Exhibit 99.1
| | |
| NEWS RELEASE | | |
For information contact: | | |
Kevin B. Habicht | | |
Chief Financial Officer | | |
(407) 265-7348 | | |
| | FOR IMMEDIATE RELEASE |
| | May 1, 2008 |
RECORD QUARTER OPERATING RESULTS
ANNOUNCED BY NATIONAL RETAIL PROPERTIES, INC.
Orlando, Florida, May 1, 2008 – National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced operating results for the quarter ended March 31, 2008, including a 37.5% increase in revenues and a 4.1% increase in Funds From Operations (“FFO”) per share compared to the same period for 2007. Highlights include:
Operating Results:
| | • | | Revenues and net earnings and FFO available to common stockholders: |
| | | | | | |
| | | Quarter Ended
March 31, |
| | | 2008 | | 2007 |
| | | (in thousands, except per share data) |
Revenues | | $ | 55,200 | | $ | 40,134 |
| | |
Net earnings available to common stockholders | | $ | 31,357 | | $ | 25,008 |
Net earnings per common share (diluted) | | $ | 0.43 | | $ | 0.41 |
| | |
FFO available to common stockholders | | $ | 36,974 | | $ | 29,610 |
FFO per common share (diluted) | | $ | 0.51 | | $ | 0.49 |
| | • | | Investment Portfolio occupancy was 97.9% at March 31, 2008. |
Investments and Dispositions for the quarter ended March 31, 2008:
| | • | | $150.6 million in the Investment Portfolio, including acquiring 27 properties with an aggregate 390,000 square feet of gross leasable area |
| | • | | $22.8 million in the Inventory Portfolio, including acquiring 5 properties and funding $1.2 million of development |
| | • | | 4 Investment properties with an aggregate 38,000 square feet of gross leasable area, with net proceeds of $10.3 million, resulting in a gain of $3.9 million |
| | • | | 8 Inventory properties with net proceeds of $71.8 million |
| | |
450 S. Orange Ave., Suite 900 | Orlando, FL 32801 (800) NNN-REIT | www.nnnreit.com | |  |
Capital transactions for the quarter ended March 31, 2008:
| | • | | Issued 269,678 shares of common stock generating $5.9 million of net proceeds pursuant to the Dividend Reinvestment and Stock Purchase Plan |
| | • | | Issued $234 million of 5.125% convertible senior notes due in 2028 (with 2013 put option) |
| | • | | Repayment in full of $100 million of 7.125% notes due March 2008 |
| | • | | Repayment in full of $12 million of 10.0% OAMI secured note payable due 2008 |
National Retail also announced increased 2008 FFO guidance of $1.97 to $2.02 per share, which represents a 5% to 8% increase over 2007 results. This equates to earnings before any gains or losses from the sale of investment properties of $1.54 to $1.59 per share plus $0.43 per share of expected real estate related depreciation and amortization. This guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.
Craig Macnab, Chief Executive Officer commented, “This is a great start to what we see as another record year for NNN. Our portfolio and balance sheet are in good shape and the competitive environment for acquisitions is notably better than in recent years.”
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2008, the company owned 931 Investment properties in 44 states with a gross leasable area of approximately 11 million square feet. For more information on the company, visit www.nnnreit.com.
Management will hold a conference call on May 1 at 2:00 p.m. EDT to review these results. The call can be accessed on National Retail’s web site live athttp://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. 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, local real estate conditions, changes in interest rates, increases in operating costs, the availability of capital, and the profitability of the company’s taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (“SEC”) filings, including, but not limited to, the company’s Annual Report on Form 10-K. Copies of each filing may be obtained from the company or the SEC. Consequently, 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 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 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) on the disposition of real estate held for investment, and the company’s share of these items from the company’s unconsolidated partnerships.
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.
2
The company has determined that there are earnings from discontinued operations in each of its segments, real estate held for investment and real estate held for sale. All property dispositions from the company’s held for investment segment are classified as discontinued operations. In addition, certain properties in the company’s held for sale segment that have generated revenues before disposition are classified as discontinued operations. The results of operations for prior periods for these properties now classified as discontinued operations have been restated to reflect the results in earnings from discontinued operations for comparability purposes. These adjustments resulted in a decrease in the company’s reported total revenues and total and per share earnings from continuing operations and an increase in the company’s earnings from discontinued operations. However, the company’s total and per share FFO and net earnings available to common stockholders are not affected.
