Maryland
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33-0580106
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(State or Other Jurisdiction of Incorporation or Organization)
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(IRS Employer Identification No.)
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Title of each Class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $0.01 Par Value
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O
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New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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•
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Of 6,483 properties;
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•
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With an occupancy rate of 98.6%, or 6,389 properties leased and 94 properties available for lease;
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•
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Leased to 301 different commercial tenants doing business in 50 separate industries;
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•
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Located in 49 U.S. states, Puerto Rico and the United Kingdom (U.K.);
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•
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With approximately 106.3 million square feet of leasable space;
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•
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With a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 9.2 years; and
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•
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With an average leasable space per property of approximately 16,393 square feet; approximately 11,800 square feet per retail property and 237,668 square feet per industrial property.
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Month
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Month
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Monthly Dividend
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Increase
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2019 Dividend increases
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Declared
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Paid
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per share
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per share
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1st increase
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Dec 2018
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Jan 2019
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$
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0.2210
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$
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0.0005
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2nd increase
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Jan 2019
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Feb 2019
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$
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0.2255
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$
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0.0045
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3rd increase
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Mar 2019
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Apr 2019
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$
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0.2260
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$
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0.0005
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4th increase
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Jun 2019
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Jul 2019
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$
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0.2265
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$
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0.0005
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5th increase
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Sep 2019
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Oct 2019
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$
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0.2270
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$
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0.0005
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||||
2020 Dividend increases
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1st increase
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Dec 2019
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Jan 2020
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$
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0.2275
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$
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0.0005
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2nd increase
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Jan 2020
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Feb 2020
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$
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0.2325
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$
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0.0050
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Number of Properties
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Square Feet
(in millions)
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Investment
($ in millions)
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Weighted Average Lease Term (Years)
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Initial Average Cash Lease Yield
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Year ended December 31, 2019 (1)
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||||||
Acquisitions - U.S. (in 45 states)
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753
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11.6
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$
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2,860.8
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13.0
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6.8
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%
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Acquisitions - U.K. (2)
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18
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1.6
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797.8
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15.6
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5.2
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%
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Total Acquisitions
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771
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13.2
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3,658.6
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13.4
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6.4
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%
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Properties under Development - U.S.
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18
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0.5
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56.6
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15.1
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7.3
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%
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Total (3)
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789
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13.7
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$
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3,715.2
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13.5
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6.4
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%
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(1)
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None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties are 100% leased at the acquisition date.
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(2)
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Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition.
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(3)
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The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies.
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Properties available for lease at December 31, 2018
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80
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Lease expirations
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304
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Re-leases to same tenant (1)
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(199
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)
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Re-leases to new tenant (1)(2)
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(15
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)
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Dispositions
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(76
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)
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Properties available for lease at December 31, 2019
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94
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(1)
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The annual new rent on these re-leases was $54.978 million, as compared to the previous annual rent of $53.605 million on the same properties, representing a rent recapture rate of 102.6% on the properties re-leased during the year ended December 31, 2019.
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(2)
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Re-leased to eight new tenants after a period of vacancy, and seven new tenants without vacancy.
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Year Ended December 31,
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||||||
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2019
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2018
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% Increase
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Total revenue
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$
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1,491.6
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$
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1,327.8
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12.3
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%
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Net income available to common stockholders (1)
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$
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436.5
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$
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363.6
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20.0
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%
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Net income per share (2)
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$
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1.38
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$
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1.26
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9.5
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%
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FFO available to common stockholders
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$
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1,039.6
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$
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903.3
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15.1
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%
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FFO per share (2)
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$
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3.29
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$
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3.12
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5.4
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%
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AFFO available to common stockholders
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$
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1,050.0
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$
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924.6
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13.6
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%
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AFFO per share (2)
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$
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3.32
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$
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3.19
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4.1
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%
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•
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Properties that are freestanding, commercially-zoned with a single tenant;
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•
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Properties that are in significant markets or strategic locations critical to generating revenue for our tenants (i.e. they need the property in which they operate in order to conduct their business);
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•
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Properties that we deem to be profitable for the tenants and/or can generally be characterized as important to the successful operations of the company’s business;
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•
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Properties that are located within attractive demographic areas relative to the business of our tenants;
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•
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Properties with real estate valuations that approximate replacement costs;
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•
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Properties with rental or lease payments that approximate market rents for similar properties; and
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•
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Properties that can be purchased with the simultaneous execution or assumption of long-term, net lease agreements, offering both current income and the potential for future rent increases.
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•
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Tenants with reliable and sustainable cash flow;
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•
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Tenants with revenue and cash flow from multiple sources;
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•
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Tenants that are willing to sign a long-term lease (10 or more years); and
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•
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Tenants that are large owners and users of real estate.
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•
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The aforementioned overall real estate characteristics, including demographics, replacement cost and comparative rental rates;
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•
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Industry, tenant (including credit profile), and market conditions;
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•
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Store profitability for retail locations if profitability data is available; and
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•
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The importance of the real estate location to the operations of the tenants’ business.
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•
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Rent increases at the expiration of existing leases, when market conditions permit;
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•
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Optimum exposure to certain tenants, industries, and markets through re-leasing vacant properties and selectively selling properties;
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•
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Maximum asset-level returns on properties that are re-leased or sold;
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•
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Additional value creation from the existing portfolio by enhancing individual properties, pursuing alternative uses, and deriving ancillary revenue; and
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•
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Investment opportunities in new asset classes for the portfolio.
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•
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Generate higher returns;
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•
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Enhance the credit quality of our real estate portfolio;
|
•
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Extend our average remaining lease term; and/or
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•
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Strategically decrease tenant, industry, or geographic concentration.
|
•
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Shares of our common stock outstanding of 333,619,106, plus total common units outstanding of 463,119, multiplied by the last reported sales price of our common stock on the NYSE of $73.63 per share on December 31, 2019, or $24.6 billion;
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•
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Outstanding borrowings of $704.3 million on our credit facility, including £169.2 million Sterling;
|
•
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Outstanding mortgages payable of $408.4 million, excluding net mortgage premiums of $3.0 million and deferred financing costs of $1.3 million;
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•
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Outstanding borrowings of $500.0 million on our term loans, excluding deferred financing costs of $956,000; and
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•
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Outstanding senior unsecured notes and bonds of $6.3 billion, including a Sterling-denominated private placement of £315.0 million, and excluding unamortized net original issuance premiums of $6.3 million and deferred financing costs of $35.9 million.
|
•
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Our Board of Directors is currently comprised of ten directors, nine of whom are independent, non- employee directors;
|
•
|
Our Board of Directors is elected on an annual basis with a majority vote standard;
|
•
|
Our directors conduct annual self-evaluations and participate in orientation and continuing education programs;
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•
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An Enterprise Risk Management evaluation is conducted annually to identify and assess company risk;
|
•
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Each committee within our Board of Directors is comprised entirely of independent directors; and
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•
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We adhere to all other corporate governance principles outlined in our Corporate Governance Guidelines. These guidelines, as well as our bylaws, committee charters and other governance documents may be found on our website.
|
•
|
Of 6,483 properties;
|
•
|
With an occupancy rate of 98.6%, or 6,389 properties leased and 94 properties available for lease;
|
•
|
Leased to 301 different commercial tenants doing business in 50 separate industries;
|
•
|
Located in 49 U.S. states, Puerto Rico and the U.K.;
|
•
|
With approximately 106.3 million square feet of leasable space;
|
•
|
With a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 9.2 years; and
|
•
|
With an average leasable space per property of approximately 16,393 square feet; approximately 11,800 square feet per retail property and 237,668 square feet per industrial property.
|
Percentage of Rental Revenue (excluding reimbursable) by Industry
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|||||||||||||||||
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For the Quarter Ended December 31, 2019
|
|
For the Years Ended
|
||||||||||||||
|
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Dec 31, 2019
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Dec 31, 2018
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|
Dec 31, 2017
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|
Dec 31, 2016
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Dec 31, 2015
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|||||||
U.S.
|
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||||||
Aerospace
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0.8
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%
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|
0.8
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%
|
|
0.8
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%
|
|
0.9
|
%
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1.0
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%
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|
1.1
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%
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Apparel stores
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1.1
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|
1.1
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1.3
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1.6
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1.9
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2.0
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Automotive collision services
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1.1
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|
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1.1
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0.9
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|
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1.0
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1.0
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1.0
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Automotive parts
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1.5
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1.6
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1.7
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1.3
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1.3
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1.4
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Automotive service
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2.3
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2.3
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2.2
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2.2
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1.9
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1.9
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|
Automotive tire services
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2.1
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2.2
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|
|
2.4
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2.6
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|
|
2.7
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|
|
2.9
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|
Beverages
|
2.1
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|
|
2.3
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|
|
2.5
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|
|
2.7
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|
|
2.6
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|
|
2.7
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|
Child care
|
2.3
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|
|
2.3
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|
|
1.7
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|
|
1.8
|
|
|
1.9
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|
|
2.0
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Consumer appliances
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0.4
|
|
|
0.5
|
|
|
0.5
|
|
|
0.5
|
|
|
0.5
|
|
|
0.6
|
|
Consumer electronics
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
Consumer goods
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
|
0.8
|
|
|
0.9
|
|
|
0.9
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|
Convenience stores
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11.6
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|
11.9
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|
|
11.2
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|
|
9.6
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|
|
8.7
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|
|
9.2
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|
Crafts and novelties
|
0.6
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|
|
0.6
|
|
|
0.7
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|
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
Diversified industrial
|
0.7
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|
|
0.7
|
|
|
0.8
|
|
|
0.9
|
|
|
0.9
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|
|
0.8
|
|
Dollar stores
|
7.3
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|
|
7.3
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|
|
7.5
|
|
|
7.9
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|
|
8.6
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|
|
8.9
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|
Drug stores
|
8.6
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|
|
9.0
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|
|
10.2
|
|
|
10.9
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|
|
11.2
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|
|
10.6
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|
Education
|
0.2
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|
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
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|
|
0.3
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|
Electric utilities
|
0.1
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|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Entertainment
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.5
|
|
|
0.5
|
|
Equipment services
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|
0.6
|
|
|
0.5
|
|
Financial services
|
2.0
|
|
|
2.1
|
|
|
2.3
|
|
|
2.4
|
|
|
1.8
|
|
|
1.7
|
|
Food processing
|
0.8
|
|
|
0.6
|
|
|
0.5
|
|
|
0.6
|
|
|
1.1
|
|
|
1.2
|
|
General merchandise
|
2.7
|
|
|
2.5
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|
|
2.3
|
|
|
2.0
|
|
|
1.8
|
|
|
1.7
|
|
Government services
|
0.7
|
|
|
0.8
|
|
|
0.9
|
|
|
1.0
|
|
|
1.1
|
|
|
1.2
|
|
Grocery stores
|
5.0
|
|
|
4.9
|
|
|
5.0
|
|
|
4.4
|
|
|
3.1
|
|
|
3.0
|
|
Health and beauty
|
0.2
|
|
|
0.3
|
|
|
0.2
|
|
|
*
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|
|
*
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|
|
*
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|
Health and fitness
|
7.3
|
|
|
7.5
|
|
|
7.4
|
|
|
7.5
|
|
|
8.1
|
|
|
7.7
|
|
Health care
|
1.5
|
|
|
1.4
|
|
|
1.5
|
|
|
1.4
|
|
|
1.5
|
|
|
1.7
|
|
Home furnishings
|
0.7
|
|
|
0.7
|
|
|
0.8
|
|
|
0.9
|
|
|
0.8
|
|
|
0.9
|
|
Home improvement
|
2.9
|
|
|
3.0
|
|
|
3.0
|
|
|
2.6
|
|
|
2.5
|
|
|
2.4
|
|
Insurance
|
*
|
|
|
*
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Jewelry
|
*
|
|
|
*
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Machinery
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Motor vehicle dealerships
|
2.1
|
|
|
1.9
|
|
|
1.9
|
|
|
2.1
|
|
|
1.9
|
|
|
1.6
|
|
Office supplies
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
Other manufacturing
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
|
0.8
|
|
|
0.8
|
|
|
0.7
|
|
Packaging
|
0.9
|
|
|
1.0
|
|
|
1.1
|
|
|
1.0
|
|
|
0.8
|
|
|
0.8
|
|
Paper
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Pet supplies and services
|
0.6
|
|
|
0.5
|
|
|
0.5
|
|
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
Restaurants - casual dining
|
3.1
|
|
|
3.2
|
|
|
3.2
|
|
|
3.8
|
|
|
3.9
|
|
|
3.8
|
|
Restaurants - quick service
|
6.2
|
|
|
6.2
|
|
|
5.7
|
|
|
5.1
|
|
|
4.9
|
|
|
4.2
|
|
Shoe stores
|
0.2
|
|
|
0.3
|
|
|
0.5
|
|
|
0.6
|
|
|
0.7
|
|
|
0.7
|
|
Sporting goods
|
1.0
|
|
|
0.9
|
|
|
1.1
|
|
|
1.4
|
|
|
1.6
|
|
|
1.8
|
|
Telecommunications
|
0.5
|
|
|
0.5
|
|
|
0.6
|
|
|
0.6
|
|
|
0.6
|
|
|
0.7
|
|
Theaters
|
6.7
|
|
|
6.3
|
|
|
5.5
|
|
|
5.0
|
|
|
4.9
|
|
|
5.1
|
|
Transportation services
|
4.4
|
|
|
4.6
|
|
|
5.0
|
|
|
5.4
|
|
|
5.5
|
|
|
5.4
|
|
Wholesale clubs
|
2.6
|
|
|
2.7
|
|
|
3.0
|
|
|
3.3
|
|
|
3.6
|
|
|
3.8
|
|
Other
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
Total U.S.
|
97.7
|
%
|
|
98.7
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
U.K.
