(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
Press release dated November 5, 2020 | ||||||||
Quarterly supplemental information for the quarter ended September 30, 2020 | ||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. |
Date: November 5, 2020 | By: | /s/ James L. Nelson | ||||||||||||
Name: | James L. Nelson | |||||||||||||
Title: | Chief Executive Officer and President |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||
(In thousands, except per share data) | 2020 | 2019 | 2020 | |||||||||||||||||
Revenue from tenants | $ | 82,711 | $ | 77,942 | $ | 81,109 | ||||||||||||||
Net (loss) income attributable to common stockholders | $ | (502) | $ | 6,860 | $ | 966 | ||||||||||||||
Net (loss) income per diluted common share | $ | (0.01) | $ | 0.08 | $ | 0.01 | ||||||||||||||
NAREIT defined FFO attributable to common stockholders | $ | 34,547 | $ | 37,878 | $ | 35,103 | ||||||||||||||
NAREIT defined FFO per diluted common share | $ | 0.39 | $ | 0.44 | $ | 0.39 | ||||||||||||||
Core FFO attributable to common stockholders | $ | 34,622 | $ | 38,633 | $ | 35,445 | ||||||||||||||
Core FFO per diluted common share | $ | 0.39 | $ | 0.45 | $ | 0.39 | ||||||||||||||
AFFO attributable to common stockholders | $ | 40,876 | $ | 40,235 | $ | 39,777 | ||||||||||||||
AFFO per diluted common share | $ | 0.46 | $ | 0.47 | $ | 0.44 |
September 30, 2020 | December 31, 2019 | |||||||||||||
ASSETS | (Unaudited) | |||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land | $ | 443,555 | $ | 414,446 | ||||||||||
Buildings, fixtures and improvements | 2,832,166 | 2,685,325 | ||||||||||||
Construction in progress | 4,905 | 11,725 | ||||||||||||
Acquired intangible lease assets | 670,575 | 651,768 | ||||||||||||
Total real estate investments, at cost | 3,951,201 | 3,763,264 | ||||||||||||
Less accumulated depreciation and amortization | (625,098) | (517,123) | ||||||||||||
Total real estate investments, net | 3,326,103 | 3,246,141 | ||||||||||||
Assets held for sale | — | — | ||||||||||||
Cash and cash equivalents | 300,000 | 270,302 | ||||||||||||
Restricted cash | 808 | 3,985 | ||||||||||||
Derivative assets, at fair value | 1,898 | 4,151 | ||||||||||||
Unbilled straight-line rent | 58,029 | 51,795 | ||||||||||||
Operating lease right-of-use asset | 56,229 | 50,211 | ||||||||||||
Prepaid expenses and other assets | 45,422 | 37,370 | ||||||||||||
Due from related parties | 366 | 351 | ||||||||||||
Deferred tax assets | 4,472 | 4,441 | ||||||||||||
Goodwill and other intangible assets, net | 22,492 | 21,920 | ||||||||||||
Deferred financing costs, net | 8,652 | 10,938 | ||||||||||||
Total Assets | $ | 3,824,471 | $ | 3,701,605 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Mortgage notes payable, net | $ | 1,417,712 | $ | 1,272,154 | ||||||||||
Revolving credit facility | 264,009 | 199,071 | ||||||||||||
Term loan, net | 417,072 | 397,893 | ||||||||||||
Acquired intangible lease liabilities, net | 29,402 | 30,529 | ||||||||||||
Derivative liabilities, at fair value | 18,546 | 7,507 | ||||||||||||
Due to related parties | 24 | 342 | ||||||||||||
Accounts payable and accrued expenses | 28,776 | 22,903 | ||||||||||||
Operating lease liability | 24,458 | 23,985 | ||||||||||||
Prepaid rent | 22,413 | 17,236 | ||||||||||||
Deferred tax liability | 15,146 | 14,975 | ||||||||||||
Taxes payable | — | 1,046 | ||||||||||||
Dividends payable | 5,014 | 4,006 | ||||||||||||
Total Liabilities | 2,242,572 | 1,991,647 | ||||||||||||
Commitments and contingencies | — | — | ||||||||||||
Stockholders' Equity: | ||||||||||||||
7.25% Series A cumulative redeemable preferred stock | 68 | 68 | ||||||||||||
6.875% Series B cumulative redeemable perpetual preferred stock | 37 | 35 | ||||||||||||
Common stock | 2,227 | 2,225 | ||||||||||||
Additional paid-in capital | 2,413,117 | 2,408,353 | ||||||||||||
Accumulated other comprehensive (loss) income | (5,630) | 20,195 | ||||||||||||
Accumulated deficit | (847,322) | (733,245) | ||||||||||||
Total Stockholders' Equity | 1,562,497 | 1,697,631 | ||||||||||||
Non-controlling interest | 19,402 | 12,327 | ||||||||||||
Total Equity | 1,581,899 | 1,709,958 | ||||||||||||
Total Liabilities and Equity | $ | 3,824,471 | $ | 3,701,605 |
Three Months Ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Revenue from tenants | $ | 82,711 | $ | 77,942 | ||||||||||
Expenses: | ||||||||||||||
Property operating | 7,525 | 8,205 | ||||||||||||
Operating fees to related parties | 8,939 | 8,220 | ||||||||||||
Impairment charges | — | 6,375 | ||||||||||||
