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Q3 2021 SUPPLEMENTAL INFORMATION |
VEREIT Supplemental Information | |||||
September 30, 2021 |
Section | Page | ![]() | ||||||
Company Overview | ||||||||
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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Q3 2021 SUPPLEMENTAL INFORMATION |
About the Data | ||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Forward-Looking Statements | ||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Company Overview (unaudited) | ||
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Q3 2021 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 | Priscilla Almodovar, Independent Director | |||||||
Lauren Goldberg, Executive Vice President, General Counsel and Secretary | David B. Henry, Independent Director | |||||||
Paul H. McDowell, Executive Vice President and Chief Operating Officer | Mary Hogan Preusse, Independent Director | |||||||
Thomas W. Roberts, Executive Vice President and Chief Investment Officer | Richard J. Lieb, Independent Director | |||||||
Gavin B. Brandon, Senior Vice President and Chief Accounting Officer | Eugene A. Pinover, Independent Director | |||||||
Julie G. Richardson, Independent Director | ||||||||
Susan E. Skerritt, 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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Q3 2021 SUPPLEMENTAL INFORMATION |
Quarterly Financial Summary (unaudited, dollars in thousands, except share and per share amounts) | ||
Three Months Ended | |||||||||||||||||||||||||||||
Financial Results | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||
Total revenues | $ | 290,192 | $ | 291,267 | $ | 290,809 | $ | 287,909 | $ | 295,278 | |||||||||||||||||||
Net income (loss) | $ | 61,613 | $ | 77,903 | $ | 120,723 | $ | (36,933) | $ | 98,917 | |||||||||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners | $ | 0.25 | $ | 0.31 | $ | 0.50 | $ | (0.20) | $ | 0.41 | |||||||||||||||||||
Normalized EBITDA | $ | 253,553 | $ | 251,606 | $ | 251,171 | $ | 246,689 | $ | 252,933 | |||||||||||||||||||
FFO attributable to common stockholders and limited partners | $ | 176,047 | $ | 175,652 | $ | 178,988 | $ | 69,313 | $ | 171,233 | |||||||||||||||||||
FFO attributable to common stockholders and limited partners per diluted share | $ | 0.76 | $ | 0.76 | $ | 0.78 | $ | 0.31 | $ | 0.79 | |||||||||||||||||||
AFFO attributable to common stockholders and limited partners | $ | 191,554 | $ | 186,596 | $ | 183,047 | $ | 169,798 | $ | 166,547 | |||||||||||||||||||
AFFO attributable to common stockholders and limited partners per diluted share | $ | 0.83 | $ | 0.81 | $ | 0.80 | $ | 0.76 | $ | 0.77 | |||||||||||||||||||
Dividends declared per common share | $ | 0.46 | $ | 0.46 | $ | 0.46 | $ | 0.39 | $ | 0.39 | |||||||||||||||||||
Weighted-average shares outstanding - diluted | 230,179,440 | 229,991,566 | 229,429,867 | 222,511,425 | 217,027,675 | ||||||||||||||||||||||||
Portfolio Metrics | |||||||||||||||||||||||||||||
Operating Properties | 3,882 | 3,885 | 3,855 | 3,831 | 3,820 | ||||||||||||||||||||||||
Rentable Square Feet (in thousands) | 88,686 | 88,864 | 88,747 | 89,493 | 88,869 | ||||||||||||||||||||||||
Economic Occupancy Rate | 97.6 | % | 97.1 | % | 98.0 | % | 98.1 | % | 98.5 | % | |||||||||||||||||||
Weighted Average Remaining Lease Term (years) | 8.4 | 8.5 | 8.4 | 8.4 | 8.4 | ||||||||||||||||||||||||
Investment-Grade Tenants (1) | 38.0 | % | 37.8 | % | 37.8 | % | 38.7 | % | 37.7 | % |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Financial and Operations Statistics and Ratios (unaudited, dollars in thousands) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Interest Coverage Ratio | ||||||||||||||||||||||||||||||||
Interest Expense, excluding non-cash amortization (1) | $ | 57,049 | $ | 56,866 | $ | 58,860 | $ | 63,153 | $ | 64,713 | ||||||||||||||||||||||
Normalized EBITDA (2) | 253,553 | 251,606 | 251,171 | 246,689 | 252,933 | |||||||||||||||||||||||||||
Interest Coverage Ratio | 4.44x | 4.42x | 4.27x | 3.91x | 3.91x | |||||||||||||||||||||||||||
Fixed Charge Coverage Ratio | ||||||||||||||||||||||||||||||||
Interest Expense, excluding non-cash amortization (1) | $ | 57,049 | $ | 56,866 | $ | 58,860 | $ | 63,153 | $ | 64,713 | ||||||||||||||||||||||
Secured debt principal amortization | 453 | 524 | 687 | 858 | 834 | |||||||||||||||||||||||||||
Dividends attributable to preferred shares | 3,124 | 6,248 | 6,525 | 7,923 | 10,771 | |||||||||||||||||||||||||||
Total fixed charges | 60,626 | 63,638 | 66,072 | 71,934 | 76,318 | |||||||||||||||||||||||||||
Normalized EBITDA (2) | 253,553 | 251,606 | 251,171 | 246,689 | 252,933 | |||||||||||||||||||||||||||
Fixed Charge Coverage Ratio | 4.18x | 3.95x | 3.80x | 3.43x | 3.31x | |||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Net Debt Ratios | ||||||||||||||||||||||||||||||||
Net Debt (3) | $ | 5,831,919 | $ | 5,490,670 | $ | 5,476,756 | $ | 5,564,553 | $ | 5,832,236 | ||||||||||||||||||||||
Normalized EBITDA annualized | 1,014,212 | 1,006,424 | 1,004,684 | 986,756 | 1,011,732 | |||||||||||||||||||||||||||
Net Debt to Normalized EBITDA annualized ratio | 5.75x | 5.46x | 5.45x | 5.64x | 5.76x | |||||||||||||||||||||||||||
Net Debt (3) | $ | 5,831,919 | $ | 5,490,670 | $ | 5,476,756 | $ | 5,564,553 | $ | 5,832,236 | ||||||||||||||||||||||
Gross Real Estate Investments (3) | 14,568,482 | 14,551,239 | 14,485,227 | 14,646,970 | 14,621,857 | |||||||||||||||||||||||||||
Net Debt Leverage Ratio | 40.0 | % | 37.7 | % | 37.8 | % | 38.0 | % | 39.9 | % | ||||||||||||||||||||||
Unencumbered Assets/Real Estate Assets | ||||||||||||||||||||||||||||||||
Unencumbered Gross Real Estate Investments | $ | 12,650,834 | $ | 12,600,755 | $ | 12,455,130 | $ | 11,968,277 | $ | 11,936,645 | ||||||||||||||||||||||
Gross Real Estate Investments (3) | 14,568,482 | 14,551,239 | 14,485,227 | 14,646,970 | 14,621,857 | |||||||||||||||||||||||||||
Unencumbered Asset Ratio | 86.8 | % | 86.6 | % | 86.0 | % | 81.7 | % | 81.6 | % |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Key Balance Sheet Metrics and Capital Structure (unaudited, dollars and shares in thousands, except per share amounts) | ||
Common equity | 64.1% | ||||||||||
Corporate bonds | 28.6% | ||||||||||
Mortgage notes payable | 6.1% | ||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 0.7% | ||||||||||
Revolving credit facility | 0.5% | ||||||||||
Fixed | 98.1 | % | |||
Variable | 1.9 | % |
VEREIT Capitalization Table | |||||||||||||||||
Wtd. Avg. Maturity (Years) | Rate (1) | September 30, 2021 | |||||||||||||||
Diluted shares outstanding | 230,590 | ||||||||||||||||
Stock price | $ | 45.23 | |||||||||||||||
Implied Equity Market Capitalization | $ | 10,429,586 | |||||||||||||||
Mortgage notes payable | 1.9 | 4.88 | % | 991,803 | |||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 3.3 | 2.90 | % | 109,678 | |||||||||||||
Total secured debt | 2.0 | 4.68 | % | $ | 1,101,481 | ||||||||||||