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Grocery Stores
|
2.3
|
|
|
1.3
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Theaters
|
*
|
|
|
*
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total U.K.
|
2.3
|
%
|
|
1.3
|
%
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Totals
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Property Type
|
|
Number of
Properties
|
|
|
Approximate Leasable
Square Feet (1)
|
|
|
Rental Revenue for the Quarter Ended
December 31, 2019 (2)
|
|
|
Percentage of Rental
Revenue
|
|
|
Retail
|
|
6,305
|
|
|
74,397,000
|
|
|
$
|
310,499
|
|
|
83.0
|
%
|
Industrial
|
|
120
|
|
|
28,520,100
|
|
|
43,189
|
|
|
11.5
|
|
|
Office
|
|
43
|
|
|
3,171,500
|
|
|
13,657
|
|
|
3.7
|
|
|
Agriculture
|
|
15
|
|
|
184,500
|
|
|
6,708
|
|
|
1.8
|
|
|
Totals
|
|
6,483
|
|
|
106,273,100
|
|
|
$
|
374,053
|
|
|
100.0
|
%
|
Tenant
|
|
Number of
Leases
|
|
|
% of Rental Revenue (1)
|
|
Walgreens
|
|
250
|
|
|
6.1
|
%
|
7-Eleven
|
|
403
|
|
|
4.8
|
%
|
Dollar General
|
|
752
|
|
|
4.4
|
%
|
FedEx
|
|
41
|
|
|
4.0
|
%
|
Dollar Tree / Family Dollar
|
|
550
|
|
|
3.5
|
%
|
LA Fitness
|
|
58
|
|
|
3.4
|
%
|
AMC Theatres
|
|
34
|
|
|
3.0
|
%
|
Regal Cinemas (Cineworld)
|
|
42
|
|
|
2.9
|
%
|
Walmart / Sam's Club
|
|
54
|
|
|
2.6
|
%
|
Sainsbury's
|
|
15
|
|
|
2.4
|
%
|
Lifetime Fitness
|
|
14
|
|
|
2.1
|
%
|
Circle K (Couch-Tard)
|
|
285
|
|
|
1.9
|
%
|
BJ's Wholesale Clubs
|
|
15
|
|
|
1.8
|
%
|
CVS Pharmacy
|
|
88
|
|
|
1.7
|
%
|
Treasury Wine Estates
|
|
17
|
|
|
1.7
|
%
|
Super America (Marathon)
|
|
161
|
|
|
1.6
|
%
|
Kroger
|
|
22
|
|
|
1.6
|
%
|
GPM Investments / Fas Mart
|
|
206
|
|
|
1.4
|
%
|
TBC Corp
|
|
159
|
|
|
1.3
|
%
|
Home Depot
|
|
17
|
|
|
1.2
|
%
|
Totals
|
|
3,183
|
|
|
53.3
|
%
|
|
|
|
Retail Rental Revenue
for the Quarter Ended
December 31, 2019 (1)
|
|
|
Percentage of
Retail Rental
Revenue
|
|
|
Tenants Providing Services
|
|
|
|
|
|
|
|
|
Automotive collision services
|
|
|
$
|
4,045
|
|
|
1.3
|
%
|
Automotive service
|
|
|
8,642
|
|
|
2.8
|
|
|
Child care
|
|
|
8,503
|
|
|
2.7
|
|
|
Consumer Appliances
|
|
|
9
|
|
|
*
|
|
|
Education
|
|
|
826
|
|
|
0.3
|
|
|
Entertainment
|
|
|
1,329
|
|
|
0.4
|
|
|
Equipment services
|
|
|
131
|
|
|
*
|
|
|
Financial services
|
|
|
6,240
|
|
|
2.0
|
|
|
Health and fitness
|
|
|
27,257
|
|
|
8.8
|
|
|
Health care
|
|
|
2,483
|
|
|
0.8
|
|
|
Telecommunications
|
|
|
85
|
|
|
*
|
|
|
Theaters U.S.
|
|
|
25,163
|
|
|
8.1
|
|
|
Theaters U.K.
|
|
|
19
|
|
|
*
|
|
|
Transportation services
|
|
|
250
|
|
|
0.1
|
|
|
Other
|
|
|
202
|
|
|
0.1
|
|
|
|
|
|
$
|
85,184
|
|
|
27.4
|
%
|
Tenants Selling Goods and Services
|
|
|
|
|
|
|
|
|
Automotive parts (with installation)
|
|
|
1,721
|
|
|
0.6
|
|
|
Automotive tire services
|
|
|
7,776
|
|
|
2.5
|
|
|
Convenience stores
|
|
|
43,146
|
|
|
13.9
|
|
|
Health and beauty
|
|
|
45
|
|
|
*
|
|
|
Motor vehicle dealerships
|
|
|
7,764
|
|
|
2.5
|
|
|
Pet supplies and services
|
|
|
1,340
|
|
|
0.4
|
|
|
Restaurants - casual dining
|
|
|
11,034
|
|
|
3.5
|
|
|
Restaurants - quick service
|
|
|
23,345
|
|
|
7.5
|
|
|
|
|
|
$
|
96,171
|
|
|
30.9
|
%
|
Tenants Selling Goods
|
|
|
|
|
|
|
||
Apparel stores
|
|
|
4,111
|
|
|
1.3
|
|
|
Automotive parts
|
|
|
3,608
|
|
|
1.2
|
|
|
Book stores
|
|
|
113
|
|
|
*
|
|
|
Consumer electronics
|
|
|
1,140
|
|
|
0.4
|
|
|
Crafts and novelties
|
|
|
2,076
|
|
|
0.7
|
|
|
Dollar stores
|
|
|
27,377
|
|
|
8.8
|
|
|
Drug stores
|
|
|
30,830
|
|
|
9.9
|
|
|
General merchandise
|
|
|
7,534
|
|
|
2.4
|
|
|
Grocery stores - U.S.
|
|
|
18,065
|
|
|
5.8
|
|
|
Grocery Stores - U.K.
|
|
|
8,189
|
|
|
2.6
|
|
|
Home furnishings
|
|
|
2,384
|
|
|
0.8
|
|
|
Home improvement
|
|
|
9,612
|
|
|
3.1
|
|
|
Jewelry
|
|
|
175
|
|
|
0.1
|
|
|
Office supplies
|
|
|
586
|
|
|
0.2
|
|
|
Shoe stores
|
|
|
185
|
|
|
0.1
|
|
|
Sporting goods
|
|
|
3,571
|
|
|
1.2
|
|
|
Wholesale clubs
|
|
|
9,588
|
|
|
3.1
|
|
|
|
|
|
$
|
129,144
|
|
|
41.7
|
%
|
Totals
|
|
|
$
|
310,499
|
|
|
100.0
|
%
|
Total Portfolio(1)
|
|||||||||||
|
Expiring
Leases
|
Approx.
Leasable
|
|
Rental Revenue for
the Quarter Ended
December 31, 2019
|
|
% of
Rental
Revenue
|
|
||||
Year
|
Retail
|
|
Non-Retail
|
|
Sq. Feet
|
|
|||||
2020
|
223
|
|
12
|
|
2,569,200
|
|
$
|
9,679
|
|
2.6
|
|
2021
|
326
|
|
16
|
|
5,281,900
|
|
15,098
|
|
4.0
|
|
|
2022
|
417
|
|
23
|
|
9,516,900
|
|
21,500
|
|
5.8
|
|
|
2023
|
557
|
|
23
|
|
10,344,900
|
|
31,139
|
|
8.3
|
|
|
2024
|
415
|
|
16
|
|
7,039,400
|
|
22,182
|
|
5.9
|
|
|
2025
|
394
|
|
16
|
|
7,298,300
|
|
26,700
|
|
7.1
|
|
|
2026
|
330
|
|
4
|
|
5,101,200
|
|
16,768
|
|
4.5
|
|
|
2027
|
560
|
|
5
|
|
6,702,600
|
|
23,018
|
|
6.2
|
|
|
2028
|
436
|
|
14
|
|
10,227,400
|
|
24,697
|
|
6.6
|
|
|
2029
|
520
|
|
7
|
|
9,490,100
|
|
25,230
|
|
6.8
|
|
|
2030
|
221
|
|
14
|
|
4,242,700
|
|
20,081
|
|
5.4
|
|
|
2031
|
322
|
|
25
|
|
6,294,400
|
|
28,717
|
|
7.7
|
|
|
2032
|
133
|
|
4
|
|
3,723,100
|
|
13,965
|
|
3.7
|
|
|
2033
|
284
|
|
1
|
|
3,486,200
|
|
17,731
|
|
4.7
|
|
|
2034
|
312
|
|
1
|
|
4,375,500
|
|
27,451
|
|
7.4
|
|
|
2035 - 2044
|
834
|
|
5
|
|
8,667,100
|
|
49,604
|
|
13.3
|
|
|
Totals
|
6,284
|
|
186
|
|
104,360,900
|
|
$
|
373,560
|
|
100.0
|
%
|
State
|
|
Number of
Properties
|
|
|
Percent
Leased
|
|
|
Approximate Leasable
Square Feet
|
|
|
Rental Revenue for
the Quarter Ended
December 31, 2019 (1)
|
|
|
Percentage of
Rental
Revenue
|
|
|
Alabama
|
|
228
|
|
|
98
|
%
|
|
2,148,700
|
|
|
$
|
6,685
|
|
|
1.8
|
%
|
Alaska
|
|
3
|
|
|
100
|
|
|
274,600
|
|
|
536
|
|
|
0.1
|
|
|
Arizona
|
|
152
|
|
|
100
|
|
|
2,081,700
|
|
|
7,751
|
|
|
2.1
|
|
|
Arkansas
|
|
102
|
|
|
100
|
|
|
1,183,200
|
|
|
2,743
|
|
|
0.7
|
|
|
California
|
|
226
|
|
|
99
|
|
|
6,423,600
|
|
|
32,641
|
|
|
8.7
|
|
|
Colorado
|
|
100
|
|
|
96
|
|
|
1,582,900
|
|
|
6,208
|
|
|
1.7
|
|
|
Connecticut
|
|
21
|
|
|
95
|
|
|
1,378,200
|
|
|
3,661
|
|
|
1.0
|
|
|
Delaware
|
|
19
|
|
|
100
|
|
|
101,400
|
|
|
670
|
|
|
0.2
|
|
|
Florida
|
|
430
|
|
|
98
|
|
|
4,632,000
|
|
|
20,480
|
|
|
5.5
|
|
|
Georgia
|
|
299
|
|
|
99
|
|
|
4,544,200
|
|
|
14,498
|
|
|
3.9
|
|
|
Idaho
|
|
14
|
|
|
93
|
|
|
103,200
|
|
|
403
|
|
|
0.1
|
|
|
Illinois
|
|
291
|
|
|
99
|
|
|
6,333,100
|
|
|
22,014
|
|
|
5.9
|
|
|
Indiana
|
|
204
|
|
|
99
|
|
|
2,565,600
|
|
|
9,710
|
|
|
2.6
|
|
|
Iowa
|
|
47
|
|
|
96
|
|
|
3,222,400
|
|
|
4,551
|
|
|
1.2
|
|
|
Kansas
|
|
122
|
|
|
97
|
|
|
2,256,800
|
|
|
6,078
|
|
|
1.6
|
|
|
Kentucky
|
|
93
|
|
|
100
|
|
|
1,826,100
|
|
|
5,012
|
|
|
1.3
|
|
|
Louisiana
|
|
138
|
|
|
97
|
|
|
1,910,000
|
|
|
5,815
|
|
|
1.6
|
|
|
Maine
|
|
27
|
|
|
100
|
|
|
277,800
|
|
|
1,306
|
|
|
0.4
|
|
|
Maryland
|
|
38
|
|
|
100
|
|
|
1,494,000
|
|
|
6,519
|
|
|
1.7
|
|
|
Massachusetts
|
|
58
|
|
|
95
|
|
|
896,100
|
|
|
3,883
|
|
|
1.0
|
|
|
Michigan
|
|
211
|
|
|
99
|
|
|
2,438,800
|
|
|
8,288
|
|
|
2.2
|
|
|
Minnesota
|
|
174
|
|
|
98
|
|
|
2,360,600
|
|
|
10,764
|
|
|
2.9
|
|
|
Mississippi
|
|
177
|
|
|
98
|
|
|
1,930,300
|
|
|
5,664
|
|
|
1.5
|
|
|
Missouri
|
|
188
|
|
|
96
|
|
|
3,023,000
|
|
|
9,283
|
|
|
2.5
|
|
|
Montana
|
|
12
|
|
|
100
|
|
|
89,100
|
|
|
544
|
|
|
0.1
|
|
|
Nebraska
|
|
62
|
|
|
100
|
|
|
866,100
|
|
|
1,988
|
|
|
0.5
|
|
|
Nevada
|
|
24
|
|
|
96
|
|
|
1,196,900
|
|
|
2,153
|
|
|
0.6
|
|
|
New Hampshire
|
|
14
|
|
|
100
|
|
|
321,500
|
|
|
1,546
|
|
|
0.4
|
|
|
New Jersey
|
|
76
|
|
|
99
|
|
|
1,057,300
|
|
|
6,469
|
|
|
1.7
|
|
|
New Mexico
|
|
60
|
|
|
100
|
|
|
504,200
|
|
|
1,527
|
|
|
0.4
|
|
|
New York
|
|
135
|
|
|
99
|
|
|
2,918,200
|
|
|
16,243
|
|
|
4.3
|
|
|
North Carolina
|
|
199
|
|
|
100
|
|
|
3,305,300
|
|
|
11,029
|
|
|
2.9
|
|
|
North Dakota
|
|
8
|
|
|
100
|
|
|
126,900
|
|
|
237
|
|
|
0.1
|
|
|
Ohio
|
|
342
|
|
|
98
|
|
|
8,019,600
|
|
|
17,704
|
|
|
4.7
|
|
|
Oklahoma
|
|
190
|
|
|
99
|
|
|
2,368,200
|
|
|
8,099
|
|
|
2.2
|
|
|
Oregon
|
|
29
|
|
|
100
|
|
|
624,300
|
|
|
2,693
|
|
|
0.7
|
|
|
Pennsylvania
|
|
225
|
|
|
99
|
|
|
2,264,100
|
|
|
11,089
|
|
|
3.0
|
|
|
Rhode Island
|
|
3
|
|
|
100
|
|
|
158,000
|
|
|
815
|
|
|
0.2
|
|
|
South Carolina
|
|
180
|
|
|
96
|
|
|
1,816,800
|
|
|
9,244
|
|
|
2.5
|
|
|
South Dakota
|
|
23
|
|
|
100
|
|
|
258,500
|
|
|
582
|
|
|
0.2
|
|
|
Tennessee
|
|
259
|
|
|
99
|
|
|
3,819,700
|
|
|
11,404
|
|
|
3.0
|
|
|
Texas
|
|
798
|
|
|
100
|
|
|
11,447,300
|
|
|
40,996
|
|
|
11.0
|
|
|
Utah
|
|
23
|
|
|
100
|
|
|
949,700
|
|
|
2,313
|
|
|
0.6
|
|
|
Vermont
|
|
1
|
|
|
100
|
|
|
65,500
|
|
|
191
|
|
|
*
|
|
|
Virginia
|
|
215
|
|
|
99
|
|
|
3,156,700
|
|
|
10,313
|
|
|
2.8
|
|
|
Washington
|
|
50
|
|
|
98
|
|
|
913,400
|
|
|
3,626
|
|
|
1.0
|
|
|
West Virginia
|
|
35
|
|
|
100
|
|
|
519,000
|
|
|
1,554
|
|
|
0.4
|
|
|
Wisconsin
|
|
127
|
|
|
98
|
|
|
2,855,800
|
|
|
7,703
|
|
|
2.1
|
|
|
Wyoming
|
|
9
|
|
|
100
|
|
|
63,900
|
|
|
374
|
|
|
0.1
|
|
|
Puerto Rico
|
|
4
|
|
|
100
|
|
|
28,300
|
|
|
149
|
|
|
*
|
|
|
U.K.
|
|
18
|
|
|
100
|
|
|
1,570,500
|
|
|
8,305
|
|
|
2.3
|
|
|
Totals\Average
|
|
6,483
|
|
|
99
|
%
|
|
106,273,100
|
|
|
$
|
374,053
|
|
|
100.0
|
%
|
•
|
Our anticipated growth strategies;
|
•
|
Our intention to acquire additional properties and the timing of these acquisitions;
|
•
|
Our intention to sell properties and the timing of these property sales;
|
•
|
Our intention to re-lease vacant properties;
|
•
|
Anticipated trends in our business, including trends in the market for long-term, net leases of freestanding, single-tenant properties; and
|
•
|
Future expenditures for development projects.
|
•
|
Our continued qualification as a real estate investment trust;
|
•
|
General domestic and foreign business and economic conditions;
|
•
|
Competition;
|
•
|
Fluctuating interest and currency rates;
|
•
|
Access to debt and equity capital markets;
|
•
|
Volatility and uncertainty in the credit markets and broader financial markets;
|
•
|
Other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments, and potential damages from natural disasters;
|
•
|
Impairments in the value of our real estate assets;
|
•
|
Changes in income tax laws and rates;
|
•
|
The outcome of any legal proceedings to which we are a party or which may occur in the future; and
|
•
|
Acts of terrorism and war.
|
•
|
Businesses;
|
•
|
Individuals;
|
•
|
Fiduciary accounts and plans; and
|
•
|
Other entities engaged in real estate investment and financing.
|
•
|
Lack of demand in areas where our properties are located;
|
•
|
Inability to retain existing tenants and attract new tenants;
|
•
|
Oversupply of space and changes in market rental rates;
|
•
|
Declines in our tenants’ creditworthiness and ability to pay rent, which may be affected by their operations, economic downturns and competition within their industries from other operators;
|
•
|
Defaults by and bankruptcies of tenants, failure of tenants to pay rent on a timely basis, or failure of tenants to comply with their contractual obligations;
|
•
|
Economic or physical decline of the areas where the properties are located; and
|
•
|
Deterioration of physical condition of our properties.
|
•
|
Our knowledge of the contamination;
|
•
|
The timing of the contamination;
|
•
|
The cause of the contamination; or
|
•
|
The party responsible for the contamination of the property.
