1,497 | 1,617 | ||||||||||||
Restructuring expenses | — | 10,505 | ||||||||||||
Other adjustments, net | (4,078) | (2,686) | ||||||||||||
Proportionate share of adjustments for unconsolidated entities | (836) | (155) | ||||||||||||
Adjustment for Excluded Properties | — | (257) | ||||||||||||
Normalized EBITDA | $ | 995,332 | $ | 1,065,777 | ||||||||||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
Year Ended | ||||||||||||||
December 31, 2020 | December 31, 2019 | |||||||||||||
Net income (loss) | $ | 201,219 | $ | (307,106) | ||||||||||
Dividends on Series F Preferred Stock | (44,590) | (68,488) | ||||||||||||
Gain on disposition of real estate assets, net | (95,823) | (292,654) | ||||||||||||
Depreciation and amortization of real estate assets | 450,413 | 480,064 | ||||||||||||
Impairment of real estate | 61,723 | 47,091 | ||||||||||||
Proportionate share of adjustments for unconsolidated entities | 5,369 | 2,721 | ||||||||||||
FFO attributable to common stockholders and limited partners | $ | 578,311 | $ | (138,372) | ||||||||||
Weighted-average shares outstanding - basic | 217,548,175 | 199,627,994 | ||||||||||||
Effect of weighted-average Limited Partner OP Units and dilutive securities (1) | 313,830 | 4,018,964 | ||||||||||||
Weighted-average shares outstanding - diluted (2) | 217,862,005 | 203,646,958 | ||||||||||||
FFO attributable to common stockholders and limited partners per diluted share (3) | $ | 2.65 | $ | (0.68) | ||||||||||
Acquisition-related expenses | 4,790 | 4,337 | ||||||||||||
Litigation and non-routine costs, net | 2,348 | 815,422 | ||||||||||||
Impairment of intangibles and right of use assets | 3,352 | — | ||||||||||||
Payments received on fully reserved loans | — | (133) | ||||||||||||
Loss on investments | 294 | 493 | ||||||||||||
Loss on derivative instruments, net | 85,392 | 58 | ||||||||||||
Amortization of premiums and discounts on debt and investments, net | (1,445) | (5,312) | ||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 3,357 | 2,538 | ||||||||||||
Net direct financing lease adjustments | 1,497 | 1,617 | ||||||||||||
Amortization and write-off of deferred financing costs | 15,115 | 15,464 | ||||||||||||
Loss on extinguishment and forgiveness of debt, net | 1,486 | 17,910 | ||||||||||||
Straight-line rent | (25,161) | (28,032) | ||||||||||||
Equity-based compensation | 12,402 | 12,251 | ||||||||||||
Restructuring expenses | — | 10,505 | ||||||||||||
Other adjustments, net | (2,488) | (773) | ||||||||||||
Proportionate share of adjustments for unconsolidated entities | (848) | (1,005) | ||||||||||||
Adjustment for Excluded Properties | — | (33) | ||||||||||||
AFFO attributable to common stockholders and limited partners | $ | 678,402 | $ | 706,935 | ||||||||||
Weighted-average shares outstanding - basic | 217,548,175 | 199,627,994 | ||||||||||||
Effect of weighted-average Limited Partner OP Units and dilutive securities (1) | 313,830 | 4,018,964 | ||||||||||||
Weighted-average shares outstanding - diluted (2) | 217,862,005 | 203,646,958 | ||||||||||||
AFFO attributable to common stockholders and limited partners per diluted share | $ | 3.11 | $ | 3.47 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Total real estate investments, at cost - as reported | $ | 14,603,626 | $ | 14,610,097 | $ | 14,714,616 | $ | 14,751,458 | $ | 14,843,870 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Investment in Cole REITs | 7,255 | 6,943 | 6,867 | 7,009 | 7,552 | |||||||||||||||||||||||||||
Gross assets held for sale | 91,341 | 2,379 | 54,046 | 104,064 | 36,210 | |||||||||||||||||||||||||||
Investment in direct financing leases, net | 6,547 | 8,198 | 8,579 | 8,951 | 9,341 | |||||||||||||||||||||||||||
Mortgage notes receivable, net | — | 15,727 | 9,959 | — | — | |||||||||||||||||||||||||||
Gross intangible lease liabilities | (227,442) | (227,165) | (236,324) | (236,378) | (242,898) | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 165,643 | 205,678 | 146,886 | 146,852 | 121,873 | |||||||||||||||||||||||||||
