EX-99.1 2 nnn-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

img41624055_0.jpg 

NEWS RELEASE

For information contact:

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

 FOR IMMEDIATE RELEASE

May 1, 2024

 

FIRST QUARTER 2024 OPERATING RESULTS

ANNOUNCED BY NNN REIT, INC.

 

Orlando, Florida, May 1, 2024 – NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2024. Highlights include:

 

Operating Results:

•
Revenues and net earnings, FFO, Core FFO and AFFO and diluted per share amounts:

 

 

 

Quarter Ended
March 31,

 

 

 

 

2024

 

 

2023

 

 

 

 

(dollars in thousands,
except per share data)

Revenues

 

$

215,407

 

 

$

204,108

 

 

 

 

 

 

 

 

 

Net earnings

 

$

94,371

 

 

$

90,167

 

 

Net earnings per share

 

$

0.52

 

 

$

0.50

 

 

 

 

 

 

 

 

 

FFO

 

$

151,261

 

 

$

145,549

 

 

FFO per share

 

$

0.83

 

 

$

0.80

 

 

 

 

 

 

 

 

 

Core FFO

 

$

151,578

 

 

$

145,972

 

 

Core FFO per share

 

$

0.83

 

 

$

0.80

 

 

 

 

 

 

 

 

 

AFFO

 

$

153,259

 

 

$

148,166

 

 

AFFO per share

 

$

0.84

 

 

$

0.82

 

 

 

 

First Quarter 2024 Highlights:

•
FFO and Core FFO per share increased 3.8% over prior year results
•
AFFO per share increased 2.4% over prior year results
•
Maintained high occupancy levels at 99.4%, with a weighted average remaining lease term of 10.0 years, at March 31, 2024 as compared to 99.5% at December 31, 2023 and 99.4% at March 31, 2023
•
$124.5 million in property investments, including the acquisition of 20 properties with an aggregate gross leasable area of approximately 284,000 square feet at an initial cash cap rate of 8.0%
•
Sold six properties for $18.5 million, producing $4.8 million of gains on sales
•
Raised $21.5 million in net proceeds from the issuance of 519,494 common shares
•
Maintained sector leading 11.8 year weighted average debt maturity

1

 

Steve Horn, Chief Executive Officer, commented: "NNN's first quarter was consistent and predictable with nearly $125 million in property acquisitions, yielding an initial cash cap rate of eight percent with an 18-year weighted average remaining lease term. With our strong property portfolio combined with over $1 billion of liquidity and strategic balance sheet management, NNN remains positioned to deliver long-term shareholder value as we progress through the year."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2024, the company owned 3,546 properties in 49 states with a gross leasable area of approximately 36.1 million square feet and a weighted average remaining lease term of 10.0 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 34 or more consecutive years. For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on May 1, 2024, at 10:30 a.m. ET to review its results of operations. The call can be accessed on the NNN REIT website live at www.nnnreit.com. For those unable to listen to the live broadcast, a replay will be available on the company’s website. In addition, a summary of any earnings guidance given on the call will be posted to the company’s website.

 

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, general economic conditions, including inflation, 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 real estate investment trust ("REIT"), and the potential impacts of an epidemic or pandemic on the company’s business operations, financial results, and financial position on the world economy. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (the "Commission”) filings, including, but not limited to, the company’s (i) Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. 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. NNN REIT, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

 

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

 

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

 

Core Funds From Operations (“Core FFO”) is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company’s operating performance across multiple periods and in comparison to the operating

2

 

performance of its peers because it removes the effect of unusual items that are not expected to impact the company’s operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the company’s core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, executive retirement costs or other non-core amounts as they occur. The company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

 

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

 

3

 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Quarter Ended
March 31,

 

 

 

2024

 

 

2023

 

Income Statement Summary

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

Rental income

 

$

214,825

 

 

$

203,630

 

Interest and other income from real estate transactions

 

 

582

 

 

 

478

 

 

 

215,407

 

 

 

204,108

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

General and administrative

 

 

12,584

 

 

 

12,251

 

Real estate

 

 

7,154

 

 

 

6,846

 

Depreciation and amortization

 

 

60,615

 

 

 

59,148

 