Total unsecured credit facility | 0.6 | 1.65 | % | $ | 88,000 | ||||||||||||
Corporate bonds due 2024 | 2.4 | 4.60 | % | 500,000 | |||||||||||||
Corporate bonds due 2025 | 4.1 | 4.63 | % | 550,000 | |||||||||||||
Corporate bonds due 2026 | 4.7 | 4.88 | % | 600,000 | |||||||||||||
Corporate bonds due 2027 | 5.9 | 3.95 | % | 600,000 | |||||||||||||
Corporate bonds due January 2028 | 6.3 | 3.40 | % | 600,000 | |||||||||||||
Corporate bonds due June 2028 | 6.7 | 2.20 | % | 500,000 | |||||||||||||
Corporate bonds due 2029 | 8.2 | 3.10 | % | 600,000 | |||||||||||||
Corporate bonds due 2032 | 11.2 | 2.85 | % | 700,000 | |||||||||||||
Total unsecured debt | 6.3 | 3.65 | % | $ | 4,738,000 | ||||||||||||
Total Adjusted Principal Outstanding | 5.5 | 3.84 | % | $ | 5,839,481 | ||||||||||||
Total Capitalization | $ | 16,269,067 | |||||||||||||||
Cash and cash equivalents | (5,874) | ||||||||||||||||
Pro rata share of Unconsolidated Joint Ventures' cash and cash equivalents | (1,688) | ||||||||||||||||
Enterprise Value | $ | 16,261,505 | |||||||||||||||
Net Debt/Enterprise Value | 35.9 | % | |||||||||||||||
Net Debt/Normalized EBITDA Annualized | 5.75x | ||||||||||||||||
Fixed Charge Coverage Ratio | 4.18x | ||||||||||||||||
Liquidity (2) | $ | 1,416,581 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Balance Sheets (unaudited, in thousands) | ||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||||||||||
Land | $ | 2,724,709 | $ | 2,724,975 | $ | 2,698,232 | $ | 2,699,110 | $ | 2,691,122 | ||||||||||||||||||||||
Buildings, fixtures and improvements | 9,916,070 | 9,912,886 | 9,941,903 | 10,032,055 | 10,046,076 | |||||||||||||||||||||||||||
Intangible lease assets | 1,917,251 | 1,908,178 | 1,883,826 | 1,872,461 | 1,872,899 | |||||||||||||||||||||||||||
Total real estate investments, at cost | 14,558,030 | 14,546,039 | 14,523,961 | 14,603,626 | 14,610,097 | |||||||||||||||||||||||||||
Less: accumulated depreciation and amortization | 4,002,377 | 3,917,175 | 3,861,411 | 3,833,084 | 3,799,653 | |||||||||||||||||||||||||||
Total real estate investments, net | 10,555,653 | 10,628,864 | 10,662,550 | 10,770,542 | 10,810,444 | |||||||||||||||||||||||||||
Operating lease right-of-use assets | 185,443 | 188,628 | 191,443 | 195,518 | 205,346 | |||||||||||||||||||||||||||
Investment in unconsolidated entities | 80,363 | 80,487 | 80,513 | 81,639 | 100,339 | |||||||||||||||||||||||||||
Cash and cash equivalents | 5,874 | 275,496 | 318,561 | 523,539 | 207,321 | |||||||||||||||||||||||||||
Restricted cash | 10,803 | 9,584 | 12,704 | 13,842 | 14,955 | |||||||||||||||||||||||||||
Rent and tenant receivables and other assets, net | 371,911 | 365,186 | 368,926 | 366,620 | 391,239 | |||||||||||||||||||||||||||
Goodwill | 1,337,773 | 1,337,773 | 1,337,773 | 1,337,773 | 1,337,773 | |||||||||||||||||||||||||||
Real estate assets held for sale, net | 31,073 | 28,977 | 4,888 | 65,583 | 1,896 | |||||||||||||||||||||||||||
Total assets | $ | 12,578,893 | $ | 12,914,995 | $ | 12,977,358 | $ | 13,355,056 | $ | 13,069,313 | ||||||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||||||||||
Mortgage notes payable, net | $ | 987,704 | $ | 1,002,496 | $ | 1,035,328 | $ | 1,328,835 | $ | 1,330,174 | ||||||||||||||||||||||
Corporate bonds, net | 4,590,348 | 4,588,286 | 4,586,252 | 4,584,230 | 3,406,389 | |||||||||||||||||||||||||||
Convertible debt, net | — | — | — | — | 252,077 | |||||||||||||||||||||||||||
Credit facility | 88,000 | — | — | — | 896,630 | |||||||||||||||||||||||||||
Below-market lease liabilities, net | 111,140 | 115,831 | 117,121 | 120,938 | 124,009 | |||||||||||||||||||||||||||
Accounts payable and accrued expenses | 137,626 | 117,445 | 116,486 | 117,015 | 112,101 | |||||||||||||||||||||||||||
Derivative, deferred rent and other liabilities | 58,707 | 64,371 | 62,944 | 63,204 | 162,952 | |||||||||||||||||||||||||||
Distributions payable | 105,958 | 106,999 | 106,989 | 89,514 | 85,420 | |||||||||||||||||||||||||||
Operating lease liabilities | 196,671 | 199,561 | 202,024 | 209,104 | 214,102 | |||||||||||||||||||||||||||
Total liabilities | 6,276,154 | 6,194,989 | 6,227,144 | 6,512,840 | 6,583,854 | |||||||||||||||||||||||||||
Series F preferred stock | — | 149 | 149 | 189 | 189 | |||||||||||||||||||||||||||
Common stock | 2,292 | 2,291 | 2,291 | 2,289 | 2,183 | |||||||||||||||||||||||||||
Additional paid-in capital | 12,984,914 | 13,354,657 | 13,350,661 | 13,449,412 | 13,057,408 | |||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 831 | 732 | 634 | 536 | (97,008) | |||||||||||||||||||||||||||
Accumulated deficit | (6,692,338) | (6,644,896) | (6,610,678) | (6,617,380) | (6,484,456) | |||||||||||||||||||||||||||
Total stockholders' equity | 6,295,699 | 6,712,933 | 6,743,057 | 6,835,046 | 6,478,316 | |||||||||||||||||||||||||||
Non-controlling interests | 7,040 | 7,073 | 7,157 | 7,170 | 7,143 | |||||||||||||||||||||||||||
Total equity | 6,302,739 | 6,720,006 | 6,750,214 | 6,842,216 | 6,485,459 | |||||||||||||||||||||||||||
Total liabilities and equity | $ | 12,578,893 | $ | 12,914,995 | $ | 12,977,358 | $ | 13,355,056 | $ | 13,069,313 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Statements of Operations (unaudited, in thousands, except per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rental | $ | 289,671 | $ | 290,567 | $ | 290,309 | $ | 287,431 | $ | 293,692 | ||||||||||||||||||||||
Fees from managed partnerships | 521 | 700 | 500 | 478 | 1,586 | |||||||||||||||||||||||||||
Total revenues | 290,192 | 291,267 | 290,809 | 287,909 | 295,278 | |||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Acquisition-related | 1,373 | 1,428 | 1,354 | 1,048 | 1,050 | |||||||||||||||||||||||||||
Merger, litigation and non-routine costs, net | 9,445 | 6,605 | 68 | 10,925 | 105 | |||||||||||||||||||||||||||
Property operating | 28,854 | 29,174 | 30,605 | 31,979 | 31,400 | |||||||||||||||||||||||||||
General and administrative | 12,437 | 16,451 | 14,526 | 15,399 | 14,774 | |||||||||||||||||||||||||||
Depreciation and amortization | 106,668 | 105,839 | 108,075 | 107,205 | 108,257 | |||||||||||||||||||||||||||
Impairments | 13,272 | 14,129 | 31,849 | 28,204 | 16,397 | |||||||||||||||||||||||||||
Total operating expenses | 172,049 | 173,626 | 186,477 | 194,760 | 171,983 | |||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest expense | (59,768) | (59,291) | (60,736) | (68,416) | (66,935) | |||||||||||||||||||||||||||
(Loss) gain on extinguishment and forgiveness of debt, net | (5) | 35 | (2,132) | (67) | 61 | |||||||||||||||||||||||||||
Other income, net | 346 | 3,089 | 3,666 | 5,584 | 73 | |||||||||||||||||||||||||||
Loss on derivative instruments, net | — | — | — | (85,392) | — | |||||||||||||||||||||||||||
Equity in income and gain on disposition of unconsolidated entities | 463 | 464 | 447 | 1,133 | 663 | |||||||||||||||||||||||||||
Gain on disposition of real estate and held for sale assets, net | 3,369 | 16,896 | 76,074 | 18,434 | 42,814 | |||||||||||||||||||||||||||
