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SECOND QUARTER 2023 OPERATING RESULTS AND INCREASED 2023 GUIDANCE ANNOUNCED BY NNN REIT, INC.

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NNN REIT (NYSE: NNN) reports Q2 2023 operating results, highlighting a 3.9% increase in FFO per share, maintaining high occupancy levels, and increased Core FFO guidance for 2023. The company's portfolio includes 3,479 properties in 49 states with a gross leasable area of approximately 35.5 million square feet.
Positive
  • 3.9% increase in FFO per share for Q2 2023
  • High occupancy levels maintained at 99.4%
  • Increased Core FFO guidance for 2023
  • Portfolio includes 3,479 properties in 49 states
Negative
  • None.

ORLANDO, Fla., Aug. 2, 2023 /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter and six months ended June 30, 2023.  Highlights include:

Operating Results:

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


Quarter Ended
June 30,



Six Months Ended
June 30,





2023



2022



2023



2022





(dollars in thousands, except per share data)



Revenues


$

202,640



$

190,783



$

406,748



$

381,062

















Net earnings available to common stockholders


$

98,704



$

74,171



$

188,871



$

155,543



Net earnings per common share


$

0.54



$

0.42



$

1.04



$

0.89

















FFO available to common stockholders


$

144,590



$

135,353



$

290,139



$

266,946



FFO per common share


$

0.80



$

0.77



$

1.60



$

1.53

















Core FFO available to common stockholders


$

144,899



$

138,008



$

290,871



$

273,195



Core FFO per common share


$

0.80



$

0.79



$

1.60



$

1.56

















AFFO available to common stockholders


$

146,079


(1)

$

142,103


(2)

$

294,245


(1)

$

280,824


(2)

AFFO per common share


$

0.80


(1)

$

0.81


(2)

$

1.62


(1)

$

1.60


(2)




(1)


Amounts include $10 and $19 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease
amendments for the quarter and six months ended June 30, 2023, respectively. Excluding such would have no affect on AFFO per
common share for the quarter and six months ended June 30, 2023.

(2)


Amounts include $1,729 and $3,509 of net straight-line accrued rent from net deferral repayments from the COVID-19 rent deferral lease
amendments for the quarter and six months ended June 30, 2022, respectively. Excluding such, AFFO per common share results would
have been $0.80 and $1.58 for the quarter and six months ended June 30, 2022, respectively.

 

Second Quarter 2023 Highlights:

  • FFO per share increased 3.9% over prior year results
  • Core FFO per share increased 1.3% over prior year results
  • Maintained high occupancy levels at 99.4% as of June 30, 2023 (unchanged from March 31, 2023 and December 31, 2022), with a weighted average remaining lease term of 10.2 years
  • $181.3 million in property investments, including the acquisition of 36 properties with an aggregate gross leasable area of approximately 278,000 square feet at an initial cash cap rate of 7.2%
  • Sold seven properties for $28.2 million, producing $13.9 million of gains on sales at a cap rate of 5.1%
  • Raised $13.3 million net proceeds from the issuance of 318,488 common shares
  • Maintained sector leading 12.3 year weighted average debt maturity for unsecured debt

First Half of 2023 Highlights:

  • FFO per share increased 4.6% over prior year results
  • Core FFO per share increased 2.6% over prior year results
  • AFFO per share increased 1.3% over prior year results
  • $337.5 million in property investments, including the acquisition of 79 properties with an aggregate gross leasable area of approximately 553,000 square feet at an initial cash cap rate of 7.1%
  • Sold 13 properties for $40.2 million, producing $20.2 million of gains on sales at a cap rate of 5.6%
  • Raised $30.2 million net proceeds from the issuance of 686,057 common shares

Core FFO guidance for 2023 was increased from a range of $3.14 to $3.20 per share to a range of $3.17 to $3.22 per share. The 2023 AFFO is estimated to be $3.20 to $3.25 per share. The Core FFO guidance equates to net earnings of $1.88 to $1.93 per share, plus $1.29 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: "NNN enjoyed another solid quarter as we invested $181.3 million in real estate, including 36 properties, with an accretive initial cash cap rate of 7.2 percent, which brings our total investment for the first half of 2023 to over $337 million. The portfolio is performing exceedingly well with a high level of occupancy and exceptional lease renewal percentages. Our operational execution coupled with over $750 million of liquidity, strong free cash flow and a solid balance sheet allowed us to increase Core FFO guidance for 2023."

