EX-99.2 3 ex992-12312020.htm EX-99.2 Document

Exhibit 99.2




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ANNUAL SUPPLEMENTAL DATA


As of December 31, 2020




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TABLE OF CONTENTS
PAGE REFERENCE
Financial Summary
Income Statement Summary
Funds From Operations (FFO)
Core Funds From Operation
Adjusted Funds From Operations (AFFO)
Other Information
Balance Sheet
Rental Income
Debt Summary
Credit Metrics
Credit Facility and Note Covenants
Long-Term Dividend History
Transaction Summary
Property Acquisitions
Property Dispositions
Property Portfolio
Lease Expirations
Top 20 Lines of Trade
Top 10 States
Portfolio By Region
Top Tenants
Same Store Rental Income
Leasing Data
Other Property Portfolio Data
Earnings Guidance
COVID-19 Metrics

Statements in this press release that are not strictly historical are “forward-looking” statements. These statements generally are characterized by the use of terms such as "believe," "expect," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results. These risks include, among others, the potential impacts of the COVID-19 pandemic on the company's business operations, financial results and financial position on the world economy, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital, risks related to the company's status as a REIT. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the company’s Annual Report on Form 10-K for the year ended December 31, 2020 . Copies of each filing may be obtained from the company or the Commission. Such forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. National Retail Properties, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.



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INCOME STATEMENT SUMMARY
(in thousands, except per share data)
(unaudited)
Quarter EndedYear Ended
December 31,December 31,
2020201920202019
Revenues:
Rental income$162,902 $173,163 $658,793 $669,009 
Interest and other income from real estate transactions382 213 1,888 1,478 
163,284 173,376 660,681 670,487 
Operating expenses:
General and administrative9,247 10,127 38,161 37,651 
Real estate8,059 7,258 28,362 27,656 
Depreciation and amortization49,095 48,102 196,623 188,871 
Leasing transaction costs40 83 76 261 
Impairment losses – real estate, net of recoveries4,380 10,868 37,442 31,992 
Retirement severance costs1,766 — 1,766 — 
72,587 76,438 302,430 286,431 
Gain on disposition of real estate2,601 6,955 16,238 32,463 
Earnings from operations93,298 103,893 374,489 416,519 
Other expenses (revenues):
Interest and other income(73)(200)(417)(3,112)
Interest expense(1)
32,084 30,307 129,431 120,023 
Loss on early extinguishment of debt— — 16,679 — 
32,011 30,107 145,693 116,911 
Net earnings61,287 73,786 228,796 299,608 
Loss (earnings) attributable to noncontrolling interests— — 3 (428)
Net earnings attributable to NNN$61,287 $73,786 $228,799 $299,180 
(1) Includes $2,291 in connection with the early redemption of 3.80% senior unsecured notes due for 2022 for the year ended December 31, 2020
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INCOME STATEMENT SUMMARY
(in thousands, except per share data)
(unaudited)
Quarter EndedYear Ended
December 31,December 31,
2020201920202019
Net earnings attributable to NNN$61,287 $73,786 $228,799 $299,180 
Series E preferred stock dividends— (911)— (13,201)
Series F preferred stock dividends(4,485)(4,485)(17,940)(17,940)
Excess of redemption value over carrying value of preferred shares redeemed— (9,856)— (9,856)
Net earnings available to common stockholders$56,802 $58,534 $210,859 $258,183 
Weighted average common shares outstanding:
Basic173,310 170,763 172,110 164,688 
Diluted173,453 171,175 172,217 165,084 
Net earnings per share available to common stockholders:
Basic$0.33 $0.34 $1.22 $1.56 
Diluted$0.33 $0.34 $1.22 $1.56 





