Total other (expenses) income, net | (55,595) | (38,807) | 17,319 | (128,724) | (23,324) | |||||||||||||||||||||||||||
Income (loss) before taxes | 62,548 | 78,834 | 121,651 | (35,575) | 99,971 | |||||||||||||||||||||||||||
Provision for income taxes | (935) | (931) | (928) | (1,358) | (1,054) | |||||||||||||||||||||||||||
Net income (loss) | 61,613 | 77,903 | 120,723 | (36,933) | 98,917 | |||||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | (48) | (7) | (76) | 46 | (51) | |||||||||||||||||||||||||||
Net income (loss) attributable to the General Partner | $ | 61,565 | $ | 77,896 | $ | 120,647 | $ | (36,887) | $ | 98,866 | ||||||||||||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders and limited partners | $ | 0.25 | $ | 0.31 | $ | 0.50 | $ | (0.20) | $ | 0.41 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Funds From Operations (FFO) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 61,613 | $ | 77,903 | $ | 120,723 | $ | (36,933) | $ | 98,917 | ||||||||||||||||||||||
Dividends on Series F Preferred Stock | (3,124) | (6,248) | (6,525) | (7,923) | (10,771) | |||||||||||||||||||||||||||
Gain on disposition of real estate assets, net | (3,369) | (16,896) | (76,074) | (18,965) | (42,814) | |||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 106,290 | 105,440 | 107,700 | 106,825 | 107,869 | |||||||||||||||||||||||||||
Impairment of real estate | 13,272 | 14,129 | 31,849 | 24,852 | 16,397 | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 1,365 | 1,324 | 1,315 | 1,457 | 1,635 | |||||||||||||||||||||||||||
FFO attributable to common stockholders and limited partners | $ | 176,047 | $ | 175,652 | $ | 178,988 | $ | 69,313 | $ | 171,233 | ||||||||||||||||||||||
Weighted-average shares outstanding - basic | 229,271,106 | 229,251,460 | 229,159,472 | 222,152,574 | 216,737,561 | |||||||||||||||||||||||||||
Effect of weighted-average Limited Partner OP Units and dilutive securities (1) | 908,334 | 740,106 | 270,395 | 358,851 | 290,114 | |||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted (2) | 230,179,440 | 229,991,566 | 229,429,867 | 222,511,425 | 217,027,675 | |||||||||||||||||||||||||||
FFO attributable to common stockholders and limited partners per diluted share (3) | $ | 0.76 | $ | 0.76 | $ | 0.78 | $ | 0.31 | $ | 0.79 | ||||||||||||||||||||||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Adjusted Funds From Operations (AFFO) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
FFO attributable to common stockholders and limited partners | $ | 176,047 | $ | 175,652 | $ | 178,988 | $ | 69,313 | $ | 171,233 | ||||||||||||||||||||||
Acquisition-related expenses | 1,373 | 1,428 | 1,354 | 1,048 | 1,050 | |||||||||||||||||||||||||||
Merger, litigation and non-routine costs, net | 9,445 | 6,605 | 68 | 10,925 | 105 | |||||||||||||||||||||||||||
Impairment of intangibles and right of use assets | — | — | — | 3,352 | — | |||||||||||||||||||||||||||
(Gain) loss on investments | (19) | 22 | (695) | (313) | (76) | |||||||||||||||||||||||||||
Loss on derivative instruments, net | — | — | — | 85,392 | — | |||||||||||||||||||||||||||
Amortization of premiums and discounts on debt and investments, net | 837 | 555 | 87 | (193) | (201) | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,164 | 1,830 | 1,547 | 1,428 | 393 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 384 | 374 | 366 | 379 | 381 | |||||||||||||||||||||||||||
Amortization and write-off of deferred financing costs | 2,677 | 2,649 | 2,555 | 6,262 | 3,114 | |||||||||||||||||||||||||||
Loss (gain) on extinguishment and forgiveness of debt, net | 5 | (35) | 2,132 | 67 | (61) | |||||||||||||||||||||||||||
Straight-line rent | (3,560) | (4,613) | (4,219) | (7,108) | (12,595) | |||||||||||||||||||||||||||
Equity-based compensation | 2,941 | 3,903 | 2,669 | 2,952 | 2,991 | |||||||||||||||||||||||||||
Other adjustments, net | 415 | (1,638) | (1,661) | (3,536) | 379 | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | (155) | (136) | (144) | (170) | (166) | |||||||||||||||||||||||||||
AFFO attributable to common stockholders and limited partners | $ | 191,554 | $ | 186,596 | $ | 183,047 | $ | 169,798 | $ | 166,547 | ||||||||||||||||||||||
Weighted-average shares outstanding - basic | 229,271,106 | 229,251,460 | 229,159,472 | 222,152,574 | 216,737,561 | |||||||||||||||||||||||||||
Effect of weighted-average Limited Partner OP Units and dilutive securities (1) | 908,334 | 740,106 | 270,395 | 358,851 | 290,114 | |||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted (2) | 230,179,440 | 229,991,566 | 229,429,867 | 222,511,425 | 217,027,675 | |||||||||||||||||||||||||||
AFFO attributable to common stockholders and limited partners per diluted share (3) | $ | 0.83 | $ | 0.81 | $ | 0.80 | $ | 0.76 | $ | 0.77 | ||||||||||||||||||||||
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Q3 2021 SUPPLEMENTAL INFORMATION |
EBITDAre and Normalized EBITDA (unaudited, in thousands) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Net income (loss) | $ | 61,613 | $ | 77,903 | $ | 120,723 | $ | (36,933) | $ | 98,917 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Interest expense | 59,768 | 59,291 | 60,736 | 68,416 | 66,935 | |||||||||||||||||||||||||||
Depreciation and amortization | 106,668 | 105,839 | 108,075 | 107,205 | 108,257 | |||||||||||||||||||||||||||
Provision for income taxes | 935 | 931 | 928 | 1,358 | 1,054 | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | 2,330 | 2,267 | 2,249 | 2,443 | 2,451 | |||||||||||||||||||||||||||
Gain on disposition of real estate assets, net | (3,369) | (16,896) | (76,074) | (18,965) | (42,814) | |||||||||||||||||||||||||||
Impairment of real estate | 13,272 | 14,129 | 31,849 | 24,852 | 16,397 | |||||||||||||||||||||||||||
EBITDAre | $ | 241,217 | $ | 243,464 | $ | 248,486 | $ | 148,376 | $ | 251,197 | ||||||||||||||||||||||
Impairment of intangibles and right of use assets | — | — | — | 3,352 | — | |||||||||||||||||||||||||||
Acquisition-related expenses | 1,373 | 1,428 | 1,354 | 1,048 | 1,050 | |||||||||||||||||||||||||||
Merger, litigation and non-routine costs, net | 9,445 | 6,605 | 68 | 10,925 | 105 | |||||||||||||||||||||||||||
(Gain) loss on investments | (19) | 22 | (695) | (313) | (76) | |||||||||||||||||||||||||||
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 | 1,164 | 1,830 | 1,547 | 1,428 | 393 | |||||||||||||||||||||||||||
Loss (gain) on extinguishment and forgiveness of debt, net | 5 | (35) | 2,132 | 67 | (61) | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 384 | 374 | 366 | 379 | 381 | |||||||||||||||||||||||||||
Other adjustments, net | 16 | (2,050) | (2,055) | (3,919) | (8) | |||||||||||||||||||||||||||
Proportionate share of adjustments for unconsolidated entities | (32) | (32) | (32) | (46) | (48) | |||||||||||||||||||||||||||
Normalized EBITDA | $ | 253,553 | $ | 251,606 | $ | 251,171 | $ | 246,689 | $ | 252,933 | ||||||||||||||||||||||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Net Operating Income (unaudited, dollars in thousands) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Rental revenue - as reported (1) | $ | 289,671 | $ | 290,567 | $ | 290,309 | $ | 287,431 | $ | 293,692 | ||||||||||||||||||||||