3
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
| | | | | | | | |
| Income Statement Summary | | Quarter Ended March 31, | |
| | | 2008 | | | 2007 | |
Revenues: | | | | | | | | |
Rental and earned income | | $ | 51,031 | | | $ | 36,438 | |
Real estate expense reimbursement from tenants | | | 1,578 | | | | 1,251 | |
Interest and other income from real estate transactions | | | 1,235 | | | | 1,201 | |
Interest income on commercial mortgage residual interests | | | 1,356 | | | | 1,244 | |
| | | | | | | | |
| | | 55,200 | | | | 40,134 | |
| | | | | | | | |
Disposition of real estate, Inventory Portfolio: | | | | | | | | |
Gross proceeds | | | 4,900 | | | | 825 | |
Costs | | | (4,879 | ) | | | (493 | ) |
| | | | | | | | |
Gain | | | 21 | | | | 332 | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
General and administrative | | | 7,560 | | | | 6,321 | |
Real estate | | | 2,439 | | | | 1,845 | |
Depreciation and amortization | | | 10,157 | | | | 6,795 | |
Impairment – commercial mortgage residual interests valuation | | | 758 | | | | — | |
| | | | | | | | |
| | | 20,914 | | | | 14,961 | |
| | | | | | | | |
Other expenses (revenues): | | | | | | | | |
Interest and other income | | | (1,221 | ) | | | (1,303 | ) |
Interest expense | | | 15,366 | | | | 11,101 | |
Loss on interest rate hedge | | | 804 | | | | — | |
| | | | | | | | |
| | | 14,949 | | | | 9,798 | |
| | | | | | | | |
Income tax benefit | | | 2,652 | | | | 2,793 | |
Minority interest | | | 1,016 | | | | 189 | |
Equity in earnings of unconsolidated affiliate | | | 79 | | | | — | |
| | | | | | | | |
Earnings from continuing operations | | | 23,105 | | | | 18,689 | |
| | |
Earnings from discontinued operations: | | | | | | | | |
Real estate, Investment Portfolio | | | 4,999 | | | | 4,257 | |
Real estate, Inventory Portfolio, net of income tax expense and minority interest | | | 4,949 | | | | 3,758 | |
| | | | | | | | |
| | | 9,948 | | | | 8,015 | |
| | | | | | | | |
Net earnings | | | 33,053 | | | | 26,704 | |
| | |
Series C Preferred Stock dividends | | | (1,696 | ) | | | (1,696 | ) |
| | | | | | | | |
Net earnings available to common stockholders – basic and diluted | | $ | 31,357 | | | $ | 25,008 | |
| | | | | | | | |
4
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
| | | | | | | | |
| | | Quarter Ended March 31, | |
| | | 2008 | | | 2007 | |
Weighted average common shares outstanding: | | | | | | | | |
Basic | | | 72,315 | | | | 60,333 | |
| | | | | | | | |
Diluted | | | 72,447 | | | | 60,472 | |
| | | | | | | | |
Net earnings per share available to common stockholders: | | | | | | | | |
Basic: | | | | | | | | |
Continuing operations | | $ | 0.29 | | | $ | 0.28 | |
Discontinued operations | | | 0.14 | | | | 0.13 | |
| | | | | | | | |
Net earnings | | $ | 0.43 | | | $ | 0.41 | |
| | | | | | | | |
Diluted: | | | | | | | | |
Continuing operations | | $ | 0.29 | | | $ | 0.28 | |
Discontinued operations | | | 0.14 | | | | 0.13 | |
| | | | | | | | |
Net earnings | | $ | 0.43 | | | $ | 0.41 | |
| | | | | | | | |
Supplemental Information: | | | | | | | | |
Percentage rent | | $ | 58 | | | $ | 458 | |
| | | | | | | | |
Earned income from direct financing leases | | $ | 886 | | | $ | 1,822 | |
Decrease in real estate classified as direct financing leases | | | (1,199 | ) | | | (2,462 | ) |
| | | | | | | | |
Net direct financing lease adjustment | | | (313 | ) | | | (640 | ) |
Accrued rental income (straight-line) | | | 579 | | | | 691 | |
| | | | | | | | |
Net lease accounting adjustments | | $ | 266 | | | $ | 51 | |
| | | | | | | | |
Net Inventory Portfolio gain on disposition (TRS) | | $ | 5,633 | | | $ | 4,669 | |
| | | | | | | | |
Capitalized interest | | $ | 531 | | | $ | 618 | |
| | | | | | | | |
Scheduled debt principal amortization (excluding maturities) | | $ | 291 | | | $ | 450 | |
| | | | | | | | |
5
National Retail Properties, Inc.
