Andrew. everyone. Thanks, Welcome,
remain business through in clients to I community, the the talent of and to work employees difficult appreciative of remain environment continue perform circumstances. our the and partners, support remote under pandemic. continue our of of and a to our resiliency forward to resiliency team safety the our As current promote I and also be who by impressed we drive
our real that On companies forward us Financial were we personnel to Kelly, estate immediately Christie's depth we team. excited January. to Chief experience in the been leading has will to of appointed Officer announce with And front, Treasurer. joining and Christie look Christie breadth additive and be
objectives. to year Christie and smooth will continue last a partnering she a further member Directors which forward strategy Realty the I Income's to the Over Committee, of been with look and advancing transition. our Audit valuable of has Board's Board promote
the summary quarter. Moving on a of to
billion continue the high-quality closed X.XX%. environment. global including and we home approximately notes, diversified concentrated year-to-date. effective of of notes, through to convenience we the which During access in invested debt current industries, well in and primarily grocery $XXX million invested our pounds £XXX $X.X the Investments raising us On issuance brings million XX-year we Sterling-denominated X, in the to the during in on store were public real our to nearly each third maturity quarter yield estate in UK, which improvement, $XXX perform annual quarter as the with an presence debut markets million October capital store of
for investors position come. We quarter, the look raised to approximately as equity, community, income we forward relationships have $XXX the building these our fixed grateful sheet to steps on the program. from our and we during through took growth UK we support the to million further in of for balance received years We ATM primarily
of Our and times, strength we're $X net increasing which XXXX quarter investment approximately to the and within moving provides our a at forward. to leverage guidance price flexibility our Based X.X acquisitions billion. EBITDAR was on adjusted continued access end target ratio, well financial ratio to is significant pipeline well debt our capital,
a at term total was and on years. investment invested of located Kingdom, weighted $XXX at to the during average weighted XX% XXXX, states the quarter. XX rate million during properties third approximately average revenue grade cash On years. acquisitions properties with of quarter, investment XX a a of average domestically approximately invested XX.X we initial of cap lease were their cash $XXX the initial of rate XX and cap with the weighted in In the quarter during quarter invested a subsidiaries. basis, total million XX.X a from average million lease tenants of X.X%, in Of weighted in rated X.X%, or $XXX Moving the term activity in United
in and cap average rate average weighted acquisitions this the internationally XX XX% average lease approximately was rate or average of $XX.X billion lease invested at domestic XX% we a and the we term weighted are the initial $XXX XXX X.X% of approximately a opportunities from properties were During international remains flow term at billion lease weighted as a weighted average located the XX.X third $XX.X was XX.X opportunity of portfolios properties, of were invested Year-to-date in at billion located the million and have $X.X years. the total cash and of with the healthy, and in XX% closed transaction $X.X with term a assets. transactions. of X.X% Year-to-date $XXX cap was one-off billion total average States rated at XX $X.X million sourced average Of in with in opportunities. in acquisitions term quarter, billion in the in in years. X.X% revenue cash the or XX approximately in rate lease third X.X UK, years. properties invested one-off years. Of the internationally $XXX rate basis, was were were cap located and of a year-to-date UK, domestically $X.X third quarter, of quarter, Year-to-date, $XXX investment potential On invested source cap we opportunities. billion amount, approximately cash UK, million tenants in with weighted subsidiaries. initial a properties average approximately Transaction billion seven $XX Of weighted X.X%, of and during a grade cash Of XXX invested their million weighted sourced initial weighted initial XX% quarter. a
Our averaging points spreads weighted average investment basis basis spreads capital domestic XXX investments. our nominal our for during year to capital. first investment of and investments, international yield We less weighted quarter, cash initial define XXX for average of as cost points cost relative were healthy approximately the
capitalize guidance. in remains well-positioned strong acquisition forward, on robust, increased Our investment to pipeline opportunities and are going with resulting financial our flexibility we
$XXX.X of quarter net a of us rate of cash XX.X%. Moving IRR properties for we an to And properties unlevered to million realized we the and brings of proceeds at sold This an cap we unlevered IRR dispositions, during XX XX.X%. million, net XX X.X%. for year-to-date sold $XX realized
type, the tenants traditional The approximately and retail largest XX% contributes do increase from stores number Occupancy been properties these industry the of quarter. revenue. believe with U.S. portfolio, business. factors properties. the their operate rental our states, stability is retail properties been at At rental over of separate retail a industrial low the leased possess our price remain constructive in by Walgreens particularly property service of Rico from remains properties more our e-commerce. Puerto tenants rent of of tenants Our XX XX XX.X%, retail of in generated that in an outside non-discretionary rental our our Approximately have the retail at of Convenience relevant rated industry, of from vast economic characteristics. variety compete bankruptcies and largest is portfolio, climate, our to XX% these based component half largest rental rental grade industries our portfolio were have our the allow on remain We remains XXX with revenue versus component revenue. on X.X% point of tenants. prior flow. credit which overall XX.X% in where annualized These of to well end, investment the in XX% characteristics tenant not basis industries today's located to Within cash and/or effectively environments, revenue. with at our quarter points approximately UK. approximately revenue comes diversified a was to geography to tenant, XX recent of We quality of of and majority