|
•
|
We would be required to pay regular United States, or U.S., federal corporate income tax on our taxable income;
|
•
|
We would not be allowed a deduction for amounts distributed to our stockholders in computing our taxable income;
|
•
|
We could be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost;
|
•
|
We would no longer be required to make distributions to stockholders; and
|
•
|
This treatment would substantially reduce amounts available for investment or distribution to stockholders because of the additional tax liability for the years involved, which could have a material adverse effect on the market price of our capital stock and the value of our debt securities.
|
•
|
The sum of (a) 95% of our adjusted funds from operations (as defined in the credit agreement) for that period plus (b) the aggregate amount of cash distributions made to holders of our outstanding preferred stock for that period, and
|
•
|
The minimum amount of cash distributions required to be made to our stockholders in order to maintain our status as a REIT for federal income tax purposes and to avoid the payment of any income or excise taxes that would otherwise be imposed under specified sections of the Code on income we do not distribute to our stockholders,
|
•
|
Increasing our vulnerability to general adverse economic and industry conditions;
|
•
|
Limiting our ability to obtain additional financing to fund future working capital, acquisitions, capital expenditures and other general corporate requirements;
|
•
|
Requiring the use of a substantial portion of our cash flow from operations for the payment of principal and interest on our indebtedness, thereby reducing our ability to use our cash flow to fund working capital, acquisitions, capital expenditures, and general corporate requirements;
|
•
|
Limiting our flexibility in planning for, or reacting to, changes in our business and our industry; and
|
•
|
Putting us at a disadvantage compared to our competitors with less indebtedness.
|
•
|
Prevailing interest rates, increases in which may have an adverse effect on the market value of our capital stock and debt securities;
|
•
|
The market for similar securities issued by other REITs;
|
•
|
General economic, political and financial market conditions;
|
•
|
The financial condition, performance and prospects of us, our tenants and our competitors;
|
•
|
Changes in legal and regulatory taxation obligations;
|
•
|
Litigation and regulatory proceedings;
|
•
|
Changes in financial estimates or recommendations by securities analysts with respect to us, our competitors or our industry;
|
•
|
Changes in our credit ratings; and
|
•
|
Actual or anticipated variations in quarterly operating results of us and our competitors.
|
•
|
Adverse changes in general or local economic conditions;
|
•
|
Changes in supply of, or demand for, similar or competing properties;
|
•
|
Changes in interest rates and operating expenses;
|
•
|
Competition for tenants;
|
•
|
Changes in market rental rates;
|
•
|
Inability to lease properties upon termination of existing leases;
|
•
|
Renewal of leases at lower rental rates;
|
•
|
Inability to collect rents from tenants due to financial hardship, including bankruptcy;
|
•
|
Changes in tax, real estate, zoning and environmental laws that may have an adverse impact upon the value of real estate;
|
•
|
Uninsured property liability;
|
•
|
Property damage or casualty losses;
|
•
|
Unexpected expenditures for capital improvements, including requirements to bring properties into compliance with applicable federal, state and local laws;
|
•
|
The need to periodically renovate and repair our properties;
|
•
|
Development oriented activities;
|
•
|
Physical or weather-related damage to properties;
|
•
|
The potential risk of functional obsolescence of properties over time;
|
•
|
Acts of terrorism and war; and
|
•
|
Acts of God and other factors beyond the control of our management.
|
•
|
The laws, rules and regulations applicable in such jurisdictions outside of the United States, including those related to property ownership by foreign entities;
|
•
|
Complying with a wide variety of foreign laws;
|
•
|
Fluctuations in exchange rates between foreign currencies and the U.S. dollar, and exchange controls;
|
•
|
Limited experience with local business and cultural factors that differ from our usual standards and practices;
|
•
|
Challenges in establishing effective controls and procedures to regulate operations in different regions and to monitor and ensure compliance with applicable regulations, such as applicable laws related to corrupt practices, employment, licensing, construction or environmental compliance;
|
•
|
Unexpected changes in regulatory requirements, tax, tariffs, trade barriers and other laws within jurisdictions outside the United States or between the United States and such jurisdictions;
|
•
|
Potentially adverse tax consequences with respect to our properties;
|
•
|
The impact of regional or country-specific business cycles and economic instability, including deteriorations in political relations with the United States, instability in, or further withdrawals from, the European Union or other international trade alliances or agreements; and
|
•
|
Political instability, uncertainty over property rights, civil unrest, drug trafficking, political activism or the continuation or escalation of terrorist or gang activities.
|
•
|
140 shares of stock, at a weighted average price of $77.00, in October 2019;
|
•
|
6,560 shares of stock, at a weighted average price of $76.40, in November 2019; and
|
•
|
197 shares of stock, at a weighted average price of $76.63, in December 2019.
|
As of or for the Years Ended December 31,
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||||
Total assets (book value)
|
|
$
|
18,554,796
|
|
|
$
|
15,260,483
|
|
|
$
|
14,058,166
|
|
|
$
|
13,152,871
|
|
|
$
|
11,845,379
|
|
Cash and cash equivalents
|
|
54,011
|
|
|
10,387
|
|
|
6,898
|
|
|
9,420
|
|
|
40,294
|
|
|||||
Total debt
|
|
7,901,547
|
|
|
6,499,976
|
|
|
6,111,471
|
|
|
5,839,605
|
|
|
4,820,995
|
|
|||||
Total liabilities
|
|
8,750,638
|
|
|
7,139,505
|
|
|
6,667,458
|
|
|
6,365,818
|
|
|
5,292,046
|
|
|||||
Total equity
|
|
9,804,158
|
|
|
8,120,978
|
|
|
7,390,708
|
|
|
6,787,053
|
|
|
6,553,333
|
|
|||||
Net cash provided by operating activities
|
|
1,068,937
|
|
|
940,742
|
|
|
875,850
|
|
|
799,863
|
|
|
693,567
|
|
|||||
Net change in cash, cash equivalents and restricted cash
|
|
49,934
|
|
|
8,929
|
|
|
(3,539
|
)
|
|
(34,652
|
)
|
|
4,152
|
|
|||||
Total revenue
|
|
1,491,591
|
|
|
1,327,838
|
|
|
1,215,768
|
|
|
1,103,172
|
|
|
1,023,285
|
|
|||||
Net income
|
|
437,478
|
|
|
364,598
|
|
|
319,318
|
|
|
316,477
|
|
|
284,855
|
|
|||||
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(3,911
|
)
|
|
(27,080
|
)
|
|
(27,080
|
)
|
|||||
Excess of redemption value over carrying value of preferred shares redeemed
|
|
—
|
|
|
—
|
|
|
(13,373
|
)
|
|
—
|
|
|
—
|
|
|||||
Net income available to common stockholders
|
|
436,482
|
|
|
363,614
|
|
|
301,514
|
|
|
288,491
|
|
|
256,686
|
|
|||||
Cash distributions paid to common stockholders
|
|
852,134
|
|
|
761,582
|
|
|
689,294
|
|
|
610,516
|
|
|
533,238
|
|
|||||
Basic and diluted net income per common share
|
|
1.38
|
|
|
1.26
|
|
|
1.10
|
|
|
1.13
|
|
|
1.09
|
|
|||||
Cash distributions paid per common share
|
|
2.710500
|
|
|
2.630500
|
|
|
2.527000
|
|
|
2.391500
|
|
|
2.271417
|
|
|||||
Cash distributions declared per common share
|
|
2.717000
|
|
|
2.639000
|
|
|
2.537000
|
|
|
2.403000
|
|
|
2.279000
|
|
|||||
Basic weighted average number of common shares outstanding
|
|
315,837,012
|
|
|
289,427,430
|
|
|
273,465,680
|
|
|
255,066,500
|
|
|
235,767,932
|
|
|||||
Diluted weighted average number of common shares outstanding
|
|
316,159,277
|
|
|
289,923,984
|
|
|
273,936,752
|
|
|
255,624,250
|
|
|
236,208,390
|
|
•
|
Of 6,483 properties;
|
•
|
With an occupancy rate of 98.6%, or 6,389 properties leased and 94 properties available for lease;
|
•
|
Leased to 301 different commercial tenants doing business in 50 separate industries;
|
•
|
Located in 49 U.S. states, Puerto Rico and the United Kingdom (U.K.);
|
•
|
With approximately 106.3 million square feet of leasable space;
|
•
|
With a weighted average remaining lease term (excluding rights to extend a lease at the option of the tenant) of approximately 9.2 years; and
|
•
|
With an average leasable space per property of approximately 16,393 square feet; approximately 11,800 square feet per retail property and 237,668 square feet per industrial property.
|
•
|
Shares of our common stock outstanding of 333,619,106, plus total common units outstanding of 463,119, multiplied by the last reported sales price of our common stock on the NYSE of $73.63 per share on December 31, 2019, or $24.6 billion;
|
•
|
Outstanding borrowings of $704.3 million on our credit facility, including £169.2 million Sterling;
|
•
|
Outstanding mortgages payable of $408.4 million, excluding net mortgage premiums of $3.0 million and deferred financing costs of $1.3 million;
|
•
|
Outstanding borrowings of $500.0 million on our term loans, excluding deferred financing costs of $956,000; and
|
•
|
Outstanding senior unsecured notes and bonds of $6.3 billion, excluding unamortized net original issuance premiums of $6.3 million and deferred financing costs of $35.9 million.
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
|
2018
|
|
||
Shares of common stock issued under the ATM program
|
17,051,456
|
|
|
19,138,610
|
|
||
Gross proceeds
|
$
|
1,274.5
|
|
|
$
|
1,125.4
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
|
2018
|
|
||
Shares of common stock issued under the DRSPP program
|
117,522
|
|
|
166,268
|
|
||
Gross proceeds
|
$
|
8.4
|
|
|
$
|
9.1
|
|
5.750% notes, issued in June 2010 and due in January 2021
|
$
|
250
|
|
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022
|
950
|
|
|
4.650% notes, issued in July 2013 and due in August 2023
|
750
|
|
|
3.875% notes, issued in June 2014 and due in July 2024
|
350
|
|
|
3.875% notes, issued in April 2018 and due in April 2025
|
500
|
|
|
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
|
650
|
|
|
3.000% notes, issued in October 2016 and due in January 2027
|
600
|
|
|
3.650% notes, issued in December 2017 and due in January 2028
|
550
|
|
|
3.250% notes, issued in June 2019 and due in June 2029
|
500
|
|
|
2.730% notes, issued in May 2019 and due in May 2034 (1)
|
418
|
|
|
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
|
250
|
|
|
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047
|
550
|
|
|
Total principal amount
|
6,318
|
|
|
Unamortized net original issuance premiums and deferred financing costs
|
(30
|
)
|
|
|
$
|
6,288
|
|
Net income attributable to the Company
|
$
|
436,482
|
|
Plus: interest expense, excluding the amortization of deferred financing costs
|
281,801
|
|
|
Plus: provision for taxes
|
6,158
|
|
|
Plus: depreciation and amortization
|
593,961
|
|
|
Plus: provisions for impairment
|
40,186
|
|
|
Plus: pro forma adjustments
|
147,154
|
|
|
Less: gain on sales of real estate
|
(29,996
|
)
|
|
Income available for debt service, as defined
|
$
|
1,475,746
|
|
Total pro forma debt service charge
|
$
|
295,499
|
|
Debt service and fixed charge coverage ratio
|
5.0
|
|
Year of
Maturity
|
Credit
Facility (1)
|
|
Notes
and Bonds(2)
|
|
Term
Loans(3)
|
|
Mortgages
Payable (4)
|
|
Interest (5)
|
|
|
Ground Leases
Paid by Realty
Income(6)
|
|
Ground Leases
Paid by Our Tenants(7) |
|
Other(8)
|
|
|
Totals
|
|
|||||||||||||||
2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250.0
|
|
|
$
|
84.2
|
|
|
$
|
286.7
|
|
|
$
|
1.6
|
|
|
$
|
13.5
|
|
|
$
|
22.5
|
|
|
$
|
658.5
|
|
2021
|
—
|
|
|
250.0
|
|
|
—
|
|
|
68.8
|
|
|
269.7
|
|
|
1.4
|
|
|
13.3
|
|
|
—
|
|
|
603.2
|
|
|||||||||
2022
|
—
|
|
|
950.0
|
|
|
—
|
|
|
111.8
|
|
|
266.4
|
|
|
1.4
|
|
|
13.2
|
|
|
—
|
|
|
1,342.8
|
|
|||||||||
2023
|
704.3
|
|
|
750.0
|
|
|
—
|
|
|
20.6
|
|
|
220.4
|
|
|
1.3
|
|
|
13.2
|
|
|
—
|
|
|
1,709.8
|
|
|||||||||
2024
|
—
|
|
|
350.0
|
|
|
250.0
|
|
|
112.2
|
|
|
173.5
|
|
|
1.3
|
|
|
13.3
|
|
|
—
|
|
|
900.3
|
|
|||||||||
Thereafter
|
—
|
|
|
4,017.6
|
|
|
—
|
|
|
10.8
|
|
|
1,093.1
|
|
|
18.9
|
|
|
68.9
|
|
|
—
|
|
|
5,209.3
|
|
|||||||||
Totals
|
$
|
704.3
|
|
|
$
|
6,317.6
|
|
|
$
|
500.0
|
|
|
$
|
408.4
|
|
|
$
|
2,309.8
|
|
|
$
|
25.9
|
|
|
$
|
135.4
|
|
|
$
|
22.5
|
|
|
$
|
10,423.9
|
|
|
Number of Properties
|
|
|
Square Feet
(in millions)
|
|
|
Investment
($ in millions)
|
|
|
Weighted Average Lease Term (Years)
|
|
|
Initial Average Cash Lease Yield
|
|
|
Year ended December 31, 2019 (1)
|
|
|
|
|
|
|
|
|
|
||||||
Acquisitions - U.S. (in 45 states)
|
753
|
|
|
11.6
|
|
|
$
|
2,860.8
|
|
|
13.0
|
|
|
6.8
|
%
|
Acquisitions - U.K. (2)
|
18
|
|
|
1.6
|
|
|
797.8
|
|
|
15.6
|
|
|
5.2
|
%
|
|
Total Acquisitions
|
771
|
|
|
13.2
|
|
|
3,658.6
|
|
|
13.4
|
|
|
6.4
|
%
|
|
Properties under Development - U.S.
|
18
|
|
|
0.5
|
|
|
56.6
|
|
|
15.1
|
|
|
7.3
|
%
|
|
Total (3)
|
789
|
|
|
13.7
|
|
|
$
|
3,715.2
|
|
|
13.5
|
|
|
6.4
|
%
|
(1)
|
None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties are 100% leased at the acquisition date.
|
(2)
|
Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition.
|
(3)
|
The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies.
|
Properties available for lease at December 31, 2018
|
80
|
|
Lease expirations
|
304
|
|
Re-leases to same tenant (1)
|
(199
|
)
|
Re-leases to new tenant (1)(2)
|
(15
|
)
|
Dispositions
|
(76
|
)
|
Properties available for lease at December 31, 2019
|
94
|
|
(1)
|
The annual new rent on these re-leases was $54.978 million, as compared to the previous annual rent of $53.605 million on the same properties, representing a rent recapture rate of 102.6% on the properties re-leased during the year ended December 31, 2019.
|
(2)
|
Re-leased to eight new tenants after a period of vacancy, and seven new tenants without vacancy.