Leasing transaction costs

 

 

33

 

 

 

75

 

Impairment losses – real estate, net of recoveries

 

 

1,204

 

 

 

2,640

 

Executive retirement costs

 

 

317

 

 

 

423

 

 

 

81,907

 

 

 

81,383

 

Gain on disposition of real estate

 

 

4,821

 

 

 

6,300

 

Earnings from operations

 

 

138,321

 

 

 

129,025

 

 

 

 

 

 

 

Other expenses (revenues):

 

 

 

 

Interest and other income

 

 

(119

)

 

 

(33

)

Interest expense

 

 

44,069

 

 

 

38,891

 

 

 

43,950

 

 

 

38,858

 

 

 

 

 

 

 

Net earnings

 

$

94,371

 

 

$

90,167

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

Basic

 

 

181,794,208

 

 

 

180,845,503

 

Diluted

 

 

182,212,897

 

 

 

181,434,345

 

 

 

 

 

 

 

Net earnings per share available to stockholders:

 

 

 

 

 

 

Basic

 

$

0.52

 

 

$

0.50

 

Diluted

 

$

0.52

 

 

$

0.50

 

 

 

4

 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Quarter Ended
March 31,

 

 

 

 

2024

 

 

2023

 

 

Funds From Operations ("FFO") Reconciliation:

 

 

 

 

 

 

 

Net earnings

 

$

94,371

 

 

$

90,167

 

 

Real estate depreciation and amortization

 

 

60,507

 

 

 

59,042

 

 

Gain on disposition of real estate

 

 

(4,821

)

 

 

(6,300

)

 

Impairment losses – depreciable real estate, net of recoveries

 

 

1,204

 

 

 

2,640

 

 

Total FFO adjustments

 

 

56,890

 

 

 

55,382

 

 

FFO

 

$

151,261

 

 

$

145,549

 

 

 

 

 

 

 

 

 

FFO per share:

 

 

 

 

 

Basic

 

$

0.83

 

 

$

0.80

 

 

Diluted

 

$

0.83

 

 

$

0.80

 

 

 

 

 

 

 

 

 

Core Funds From Operations ("Core FFO") Reconciliation:

 

 

 

 

 

 

 

Net earnings

 

$

94,371

 

 

$

90,167

 

 

Total FFO adjustments

 

 

56,890

 

 

 

55,382

 

 

FFO

 

 

151,261

 

 

 

145,549

 

 

 

 

 

 

 

 

 

Executive retirement costs

 

 

317

 

 

 

423

 

 

Total Core FFO adjustments

 

 

317

 

 

 

423

 

 

Core FFO

 

$

151,578

 

 

$

145,972

 

 

 

 

 

 

 

 

 

Core FFO per share:

 

 

 

 

 

 

 

Basic

 

$

0.83

 

 

$

0.81

 

 

Diluted

 

$

0.83

 

 

$

0.80

 

 

 

5

 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)

 

 

 

Quarter Ended
March 31,

 

 

 

 

2024

 

 

2023

 

 

Adjusted Funds From Operations ("AFFO") Reconciliation:

 

 

 

 

 

 

 

Net earnings

 

$

94,371

 

 

$

90,167

 

 

Total FFO adjustments

 

 

56,890

 

 

 

55,382

 

 

Total Core FFO adjustments

 

 

317

 

 

 

423

 

 

Core FFO

 

 

151,578

 

 

 

145,972

 

 

 

 

 

 

 

 

 

Straight-line accrued rent, net of reserves

 

 

36

 

 

 

(469

)

 

Net capital lease rent adjustment

 

 

54

 

 

 

79

 

 

Below-market rent amortization

 

 

(117

)

 

 

(112

)

 

Stock based compensation expense

 

 

3,567

 

 

 

3,101

 

 

Capitalized interest expense

 

 

(1,859

)

 

 

(405

)

 

Total AFFO adjustments

 

 

1,681

 

 

 

2,194

 

 

AFFO

 

$

153,259

 

 

$

148,166

 

 

 

 

 

 

 

 

 

AFFO per share:

 

 

 

 

 

 

 

Basic

 

$

0.84

 

 

$

0.82

 

 

