PR Newswire | Feb 11, 2021 08:31AM EST

02/11 07:30 CST

Annual Results Announced By National Retail Properties, Inc. ORLANDO, Fla., Feb. 11, 2021

ORLANDO, Fla., Feb. 11, 2021 /PRNewswire/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter and year ended December 31, 2020. Highlights include:

Operating Results:

* Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

Quarter Ended Year Ended

December 31, December 31,

2020 2019 2020 2019

(in thousands, except per share data)

Revenues $163,284 $173,376$660,681 $670,487



Net earnings available to $56,802 ^ $58,534 $210,859^ $258,183common stockholders (1) (1)

Net earnings per common $0.33 ^ $0.34 $1.22 ^ $1.56 share (1) (1)



FFO available to common $107,565 $110,445$428,236 $446,661stockholders

FFO per common share $0.62 $0.65 $2.49 $2.71



Core FFO available to common$109,331 $120,301$446,681 $455,186stockholders

Core FFO per common share $0.63 $0.70 $2.59 $2.76



AFFO available to common $119,764^ $122,205$431,444^ $462,325stockholders (2) (2)

AFFO per common share $0.69 ^ $0.71 $2.51 ^ $2.80 (2) (2)

^(1) Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.13 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.

2020 Highlights:

* As of January 31, 2021, NNN had collected approximately 89.7% of rent originally due for the year ended December 31, 2020 * Dividend yield of 5.1% at December 31, 2020 * Annual dividend per common share increased 2.0% to $2.07 marking the 31st consecutive year of annual dividend increases - the third longest record of consecutive annual dividend increases of all public REITs and 99% of all public companies * Maintained high occupancy levels at 98.5%, with a weighted average remaining lease term of 10.7 years, at December 31, 2020 as compared to 98.4% at September 30, 2020, and 99.0% at December 31, 2019. * $180.0 million in property investments, including the acquisition of 63 properties with aggregate gross leasable area of approximately 449,000 square feet at an initial cash yield of 6.5% * Sold 38 properties for $54.5 million, producing $16.2 million of gains on sale, at a cap rate of 6.1% * Raised $124.3 million in net proceeds from issuance of 3,257,660 common shares * Raised $395.1 million in net proceeds from the issuance of 2.500% senior unsecured notes due 2030 * Raised $290.5 million in net proceeds from the issuance of 3.100% senior unsecured notes due 2050 * Redeemed $325 million principal amount of 3.800% senior unsecured notes due 2022 * Ended the year with $267.2 million of cash and no amounts drawn on the $900 million bank credit facility * 99.7% of properties are unencumbered with secured mortgage debt * Total average annual shareholder return of 12% over the past 25 years exceeds industry and general equity averages

Selected Highlights for the quarter ended December 31, 2020:

* As of January 31, 2021, NNN had collected approximately 95.7% of rent originally due for the quarter ended December 31, 2020, and approximately 95.0% of rent originally due in January 2021 * $102.0 million in property investments, including the acquisition of 42 properties with an aggregate gross leasable area of approximately 150,000 square feet at an initial cash yield of 6.2% * Sold 13 properties with net proceeds of $12.0 million, producing $2.6 million of gains on sales at a cap rate of 7.2% * Raised $60.1 million in net proceeds from the issuance of 1,501,322 common shares

During the year ended December 31, 2020, NNN entered into rent deferral lease amendments with certain tenants for an aggregate $50,719,000 and $1,410,000 of rent originally due for the year ending December 31, 2020 and 2021, respectively. The rent deferral lease amendments required the deferred rents to be repaid at a later time during the lease term. Approximately $3,259,000 of the deferred rent was repaid in 2020. Deferred rents of $36,794,000, $10,944,000, and $1,132,000 are due to be repaid during the years ended December 31, 2021, 2022 and 2023, respectively.

The company announced 2021 Core FFO guidance of $2.55 to $2.62 per share and estimated 2021 AFFO to be $2.77 to $2.84 per share. The Core FFO guidance equates to net earnings of $1.42 to $1.49 per share, plus $1.13 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate, and any charges for impairments. 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.

Jay Whitehurst, Chief Executive Officer, commented: "National Retail Properties posted solid fourth quarter results, with continued high occupancy, strong rent collections and renewed acquisition volume, all bolstered by a fortress-like balance sheet. The value of our consistent, long-term focus was never more apparent than in 2020, as our team of experienced associates addressed the challenges and opportunities of the COVID-19 pandemic and related economic turmoil. This long-term approach to all aspects of our business and our culture positions us well to continue creating shareholder value in the years ahead."