Property operating expense - as reported | (28,854) | (29,174) | (30,605) | (31,979) | (31,400) | |||||||||||||||||||||||||||
NOI | 260,817 | 261,393 | 259,704 | 255,452 | 262,292 | |||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Straight-line rent | (3,560) | (4,613) | (4,219) | (7,108) | (12,595) | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,164 | 1,830 | 1,547 | 1,428 | 393 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 384 | 374 | 366 | 379 | 381 | |||||||||||||||||||||||||||
Other non-cash adjustments | (13) | (13) | (18) | — | — | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 2,575 | 2,525 | 2,507 | 2,799 | 2,876 | |||||||||||||||||||||||||||
Cash NOI | $ | 261,367 | $ | 261,496 | $ | 259,887 | $ | 252,950 | $ | 253,347 |
Three Months Ended | ||||||||
September 30, 2021 | ||||||||
Cash NOI | $ | 261,367 | ||||||
Adjustments for intra-quarter acquisitions and dispositions (1) | 301 | |||||||
Normalized Cash NOI | $ | 261,668 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Same Store Contract Rental Revenue (unaudited, dollars in thousands) | ||
Three Months Ended September 30, | Increase/(Decrease) | |||||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||
Contract Rental Revenue | $ | 255,954 | $ | 247,988 | $ | 7,966 | 3.2 | % | ||||||||||||||||||
Economic Occupancy Rate | 97.5 | % | 98.8 | % | N/A | (1.3) | % |
Contract Rental Revenue | |||||||||||||||||||||||||||||||||||
Number of | Three Months Ended September 30, | Increase/(Decrease) | |||||||||||||||||||||||||||||||||
Properties | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||
Retail | 2,026 | $ | 119,134 | $ | 117,566 | $ | 1,568 | 1.3 | % | ||||||||||||||||||||||||||
Restaurant | 1,491 | 51,926 | 45,733 | 6,193 | 13.5 | % | |||||||||||||||||||||||||||||
Industrial | 141 | 44,838 | 45,589 | (751) | (1.6) | % | |||||||||||||||||||||||||||||
Office | 58 | 40,024 | 39,067 | 957 | 2.4 | % | |||||||||||||||||||||||||||||
Other (2) | 7 | 32 | 33 | (1) | (3.0) | % | |||||||||||||||||||||||||||||
Total | 3,723 | $ | 255,954 | $ | 247,988 | $ | 7,966 | 3.2 | % |
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Q3 2021 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 | $ | 991,803 | $ | 399 | $ | 239,201 | $ | 124,217 | $ | 621,021 | $ | 1,078 | $ | 1,138 | $ | 1,202 | $ | 3,547 | ||||||||||||||||||||||||||||||||||||||
Unsecured credit facility | 88,000 | — | 88,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 4,650,000 | — | — | — | 500,000 | 550,000 | 600,000 | 600,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 109,678 | — | — | 23,672 | 53,850 | — | — | 32,156 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total Adjusted Principal Outstanding | $ | 5,839,481 | $ | 399 | $ | 327,201 | $ | 147,889 | $ | 1,174,871 | $ | 551,078 | $ | 601,138 | $ | 633,358 | $ | 2,403,547 |
Debt Type | Percentage of Adjusted Principal Outstanding | Weighted-Average Interest Rate | Weighted-Average Years to Maturity | |||||||||||||||||
Mortgage notes payable | 17.0 | % | 4.88 | % | 1.9 | |||||||||||||||
Unsecured credit facility | 1.5 | % | 1.65 | % | 0.6 | |||||||||||||||
Corporate bonds | 79.6 | % | 3.68 | % | 6.4 | |||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 1.9 | % | 2.90 | % | 3.3 | |||||||||||||||
Total | 100.0 | % | 3.84 | % | 5.5 |
Debt Type | Percentage of Adjusted Principal Outstanding | Weighted-Average Interest Rate | Weighted-Average Years to Maturity | |||||||||||||||||
Total unsecured debt | 81.1 | % | 3.65 | % | 6.3 | |||||||||||||||
Total secured debt | 18.9 | % | 4.68 | % | 2.0 | |||||||||||||||
Total | 100.0 | % | 3.84 | % | 5.5 | |||||||||||||||
Total fixed-rate debt | 98.1 | % | 3.88 | % | 5.6 | |||||||||||||||
Total variable-rate debt | 1.9 | % | 1.64 | % | 0.8 | |||||||||||||||
Total | 100.0 | % | 3.84 | % | 5.5 |
Preferred Equity | |||||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Adjusted Principal Outstanding and Preferred Equity Summary (cont.) (unaudited, dollars in millions) | ||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Credit Facility and Corporate Bond Covenants (unaudited) | ||
Unsecured Credit Facility Key Covenants | Required | September 30, 2021 | ||||||||||||
Ratio of total indebtedness to total asset value | ≤ 60% | 39.0% | ||||||||||||
Ratio of adjusted EBITDA to fixed charges | ≥ 1.5x | 3.76x | ||||||||||||
Ratio of secured indebtedness to total asset value | ≤ 45% | 7.3% | ||||||||||||
Ratio of unsecured indebtedness to unencumbered asset value | ≤ 60% | 37.5% | ||||||||||||
Ratio of unencumbered adjusted NOI to unsecured interest expense | ≥ 1.75x | 4.85x | ||||||||||||
Corporate Bond Key Covenants | Required | September 30, 2021 | ||||||||||||
Limitation on incurrence of total debt | ≤ 65% | 38.5% | ||||||||||||
Limitation on incurrence of secured debt | ≤ 40% | 6.7% | ||||||||||||
Debt service coverage | ≥ 1.5x | 4.30x | ||||||||||||
Maintenance of total unencumbered assets | ≥ 150% | 272.7% |
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Q3 2021 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 | 28 | 307 | 15.4 | 6.8 | % | $ | 100,465 | |||||||||||||||||||||||||
Number of Properties | Square Feet | Weighted Average Lease Term (Years) (3) | Weighted Average Cash Cap Rate (4) | Sale Price | Gain | |||||||||||||||||||||||||||||||||
Industrial | 4 | 90 | 2.4 | 11.5 | % | $ | 6,296 | $ | 205 | |||||||||||||||||||||||||||||
Retail | 6 | 38 | 4.0 | 6.9 | % | 6,993 | 1,498 | |||||||||||||||||||||||||||||||
Restaurant | 2 | 11 | 2.2 | N/A | 1,571 | 33 | ||||||||||||||||||||||||||||||||
Office | 1 | 149 | N/A | N/A | 16,600 | 735 | ||||||||||||||||||||||||||||||||
Vacant and other (5) | 18 | 439 | N/A | N/A | 31,734 | 898 | ||||||||||||||||||||||||||||||||
Total dispositions | 31 | 727 | 3.3 | 8.0 | % | $ | 63,194 | $ | 3,369 | |||||||||||||||||||||||||||||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Diversification Statistics: Real Estate Portfolio (unaudited, percentages based on portfolio Annualized Rental Income) | ||
Statistics (square feet in thousands) | |||||||||||
Operating Properties | 3,882 | ||||||||||
Rentable Square Feet | 88,686 | ||||||||||
Economic Occupancy Rate | 97.6 | % | |||||||||
Weighted Average Remaining Lease Term | 8.4 | ||||||||||
Investment-Grade Tenants | 38.0 | % | |||||||||
Flat leases | 19.0 | % | |||||||||
NNN leases | 65.2 | % |
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Q3 2021 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 | 1,484 | 1.7 | % | $ | 52,267 | 4.8 | % | NR | |||||||||||||||||||||||||||||
Dollar Tree/Family Dollar | 113 | 3,363 | 3.8 | % | 39,406 | 3.6 | % | BBB | ||||||||||||||||||||||||||||||
Dollar General | 403 | 3,734 | 4.2 | % | 34,601 | 3.2 | % | BBB | ||||||||||||||||||||||||||||||
Walgreens | 90 | 1,280 | 1.4 | % | 31,502 | 2.9 | % | BBB | ||||||||||||||||||||||||||||||