(in thousands, except per share data)
(unaudited)
| | | | | | | | |
| | | Quarter Ended March 31, | |
| | | 2008 | | | 2007 | |
Reconciliation of net earnings to FFO and FFO available to common stockholders: | | | | | | | | |
Net earnings | | $ | 33,053 | | | $ | 26,704 | |
Real estate depreciation and amortization: | | | | | | | | |
Continuing operations | | | 9,426 | | | | 6,212 | |
Discontinued operations | | | 25 | | | | 153 | |
Joint venture real estate depreciation | | | 43 | | | | — | |
Gain on disposition of real estate Investment Portfolio | | | (3,877 | ) | | | (1,763 | ) |
| | | | | | | | |
FFO | | | 38,670 | | | | 31,306 | |
Series C Preferred Stock dividends | | | (1,696 | ) | | | (1,696 | ) |
| | | | | | | | |
FFO available to common stockholders – basic and diluted | | $ | 36,974 | | | $ | 29,610 | |
| | | | | | | | |
FFO per share: | | | | | | | | |
Basic | | $ | 0.51 | | | $ | 0.49 | |
| | | | | | | | |
Diluted | | $ | 0.51 | | | $ | 0.49 | |
| | | | | | | | |
| | | | | | | | | | | |
| | | Quarter Ended March 31, |
| | | 2008 | | | 2007 |
| | | # of
Properties | | Gain | | | # of
Properties | | Gain |
Real Estate Disposition Summary | | | | | | | | | | | |
Reconciliation of gain on disposition between continuing and discontinued operations: | | | | | | | | | | | |
Continuing operations | | 1 | | $ | 21 | | | 1 | | $ | 332 |
Discontinued operations: | | | | | | | | | | | |
Investment Portfolio | | 4 | | | 3,877 | | | 5 | | | 1,763 |
Inventory Portfolio | | 7 | | | 9,128 | | | 22 | | | 4,337 |
Minority interest, Inventory Portfolio | | — | | | (3,516 | ) | | — | | | — |
| | | | | | | | | | | |
| | 12 | | $ | 9,510 | | | 28 | | $ | 6,432 |
| | | | | | | | | | | |
Reconciliation of gain on disposition by type: | | | | | | | | | | | |
Inventory Portfolio: | | | | | | | | | | | |
Development | | 4 | | $ | 8,284 | | | 5 | | $ | 1,796 |
Exchange | | 4 | | | 865 | | | 18 | | | 2,873 |
Minority interest, Development | | — | | | (3,516 | ) | | — | | | — |
| | | | | | | | | | | |
Total Inventory gain (TRS) | | 8 | | | 5,633 | | | 23 | | | 4,669 |
Investment Portfolio | | 4 | | | 3,877 | | | 5 | | | 1,763 |
| | | | | | | | | | | |
| | 12 | | $ | 9,510 | | | 28 | | $ | 6,432 |
| | | | | | | | | | | |
6
National Retail Properties, Inc.
(in thousands)
(unaudited)
Earnings from Discontinued Operations:In accordance with Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS No. 144”), the company has classified its investment assets sold and leasehold interests expired subsequent to December 31, 2001, the effective date of SFAS No. 144, as discontinued operations. In addition, the company has classified any investment asset or revenue generating inventory asset that was held for sale at March 31, 2008, as discontinued operations. The following is a summary of earnings from discontinued operations.