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FUNDS FROM OPERATIONS (FFO)
(in thousands, except per share data)
(unaudited)Quarter EndedYear Ended
December 31,December 31,
2020201920202019
Net earnings available to common stockholders$56,802 
(1)
$58,534 $210,859 
(1)
$258,183 
Real estate depreciation and amortization48,984 47,998 196,173 188,537 
Gain on disposition of real estate, net of noncontrolling interests(2,601)(6,955)(16,238)(32,051)
Impairment losses – depreciable real estate, net of recoveries4,380 10,868 37,442 31,992 
Total FFO adjustments50,763 51,911 217,377 188,478 
FFO available to common stockholders$107,565 $110,445 $428,236 $446,661 
FFO per common share:
Basic$0.62 $0.65 $2.49 $2.71 
Diluted$0.62 $0.65 $2.49 $2.71 
(1) Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.12 per share) of receivables due to reclassifying certain tenants as cash basis for accounting purposes during the quarter and year ended December 31, 2020, respectively.


CORE FUNDS FROM OPERATIONS
(in thousands, except per share data)
(unaudited)Quarter EndedYear Ended
December 31,December 31,
2020201920202019
Net earnings available to common stockholders$56,802 
(1)
$58,534 $210,859 
(1)
$258,183 
Total FFO adjustments50,763 51,911 217,377 188,478 
FFO available to common stockholders107,565 110,445 428,236 446,661 
Excess of redemption value over carrying value of preferred
share redemption		— 9,856 — 9,856 
Retirement severance costs1,766 — 1,766 — 
Gain on sale of equity investments— — — (1,331)
Loss on early extinguishment of debt— — 16,679 — 
Total Core FFO adjustments1,766 9,856 18,445 8,525 
Core FFO available to common stockholders$109,331 $120,301 $446,681 $455,186 
Core FFO per common share:
Basic$0.63 $0.70 $2.60 $2.76 
Diluted$0.63 $0.70 $2.59 $2.76 
(1) Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.12 per share) of receivables due to reclassifying certain tenants as cash basis for accounting purposes during the quarter and year ended December 31, 2020, respectively.
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ADJUSTED FUNDS FROM OPERATIONS (AFFO)
(in thousands, except per share data)
(unaudited)
Quarter EndedYear Ended
December 31,December 31,
2020201920202019
Net earnings available to common stockholders$56,802 
(1)
$58,534 $210,859 
(1)
$258,183 
Total FFO adjustments50,763 51,911 217,377 188,478 
Total Core FFO adjustments1,766 9,856 18,445 8,525 
Core FFO available to common stockholders109,331 120,301 446,681 455,186 
Straight-line accrued rent, net of reserves7,437 (631)(26,027)(2,333)
Net capital lease rent adjustment66 94 210 602 
Below market rent amortization(175)(189)(887)(768)
Stock based compensation expense3,275 2,932 12,855 10,737 
Capitalized interest expense(170)(302)(1,388)(1,099)
Total AFFO adjustments10,433 1,904 (15,237)7,139 
AFFO available to common stockholders$119,764 
(2)
$122,205 $431,444 
(2)
$462,325 
AFFO per common share:
Basic$0.69 
(2)
$0.72 $2.51 
(2)
$2.81 
Diluted$0.69 
(2)
$0.71 $2.51 
(2)
$2.80 
(1)Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.12 per share) of receivables due to reclassifying certain tenants as cash basis for accounting purposes during the quarter and year ended December 31, 2020, respectively.
(2)Amounts include the net straight-line accrued rent impact of the rent deferrals (repayments) from the COVID-19 rent deferral lease amendments of ($2,507) and $30,474 for the quarter and year ended December 31, 2020, respectively. Absent such, AFFO per common share results would have been $0.68 and $2.68 for the quarter and year ended December 31, 2020, respectively.





