CVS | 90 | 1,293 | 1.5 | % | 28,774 | 2.7 | % | BBB | ||||||||||||||||||||||||||||||
FedEx | 41 | 2,595 | 2.9 | % | 27,762 | 2.6 | % | BBB | ||||||||||||||||||||||||||||||
BJ's Wholesale Club | 3 | 2,223 | 2.5 | % | 21,135 | 2.0 | % | BB | ||||||||||||||||||||||||||||||
LA Fitness | 24 | 1,049 | 1.2 | % | 20,510 | 1.9 | % | CCC+ | ||||||||||||||||||||||||||||||
Albertsons | 26 | 1,536 | 1.7 | % | 18,628 | 1.7 | % | BB | ||||||||||||||||||||||||||||||
Goodyear | 5 | 4,728 | 5.3 | % | 17,421 | 1.6 | % | BB- | ||||||||||||||||||||||||||||||
Total | 820 | 23,285 | 26.2 | % | $ | 292,006 | 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 | 296 | 3,682 | 4.2 | % | $ | 129,928 | 12.0 | % | ||||||||||||||||||||||||
Retail - Discount | 543 | 8,939 | 10.1 | % | 90,251 | 8.3 | % | |||||||||||||||||||||||||
Restaurants - Quick Service | 757 | 2,788 | 3.1 | % | 90,127 | 8.3 | % | |||||||||||||||||||||||||
Manufacturing | 49 | 15,673 | 17.7 | % | 88,682 | 8.2 | % | |||||||||||||||||||||||||
Retail - Pharmacy | 194 | 2,962 | 3.3 | % | 66,982 | 6.2 | % | |||||||||||||||||||||||||
Retail - Home & Garden | 110 | 8,926 | 10.1 | % | 65,766 | 6.1 | % | |||||||||||||||||||||||||
Entertainment & Recreation | 44 | 2,014 | 2.3 | % | 50,375 | 4.7 | % | |||||||||||||||||||||||||
Retail - Motor Vehicle | 186 | 6,154 | 6.9 | % | 49,543 | 4.6 | % | |||||||||||||||||||||||||
Retail - Grocery & Supermarket | 68 | 4,254 | 4.8 | % | 49,268 | 4.5 | % | |||||||||||||||||||||||||
Retail - Gas & Convenience | 160 | 924 | 1.0 | % | 45,139 | 4.2 | % | |||||||||||||||||||||||||
Total | 2,407 | 56,316 | 63.5 | % | $ | 726,061 | 67.1 | % |
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 | 547 | 10,395 | 11.7 | % | $ | 131,385 | 12.1 | % | ||||||||||||||||||||||||
Ohio | 274 | 8,557 | 9.6 | % | 66,792 | 6.2 | % | |||||||||||||||||||||||||
Illinois | 152 | 4,740 | 5.3 | % | 65,256 | 6.0 | % | |||||||||||||||||||||||||
Florida | 245 | 4,301 | 4.8 | % | 62,945 | 5.8 | % | |||||||||||||||||||||||||
Pennsylvania | 96 | 3,749 | 4.2 | % | 39,307 | 3.6 | % | |||||||||||||||||||||||||
Georgia | 162 | 3,139 | 3.5 | % | 38,020 | 3.5 | % | |||||||||||||||||||||||||
Indiana | 136 | 4,523 | 5.1 | % | 36,622 | 3.4 | % | |||||||||||||||||||||||||
Michigan | 190 | 2,022 | 2.3 | % | 36,562 | 3.4 | % | |||||||||||||||||||||||||
North Carolina | 144 | 3,240 | 3.7 | % | 35,829 | 3.3 | % | |||||||||||||||||||||||||
California | 57 | 3,148 | 3.5 | % | 32,206 | 3.0 | % | |||||||||||||||||||||||||
Total | 2,003 | 47,814 | 53.7 | % | $ | 544,924 | 50.3 | % |
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Q3 2021 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 | 102 | 4,077 | 4.6 | % | $ | 56,836 | 5.2 | % | ||||||||||||||||||||||||
Dallas, TX | 104 | 3,396 | 3.8 | % | 38,109 | 3.5 | % | |||||||||||||||||||||||||
New York, NY | 22 | 992 | 1.1 | % | 24,321 | 2.2 | % | |||||||||||||||||||||||||
Atlanta, GA | 71 | 2,182 | 2.5 | % | 23,256 | 2.1 | % | |||||||||||||||||||||||||
Houston, TX | 84 | 2,227 | 2.5 | % | 22,856 | 2.1 | % | |||||||||||||||||||||||||
Boston, MA | 20 | 1,505 | 1.7 | % | 21,197 | 2.0 | % | |||||||||||||||||||||||||
Philadelphia, PA | 35 | 1,114 | 1.3 | % | 19,753 | 1.8 | % | |||||||||||||||||||||||||
Cincinnati, OH | 42 | 2,316 | 2.6 | % | 18,355 | 1.7 | % | |||||||||||||||||||||||||
Phoenix, AZ | 47 | 888 | 1.0 | % | 15,262 | 1.4 | % | |||||||||||||||||||||||||
Cleveland, OH | 57 | 1,083 | 1.2 | % | 14,531 | 1.3 | % | |||||||||||||||||||||||||
Total | 584 | 19,780 | 22.3 | % | $ | 254,476 | 23.3 | % |
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Q3 2021 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 | 1,484 | 1.7 | % | $ | 52,267 | 4.8 | % | NR | |||||||||||||||||||||||||||||
Dollar Tree/Family Dollar | 113 | 3,363 | 3.8 | % | 39,406 | 3.6 | % | BBB | ||||||||||||||||||||||||||||||
Dollar General | 403 | 3,734 | 4.2 | % | 34,601 | 3.2 | % | BBB | ||||||||||||||||||||||||||||||
Walgreens | 90 | 1,280 | 1.4 | % | 31,502 | 2.9 | % | BBB | ||||||||||||||||||||||||||||||
CVS | 90 | 1,293 | 1.5 | % | 28,774 | 2.7 | % | BBB | ||||||||||||||||||||||||||||||
FedEx | 41 | 2,595 | 2.9 | % | 27,762 | 2.6 | % | BBB | ||||||||||||||||||||||||||||||
BJ's Wholesale Club | 3 | 2,223 | 2.5 | % | 21,135 | 2.0 | % | BB | ||||||||||||||||||||||||||||||
LA Fitness | 24 | 1,049 | 1.2 | % | 20,510 | 1.9 | % | CCC+ | ||||||||||||||||||||||||||||||
Albertsons | 26 | 1,536 | 1.7 | % | 18,628 | 1.7 | % | BB | ||||||||||||||||||||||||||||||
Goodyear | 5 | 4,728 | 5.3 | % | 17,421 | 1.6 | % | BB- | ||||||||||||||||||||||||||||||
Topgolf | 5 | 290 | 0.3 | % | 17,281 | 1.6 | % | B- | ||||||||||||||||||||||||||||||
Tractor Supply | 61 | 1,274 | 1.4 | % | 16,777 | 1.5 | % | BBB | ||||||||||||||||||||||||||||||
At Home | 6 | 1,538 | 1.7 | % | 13,306 | 1.2 | % | B | ||||||||||||||||||||||||||||||
Advance Auto Parts | 104 | 716 | 0.8 | % | 11,893 | 1.1 | % | BBB- | ||||||||||||||||||||||||||||||
Home Depot | 8 | 1,751 | 2.0 | % | 11,782 | 1.1 | % | A | ||||||||||||||||||||||||||||||
Lowe's | 14 | 1,751 | 2.0 | % | 11,541 | 1.1 | % | BBB+ | ||||||||||||||||||||||||||||||
Merrill Lynch | 1 | 482 | 0.5 | % | 11,104 | 1.0 | % | A- | ||||||||||||||||||||||||||||||
Total | 1,019 | 31,087 | 34.9 | % | $ | 385,690 | 35.6 | % |
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Q3 2021 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 | 138 | 0.1 | % | 1,245 | 0.1 | % | |||||||||||||||||||||||||
Education | 3 | 24 | — | % | 445 | — | % | |||||||||||||||||||||||||
Entertainment & Recreation | 44 | 2,014 | 2.3 | % | 50,375 | 4.7 | % | |||||||||||||||||||||||||
Finance | 145 | 1,672 | 1.9 | % | 37,742 | 3.5 | % | |||||||||||||||||||||||||
Government & Public Services | 10 | 587 | 0.7 | % | 9,544 | 0.9 | % | |||||||||||||||||||||||||
Healthcare | 7 | 690 | 0.8 | % | 9,184 | 0.8 | % | |||||||||||||||||||||||||
Information & Communication | 5 | 385 | 0.4 | % | 5,253 | 0.5 | % | |||||||||||||||||||||||||
Insurance | 12 | 1,093 | 1.2 | % | 21,880 | 2.0 | % | |||||||||||||||||||||||||
Logistics | 44 | 3,297 | 3.7 | % | 33,517 | 3.1 | % | |||||||||||||||||||||||||
Manufacturing | 49 | 15,673 | 17.7 | % | 88,682 | 8.2 | % | |||||||||||||||||||||||||
Mining & Natural Resources | 5 | 424 | 0.5 | % | 6,807 | 0.6 | % | |||||||||||||||||||||||||
Other Services | 26 | 509 | 0.6 | % | 5,480 | 0.5 | % | |||||||||||||||||||||||||
Professional Services | 46 | 3,075 | 3.5 | % | 38,916 | 3.6 | % | |||||||||||||||||||||||||
Rental | 10 | 878 | 1.0 | % | 9,521 | 0.9 | % | |||||||||||||||||||||||||
Restaurants - Casual Dining | 296 | 3,682 | 4.2 | % | 129,928 | 12.0 | % | |||||||||||||||||||||||||
Restaurants - Quick Service | 757 | 2,788 | 3.1 | % | 90,127 | 8.3 | % | |||||||||||||||||||||||||
Retail - Apparel & Jewelry | 13 | 1,360 | 1.5 | % | 16,200 | 1.5 | % | |||||||||||||||||||||||||
Retail - Department Stores | 16 | 1,214 | 1.4 | % | 10,349 | 1.0 | % | |||||||||||||||||||||||||