Diluted

 

$

0.84

 

 

$

0.82

 

 

 

 

 

 

 

 

 

Other Information:

 

 

 

 

 

 

 

Rental income from operating leases(1)

 

$

209,084

 

 

$

198,183

 

 

Earned income from direct financing leases(1)

 

$

119

 

 

$

144

 

 

Percentage rent(1)

 

$

888

 

 

$

763

 

 

 

 

 

 

 

 

 

Real estate expense reimbursement from tenants(1)

 

$

4,734

 

 

$

4,540

 

 

Real estate expenses

 

 

(7,154

)

 

 

(6,846

)

 

Real estate expenses, net of tenant reimbursements

 

$

(2,420

)

 

$

(2,306

)

 

 

 

 

 

 

 

 

Amortization of debt costs

 

$

1,301

 

 

$

1,199

 

 

Scheduled debt principal amortization (excluding maturities)

 

$

—

 

 

$

173

 

(2)

Non-real estate depreciation expense

 

$

111

 

 

$

109

 

 

 

(1)

For the quarters ended March 31, 2024 and 2023, the aggregate of such amounts is $214,825 and $203,630, respectively, and is classified as rental income on the income statement summary.

 

 

(2)

In April 2023, NNN repaid the remaining mortgages payable principal balance of $9,774.

 

 

6

 

NNN REIT, Inc.

 

2024 Earnings Guidance

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

 

 

 

2024 Guidance

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

 

$1.94 - $2.00 per share

Real estate depreciation and amortization per share

 

$1.31 per share

Core FFO per share

 

$3.25 - $3.31 per share

AFFO per share

 

$3.29 - $3.35 per share

General and administrative expenses

 

$46 - $48 Million

Real estate expenses, net of tenant reimbursements

 

$9 - $11 Million

Acquisition volume

 

$400 - $500 Million

Disposition volume

 

$80 - $120 Million

 

 

7

 

NNN REIT, Inc.

(dollars in thousands)

(unaudited)

 

 

 

March 31,
2024

 

 

December 31,
2023

 

Balance Sheet Summary

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

Real estate portfolio, net of accumulated depreciation and amortization

 

$

8,586,856

 

 

$

8,535,851

 

Cash and cash equivalents

 

 

1,128

 

 

 

1,189

 

Restricted cash and cash held in escrow

 

 

—

 

 

 

3,966

 

Receivables, net of allowance of $717 and $669, respectively

 

 

3,569

 

 

 

3,649

 

Accrued rental income, net of allowance of $4,153 and $4,168, respectively

 

 

34,404

 

 

 

34,611

 

Debt costs, net of accumulated amortization of $24,525 and $23,952, respectively

 

 

2,723

 

 

 

3,243

 

Other assets

 

 

77,062

 

 

 

79,459

 

Total assets

 

$

8,705,742

 

 

$

8,661,968

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Line of credit payable

 

$

116,200

 

 

$

132,000

 

Notes payable, net of unamortized discount and unamortized debt costs

 

 

4,229,933

 

 

 

4,228,544

 

Accrued interest payable

 

 

75,487

 

 

 

34,374

 

Other liabilities

 

 

109,264

 

 

 

109,593

 

Total liabilities

 

 

4,530,884

 

 

 

4,504,511

 

 

 

 

 

 

 

 

Total equity

 

 

4,174,858

 

 

 

4,157,457

 

 

 

 

 

 

 

Total liabilities and equity

 

$

8,705,742

 

 

$

8,661,968

 

 

 

 

 

 

 

Common shares outstanding

 

 

183,350,322

 

 

 

182,474,770

 

 

 

 

 

 

 

Gross leasable area, Property Portfolio (square feet)

 

 

36,137,000

 

 

 

35,966,000

 

 

 

8

 

NNN REIT, Inc.

