NATIONAL RETAIL PROPERTIES, INC. - FORM 8-K - EX-99.1 - August 3, 2021

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NEWS RELEASE
For information contact:
Kevin B. Habicht
Chief Financial Officer
(407) 265-7348    FOR IMMEDIATE RELEASE
    August 3, 2021

SECOND QUARTER 2021 OPERATING RESULTS AND INCREASED 2021 GUIDANCE
ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.

Orlando, Florida, August 3, 2021 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2021. Highlights include:

Operating Results:
•Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:
Quarter EndedSix Months Ended
June 30,June 30,
2021202020212020
(in thousands, except per share data)
Revenues$179,011 $163,701 $358,789 $338,764 
Net earnings available to common stockholders$68,538 $41,780 $120,640 $102,473 
Net earnings per common share$0.39 $0.24 $0.69 $0.60 
FFO available to common stockholders$122,862 $111,738 $222,683 $214,247 
FFO per common share$0.70 $0.65 $1.27 $1.25 
Core FFO available to common stockholders$122,862 $111,738 $244,011 $230,926 
Core FFO per common share$0.70 $0.65 $1.40 $1.35 
AFFO available to common stockholders$134,375 
(1)
$83,240 
(2)
$267,908 
(1)
$204,990 
(2)
AFFO per common share$0.77 
(1)
$0.49 
(2)
$1.53 
(1)
$1.20 
(2)
(1) Amounts include $8,323 and $17,706 of net straight-line accrued rent from rent deferral repayments from the COVID-19 rent deferral
     lease amendments for the quarter and six months ended June 30, 2021, respectively. Excluding such, AFFO per common share would
     have been $0.72 and $1.43 for the quarter and six months ended June 30, 2021, respectively.
(2) Amounts exclude $30,223 of net straight-line accrued rent from rent deferral repayments from the COVID-19 rent deferral lease
      amendments. Including such, AFFO per common share would have been $0.66 and $1.37 for the quarter and six months ended
      June 30, 2020, respectively.

Second Quarter 2021 Highlights:
•As of July 28, 2021, NNN had collected approximately 99% of rent originally due for the quarter ended June 30, 2021, and approximately 99% of rent originally due in July 2021
•Maintained high occupancy levels at 98.3%, with a weighted average remaining lease term of 10.6 years, at June 30, 2021 as compared to 98.3% at March 31, 2021 and 98.5% at December 31, 2020
•Invested $102.9 million in property investments, including the acquisition of 29 properties with an aggregate 173,000 square feet of gross leasable area at an initial cash yield of 6.7%
•Sold 15 properties for $22.9 million producing $4.2 million of gains on sales




Second Quarter 2021 Highlights (continued):
•Expanded line of credit borrowing capacity from $900 million to $1.1 billion, reduced pricing from LIBOR plus 87.5 basis points to LIBOR plus 77.5 basis points, and extended maturity to June 2025.
•Ended the quarter with $249.6 million of cash and no amounts drawn on the $1.1 billion bank credit facility

First Half of 2021 Highlights:
•Invested $208.6 million in property investments, including the acquisition of 58 properties with an aggregate 528,000 square feet of gross leasable area at an initial cash yield of 6.5%
•Sold 26 properties for $40.4 million producing $8.5 million of gains on sales
•Raised $2.4 million net proceeds from the issuance of 61,430 common shares
•Issued $450 million principal amount of 3.500% senior unsecured notes due 2051
•Redeemed $350 million principal amount of 3.300% senior unsecured notes due 2023
•Weighted average debt maturity increased to 13.0 years
NNN has entered into rent deferral lease amendments with certain tenants for an aggregate $51,799,000 and $4,758,000 of rent originally due for the years ended December 31, 2020 and December 31, 2021, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $3,259,000 of deferred rent was repaid in 2020 and approximately $21,151,000 of deferred rent was repaid in the six months ending June 30, 2021.
Core FFO guidance for 2021 was increased from a range of $2.70 to $2.75 to a range of $2.75 to $2.80 per share. The 2021 AFFO is estimated to be $2.95 to $3.00 per share. The Core FFO guidance equates to net earnings of $1.60 to $1.65 per share, plus $1.15 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments or loss on early extinguishment of debt. 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 produced another quarter of strong results, driven by continued high occupancy, impressive rent collections and solid acquisitions from relationship tenants, all supported by a low leverage, flexible balance sheet. In addition to our recently announced increase in the common stock dividend, thus making 2021 our 32nd consecutive year of increased annual dividends, we are pleased today to increase our guidance for 2021 Core FFO per share, reflecting a return to our pre-pandemic strategy to generate consistent mid-single digits per share growth on a multi-year basis. With almost $250M of cash in the bank and no material debt maturities until 2024, we are well positioned for the balance of 2021 and beyond.”
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2021, the company owned 3,173 properties in 48 states with a gross leasable area of approximately 32.7 million square feet and with a weighted average remaining lease term of 10.6 years. For more information on the company, visit www.nnnreit.com.
Management will hold a conference call on August 3, 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 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 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, 2020 and (ii) Quarterly Report on Form 10-Q for the quarter and six months ended June 30, 2021. 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
2