Retail - Discount | 543 | 8,939 | 10.1 | % | 90,251 | 8.3 | % | |||||||||||||||||||||||||
Retail - Electronics & Appliances | 14 | 1,559 | 1.7 | % | 10,045 | 0.9 | % | |||||||||||||||||||||||||
Retail - Gas & Convenience | 160 | 924 | 1.0 | % | 45,139 | 4.2 | % | |||||||||||||||||||||||||
Retail - Grocery & Supermarket | 68 | 4,254 | 4.8 | % | 49,268 | 4.5 | % | |||||||||||||||||||||||||
Retail - Hobby, Books & Music | 15 | 2,091 | 2.4 | % | 12,696 | 1.2 | % | |||||||||||||||||||||||||
Retail - Home & Garden | 110 | 8,926 | 10.1 | % | 65,766 | 6.1 | % | |||||||||||||||||||||||||
Retail - Home Furnishings | 49 | 2,761 | 3.1 | % | 30,321 | 2.8 | % | |||||||||||||||||||||||||
Retail - Internet | 1 | 1,423 | 1.6 | % | 6,797 | 0.6 | % | |||||||||||||||||||||||||
Retail - Medical Services | 63 | 526 | 0.6 | % | 11,596 | 1.1 | % | |||||||||||||||||||||||||
Retail - Motor Vehicle | 186 | 6,154 | 6.9 | % | 49,543 | 4.6 | % | |||||||||||||||||||||||||
Retail - Pet Supply | 17 | 626 | 0.7 | % | 11,744 | 1.1 | % | |||||||||||||||||||||||||
Retail - Pharmacy | 194 | 2,962 | 3.3 | % | 66,982 | 6.2 | % | |||||||||||||||||||||||||
Retail - Specialty (Other) | 23 | 684 | 0.8 | % | 5,434 | 0.5 | % | |||||||||||||||||||||||||
Retail - Sporting Goods | 25 | 2,039 | 2.3 | % | 26,973 | 2.5 | % | |||||||||||||||||||||||||
Retail - Warehouse Clubs | 5 | 2,466 | 2.8 | % | 23,324 | 2.2 | % | |||||||||||||||||||||||||
Other | 23 | 321 | 0.3 | % | 8,035 | 0.6 | % | |||||||||||||||||||||||||
Total | 2,989 | 86,583 | 97.6 | % | $ | 1,083,069 | 100.0 | % |
![]() | ||||||||
Q3 2021 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 | 148 | 1,664 | 1.9 | % | $ | 26,809 | 2.5 | % | ||||||||||||||||||||||||
Alaska | 3 | 25 | — | % | 821 | 0.1 | % | |||||||||||||||||||||||||
Arizona | 77 | 1,533 | 1.7 | % | 25,496 | 2.4 | % | |||||||||||||||||||||||||
Arkansas | 127 | 1,267 | 1.4 | % | 19,747 | 1.8 | % | |||||||||||||||||||||||||
California | 57 | 3,148 | 3.6 | % | 32,206 | 3.0 | % | |||||||||||||||||||||||||
Colorado | 54 | 1,582 | 1.8 | % | 25,387 | 2.3 | % | |||||||||||||||||||||||||
Connecticut | 13 | 82 | 0.1 | % | 1,704 | 0.2 | % | |||||||||||||||||||||||||
Delaware | 6 | 59 | 0.1 | % | 1,081 | 0.1 | % | |||||||||||||||||||||||||
Florida | 245 | 4,301 | 4.8 | % | 62,945 | 5.8 | % | |||||||||||||||||||||||||
Georgia | 162 | 3,139 | 3.5 | % | 38,020 | 3.5 | % | |||||||||||||||||||||||||
Idaho | 16 | 138 | 0.2 | % | 3,241 | 0.3 | % | |||||||||||||||||||||||||
Illinois | 152 | 4,740 | 5.3 | % | 65,256 | 6.0 | % | |||||||||||||||||||||||||
Indiana | 136 | 4,523 | 5.1 | % | 36,622 | 3.4 | % | |||||||||||||||||||||||||
Iowa | 46 | 1,067 | 1.2 | % | 12,435 | 1.1 | % | |||||||||||||||||||||||||
Kansas | 41 | 2,208 | 2.5 | % | 10,155 | 0.9 | % | |||||||||||||||||||||||||
Kentucky | 75 | 1,999 | 2.3 | % | 22,077 | 2.0 | % | |||||||||||||||||||||||||
Louisiana | 98 | 2,791 | 3.1 | % | 29,381 | 2.7 | % | |||||||||||||||||||||||||
Maine | 24 | 681 | 0.8 | % | 8,823 | 0.8 | % | |||||||||||||||||||||||||
Maryland | 26 | 585 | 0.7 | % | 14,239 | 1.3 | % | |||||||||||||||||||||||||
Massachusetts | 27 | 2,251 | 2.5 | % | 26,385 | 2.4 | % | |||||||||||||||||||||||||
Michigan | 190 | 2,022 | 2.3 | % | 36,562 | 3.4 | % | |||||||||||||||||||||||||
Minnesota | 53 | 1,162 | 1.3 | % | 14,356 | 1.3 | % | |||||||||||||||||||||||||
Mississippi | 72 | 1,899 | 2.1 | % | 14,604 | 1.3 | % | |||||||||||||||||||||||||
Missouri | 145 | 1,686 | 1.9 | % | 22,642 | 2.1 | % | |||||||||||||||||||||||||
Montana | 9 | 115 | 0.1 | % | 2,024 | 0.2 | % | |||||||||||||||||||||||||
Nebraska | 19 | 366 | 0.4 | % | 5,848 | 0.5 | % | |||||||||||||||||||||||||
Nevada | 31 | 781 | 0.9 | % | 9,783 | 0.9 | % | |||||||||||||||||||||||||
New Hampshire | 16 | 240 | 0.3 | % | 4,140 | 0.4 | % | |||||||||||||||||||||||||
New Jersey | 28 | 1,451 | 1.6 | % | 30,088 | 2.8 | % | |||||||||||||||||||||||||
New Mexico | 43 | 785 | 0.9 | % | 10,556 | 1.0 | % | |||||||||||||||||||||||||
New York | 68 | 1,530 | 1.7 | % | 30,088 | 2.8 | % | |||||||||||||||||||||||||
North Carolina | 144 | 3,240 | 3.7 | % | 35,829 | 3.3 | % | |||||||||||||||||||||||||
North Dakota | 12 | 211 | 0.2 | % | 4,410 | 0.4 | % | |||||||||||||||||||||||||
Ohio | 274 | 8,557 | 9.6 | % | 66,792 | 6.2 | % | |||||||||||||||||||||||||
Oklahoma | 82 | 1,784 | 2.0 | % | 26,402 | 2.4 | % | |||||||||||||||||||||||||
Oregon | 11 | 65 | 0.1 | % | 1,918 | 0.2 | % | |||||||||||||||||||||||||
Pennsylvania | 96 | 3,749 | 4.2 | % | 39,307 | 3.6 | % | |||||||||||||||||||||||||
Rhode Island | 4 | 141 | 0.2 | % | 1,957 | 0.2 | % | |||||||||||||||||||||||||
South Carolina | 100 | 2,287 | 2.6 | % | 23,506 | 2.2 | % | |||||||||||||||||||||||||
South Dakota | 10 | 169 | 0.2 | % | 2,072 | 0.2 | % | |||||||||||||||||||||||||
Tennessee | 104 | 2,843 | 3.2 | % | 28,079 | 2.6 | % | |||||||||||||||||||||||||
Texas | 547 | 10,395 | 11.7 | % | 131,385 | 12.1 | % | |||||||||||||||||||||||||
Utah | 12 | 571 | 0.6 | % | 6,762 | 0.6 | % | |||||||||||||||||||||||||
Vermont | 5 | 50 | 0.1 | % | 1,048 | 0.1 | % | |||||||||||||||||||||||||
Virginia | 97 | 2,451 | 2.8 | % | 28,743 | 2.7 | % | |||||||||||||||||||||||||
Washington | 26 | 607 | 0.7 | % | 10,478 | 1.0 | % | |||||||||||||||||||||||||
West Virginia | 34 | 214 | 0.2 | % | 5,247 | 0.5 | % |
![]() | ||||||||
Q3 2021 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 | 106 | 1,375 | 1.6 | % | 21,418 | 2.0 | % | |||||||||||||||||||||||||
Wyoming | 8 | 69 | 0.1 | % | 1,375 | 0.1 | % | |||||||||||||||||||||||||
Territories | ||||||||||||||||||||||||||||||||
Puerto Rico | 3 | 88 | 0.1 | % | 2,820 | 0.3 | % | |||||||||||||||||||||||||
Total | 3,882 | 88,686 | 100.0 | % | $ | 1,083,069 | 100.0 | % |
![]() | ||||||||
Q3 2021 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 | 30 | 3,710 | 4.2 | % | $ | 23,192 | 2.1 | % | ||||||||||||||||||||||||
2022 | 195 | 7,042 | 7.9 | % | 60,684 | 5.6 | % | |||||||||||||||||||||||||
2023 | 258 | 4,307 | 4.9 | % | 56,957 | 5.3 | % | |||||||||||||||||||||||||
2024 | 236 | 9,312 | 10.5 | % | 114,065 | 10.5 | % | |||||||||||||||||||||||||
2025 | 292 | 4,798 | 5.4 | % | 63,309 | 5.8 | % | |||||||||||||||||||||||||
2026 | 274 | 9,047 | 10.2 | % | 85,698 | 7.9 | % | |||||||||||||||||||||||||
2027 | 348 | 7,056 | 8.0 | % | 97,583 | 9.0 | % | |||||||||||||||||||||||||
2028 | 320 | 5,779 | 6.5 | % | 68,325 | 6.3 | % | |||||||||||||||||||||||||
2029 | 152 | 5,768 | 6.5 | % | 55,355 | 5.1 | % | |||||||||||||||||||||||||
2030 | 100 | 4,609 | 5.2 | % | 51,789 | 4.8 | % | |||||||||||||||||||||||||
Thereafter | 784 | 25,155 | 28.3 | % | 406,112 | 37.6 | % | |||||||||||||||||||||||||
Total | 2,989 | 86,583 | 97.6 | % | $ | 1,083,069 | 100.0 | % |
![]() | ||||||||
Q3 2021 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 | 10 | 226 | 0.3 | % | $ | 1,206 | 0.1 | % | ||||||||||||||||||||||||
Restaurant | 14 | 118 | 0.1 | % | 2,413 | 0.2 | % | |||||||||||||||||||||||||
Industrial | 2 | 2,717 | 3.1 | % | 9,024 | 0.8 | % | |||||||||||||||||||||||||