Acquisition, transaction and other costs | 75 | 192 | ||||||||||||
General and administrative | 2,641 | 3,250 | ||||||||||||
Equity-based compensation | 2,479 | 2,501 | ||||||||||||
Depreciation and amortization | 35,049 | 31,620 | ||||||||||||
Total expenses | 56,708 | 60,363 | ||||||||||||
Operating income before gain on dispositions of real estate investments | 26,003 | 17,579 | ||||||||||||
Gain on dispositions of real estate investments | — | 6,977 | ||||||||||||
Operating income | 26,003 | 24,556 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense | (18,677) | (16,154) | ||||||||||||
Loss on extinguishment of debt | — | (563) | ||||||||||||
(Loss) gain on derivative instruments | (2,464) | 3,044 | ||||||||||||
Other income (expense) | 142 | (2) | ||||||||||||
Total other expense, net | (20,999) | (13,675) | ||||||||||||
Net income before income taxes | 5,004 | 10,881 | ||||||||||||
Income tax expense | (862) | (940) | ||||||||||||
Net income | 4,142 | 9,941 | ||||||||||||
Net income attributable to non-controlling interest | — | — | ||||||||||||
Preferred stock dividends | (4,644) | (3,081) | ||||||||||||
Net (loss) income attributable to common stockholders | $ | (502) | $ | 6,860 | ||||||||||
Basic and Diluted Earnings Per Share: | ||||||||||||||
Net (loss) income per share attributable to common stockholders — Basic and Diluted | $ | (0.01) | $ | 0.08 | ||||||||||
Weighted average shares outstanding — Basic | 89,483 | 85,255 | ||||||||||||
Weighted average shares outstanding — Diluted | 89,483 | 86,203 |
Three Months Ended September 30, | ||||||||||||||
2020 | 2019 | |||||||||||||
Adjusted EBITDA | ||||||||||||||
Net income | $ | 4,142 | $ | 9,941 | ||||||||||
Depreciation and amortization | 35,049 | 31,620 | ||||||||||||
Interest expense | 18,677 | 16,154 | ||||||||||||
Income tax expense | 862 | 940 | ||||||||||||
Impairment charges | — | 6,375 | ||||||||||||
Equity-based compensation | 2,479 | 2,501 | ||||||||||||
Non-cash portion of incentive fee | — | — | ||||||||||||
Acquisition and transaction related | 75 | 192 | ||||||||||||
Gain on dispositions of real estate investments | — | (6,977) | ||||||||||||
Loss (gain) on derivative instruments | 2,464 | (3,044) | ||||||||||||
Loss on extinguishment of debt | — | 563 | ||||||||||||
Other (income) expense | (142) | 2 | ||||||||||||
Adjusted EBITDA | 63,606 | 58,267 | ||||||||||||
Net operating income (NOI) | ||||||||||||||
Operating fees to related parties | 8,939 | 8,220 | ||||||||||||
General and administrative | 2,641 | 3,250 | ||||||||||||
NOI | 75,186 | 69,737 | ||||||||||||
Amortization of above- and below- market leases and ground lease assets and liabilities, net | 198 | 341 | ||||||||||||
Straight-line rent | (1,879) | (1,506) | ||||||||||||
Cash NOI | $ | 73,505 | $ | 68,572 | ||||||||||
Cash Paid for Interest: | ||||||||||||||
Interest Expense | $ | 18,677 | $ | 16,154 | ||||||||||
Non-cash portion of interest expense | (2,075) | (1,906) | ||||||||||||
Amortization of mortgage (discount) premium, net | — | (30) | ||||||||||||
Total cash paid for interest | $ | 16,602 | $ | 14,218 |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | ||||||||||||||||||
Net (loss) income attributable to stockholders (in accordance with GAAP) | $ | (502) | $ | 6,860 | $ | 966 | ||||||||||||||
Impairment charges | — | 6,375 | — | |||||||||||||||||
Depreciation and amortization | 35,049 | 31,620 | 33,984 | |||||||||||||||||
(Gain) loss on dispositions of real estate investments | — | (6,977) | 153 | |||||||||||||||||
FFO (defined by NAREIT) | 34,547 | 37,878 | 35,103 | |||||||||||||||||
Acquisition, transaction and other costs | 75 | 192 | 33 | |||||||||||||||||
Loss on extinguishment of debt | — | 563 | 309 | |||||||||||||||||
Core FFO attributable to common stockholders | 34,622 | 38,633 | 35,445 | |||||||||||||||||
Non-cash equity-based compensation | 2,479 | 2,501 | 2,513 | |||||||||||||||||
Non-cash portion of interest expense | 2,075 | 1,906 | 1,847 | |||||||||||||||||
Amortization of above- and below-market leases and ground lease assets and liabilities, net | 198 | 341 | 204 | |||||||||||||||||
Straight-line rent | (1,879) | (1,506) | (3,068) | |||||||||||||||||
Straight-line rent (rent deferral agreements) [1] | 320 | — | 1,508 | |||||||||||||||||
Eliminate unrealized losses (gain) on foreign currency transactions [2] | 3,061 | (1,670) | 1,325 | |||||||||||||||||
Amortization of mortgage discounts and premiums, net | — | 30 | 3 | |||||||||||||||||
Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 40,876 | $ | 40,235 | $ | 39,777 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Table of Contents | ||||||||
Item | Page | |||||||
Non-GAAP Definitions | 3 | |||||||
Key Metrics | 6 | |||||||
Consolidated Balance Sheets | 7 | |||||||
Consolidated Statements of Operations | 8 | |||||||
Non-GAAP Measures | 9 | |||||||
Debt Overview | 11 | |||||||
Future Minimum Lease Rents | 12 | |||||||
Top Ten Tenants | 13 | |||||||
Diversification by Property Type | 14 | |||||||
Diversification by Tenant Industry | 15 | |||||||
Diversification by Geography | 16 | |||||||
Lease Expirations | 18 | |||||||
Please note that totals may not add due to rounding. |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Financial Results | ||||||||
Revenue from tenants | $ | 82,711 | ||||||
Net loss attributable to common stockholders | $ | (502) | ||||||
Basic and diluted net loss per share attributable to common stockholders [1] | $ | (0.01) | ||||||
Cash NOI [2] | $ | 73,505 | ||||||
Adjusted EBITDA [2] | $ | 63,606 | ||||||
AFFO attributable to common stockholders [2] | $ | 40,876 | ||||||
Dividends per share - second quarter [3] | $ | 0.40 | ||||||
Dividend yield - annualized, based on quarter end share price | 10.1 | % | ||||||
Balance Sheet and Capitalization | ||||||||
Equity market capitalization - based on quarter end share price of $15.90 for common shares, $25.70 for Series A preferred shares and $25.19 for Series B preferred shares | $ | 1,691,187 | ||||||
Net debt [4] [5] | 1,820,535 | |||||||
Enterprise value | $ | 3,511,722 | ||||||
Total capitalization | $ | 3,811,722 | ||||||
Total consolidated debt [5] | $ | 2,120,535 | ||||||
Total assets | $ | 3,824,471 | ||||||
Liquidity [6] | $ | 392,000 | ||||||
Common shares outstanding as of September 30, 2020 (thousands) | 89,615 | |||||||
Share price, end of quarter | $ | 15.90 | ||||||
Net debt to enterprise value | 51.8 | % | ||||||
Net debt to annualized adjusted EBITDA [7] | 7.2 | x | ||||||
Weighted-average interest rate cost [8] | 3.1 | % | ||||||
Weighted-average debt maturity (years) [9] | 5.1 | |||||||
Interest Coverage Ratio [10] | 3.8 | x | ||||||
Real Estate Portfolio | ||||||||
Number of properties | 299 | |||||||
Number of tenants | 127 | |||||||
Square footage (millions) | 34.7 | |||||||
Leased | 99.6 | % | ||||||
Weighted-average remaining lease term (years) [11] | 8.7 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 |
September 30, 2020 | December 31, 2019 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Real estate investments, at cost: | ||||||||||||||
Land | $ | 443,555 | $ | 414,446 | ||||||||||
Buildings, fixtures and improvements | 2,832,166 | 2,685,325 | ||||||||||||
Construction in progress | 4,905 | 11,725 | ||||||||||||
Acquired intangible lease assets | 670,575 | 651,768 | ||||||||||||
Total real estate investments, at cost | 3,951,201 | 3,763,264 | ||||||||||||
Less accumulated depreciation and amortization | (625,098) | (517,123) | ||||||||||||
Total real estate investments, net | 3,326,103 | 3,246,141 | ||||||||||||
Cash and cash equivalents | 300,000 | 270,302 | ||||||||||||
Restricted cash | 808 | 3,985 | ||||||||||||
Derivative assets, at fair value | 1,898 | 4,151 | ||||||||||||
Unbilled straight-line rent | 58,029 | 51,795 | ||||||||||||
Operating lease right-of-use asset | 56,229 | 50,211 | ||||||||||||
Prepaid expenses and other assets | 45,422 | 37,370 | ||||||||||||
Due from related parties | 366 | 351 | ||||||||||||
Deferred tax assets | 4,472 | 4,441 | ||||||||||||
Goodwill and other intangible assets, net | 22,492 | 21,920 | ||||||||||||
Deferred financing costs, net | 8,652 | 10,938 | ||||||||||||
Total Assets | $ | 3,824,471 | $ | 3,701,605 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Mortgage notes payable, net | $ | 1,417,712 | $ | 1,272,154 | ||||||||||
Revolving credit facility | 264,009 | 199,071 | ||||||||||||
Term loan, net | 417,072 | 397,893 | ||||||||||||
Acquired intangible lease liabilities, net | 29,402 | 30,529 | ||||||||||||
Derivative liabilities, at fair value | 18,546 | 7,507 | ||||||||||||
Due to related parties | 24 | 342 | ||||||||||||
Accounts payable and accrued expenses | 28,776 | 22,903 | ||||||||||||
Operating lease liability | 24,458 | 23,985 | ||||||||||||
Prepaid rent | 22,413 | 17,236 | ||||||||||||
Deferred tax liability | 15,146 | 14,975 | ||||||||||||
Taxes payable | — | 1,046 | ||||||||||||
Dividends payable | 5,014 | 4,006 | ||||||||||||
Total Liabilities | 2,242,572 | 1,991,647 | ||||||||||||