(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.







3



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

Quarter EndedSix Months Ended
June 30,June 30,
2021202020212020
Income Statement Summary
Revenues:
Rental income$178,004 $163,479 $357,202 $338,026 
Interest and other income from real estate transactions1,007 222 1,587 738 
179,011 163,701 358,789 338,764 
Operating expenses:
General and administrative11,868 9,395 23,616 19,495 
Real estate6,619 6,323 14,344 13,959 
Depreciation and amortization50,875 48,936 100,855 98,124 
Leasing transaction costs22 — 60 36 
Impairment losses – real estate, net of recoveries
7,735 21,854 9,866 27,367 
77,119 86,508 148,741 158,981 
Gain on disposition of real estate4,181 719 8,462 13,489 
Earnings from operations106,073 77,912 218,510 193,272 
Other expenses (revenues):
Interest and other income(33)(106)(98)(271)
Interest expense33,085 31,753 67,672 
(1)
65,423 
(2)
Loss on early extinguishment of debt— — 21,328 16,679 
33,052 31,647 88,902 81,831 
Net earnings73,021 46,265 129,608 111,441 
Loss attributable to noncontrolling interests2 — 2 2 
Net earnings attributable to NNN73,023 46,265 129,610 111,443 
Series F preferred stock dividends(4,485)(4,485)(8,970)(8,970)
Net earnings available to common stockholders$68,538 $41,780 $120,640 $102,473 
Weighted average common shares outstanding:
Basic174,611 171,389 174,600 171,214 
Diluted174,727 171,485 174,733 171,374 
Net earnings per share available to common stockholders:
Basic$0.39 $0.24 $0.69 $0.60 
Diluted$0.39 $0.24 $0.69 $0.60 
(1) Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the six months ended June 30, 2021.
(2) Includes $2,291 in connection with the redemption of 3.80% senior unsecured notes due 2022 for the six months ended June 30, 2020.


4




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

Quarter EndedSix Months Ended
June 30,June 30,
2021202020212020
Funds From Operations (FFO) Reconciliation:
Net earnings available to common stockholders$68,538 $41,780 $120,640 $102,473 
Real estate depreciation and amortization50,770 48,823 100,639 97,896 
Gain on disposition of real estate(4,181)(719)(8,462)(13,489)
Impairment losses – depreciable real estate, net of recoveries
7,735 21,854 9,866 27,367 
Total FFO adjustments54,324 69,958 102,043 111,774 
FFO available to common stockholders$122,862 $111,738 $222,683 $214,247 
FFO per common share:
Basic$0.70 $0.65 $1.28 $1.25 
Diluted$0.70 $0.65 $1.27 $1.25 
Core Funds From Operations (Core FFO) Reconciliation:
Net earnings available to common stockholders$68,538 $41,780 $120,640 $102,473 
Total FFO adjustments54,324 69,958 102,043 111,774 
FFO available to common stockholders122,862 111,738 222,683 214,247 
Loss on early extinguishment of debt— — 21,328 16,679 
Total Core FFO adjustments— — 21,328 16,679 
Core FFO available to common stockholders$122,862 $111,738 $244,011 $230,926 
Core FFO per common share:
Basic$0.70 $0.65 $1.40 $1.35 
Diluted$0.70 $0.65 $1.40 $1.35 
5



