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ORLANDO, Fla., Nov. 2, 2022 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and nine months ended September 30, 2022. Highlights include:
Operating Results:
Quarter Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
(in thousands, except per share data)
Revenues
$
193,471
$
180,357
$
574,533
$
539,146
Net earnings available to common stockholders
$
88,421
$
78,448
$
243,964
$
199,088
Net earnings per common share
$
0.50
$
0.45
$
1.38
$
1.14
FFO available to common stockholders
$
139,760
$
124,621
$
406,706
$
347,304
FFO per common share
$
0.79
$
0.71
$
2.31
$
1.99
Core FFO available to common stockholders
$
140,316
$
124,621
$
413,511
$
368,632
Core FFO per common share
$
0.79
$
0.71
$
2.35
$
2.11
AFFO available to common stockholders
$
142,987
(1)
$
131,753
(2)
$
423,811
(1)
$
399,660
(2)
AFFO per common share
$
0.81
(1)
$
0.75
(2)
$
2.41
(1)
$
2.29
(2)
(1)
Amounts include $1,201 and $4,710 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $2.38 for the quarter and nine months ended September 30, 2022, respectively.
(2)
Amounts include $4,294 and $21,996 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.73 and $2.16 for the quarter and nine months ended September 30, 2021, respectively.
Third Quarter 2022 Highlights:
Highlights for the nine months ended September 30, 2022:
Core FFO guidance for 2022 was increased from a range of $3.07 to $3.12 per share to a range of $3.11 to $3.15 per share. The 2022 AFFO is estimated to be $3.18 to $3.22 per share. The Core FFO guidance equates to net earnings of $1.85 to $1.89 per share, plus $1.26 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, charges for impairments and executive retirement costs. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company's reports filed with the Securities and Exchange Commission.
Steve Horn, Chief Executive Officer, commented: "National Retail Properties is in position to finish 2022 strong. Third quarter included approximately $223 million of real estate acquisitions and NNN continues to consistently have high occupancy levels and rent collections. NNN is in fantastic shape heading into next year with an exceptional balance sheet; with less than $50 million outstanding on our $1.1 billion line of credit and no material debt maturities in 2023."
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2022, the company owned 3,349 properties in 48 states with a gross leasable area of approximately 34.3 million square feet and with a weighted average remaining lease term of 10.4 years. For more information on the company, visit www.nnnreit.com.
Management will hold a conference call on November 2, 2022, at 10:30 a.m. ET to review its results of operations. The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com. For those unable to listen to the live broadcast, a replay will be available on the company's web site. In addition, a summary of any earnings guidance given on the call will be posted to the company's web site.
Statements in this press release that are not strictly historical are "forward-looking" statements. These statements generally are characterized by the use of terms such as "believe," "expect," "in position," "intend," "may," "estimated," or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company's actual future results to differ materially from expected results. These risks include, among others, the potential impacts of the COVID-19 pandemic on the company's business operations, financial results and financial position and on the world economy, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company's tenants, the availability of capital, and, risks related to the company's status as a REIT. Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company's Securities and Exchange Commission (the "Commission") filings, including, but not limited to, the company's (i) Annual Report on Form 10-K for the year ended December 31, 2021 and (ii) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022. Copies of each filing may be obtained from the company or the Commission. Such forward-looking statements should be regarded solely as reflections of the company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. National Retail Properties, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and is used by the company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company's share of these items from the company's unconsolidated partnerships and any impairment charges on a depreciable real estate asset.
FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. The company's computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.
Core Funds From Operations ("Core FFO") is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company's operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company's operating performance on an ongoing basis. Core FFO is used by management in evaluating the performance of the company's core business operations and is a factor in determining management compensation. Items included in calculating FFO that may be excluded in calculating Core FFO may include items such as transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption costs, executive retirement costs, loss on early extinguishment of debt or other non-core amounts as they occur. The company's computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.