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OTHER INFORMATION
(in thousands)
(unaudited)
Quarter EndedYear Ended
December 31,December 31,
2020201920202019
Rental income from operating leases(1)
$157,408 $167,805 $639,265 $650,112 
Earned income from direct financing leases(1)
$160 $174 $647 $798 
Percentage rent(1)
$114 $260 $842 $1,310 
Real estate expense reimbursement from tenants(1)
$5,220 $4,924 $18,039 $16,789 
Real estate expenses$(8,058)$(7,258)$(28,362)$(27,656)
Real estate expenses, net of tenant reimbursements$(2,838)$(2,334)$(10,323)$(10,867)
Amortization of debt costs$1,085 $944 $5,009 
(2)
$3,731 
Scheduled debt principal amortization (excluding maturities)$153 $145 $596 $567 
Non-real estate depreciation expense$114 $108 $461 $346 
(1) The consolidated financial statements for the quarter and year ended December 31, 2020 and 2019 are presented under the accounting standard, ASU 2016-02, "Leases (Topic 842)."  For the quarter and year ended December 31, 2020, the aggregate of such amounts is $162,902 and $658,793, respectively, classified as rental income on the income statement summary. For the quarter and year ended December 31, 2019, the aggregate of such amounts is $173,163 and $669,009, respectively.
(2) Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the year ended December 31, 2020.


























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BALANCE SHEET
(in thousands)
(unaudited)

December 31, 2020December 31, 2019
Assets:
Real estate:
Accounted for using the operating method, net of accumulated depreciation and amortization$7,208,661 $7,287,082 
Accounted for using the direct financing method3,994 4,204 
Real estate held for sale5,671 9,953 
Cash and cash equivalents267,236 1,112 
Receivables, net of allowance of $835 and $506, respectively4,338 2,874 
Accrued rental income, net of allowance of $6,947 and $1,842, respectively53,958 28,897 
Debt costs, net of accumulated amortization of $17,294 and $15,574, respectively1,917 2,783 
Other assets92,069 97,962 
Total assets$7,637,844 $7,434,867 
Liabilities:
Line of credit payable$— $133,600 
Mortgages payable, including unamortized premium and net of unamortized debt costs11,395 12,059 
Notes payable, net of unamortized discount and unamortized debt costs3,209,527 2,842,698 
Accrued interest payable19,401 18,250 
Other liabilities78,217 96,578 
Total liabilities3,318,540 3,103,185 
Stockholders’ equity of NNN4,319,300 4,331,675 
Noncontrolling interests4 7 
Total equity4,319,304 4,331,682 
Total liabilities and equity$7,637,844 $7,434,867 
Common shares outstanding175,233 171,694 
Gross leasable area, Property Portfolio (square feet)32,461 32,460 









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EBITDA
Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate (dollars in thousands):
Quarter Ended December 31,Year Ended December 31,
2020201920202019
Net earnings attributable to NNN$61,287 $73,786 $228,799 $299,180 
Interest expense32,084 30,307 129,431 120,023 
Depreciation and amortization49,095 48,102 196,623 188,871 
Gain on disposition of real estate(2,601)(6,955)(16,238)(32,463)
Impairment losses – real estate, net of recoveries4,380 10,868 37,442 31,992 
Earnings attributable to noncontrolling interests— — (3)428 
EBITDA$144,245 $156,108 $576,054 $608,031 



RENTAL INCOME
NNN recognized the following revenues in rental income (dollars in thousands):
Quarter Ended December 31,Year Ended December 31,
2020201920202019
Rental income from operating leases$157,408 $167,805 $639,265 $650,112 
Earned income from direct financing leases160 174 647 798 
Percentage rent114 260 842 1,310 
Real estate expense reimbursement from tenants5,220 4,924 18,039 16,789 
$162,902 $173,163 $658,793 $669,009 