National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
Quarter EndedSix Months Ended
June 30,June 30,
2021202020212020
Adjusted Funds From Operations (AFFO) Reconciliation:
Net earnings available to common stockholders$68,538 $41,780 $120,640 $102,473 
Total FFO adjustments54,324 69,958 102,043 111,774 
Total Core FFO adjustments— — 21,328 16,679 
Core FFO available to common stockholders122,862 111,738 244,011 230,926 
Straight-line accrued rent, net of reserves7,359 (30,984)15,692 (31,045)
Net capital lease rent adjustment95 22 185 83 
Below-market rent amortization(112)(190)(274)(410)
Stock based compensation expense4,235 3,074 8,421 6,322 
Capitalized interest expense(64)(420)(127)(886)
Total AFFO adjustments11,513 (28,498)23,897 (25,936)
AFFO available to common stockholders$134,375 
(1)
$83,240 
(2)
$267,908 
(1)
$204,990 
(2)
AFFO per common share:
Basic$0.77 
(1)
$0.49 
(2)
$1.53 
(1)
$1.20 
(2)
Diluted$0.77 
(1)
$0.49 
(2)
$1.53 
(1)
$1.20 
(2)
Other Information:
Rental income from operating leases(3)
$173,371 $159,300 $346,954 $328,033 
Earned income from direct financing leases(3)
$157 $162 $315 $326 
Percentage rent(3)
$231 $165 $335 $568 
Real estate expense reimbursement from tenants(3)
$4,245 $3,852 $9,598 $9,099 
Real estate expenses(6,620)(6,323)(14,345)(13,959)
Real estate expenses, net of tenant reimbursements$(2,375)$(2,471)$(4,747)$(4,860)
Amortization of debt costs$1,042 $1,026 $2,882 
(4)
$2,842 
(5)
Scheduled debt principal amortization (excluding maturities)
$155 $147 $312 $294 
Non-real estate depreciation expense$108 $115 $222 $233 
(1)Amounts include the net straight-line accrued rent impact of the rent deferral repayments from the COVID-19 rent deferral lease amendments of $8,323 and $17,706 for the quarter and six months ended June 30, 2021, respectively. Excluding such, AFFO per common share would have been $0.72 and $1.43 for the quarter and six months ended June 30, 2021, respectively.
(2)Amounts exclude $30,223 of straight-line accrued rent from rent deferral repayments from the COVID-19 rent deferral lease amendments. Including such, AFFO per common share would have been $0.66 and $1.37 for the quarter and six months ended June 30, 2020, respectively.
(3)For the quarter and six months ended June 30, 2021, the aggregate of such amounts is $178,004 and $357,202, respectively, and is classified as rental income on the income statement summary. For the quarter and six months ended June 30, 2020, the aggregate of such amounts is $163,479 and $338,026, respectively.
(4)Includes $745 in connection with the redemption of the 3.30% senior unsecured notes due 2023 for the six months ended June 30, 2021.
(5)Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the six months ended June 30, 2020.

6



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 disposition of real estate, impairment charges and loss on early extinguishment of debt$1.60 - $1.65 per share
  Real estate depreciation and amortization per share$1.15 per share
  Core FFO per share$2.75 - $2.80 per share
  AFFO per share(1)
$2.95 - $3.00 per share
  General and administrative expenses $46 - $48 Million
  Real estate expenses, net of tenant reimbursements$10 - $12 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 $24,953,000 for 2021. Absent such, AFFO per common share guidance would have been $2.81 - $2.86 per share for 2021.

7



National Retail Properties, Inc.
(in thousands)
(unaudited)
June 30, 2021December 31, 2020
Balance Sheet Summary
Assets:
Real estate portfolio$7,270,513 $7,212,655 
Real estate held for sale12,736 5,671 
Cash and cash equivalents
249,558 267,236 
Receivables, net of allowance of $779 and $835, respectively3,613 4,338 
Accrued rental income, net of allowance of $5,294 and $6,947, respectively37,870 53,958 
Debt costs, net of accumulated amortization of $18,243 and $17,294, respectively8,508 1,917 
Other assets93,002 92,069 
Total assets
$7,675,800 $7,637,844 
Liabilities:
Line of credit payable
$— $— 
 Mortgages payable, including unamortized premium and net of unamortized debt cost
11,049 11,395 
 Notes payable, net of unamortized discount and unamortized debt costs
3,299,218 3,209,527 
Accrued interest payable21,816 19,401 
Other liabilities72,839 78,217 
Total liabilities
3,404,922 3,318,540 
Stockholders' equity of NNN
4,270,876 4,319,300 
Noncontrolling interests
2 4 
Total equity
4,270,878 4,319,304 
Total liabilities and equity
$7,675,800 $7,637,844 
Common shares outstanding175,599 175,233 
Gross leasable area, Property Portfolio (square feet)32,664 32,461 