Adjusted Funds From Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company's performance. The company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Income Statement Summary
Revenues:
Rental income
$
193,102
$
180,024
$
573,401
$
537,226
Interest and other income from real estate transactions
369
333
1,132
1,920
193,471
180,357
574,533
539,146
Operating expenses:
General and administrative
10,124
11,077
30,906
34,693
Real estate
5,875
6,521
19,246
20,865
Depreciation and amortization
56,388
50,976
166,512
151,831
Leasing transaction costs
96
86
260
146
Impairment losses – real estate, net of recoveries
971
4,781
7,221
14,647
Executive retirement costs
556
—
6,805
—
74,010
73,441
230,950
222,182
Gain on disposition of real estate
5,889
9,473
10,656
17,935
Earnings from operations
125,350
116,389
354,239
334,899
Other expenses (revenues):
Interest and other income
(33)
(61)
(120)
(159)
Interest expense
36,962
33,518
110,400
101,190
(1)
Loss on early extinguishment of debt
—
—
—
21,328
36,929
33,457
110,280
122,359
Net earnings
88,421
82,932
243,959
212,540
Loss attributable to noncontrolling interests
—
1
5
3
Net earnings attributable to NNN
88,421
82,933
243,964
212,543
Series F preferred stock dividends
—
(4,485)
—
(13,455)
Net earnings available to common stockholders
$
88,421
$
78,448
$
243,964
$
199,088
Weighted average common shares outstanding:
Basic
176,901
174,629
175,542
174,610
Diluted
177,368
174,739
175,994
174,716
Net earnings per share available to common stockholders:
Basic
$
0.50
$
0.45
$
1.39
$
1.14
Diluted
$
0.50
$
0.45
$
1.38
$
1.14
(1)
Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the nine months ended September 30, 2021.
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Funds From Operations (FFO) Reconciliation:
Net earnings available to common stockholders
$
88,421
$
78,448
$
243,964
$
199,088
Real estate depreciation and amortization
56,257
50,865
166,177
151,504
Gain on disposition of real estate
(5,889)
(9,473)
(10,656)
(17,935)
Impairment losses – depreciable real estate, net of recoveries
971
4,781
7,221
14,647
Total FFO adjustments
51,339
46,173
162,742
148,216
FFO available to common stockholders
$
139,760
$
124,621
$
406,706
$
347,304
FFO per common share:
Basic
$
0.79
$
0.71
$
2.32
$
1.99
Diluted
$
0.79
$
0.71
$
2.31
$
1.99
Core Funds From Operations (Core FFO) Reconciliation:
Net earnings available to common stockholders
$
88,421
$
78,448
$
243,964
$
199,088
Total FFO adjustments
51,339
46,173
162,742
148,216
FFO available to common stockholders
139,760
124,621
406,706
347,304
Executive retirement costs
556
—
6,805
—
Loss on early extinguishment of debt
—
—
—
21,328
Total Core FFO adjustments
556
—
6,805
21,328
Core FFO available to common stockholders
$
140,316
$
124,621
$
413,511
$
368,632
Core FFO per common share:
Basic
$
0.79
$
0.71
$
2.36
$
2.11
Diluted
$
0.79
$
0.71
$
2.35
$
2.11
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Adjusted Funds From Operations (AFFO) Reconciliation:
Net earnings available to common stockholders
$
88,421
$
78,448
$
243,964
$
199,088
Total FFO adjustments
51,339
46,173
162,742
148,216
Total Core FFO adjustments
556
—
6,805
21,328
Core FFO available to common stockholders
140,316
124,621
413,511
368,632
Straight-line accrued rent, net of reserves
655
3,400
3,298
19,091
Net capital lease rent adjustment
76
77
225
262
Below-market rent amortization
(130)
(156)
(410)
(430)
Stock based compensation expense
2,343
3,898
7,734
12,320
Capitalized interest expense
(273)
(87)
(547)
(215)
Total AFFO adjustments
2,671
7,132
10,300
31,028
AFFO available to common stockholders
$
142,987
(1)
$
131,753
(2)
$
423,811
(1)
$
399,660
(2)
AFFO per common share:
Basic
$
0.81
(1)
$
0.75
(2)
$
2.41
(1)
$
2.29
(2)
Diluted
$
0.81
(1)
$
0.75
(2)
$
2.41
(1)
$
2.29
(2)
Other Information:
Rental income from operating leases(3)
$
188,840
$
175,833
$
558,942
$
522,787
Earned income from direct financing leases(3)
$
148
$
154
$
449
$
469
Percentage rent(3)
$
235
$
195
$
1,231
$
530
Real estate expense reimbursement from tenants(3)
$
3,879
$
3,842
$
12,779
$
13,440
Real estate expenses
(5,875)
(6,521)
(19,246)
(20,865)
Real estate expenses, net of tenant reimbursements
$
(1,996)
$
(2,679)
$
(6,467)
$
(7,425)
Amortization of debt costs
$
1,184
$
1,139
$
3,533
$
4,022
(4)
Scheduled debt principal amortization (excluding maturities)
$
166
$
157
$
494
$
469
Non-real estate depreciation expense
$
135
$
114
$
345
$
336
(1)
Amounts include $1,201 and $4,710 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2022, respectively. Excluding such, AFFO per common share would have been $0.80 and $2.38 for the quarter and nine months ended September 30, 2022, respectively.