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of June 30, 2023, the company owned 3,479 properties in 49 states with a gross leasable area of approximately 35.5 million square feet and with a weighted average remaining lease term of 10.2 years.  NNN is one of only three publicly traded REITs 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 August 2, 2023, at 10:30 a.m. ET to review its results of operations.  The call can be accessed on the NNN REIT website live at http://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," "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, 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 REIT, and the potential impacts of an epidemic or pandemic (such as the outbreak and worldwide spread of a novel strain of coronavirus, and its variants ("COVID-19")) 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, 2022 and (ii) Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023.  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 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.

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,




2023



2022



2023



2022


Income Statement Summary













Revenues:













Rental income


$

202,426



$

190,536



$

406,056



$

380,299


Interest and other income from real estate transactions



214




247




692




763





202,640




190,783




406,748




381,062















Operating expenses:













General and administrative



10,740




9,740




22,991




20,782


Real estate



6,836




6,173




13,682




13,371


Depreciation and amortization



59,875




57,444




119,023




110,124


Leasing transaction costs



52




76




127




164


Impairment losses – real estate, net of recoveries



34




4,618




2,674




6,250


Executive retirement costs



309




2,655




732




6,249





77,846




80,706




159,229




156,940


Gain on disposition of real estate



13,930




775




20,230




4,767


Earnings from operations



138,724




110,852




267,749




228,889















Other expenses (revenues):













Interest and other income



(74)




(52)




(107)




(87)


Interest expense



40,094




36,739




78,985




73,438





40,020




36,687




78,878




73,351















Net earnings



98,704




74,165




188,871




155,538


Loss attributable to noncontrolling interests






6







5


Net earnings available to common stockholders


$

98,704



$

74,171



$

188,871



$

155,543















Weighted average common shares outstanding:













Basic



181,092,031




174,956,856




180,969,809




174,867,049


Diluted



181,627,857




175,107,914




181,544,275




175,021,871















Net earnings per share available to common stockholders:













Basic


$

0.54



$

0.42



$

1.04



$

0.89


Diluted


$

0.54



$

0.42



$

1.04



$

0.89


 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,




2023



2022



2023



2022


Funds From Operations (FFO) Reconciliation:













Net earnings available to common stockholders


$

98,704



$

74,171



$

188,871



$

155,543


Real estate depreciation and amortization



59,782




57,339




118,824




109,920


Gain on disposition of real estate



(13,930)




(775)




(20,230)




(4,767)


Impairment losses – depreciable real estate, net of recoveries



34




4,618




2,674




6,250


Total FFO adjustments



45,886




61,182




101,268




111,403


FFO available to common stockholders


$

144,590



$

135,353



$

290,139



$

266,946















FFO per common share:













Basic


$

0.80



$

0.77



$

1.60



$

1.53


Diluted


$

0.80



$

0.77



$

1.60



$

1.53















Core Funds From Operations (Core FFO) Reconciliation:













Net earnings available to common stockholders


$

98,704



$

74,171



$

188,871



$

155,543


Total FFO adjustments



45,886




61,182




101,268




111,403


FFO available to common stockholders



144,590




135,353




290,139




266,946















Executive retirement costs



309




2,655




732




6,249


Total Core FFO adjustments



309




2,655




732




6,249


Core FFO available to common stockholders


$

144,899



$

138,008



$

290,871



$

273,195















Core FFO per common share:













Basic


$

0.80



$

0.79



$

1.61



$

1.56


Diluted


$

0.80



$

0.79



$

1.60



$

1.56


 

NNN REIT, Inc.

(dollars in thousands, except per share data)

(unaudited)




Quarter Ended
June 30,



Six Months Ended
June 30,





2023



2022



2023



2022



Adjusted Funds From Operations (AFFO) Reconciliation:














Net earnings available to common stockholders


$

98,704



$

74,171



$

188,871



$

155,543



Total FFO adjustments



45,886




61,182




101,268




111,403



Total Core FFO adjustments



309




2,655




732




6,249



Core FFO available to common stockholders



144,899




138,008




290,871




273,195

















Straight-line accrued rent, net of reserves



(534)




1,547




(1,003)




2,643



Net capital lease rent adjustment



82




74




161




149



Below-market rent amortization



(122)




(140)




(234)