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DEBT SUMMARY
(in thousands)
As of December 31, 2020
Unsecured DebtPrincipalPrincipal, Net of Unamortized DiscountStated RateEffective RateMaturity Date
Line of credit payable$— $— L + 87.5 bps2.56%January 2022
Unsecured notes payable:
2023350,000 349,327 3.300%3.388%April 2023
2024350,000 349,726 3.900%3.924%June 2024
2025400,000 399,485 4.000%4.029%November 2025
2026350,000 347,532 3.600%3.733%December 2026
2027400,000 398,842 3.500%3.548%October 2027
2028400,000 397,689 4.300%4.388%October 2028
2030400,000 398,805 2.500%2.536%April 2030
2048300,000 295,910 4.800%4.890%October 2048
2050300,000 294,034 3.100%3.205%April 2050
Total3,250,000 3,231,350 
Total unsecured debt$3,250,000 $3,231,350 
Debt costs$(31,140)
Accumulated amortization9,317 
Debt costs, net of accumulated amortization(21,823)
Notes payable, net of unamortized discount and unamortized debt costs (1)
$3,209,527 
(1) Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 10.2 years

Mortgages PayableInterest RateMaturity DatePrincipal Balance
Mortgage(1)
5.230 %July 2023$11,434 
Debt costs(147)
Accumulated amortization108 
Debt costs, net of accumulated amortization(39)
Mortgages payable, including unamortized premium and net of unamortized debt costs$11,395 
(1) Includes unamortized premium

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CREDIT METRICS (1)
Ratings: Moody’s Baa1; S&P BBB+; Fitch BBB+
20162017201820192020
Debt / Total assets (gross book)30.2 %35.3 %34.6 %35.3 %34.4 %
Debt + preferred / Total assets (gross book)43.9 %44.0 %42.6 %39.3 %38.4 %
Debt / EBITDA (last four quarters)4.3 4.9 4.8 4.9 5.0 
Debt + Pref Stock / EBITDA6.2 6.1 5.9 5.5 5.5 
EBITDA / Interest expense (cash)4.8 4.7 4.8 5.0 4.6 
EBITDA / Fixed charges (cash)3.4 3.5 3.7 4.0 4.0 
(1) Debt amounts used in calculations are net of cash balances.


CREDIT FACILITY AND NOTES COVENANTS
The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of December 31, 2020, the company believes it is in compliance with the covenants.

Unsecured Credit Facility Key CovenantsRequiredDecember 31, 2020
Maximum leverage ratio< 0.600.38
Minimum fixed charge coverage ratio> 1.503.89
Maximum secured indebtedness ratio< 0.400.001
Unencumbered asset value ratio> 1.672.67
Unencumbered interest ratio> 1.755.07
December 31, 2020
Unsecured Notes Key CovenantsRequired
Notes Due (1)
Notes Due (2)
Limitation on incurrence of total debt≤ 60%36.0%36.0%
Limitation on incurrence of secured debt≤ 40%0.1%0.1%
Debt service coverage ratio≥ 1.504.404.40
Maintenance of total unencumbered assets≥ 150%278.4%278.2%
(1) Calculations pursuant to covenants for notes payable due 2023-2028 and 2048
(2) Calculations pursuant to covenants for notes payable due 2030 and 2050

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LONG-TERM DIVIDEND HISTORY

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PROPERTY ACQUISITIONS
(dollars in thousands)
Year Ended December 31,
20202019
Total dollars invested(1)
$179,967 $752,497 
Number of Properties63 210 
Gross leasable area (square feet)(2)
449,000 3,164,000 
Cash cap rate6.5 %6.9 %
(1)    Includes dollars invested in projects under construction or tenant improvements for each respective year.
(2)    Includes additional square footage from completed construction on existing Properties.



PROPERTY DISPOSITIONS
(dollars in thousands)
Year Ended December 31,
20202019
OccupiedVacantTotalOccupiedVacantTotal
Number of properties25 13 38 22 37 59 
Gross leasable area (square feet)240,000 185,000 425,000 318,000 795,000 1,113,000 
Acquisition costs$39,390 $26,903 $66,293 $70,590 $105,312 $175,902 
Net book value$22,754 $12,870 $35,624 $37,451 $56,280 $93,731 
Net sale proceeds$40,992 $13,496 $54,488 $58,396 $67,798 $126,194 
Cash cap rate6.1 %— 6.1 %5.9 %— 5.9 %