Gross Real Estate Investments | $ | 14,646,970 | $ | 14,621,857 | $ | 14,704,629 | $ | 14,781,956 | $ | 14,775,948 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Interest expense - as reported | $ | 68,416 | $ | 66,935 | $ | 65,613 | $ | 64,696 | $ | 69,628 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs and other non-cash charges | (6,189) | (3,212) | (2,995) | (2,924) | (5,395) | |||||||||||||||||||||||||||
Amortization of net premiums | 120 | 299 | 459 | 772 | 1,569 | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 806 | 691 | 559 | 579 | 490 | |||||||||||||||||||||||||||
Interest Expense, excluding non-cash amortization | $ | 63,153 | $ | 64,713 | $ | 63,636 | $ | 63,123 | $ | 66,292 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Mortgage notes payable, net | $ | 1,328,835 | $ | 1,330,174 | $ | 1,393,652 | $ | 1,405,701 | $ | 1,528,134 | ||||||||||||||||||||||
Corporate bonds, net | 4,584,230 | 3,406,389 | 3,404,935 | 2,814,474 | 2,813,739 | |||||||||||||||||||||||||||
Convertible debt, net | — | 252,077 | 270,152 | 319,120 | 318,183 | |||||||||||||||||||||||||||
Credit facility, net | — | 896,630 | 896,314 | 1,767,306 | 1,045,669 | |||||||||||||||||||||||||||
Total debt - as reported | 5,913,065 | 5,885,270 | 5,965,053 | 6,306,601 | 5,705,725 | |||||||||||||||||||||||||||
Deferred financing costs, net | 44,573 | 39,204 | 41,152 | 37,896 | 39,721 | |||||||||||||||||||||||||||
Net discounts (premiums) | 25,557 | 12,343 | 11,860 | 6,389 | 5,413 | |||||||||||||||||||||||||||
Principal Outstanding | 5,983,195 | 5,936,817 | 6,018,065 | 6,350,886 | 5,750,859 | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 106,516 | 106,516 | 68,360 | 68,360 | 53,850 | |||||||||||||||||||||||||||
Adjusted Principal Outstanding | $ | 6,089,711 | $ | 6,043,333 | $ | 6,086,425 | $ | 6,419,246 | $ | 5,804,709 | ||||||||||||||||||||||
Cash and cash equivalents | (523,539) | (207,321) | (278,883) | (600,945) | (12,921) | |||||||||||||||||||||||||||
Pro rata share of Unconsolidated Joint Ventures' cash and cash equivalents | (1,619) | (3,776) | (3,433) | (2,567) | (1,480) | |||||||||||||||||||||||||||
Net Debt | $ | 5,564,553 | $ | 5,832,236 | $ | 5,804,109 | $ | 5,815,734 | $ | 5,790,308 |
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Q4 2020 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Total revenues | $ | 287,909 | $ | 295,278 | $ | 278,997 | $ | 299,182 | $ | 305,685 | ||||||||||||||||||||||
Less total operating expenses | (195,693) | (172,917) | (168,962) | (170,965) | (196,373) | |||||||||||||||||||||||||||
Partnership fee revenue | (478) | (1,586) | (421) | (596) | (322) | |||||||||||||||||||||||||||
Acquisition-related expenses | 1,048 | 1,050 | 1,169 | 1,523 | 1,168 | |||||||||||||||||||||||||||
Litigation and non-routine costs, net | 10,925 | 105 | (118) | (8,564) | 8,659 | |||||||||||||||||||||||||||
General and administrative | 15,399 | 14,774 | 16,120 | 15,056 | 16,966 | |||||||||||||||||||||||||||
Depreciation and amortization | 108,138 | 109,191 | 110,599 | 124,080 | 112,307 | |||||||||||||||||||||||||||
Impairment of real estate | 28,204 | 16,397 | 12,094 | 8,380 | 22,851 | |||||||||||||||||||||||||||
Restructuring expenses | — | — | — | — | 356 | |||||||||||||||||||||||||||
NOI | 255,452 | 262,292 | 249,478 | 268,096 | 271,297 | |||||||||||||||||||||||||||
Straight-line rent | (7,108) | (12,595) | (3,404) | (2,054) | (7,107) | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,428 | 393 | 788 | 748 | 504 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 379 | 381 | 372 | 365 | 387 | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 2,799 | 2,876 | 2,475 | 2,404 | 1,920 | |||||||||||||||||||||||||||
Cash NOI - Excluded Properties | — | — | — | — | 3 | |||||||||||||||||||||||||||
Cash NOI | $ | 252,950 | $ | 253,347 | $ | 249,709 | $ | 269,559 | $ | 267,004 |