(280)



Stock based compensation expense



2,475




2,790




5,576




5,391



Capitalized interest expense



(721)




(176)




(1,126)




(274)



Total AFFO adjustments



1,180




4,095




3,374




7,629



AFFO available to common stockholders


$

146,079


(1)

$

142,103


(2)

$

294,245


(1)

$

280,824


(2)















AFFO per common share:














Basic


$

0.81


(1)

$

0.81


(2)

$

1.63


(1)

$

1.61


(2)

Diluted


$

0.80


(1)

$

0.81


(2)

$

1.62


(1)

$

1.60


(2)















Other Information:














Rental income from operating leases(3)


$

197,629



$

185,791



$

395,812



$

370,102



Earned income from direct financing leases(3)


$

143



$

150



$

287



$

301



Percentage rent(3)


$

291



$

295



$

1,054



$

996

















Real estate expense reimbursement from tenants(3)


$

4,363



$

4,300



$

8,903



$

8,900



Real estate expenses



(6,836)




(6,173)




(13,682)




(13,371)



Real estate expenses, net of tenant reimbursements


$

(2,473)



$

(1,873)



$

(4,779)



$

(4,471)

















Amortization of debt costs


$

1,202



$

1,178



$

2,401



$

2,349



Scheduled debt principal amortization (excluding maturities)


$


(4)

$

163



$

173


(4)

$

328



Non-real estate depreciation expense


$

97



$

108



$

205



$

210





(1)

Amounts include $10 and $19 of net straight-line accrued rent from net rent deferral repayments from the COVID-19 rent deferral lease
amendments for the quarter and six months ended June 30, 2023, respectively. Excluding such would have no affect on AFFO per
common share for the quarter and six months ended June 30, 2023.



(2)

Amounts include $1,729 and $3,509 of net straight-line accrued rent from net deferral repayments from the COVID-19 rent deferral lease
amendments for the quarter and six months ended June 30, 2022, respectively. Excluding such, AFFO per common share results would
have been $0.80 and $1.58 for the quarter and six months ended June 30, 2022, respectively.



(3)

For the quarter and six months ended June 30, 2023, the aggregate of such amounts is $202,426 and $406,056, respectively, and is
classified as rental income on the income statement summary. For the quarter and six months ended June 30, 2022, the aggregate of such
amounts is $190,536 and $380,299, respectively.



(4)

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

 

NNN REIT, Inc.

2023 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.



2023 Guidance

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


$1.88 - $1.93 per share

Real estate depreciation and amortization per share


$1.29 per share

Core FFO per share


$3.17 - $3.22 per share

AFFO per share


$3.20 - $3.25 per share

General and administrative expenses


$43 - $45 Million

Real estate expenses, net of tenant reimbursements


$8 - $10 Million

Acquisition volume


$600 - $700 Million

Disposition volume


$100 - $120 Million

 

NNN REIT, Inc.

(dollars in thousands)

(unaudited)




June 30,
2023



December 31,
2022


Balance Sheet Summary














Assets:







Real estate portfolio, net of accumulated depreciation and amortization


$

8,221,192



$

8,020,814


Cash and cash equivalents



2,281




2,505


Restricted cash and cash held in escrow



2,971




4,273


Receivables, net of allowance of $686 and $708, respectively



2,246




3,612


Accrued rental income, net of allowance of $3,861 and $3,836, respectively



28,422




27,795


Debt costs, net of accumulated amortization of $22,807 and $21,663, respectively



4,333




5,352


Other assets



84,490




81,694


Total assets


$

8,345,935



$

8,146,045









Liabilities:







Line of credit payable


$

332,500



$

166,200


Mortgages payable, including unamortized premium and net of unamortized debt cost






9,964


Notes payable, net of unamortized discount and unamortized debt costs



3,742,012




3,739,890


Accrued interest payable



24,779




23,826


Other liabilities



96,410




82,663


Total liabilities



4,195,701




4,022,543









Stockholders' equity of NNN



4,150,234




4,123,502









Total liabilities and equity


$

8,345,935



$

8,146,045









Common shares outstanding



182,407,911




181,424,670









Gross leasable area, Property Portfolio (square feet)



35,492,000




35,010,000


 

NNN REIT, Inc.