Commitments and contingencies | — | — | ||||||||||||
Stockholders’ Equity: | ||||||||||||||
7.25% Series A cumulative redeemable preferred stock | 68 | 68 | ||||||||||||
6.875% Series B cumulative redeemable perpetual preferred stock | 37 | 35 | ||||||||||||
Common stock | 2,227 | 2,225 | ||||||||||||
Additional paid-in capital | 2,413,117 | 2,408,353 | ||||||||||||
Accumulated other comprehensive (loss) income | (5,630) | 20,195 | ||||||||||||
Accumulated deficit | (847,322) | (733,245) | ||||||||||||
Total Stockholders’ Equity | 1,562,497 | 1,697,631 | ||||||||||||
Non-controlling interest | 19,402 | 12,327 | ||||||||||||
Total Equity | 1,581,899 | 1,709,958 | ||||||||||||
Total Liabilities and Equity | $ | 3,824,471 | $ | 3,701,605 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
Revenue from tenants | $ | 82,711 | $ | 81,109 | $ | 79,242 | $ | 76,685 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 7,525 | 7,835 | 7,377 | 5,701 | ||||||||||||||||||||||
Operating fees to related parties | 8,939 | 8,874 | 8,794 | 8,867 | ||||||||||||||||||||||
Acquisition, transaction and other costs | 75 | 33 | 280 | 19 | ||||||||||||||||||||||
General and administrative | 2,641 | 3,412 | 2,961 | 1,334 | ||||||||||||||||||||||
Equity-based compensation | 2,479 | 2,513 | 2,488 | 2,491 | ||||||||||||||||||||||
Depreciation and amortization | 35,049 | 33,984 | 33,533 | 31,989 | ||||||||||||||||||||||
Total expenses | 56,708 | 56,651 | 55,433 | 50,401 | ||||||||||||||||||||||
Operating income before loss on dispositions of real estate investments | 26,003 | 24,458 | 23,809 | 26,284 | ||||||||||||||||||||||
Gain on dispositions of real estate investments | — | (153) | — | 8,824 | ||||||||||||||||||||||
Operating income | 26,003 | 24,305 | 23,809 | 35,108 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (18,677) | (17,529) | (16,440) | (17,194) | ||||||||||||||||||||||
(Loss) gain on extinguishment of debt | — | (309) | — | 379 | ||||||||||||||||||||||
(Loss) gain on derivative instruments | (2,464) | (317) | 3,143 | (3,905) | ||||||||||||||||||||||
Other income | 142 | 71 | 48 | 195 | ||||||||||||||||||||||
Total other expense, net | (20,999) | (18,084) | (13,249) | (20,525) | ||||||||||||||||||||||
Net income before income taxes | 5,004 | 6,221 | 10,560 | 14,583 | ||||||||||||||||||||||
Income tax expense | (862) | (691) | (959) | (1,652) | ||||||||||||||||||||||
Net income | 4,142 | 5,530 | 9,601 | 12,931 | ||||||||||||||||||||||
Preferred stock dividends | (4,644) | (4,564) | (4,563) | (3,668) | ||||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (502) | $ | 966 | $ | 5,038 | $ | 9,263 | ||||||||||||||||||
Basic and Diluted Earnings Per Share: | ||||||||||||||||||||||||||
Net (loss) income per share attributable to common stockholders — Basic and Diluted | $ | (0.01) | $ | 0.01 | $ | 0.05 | $ | 0.10 | ||||||||||||||||||
Weighted average shares outstanding — Basic | 89,483 | 89,470 | 89,459 | 89,458 | ||||||||||||||||||||||
Weighted average shares outstanding — Diluted | 89,483 | 90,103 | 89,499 | 90,777 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
EBITDA: | ||||||||||||||||||||||||||
Net income | $ | 4,142 | $ | 5,530 | $ | 9,601 | $ | 12,931 | ||||||||||||||||||
Depreciation and amortization | 35,049 | 33,984 | 33,533 | 31,989 | ||||||||||||||||||||||
Interest expense | 18,677 | 17,529 | 16,440 | 17,194 | ||||||||||||||||||||||
Income tax expense | 862 | 691 | 959 | 1,652 | ||||||||||||||||||||||
EBITDA | 58,730 | 57,734 | 60,533 | 63,766 | ||||||||||||||||||||||
Equity-based compensation | 2,479 | 2,513 | 2,488 | 2,491 | ||||||||||||||||||||||
Acquisition, transaction and other costs | 75 | 33 | 280 | 19 | ||||||||||||||||||||||
Loss (gain) on dispositions of real estate investments | — | 153 | — | (8,824) | ||||||||||||||||||||||
Loss (gain) on derivative instruments | 2,464 | 317 | (3,143) | 3,905 | ||||||||||||||||||||||
Loss on extinguishment of debt | — | 309 | — | (379) | ||||||||||||||||||||||
Other income | (142) | (71) | (48) | (195) | ||||||||||||||||||||||
Adjusted EBITDA | 63,606 | 60,988 | 60,110 | 60,783 | ||||||||||||||||||||||
Operating fees to related parties | 8,939 | 8,874 | 8,794 | 8,867 | ||||||||||||||||||||||
General and administrative | 2,641 | 3,412 | 2,961 | 1,334 | ||||||||||||||||||||||
NOI | 75,186 | 73,274 | 71,865 | 70,984 | ||||||||||||||||||||||
Amortization of above- and below- market leases and ground lease assets and liabilities, net | 198 | 204 | 232 | 633 | ||||||||||||||||||||||