|
|
|
Month
|
|
Month
|
|
Dividend
|
|
|
Increase
|
|
||
2019 Dividend increases
|
|
Declared
|
|
Paid
|
|
per share
|
|
|
per share
|
|
||
1st increase
|
|
Dec 2018
|
|
Jan 2019
|
|
$
|
0.2210
|
|
|
$
|
0.0005
|
|
2nd increase
|
|
Jan 2019
|
|
Feb 2019
|
|
$
|
0.2255
|
|
|
$
|
0.0045
|
|
3rd increase
|
|
Mar 2019
|
|
Apr 2019
|
|
$
|
0.2260
|
|
|
$
|
0.0005
|
|
4th increase
|
|
Jun 2019
|
|
Jul 2019
|
|
$
|
0.2265
|
|
|
$
|
0.0005
|
|
5th increase
|
|
Sep 2019
|
|
Oct 2019
|
|
$
|
0.2270
|
|
|
$
|
0.0005
|
|
|
|
|
|
|
|
|
|
|
||||
2020 Dividend increases
|
|
|
|
|
|
|
|
|
|
|
||
1st increase
|
|
Dec 2019
|
|
Jan 2020
|
|
$
|
0.2275
|
|
|
$
|
0.0005
|
|
2nd increase
|
|
Jan 2020
|
|
Feb 2020
|
|
$
|
0.2325
|
|
|
$
|
0.0050
|
|
|
|
|
|
|
|
|
|
$ Increase
|
||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
versus
2018
|
|
2018
versus
2017
|
||||||||||
REVENUE
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental (excluding reimbursable)
|
|
$
|
1,415,733
|
|
|
$
|
1,274,596
|
|
|
$
|
1,166,224
|
|
|
$
|
141,137
|
|
|
$
|
108,372
|
|
Rental (reimbursable)
|
|
69,085
|
|
|
46,950
|
|
|
46,082
|
|
|
22,135
|
|
|
868
|
|
|||||
Other
|
|
6,773
|
|
|
6,292
|
|
|
3,462
|
|
|
481
|
|
|
2,830
|
|
|||||
Total revenue
|
|
$
|
1,491,591
|
|
|
$
|
1,327,838
|
|
|
$
|
1,215,768
|
|
|
$
|
163,753
|
|
|
$
|
112,070
|
|
•
|
The 779 properties (13.4 million square feet) we acquired in 2019, which generated $85.0 million of rent in 2019;
|
•
|
The 753 properties (4.8 million square feet) we acquired in 2018, which generated $112.7 million of rent in 2019, compared to $54.0 million in 2018, an increase of $58.7 million; and
|
•
|
Same store rents generated on 4,811 properties (83.4 million square feet) during 2019 and 2018, increased by $18.0 million, or 1.6%, to $1.176 billion from $1.158 billion; partially offset by
|
•
|
A net decrease of $15.7 million relating to properties sold in 2019 and during 2018;
|
•
|
A net decrease in straight-line rent and other non-cash adjustments to rent of $3.2 million in 2019 as compared to 2018; and
|
•
|
A net decrease of $1.8 million relating to the aggregate of (i) rental revenue from properties (130 properties comprising 3.2 million square feet) that were available for lease during part of 2019 or 2018, (ii) rental revenue for 10 properties under development, and (iii) lease termination settlements. In aggregate, the revenues for these items totaled $24.9 million in 2019, compared to $26.7 million in 2018.
|
•
|
The 753 properties (4.8 million square feet) we acquired in 2018, which generated $54.0 million of rent in 2018;
|
•
|
The 287 properties (7.2 million square feet) we acquired in 2017, which generated $95.7 million of rent in 2018, compared to $35.8 million in 2017, an increase of $59.9 million;
|
•
|
Same store rents generated on 4,629 properties (78.1 million square feet) during 2018 and 2017, increased by $9.5 million, or 0.9%, to $1.08 billion from $1.07 billion; and
|
•
|
A net increase in straight-line rent and other non-cash adjustments to rent of $5.7 million in 2018 as compared to 2017; partially offset by
|
•
|
A net decrease of $13.2 million relating to properties sold in 2018 and during 2017; and
|
•
|
A net decrease of $7.5 million relating to the aggregate of (i) rental revenue from properties (123 properties comprising 2.7 million square feet) that were available for lease during part of 2018 or 2017, (ii) rental revenue for five properties under development, and (iii) lease termination settlements. In aggregate, the revenues for these items totaled $15.9 million in 2018, compared to $23.4 million in 2017.
|
•
|
Base rent increases tied to a consumer price index (typically subject to ceilings);
|
•
|
Percentage rent based on a percentage of the tenants’ gross sales;
|
•
|
Fixed increases; or
|
•
|
A combination of two or more of the above rent provisions.
|
|
|
|
|
|
|
|
|
$ Increase (Decrease)
|
||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
versus
2018
|
|
2018
versus
2017
|
||||||||||
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
$
|
593,961
|
|
|
$
|
539,780
|
|
|
$
|
498,788
|
|
|
$
|
54,181
|
|
|
$
|
40,992
|
|
Interest
|
|
290,991
|
|
|
266,020
|
|
|
247,413
|
|
|
24,971
|
|
|
$
|
18,607
|
|
||||
General and administrative (1)
|
|
66,483
|
|
|
84,148
|
|
|
58,446
|
|
|
(17,665
|
)
|
|
$
|
25,702
|
|
||||
Property (excluding reimbursable)
|
|
19,500
|
|
|
19,376
|
|
|
23,398
|
|
|
124
|
|
|
$
|
(4,022
|
)
|
||||
Property (reimbursable)
|
|
69,085
|
|
|
46,950
|
|
|
46,082
|
|
|
22,135
|
|
|
$
|
868
|
|
||||
Income taxes
|
|
6,158
|
|
|
5,340
|
|
|
6,044
|
|
|
818
|
|
|
$
|
(704
|
)
|
||||
Provisions for impairment
|
|
40,186
|
|
|
26,269
|
|
|
14,751
|
|
|
13,917
|
|
|
$
|
11,518
|
|
||||
Total expenses
|
|
$
|
1,086,364
|
|
|
$
|
987,883
|
|
|
$
|
894,922
|
|
|
$
|
98,481
|
|
|
$
|
92,961
|
|
Total revenue (2)
|
|
$
|
1,422,506
|
|
|
$
|
1,280,888
|
|
|
$
|
1,169,686
|
|
|
|
|
|
|
|
||
General and administrative expenses as a percentage of total revenue (2)
|
|
4.7
|
%
|
|
5.1
|
%
|
|
5.0
|
%
|
|
|
|
|
|||||||
Property expenses (excluding reimbursable) as a percentage of total revenue (2)
|
|
1.4
|
%
|
|
1.5
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Interest on our credit facility, term loans, notes, mortgages and interest rate swaps
|
|
$
|
277,802
|
|
|
$
|
260,103
|
|
|
$
|
237,165
|
|
Credit facility commitment fees
|
|
3,803
|
|
|
2,774
|
|
|
2,999
|
|
|||
Amortization of debt origination and deferred financing costs
|
|
9,485
|
|
|
8,711
|
|
|
7,975
|
|
|||
Loss (gain) on interest rate swaps
|
|
2,752
|
|
|
(2,733
|
)
|
|
(3,250
|
)
|
|||
Dividend on preferred shares subject to redemption
|
|
—
|
|
|
—
|
|
|
2,257
|
|
|||
Amortization of net mortgage premiums
|
|
(1,415
|
)
|
|
(1,520
|
)
|
|
(466
|
)
|
|||
Amortization of net note (premiums) and discounts
|
|
(995
|
)
|
|
(1,256
|
)
|
|
884
|
|
|||
Obligations related to financing lease liabilities
|
|
310
|
|
|
310
|
|
|
310
|
|
|||
Interest capitalized
|
|
(751
|
)
|
|
(369
|
)
|
|
(461
|
)
|
|||
Interest expense
|
|
$
|
290,991
|
|
|
$
|
266,020
|
|
|
$
|
247,413
|
|
|
|
|
|
|
|
|
||||||
Credit facility, term loans, mortgages and notes
|
|
|
|
|
|
|
|
|
|
|||
Average outstanding balances (dollars in thousands)
|
|
$
|
7,100,032
|
|
|
$
|
6,662,952
|
|
|
$
|
5,877,862
|
|
Average interest rates
|
|
3.89
|
%
|
|
3.90
|
%
|
|
3.99
|
%
|
•
|
Credit facility outstanding borrowings of $704.3 million was 2.2%;
|
•
|
Term loans outstanding of $500.0 million (excluding deferred financing costs of $956,000) was 3.3%;
|
•
|
Mortgages payable of $408.4 million (excluding net premiums totaling $3.0 million and deferred financing costs of $1.3 million on these mortgages) was 4.9%;
|
•
|
Notes and bonds payable of $6.3 billion (excluding unamortized net original issuance premiums of $6.3 million and deferred financing costs of $35.9 million) was 3.9%; and
|
•
|
Combined outstanding notes, bonds, mortgages, term loan and credit facility borrowings of $7.9 billion (excluding all net premiums and deferred financing costs) was 3.8%.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Total provisions for impairment
|
$
|
40.2
|
|
|
$
|
26.3
|
|
|
$
|
14.8
|
|
Number of properties:
|
|
|
|
|
|
||||||
Classified as held for sale
|
9
|
|
|
1
|
|
|
—
|
|
|||
Classified as held for investment
|
5
|
|
|
3
|
|
|
2
|
|
|||
Sold
|
37
|
|
|
40
|
|
|
24
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Number of properties sold
|
93
|
|
|
128
|
|
|
59
|
|
|||
Net sales proceeds
|
$
|
108.9
|
|
|
$
|
142.3
|
|
|
$
|
167.0
|
|
Gain on sales of real estate
|
$
|
30.0
|
|
|
$
|
24.6
|
|
|
$
|
40.9
|
|
|
Year Ended December 31,
|
|
% Increase
|
||||||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019 versus 2018
|
|
|
2018 versus 2017
|
|
|||
Net income available to common stockholders
|
$
|
436.5
|
|
|
$
|
363.6
|
|
|
$
|
301.5
|
|
|
20.0
|
%
|
|
20.6
|
%
|
Net income per share (1)
|
$
|
1.38
|
|
|
$
|
1.26
|
|
|
$
|
1.10
|
|
|
9.5
|
%
|
|
14.5
|
%
|
Dollars in thousands
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Net income
|
|
$
|
129,553
|
|
|
$
|
85,303
|
|
|
$
|
60,952
|
|
Interest (1)
|
|
75,073
|
|
|
70,635
|
|
|
103,903
|
|
|||
Income taxes
|
|
1,736
|
|
|
1,607
|
|
|
3,424
|
|
|||
Depreciation and amortization
|
|
156,594
|
|
|
137,711
|
|
|
127,033
|
|
|||
Executive severance charge (2)
|
|
—
|
|
|
18,651
|
|
|
—
|
|
|||
Impairment loss
|
|
8,950
|
|
|
1,235
|
|
|
6,679
|
|
|||
Gain on sales of real estate
|
|
(14,168
|
)
|
|
(5,825
|
)
|
|
(23,208
|
)
|
|||
Foreign currency and derivative gains, net
|
|
(1,792
|
)
|
|
—
|
|
|
—
|
|
|||
Quarterly Adjusted EBITDAre
|
|
$
|
355,946
|
|
|
$
|
309,317
|
|
|
$
|
278,783
|
|
|
|
|
|
|
|
|
||||||
Net Debt
|
|
$
|
7,847,536
|
|
|
$
|
6,489,589
|
|
|
$
|
6,104,573
|
|
Annualized Adjusted EBITDAre (3)
|
|
$
|
1,423,784
|
|
|
$
|
1,237,268
|
|
|
$
|
1,115,132
|
|
Net Debt/Adjusted EBITDAre (4)
|
|
5.5
|
|
|
5.2
|
|
|
5.5
|
|
|
|
|
|
|
% Increase
|
||||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019 versus 2018
|
|
2018 versus 2017
|
|||||
FFO available to common stockholders
|
$
|
1,039.6
|
|
|
$
|
903.3
|
|
|
$
|
772.7
|
|
|
15.1
|
%
|
|
16.9
|
%
|
FFO per share (1)
|
$
|
3.29
|
|
|
$
|
3.12
|
|
|
2.82
|
|
|
5.4
|
%
|
|
10.6
|
%
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Net income available to common stockholders
|
|
$
|
436,482
|
|
|
$
|
363,614
|
|
|
$
|
301,514
|
|
Depreciation and amortization
|
|
593,961
|
|
|
539,780
|
|
|
498,788
|
|
|||
Depreciation of furniture, fixtures and equipment
|
|
(565
|
)
|
|
(650
|
)
|
|
(557
|
)
|
|||
Provisions for impairment
|
|
40,186
|
|
|
26,269
|
|
|
14,751
|
|
|||
Gain on sales of real estate
|
|
(29,996
|
)
|
|
(24,643
|
)
|
|
(40,898
|
)
|
|||
FFO adjustments allocable to noncontrolling interests
|
|
(477
|
)
|
|
(1,113
|
)
|
|
(933
|
)
|
|||
FFO available to common stockholders
|
|
$
|
1,039,591
|
|
|
$
|
903,257
|
|
|
$
|
772,665
|
|
FFO allocable to dilutive noncontrolling interests
|
|
1,403
|
|
|
867
|
|
|
877
|
|
|||
Diluted FFO
|
|
$
|
1,040,994
|
|
|
$
|
904,124
|
|
|
$
|
773,542
|
|
|
|
|
|
|
|
|
||||||
FFO per common share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
3.29
|
|
|
$
|
3.12
|
|
|
$
|
2.83
|
|
Diluted
|
|
$
|
3.29
|
|
|
$
|
3.12
|
|
|
$
|
2.82
|
|
Distributions paid to common stockholders
|
|
$
|
852,134
|
|
|
$
|
761,582
|
|
|
$
|
689,294
|
|
FFO available to common stockholders in excess of distributions paid to common stockholders
|
|
$
|
187,457
|
|
|
$
|
141,675
|
|
|
$
|
83,371
|
|
Weighted average number of common shares used for computation per share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
315,837,012
|
|
|
289,427,430
|
|
|
273,465,680
|
|
|||
Diluted
|
|
316,601,350
|
|
|
289,923,984
|
|
|
273,936,752
|
|
|
|
|
|
|
% Increase
|
||||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019 versus 2018
|
|
2018 versus 2017
|
|||||
AFFO available to common stockholders
|
$
|
1,050.0
|
|
|
$
|
924.6
|
|
|
$
|
838.6
|
|
|
13.6
|
%
|
|
10.3
|
%
|
AFFO per share (1)
|
$
|
3.32
|
|
|
$
|
3.19
|
|
|
3.06
|
|
|
4.1
|
%
|
|
4.2
|
%
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Net income available to common stockholders
|
|
$
|
436,482
|
|
|
$
|
363,614
|
|
|
$
|
301,514
|
|
Cumulative adjustments to calculate FFO (1)
|
|
603,109
|
|
|
539,643
|
|
|
471,151
|
|
|||
FFO available to common stockholders
|
|
1,039,591
|
|
|
903,257
|
|
|
772,665
|
|
|||
Executive severance charge (2)
|
|
—
|
|
|
18,651
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
42,426
|
|
|||
Excess of redemption value over carrying value of Class F preferred share redemption
|
|
—
|
|
|
—
|
|
|
13,373
|
|
|||
Amortization of share-based compensation
|
|
13,662
|
|
|
15,470
|
|
|
13,946
|
|
|||
Amortization of deferred financing costs (3)
|
|
4,754
|
|
|
3,991
|
|
|
5,326
|
|
|||
Amortization of net mortgage premiums
|
|
(1,415
|
)
|
|
(1,520
|
)
|
|
(466
|
)
|
|||
Loss (gain) on interest rate swaps
|
|
2,752
|
|
|
(2,733
|
)
|
|
(3,250
|
)
|
|||
Straight-line payments from cross-currency swaps (4)
|
|
4,316
|
|
|
—
|
|
|
—
|
|
|||
Leasing costs and commissions
|
|
(2,102
|
)
|
|
(3,907
|
)
|
|
(1,575
|
)
|
|||
Recurring capital expenditures
|
|
(801
|
)
|
|
(1,084
|
)
|
|
(912
|
)
|
|||
Straight-line rent
|
|
(28,674
|
)
|
|
(24,687
|
)
|
|
(17,191
|
)
|
|||
Amortization of above and below-market leases
|
|
19,336
|
|
|
16,852
|
|
|
14,013
|
|
|||
Other adjustments (5)
|
|
(1,404
|
)
|
|
268
|
|
|
283
|
|
|||
Total AFFO available to common stockholders
|
|
$
|
1,050,015
|
|
|
$
|
924,558
|
|
|
$
|
838,638
|
|
AFFO allocable to dilutive noncontrolling interests
|
|
1,442
|
|
|
901
|
|
|
1,178
|
|
|||
Diluted AFFO
|
|
$
|
1,051,457
|
|
|
$
|
925,459
|
|
|
$
|
839,816
|
|
|
|
|
|
|
|
|
||||||
AFFO per common share
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
$
|
3.32
|
|
|
$
|
3.19
|
|
|
$
|
3.07
|
|
Diluted
|
|
$
|
3.32
|
|
|
$
|
3.19
|
|
|
$
|
3.06
|
|
|
|
|
|
|
|
|
||||||
Distributions paid to common stockholders
|
|
$
|
852,134
|
|
|
$
|
761,582
|
|
|
$
|
689,294
|
|
|
|
|
|
|
|
|
||||||
AFFO available to common stockholders in excess of distributions paid to common stockholders
|
|
$
|
197,881
|
|
|
$
|
162,976
|
|
|
$
|
149,344
|
|
Weighted average number of common shares used for computation per share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
315,837,012
|
|
|
289,427,430
|
|
|
273,465,680
|
|
|||
Diluted
|
|
316,601,350
|
|
|
289,923,984
|
|
|
274,024,934
|
|
Cash
|
$
|
9,817
|
|
Stock compensation
|
17,902
|
|
|
Professional fees
|
574
|
|
|
Total value of severance
|
28,293
|
|
|
Amount accrued for CEO compensation prior to separation
|
(9,642
|
)
|
|
Incremental severance
|
$
|
18,651
|
|
Year of maturity
|
|
Fixed rate debt
|
|
|
Weighted average rate on fixed rate debt
|
|
|
Variable rate debt
|
|
|
Weighted average rate on variable rate debt
|
|
||
2020
|
|
$
|
334.2
|
|
|
3.21
|
%
|
|
$
|
—
|
|
|
—
|
%
|
2021
|
|
318.8
|
|
|
5.72
|
|
|
—
|
|
|
—
|
|
||
2022
|
|
1,061.8
|
|
|
3.43
|
|
|
—
|
|
|
—
|
|
||
2023
|
|
770.6
|
|
|
4.64
|
|
|
704.3
|
|
|
2.09
|
%
|
||
2024
|
|
712.2
|
|
|
3.97
|
|
|
—
|
|
|
|
|||
Thereafter
|
|
4,028.4
|
|
|
3.79
|
|
|
—
|
|
|
—
|
|
||
Totals (1)
|
|
$
|
7,226.0
|
|
|
3.91
|
%
|
|
$
|
704.3
|
|
|
2.09
|
%
|
Fair Value (2)
|
|
$
|
7,743.7
|
|
|
|
|
|
$
|
704.3
|
|
|
|
|
A.