(2)
Amounts include $4,294 and $21,996 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease amendments for the quarter and nine months ended September 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.73 and $2.16 for the quarter and nine months ended September 30, 2021, respectively.
(3)
For the quarter and nine months ended September 30, 2022, the aggregate of such amounts is $193,102 and $573,401, respectively, and is classified as rental income on the income statement summary. For the quarter and nine months ended September 30, 2021, the aggregate of such amounts is $180,024 and $537,226, respectively.
(4)
Includes $745 in connection with the redemption of the 3.30% senior unsecured notes due 2023 for the nine months ended September 30, 2021.
National Retail Properties, Inc.
Earnings Guidance
Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press
release and the company's reports filed with the Commission.
2022 Guidance
Net earnings per common share excluding any gains on disposition
of real estate, impairment charges, and executive retirement costs
$1.85 - $1.89 per share
Real estate depreciation and amortization per share
$1.26 per share
Core FFO per share
$3.11 - $3.15 per share
AFFO per share(1)
$3.18 - $3.22 per share
General and administrative expenses
$40 - $42 Million
Real estate expenses, net of tenant reimbursements
$9 - $10 Million
Acquisition volume
$650 - $700 Million
Disposition volume
$65 - $85 Million
(1)
Estimates include the net straight-line accrued rent impact of the net rent repayment from the COVID-19 rent deferral lease amendments of $5.4 million for 2022. Excluding such, AFFO per common share guidance would have been $3.15 - $3.19 for 2022.
National Retail Properties, Inc.
(in thousands)
(unaudited)
September 30,
2022
December 31,
2021
Balance Sheet Summary
Assets:
Real estate portfolio
$
7,826,292
$
7,449,846
Cash and cash equivalents
3,277
171,322
Receivables, net of allowance of $664 and $782, respectively
2,978
3,154
Accrued rental income, net of allowance of $3,924 and $4,587, respectively
28,231
31,942
Debt costs, net of accumulated amortization of $21,085 and $19,377, respectively
5,858
7,443
Other assets
85,211
87,347
Total assets
$
7,951,847
$
7,751,054
Liabilities:
Line of credit payable
$
47,500
$
—
Mortgages payable, including unamortized premium and net of unamortized debt cost
10,151
10,697
Notes payable, net of unamortized discount and unamortized debt costs
3,738,843
3,735,769
Accrued interest payable
57,384
23,923
Other liabilities
91,037
79,002
Total liabilities
3,944,915
3,849,391
Stockholders' equity of NNN
4,006,932
3,901,662
Noncontrolling interests
—
1
Total equity
4,006,932
3,901,663
Total liabilities and equity
$
7,951,847
$
7,751,054
Common shares outstanding
178,732
175,636
Gross leasable area, Property Portfolio (square feet)
34,265
32,753
National Retail Properties, Inc.