Straight-line rent | (1,879) | (3,068) | (1,487) | (1,695) | ||||||||||||||||||||||
Cash NOI | $ | 73,505 | $ | 70,410 | $ | 70,610 | $ | 69,922 | ||||||||||||||||||
Cash Paid for Interest: | ||||||||||||||||||||||||||
Interest Expense | $ | 18,677 | $ | 17,529 | $ | 16,440 | $ | 17,194 | ||||||||||||||||||
Non-cash portion of interest expense | (2,075) | (1,847) | (1,810) | (1,789) | ||||||||||||||||||||||
Amortization of mortgage (discount) premium, net | — | (3) | (10) | (28) | ||||||||||||||||||||||
Total cash paid for interest | $ | 16,602 | $ | 15,679 | $ | 14,620 | $ | 15,377 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
Funds from operations (FFO): | ||||||||||||||||||||||||||
Net income attributable to common stockholders (in accordance with GAAP) | $ | (502) | $ | 966 | $ | 5,038 | $ | 9,263 | ||||||||||||||||||
Depreciation and amortization | 35,049 | 33,984 | 33,533 | 31,989 | ||||||||||||||||||||||
Loss (gain) on dispositions of real estate investments | — | 153 | — | (8,824) | ||||||||||||||||||||||
FFO (as defined by NAREIT) attributable to common stockholders | 34,547 | 35,103 | 38,571 | 32,428 | ||||||||||||||||||||||
Acquisition, transaction and other costs [1] | 75 | 33 | 280 | 19 | ||||||||||||||||||||||
Loss on extinguishment of debt [2] | — | 309 | — | (379) | ||||||||||||||||||||||
Core FFO attributable to common stockholders | 34,622 | 35,445 | 38,851 | 32,068 | ||||||||||||||||||||||
Non-cash equity-based compensation | 2,479 | 2,513 | 2,488 | 2,491 | ||||||||||||||||||||||
Non-cash portion of interest expense | 2,075 | 1,847 | 1,810 | 1,789 | ||||||||||||||||||||||
Amortization of above and below-market leases and ground lease assets and liabilities, net | 198 | 204 | 232 | 633 | ||||||||||||||||||||||
Straight-line rent | (1,879) | (3,068) | (1,487) | (1,695) | ||||||||||||||||||||||
Straight-line rent (rent deferral agreements) [3] | 320 | 1,508 | — | — | ||||||||||||||||||||||
Eliminate unrealized losses (gains) on foreign currency transactions [4] | 3,061 | 1,325 | (2,082) | 4,592 | ||||||||||||||||||||||
Amortization of mortgage discounts and premiums, net | — | 3 | 10 | 28 | ||||||||||||||||||||||
Adjusted funds from operations (AFFO) attributable to common stockholders | $ | 40,876 | $ | 39,777 | $ | 39,822 | $ | 39,906 | ||||||||||||||||||
Weighted average common shares outstanding — Basic | 89,483 | 89,470 | 89,459 | 89,458 | ||||||||||||||||||||||
Weighted average common shares outstanding — Diluted | 89,483 | 90,103 | 89,499 | 90,777 | ||||||||||||||||||||||
Net income per share attributable to common shareholders | $ | (0.01) | $ | 0.01 | $ | 0.05 | $ | 0.10 | ||||||||||||||||||
FFO per diluted common share | $ | 0.39 | $ | 0.39 | $ | 0.43 | $ | 0.36 | ||||||||||||||||||
Core FFO per diluted common share | $ | 0.39 | $ | 0.39 | $ | 0.43 | $ | 0.35 | ||||||||||||||||||
AFFO per diluted common share | $ | 0.46 | $ | 0.44 | $ | 0.44 | $ | 0.44 | ||||||||||||||||||
Dividends declared [5] | $ | 35,794 | $ | 35,810 | $ | 47,638 | $ | 47,659 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Year of Maturity | Number of Encumbered Properties [1] | Weighted-Average Debt Maturity (Years) [1] | Weighted-Average Interest Rate [2] | Total Outstanding Balance [3] (In thousands) | Percent | |||||||||||||||||||||||||||
Non-Recourse Debt | ||||||||||||||||||||||||||||||||
2020 (remainder) | — | — | — | % | $ | 2,609 | ||||||||||||||||||||||||||
2021 | — | — | — | % | 12,772 | |||||||||||||||||||||||||||
2022 | — | — | — | % | 19,779 | |||||||||||||||||||||||||||
2023 | 47 | 2.8 | 2.8 | % | 319,537 | |||||||||||||||||||||||||||
2024 | 8 | 3.6 | 1.5 | % | 227,458 | |||||||||||||||||||||||||||
2025 | 7 | 4.6 | 2.5 | % | 82,072 | |||||||||||||||||||||||||||
Thereafter | 62 | 8 | 4.2 | % | 770,739 | |||||||||||||||||||||||||||
Total Non-Recourse Debt | 124 | 5.9 | 3.4 | % | 1,434,966 | 68 | % | |||||||||||||||||||||||||
Recourse Debt | ||||||||||||||||||||||||||||||||
Revolving Credit Facility | 2.8 | 3.6 | % | 264,009 | ||||||||||||||||||||||||||||
Term Loan | 3.8 | 1.9 | % | 421,560 | ||||||||||||||||||||||||||||
Total Recourse Debt | 3.5 | 2.5 | % | 685,569 | 32 | % | ||||||||||||||||||||||||||
Total Debt | 5.1 | 3.1 | % | $ | 2,120,535 | 100 | % | |||||||||||||||||||||||||
Total Debt by Currency | Percent | |||||||||||||||||||||||||||||||
USD | 45 | % | ||||||||||||||||||||||||||||||
EUR | 39 | % | ||||||||||||||||||||||||||||||
GBP | 16 | % | ||||||||||||||||||||||||||||||