Debt Summary

As of March 31, 2024

(dollars in thousands)

(unaudited)

 

Unsecured Debt

 

Principal

 

 

Principal,
Net of
Unamortized
Discount

 

 

Stated
Rate

 

 

Effective
Rate

 

 

Maturity Date

Line of credit payable

 

$

116,200

 

 

$

116,200

 

 

SOFR +
87.5 bps

 

 

 

6.185

%

 

June 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured notes payable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

350,000

 

 

 

349,982

 

 

 

3.900

%

 

 

3.924

%

 

June 2024

2025

 

 

400,000

 

 

 

399,817

 

 

 

4.000

%

 

 

4.029

%

 

November 2025

2026

 

 

350,000

 

 

 

348,811

 

 

 

3.600

%

 

 

3.733

%

 

December 2026

2027

 

 

400,000

 

 

 

399,361

 

 

 

3.500

%

 

 

3.548

%

 

October 2027

2028

 

 

400,000

 

 

 

398,559

 

 

 

4.300

%

 

 

4.388

%

 

October 2028

2030

 

 

400,000

 

 

 

399,192

 

 

 

2.500

%

 

 

2.536

%

 

April 2030

2033

 

 

500,000

 

 

 

488,912

 

 

 

5.600

%

 

 

5.905

%

 

October 2033

2048

 

 

300,000

 

 

 

296,156

 

 

 

4.800

%

 

 

4.890

%

 

October 2048

2050

 

 

300,000

 

 

 

294,457

 

 

 

3.100

%

 

 

3.205

%

 

April 2050

2051

 

 

450,000

 

 

 

442,096

 

 

 

3.500

%

 

 

3.602

%

 

April 2051

2052

 

 

450,000

 

 

 

440,114

 

 

 

3.000

%

 

 

3.118

%

 

April 2052

Total

 

 

4,300,000

 

 

 

4,257,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total unsecured debt(1)

 

$

4,416,200

 

 

$

4,373,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt costs

 

 

 

 

$

(42,595

)

 

 

 

 

 

 

 

 

Accumulated amortization

 

 

 

15,071

 

 

 

 

 

 

 

 

 

Debt costs, net of accumulated amortization

 

 

 

(27,524

)

 

 

 

 

 

 

 

 

Notes payable, net of unamortized discount and
    unamortized debt costs

 

 

$

4,229,933

 

 

 

 

 

 

 

 

 

 

(1)

 

Unsecured debt has a weighted average interest rate of 4.0% and a weighted average maturity of 11.8 years.

 

As of March 31, 2024, Net Debt / EBITDA based on current quarter EBITDA annualized is 5.5x.

9

 

NNN REIT, Inc.

Debt Summary – Continued

As of March 31, 2024

(unaudited)

 

Credit Facility and Note Covenants

The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of March 31, 2024, the company believes it is in compliance with the covenants.

 

Key Covenants

 

Required

 

March 31, 2024

Unsecured Bank Credit Facility:

 

 

 

 

Maximum leverage ratio

 

< 0.60

 

0.39

Minimum fixed charge coverage ratio

 

> 1.50

 

4.43

Maximum secured indebtedness ratio

 

< 0.40

 

—

Unencumbered asset value ratio

 

> 1.67

 

2.64

Unencumbered interest ratio

 

> 1.75

 

4.39

Unsecured Notes:

 

 

 

 

Limitation on incurrence of total debt

 

≤ 60%

 

40.9%

Limitation on incurrence of secured debt

 

≤ 40%

 

—

Debt service coverage ratio

 

≥ 1.50

 

4.4

Maintenance of total unencumbered assets

 

≥ 150%

 

244%

 

10

 

NNN REIT, Inc.

Property Portfolio

As of March 31, 2024

 

Top 20 Lines of Trade

 

 

 

 

As of March 31,

 

 

Lines of Trade

 

2024(1)

 

2023(2)

1.

 

Automotive service

 

16.3%

 

14.4%

2.

 

Convenience stores

 

16.2%

 

16.3%

3.

 

Restaurants – full service

 

8.6%

 

9.0%

4.

 

Restaurants – limited service

 

8.5%

 

8.9%

5.

 

Family entertainment centers

 

6.7%

 

5.8%

6.

 

Recreational vehicle dealers, parts and accessories

 

4.6%

 

4.1%

7.

 

Health and fitness

 

4.4%

 

4.8%

8.

 

Theaters

 

4.1%

 

4.3%

9.

 

Equipment rental

 

2.9%

 

3.1%

10.