Debt Summary
As of September 30, 2022
(in thousands)
(unaudited)
Unsecured Debt
Principal
Principal,
Net of
Unamortized
Discount
Stated
Rate
Effective
Rate
Maturity Date
Line of credit payable
$
47,500
$
47,500
L + 77.5 bps
3.007
%
June 2025
Unsecured notes payable:
2024
350,000
349,860
3.900
%
3.924
%
June 2024
2025
400,000
399,659
4.000
%
4.029
%
November 2025
2026
350,000
348,202
3.600
%
3.733
%
December 2026
2027
400,000
399,114
3.500
%
3.548
%
October 2027
2028
400,000
398,142
4.300
%
4.388
%
October 2028
2030
400,000
399,009
2.500
%
2.536
%
April 2030
2048
300,000
296,038
4.800
%
4.890
%
October 2048
2050
300,000
294,256
3.100
%
3.205
%
April 2050
2051
450,000
441,843
3.500
%
3.602
%
April 2051
2052
450,000
439,790
3.000
%
3.118
%
April 2052
Total
3,800,000
3,765,913
Total unsecured debt(1)
$
3,847,500
$
3,813,413
Debt costs
$
(38,145)
Accumulated amortization
11,075
Debt costs, net of accumulated amortization
(27,070)
Notes payable, net of unamortized discount and
unamortized debt costs
$
3,738,843
(1)
Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 14.0 years.
Mortgages Payable
Principal
Balance
Interest
Rate
Maturity Date
Mortgage(1)
$
10,160
5.230 %
July 2023
Debt costs
(147)
Accumulated amortization
138
Debt costs, net of accumulated amortization
(9)
Mortgages payable, including unamortized
premium and net of unamortized debt costs
$
10,151
(1)
Includes unamortized premium
As of September 30, 2022, Debt / EBITDA based on current quarter EBITDA annualized is 5.3x.
National Retail Properties, Inc.
Debt Summary – Continued
As of September 30, 2022
(unaudited)
Credit Facility and Note Covenants
The following is a summary of key financial covenants for the company's unsecured credit facility and notes, as defined and
calculated per the terms of the facility's credit agreement and the notes' governing documents, respectively, which are included
in the company's filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are
presented to investors to show that as of September 30, 2022, the company believes it is in compliance with the covenants.
Unsecured Credit Facility Key Covenants
Required
September 30,
2022
Maximum leverage ratio
< 0.60
0.36
Minimum fixed charge coverage ratio
> 1.50
4.69
Maximum secured indebtedness ratio
< 0.40
0.001
Unencumbered asset value ratio
> 1.67
2.83
Unencumbered interest ratio
> 1.75
4.82
Unsecured Notes Key Covenants
Required
September 30,
2022
Limitation on incurrence of total debt
≤ 60%
40 %
Limitation on incurrence of secured debt
≤ 40%
0.1 %
Debt service coverage ratio
≥ 1.50
4.65
Maintenance of total unencumbered assets
≥ 150%
252 %
National Retail Properties, Inc.
Property Portfolio
Top 20 Lines of Trade
As of September 30,
Lines of Trade
2022(1)
2021(2)
1.
Convenience stores
16.7 %
17.6 %
2.
Automotive service
13.6 %
12.1 %
3.
Restaurants – full service
9.4 %
9.9 %
4.
Restaurants – limited service
9.0 %
9.0 %
5.
Family entertainment centers
6.0 %
5.9 %
6.
Health and fitness
4.9 %
5.1 %
7.
Theaters
4.3 %
4.5 %
8.
Recreational vehicle dealers, parts and accessories
4.1 %
4.0 %
9.
Equipment rental
3.2 %
3.2 %
10.
Automotive parts
2.9 %
3.1 %
11.
Wholesale clubs
2.4 %
2.5 %
12.
Home improvement
2.4 %
2.5 %
13.
Furniture
2.3 %
1.7 %
14.
Medical service providers
1.9 %
2.1 %
15.
General merchandise
1.6 %
1.7 %
16.
Consumer electronics
1.5 %
1.5 %
17.
Home furnishings
1.5 %
1.5 %
18.
Travel plazas
1.5 %
1.5 %
19.
Automobile auctions, wholesale
1.3 %
1.3 %
20.
Drug stores
1.2 %
1.3 %
Other
8.3 %
8.0 %
Total
100.0 %
100.0 %
Top 10 States
State
% of
Total(1)
State
% of
Total(1)
1.
Texas
17.1 %
6.
North Carolina
4.1 %
2.
Florida
8.7 %
7.
Indiana
3.9 %
3.
Illinois
5.4 %
8.
Tennessee
3.8 %
4.
Ohio
5.3 %
9.
California
3.5 %
5.