|
|
|
|
B.
|
|
|
|
C.
|
|
|
|
D.
|
|
|
|
E.
|
|
|
|
F.
|
|
|
|
G.
|
|
|
|
H.
|
|
|
|
|
Schedules not filed: All schedules, other than that indicated in the Table of Contents, have been omitted as the required information is either not material, inapplicable or the information is presented in the financial statements or related notes.
|
|
|
2019
|
|
|
2018
|
|
||
ASSETS
|
|
|
|
|
|
|
||
Real estate, at cost:
|
|
|
|
|
|
|
||
Land
|
|
$
|
5,684,034
|
|
|
$
|
4,682,660
|
|
Buildings and improvements
|
|
13,833,882
|
|
|
11,858,806
|
|
||
Total real estate, at cost
|
|
19,517,916
|
|
|
16,541,466
|
|
||
Less accumulated depreciation and amortization
|
|
(3,117,919
|
)
|
|
(2,714,534
|
)
|
||
Net real estate held for investment
|
|
16,399,997
|
|
|
13,826,932
|
|
||
Real estate held for sale, net
|
|
96,775
|
|
|
16,585
|
|
||
Net real estate
|
|
16,496,772
|
|
|
13,843,517
|
|
||
Cash and cash equivalents
|
|
54,011
|
|
|
10,387
|
|
||
Accounts receivable
|
|
181,969
|
|
|
144,991
|
|
||
Lease intangible assets, net
|
|
1,493,383
|
|
|
1,199,597
|
|
||
Other assets, net
|
|
328,661
|
|
|
61,991
|
|
||
Total assets
|
|
$
|
18,554,796
|
|
|
$
|
15,260,483
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Distributions payable
|
|
$
|
76,728
|
|
|
$
|
67,789
|
|
Accounts payable and accrued expenses
|
|
177,039
|
|
|
133,765
|
|
||
Lease intangible liabilities, net
|
|
333,103
|
|
|
310,866
|
|
||
Other liabilities
|
|
262,221
|
|
|
127,109
|
|
||
Line of credit payable
|
|
704,335
|
|
|
252,000
|
|
||
Term loans, net
|
|
499,044
|
|
|
568,610
|
|
||
Mortgages payable, net
|
|
410,119
|
|
|
302,569
|
|
||
Notes payable, net
|
|
6,288,049
|
|
|
5,376,797
|
|
||
Total liabilities
|
|
8,750,638
|
|
|
7,139,505
|
|
||
|
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock and paid in capital, par value $0.01 per share, 740,200,000 shares authorized, 333,619,106 shares issued and outstanding as of December 31, 2019 and 370,100,000 shares authorized, 303,742,090 shares issued and outstanding as of December 31, 2018
|
|
12,873,849
|
|
|
10,754,495
|
|
||
Distributions in excess of net income
|
|
(3,082,291
|
)
|
|
(2,657,655
|
)
|
||
Accumulated other comprehensive loss
|
|
(17,102
|
)
|
|
(8,098
|
)
|
||
Total stockholders’ equity
|
|
9,774,456
|
|
|
8,088,742
|
|
||
Noncontrolling interests
|
|
29,702
|
|
|
32,236
|
|
||
Total equity
|
|
9,804,158
|
|
|
8,120,978
|
|
||
Total liabilities and equity
|
|
$
|
18,554,796
|
|
|
$
|
15,260,483
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
REVENUE
|
|
|
|
|
|
|
|
|
|
|||
Rental (including reimbursable)
|
|
$
|
1,484,818
|
|
|
$
|
1,321,546
|
|
|
$
|
1,212,306
|
|
Other
|
|
6,773
|
|
|
6,292
|
|
|
3,462
|
|
|||
Total revenue
|
|
1,491,591
|
|
|
1,327,838
|
|
|
1,215,768
|
|
|||
|
|
|
|
|
|
|
||||||
EXPENSES
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
593,961
|
|
|
539,780
|
|
|
498,788
|
|
|||
Interest
|
|
290,991
|
|
|
266,020
|
|
|
247,413
|
|
|||
General and administrative
|
|
66,483
|
|
|
84,148
|
|
|
58,446
|
|
|||
Property (including reimbursable)
|
|
88,585
|
|
|
66,326
|
|
|
69,480
|
|
|||
Income taxes
|
|
6,158
|
|
|
5,340
|
|
|
6,044
|
|
|||
Provisions for impairment
|
|
40,186
|
|
|
26,269
|
|
|
14,751
|
|
|||
Total expenses
|
|
1,086,364
|
|
|
987,883
|
|
|
894,922
|
|
|||
Gain on sales of real estate
|
|
29,996
|
|
|
24,643
|
|
|
40,898
|
|
|||
Foreign currency and derivative gains, net
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
(42,426
|
)
|
|||
Net income
|
|
437,478
|
|
|
364,598
|
|
|
319,318
|
|
|||
Net income attributable to noncontrolling interests
|
|
(996
|
)
|
|
(984
|
)
|
|
(520
|
)
|
|||
Net income attributable to the Company
|
|
436,482
|
|
|
363,614
|
|
|
318,798
|
|
|||
Preferred stock dividends
|
|
—
|
|
|
—
|
|
|
(3,911
|
)
|
|||
Excess of redemption value over carrying value of preferred shares redeemed
|
|
—
|
|
|
—
|
|
|
(13,373
|
)
|
|||
Net income available to common stockholders
|
|
$
|
436,482
|
|
|
$
|
363,614
|
|
|
$
|
301,514
|
|
|
|
|
|
|
|
|
||||||
Amounts available to common stockholders per common share:
|
|
|
|
|
|
|
||||||
Net income, basic and diluted
|
|
$
|
1.38
|
|
|
$
|
1.26
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
315,837,012
|
|
|
289,427,430
|
|
|
273,465,680
|
|
|||
Diluted
|
|
316,159,277
|
|
|
289,923,984
|
|
|
273,936,752
|
|
|||
|
|
|
|
|
|
|
||||||
Other comprehensive income:
|
|
|
|
|
|
|
||||||
Net income available to common stockholders
|
|
$
|
436,482
|
|
|
363,614
|
|
|
$
|
318,798
|
|
|
Foreign currency translation adjustment
|
|
186
|
|
|
—
|
|
|
—
|
|
|||
Unrealized loss on derivatives, net
|
|
(9,190
|
)
|
|
(8,098
|
)
|
|
—
|
|
|||
Comprehensive income available to common stockholders
|
|
$
|
427,478
|
|
|
$
|
355,516
|
|
|
$
|
318,798
|
|
|
|
Shares of
preferred
stock
|
|
|
Shares of
common
stock
|
|
|
Preferred
stock and
paid in
capital
|
|
|
Common
stock and
paid in
capital
|
|
|
Distributions
in excess of
net income
|
|
|
Accumulated other comprehensive loss
|
|
|
Total
stockholders’
equity
|
|
|
Noncontrolling
interests
|
|
|
Total
equity
|
|
|||||||
Balance, December 31, 2016
|
|
16,350,000
|
|
|
260,168,259
|
|
|
$
|
395,378
|
|
|
$
|
8,228,594
|
|
|
$
|
(1,857,168
|
)
|
|
$
|
—
|
|
|
$
|
6,766,804
|
|
|
$
|
20,249
|
|
|
$
|
6,787,053
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
318,798
|
|
|
—
|
|
|
318,798
|
|
|
520
|
|
|
319,318
|
|
|||||||
Distributions paid and payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(701,020
|
)
|
|
—
|
|
|
(701,020
|
)
|
|
(2,047
|
)
|
|
(703,067
|
)
|
|||||||
Share issuances, net of costs
|
|
—
|
|
|
23,957,741
|
|
|
—
|
|
|
1,388,080
|
|
|
—
|
|
|
—
|
|
|
1,388,080
|
|
|
—
|
|
|
1,388,080
|
|
|||||||
Preferred shares redeemed
|
|
(16,350,000
|
)
|
|
—
|
|
|
(395,378
|
)
|
|
—
|
|
|
(13,373
|
)
|
|
—
|
|
|
(408,751
|
)
|
|
—
|
|
|
(408,751
|
)
|
|||||||
Reallocation of equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(485
|
)
|
|
—
|
|
|
—
|
|
|
(485
|
)
|
|
485
|
|
|
—
|
|
|||||||
Share-based compensation, net
|
|
—
|
|
|
87,685
|
|
|
—
|
|
|
8,075
|
|
|
—
|
|
|
—
|
|
|
8,075
|
|
|
—
|
|
|
8,075
|
|
|||||||
Balance, December 31, 2017
|
|
—
|
|
|
284,213,685
|
|
|
$
|
—
|
|
|
$
|
9,624,264
|
|
|
$
|
(2,252,763
|
)
|
|
$
|
—
|
|
|
$
|
7,371,501
|
|
|
$
|
19,207
|
|
|
$
|
7,390,708
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
363,614
|
|
|
—
|
|
|
363,614
|
|
|
984
|
|
|
364,598
|
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,098
|
)
|
|
(8,098
|
)
|
|
—
|
|
|
(8,098
|
)
|
|||||||
Distributions paid and payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(768,506
|
)
|
|
—
|
|
|
(768,506
|
)
|
|
(1,996
|
)
|
|
(770,502
|
)
|
|||||||
Share issuances, net of costs
|
|
—
|
|
|
19,304,878
|
|
|
—
|
|
|
1,119,297
|
|
|
—
|
|
|
|
|
1,119,297
|
|
|
—
|
|
|
1,119,297
|
|
||||||||
Contributions by noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,848
|
|
|
18,848
|
|
|||||||
Redemption of common units
|
|
—
|
|
|
88,182
|
|
|
—
|
|
|
2,829
|
|
|
—
|
|
|
—
|
|
|
2,829
|
|
|
(5,581
|
)
|
|
(2,752
|
)
|
|||||||
Reallocation of equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(774
|
)
|
|
—
|
|
|
—
|
|
|
(774
|
)
|
|
774
|
|
|
—
|
|
|||||||
Share-based compensation, net
|
|
—
|
|
|
135,345
|
|
|
—
|
|
|
8,879
|
|
|
—
|
|
|
—
|
|
|
8,879
|
|
|
—
|
|
|
8,879
|
|
|||||||
Balance, December 31, 2018
|
|
—
|
|
|
303,742,090
|
|
|
$
|
—
|
|
|
$
|
10,754,495
|
|
|
$
|
(2,657,655
|
)
|
|
$
|
(8,098
|
)
|
|
$
|
8,088,742
|
|
|
$
|
32,236
|
|
|
$
|
8,120,978
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
436,482
|
|
|
—
|
|
|
436,482
|
|
|
996
|
|
|
437,478
|
|
|||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,004
|
)
|
|
(9,004
|
)
|
|
—
|
|
|
(9,004
|
)
|
|||||||
Distributions paid and payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(861,118
|
)
|
|
—
|
|
|
(861,118
|
)
|
|
(1,296
|
)
|
|
(862,414
|
)
|
|||||||
Share issuances, net of costs
|
|
—
|
|
|
29,818,978
|
|
|
—
|
|
|
2,117,983
|
|
|
—
|
|
|
—
|
|
|
2,117,983
|
|
|
—
|
|
|
2,117,983
|
|
|||||||
Additions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,370
|
|
|
11,370
|
|
|||||||
Redemption of common units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,866
|
)
|
|
—
|
|
|
—
|
|
|
(6,866
|
)
|
|
(14,257
|
)
|
|
(21,123
|
)
|
|||||||
Reallocation of equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(653
|
)
|
|
—
|
|
|
—
|
|
|
(653
|
)
|
|
653
|
|
|
—
|
|
|||||||
Share-based compensation, net
|
|
—
|
|
|
58,038
|
|
|
—
|
|
|
8,890
|
|
|
—
|
|
|
—
|
|
|
8,890
|
|
|
—
|
|
|
8,890
|
|
|||||||
Balance, December 31, 2019
|
|
—
|
|
|
333,619,106
|
|
|
—
|
|
|
$
|
12,873,849
|
|
|
$
|
(3,082,291
|
)
|
|
$
|
(17,102
|
)
|
|
$
|
9,774,456
|
|
|
$
|
29,702
|
|
|
$
|
9,804,158
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
437,478
|
|
|
$
|
364,598
|
|
|
$
|
319,318
|
|
Adjustments to net income:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
593,961
|
|
|
539,780
|
|
|
498,788
|
|
|||
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
42,426
|
|
|||
Amortization of share-based compensation
|
|
13,662
|
|
|
27,267
|
|
|
13,946
|
|
|||
Non-cash revenue adjustments
|
|
(9,338
|
)
|
|
(7,835
|
)
|
|
(3,927
|
)
|
|||
Amortization of net premiums on mortgages payable
|
|
(1,415
|
)
|
|
(1,520
|
)
|
|
(466
|
)
|
|||
Amortization of net (premiums) discounts on notes payable
|
|
(995
|
)
|
|
(1,256
|
)
|
|
884
|
|
|||
Amortization of deferred financing costs
|
|
9,795
|
|
|
9,021
|
|
|
8,274
|
|
|||
Loss (gain) on interest rate swaps
|
|
2,752
|
|
|
(2,733
|
)
|
|
(3,250
|
)
|
|||
Foreign currency and derivative gains, net
|
|
(2,255
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sales of real estate
|
|
(29,996
|
)
|
|
(24,643
|
)
|
|
(40,898
|
)
|
|||
Provisions for impairment on real estate
|
|
40,186
|
|
|
26,269
|
|
|
14,751
|
|
|||
Change in assets and liabilities
|
|
|
|
|
|
|
||||||
Accounts receivable and other assets
|
|
(8,954
|
)
|
|
(6,901
|
)
|
|
(92
|
)
|
|||
Accounts payable, accrued expenses and other liabilities
|
|
24,056
|
|
|
18,695
|
|
|
26,096
|
|
|||
Net cash provided by operating activities
|
|
1,068,937
|
|
|
940,742
|
|
|
875,850
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Investment in real estate
|
|
(3,572,581
|
)
|
|
(1,769,335
|
)
|
|
(1,413,270
|
)
|
|||
Improvements to real estate, including leasing costs
|
|
(23,536
|
)
|
|
(25,350
|
)
|
|
(15,247
|
)
|
|||
Proceeds from sales of real estate
|
|
108,911
|
|
|
142,286
|
|
|
166,976
|
|
|||
Insurance and other proceeds received
|
|
—
|
|
|
7,648
|
|
|
14,411
|
|
|||
Collection of loans receivable
|
|
—
|
|
|
5,267
|
|
|
123
|
|
|||
Non-refundable escrow deposits
|
|
(14,603
|
)
|
|
(200
|
)
|
|
(7,500
|
)
|
|||
Net cash used in investing activities
|
|
(3,501,809
|
)
|
|
(1,639,684
|
)
|
|
(1,254,507
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
Cash distributions to common stockholders
|
|
(852,134
|
)
|
|
(761,582
|
)
|
|
(689,294
|
)
|
|||
Cash dividends to preferred stockholders
|
|
—
|
|
|
—
|
|
|
(6,168
|
)
|
|||
Borrowings on line of credit
|
|
2,816,632
|
|
|
1,774,000
|
|
|
1,465,000
|
|
|||
Payments on line of credit
|
|
(2,365,368
|
)
|
|
(1,632,000
|
)
|
|
(2,475,000
|
)
|
|||
Principal payment on term loan
|
|
(70,000
|
)
|
|
(125,866
|
)
|
|
—
|
|
|||
Proceeds from notes and bonds payable issued
|
|
897,664
|
|
|
497,500
|
|
|
2,033,041
|
|
|||
Principal payment on notes payable
|
|
—
|
|
|
(350,000
|
)
|
|
(725,000
|
)
|
|||
Proceeds from term loan
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|||