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LEASE EXPIRATIONS

% of
Total(1)
# of
Properties
Gross Leasable
Area (2)
% of
Total(1)
# of
Properties
Gross Leasable Area (2)
20213.0 %108 1,120,000 20276.3 %172 2,443,000 
20225.4 %123 1,577,000 20284.8 %158 1,185,000 
20232.8 %114 1,426,000 20293.0 %75 1,052,000 
20243.6 %96 1,481,000 20303.6 %105 1,122,000 
20256.2 %198 2,093,000 20318.7 %188 2,861,000 
20264.7 %186 1,768,000 Thereafter47.9 %1,570 13,503,000 
(1)    Based on the annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of December 31, 2020.
(2)    Square feet.

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TOP 20 LINES OF TRADE

As of December 31, 2020As of December 31, 2019
Line of Trade
% of Total(1)
Properties
% of Total(2)
Properties
1.Convenience stores18.2 %649 18.2 %657 
2.Restaurants – full service10.5 %445 11.1 %458 
3.Automotive service10.3 %373 9.6 %358 
4.Restaurants – limited service9.7 %568 8.8 %530 
5.Family entertainment centers5.9 %98 6.7 %98 
6.Health and fitness5.3 %34 5.2 %35 
7.Theaters4.4 %32 4.7 %33 
8.Recreational vehicle dealers, parts and accessories3.5 %38 3.4 %38 
9.Automotive parts3.1 %156 3.1 %161 
10.Equipment rental2.6 %80 2.6 %80 
11.Home improvement2.6 %49 2.6 %48 
12.Wholesale clubs2.6 %11 2.5 %11 
13.Medical service providers2.2 %85 2.1 %84 
14.General merchandise1.7 %73 1.8 %75 
15.Furniture1.7 %46 1.6 %45 
16.Home furnishings1.6 %15 1.7 %20 
17.Consumer electronics1.5 %16 1.5 %17 
18.Travel plazas1.5 %25 1.6 %27 
19.Drug stores1.5 %35 1.6 %36 
20.Bank1.3 %57 1.3 %59 
Other8.3 %258 8.3 %248 
Total100.0 %3,143 100.0 %3,118 
(1) Based on the annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of December 31, 2020.
(2) Based on the annual base rent of $674,338,000, which is the annualized base rent for all leases in place as of December 31, 2019.


TOP 10 STATES

State
% of Total(1)
PropertiesState
% of Total(1)
Properties
1.Texas17.5 %503 6.Georgia4.4 %151 
2.Florida8.5 %225 7.Indiana4.2 %148 
3.Ohio5.8 %199 8.Tennessee3.7 %141 
4.Illinois5.1 %145 9.Virginia3.5 %114 
5.North Carolina4.5 %156 10.California3.3 %65 
(1) Based on the annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of December 31, 2020.

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PORTFOLIO BY REGION
As a percentage of annual base rent - December 31, 2020

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TOP TENANTS
Creditworthy Retailers
▪18.7% of annual base rent is from tenants with investment grade rated debt
▪78.5% of annual base rent is from tenants that are publicly traded and/or have rated debt
▪Top 25 tenants (57.3% of annual base rent) operate an average of 1,089 stores each

Top 20 TenantsProperties
% of Total (1)
1.7-Eleven1405.1 %
2.Mister Car Wash1154.6 %
3.Camping World474.4 %
4.LA Fitness303.8 %
5.Flynn Restaurant Group (Taco Bell/Arby's)2023.5 %
6.GPM Investments (Convenience Stores)1513.3 %
7.AMC Theatres192.9 %
8.Couche-Tard (Pantry)822.7 %
9.BJ's Wholesale Club112.6 %
10.Sunoco592.2 %
11.Mavis Tire Express Services1202.2 %
12.Main Event181.8 %
13.Frisch's Restaurants741.8 %
14.Bob Evans1151.7 %
15.Fikes (Convenience Stores)561.6 %
16.Chuck-E-Cheese's531.6 %
17.Best Buy151.5 %
18.Life Time Fitness31.5 %
19.Dave & Buster's111.5 %
20.Pull-A-Part201.3 %
(1) Based on the annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of
December 31, 2020.
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SAME STORE RENTAL INCOME
(dollars in thousands)