| | | | | | | | |
| | | Quarter Ended March 31, | |
| | | 2008 | | | 2007 | |
Earnings from Discontinued Operations – Investment Portfolio: | | | | | | | | |
Revenues: | | | | | | | | |
Rental and earned income | | $ | 290 | | | $ | 2,671 | |
Real estate expense reimbursement from tenants | | | 7 | | | | 93 | |
Interest and other income from real estate transactions | | | 534 | | | | 124 | |
| | | | | | | | |
| | | 831 | | | | 2,888 | |
| | | | | | | | |
Expenses: | | | | | | | | |
General and administrative | | | (79 | ) | | | — | |
Real estate | | | (250 | ) | | | 148 | |
Depreciation and amortization | | | 24 | | | | 153 | |
Impairment – real estate | | | 14 | | | | 95 | |
Interest | | | — | | | | (2 | ) |
| | | | | | | | |
| | | (291 | ) | | | 394 | |
| | | | | | | | |
Gain on disposition of real estate | | | 3,877 | | | | 1,763 | |
| | | | | | | | |
Earnings from discontinued operations | | $ | 4,999 | | | $ | 4,257 | |
| | | | | | | | |
| | |
Earnings from Discontinued Operations – Inventory Portfolio: | | | | | | | | |
Revenues: | | | | | | | | |
Rental income | | $ | 3,360 | | | $ | 2,850 | |
Real estate expense reimbursement from tenants | | | 328 | | | | 297 | |
Interest and other income from real estate transactions | | | 454 | | | | 6 | |
| | | | | | | | |
| | | 4,142 | | | | 3,153 | |
| | | | | | | | |
Disposition of real estate: | | | | | | | | |
Gross proceeds | | | 69,187 | | | | 59,652 | |
Costs | | | (60,059 | ) | | | (55,315 | ) |
| | | | | | | | |
Gain | | | 9,128 | | | | 4,337 | |
| | | | | | | | |
Expenses: | | | | | | | | |
General and administrative | | | 25 | | | | 8 | |
Real estate | | | 546 | | | | 431 | |
Depreciation and amortization | | | 44 | | | | 20 | |
Interest | | | 998 | | | | 816 | |
| | | | | | | | |
| | | 1,613 | | | | 1,275 | |
| | | | | | | | |
Income tax expense | | | (3,028 | ) | | | (2,299 | ) |
Minority interest | | | (3,680 | ) | | | (158 | ) |
| | | | | | | | |
Earnings from discontinued operations | | $ | 4,949 | | | $ | 3,758 | |
| | | | | | | | |
7
National Retail Properties, Inc.
(in thousands)
| | | | | | |
| Balance Sheet Summary | | March 31,
2008 | | December 31,
2007 |
| | | (unaudited) | | (Note 1) |
Assets: | | | | | | |
Cash and cash equivalents | | $ | 11,838 | | $ | 27,499 |
Receivables, net of allowance | | | 7,212 | | | 3,818 |
Investment in unconsolidated affiliate | | | 4,958 | | | 4,139 |
Mortgages, notes and accrued interest receivable, net of allowance | | | 113,891 | | | 73,162 |
Real estate, Investment Portfolio: | | | | | | |
Accounted for using the operating method, net of accumulated depreciation and amortization | | | 2,195,701 | | | 2,055,846 |
Accounted for using the direct financing method | | | 33,038 | | | 37,497 |
Real estate, Inventory Portfolio, held for sale | | | 205,384 | | | 248,611 |
Commercial mortgage residual interests | | | 22,617 | | | 24,340 |
Accrued rental income, net of allowance | | | 24,855 | | | 24,652 |
Other assets | | | 43,266 | | | 40,041 |
| | | | | | |
Total assets | | $ | 2,662,760 | | $ | 2,539,605 |
| | | | | | |
Liabilities: | | | | | | |
Line of credit payable | | $ | 123,500 | | $ | 129,800 |
Mortgages payable | | | 27,189 | | | 27,480 |
Note payable – secured | | | — | | | 12,000 |
Notes payable – convertible | | | 406,535 | | | 172,500 |
Notes payable, net of unamortized discount | | | 618,340 | | | 718,290 |
Income tax liability | | | 1,115 | | | 1,671 |
Other liabilities | | | 60,045 | | | 68,245 |
| | | | | | |
Total liabilities | | | 1,236,724 | | | 1,129,986 |
| | |
Minority interest | | | 5,241 | | | 2,334 |
Stockholders’ equity | | | 1,420,795 | | | 1,407,285 |
| | | | | | |
Total liabilities and equity | | $ | 2,662,760 | | $ | 2,539,605 |
| | | | | | |
Common shares outstanding | | | 73,031 | | | 72,528 |
| | | | | | |
Gross leasable area, Investment Portfolio (square feet) | | | 10,962 | | | 10,610 |
| | | | | | |
| Note 1: | Amounts are derived from audited consolidated financial statements included in the company’s Form 10-K, as amended. |
8
Orange Avenue Mortgage Investments, Inc.