Payments upon extinguishment of debt
|
|
—
|
|
|
—
|
|
|
(41,643
|
)
|
|||
Principal payments on mortgages payable
|
|
(20,723
|
)
|
|
(21,905
|
)
|
|
(139,725
|
)
|
|||
Redemption of preferred stock
|
|
—
|
|
|
—
|
|
|
(408,750
|
)
|
|||
Proceeds from common stock offerings, net
|
|
845,061
|
|
|
—
|
|
|
704,938
|
|
|||
Proceeds from dividend reinvestment and stock purchase plan
|
|
8,437
|
|
|
9,114
|
|
|
69,931
|
|
|||
Proceeds from At-the-Market (ATM) program
|
|
1,264,518
|
|
|
1,125,364
|
|
|
621,697
|
|
|||
Redemption of common units
|
|
(21,123
|
)
|
|
(2,752
|
)
|
|
—
|
|
|||
Distributions to noncontrolling interests
|
|
(1,342
|
)
|
|
(1,930
|
)
|
|
(2,043
|
)
|
|||
Net receipts on derivative settlements
|
|
4,881
|
|
|
—
|
|
|
—
|
|
|||
Debt issuance costs
|
|
(9,129
|
)
|
|
(18,685
|
)
|
|
(17,510
|
)
|
|||
Other items, including shares withheld upon vesting
|
|
(4,772
|
)
|
|
(33,387
|
)
|
|
(14,356
|
)
|
|||
Net cash provided by financing activities
|
|
2,492,602
|
|
|
707,871
|
|
|
375,118
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
(9,796
|
)
|
|
—
|
|
|
—
|
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
49,934
|
|
|
8,929
|
|
|
(3,539
|
)
|
|||
Cash, cash equivalents and restricted cash, beginning of period
|
|
21,071
|
|
|
12,142
|
|
|
15,681
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
71,005
|
|
|
$
|
21,071
|
|
|
$
|
12,142
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
Weighted average shares used for the basic net income per share computation
|
|
315,837,012
|
|
|
289,427,430
|
|
|
273,465,680
|
|
Incremental shares from share-based compensation
|
|
322,265
|
|
|
179,532
|
|
|
154,050
|
|
Weighted average partnership common units convertible to common shares that were dilutive
|
|
—
|
|
|
317,022
|
|
|
317,022
|
|
Weighted average shares used for diluted net income per share computation
|
|
316,159,277
|
|
|
289,923,984
|
|
|
273,936,752
|
|
Unvested shares from share-based compensation that were anti-dilutive
|
|
8,113
|
|
|
13,148
|
|
|
32,205
|
|
Weighted average partnership common units convertible to common shares that were anti-dilutive
|
|
442,073
|
|
|
297,576
|
|
|
88,182
|
|
Buildings
|
25 years or 35 years
|
Building improvements
|
4 to 20 years
|
Tenant improvements and lease commissions
|
The shorter of the term of the related lease or useful life
|
Acquired in-place leases
|
Remaining terms of the respective leases
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Total provisions for impairment
|
$
|
40.2
|
|
|
$
|
26.3
|
|
|
$
|
14.8
|
|
Number of properties:
|
|
|
|
|
|
||||||
Classified as held for sale
|
9
|
|
|
1
|
|
|
—
|
|
|||
Classified as held for investment
|
5
|
|
|
3
|
|
|
2
|
|
|||
Sold
|
37
|
|
|
40
|
|
|
24
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||
A.
|
Lease intangible assets, net, consist of the following at:
|
|
2019
|
|
|
2018
|
|
||
|
In-place leases
|
|
$
|
1,612,153
|
|
|
$
|
1,321,979
|
|
|
Accumulated amortization of in-place leases
|
|
(627,676
|
)
|
|
(546,573
|
)
|
||
|
Above-market leases
|
|
710,275
|
|
|
583,109
|
|
||
|
Accumulated amortization of above-market leases
|
|
(201,369
|
)
|
|
(158,918
|
)
|
||
|
|
|
$
|
1,493,383
|
|
|
$
|
1,199,597
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||
B.
|
Other assets, net, consist of the following at:
|
|
2019
|
|
|
2018
|
|
||
|
Right of use asset - operating leases, net
|
|
$
|
120,533
|
|
|
$
|
—
|
|
|
Financing receivables
|
|
81,892
|
|
|
—
|
|
||
|
Right of use asset - financing leases
|
|
36,901
|
|
|
—
|
|
||
|
Non-refundable escrow deposits
|
|
14,803
|
|
|
200
|
|
||
|
Goodwill
|
|
14,430
|
|
|
14,630
|
|
||
|
Impounds related to mortgages payable
|
|
12,465
|
|
|
9,555
|
|
||
|
Prepaid expenses
|
|
11,839
|
|
|
11,595
|
|
||
|
Credit facility origination costs, net
|
|
11,453
|
|
|
14,248
|
|
||
|
Value-added tax receivable
|
|
9,682
|
|
|
—
|
|
||
|
Corporate assets, net
|
|
5,251
|
|
|
5,681
|
|
||
|
Restricted escrow deposits
|
|
4,529
|
|
|
1,129
|
|
||
|
Derivative assets and receivables - at fair value
|
|
12
|
|
|
3,100
|
|
||
|
Other items
|
|
4,871
|
|
|
1,853
|
|
||
|
|
|
$
|
328,661
|
|
|
$
|
61,991
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||
C.
|
Distributions payable consist of the following declared distributions at:
|
|
2019
|
|
|
2018
|
|
||
|
Common stock distributions
|
|
$
|
76,622
|
|
|
$
|
67,636
|
|
|
Noncontrolling interests distributions
|
|
106
|
|
|
153
|
|
||
|
|
|
$
|
76,728
|
|
|
$
|
67,789
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||
D.
|
Accounts payable and accrued expenses consist of the following at:
|
|
2019
|
|
|
2018
|
|
||
|
Notes payable - interest payable
|
|
$
|
75,114
|
|
|
$
|
73,094
|
|
|
Derivative liabilities and payables - at fair value
|
|
26,359
|
|
|
7,001
|
|
||
|
Property taxes payable
|
|
18,626
|
|
|
14,511
|
|
||
|
Value-added tax payable
|
|
13,434
|
|
|
—
|
|
||
|
Accrued costs on properties under development
|
|
5,870
|
|
|
8,137
|
|
||
|
Mortgages, term loans, and credit line - interest payable
|
|
1,729
|
|
|
1,596
|
|
||
|
Other items
|
|
35,907
|
|
|
29,426
|
|
||
|
|
|
$
|
177,039
|
|
|
$
|
133,765
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||
E.
|
Lease intangible liabilities, net, consist of the following at:
|
|
2019
|
|
|
2018
|
|
||
|
Below-market leases
|
|
$
|
447,522
|
|
|
$
|
404,938
|
|
|
Accumulated amortization of below-market leases
|
|
(114,419
|
)
|
|
(94,072
|
)
|
||
|
|
|
$
|
333,103
|
|
|
$
|
310,866
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
||
F.
|
Other liabilities consist of the following at:
|
|
2019
|
|
|
2018
|
|
||
|
Rent received in advance and other deferred revenue
|
|
$
|
127,687
|
|
|
$
|
115,380
|
|
|
Lease liability - operating leases, net
|
|
122,285
|
|
|
—
|
|
||
|
Security deposits
|
|
6,303
|
|
|
6,093
|
|
||
|
Lease liability - financing leases
|
|
5,946
|
|
|
—
|
|
||
|
Capital lease obligations
|
|
—
|
|
|
5,636
|
|
||
|
|
|
$
|
262,221
|
|
|
$
|
127,109
|
|
|
Number of Properties
|
|
|
Square Feet
(in millions)
|
|
|
Investment
($ in millions)
|
|
|
Weighted Average Lease Term (Years)
|
|
Initial Average Cash Lease Yield
|
|
|
Year Ended December 31, 2019 (1)
|
|
|
|
|
|
|
|
|
|
|||||
Acquisitions - U.S. (in 45 states)
|
753
|
|
|
11.6
|
|
|
$
|
2,860.8
|
|
|
13.0
|
|
6.8
|
%
|
Acquisitions - U.K. (2)
|
18
|
|
|
1.6
|
|
|
797.8
|
|
|
15.6
|
|
5.2
|
%
|
|
Total Acquisitions
|
771
|
|
|
13.2
|
|
|
3,658.6
|
|
|
13.4
|
|
6.4
|
%
|
|
Properties under Development - U.S.
|
18
|
|
|
0.5
|
|
|
56.6
|
|
|
15.1
|
|
7.3
|
%
|
|
Total (3)
|
789
|
|
|
13.7
|
|
|
$
|
3,715.2
|
|
|
13.5
|
|
6.4
|
%
|
(1)
|
None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties are 100% leased at the acquisition date.
|
(2)
|
Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition.
|
(3)
|
The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies.
|
|
Number of Properties
|
|
|
Square Feet
(in millions)
|
|
|
Investment
($ in millions)
|
|
|
Weighted Average Lease Term (Years)
|
|
Initial Average Cash Lease Yield
|
|
|
Year Ended December 31, 2018 (1)
|
|
|
|
|
|
|
|
|
|
|||||
Acquisitions - U.S. (in 39 states)
|
750
|
|
|
4.1
|
|
|
$
|
1,717.2
|
|
|
14.9
|
|
6.3
|
%
|
Properties under Development - U.S.
|
14
|
|
|
1.1
|
|
|
80.3
|
|
|
12.3
|
|
6.9
|
%
|
|
Total (2)
|
764
|
|
|
5.2
|
|
|
1,797.5
|
|
|
14.8
|
|
6.4
|
%
|
(1)
|
None of our investments during 2018 caused any one tenant to be 10% or more of our total assets at December 31, 2018. All of our 2018 investments in acquired properties are 100% leased at the acquisition date.
|
|
|
Net
decrease to
rental revenue
|
|
|
Increase to
amortization
expense
|
|
||
2020
|
|
$
|
(22,911
|
)
|
|
$
|
122,982
|
|
2021
|
|
(21,756
|
)
|
|
115,235
|
|
||
2022
|
|
(20,201
|
)
|
|
103,268
|
|
||
2023
|
|
(18,685
|
)
|
|
90,965
|
|
||
2024
|
|
(17,145
|
)
|
|
82,394
|
|
||
Thereafter
|
|
(75,105
|
)
|
|
469,633
|
|
||
Totals
|
|
$
|
(175,803
|
)
|
|
$
|
984,477
|
|
As Of
|
|
Number of
Properties(1)
|
|
Weighted Average
Stated
Interest Rate(2)
|
|
Weighted Average
Effective Interest
Rate(3)
|
|
|
Weighted
Average
Remaining
Years Until
Maturity
|
|
Remaining
Principal
Balance
|
|
|
Unamortized
Premium
and Deferred
Finance Costs
Balance, net
|
|
|
Mortgage
Payable
Balance
|
|
|||||
12/31/2019
|
|
92
|
|
|
4.9
|
%
|
|
4.6
|
%
|
|
3.1
|
|
$
|
408,419
|
|
|
$
|
1,700
|
|
|
$
|
410,119
|
|
12/31/2018
|
|
60
|
|
|
5.1
|
%
|
|
4.6
|
%
|
|
3.2
|
|
$
|
298,377
|
|
|
$
|
4,192
|
|
|
$
|
302,569
|
|
Year of Maturity
|
Principal
|
|
|
2020
|
$
|
84.2
|
|
2021
|
68.8
|
|
|
2022
|
111.8
|
|
|
2023
|
20.6
|
|
|
2024
|
112.2
|
|
|
Thereafter
|
10.8
|
|
|
Totals
|
$
|
408.4
|
|
|
|
December 31, 2019
|
|
|
December 31, 2018
|
|
||
5.750% notes, issued in June 2010 and due in January 2021
|
|
$
|
250
|
|
|
$
|
250
|
|
3.250% notes, $450 issued in October 2012 and $500 issued in December 2017, both due in October 2022
|
|
950
|
|
|
950
|
|
||
4.650% notes, issued in July 2013 and due in August 2023
|
|
750
|
|
|
750
|
|
||
3.875% notes, issued in June 2014 and due in July 2024
|
|
350
|
|
|
350
|
|
||
3.875% notes, issued April 2018 and due in April 2025
|
|
500
|
|
|
500
|
|
||
4.125% notes, $250 issued in September 2014 and $400 issued in March 2017, both due in October 2026
|
|
650
|
|
|
650
|
|
||
3.000% notes, issued in October 2016 and due in January 2027
|
|
600
|
|
|
600
|
|
||
3.650% notes, issued in December 2017 and due in January 2028
|
|
550
|
|
|
550
|
|
||
3.250% notes, issued in June 2019 and due in June 2029
|
|
500
|
|
|
—
|
|
||
2.730% notes, issued in May 2019 and due in May 2034 (1)
|
|
418
|
|
|
—
|
|
||
5.875% bonds, $100 issued in March 2005 and $150 issued in June 2011, both due in March 2035
|
|
250
|
|
|
250
|
|
||
4.650% notes, $300 issued in March 2017 and $250 issued in December 2017, both due in March 2047
|
|
550
|
|
|
550
|
|
||
Total principal amount
|
|
6,318
|
|
|
5,400
|
|
||
Unamortized net original issuance premiums and deferred financing costs
|
|
(30
|
)
|
|
(23
|
)
|
||
|
|
$
|
6,288
|
|
|
$
|
5,377
|
|
Year of Maturity
|
|
Principal
|
|
|
2021
|
|
$
|
250
|
|
2022
|
|
950
|
|
|
2023
|
|
750
|
|
|
2024
|
|
350
|
|
|
Thereafter
|
|
4,018
|
|
|
Totals
|
|
$
|
6,318
|
|
2019 Issuances
|
|
Date of
Issuance
|
|
Maturity date
|
|
Principal
amount
issued
|
|
Price of par value
|
|
Effective yield to
maturity
|
|
2.730% notes
|
|
May 2019
|
|
May 2034
|
|
£315
|
|
100.00
|
%
|
|
2.73%
|
3.250% notes
|
|
June 2019
|
|
June 2029
|
|
$500
|
|
99.36
|
%
|
|
3.33%
|
2018 Issuances
|
|
|
|
|
|
|
|
|
|
|
|
3.875% notes
|
|
April 2018
|
|
April 2025
|
|
$500
|
|
99.50
|
%
|
|
3.96%
|
2017 Issuances
|
|
|
|
|
|
|
|
|
|
|
|
4.125% notes
|
|
March 2017
|
|
October 2026 (1)
|
|
$400
|
|
102.98
|
%
|
|
3.75%
|
4.650% notes
|
|
March 2017
|
|
March 2047
|
|
$300
|
|
99.97
|
%
|
|
4.65%
|
3.250% notes
|
|
December 2017
|
|
October 2022 (2)
|
|
$500
|
|
101.77
|
%
|
|
2.84%
|
3.650% notes
|
|
December 2017
|
|
January 2028
|
|
$550
|
|
99.78
|
%
|
|
3.68%
|
4.650% notes
|
|
December 2017
|
|
March 2047 (3)
|
|
$250
|
|
105.43
|
%
|
|
4.32%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Shares of common stock issued under the DRSPP program
|
117,522
|
|
|
166,268
|
|
|
1,193,653
|
|
|||
Gross proceeds
|
$
|
8.4
|
|
|
$
|
9.1
|
|
|
$
|
69.9
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Shares of common stock issued under the ATM program
|
17,051,456
|
|
|
19,138,610
|
|
|
10,914,088
|
|
|||
Gross proceeds
|
$
|
1,274.5
|
|
|
$
|
1,125.4
|
|
|
$
|
621.7
|
|
|
|
Tau Operating
Partnership units(1)
|
|
|
Realty Income, L.P.