Same Store Rental Income – Properties (Cash Basis) (1)
Number of properties2,858 
Year ended December 31, 2020$552,728 
Year ended December 31, 2019$609,453 
Decrease (in dollars)$(56,725)
Change (percent)(9.3)%
(1) Includes all properties owned for current and prior year period excluding any properties under development
      or re-development.




LEASING DATA
(dollars in thousands)
Year Ended December 31, 2020
Renewals With Same Tenant(1)
Vacancy
Re-lease To New Tenant		Re-leasing Totals
Number of leases76 11 87 
Prior cash rents$13,586 $2,304 $15,890 
New cash rents$13,557 $2,143 $15,700 
(2)
New rents / prior rents99.8 %93.0 %98.8 %
Tenant improvements$— $2,652 $2,652 
(1)Long-term renewal rate for the period of 2010 through 2020 was 83.7%.
(2)Represents 2.3% of total annualized base rent as of December 31, 2020.



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OTHER PROPERTY PORTFOLIO DATA
As of December 31, 2020
Tenant Financials
# of Properties
% of Annual Base Rent(1)
Property Level Financial Information2,637 80 %
Tenant Corporate Financials2,432 78 %

Rent Increases
% of Annual Base Rent(1)
AnnualFive YearOtherTotal
CPI – Based33 %46 %2 %81 %
Fixed Rate3 %11 %1 %15 %
No increases— — 4 %4 %
36 %57 %7 %100 %

Lease Structure
▪91.6% of the company's annual base rent is from NNN leases
▪95.3% of the company's annual base rent is from NNN leases and NN leases (with roof warranty)

(1) Based on the annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of December 31, 2020.


EARNINGS GUIDANCE

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


2021 Guidance
  Net earnings per common share excluding any gains on disposition of real estate and impairment charges$1.42 - $1.49 per share
  Real estate depreciation and amortization per share$1.13 per share
Core FFO per share$2.55 - $2.62 per share
  AFFO per share(1)
$2.77 - $2.84 per share
  General and administrative expenses $42 - $44 Million
  Real estate expenses, net of tenant reimbursements$11 - $13 Million
  Acquisition volume$400 - $500 Million
  Disposition volume$80 - $100 Million
(1) Estimates include the net straight-line accrued rent impact of the rent repayment from the COVID-19 rent deferral lease amendments of $28,375,000 for 2021. Absent such, AFFO per common share guidance would have been $2.61 - $2.68 per share for 2021.
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COVID-19 METRICS
Collections
The following table details NNN's rent collections as of January 31, 2021, excluding the repayment of amounts previously deferred according to the rent deferral lease amendments:
Quarter Ended
June 30, 2020(1)
September 30, 2020(2)
December 31, 2020(3)
Collected, as of January 31, 202173.7 %90.6 %95.7 %
Deferred15.4 %4.3 %0.2 %
Abated1.3 %0.1 %— 
Outstanding, as of January 31, 20219.6 %5.0 %4.1 %
Total100.0 %100.0 %100.0 %
(1) Based on the annual base rent of $676,538,000, which is the annualized base rent for all leases in place as of June 30, 2020.
(2) Based on the annual base rent of $674,077,000, which is the annualized base rent for all leases in place as of September 30, 2020.
(3) Based on the annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of December 31,2020.