Office | 4 | 649 | 0.7 | % | 10,549 | 1.0 | % | |||||||||||||||||||||||||
Total 2021 | 30 | 3,710 | 4.2 | % | $ | 23,192 | 2.1 | % | ||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||
Retail | 106 | 837 | 0.9 | % | $ | 16,070 | 1.5 | % | ||||||||||||||||||||||||
Restaurant | 53 | 215 | 0.2 | % | 6,101 | 0.6 | % | |||||||||||||||||||||||||
Industrial | 21 | 4,784 | 5.4 | % | 16,808 | 1.5 | % | |||||||||||||||||||||||||
Office | 14 | 1,206 | 1.4 | % | 21,632 | 2.0 | % | |||||||||||||||||||||||||
Other (1) | 1 | — | — | % | 73 | — | % | |||||||||||||||||||||||||
Total 2022 | 195 | 7,042 | 7.9 | % | $ | 60,684 | 5.6 | % | ||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||
Retail | 159 | 2,146 | 2.4 | % | $ | 28,030 | 2.6 | % | ||||||||||||||||||||||||
Restaurant | 73 | 299 | 0.4 | % | 7,636 | 0.7 | % | |||||||||||||||||||||||||
Industrial | 15 | 1,219 | 1.4 | % | 9,342 | 0.9 | % | |||||||||||||||||||||||||
Office | 9 | 643 | 0.7 | % | 11,932 | 1.1 | % | |||||||||||||||||||||||||
Other (1) | 2 | — | — | % | 17 | — | % | |||||||||||||||||||||||||
Total 2023 | 258 | 4,307 | 4.9 | % | $ | 56,957 | 5.3 | % | ||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||
Retail | 130 | 1,989 | 2.2 | % | $ | 31,450 | 2.9 | % | ||||||||||||||||||||||||
Restaurant | 70 | 302 | 0.4 | % | 7,974 | 0.7 | % | |||||||||||||||||||||||||
Industrial | 14 | 3,558 | 4.0 | % | 16,654 | 1.5 | % | |||||||||||||||||||||||||
Office | 21 | 3,463 | 3.9 | % | 57,948 | 5.4 | % | |||||||||||||||||||||||||
Other (1) | 1 | — | — | % | 39 | — | % | |||||||||||||||||||||||||
Total 2024 | 236 | 9,312 | 10.5 | % | $ | 114,065 | 10.5 | % | ||||||||||||||||||||||||
![]() | ||||||||
Q3 2021 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 | 184 | 2,187 | 2.5 | % | $ | 30,565 | 2.8 | % | ||||||||||||||||||||||||
Restaurant | 92 | 326 | 0.4 | % | 9,736 | 0.9 | % | |||||||||||||||||||||||||
Industrial | 11 | 1,708 | 1.9 | % | 13,760 | 1.3 | % | |||||||||||||||||||||||||
Office | 5 | 577 | 0.6 | % | 9,248 | 0.8 | % | |||||||||||||||||||||||||
Total 2025 | 292 | 4,798 | 5.4 | % | $ | 63,309 | 5.8 | % | ||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||||||||
Retail | 118 | 2,025 | 2.3 | % | $ | 25,839 | 2.4 | % | ||||||||||||||||||||||||
Restaurant | 130 | 530 | 0.6 | % | 18,521 | 1.7 | % | |||||||||||||||||||||||||
Industrial | 16 | 5,630 | 6.3 | % | 25,066 | 2.3 | % | |||||||||||||||||||||||||
Office | 10 | 862 | 1.0 | % | 16,272 | 1.5 | % | |||||||||||||||||||||||||
Total 2026 | 274 | 9,047 | 10.2 | % | $ | 85,698 | 7.9 | % | ||||||||||||||||||||||||
2027 | ||||||||||||||||||||||||||||||||
Retail | 262 | 4,126 | 4.7 | % | $ | 54,540 | 5.0 | % | ||||||||||||||||||||||||
Restaurant | 71 | 530 | 0.6 | % | 21,031 | 1.9 | % | |||||||||||||||||||||||||
Industrial | 9 | 1,771 | 2.0 | % | 12,740 | 1.2 | % | |||||||||||||||||||||||||
Office | 6 | 629 | 0.7 | % | 9,272 | 0.9 | % | |||||||||||||||||||||||||
Total 2027 | 348 | 7,056 | 8.0 | % | $ | 97,583 | 9.0 | % | ||||||||||||||||||||||||
2028 | ||||||||||||||||||||||||||||||||
Retail | 193 | 3,015 | 3.4 | % | $ | 38,568 | 3.6 | % | ||||||||||||||||||||||||
Restaurant | 103 | 404 | 0.5 | % | 11,808 | 1.1 | % | |||||||||||||||||||||||||
Industrial | 19 | 2,166 | 2.4 | % | 14,363 | 1.3 | % | |||||||||||||||||||||||||
Office | 5 | 194 | 0.2 | % | 3,586 | 0.3 | % | |||||||||||||||||||||||||
Total 2028 | 320 | 5,779 | 6.5 | % | $ | 68,325 | 6.3 | % |
![]() | ||||||||
Q3 2021 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 | 92 | 2,197 | 2.5 | % | $ | 27,633 | 2.5 | % | ||||||||||||||||||||||||
Restaurant | 52 | 336 | 0.4 | % | 10,494 | 1.0 | % | |||||||||||||||||||||||||
Industrial | 6 | 3,024 | 3.4 | % | 13,810 | 1.3 | % | |||||||||||||||||||||||||
Office | 2 | 211 | 0.2 | % | 3,418 | 0.3 | % | |||||||||||||||||||||||||
Total 2029 | 152 | 5,768 | 6.5 | % | $ | 55,355 | 5.1 | % | ||||||||||||||||||||||||
2030 | ||||||||||||||||||||||||||||||||
Retail | 72 | 3,308 | 3.7 | % | $ | 42,780 | 3.9 | % | ||||||||||||||||||||||||
Restaurant | 22 | 181 | 0.2 | % | 3,842 | 0.4 | % | |||||||||||||||||||||||||
Industrial | 6 | 1,087 | 1.2 | % | 3,955 | 0.4 | % | |||||||||||||||||||||||||
Office | — | 33 | 0.1 | % | 1,212 | 0.1 | % | |||||||||||||||||||||||||
Total 2030 | 100 | 4,609 | 5.2 | % | $ | 51,789 | 4.8 | % | ||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||||||||
Retail | 409 | 12,544 | 14.1 | % | $ | 225,318 | 20.8 | % | ||||||||||||||||||||||||
Restaurant | 350 | 3,161 | 3.6 | % | 118,744 | 11.0 | % | |||||||||||||||||||||||||
Industrial | 19 | 8,792 | 9.9 | % | 52,744 | 4.9 | % | |||||||||||||||||||||||||
Office | 4 | 658 | 0.7 | % | 8,829 | 0.8 | % | |||||||||||||||||||||||||
Other (1) | 2 | — | — | % | 477 | 0.1 | % | |||||||||||||||||||||||||
Total Thereafter | 784 | 25,155 | 28.3 | % | $ | 406,112 | 37.6 | % | ||||||||||||||||||||||||
Total Remaining Lease Expirations | 2,989 | 86,583 | 97.6 | % | $ | 1,083,069 | 100.0 | % |
![]() | ||||||||
Q3 2021 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 | 1,928 | 60,028 | 67.7 | % | $ | 763,151 | 70.5 | % | ||||||||||||||||||||||||
CPI | 164 | 7,694 | 8.7 | % | 113,672 | 10.5 | % | |||||||||||||||||||||||||
Flat | 897 | 18,861 | 21.2 | % | 206,246 | 19.0 | % | |||||||||||||||||||||||||
Total | 2,989 | 86,583 | 97.6 | % | $ | 1,083,069 | 100.0 | % |
![]() | ||||||||
Q3 2021 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 | 2,118 | 53,534 | 60.3 | % | $ | 706,707 | 65.2 | % | ||||||||||||||||||||||||
NN | 848 | 31,925 | 36.0 | % | 356,319 | 32.9 | % | |||||||||||||||||||||||||
Other (1) | 23 | 1,124 | 1.3 | % | 20,043 | 1.9 | % | |||||||||||||||||||||||||
Total | 2,989 | 86,583 | 97.6 | % | $ | 1,083,069 | 100.0 | % |
![]() | ||||||||
Q3 2021 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) | 2,155 | 34,945 | 39.4 | % | $ | 521,999 | 48.2 | % | ||||||||||||||||||||||||
Restaurant | 1,508 | 6,869 | 7.8 | % | 218,300 | 20.2 | % | |||||||||||||||||||||||||
Industrial | 153 | 37,264 | 42.0 | % | 188,266 | 17.4 | % | |||||||||||||||||||||||||
Office | 58 | 9,608 | 10.8 | % | 153,898 | 14.2 | % | |||||||||||||||||||||||||
Other (2) | 8 | — | — | % | 606 | — | % | |||||||||||||||||||||||||
Total | 3,882 | 88,686 | 100.0 | % | $ | 1,083,069 | 100.0 | % |
Property Type | Number of Properties (3) | 2021 Rent Coverage | ||||||||||||
Retail and Restaurant | 1,452 | 2.70x |
![]() | ||||||||
Q3 2021 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 | 2,155 | ||||||||||
Rentable Square Feet | 34,945 | ||||||||||
Economic Occupancy Rate | 99.0 | % | |||||||||
Weighted Average Remaining Lease Term | 9.0 | ||||||||||
Investment-Grade Tenants | 46.7 | % | |||||||||
Flat leases | 26.0 | % | |||||||||
NNN leases | 67.0 | % |
![]() | ||||||||
Q3 2021 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 | 1,508 | ||||||||||
Rentable Square Feet | 6,869 | ||||||||||
Economic Occupancy Rate | 93.2 | % | |||||||||
Weighted Average Remaining Lease Term | 11.3 | ||||||||||
Investment-Grade Tenants | 3.5 | % | |||||||||
Flat leases | 8.9 | % | |||||||||