collection rent expiring or recapturing stable. we we of properties our sold the we were over re-leased - During leases XX.X% year-to-date, our across re-leased re-leased. portfolio XXX% properties, expiring remained XXXX, in quarter, recapturing X,XXX XX recapturing with the XXX the year-to-date rent. that Since properties has properties on re-leased of those of rent have expiring, over sorry, XX.X% listing Rent
I on third dependent quarter collection touch the collected we improvements rent which industry, XX.X% will of and October. we of the During primarily XX.X% Further rent the is in contractual percentages theatre rent shortly. contractual in due, improvements month on for of collected
base applicable collection and COVID-XX related include rates do as granted, the importance adjusted rent validates We for the the been calculated collected for bankruptcies. charge quarter are rent not rent of which leads Our divided and estate high-quality Charge have for cash tenants, tenants third from relief contractual rent any real further period. XXX% rated collected, of portfolio any from well-capitalized rents by investment clients. large contractual grade the the contractual amounts to
objective, rated tenants last as to grade streams investment a high primary three out. periods uncertainty, prioritized as tenants tend historically grade of not the proven of income credit reliable provide economic during more have have quarters we While
rent approximately began. represent approximately have of tenants from primarily all fitness account these in dollar Uncollected industries stores, to uncollected contractual in the drug for continues as top And Our rent each and and pandemic goods theater during revenue. convenience stores, the of and industries rents industries, health four sell third XX% quarter. received to these stores, since the essential and grocery industries, us we the be rental nearly of due stores XX%
update base contractual theater And community industry depth manage continue remain continue asset represents the we believe advantage rent. a the real our on value breadth department also our to will a it do our company's our we of competitive industry. viable budget As high vis-à-vis creation, latest for estate the department, to to industry while the and on I environment, to management blockbuster our industry in competitors. downsize post-pandemic largest of our especially movies. to operations portfolio is views support expect which X.X% future, we in is The would believe a the like we investment and key long-term
remains that XX% nuances XXXX recovered that As time over produced box an as levels. Box where high reports theater influence it Avengers: are of all a we daily Endgame. point. do an data as Further, recent reached grossing revenue office all-time movie XXXX Though highest U.S. recent XXXX, Office show acknowledge reminder, the to open, from a theaters relevant worldwide attendance, film cultural of China and has
said, several Angeles, the like shuttered, to U.S. whether to facing feel industry others are be we studios this theatrical who release preferred in theatres be the as in will we the will That two studios a of the New for when Near-term, films industry remaining a follow clarity around, likely major markets particularly inclined the a versus there And do channel theaters with Los their not channel. comfortable and economics through superior to streaming may for afforded the reality. the is forward, We rationalization that survive. continue theatres will be particularly that changing, scenario, believe to platform. distribution going movies, studios lack given theatrical distribution and the releasing films. blockbuster underperforming uncertainties the movie them largest will that in release City blockbuster there industry the post-pandemic York recognize Under
confidence a has we for factors As these for assets collectability assets. performance level variety Cineworld the largest theater collectability rents To two result, probable, the a of diminished, our for we be reserve is prudent We a XX store to going based these these balance than facing on the be more assets, pronounced. operator's assets to less deemed theatres AMC terms XX XX the risk the portfolio of establish total our level and theater solvency it of forward. the including and revenue believe of to high-quality, end, we receivables our portion of our performance. in the purposes, associated and in full theater of near-term XX% space, quartile To cash are the incrementally is that of level operators two outstanding a outstanding XX one our store of for theater clear, in receivable that each estimate very accounting and in move top portfolio is believe to recognition portfolio of of for with
unit we in on XX XX second based EBITDAR level the and in XX the we on, that are quartile, performance. in two quartile, estimate are of assets that the XX Specifically, recent the the bottom are are in have top quartile, information theater pre-pandemic quartile, financial third
million still assets collectability. predicated deeming was a for no AFFO of are financial not thus determine pre-rent to is to basis. impact which assets EBITDA recognized on Thus, those based as rankings probable. six unit us reserve, $X.X XX we did assets, a accounting measure, on assets for we pre-pandemic these We we to criteria rent of remaining have reserves financials, access million receivable reserves based to conservative the Of line and generated of our XX has impact. these most of approach, Our prevented to reserving, were six a assets assess of level productivity move largely $XX.X holistic well. collection on post-rent on which reserve information determined is and these of for The as that financial theater which these that from profitable which as straight cash