8



National Retail Properties, Inc.
Debt Summary
As of June 30, 2021
(in thousands)
(unaudited)
Unsecured DebtPrincipalPrincipal, Net of Unamortized DiscountStated RateEffective RateMaturity Date
Line of credit payable$— $— L + 77.5 bps— %   June 2025
Unsecured notes payable:
2024350,000 349,763 3.900 %3.924 %   June 2024
2025400,000 399,533 4.000 %4.029 %   November 2025
2026350,000 347,719 3.600 %3.733 %   December 2026
2027400,000 398,918 3.500 %3.548 %   October 2027
2028400,000 397,815 4.300 %4.388 %   October 2028
2030400,000 398,863 2.500 %2.536 %April 2030
2048300,000 295,946 4.800 %4.890 %   October 2048
2050300,000 294,096 3.100 %3.205 %April 2050
2051450,000 441,641 3.500 %3.602 %April 2051
Total3,350,000 3,324,294 
Total unsecured debt(1)
$3,350,000 $3,324,294 
Debt costs(33,178)
Accumulated amortization8,102 
Debt costs, net of accumulated amortization(25,076)
Notes payable, net of unamortized discount and unamortized debt costs$3,299,218 
(1)Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 13.0 years.

Mortgages PayablePrincipal BalanceInterest RateMaturity Date
Mortgage(1)
$11,080 5.230 %   July 2023
Debt costs(147)
Accumulated amortization116 
Debt costs, net of accumulated amortization
(31)
Mortgages payable, including unamortized premium and net of unamortized debt costs
$11,049 
(1) Includes unamortized premium

9



National Retail Properties, Inc.
Debt Summary
As of June 30, 2021

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 June 30, 2021, the company believes it is in compliance with the covenants.
Unsecured Credit Facility Key CovenantsRequiredJune 30, 2021
Maximum leverage ratio< 0.600.34
Minimum fixed charge coverage ratio> 1.504.27
Maximum secured indebtedness ratio< 0.400.001
Unencumbered asset value ratio> 1.672.96
Unencumbered interest ratio> 1.754.93
Unsecured Notes Key CovenantsRequiredJune 30, 2021
Limitation on incurrence of total debt≤ 60%36.5%
Limitation on incurrence of secured debt≤ 40%0.1%
Debt service coverage ratio≥ 1.504.43
Maintenance of total unencumbered assets  ≥ 150%274%
10



National Retail Properties, Inc.
Property Portfolio

Top 20 Lines of Trade
% of Rent Collections Quarter Ended June 30, 2021(3)
As of June 30,
Line of Trade
2021(1)
2020(2)
1.Convenience stores18.0 %18.1 %99.9 %
2.Automotive service11.4 %10.2 %99.7 %
3.Restaurants – full service9.9 %10.6 %93.9 %
4.Restaurants – limited service9.2 %8.8 %99.7 %
5.Family entertainment centers6.1 %6.7 %99.9 %
6.Health and fitness5.2 %5.2 %99.3 %
7.Theaters4.6 %4.7 %94.9 %
8.Recreational vehicle dealers, parts and accessories3.5 %3.5 %100.0 %
9.Equipment rental3.2 %2.6 %100.0 %
10.Automotive parts3.1 %3.1 %100.0 %
11.Home improvement2.6 %2.6 %100.0 %
12.Wholesale clubs2.5 %2.5 %100.0 %
13.Medical service providers2.2 %2.1 %98.6 %
14.General merchandise1.7 %1.7 %98.7 %
15.Furniture1.6 %1.7 %99.5 %
16.Consumer electronics1.6 %1.5 %100.0 %
17.Home furnishings1.6 %1.6 %100.0 %
18.Travel plazas1.5 %1.5 %100.0 %
19.Drug stores1.4 %1.5 %100.0 %
20.Bank1.3 %1.3 %100.0 %
Other7.8 %8.5 %98.6 %
Total100.0 %100.0 %98.9 %