units(2)
|
|
|
Other
Noncontrolling
Interests
|
|
|
Total
|
|
||||
Carrying value at December 31, 2017
|
|
$
|
13,322
|
|
|
$
|
2,160
|
|
|
$
|
3,725
|
|
|
$
|
19,207
|
|
Reallocation of equity
|
|
572
|
|
|
(43
|
)
|
|
245
|
|
|
774
|
|
||||
Redemptions
|
|
—
|
|
|
(2,829
|
)
|
|
(2,752
|
)
|
|
(5,581
|
)
|
||||
Shares issued in conjunction with acquisition
|
|
—
|
|
|
18,848
|
|
|
—
|
|
|
18,848
|
|
||||
Distributions
|
|
(837
|
)
|
|
(842
|
)
|
|
(317
|
)
|
|
(1,996
|
)
|
||||
Allocation of net income
|
|
299
|
|
|
618
|
|
|
67
|
|
|
984
|
|
||||
Carrying value at December 31, 2018
|
|
$
|
13,356
|
|
|
$
|
17,912
|
|
|
$
|
968
|
|
|
$
|
32,236
|
|
Reallocation of equity
|
|
—
|
|
|
653
|
|
|
—
|
|
|
653
|
|
||||
Redemptions
|
|
(13,356
|
)
|
|
—
|
|
|
(901
|
)
|
|
(14,257
|
)
|
||||
Additions to noncontrolling interest
|
|
—
|
|
|
6,286
|
|
|
5,084
|
|
|
11,370
|
|
||||
Distributions
|
|
—
|
|
|
(1,219
|
)
|
|
(77
|
)
|
|
(1,296
|
)
|
||||
Allocation of net income
|
|
—
|
|
|
964
|
|
|
32
|
|
|
996
|
|
||||
Carrying value at December 31, 2019
|
|
$
|
—
|
|
|
$
|
24,596
|
|
|
$
|
5,106
|
|
|
$
|
29,702
|
|
|
|
December 31, 2019
|
|
|
December 31, 2018
|
|
||
Net real estate
|
|
$
|
654,305
|
|
|
$
|
2,903,093
|
|
Total assets
|
|
744,394
|
|
|
3,259,495
|
|
||
Total debt
|
|
—
|
|
|
191,565
|
|
||
Total liabilities
|
|
89,975
|
|
|
320,800
|
|
Month
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
January
|
|
$
|
0.2210
|
|
|
$
|
0.2125
|
|
|
$
|
0.2025
|
|
February
|
|
0.2255
|
|
|
0.2190
|
|
|
0.2105
|
|
|||
March
|
|
0.2255
|
|
|
0.2190
|
|
|
0.2105
|
|
|||
April
|
|
0.2260
|
|
|
0.2195
|
|
|
0.2110
|
|
|||
May
|
|
0.2260
|
|
|
0.2195
|
|
|
0.2110
|
|
|||
June
|
|
0.2260
|
|
|
0.2195
|
|
|
0.2110
|
|
|||
July
|
|
0.2265
|
|
|
0.2200
|
|
|
0.2115
|
|
|||
August
|
|
0.2265
|
|
|
0.2200
|
|
|
0.2115
|
|
|||
September
|
|
0.2265
|
|
|
0.2200
|
|
|
0.2115
|
|
|||
October
|
|
0.2270
|
|
|
0.2205
|
|
|
0.2120
|
|
|||
November
|
|
0.2270
|
|
|
0.2205
|
|
|
0.2120
|
|
|||
December
|
|
0.2270
|
|
|
0.2205
|
|
|
0.2120
|
|
|||
Total
|
|
$
|
2.7105
|
|
|
$
|
2.6305
|
|
|
$
|
2.5270
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Ordinary income
|
|
$
|
2.1206964
|
|
|
$
|
2.0269173
|
|
|
$
|
1.9402085
|
|
Nontaxable distributions
|
|
0.5898036
|
|
|
0.6035827
|
|
|
0.5478464
|
|
|||
Total capital gain distribution
|
|
—
|
|
|
—
|
|
|
0.0389451
|
|
|||
Totals
|
|
$
|
2.7105000
|
|
|
$
|
2.6305000
|
|
|
$
|
2.5270000
|
|
2020
|
$
|
1,541,732
|
|
2021
|
1,503,125
|
|
|
2022
|
1,435,784
|
|
|
2023
|
1,350,877
|
|
|
2024
|
1,233,083
|
|
|
Thereafter
|
8,055,610
|
|
|
Total
|
$
|
15,120,211
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Number of properties
|
93
|
|
|
128
|
|
|
59
|
|
|||
Net sales proceeds
|
$
|
108.9
|
|
|
$
|
142.3
|
|
|
$
|
167.0
|
|
Gain on sales of real estate
|
$
|
30.0
|
|
|
$
|
24.6
|
|
|
$
|
40.9
|
|
At December 31, 2019
|
|
Carrying value
|
|
|
Estimated fair value
|
|
||
Mortgages payable assumed in connection with acquisitions (1)
|
|
$
|
408.4
|
|
|
$
|
417.7
|
|
Notes and bonds payable (2)
|
|
6,317.6
|
|
|
6,826.1
|
|
||
|
|
|
|
|
||||
At December 31, 2018
|
|
Carrying value
|
|
|
Estimated fair value
|
|
||
Mortgages payable assumed in connection with acquisitions (1)
|
|
$
|
298.4
|
|
|
$
|
305.7
|
|
Notes and bonds payable (2)
|
|
5,400.0
|
|
|
5,430.0
|
|
Derivative Type
|
Hedge Designation
|
Notional Amount
|
Strike
|
Effective Date
|
Maturity Date
|
Fair Value - asset (liability)
|
||||||||||
|
|
December 31,
|
|
December 31,
|
|
|
|
|
December 31,
|
|
December 31,
|
|
||||
|
|
2019
|
|
2018
|
|
|
|
|
2019
|
|
2018
|
|
||||
Interest rate swap
|
Cash flow
|
$
|
7.0
|
|
$
|
7.2
|
|
6.03%
|
09/25/2012
|
09/03/2021
|
$
|
(0.2
|
)
|
$
|
(0.2
|
)
|
Interest rate swap
|
Cash flow
|
250.0
|
|
250.0
|
|
1.72%
|
06/30/2015
|
06/30/2020
|
(0.1
|
)
|
3.0
|
|
||||
Interest rate swap
|
Cash flow
|
250.0
|
|
250.0
|
|
3.04%
|
10/24/2018
|
03/24/2024
|
(14.7
|
)
|
(6.8
|
)
|
||||
Cross-currency swap (1)
|
Cash flow
|
41.6
|
|
—
|
|
(2)
|
05/20/2019
|
05/22/2034
|
(2.6
|
)
|
—
|
|
||||
Cross-currency swap (1)
|
Cash flow
|
41.6
|
|
—
|
|
(3)
|
05/20/2019
|
05/22/2034
|
(2.6
|
)
|
—
|
|
||||
Cross-currency swap (1)
|
Cash flow
|
41.6
|
|
—
|
|
(4)
|
05/20/2019
|
05/22/2034
|
(2.9
|
)
|
—
|
|
||||
Cross-currency swap (1)
|
Cash flow
|
41.6
|
|
—
|
|
(5)
|
05/20/2019
|
05/22/2034
|
(3.2
|
)
|
—
|
|
||||
|
|
$
|
673.4
|
|
$
|
507.2
|
|
|
|
|
$
|
(26.3
|
)
|
$
|
(4.0
|
)
|
(1)
|
Represents British Pound Sterling, or GBP, United States Dollar, or USD, cross-currency swap.
|
(2)
|
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.800%.
|
(3)
|
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.803%.
|
(4)
|
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.745%.
|
(5)
|
GBP fixed rates initially at 4.82% and escalating to 10.96%, and USD fixed rate at 9.755%.
|
|
|
December 31, 2019
|
|
|
December 31, 2018
|
|
||
Cash and cash equivalents shown in the consolidated balance sheets
|
|
$
|
54,011
|
|
|
$
|
10,387
|
|
Impounds related to mortgages payable (1)
|
|
12,465
|
|
|
9,555
|
|
||
Restricted escrow deposits (1)
|
|
4,529
|
|
|
1,129
|
|
||
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows
|
|
$
|
71,005
|
|
|
$
|
21,071
|
|
Cash
|
$
|
9,817
|
|
Stock compensation
|
17,902
|
|
|
Professional fees
|
574
|
|
|
Total value of severance
|
28,293
|
|
|
Amount accrued for CEO compensation prior to separation
|
(9,642
|
)
|
|
Incremental severance
|
$
|
18,651
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
|
Number of
shares
|
|
Weighted
average
price(1)
|
|
Number of
shares
|
|
Weighted
average
price(1)
|
|
Number of
shares
|
|
Weighted
average
price(1)
|
|||||||||
Outstanding nonvested shares, beginning of year
|
|
307,821
|
|
|
$
|
53.44
|
|
|
475,768
|
|
|
$
|
52.32
|
|
|
513,523
|
|
|
$
|
48.33
|
|
Shares granted
|
|
87,327
|
|
|
$
|
69.83
|
|
|
183,952
|
|
|
$
|
52.21
|
|
|
149,264
|
|
|
$
|
59.21
|
|
Shares vested
|
|
(126,363
|
)
|
|
$
|
54.45
|
|
|
(310,706
|
)
|
|
$
|
51.05
|
|
|
(183,381
|
)
|
|
$
|
46.65
|
|
Shares forfeited
|
|
(9,087
|
)
|
|
$
|
55.71
|
|
|
(41,193
|
)
|
|
$
|
53.06
|
|
|
(3,638
|
)
|
|
$
|
56.57
|
|
Outstanding nonvested shares, end of each period
|
|
259,698
|
|
|
$
|
58.39
|
|
|
307,821
|
|
|
$
|
53.44
|
|
|
475,768
|
|
|
$
|
52.32
|
|
•
|
For directors with less than six years of service at the date of grant, shares vest in 33.33% increments on each of the first three anniversaries of the date the shares of stock are granted;
|
•
|
For directors with six years of service at the date of grant, shares vest in 50% increments on each of the first two anniversaries of the date the shares of stock are granted;
|
•
|
For directors with seven years of service at the date of grant, shares are 100% vested on the first anniversary of the date the shares of stock are granted; and
|
•
|
For directors with eight or more years of service at the date of grant, there is immediate vesting as of the date the shares of stock are granted.
|
Performance Awards Metrics
|
|
Weighting
|
|
Total shareholder return (“TSR”) relative to MSCI US REIT Index
|
|
45
|
%
|
TSR relative to JP Morgan Net Lease Peers
|
|
26
|
%
|
Dividend per share growth rate
|
|
16
|
%
|
Debt-to-EBITDA ratio
|
|
13
|
%
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
|
Number of
performance
shares
|
|
|
Weighted
average
price(1)
|
|
|
Number of
performance
shares
|
|
|
Weighted
average
price(1)
|
|
|
Number of
performance
shares
|
|
|
Weighted
average
price(1)
|
|
|||
Outstanding nonvested shares, beginning of year
|
|
223,392
|
|
|
$
|
58.78
|
|
|
245,309
|
|
|
$
|
62.49
|
|
|
159,751
|
|
|
$
|
49.95
|
|
Shares granted
|
|
128,581
|
|
|
$
|
65.34
|
|
|
269,868
|
|
|
$
|
51.98
|
|
|
124,681
|
|
|
$
|
71.79
|
|
Shares vested
|
|
(47,310
|
)
|
|
$
|
54.27
|
|
|
(291,785
|
)
|
|
$
|
54.88
|
|
|
(39,123
|
)
|
|
$
|
41.60
|
|
Shares forfeited
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Outstanding nonvested shares, end of each period
|
|
304,663
|
|
|
$
|
62.25
|
|
|
223,392
|
|
|
$
|
58.78
|
|
|
245,309
|
|
|
$
|
62.49
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
|
Number of
restricted stock
units
|
|
|
Weighted
average
price(1)
|
|
|
Number of
restricted stock
units
|
|
|
Weighted
average
price(1)
|
|
|
Number of
restricted stock
units
|
|
|
Weighted
average
price(1)
|
|
|||
Outstanding nonvested shares, beginning of year
|
|
14,968
|
|
|
$
|
54.62
|
|
|
24,869
|
|
|
$
|
55.97
|
|
|
18,460
|
|
|
$
|
52.65
|
|
Shares granted
|
|
5,482
|
|
|
$
|
69.58
|
|
|
8,383
|
|
|
$
|
49.96
|
|
|
10,467
|
|
|
$
|
60.56
|
|
Shares vested
|
|
(4,939
|
)
|
|
$
|
54.90
|
|
|
(10,118
|
)
|
|
$
|
55.01
|
|
|
(4,058
|
)
|
|
$
|
52.70
|
|
Shares forfeited
|
|
—
|
|
|
$
|
—
|
|
|
(8,166
|
)
|
|
$
|
53.45
|
|
|
—
|
|
|
$
|
—
|
|
Outstanding nonvested shares, end of each period
|
|
15,511
|
|
|
$
|
59.82
|
|
|
14,968
|
|
|
$
|
54.62
|
|
|
24,869
|
|
|
$
|
55.97
|
|
Assets, as of December 31:
|
|
2019
|
|
|
2018
|
|
||
Segment net real estate:
|
|
|
|
|
|
|
||
Automotive service
|
|
$
|
288,453
|
|
|
$
|
210,668
|
|
Automotive tire services
|
|
232,709
|
|
|
238,939
|
|
||
Beverages
|
|
279,373
|
|
|
284,910
|
|
||
Child care
|
|
208,326
|
|
|
151,640
|
|
||
Convenience stores
|
|
2,057,157
|
|
|
1,756,732
|
|
||
Dollar stores
|
|
1,427,950
|
|
|
1,117,250
|
|
||
Drug stores
|
|
1,618,854
|
|
|
1,490,261
|
|
||
Financial services
|
|
389,634
|
|
|
414,613
|
|
||
General merchandise
|
|
475,418
|
|
|
317,424
|
|
||
Grocery stores - U.S. (1)
|
|
922,349
|
|
|
774,526
|
|
||
Grocery stores - U.K. (1)
|
|
663,210
|
|
|
—
|
|
||
Health and fitness
|
|
1,019,796
|
|
|
882,515
|
|
||
Home improvement
|
|
495,305
|
|
|
424,494
|
|
||
Restaurants-casual dining
|
|
576,526
|
|
|
559,616
|
|
||
Restaurants-quick service
|
|
1,059,155
|
|
|
964,980
|
|
||
Theaters - U.S.