(in thousands)
In May 2005, the company acquired a 78.9 percent equity investment of OAMI for $9.4 million. The company’s 78.9 percent share of OAMI’s net cash flow has totaled over $24 million since May 2005. The following summary represents the balances related to OAMI included in the company’s Balance Sheet and Income Statement Summary:
| | | | | | |
| | | March 31,
2008 | | December 31,
2007 |
| | | (unaudited) | | (Note 1) |
Assets: | | | | | | |
Cash and cash equivalents | | $ | 533 | | $ | 15,541 |
Receivables and other assets | | | 29 | | | 1,417 |
Commercial mortgage residual interests | | | 22,617 | | | 24,340 |
| | | | | | |
| | $ | 23,179 | | $ | 41,298 |
| | | | | | |
Liabilities: | | | | | | |
Notes payable – secured | | $ | — | | $ | 12,000 |
Income tax liability | | | 6,353 | | | 6,768 |
Other liabilities | | | 65 | | | 145 |
| | | | | | |
| | $ | 6,418 | | $ | 18,913 |
| | | | | | |
Minority interest | | $ | 757 | | $ | 1,895 |
| | | | | | |
| | | | | | | | |
| | | Quarter Ended March 31, | |
| | | 2008 | | | 2007 | |
| | | (unaudited) | | | (unaudited) | |
Revenues: | | | | | | | | |
Interest income on commercial mortgage residual interests | | $ | 1,356 | | | $ | 1,244 | |
Interest and other income | | | 191 | | | | 702 | |
| | | | | | | | |
| | | 1,547 | | | | 1,946 | |
| | |
Expenses: | | | | | | | | |
General and administrative | | | 78 | | | | 125 | |
Amortization | | | 35 | | | | 63 | |
Impairment – commercial mortgage residual interests valuation | | | 758 | | | | — | |
Interest | | | 200 | | | | 613 | |
| | | | | | | | |
| | | 1,071 | | | | 801 | |
| | | | | | | | |
Income tax benefit | | | 407 | | | | 768 | |
Minority interest | | | (139 | ) | | | (282 | ) |
| | | | | | | | |
Net earnings | | $ | 744 | | | $ | 1,631 | |
| | | | | | | | |
| Note 1: | Amounts are derived from audited consolidated financial statements included in the company’s Form 10-K, as amended. |
9
NNN Retail Properties Fund I LLC
(dollars in thousands)
In September 2007, the company entered into a joint venture, NNN Retail Properties Fund I LLC, with an affiliate of Crow Holdings Realty Partners IV, L.P. The company owns a 15 percent equity interest, and the following summary represents the Balance Sheet and Income Statement Summary for the joint venture. The company’s investment in the joint venture is included in the company’s Balance Sheet Summary under “Investment in unconsolidated affiliate.”
| | | | | | |
| | | March 31,
2008 | | December 31,
2007 |
| | | (unaudited) | | |
Assets: | | | | | | |
Cash and cash equivalents | | $ | 131 | | $ | 30 |
Receivables | | | 14 | | | — |
Real estate | | | 75,337 | | | 65,413 |
Other assets | | | 1,239 | | | 921 |
| | | | | | |
| | $ | 76,721 | | $ | 66,364 |
| | | | | | |
Liabilities: | | | | | | |
Notes payable | | $ | 43,600 | | $ | 38,600 |
Other liabilities | | | 65 | | | 180 |
| | | | | | |
Total liabilities | | | 43,665 | | | 38,780 |
| | | | | | |
Members’ equity | | | 33,056 | | | 27,584 |
| | | | | | |
Total liabilities and equity | | $ | 76,721 | | $ | 66,364 |
| | | | | | |
| | |
| | | Quarter Ended
March 31, 2008 | | |
| | | (unaudited) | |
Revenues: | | | | |
Rental income | | $ | 1,497 | |
| | | | |
| | | 1,497 | |
Expenses: | | | | |
General and administrative | | | 71 | |
Real estate | | | 5 | |
Depreciation and amortization | | | 353 | |
Interest | | | 597 | |
| | | | |
| | | 1,026 | |
Net earnings | | $ | 471 | |
| | | | |
10
National Retail Properties, Inc.