Debt Summary

As of June 30, 2023

(dollars in thousands)

(unaudited)



Unsecured Debt


Principal



Principal,
Net of
Unamortized
Discount



Stated
Rate



Effective
Rate



Maturity Date

Line of credit payable


$

332,500



$

332,500



SOFR +
87.5 bps




5.925

%


June 2025
















Unsecured notes payable:















2024



350,000




349,920




3.900

%



3.924

%


June 2024

2025



400,000




399,737




4.000

%



4.029

%


November 2025

2026



350,000




348,502




3.600

%



3.733

%


December 2026

2027



400,000




399,236




3.500

%



3.548

%


October 2027

2028



400,000




398,347




4.300

%



4.388

%


October 2028

2030



400,000




399,100




2.500

%



2.536

%


April 2030

2048



300,000




296,096




4.800

%



4.890

%


October 2048

2050



300,000




294,355




3.100

%



3.205

%


April 2050

2051



450,000




441,968




3.500

%



3.602

%


April 2051

2052



450,000




439,950




3.000

%



3.118

%


April 2052

Total



3,800,000




3,767,211

























Total unsecured debt(1)


$

4,132,500



$

4,099,711

























Debt costs





$

(38,145)










Accumulated amortization




12,946










Debt costs, net of accumulated amortization




(25,199)










Notes payable, net of unamortized discount and
    unamortized debt costs



$

3,742,012













(1)


Unsecured debt has a weighted average interest rate of 3.8% and a weighted average maturity of 12.3 years.

 

As of June 30, 2023, Debt / EBITDA based on current quarter EBITDA annualized is 5.5x.

NNN REIT, Inc.
Debt Summary – Continued
As of June 30, 2023
(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 June 30, 2023, the company believes it is in compliance with the covenants.

Unsecured Credit Facility Key Covenants


Required


June 30, 2023

Maximum leverage ratio


< 0.60


0.37

Minimum fixed charge coverage ratio


> 1.50


4.73

Maximum secured indebtedness ratio


< 0.40


Unencumbered asset value ratio


> 1.67


2.73

Unencumbered interest ratio


> 1.75


4.73






Unsecured Notes Key Covenants


Required


June 30, 2023

Limitation on incurrence of total debt


60%


40.3 %

Limitation on incurrence of secured debt


40%


Debt service coverage ratio


≥ 1.50


4.7

Maintenance of total unencumbered assets


150%


248 %

 

NNN REIT, Inc.

Property Portfolio


Top 20 Lines of Trade






As of June 30,



Lines of Trade


2023(1)


2022(2)

1.


Convenience stores


16.9 %


17.0 %

2.


Automotive service


14.5 %


13.1 %

3.


Restaurants – full service


8.9 %


9.6 %

4.


Restaurants – limited service


8.8 %


9.2 %

5.


Family entertainment centers


5.7 %


6.2 %

6.


Health and fitness


4.7 %


5.0 %

7.


Theaters


4.3 %


4.3 %

8.


Recreational vehicle dealers, parts and accessories


4.2 %


4.2 %

9.


Equipment rental


3.0 %


3.2 %

10.


Wholesale clubs


2.5 %


2.4 %

11.


Automotive parts


2.5 %


2.9 %

12.


Drug stores


2.5 %


1.2 %

13.


Home improvement


2.3 %


2.4 %

14.


Furniture


2.1 %


2.4 %

15.


Medical service providers


1.8 %


2.0 %

16.


Home furnishings


1.5 %


1.5 %

17.


General merchandise


1.5 %


1.6 %

18.


Consumer electronics


1.4 %


1.5 %

19.


Travel plazas


1.3 %


1.5 %

20.


Automobile auctions, wholesale


1.2 %


1.2 %



Other


8.4 %


7.6 %



Total


100.0 %


100.0 %


Top 10 States




State


% of
Total(1)




State


% of
Total(1)

1.


Texas


16.8 %


6.


North Carolina


4.0 %

2.


Florida


9.4 %


7.


Indiana


3.8 %

3.


Illinois


5.2 %


8.


Tennessee


3.8 %

4.


Ohio


5.0 %


9.


Virginia


3.5 %

5.


Georgia


4.5 %


10.


California


3.4 %


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


(1)

$794,475,000 as of June 30, 2023.


(2)

$738,670,000 as of June 30, 2022.

 

NNN REIT, Inc.

Property Portfolio – Continued


Top 20 Tenants




Tenant


# of
Properties


% of
Total(1)

1.