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Collections by Line of Trade
The following table details NNN's rent collections received as of January 31, 2021, excluding the repayment of amounts previously deferred according to the rent deferral lease amendments, by NNN's top 20 lines of trade:
% of Rent Collected
% of Total Annual Base Rent(1)
Quarter Ended
Top 20 Lines Of Trade
June 30,
2020(2)
September 30, 2020(3)
December 31, 2020(1)
1.Convenience stores18.2 %99.9 %100.0 %99.9 %
2.Restaurants – full service10.5 %41.2 %76.3 %86.1 %
3.Automotive service10.3 %86.9 %100.0 %99.5 %
4.Restaurants – limited service9.7 %80.1 %73.6 %99.9 %
5.Family entertainment centers5.9 %9.2 %88.6 %99.3 %
6.Health and fitness5.3 %58.4 %86.3 %98.4 %
7.Theaters4.4 %6.3 %34.8 %42.4 %
8.Recreational vehicle dealers, parts and accessories3.5 %100.0 %99.7 %100.0 %
9.Automotive parts3.1 %88.0 %100.0 %99.5 %
10.Equipment rental2.6 %100.0 %100.0 %99.8 %
11.Home improvement2.6 %97.2 %99.0 %99.4 %
12.Wholesale clubs2.6 %100.0 %100.0 %99.7 %
13.Medical service providers2.2 %60.3 %98.8 %99.9 %
14.General merchandise1.7 %93.8 %99.9 %99.2 %
15.Furniture1.7 %51.0 %96.9 %99.4 %
16.Home furnishings1.6 %22.8 %99.2 %99.9 %
17.Consumer electronics1.5 %100.0 %100.0 %100.0 %
18.Travel plazas1.5 %98.9 %100.0 %100.0 %
19.Drug stores1.5 %100.0 %100.0 %99.9 %
20.Bank1.3 %100.0 %100.0 %100.0 %
Other8.3 %89.5 %98.9 %99.4 %
Total100.0 %73.7 %90.6 %95.7 %
(1) Based on annual base rent of $675,120,000, which is the annualized base rent for all leases in place as of December 31, 2020.
(2) Based on annual base rent of $676,538,000, which is the annualized base rent for all leases in place as of June 30, 2020.
(3) Based on annual base rent of $674,077,000, which is the annualized base rent for all leases in place as of September 30, 2020.




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The following table outlines the rent deferred and corresponding recapture payback by quarter of the rent deferral lease amendments executed as of December 31, 2020 (dollars in thousands):


DeferredRepayment
Accrual Basis TenantsCash Basis TenantsTotal% of TotalAccrual Basis TenantsCash Basis TenantsTotal% of TotalCumulative Total
2020Q2$26,069 $7,791 $33,860 65.0 %$— $— $— — — 
Q37,329 5,402 12,731 24.4 %417 — 417 0.8 %0.8 %
Q4315 3,813 4,128 7.9 %2,822 20 2,842 5.5 %6.3 %
33,713 17,006 50,719 97.3 %3,239 20 3,259 6.3 %6.3 %
2021Q1141 1,269 1,410 2.7 %10,813 1,313 12,126 23.2 %29.5 %
Q2— — — — 9,571 2,405 11,976 23.0 %52.5 %
Q3— — — — 4,875 2,280 7,155 13.7 %66.2 %
Q4— — — — 3,257 2,280 5,537 10.6 %76.8 %
141 1,269 1,410 2.7 %28,516 8,278 36,794 70.5 %76.8 %
2022Q1— — — — 1,221 2,216 3,437 6.6 %83.4 %
Q2— — — — 719 2,216 2,935 5.6 %89.0 %
Q3— — — — 70 2,216 2,286 4.4 %93.4 %
Q4— — — — 70 2,216 2,286 4.4 %97.8 %
— — — — 2,080 8,864 10,944 21.0 %97.8 %
2023Q1— — — — 10 1,113 1,123 2.2 %100.0 %
Q2— — — — 9 — 9 — 100.0 %
— — — — 19 1,113 1,132 2.2 %100.0 %
$33,854 $18,275 $52,129 $33,854 $18,275 $52,129 







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