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2020, the company owned 3,143 properties in 48 states with a gross leasable area of approximately 32.5 million square feet and with a weighted average remaining lease term of 10.7 years. For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on February 11, 2021, at 10:30 a.m. ET to review these results. 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 arecharacterized 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 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 Annual Report on Form 10-K. 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 like transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption 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.

National Retail Properties, Inc. (in thousands, except per share data) (unaudited)

Quarter Ended Year Ended

December 31, December 31,

2020 2019 2020 2019

Income Statement Summary



Revenues:

Rental income $162,902$173,163$658,793$669,009

Interest and other income 382 213 1,888 1,478 from real estate transactions

163,284 173,376 660,681 670,487



Operating expenses:

General and administrative 9,247 10,127 38,161 37,651

Real estate 8,059 7,258 28,362 27,656

Depreciation and amortization49,095 48,102 196,623 188,871

Leasing transaction costs 40 83 76 261

Impairment losses - real 4,380 10,868 37,442 31,992 estate, net of recoveries

Retirement severance costs 1,766 - 1,766 -

72,587 76,438 302,430 286,431

Gain on disposition of real 2,601 6,955 16,238 32,463 estate

Earnings from operations 93,298 103,893 374,489 416,519



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 - - 16,679 - of debt

32,011 30,107 145,693 116,911



Net earnings 61,287 73,786 228,796 299,608

Loss (earnings) attributable - - 3 (428) to noncontrolling interests



Net earnings attributable to 61,287 73,786 228,799 299,180 NNN

Series E preferred stock - (911) - (13,201) dividends

Series F preferred stock (4,485) (4,485) (17,940) (17,940) dividends

Excess of redemption value over carrying value of - (9,856) - (9,856) preferred shares redeemed

Net earnings available to $56,802 $58,534 $210,859$258,183common stockholders





Weighted average common shares outstanding:

Basic 173,310 170,763 172,110 164,688

Diluted 173,453 171,175 172,217 165,084



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



^(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

National Retail Properties, Inc. (in thousands, except per share data) (unaudited)

Quarter Ended Year Ended

December 31, December 31,

2020 2019 2020 2019

Funds From Operations (FFO) Reconciliation:

Net earnings available $56,802 ^ $58,534 $210,859^ $258,183to common stockholders (1) (1)

Real estate depreciation and 48,984 47,998 196,173 188,537 amortization

Gain on disposition of real estate, net of (2,601) (6,955) (16,238) (32,051) noncontrolling interests

Impairment losses - depreciable real 4,380 10,868 37,442 31,992 estate, net of recoveries

Total FFO adjustments 50,763 51,911 217,377 188,478

FFO available to common$107,565 $110,445$428,236 $446,661stockholders



FFO per common share:

Basic $0.62 $0.65 $2.49 $2.71

Diluted $0.62 $0.65 $2.49 $2.71



Core Funds From Operations Reconciliation:

Net earnings available $56,802 ^ $58,534 $210,859^ $258,183to common stockholders (1) (1)

Total FFO adjustments 50,763 51,911 217,377 188,478

FFO available to common107,565 110,445 428,236 446,661 stockholders



Excess of redemption value over carrying - 9,856 - 9,856 value of preferred share redemption

Retirement severance 1,766 - 1,766 - costs

Gain on sale of equity - - - (1,331) investments

Loss on early - - 16,679 - extinguishment of debt

Total Core FFO 1,766 9,856 18,445 8,525 adjustments

Core FFO available to $109,331 $120,301$446,681 $455,186common stockholders



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 $0.13 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.

National Retail Properties, Inc. (in thousands, except per share data) (unaudited)



Quarter Ended Year Ended

December 31, December 31,

2020 2019 2020 2019

Adjusted Funds From Operations (AFFO) Reconciliation:

Net earnings ^ ^ available to common $56,802 (1)$58,534 $210,859 (1)$258,183 stockholders

Total FFO adjustments50,763 51,911 217,377 188,478

Total Core FFO 1,766 9,856 18,445 8,525 adjustments

Core FFO available to109,331 120,301 446,681 455,186 common stockholders



Straight-line accrued7,437 (631) (26,027) (2,333) rent, net of reserves

Net capital lease 66 94 210 602 rent adjustment

Below market rent (175) (189) (887) (768) amortization

Stock based 3,275 2,932 12,855 10,737 compensation expense

Capitalized interest (170) (302) (1,388) (1,099) expense

Total AFFO 10,433 1,904 (15,237) 7,139 adjustments

AFFO available to $119,764^ $122,205$431,444 ^ $462,325 common stockholders (2) (2)