third not become accrue $X.XX has we to diluted collect probable and The unless approximately is will share rent, forward, quarter these collectability actually share diluted AFFO, we the assets cash per And determine we FFO. to $X.XX revenue again. impact per all going on
book the we During weighted assets. our we value impaired analyzed assets assets which their less than value. approximately cash of Of a for the was impairment that the carrying XX XX the probable. these assets we probability To than where net of had the value was down we $XXX at assets, theater of to the provisions $XX less probability XX flow recorded associated same assets undiscounted estimated appropriate arrive was impairment current determined that assets. quarter, XX collection of with Accordingly, analyzed, the million, deemed we fair theater XX for million
a impairment As for income provisions only has reminder, company's no FFO AFFO. on or impact and the net impact
overall expect to long-term I'd thoughts world. outlook stream, for our intact in of outline we on like Now almost portfolio remain our all a to which revenue current the post-pandemic
The would a expect which be do we may be require our repositioning discussed, the XX of of have the As theatre theaters a overall which impacted in properties, properties. we annual of or rent. level clear, be longer-term, represent associated to forward some in accounting, rent cash going to likely lose moved the do event of subset our To of most rationalization X% rent, potential closures. $XX.X to of with even total expect in we entirety of not these million annual properties the industry, which
overall industry, Beyond gives that in health fairly estate portfolio restaurant select theatre be the monitor and real and modest. quality diversity rent our particular. and we us Though fitness credit the continue industries would tenants any to longer-term of in loss comfort the
same-store our rental during Moving the year-to-date. on, revenue and X.X% X.X% quarter decreased
the same-store have lease lesser deferred the over probable. reported in excludes we income where extent and starting quarter be by rent driven we detail term, in collectability health primarily includes revenue with and will the growth deemed less collectible Our rental our recognize for is industry, the reserves results fitness The and is same-store theatre than rent that decrease unpaid the provide statement. I additional a to deemed but similarly industry. on to rent existing financial
expense as and G&A rental for a was X.X%. percentage other revenue Our quarter of the
departure Our year-to-date G&A expense our was ratio excluding approximately $X.X million of severance former related of X.X%. to the CFO
lowest REIT the given have ratio to in afforded to class net our our size. continue the efficiency and benefits the scale We reflecting G&A sector, lease in us best
$X.XX, during the of year-to-date. for expense was other non-reimbursable and AFFO percentage rental property quarter the quarter, as was X.X% and Our a X.X% per share revenue and year-to-date. $X.XX
dilution. per which Our per reserves line impacted represented line share of by AFFO $XX.X quarter, share and represents share approximately balance was our remain negatively recording per quarter the Briefly share sheet, $XX.X million least the million, of two during negatively impacted ratings. which only rent of $X.XX dilution. capital for at turning $X.XX non-straight continued of our Year-to-date REITs maintain non-straight conservative was of per of A with the of by the to AFFO have structure approximately a to reserves we rent handful one
XXXX, an for to end, effective offering quarter of due effective public yield issued a maturity senior we £XXX notes due and completed annual denominated maturity X.XX%. an subsequent X.XX%, to of for $XXX to annual quarter million notes for Sterling unsecured XXXX the debut of During yield of million we
during And EBITDAre strong strong ratio or ratio coverage $X.X ATM We quarter, for billion Additionally, of basis, X.X including billion the primarily our we have and on $X.XX at X.X through with raised pro well-priced metrics and acquisitions impact during with of debt. $X.XX coverage the approximately Year-to-date, net we leverage X.X charge adjusted times. annualized of dispositions capital, equity the equity, forma remains a low million debt quarter. of to program. fixed billion approximately times, $XXX raised and adjusting nearly the our of of quarter ended times
short-term on CP with have and continue largely minimal borrowing, the outstanding was program million million $XXX offset of hand. We very line to our through cash as $XXX on net approximately
Looking no In our CP debt and less shape, years. $XX of debt we In leverage, excellent in is strong XXXX, ample our history. summary, our shape, X.X balance great sheet the metrics remains to weighted with XXXth borrowings. continue healthy time a is have in liquidity. and the than And September, forward, increased maturity overall excluding average maturities dividend yearend company's for schedule we coverage in million maturity through the bonds our of
and have index We the X.X%. annual years. XXX rate XX strategy our at for their overall well-capitalized our leaders believe we will we in approximately to our in continue their listing portfolio, of year, dividend REITs of confident investment operators a XXXX, in pipeline, industries partnering strategy. in be having momentum dividend our proud who with every The three compound consecutive of are dividend only the be a increased to respective favorably up for since S&P the one size aristocrat's sources like capitalize company's open large, growing growth are to dividend In every opportunities. increased the year our to time, on I'd ample position are resiliency and for and in At it of Operator? average liquidity, the questions. scale this our summary, last near-term of successful And as