Total | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Future Minimum Base Rent Payments [1] | ||||||||
2020 (remainder) | $ | 76,946 | ||||||
2021 | 310,105 | |||||||
2022 | 300,536 | |||||||
2023 | 277,978 | |||||||
2024 | 241,111 | |||||||
2025 | 200,030 | |||||||
Thereafter | 954,382 | |||||||
Total | $ | 2,361,088 |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Tenant / Lease Guarantor | Property Type | Tenant Industry | Annualized SL Rent [1] | SL Rent Percent | ||||||||||||||||||||||
FedEx | Distribution | Freight | $ | 14,010 | 4 | % | ||||||||||||||||||||
Whirlpool | Industrial/Distribution/Office | Consumer Goods | 13,215 | 4 | % | |||||||||||||||||||||
Government Services Administration (GSA) | Office | Government | 12,041 | 4 | % | |||||||||||||||||||||
Foster Wheeler | Office | Engineering | 10,935 | 3 | % | |||||||||||||||||||||
ING Bank | Office | Financial Services | 9,748 | 3 | % | |||||||||||||||||||||
Penske | Distribution | Logistics | 8,500 | 3 | % | |||||||||||||||||||||
Finnair | Industrial | Aerospace | 8,436 | 3 | % | |||||||||||||||||||||
Contractors Steel | Industrial | Metal Processing | 7,958 | 3 | % | |||||||||||||||||||||
Harper Collins | Distribution | Publishing | 6,606 | 2 | % | |||||||||||||||||||||
Trinity Health | Office | Healthcare | 6,592 | 2 | % | |||||||||||||||||||||
Subtotal | 98,041 | 31 | % | |||||||||||||||||||||||
Remaining portfolio | 216,530 | 69 | % | |||||||||||||||||||||||
Total Portfolio | $ | 314,571 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Total Portfolio | Unencumbered Portfolio [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Type | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | |||||||||||||||||||||||||||||||||||||||||||||
Office | $ | 151,957 | 48 | % | 8,725 | 25 | % | $ | 39,529 | 36 | % | 2,385 | 18 | % | |||||||||||||||||||||||||||||||||||||||
Industrial | 86,931 | 28 | % | 14,200 | 41 | % | 54,941 | 50 | % | 8,810 | 67 | % | |||||||||||||||||||||||||||||||||||||||||
Distribution | 59,827 | 19 | % | 10,433 | 30 | % | 10,744 | 10 | % | 1,661 | 13 | % | |||||||||||||||||||||||||||||||||||||||||
Retail | 15,856 | 5 | % | 1,324 | 4 | % | 5,063 | 4 | % | 266 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 314,571 | 100 | % | 34,682 | 100 | % | $ | 110,277 | 100 | % | 13,122 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Total Portfolio | Unencumbered Portfolio [3] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Type | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | |||||||||||||||||||||||||||||||||||||||||||||
Financial Services | $ | 31,888 | 10 | % | 2,126 | 6 | % | $ | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||
Healthcare | 23,191 | 7 | % | 1,049 | 3 | % | 11,598 | 11 | % | 626 | 5 | % | |||||||||||||||||||||||||||||||||||||||||
Technology | 21,004 | 7 | % | 1,084 | 3 | % | 2,486 | 2 | % | 178 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Consumer Goods | 16,957 | 5 | % | 4,061 | 12 | % | 3,289 | 3 | % | 293 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Aerospace | 16,205 | 5 | % | 1,416 | 4 | % | 4,606 | 4 | % | 293 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Freight | 14,949 | 5 | % | 1,494 | 4 | % | 7,020 | 6 | % | 774 | 6 | % | |||||||||||||||||||||||||||||||||||||||||
Government | 14,455 | 5 | % | 536 | 2 | % | 11,645 | 11 | % | 424 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
Metal Processing | 14,331 | 5 | % | 2,472 | 7 | % | 10,906 | 10 | % | 1,852 | 14 | % | |||||||||||||||||||||||||||||||||||||||||
Logistics | 14,273 | 5 | % | 2,269 | 7 | % | 1,132 | 1 | % | 170 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Telecommunications | 13,977 | 4 | % | 865 | 2 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Auto Manufacturing | 12,903 | 4 | % | 2,400 | 7 | % | 7,492 | 7 | % | 1,102 | 8 | % | |||||||||||||||||||||||||||||||||||||||||
Energy | 12,553 | 4 | % | 1,043 | 3 | % | 8,693 | 8 | % | 675 | 5 | % | |||||||||||||||||||||||||||||||||||||||||
Engineering | 10,935 | 3 | % | 366 | 1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Pharmaceuticals | 10,805 | 3 | % | 476 | 1 | % | 1,020 | 1 | % | 86 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Metal Fabrication | 8,346 | 3 | % | 1,208 | 3 | % | 3,646 | 3 | % | 496 | 4 | % | |||||||||||||||||||||||||||||||||||||||||
Discount Retail | 7,890 | 3 | % | 1,001 | 3 | % | 1,851 | 2 | % | 200 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Automotive Parts Supplier | 7,662 | 2 | % | 747 | 2 | % | 5,340 | 5 | % | 427 | 3 | % | |||||||||||||||||||||||||||||||||||||||||