Georgia
4.7 %
10.
Virginia
3.3 %
As a percentage of annual base rent, which is the annualized base rent for all leases in place.
(1)
$752,785,000 as of September 30, 2022.
(2)
$706,162,000 as of September 30, 2021.
National Retail Properties, Inc.
Property Portfolio – Continued
Top 20 Tenants
Tenant
# of
Properties
% of
Total(1)
1.
7-Eleven
138
4.8 %
2.
Mister Car Wash
121
4.4 %
3.
Camping World
47
4.0 %
4.
LA Fitness
30
3.4 %
5.
GPM Investments (Convenience Stores)
152
3.2 %
6.
Flynn Restaurant Group (Taco Bell/Arby's)
204
3.0 %
7.
Dave & Buster's
28
2.9 %
8.
AMC Theatre
20
2.7 %
9.
BJ's Wholesale Club
13
2.4 %
10.
Mavis Tire Express Services
134
2.2 %
11.
Sunoco
59
2.1 %
12.
Chuck E. Cheese's
53
2.0 %
13.
Couche Tard (Pantry)
71
1.8 %
14.
Frisch's Restaurants
69
1.8 %
15.
Fikes (Convenience Stores)
59
1.7 %
16.
Life Time Fitness
3
1.5 %
17.
Ahern Rentals
40
1.4 %
18.
Best Buy
16
1.4 %
19.
Bob Evans
106
1.4 %
20.
Pull-A-Part
20
1.3 %
Lease Expirations(2)
% of
Total(1)
# of
Properties
Gross
Leasable
Area(3)
% of
Total(1)
# of
Properties
Gross
Leasable
Area(3)
2022
0.4 %
8
180,000
2028
5.0 %
175
1,573,000
2023
1.7 %
87
987,000
2029
2.9 %
81
1,025,000
2024
3.1 %
91
1,445,000
2030
3.5 %
107
1,207,000
2025
5.6 %
188
1,992,000
2031
7.9 %
188
2,718,000
2026
5.3 %
218
2,157,000
2032
6.6 %
222
2,363,000
2027
8.7 %
240
3,635,000
Thereafter
49.3 %
1,723
14,814,000
(1)
Based on the annual base rent of $752,785,000, which is the annualized base rent for all leases in place as of September 30, 2022.
(2)
As of September 30, 2022, the weighted average remaining lease term is 10.4 years.
(3)
Square feet.
National Retail Properties, Inc.
Rent Deferral Lease Amendments
(in thousands)
The following table outlines the rent deferred and corresponding scheduled repayment of the COVID-19 rent deferral lease
amendments executed as of September 30, 2022 (dollars in thousands):
Deferred
Scheduled Repayment
Accrual
Basis
Cash
Basis
Total
% of
Total
Accrual
Basis
Cash
Basis
Total
% of
Total
Cumulative
Total
2020
$
33,594
$
18,425
$
52,019
91.7
%
$
3,239
$
20
$
3,259
5.7
%
5.7
%
2021
990
3,768
4,758
8.3
%
25,935
5,841
31,776
56.0
%
61.7
%
2022
Q1
—
—
—
—
1,780
2,283
4,063
7.2
%
68.9
%
Q2
—
—
—
—
1,729
2,284
4,013
7.1
%
76.0
%
Q3
—
—
—
—
1,201
2,284
3,485
6.1
%
82.1
%
Q4
—
—
—
—
681
2,284
2,965
5.2
%
87.3
%
—
—
—
—
5,391
9,135
14,526
25.6
%
87.3
%
2023
Q1
—
—
—
—
9
1,704
1,713
2.9
%
90.2
%
Q2
—
—
—
—
10
543
553
1.0
%
91.2
%
Q3
—
—
—
—
—
543
543
1.0
%
92.2
%
Q4
—
—
—
—
—
544
544
1.0
%
93.2
%
—
—
—
—
19
3,334
3,353
5.9
%
93.2
%
2024
—
—
—
—
—
1,932
1,932
3.4
%
96.6
%
2025
—
—
—
—
—
1,931
1,931
3.4
%
100.0
%
$
34,584
$
22,193
$
56,777
$
34,584
$
22,193
$
56,777
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SOURCE National Retail Properties, Inc.