AFFO per common share:

Basic $0.69 ^ $0.72 $2.51 ^ $2.81 (2) (2)

Diluted $0.69 ^ $0.71 $2.51 ^ $2.80 (2) (2)



Other Information:

Rental income from $157,408 $167,805$639,265 $650,112 operating leases^(3)

Earned income from direct financing $160 $174 $647 $798 leases^(3)

Percentage rent^(3) $114 $260 $842 $1,310



Real estate expense reimbursement from $5,220 $4,924 $18,039 $16,789 tenants^(3)

Real estate expenses (8,058) (7,258) (28,362) (27,656)

Real estate expenses, net of tenant $(2,838) $(2,334)$(10,323) $(10,867)reimbursements



Amortization of debt $1,085 $944 $5,009 ^ $3,731 costs (4)

Scheduled debt principal amortization $153 $145 $596 $567 (excluding maturities)

Non-real estate $114 $108 $461 $346 depreciation expense



^(1) Includes the write-off of $7,034 (or $0.04 per share) and $21,792 (or $0.13 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.



^(3) 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.



^(4) Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the year ended December 31, 2020.

2021 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.

2021 Guidance

Net earnings per common share excluding any gains on $1.42 - $1.49 per disposition of real estate and impairment charges 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.

National Retail Properties, Inc. (in thousands) (unaudited)

December 31,December 31, 2020 2019

Balance Sheet Summary



Assets:

Real estate:

Accounted for using the operating method, net of $7,208,661$7,287,082accumulated depreciation and amortization

Accounted for using the direct financing method 3,994 4,204

Real estate held for sale 5,671 9,953

Cash and cash equivalents 267,236 1,112

Receivables, net of allowance of $835 and $506, 4,338 2,874 respectively

Accrued rental income, net of allowance of $6,947 53,958 28,897 and $1,842, respectively

Debt costs, net of accumulated amortization of 1,917 2,783 $17,294 and $15,574, respectively

Other assets 92,069 97,962

Total assets $7,637,844$7,434,867



Liabilities:

Line of credit payable $- $133,600

Mortgages payable, including unamortized premium 11,395 12,059 and net of unamortized debt costs

Notes payable, net of unamortized discount and 3,209,527 2,842,698 unamortized debt costs

Accrued interest payable 19,401 18,250

Other liabilities 78,217 96,578

Total liabilities 3,318,540 3,103,185



Stockholders' equity of NNN 4,319,300 4,331,675

Noncontrolling interests 4 7

Total equity 4,319,304 4,331,682



Total liabilities and equity $7,637,844$7,434,867



Common shares outstanding 175,233 171,694



Gross leasable area, Property Portfolio (square 32,461 32,460 feet)



National Retail Properties, Inc. Debt Summary As of December 31, 2020 (in thousands) (unaudited)



Principal, Unsecured DebtPrincipal Net of Stated RateEffective RateMaturity Date Unamortized Discount

Line of credit$- $- L + 87.5 2.560% January 2022 payable bps



Unsecured notes payable:



2023 350,000 349,327 3.300% 3.388% April 2023

2024 350,000 349,726 3.900% 3.924% June 2024

2025 400,000 399,485 4.000% 4.029% November 2025

2026 350,000 347,532 3.600% 3.733% December 2026

2027 400,000 398,842 3.500% 3.548% October 2027

2028 400,000 397,689 4.300% 4.388% October 2028

2030 400,000 398,805 2.500% 2.536% April 2030

2048 300,000 295,910 4.800% 4.890% October 2048

2050 300,000 294,034 3.100% 3.205% April 2050

Total 3,250,000 3,231,350



Total $3,250,000$3,231,350 unsecured debt



Debt costs $(31,140)

Accumulated amortization 9,317

Debt costs, net of (21,823) accumulated amortization

Notes payable, net of unamortized discount and $3,209,527 unamortized debt costs ^(1)



^(1) Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 10.2 years

Mortgages Payable PrincipalInterest RateMaturity Date Balance

Mortgage^(1) $11,4345.230% July 2023



Debt costs (147)

Accumulated amortization 108

Debt costs, net of accumulated (39) amortization

Mortgages payable, including unamortized premium and net of $11,395 unamortized debt costs



^(1) Includes unamortized premium

National Retail Properties, Inc. Debt Summary As of December 31, 2020



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 December 31, 2020, the company believes it is in compliance with the covenants.