Retail Food Distribution | 7,436 | 2 | % | 1,128 | 3 | % | 825 | 1 | % | 170 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Publishing | 6,606 | 2 | % | 873 | 3 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Home Furnishings | 5,977 | 2 | % | 2,456 | 7 | % | 5,977 | 5 | % | 2,456 | 19 | % | |||||||||||||||||||||||||||||||||||||||||
Specialty Retail | 5,378 | 2 | % | 486 | 1 | % | 2,431 | 2 | % | 206 | 2 | % | |||||||||||||||||||||||||||||||||||||||||
Food Manufacturing | 3,979 | 1 | % | 598 | 2 | % | 3,979 | 4 | % | 598 | 5 | % | |||||||||||||||||||||||||||||||||||||||||
Restaurant - Quick Service | 3,392 | 1 | % | 74 | — | % | 3,212 | 3 | % | 65 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Other | 29,479 | 10 | % | 4,454 | 14 | % | 13,129 | 11 | % | 2,031 | 16 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 314,571 | 100 | % | 34,682 | 100 | % | $ | 110,277 | 100 | % | 13,122 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Total Portfolio | Unencumbered Portfolio [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Region | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | Annualized SL Rent [1] | SL Rent Percent | Square Feet | Sq. ft. Percent | |||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 195,330 | 62.1 | % | 24,538 | 70.6 | % | $ | 100,100 | 90.8 | % | 12,482 | 95.1 | % | |||||||||||||||||||||||||||||||||||||||
Michigan | 43,866 | 14.0 | % | 4,882 | 14.1 | % | 25,832 | 23.4 | % | 2,744 | 20.6 | % | |||||||||||||||||||||||||||||||||||||||||
Texas | 24,244 | 7.7 | % | 1,926 | 5.6 | % | 11,188 | 10.1 | % | 970 | 7.4 | % | |||||||||||||||||||||||||||||||||||||||||
Ohio | 17,776 | 5.7 | % | 4,099 | 11.8 | % | 4,469 | 4.0 | % | 537 | 4.1 | % | |||||||||||||||||||||||||||||||||||||||||
California | 14,253 | 4.5 | % | 673 | 1.9 | % | 3,775 | 3.4 | % | 284 | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||
New Jersey | 8,322 | 2.7 | % | 349 | 1.0 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Tennessee | 8,247 | 2.6 | % | 1,125 | 3.2 | % | 4,726 | 4.3 | % | 262 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||
North Carolina | 8,210 | 2.6 | % | 2,657 | 7.7 | % | 7,465 | 6.8 | % | 2,628 | 20.0 | % | |||||||||||||||||||||||||||||||||||||||||
Indiana | 6,935 | 2.2 | % | 1,521 | 4.4 | % | 3,700 | 3.4 | % | 665 | 5.1 | % | |||||||||||||||||||||||||||||||||||||||||
Alabama | 5,606 | 1.8 | % | 257 | 0.7 | % | 320 | 0.3 | % | 58 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Illinois | 5,369 | 1.7 | % | 963 | 2.8 | % | 4,793 | 4.3 | % | 887 | 6.8 | % | |||||||||||||||||||||||||||||||||||||||||
South Carolina | 4,912 | 1.6 | % | 801 | 2.3 | % | 4,912 | 4.5 | % | 801 | 6.1 | % | |||||||||||||||||||||||||||||||||||||||||
Kentucky | 4,288 | 1.4 | % | 523 | 1.5 | % | 3,379 | 3.1 | % | 446 | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||
Pennsylvania | 4,223 | 1.3 | % | 459 | 1.3 | % | 1,915 | 1.7 | % | 122 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||
Missouri | 4,143 | 1.3 | % | 348 | 1.0 | % | 2,173 | 2.0 | % | 258 | 2.0 | % | |||||||||||||||||||||||||||||||||||||||||
New York | 3,956 | 1.3 | % | 677 | 2.0 | % | 450 | 0.4 | % | 63 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
Florida | 2,775 | 0.9 | % | 179 | 0.5 | % | 2,775 | 2.5 | % | 179 | 1.4 | % | |||||||||||||||||||||||||||||||||||||||||
Colorado | 2,703 | 0.9 | % | 87 | 0.3 | % | 2,703 | 2.5 | % | 87 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
Massachusetts | 2,384 | 0.8 | % | 192 | 0.6 | % | 2,384 | 2.2 | % | 192 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||
Minnesota | 2,143 | 0.7 | % | 150 | 0.4 | % | 691 | 0.6 | % | 103 | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||
Kansas | 2,118 | 0.7 | % | 292 | 0.8 | % | 1,922 | 1.7 | % | 277 | 2.1 | % | |||||||||||||||||||||||||||||||||||||||||
Maine | 1,889 | 0.6 | % | 50 | 0.1 | % | 1,889 | 1.7 | % | 50 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Mississippi | 1,580 | 0.5 | % | 314 | 0.9 | % | 283 | 0.3 | % | 14 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Georgia | 1,557 | 0.5 | % | 492 | 1.4 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
New Hampshire | 1,457 | 0.5 | % | 247 | 0.7 | % | 1,058 | 1.0 | % | 164 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||||
South Dakota | 1,289 | 0.4 | % | 54 | 0.2 | % | 1,289 | 1.2 | % | 54 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Vermont | 1,166 | 0.4 | % | 213 | 0.6 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Nebraska | 1,150 | 0.4 | % | 101 | 0.3 | % | 278 | 0.3 | % | 27 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||