7-Eleven


138


4.6 %

2.


Mister Car Wash


121


4.3 %

3.


Camping World


47


3.9 %

4.


LA Fitness


30


3.3 %

5.


GPM Investments (Convenience Stores)


152


3.1 %

6.


Flynn Restaurant Group (Taco Bell/Arby's)


204


2.8 %

7.


Dave & Busters


28


2.8 %

8.


AMC Theatre


20


2.8 %

9.


BJ's Wholesale Club


13


2.5 %

10.


Couche Tard (Pantry)


91


2.3 %

11.


Mavis Tire Express Services


138


2.2 %

12.


Sunoco


61


2.1 %

13.


Walgreens


49


1.9 %

14.


Chuck-E-Cheese


53


1.9 %

15.


United Rentals


52


1.8 %

16.


Frisch's Restaurants


68


1.6 %

17.


Fikes (Convenience Stores)


59


1.6 %

18.


Life Time Fitness


3


1.4 %

19.


Bob Evans


106


1.4 %

20.


Best Buy


16


1.4 %

 

Lease Expirations(2)




% of
Total(1)


# of
Properties


Gross
Leasable
Area(3)




% of
Total(1)


# of
Properties


Gross
Leasable
Area(3)

2023


0.7 %


28


368,000


2029


3.1 %


90


1,140,000

2024


2.7 %


82


1,319,000


2030


3.4 %


107


1,207,000

2025


5.4 %


189


2,014,000


2031


7.5 %


187


2,711,000

2026


5.0 %


214


2,136,000


2032


6.2 %


217


2,336,000

2027


8.4 %


237


3,604,000


2033


5.1 %


141


1,490,000

2028


5.7 %


223


2,057,000


Thereafter  


46.8 %


1,740


14,870,000




(1)


Based on the annual base rent of $794,475,000, which is the annualized base rent for all leases in place as of June 30, 2023.

(2)


As of June 30, 2023, the weighted average remaining lease term is 10.2 years.

(3)


Square feet.

 

NNN REIT, Inc.
Rent Deferral Lease Amendments

The following table outlines the rent deferred and corresponding scheduled repayment of the COVID-19 rent deferral lease amendments executed as of June 30, 2023 (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



$

18,129



$

51,723




91.6

%



$

3,239



$

20



$

3,259




5.8

%



5.8

%































2021




990




3,732




4,722




8.4

%




25,935




5,841




31,776




56.3

%



62.1

%































2022

Q1
















1,780




2,277




4,057




7.2

%



69.3

%


Q2
















1,729




2,276




4,005




7.1

%



76.4

%


Q3
















1,201




2,257




3,458




6.1

%



82.5

%


Q4
















681




2,277




2,958




5.3

%



87.8

%


















5,391




9,087




14,478




25.7

%



87.8

%































2023

Q1
















9




1,677




1,686




3.0

%



90.8

%


Q2
















10




476




486




0.9

%



91.7

%


Q3



















476




476




0.8

%



92.5

%


Q4



















476




476




0.8

%



93.3

%


















19




3,105




3,124




5.5

%



93.3

%































2024

Q1



















476




476




0.8

%



94.1

%


Q2



















476




476




0.8

%



94.9

%


Q3



















476




476




0.8

%



95.7

%


Q4



















476




476




0.9

%



96.6

%





















1,904




1,904




3.3

%



96.6

%































2025




















1,904




1,904




3.4

%



100.0

%


































$

34,584



$

21,861



$

56,445




100.0

%



$

34,584



$

21,861



$

56,445




100.0

%




 

NNN REIT, Inc. (PRNewsfoto/National Retail Properties, Inc.)

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/second-quarter-2023-operating-results-and-increased-2023-guidance-announced-by-nnn-reit-inc-301891522.html

SOURCE NNN REIT, Inc.

FAQ

What are NNN REIT's operating results for Q2 2023?

NNN REIT reported a 3.9% increase in FFO per share, maintained high occupancy levels at 99.4%, and increased Core FFO guidance for 2023.

How many properties does NNN REIT own?

As of June 30, 2023, NNN REIT owned 3,479 properties in 49 states.

What is the ticker symbol for NNN REIT?

The ticker symbol for NNN REIT is NNN.

What is the website for NNN REIT?

For more information on the company, visit www.nnnreit.com.

NNN REIT, Inc.

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