NNN leases | 99.2 | % |
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Q3 2021 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 | 153 | ||||||||||
Rentable Square Feet | 37,264 | ||||||||||
Economic Occupancy Rate | 97.8 | % | |||||||||
Weighted Average Remaining Lease Term | 7.0 | ||||||||||
Investment-Grade Tenants | 37.0 | % | |||||||||
Flat leases | 14.7 | % | |||||||||
NNN leases | 55.5 | % |
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Q3 2021 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 | 58 | ||||||||||
Rentable Square Feet | 9,608 | ||||||||||
Economic Occupancy Rate | 95.0 | % | |||||||||
Weighted Average Remaining Lease Term | 3.5 | ||||||||||
Investment-Grade Tenants | 58.2 | % | |||||||||
Flat leases | 15.0 | % | |||||||||
NNN leases | 22.9 | % |
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Q3 2021 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 | $ | 131,856 | 1,409 | 8,277 | $ | 86,006 | |||||||||||||||||||||||||||||||||||
Office partnership | 20% | Office | 5 | 39,222 | 165 | 3,551 | 23,672 | |||||||||||||||||||||||||||||||||||||
Total | $ | 171,078 | 1,574 | 11,828 | $ | 109,678 | ||||||||||||||||||||||||||||||||||||||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (unaudited, in thousands, except share and per share data) | ||
Three Months Ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Rental revenue - as reported | $ | 289,671 | $ | 293,692 | ||||||||||
Adjustments: | ||||||||||||||
Costs reimbursed related to CAM, property operating expenses and ground leases | (22,694) | (25,341) | ||||||||||||
Straight-line rent | (3,560) | (12,595) | ||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,164 | 393 | ||||||||||||
Net direct financing lease adjustments | 384 | 381 | ||||||||||||
Other non-contract rental revenue | (87) | (3,404) | ||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 2,696 | 3,014 | ||||||||||||
Contract Rental Revenue | $ | 267,574 | $ | 256,140 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Total real estate investments, at cost - as reported | $ | 14,558,030 | $ | 14,546,039 | $ | 14,523,961 | $ | 14,603,626 | $ | 14,610,097 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Investment in Cole REITs | 7,948 | 7,929 | 7,951 | 7,255 | 6,943 | |||||||||||||||||||||||||||
Gross assets held for sale | 50,396 | 47,666 | 7,145 | 91,341 | 2,379 | |||||||||||||||||||||||||||
Investment in direct financing leases, net | 5,422 | 5,806 | 6,181 | 6,547 | 8,198 | |||||||||||||||||||||||||||
Mortgage notes receivable, net | — | — | — | — | 15,727 | |||||||||||||||||||||||||||
Gross intangible lease liabilities | (224,392) | (227,183) | (225,657) | (227,442) | (227,165) | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 171,078 | 170,982 | 165,646 | 165,643 | 205,678 | |||||||||||||||||||||||||||
Gross Real Estate Investments | $ | 14,568,482 | $ | 14,551,239 | $ | 14,485,227 | $ | 14,646,970 | $ | 14,621,857 |
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Interest expense - as reported | $ | 59,768 | $ | 59,291 | $ | 60,736 | $ | 68,416 | $ | 66,935 | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Amortization of deferred financing costs and other non-cash charges | (2,789) | (2,508) | (2,412) | (6,189) | (3,212) | |||||||||||||||||||||||||||
Amortization of net premiums | (738) | (709) | (248) | 120 | 299 | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 808 | 792 | 784 | 806 | 691 | |||||||||||||||||||||||||||
Interest Expense, excluding non-cash amortization | $ | 57,049 | $ | 56,866 | $ | 58,860 | $ | 63,153 | $ | 64,713 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Mortgage notes payable, net | $ | 987,704 | $ | 1,002,496 | $ | 1,035,328 | $ | 1,328,835 | $ | 1,330,174 | ||||||||||||||||||||||
Corporate bonds, net | 4,590,348 | 4,588,286 | 4,586,252 | 4,584,230 | 3,406,389 | |||||||||||||||||||||||||||
Convertible debt, net | — | — | — | — | 252,077 | |||||||||||||||||||||||||||
Credit facility, net | 88,000 | — | — | — | 896,630 | |||||||||||||||||||||||||||
Total debt - as reported | 5,666,052 | 5,590,782 | 5,621,580 | 5,913,065 | 5,885,270 | |||||||||||||||||||||||||||
Deferred financing costs, net | 38,855 | 40,693 | 42,503 | 44,573 | 39,204 | |||||||||||||||||||||||||||
Net discounts | 24,896 | 25,634 | 26,305 | 25,557 | 12,343 | |||||||||||||||||||||||||||
Principal Outstanding | 5,729,803 | 5,657,109 | 5,690,388 | 5,983,195 | 5,936,817 | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 109,678 | 109,678 | 106,516 | 106,516 | 106,516 | |||||||||||||||||||||||||||
Adjusted Principal Outstanding | $ | 5,839,481 | $ | 5,766,787 | $ | 5,796,904 | $ | 6,089,711 | $ | 6,043,333 | ||||||||||||||||||||||
Cash and cash equivalents | (5,874) | (275,496) | (318,561) | (523,539) | (207,321) | |||||||||||||||||||||||||||
Pro rata share of Unconsolidated Joint Ventures' cash and cash equivalents | (1,688) | (621) | (1,587) | (1,619) | (3,776) | |||||||||||||||||||||||||||
Net Debt | $ | 5,831,919 | $ | 5,490,670 | $ | 5,476,756 | $ | 5,564,553 | $ | 5,832,236 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||
Three Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||
Total revenues | $ | 290,192 | $ | 291,267 | $ | 290,809 | $ | 287,909 | $ | 295,278 | ||||||||||||||||||||||
Less total operating expenses | (172,049) | (173,626) | (186,477) | (194,760) | (171,983) | |||||||||||||||||||||||||||
Partnership fee revenue | (521) | (700) | (500) | (478) | (1,586) | |||||||||||||||||||||||||||
Acquisition-related expenses | 1,373 | 1,428 | 1,354 | 1,048 | 1,050 | |||||||||||||||||||||||||||
Merger, litigation and non-routine costs, net | 9,445 | 6,605 | 68 | 10,925 | 105 | |||||||||||||||||||||||||||
General and administrative | 12,437 | 16,451 | 14,526 | 15,399 | 14,774 | |||||||||||||||||||||||||||
Depreciation and amortization | 106,668 | 105,839 | 108,075 | 107,205 | 108,257 | |||||||||||||||||||||||||||
Impairment of real estate | 13,272 | 14,129 | 31,849 | 28,204 | 16,397 | |||||||||||||||||||||||||||
NOI | 260,817 | 261,393 | 259,704 | 255,452 | 262,292 | |||||||||||||||||||||||||||
Straight-line rent | (3,560) | (4,613) | (4,219) | (7,108) | (12,595) | |||||||||||||||||||||||||||
Amortization of above-market lease assets and deferred lease incentives, net of amortization of below-market lease liabilities | 1,164 | 1,830 | 1,547 | 1,428 | 393 | |||||||||||||||||||||||||||
Net direct financing lease adjustments | 384 | 374 | 366 | 379 | 381 | |||||||||||||||||||||||||||
Other non-cash adjustments | (13) | (13) | (18) | — | — | |||||||||||||||||||||||||||
Proportionate share of amounts for Unconsolidated Joint Ventures | 2,575 | 2,525 | 2,507 | 2,799 | 2,876 | |||||||||||||||||||||||||||
Cash NOI | $ | 261,367 | $ | 261,496 | $ | 259,887 | $ | 252,950 | $ | 253,347 |
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Q3 2021 SUPPLEMENTAL INFORMATION |
Definitions (cont.) (unaudited, in thousands, except share and per share data) | ||