Unsecured Credit Facility Key RequiredDecember 31, 2020 Covenants

Maximum leverage ratio < 0.60 0.38

Minimum fixed charge coverage ratio > 1.50 3.89

Maximum secured indebtedness ratio < 0.40 0.001

Unencumbered asset value ratio > 1.67 2.67

Unencumbered interest ratio > 1.75 5.07



December 31, 2020

Unsecured Notes Key Covenants RequiredNotes Due ^(1)Notes Due ^(2)

Limitation on incurrence of total ? 60% 36.0% 36.0% debt

Limitation on incurrence of secured ? 40% 0.1% 0.1% debt

Debt service coverage ratio ? 1.50 4.40 4.40

Maintenance of total unencumbered ? 150%278.4% 278.2% assets



^(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

National Retail Properties, Inc. Property Portfolio



Top 20 Lines of Trade

% of Rent Collections As of December 31,Quarter EndedDecember 31, Line of Trade 2020^(1)2019^(2)2020^(1)(3)

1. Convenience stores 18.2 %18.2 %99.9 %

2. Restaurants - full service 10.5 %11.1 %86.1 %

3. Automotive service 10.3 %9.6 %99.5 %

4. Restaurants - limited service 9.7 %8.8 %99.9 %

5. Family entertainment centers 5.9 %6.7 %99.3 %

6. Health and fitness 5.3 %5.2 %98.4 %

7. Theaters 4.4 %4.7 %42.4 %

8. Recreational vehicle dealers, parts 3.5 %3.4 %100.0 % and accessories

9. Automotive parts 3.1 %3.1 %99.5 %

10.Equipment rental 2.6 %2.6 %99.8 %

11.Home improvement 2.6 %2.6 %99.4 %

12.Wholesale clubs 2.6 %2.5 %99.7 %

13.Medical service providers 2.2 %2.1 %99.9 %

14.General merchandise 1.7 %1.8 %99.2 %

15.Furniture 1.7 %1.6 %99.4 %

16.Home furnishings 1.6 %1.7 %99.9 %

17.Consumer electronics 1.5 %1.5 %100.0 %

18.Travel plazas 1.5 %1.6 %100.0 %

19.Drug stores 1.5 %1.6 %99.9 %

20.Bank 1.3 %1.3 %100.0 %

Other 8.3 %8.3 %99.4 %

Total 100.0 %100.0 %95.7 %

Top 10 States



State % of Total^(1) State % of Total^(1)

1.Texas 17.5 % 6. Georgia 4.4 %

2.Florida 8.5 % 7. Indiana 4.2 %

3.Ohio 5.8 % 8. Tennessee 3.7 %

4.Illinois 5.1 % 9. Virginia 3.5 %

5.North Carolina 4.5 % 10. California 3.3 %



^(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.

^(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.

^(3) Rent collections received as of January 31, 2021, excluding the repayment of amounts previously deferred according to the rent deferral lease amendments.

National Retail Properties, Inc. Property Portfolio



Top 20 Tenants



Tenant Properties% of Total ^(1)

1. 7-Eleven 140 5.1%

2. Mister Car Wash 115 4.6%

3. Camping World 47 4.4%

4. LA Fitness 30 3.8%

5. Flynn Restaurant Group (Taco Bell/Arby's)202 3.5%

6. GPM Investments (Convenience Stores) 151 3.3%

7. AMC Theatres 19 2.9%

8. Couche-Tard (Pantry) 82 2.7%

9. BJ's Wholesale Club 11 2.6%

10.Sunoco 59 2.2%

11.Mavis Tire Express Services 120 2.2%

12.Main Event 18 1.8%

13.Frisch's Restaurants 74 1.8%

14.Bob Evans 115 1.7%

15.Fikes (Convenience Stores) 56 1.6%

16.Chuck-E-Cheese's 53 1.6%

17.Best Buy 15 1.5%

18.Life Time Fitness 3 1.5%

19.Dave & Buster's 11 1.5%

20.Pull-A-Part 20 1.3%

Lease Expirations^(2)



% of # of Gross % of # of Gross Total^(1)PropertiesLeasable Total^(1)PropertiesLeasable Area ^(3) Area^ (3)

20213.0% 108 1,120,0002027 6.3% 172 2,443,000

20225.4% 123 1,577,0002028 4.8% 158 1,185,000

20232.8% 114 1,426,0002029 3.0% 75 1,052,000

20243.6% 96 1,481,0002030 3.6% 105 1,122,000

20256.2% 198 2,093,0002031 8.7% 188 2,861,000

20264.7% 186 1,768,000Thereafter47.9% 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) As of December 31, 2020, the weighted average remaining lease term is 10.7 years.

^(3) Square feet.

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SOURCE National Retail Properties, Inc.