 

Wholesale clubs

 

2.5%

 

2.6%

11.

 

Automotive parts

 

2.4%

 

2.6%

12.

 

Drug stores

 

2.3%

 

2.6%

13.

 

Home improvement

 

2.2%

 

2.3%

14.

 

Furniture

 

2.0%

 

2.1%

15.

 

Medical service providers

 

1.8%

 

1.9%

16.

 

General merchandise

 

1.4%

 

1.5%

17.

 

Consumer electronics

 

1.3%

 

1.4%

18.

 

Home furnishings

 

1.3%

 

1.4%

19.

 

Travel plazas

 

1.3%

 

1.3%

20.

 

Pet supplies and services

 

1.1%

 

0.9%

 

Other

 

8.1%

 

8.7%

 

Total

 

100.0%

 

100.0%

 

Top 10 States

 

 

State

 

% of
Total(1)

 

 

 

State

 

% of
Total(1)

1.

 

Texas

 

16.9%

 

6.

 

North Carolina

 

3.8%

2.

 

Florida

 

9.4%

 

7.

 

Tennessee

 

3.7%

3.

 

Illinois

 

5.1%

 

8.

 

Indiana

 

3.7%

4.

 

Ohio

 

4.9%

 

9.

 

Virginia

 

3.3%

5.

 

Georgia

 

4.8%

 

10.

 

California

 

3.2%

 

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

 

(1)

$831,010,000 as of March 31, 2024.

 

(2)

$781,909,000 as of March 31, 2023.

 

 

 

11

 

NNN REIT, Inc.

Property Portfolio – Continued

As of March 31, 2024

 

Top 20 Tenants

 

 

Tenant

 

# of
Properties

 

% of
Total(1)

1.

 

7-Eleven

 

138

 

4.4%

2.

 

Mister Car Wash

 

121

 

4.1%

3.

 

Camping World

 

47

 

3.8%

4.

 

Dave & Buster's

 

32

 

3.5%

5.

 

LA Fitness

 

28

 

3.0%

6.

 

GPM Investments (convenience stores)

 

150

 

2.9%

7.

 

Flynn Restaurant Group (Taco Bell/Arby's)

 

204

 

2.7%

8.

 

AMC Theatre

 

20

 

2.7%

9.

 

BJ's Wholesale Club

 

13

 

2.5%

10.

 

Mavis Tire Express Services

 

140

 

2.2%

11.

 

Couche Tard (Pantry)

 

92

 

2.2%

12.

 

Sunoco

 

61

 

2.0%

13.

 

Walgreens

 

49

 

1.9%

14.

 

Chuck-E-Cheese

 

53

 

1.8%

15.

 

United Rentals

 

49

 

1.6%

16.

 

Frisch's Restaurants

 

68

 

1.6%

17.

 

Fikes (convenience stores)

 

58

 

1.5%

18.

 

Life Time Fitness

 

3

 

1.3%

19.

 

Bob Evans

 

106

 

1.3%

20.

 

Best Buy

 

16

 

1.3%

 

 

Lease Expirations(2)

 

 

% of
Total(1)

 

# of
Properties

 

Gross Leasable
Area(3)

 

 

 

% of
Total(1)

 

# of
Properties

 

Gross Leasable
Area(3)

2024

 

1.2%

 

39

 

534,000

 

2030

 

3.7%

 

115

 

1,560,000

2025

 

4.5%

 

176

 

1,539,000

 

2031

 

7.2%

 

185

 

2,697,000

2026

 

4.7%

 

211

 

2,111,000

 

2032

 

5.8%

 

215

 

2,328,000

2027

 

8.1%

 

235

 

3,591,000

 

2033

 

4.8%

 

137

 

1,460,000

2028

 

5.7%

 

230

 

2,173,000

 

Thereafter

 

50.1%

 

1,853

 

15,972,000

2029

 

4.2%

 

126

 

1,874,000

 

 

 

 

 

 

 

 

 

(1)

 

Based on the annual base rent of $831,010,000, which is the annualized base rent for all leases in place as of March 31, 2024.

(2)

 

As of March 31, 2024, the weighted average remaining lease term is 10.0 years.

(3)

 

Square feet.

 

 

12