Iowa | 1,117 | 0.4 | % | 236 | 0.7 | % | 1,117 | 1.0 | % | 236 | 1.8 | % | |||||||||||||||||||||||||||||||||||||||||
Louisiana | 1,111 | 0.4 | % | 112 | 0.3 | % | 434 | 0.4 | % | 36 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||
West Virginia | 980 | 0.3 | % | 104 | 0.3 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
North Dakota | 884 | 0.3 | % | 47 | 0.1 | % | 884 | 0.8 | % | 47 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Maryland | 785 | 0.3 | % | 120 | 0.4 | % | 785 | 0.7 | % | 120 | 0.9 | % | |||||||||||||||||||||||||||||||||||||||||
Oklahoma | 699 | 0.2 | % | 79 | 0.2 | % | 699 | 0.6 | % | 79 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||
New Mexico | 556 | 0.2 | % | 46 | 0.1 | % | 556 | 0.5 | % | 46 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Wyoming | 498 | 0.2 | % | 37 | 0.1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Montana | 441 | 0.1 | % | 58 | 0.2 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Idaho | 441 | 0.1 | % | 22 | 0.1 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Delaware | 362 | 0.1 | % | 10 | — | % | 362 | 0.3 | % | 10 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Nevada | 344 | 0.1 | % | 14 | — | % | 344 | 0.3 | % | 14 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Utah | 315 | 0.1 | % | 12 | — | % | 315 | 0.3 | % | 12 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
Virginia | 235 | 0.1 | % | 10 | — | % | 235 | 0.2 | % | 10 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||
United Kingdom | 54,443 | 17.4 | % | 4,127 | 11.9 | % | 1,223 | 1.1 | % | 95 | 0.7 | % | |||||||||||||||||||||||||||||||||||||||||
The Netherlands | 14,616 | 4.8 | % | 849 | 2.5 | % | 2,431 | 2.2 | % | 206 | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||
Finland | 14,475 | 4.6 | % | 1,457 | 4.2 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
France | 13,349 | 4.2 | % | 1,632 | 4.7 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Germany | 10,121 | 3.2 | % | 1,584 | 4.6 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Luxembourg | 5,714 | 1.8 | % | 156 | 0.5 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||
Puerto Rico | 3,212 | 1.0 | % | 65 | 0.2 | % | 3,212 | 2.9 | % | 65 | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||
Italy | 2,240 | 0.7 | % | 196 | 0.6 | % | 2,240 | 2 | % | 196 | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||
Canada | 718 | 0.2 | % | 49 | 0.1 | % | 718 | 0.7 | % | 49 | 0.4 | % | |||||||||||||||||||||||||||||||||||||||||
Spain | 353 | 0.1 | % | 29 | 0.1 | % | 353 | 0.3 | % | 29 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 314,571 | 100 | % | 34,682 | 100 | % | $ | 110,277 | 100 | % | 13,122 | 100 | % |
Global Net Lease, Inc. | ||||||||
Supplemental Information | ||||||||
Quarter ended September 30, 2020 (Unaudited) |
Year of Expiration | Number of Leases Expiring | Annualized SL Rent [1] | Annualized SL Rent Percent | Leased Rentable Square Feet | Percent of Rentable Square Feet Expiring | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
2020 (Remaining) | — | $ | — | — | % | — | — | % | ||||||||||||||||||||||||
2021 | 2 | 4,944 | 1.6 | % | 323 | 0.9 | % | |||||||||||||||||||||||||
2022 | 17 | 24,628 | 7.8 | % | 1,653 | 4.8 | % | |||||||||||||||||||||||||
2023 | 29 | 26,388 | 8.4 | % | 2,319 | 6.7 | % | |||||||||||||||||||||||||
2024 | 38 | 47,611 | 15.1 | % | 4,598 | 13.2 | % | |||||||||||||||||||||||||
2025 | 38 | 38,211 | 12.1 | % | 3,237 | 9.4 | % | |||||||||||||||||||||||||
2026 | 18 | 21,446 | 6.8 | % | 2,079 | 6.0 | % | |||||||||||||||||||||||||
2027 | 19 | 7,824 | 2.5 | % | 788 | 2.3 | % | |||||||||||||||||||||||||
2028 | 39 | 28,593 | 9.1 | % | 4,084 | 11.8 | % | |||||||||||||||||||||||||
2029 | 20 | 25,094 | 8.0 | % | 2,910 | 8.4 | % | |||||||||||||||||||||||||
2030 | 19 | 17,671 | 5.6 | % | 1,152 | 3.3 | % | |||||||||||||||||||||||||
2031 | 12 | 19,907 | 6.3 | % | 3,655 | 10.6 | % | |||||||||||||||||||||||||
2032 | 19 | 13,078 | 4.2 | % | 1,175 | 3.4 | % | |||||||||||||||||||||||||
2033 | 4 | 12,335 | 3.9 | % | 1,045 | 3.0 | % | |||||||||||||||||||||||||
2034 | 1 | 922 | 0.3 | % | 228 | 0.7 | % | |||||||||||||||||||||||||
2035 | 4 | 5,332 | 1.7 | % | 559 | 1.6 | % | |||||||||||||||||||||||||
Thereafter (>2035) | 19 | 20,587 | 6.6 | % | 4,751 | 13.9 | % | |||||||||||||||||||||||||
Total | 298 | $ | 314,571 | 100 | % | 34,556 | 100 | % |
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