Top 10 States
State
% of Total(1)
State
% of Total(1)
1.Texas17.2 %6.Georgia4.3 %
2.Florida8.9 %7.Indiana3.9 %
3.Ohio5.6 %8.Tennessee3.6 %
4.Illinois5.5 %9.California3.4 %
5.North Carolina4.4 %10.Virginia3.3 %
As a percentage of annual base rent, which is the annualized base rent for all leases in place.
(1) $689,364,000 as of June 30, 2021.
(2) $676,538,000 as of June 30, 2020.
(3) Rent collections received as of July 28, 2021, excluding the repayment of amounts previously deferred according to
    the rent deferral lease amendments.



11



National Retail Properties, Inc.
Property Portfolio

Top 20 Tenants
Properties
% of Total(1)
1.7-Eleven139 5.0 %
2.Mister Car Wash120 4.7 %
3.Camping World47 4.3 %
4.LA Fitness30 3.8 %
5.GPM Investments (Convenience Stores)153 3.3 %
6.Flynn Restaurant Group (Taco Bell/Arby's)204 3.2 %
7.AMC Theatre20 3.0 %
8.Couche Tard (Pantry)83 2.7 %
9.BJ's Wholesale Club11 2.5 %
10.Sunoco59 2.2 %
11.Mavis Tire Express Services123 2.1 %
12.Main Event18 1.8 %
13.Frisch's Restaurants73 1.8 %
14.Fikes (Convenience Stores)56 1.6 %
15.Chuck E. Cheese's53 1.6 %
16.Best Buy16 1.5 %
17.Bob Evans106 1.5 %
18.Life Time Fitness3 1.4 %
19.Dave & Buster's11 1.4 %
20.Ahern Rentals35 1.4 %

Lease Expirations(2)
% of
Total(1)
# of
Properties
Gross Leasable
Area(3)
% of
Total(1)
# of
Properties
Gross Leasable Area(3)
20210.9 %29 410,000 20276.5 %179 2,638,000 
20224.9 %115 1,404,000 20284.7 %156 1,178,000 
20232.7 %113 1,401,000 20293.0 %74 1,041,000 
20243.4 %93 1,455,000 20303.7 %105 1,185,000 
20256.2 %197 2,087,000 20318.8 %198 2,966,000 
20265.6 %212 2,122,000 Thereafter49.6 %1,646 14,070,000 

(1)Based on the annual base rent of $689,364,000, which is the annualized base rent for all leases in place as of June 30, 2021.
(2)As of June 30, 2021, the weighted average remaining lease term is 10.6 years.
(3)Square feet.









12



National Retail Properties, Inc.
Rent Deferral Lease Amendments
(in thousands)

The following table outlines the rent deferred and corresponding recapture payback by quarter of the rent deferral lease amendments executed as of June 30, 2021 (dollars in thousands):

DeferredScheduled Repayment
Accrual BasisCash BasisTotal% of TotalAccrual BasisCash BasisTotal% of TotalCumulative Total
2020$33,602 $18,197 $51,799 91.6 %$3,239 $20 $3,259 5.8 %5.8 %
2021Q1678 2,018 2,696 4.8 %10,061 674 10,735 19.0 %24.8 %
Q2278 750 1,028 1.8 %8,601 1,815 10,416 18.4 %43.2 %
Q334 750 784 1.4 %4,330 1,804 6,134 10.8 %54.0 %
Q4— 250 250 0.4 %2,951 1,804 4,755 8.4 %62.4 %
990 3,768 4,758 8.4 %25,943 6,097 32,040 56.6 %62.4 %
2022Q1— — — — 1,780 2,223 4,003 7.1 %69.5 %
Q2— — — — 1,729 2,223 3,952 7.0 %76.5 %
Q3— — — — 1,201 2,223 3,424 6.0 %82.5 %
Q4— — — — 681 2,223 2,904 5.1 %87.6 %
— — — — 5,391 8,892 14,283 25.2 %87.6 %
2023— — — — 19 3,092 3,111 5.4 %93.0 %
2024— — — — — 1,932 1,932 3.5 %96.5 %
2025— — — — — 1,932 1,932 3.5 %100.0 %
$34,592 $21,965 $56,557 $34,592 $21,965 $56,557 
13

NATIONAL RETAIL PROPERTIES, INC. Reports