Investment Portfolio
Top 20 Lines of Trade
| | | | | | | | |
| | | | | March 31, | |
| | | Line of Trade | | 2008 (1) | | | 2007 (2) | |
1. | | Convenience stores | | 23.0 | % | | 18.1 | % |
2. | | Restaurants – full service | | 9.6 | % | | 12.1 | % |
3. | | Automotive service | | 8.1 | % | | 0.2 | % |
4. | | Theaters | | 6.4 | % | | — | |
5. | | Automotive parts | | 4.7 | % | | 1.5 | % |
6. | | Drug stores | | 4.3 | % | | 8.0 | % |
7. | | Books | | 4.1 | % | | 5.5 | % |
8. | | Consumer electronics | | 4.1 | % | | 5.8 | % |
9. | | Sporting goods | | 3.7 | % | | 7.1 | % |
10. | | Restaurants – limited service | | 3.4 | % | | 4.8 | % |
11. | | Travel plazas | | 2.9 | % | | 3.7 | % |
12. | | Grocery | | 2.8 | % | | 5.5 | % |
13. | | Furniture | | 2.8 | % | | 4.1 | % |
14. | | Office supplies | | 2.6 | % | | 3.7 | % |
15. | | Family entertainment centers | | 2.0 | % | | — | |
16. | | Auto dealerships | | 2.0 | % | | 2.0 | % |
17. | | Beer, wine and liquor | | 2.0 | % | | 2.1 | % |
18. | | General merchandise | | 1.6 | % | | 2.6 | % |
19. | | Home furnishings | | 1.4 | % | | 1.8 | % |
20. | | Craft, fabric and novelty | | 1.4 | % | | 1.8 | % |
| | Other | | 7.1 | % | | 9.6 | % |
| | | | | | | | |
| | Total | | 100.0 | % | | 100.0 | % |
| | | | | | | | |
Top 10 States
| | | | | | | | | | | | |
| | | State | | % of Total(1) | | | | | State | | % of Total(1) | |
| 1. | | Texas | | 19.2 | % | | 6. | | Georgia | | 4.7 | % |
| 2. | | Florida | | 10.8 | % | | 7. | | Pennsylvania | | 4.5 | % |
| 3. | | Illinois | | 7.1 | % | | 8. | | Indiana | | 4.3 | % |
| 4. | | North Carolina | | 6.3 | % | | 9. | | Colorado | | 3.2 | % |
| 5. | | California | | 5.3 | % | | 10. | | Ohio | | 3.2 | % |
Lease Expirations
| | | | | | | | | | | | | | | | |
| | | % of
Total(1) | | | # of
Properties | | Gross
Leasable
Area(3) | | | | % of
Total(1) | | | # of
Properties | | Gross
Leasable
Area(3) |
| 2008 | | 0.5 | % | | 11 | | 182,000 | | 2014 | | 4.5 | % | | 31 | | 510,000 |
| 2009 | | 1.5 | % | | 23 | | 427,000 | | 2015 | | 2.7 | % | | 20 | | 469,000 |
| 2010 | | 2.9 | % | | 38 | | 401,000 | | 2016 | | 1.9 | % | | 14 | | 240,000 |
| 2011 | | 2.1 | % | | 21 | | 336,000 | | 2017 | | 4.7 | % | | 26 | | 663,000 |
| 2012 | | 3.7 | % | | 33 | | 549,000 | | 2018 | | 4.0 | % | | 32 | | 500,000 |
| 2013 | | 4.2 | % | | 34 | | 753,000 | | Thereafter | | 67.3 | % | | 628 | | 5,622,000 |
(1) | Based on annual base rent of $209,409,000, which is the annualized base rent for all leases in place as of March 31, 2008. |
(2) | Based on annual base rent of $154,809,000, which is the annualized base rent for all leases in place as of March 31, 2007. |
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