|
|
878,103
|
|
|
555,990
|
|
||
Transportation services
|
|
769,614
|
|
|
758,133
|
|
||
Wholesale club
|
|
396,690
|
|
|
412,203
|
|
||
Other non-reportable segments
|
|
2,738,150
|
|
|
2,528,623
|
|
||
Total segment net real estate
|
|
16,496,772
|
|
|
13,843,517
|
|
||
Intangible assets:
|
|
|
|
|
||||
Automotive service
|
|
58,854
|
|
|
61,951
|
|
||
Automotive tire services
|
|
7,322
|
|
|
8,696
|
|
||
Beverages
|
|
1,509
|
|
|
1,765
|
|
||
Child care
|
|
21,997
|
|
|
12,277
|
|
||
Convenience stores
|
|
131,808
|
|
|
108,714
|
|
||
Dollar stores
|
|
82,701
|
|
|
48,842
|
|
||
Drug stores
|
|
183,319
|
|
|
165,558
|
|
||
Financial services
|
|
17,130
|
|
|
20,426
|
|
||
General merchandise
|
|
66,135
|
|
|
43,122
|
|
||
Grocery stores - U.S. (1)
|
|
180,197
|
|
|
144,551
|
|
||
Grocery stores - U.K. (1)
|
|
153,407
|
|
|
—
|
|
||
Health and fitness
|
|
74,428
|
|
|
71,609
|
|
||
Home improvement
|
|
72,979
|
|
|
57,928
|
|
||
Restaurants-casual dining
|
|
23,289
|
|
|
18,153
|
|
||
Restaurants-quick service
|
|
52,353
|
|
|
54,448
|
|
||
Theaters - U.S.
|
|
36,089
|
|
|
25,811
|
|
||
Transportation services
|
|
66,055
|
|
|
73,577
|
|
||
Wholesale club
|
|
23,372
|
|
|
26,484
|
|
||
Other non-reportable segments
|
|
240,439
|
|
|
255,685
|
|
||
Other corporate assets
|
|
564,641
|
|
|
217,369
|
|
||
Total assets
|
|
$
|
18,554,796
|
|
|
$
|
15,260,483
|
|
Revenue for the years ended December 31,
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Segment rental revenue:
|
|
|
|
|
|
|
|
|
|
|||
Automotive service
|
|
$
|
32,365
|
|
|
$
|
28,303
|
|
|
$
|
25,291
|
|
Automotive tire services
|
|
31,292
|
|
|
30,078
|
|
|
29,560
|
|
|||
Beverages
|
|
31,807
|
|
|
31,488
|
|
|
31,174
|
|
|||
Child care
|
|
31,749
|
|
|
21,865
|
|
|
20,775
|
|
|||
Convenience stores
|
|
166,755
|
|
|
142,194
|
|
|
111,023
|
|
|||
Dollar stores
|
|
102,695
|
|
|
94,782
|
|
|
91,076
|
|
|||
Drug stores
|
|
127,853
|
|
|
129,565
|
|
|
126,555
|
|
|||
Financial services
|
|
30,189
|
|
|
29,429
|
|
|
28,744
|
|
|||
General merchandise
|
|
35,366
|
|
|
29,249
|
|
|
23,752
|
|
|||
Grocery stores - U.S. (1)
|
|
69,691
|
|
|
63,594
|
|
|
50,731
|
|
|||
Grocery stores - U.K. (1)
|
|
17,819
|
|
|
—
|
|
|
—
|
|
|||
Health and fitness
|
|
105,896
|
|
|
94,638
|
|
|
88,146
|
|
|||
Home improvement
|
|
42,351
|
|
|
37,939
|
|
|
30,324
|
|
|||
Restaurants-casual dining
|
|
45,238
|
|
|
46,171
|
|
|
43,876
|
|
|||
Restaurants-quick service
|
|
92,018
|
|
|
72,465
|
|
|
59,638
|
|
|||
Theaters - U.S.
|
|
87,698
|
|
|
70,560
|
|
|
58,443
|
|
|||
Transportation services
|
|
66,500
|
|
|
63,565
|
|
|
62,337
|
|
|||
Wholesale club
|
|
38,117
|
|
|
37,571
|
|
|
37,646
|
|
|||
Other non-reportable segments and tenant reimbursements
|
|
329,419
|
|
|
298,090
|
|
|
293,215
|
|
|||
Rental (including reimbursable)
|
|
1,484,818
|
|
|
1,321,546
|
|
|
1,212,306
|
|
|||
Other
|
|
6,773
|
|
|
6,292
|
|
|
3,462
|
|
|||
Total revenue
|
|
$
|
1,491,591
|
|
|
$
|
1,327,838
|
|
|
$
|
1,215,768
|
|
|
|
Ground Leases
Paid by
Realty Income (1)
|
|
|
Ground Leases
Paid by
Our Tenants (2)
|
|
|
Total
|
|
|||
2020
|
|
$
|
1.6
|
|
|
$
|
13.5
|
|
|
$
|
15.1
|
|
2021
|
|
1.4
|
|
|
13.3
|
|
|
14.7
|
|
|||
2022
|
|
1.4
|
|
|
13.2
|
|
|
14.6
|
|
|||
2023
|
|
1.3
|
|
|
13.2
|
|
|
14.5
|
|
|||
2024
|
|
1.3
|
|
|
13.3
|
|
|
14.6
|
|
|||
Thereafter
|
|
18.9
|
|
|
68.9
|
|
|
87.8
|
|
|||
Total
|
|
$
|
25.9
|
|
|
$
|
135.4
|
|
|
$
|
161.3
|
|
Present value adjustment for remaining lease payments (3)
|
|
|
|
|
|
(39.0
|
)
|
|||||
Lease liability - operating leases, net
|
|
|
|
|
|
$
|
122.3
|
|
(1)
|
Realty Income currently pays the ground lessors directly for the rent under the ground leases.
|
(2)
|
Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
|
|
|
Ground Leases
Paid by
Realty Income (1)
|
|
|
Ground Leases
Paid by
Our Tenants (2)
|
|
|
Total
|
|
|||
2019
|
|
$
|
1.5
|
|
|
$
|
13.5
|
|
|
$
|
15.0
|
|
2020
|
|
1.4
|
|
|
13.5
|
|
|
14.9
|
|
|||
2021
|
|
1.2
|
|
|
13.2
|
|
|
14.4
|
|
|||
2022
|
|
1.2
|
|
|
13.1
|
|
|
14.3
|
|
|||
2023
|
|
1.2
|
|
|
13.1
|
|
|
14.3
|
|
|||
Thereafter
|
|
19.8
|
|
|
82.0
|
|
|
101.8
|
|
|||
Total
|
|
$
|
26.3
|
|
|
$
|
148.4
|
|
|
$
|
174.7
|
|
(1)
|
Realty Income currently pays the ground lessors directly for the rent under the ground leases.
|
(2)
|
Our tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event a tenant fails to pay the ground lease rent, we are primarily responsible.
|
•
|
In January and February 2020, we declared a dividend of $0.2325, which will be paid in February 2020 and March 2020, respectively.
|
•
|
In January 2020, we completed the early redemption on all $250.0 million in principal amount of our outstanding 5.750% notes due January 2021, plus accrued and unpaid interest.
|
•
|
Also in January 2020, we announced that Paul Meurer, our EVP, Chief Financial Officer and Treasurer, is leaving the company. To ensure a smooth transition, Mr. Meurer will serve as a senior advisor to the company through March 31, 2020. The company has begun a search for a new Chief Financial Officer.
|
|
|
First
Quarter
|
|
|
Second
Quarter
|
|
|
Third
Quarter
|
|
|
Fourth
Quarter
|
|
|
Year
|
|
|||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenue
|
|
$
|
354,365
|
|
|
$
|
365,450
|
|
|
$
|
374,247
|
|
|
$
|
397,529
|
|
|
$
|
1,491,591
|
|
Depreciation and amortization expense
|
|
137,517
|
|
|
150,426
|
|
|
149,424
|
|
|
156,594
|
|
|
593,961
|
|
|||||
Interest expense
|
|
70,020
|
|
|
72,488
|
|
|
73,410
|
|
|
75,073
|
|
|
290,991
|
|
|||||
Other expenses
|
|
42,861
|
|
|
54,143
|
|
|
52,139
|
|
|
52,269
|
|
|
201,412
|
|
|||||
Net income
|
|
111,230
|
|
|
95,420
|
|
|
101,275
|
|
|
129,553
|
|
|
437,478
|
|
|||||
Net income available to common stockholders
|
|
110,942
|
|
|
95,194
|
|
|
101,049
|
|
|
129,297
|
|
|
436,482
|
|
|||||
Net income per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic and diluted
|
|
0.37
|
|
|
0.31
|
|
|
0.32
|
|
|
0.39
|
|
|
1.38
|
|
|||||
Dividends paid per common share
|
|
0.6720
|
|
|
0.6780
|
|
|
0.6795
|
|
|
0.6810
|
|
|
2.7105
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenue
|
|
$
|
318,295
|
|
|
$
|
328,886
|
|
|
$
|
338,081
|
|
|
$
|
342,576
|
|
|
$
|
1,327,838
|
|
Depreciation and amortization expense
|
|
131,103
|
|
|
133,999
|
|
|
136,967
|
|
|
137,711
|
|
|
539,780
|
|
|||||
Interest expense
|
|
59,415
|
|
|
66,628
|
|
|
69,342
|
|
|
70,635
|
|
|
266,020
|
|
|||||
Other expenses
|
|
47,680
|
|
|
39,349
|
|
|
40,302
|
|
|
54,752
|
|
|
182,083
|
|
|||||
Net income
|
|
83,315
|
|
|
96,697
|
|
|
99,283
|
|
|
85,303
|
|
|
364,598
|
|
|||||
Net income available to common stockholders
|
|
83,163
|
|
|
96,380
|
|
|
98,999
|
|
|
85,072
|
|
|
363,614
|
|
|||||
Net income per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic and diluted
|
|
0.29
|
|
|
0.34
|
|
|
0.34
|
|
|
0.29
|
|
|
1.26
|
|
|||||
Dividends paid per common share
|
|
0.6505
|
|
|
0.6585
|
|
|
0.6600
|
|
|
0.6615
|
|
|
2.6305
|
|
Exhibit No.
|
|
Description
|
|
|
|
2.1
|
|
|
2.2
|
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
3.6
|
|
|
3.7
|
|
|
3.8
|
|
|
3.9
|
|
|
3.10
|
|
|
3.11
|
|
|
3.12
|
|
|
3.13
|
|
|
Instruments defining the rights of security holders, including indentures
|
||
4.1
|
|
|
4.2
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
|
4.7
|
|
|
4.8
|
|
|
4.9
|
|
|
4.10
|
|
|
4.11
|
|
|
4.12
|
|
|
4.13
|
|
|
4.14
|
|
|
4.15
|
|
|
4.16
|
|
|
4.17
|
|
|
4.18
|
|
|
4.19
|
|
|
4.20
|
|
|
4.21
|
|
|
4.22
|
|
|
4.23
|
|
|
4.24
|
|
|
4.25
|
|
|
4.26
|
|
By:
|
/s/SUMIT ROY
|
|
Date: February 24, 2020
|
|
|
Sumit Roy
|
|
|
|
|
President, Chief Executive Officer
|
|
|
By:
|
/s/MICHAEL D. MCKEE
|
|
Date: February 24, 2020
|
|
|
Michael D. McKee
|
|
|
|
|
Non-Executive Chairman of the Board of Directors
|
|||
|
|
|
|
|
By:
|
/s/KATHLEEN R. ALLEN, Ph.D.
|
|
Date: February 24, 2020
|
|
|
Kathleen R. Allen, Ph.D.
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/A. LARRY CHAPMAN
|
|
Date: February 24, 2020
|
|
|
A. Larry Chapman
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/REGINALD H. GILYARD
|
|
Date: February 24, 2020
|
|
|
Reginald H. Gilyard
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/PRIYA CHERIAN HUSKINS
|
|
Date: February 24, 2020
|
|
|
Priya Cherian Huskins
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/CHRISTIE B. KELLY
|
|
Date: February 24, 2020
|
|
|
Christie B. Kelly
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/GERARDO I. LOPEZ
|
|
Date: February 24, 2020
|
|
|
Gerardo I. Lopez
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/GREGORY T. MCLAUGHLIN
|
|
Date: February 24, 2020
|
|
|
Gregory T. McLaughlin
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/RONALD L. MERRIMAN
|
|
Date: February 24, 2020
|
|
|
Ronald L. Merriman
|
|
|
|
|
Director
|
|
|
|
|
|
|
|
|
By:
|
/s/SUMIT ROY
|
|
Date: February 24, 2020
|
|
|
Sumit Roy
|
|
|
|
|
Director, President, Chief Executive Officer
|
|||
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
By:
|
/s/SEAN P. NUGENT
|
|
Date: February 24, 2020
|
|
|
Sean P. Nugent
|
|
|
|
|
Principal Financial Officer and Treasurer
|
|||
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Cost Capitalized Subsequent to Acquisition
|
|
|
Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
|
|
|
|
|
|
||||||||||
Description
|
Number of Properties (Note 1)
|
Encumbrances (Note 2)
|
|
Land
|
|
Buildings, Improvements and Acquisition Fees
|
|
Improvements
|
|
Carrying Costs
|
|
|
Land
|
|
Buildings, Improvements and Acquisition Fees
|
|
Total
|
|
Accumulated Depreciation (Note 5)
|
|
Date of Construction
|
Date Acquired
|
Life on which depreciation in latest Income Statement is Computed (in Years)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Aerospace
|
5
|
14,409,617
|
|
6,890,774
|
|
110,783,380
|
|
216,638
|
|
—
|
|
|
6,890,774
|
|
111,000,018
|
|
117,890,792
|
|
28,630,112
|
|
1994-2013
|
6/20/2011-6/27/2013
|
25-35
|
Apparel stores
|
30
|
13,925,000
|
|
58,918,135
|
|
141,491,607
|
|
3,983,429
|
|
218,760
|
|
|
58,918,135
|
|
145,693,796
|
|
204,611,931
|
|
47,856,451
|
|
1960-2012
|
10/30/1987-12/2/2019
|
4-35
|
Automotive collision services
|
75
|
—
|
|
52,729,547
|
|
119,655,706
|
|
1,799,680
|
|
10,000
|
|
|
52,729,547
|
|
121,465,386
|
|
174,194,933
|
|
28,390,510
|
|
1928-2018
|
8/30/2002-6/11/2019
|
19-25
|
Automotive parts
|
249
|
6,637,578
|
|
96,978,473
|
|
248,888,548
|
|
4,622,175
|
|
826,885
|
|
|
96,978,473
|
|
254,337,608
|
|
351,316,081
|
|
64,101,899
|
|
1969-2018
|
8/6/1987-12/4/2019
|
0-25
|
Automotive service
|
303
|
—
|
|
143,625,084
|
|
210,090,349
|
|
582,498
|
|
164,051
|
|
|
143,625,084
|
|
210,836,898
|
|
354,461,982
|
|
66,008,493
|
|
1920-2017
|
10/2/1985-12/2/2019
|
0-25
|
Automotive tire services
|
196
|
—
|
|
122,250,160
|
|
225,175,623
|
|
384,194
|
|
97,335
|
|
|
122,250,160
|
|
225,657,152
|
|
347,907,312
|
|
115,198,601
|
|
1947-2017
|
8/28/1985-12/2/2019
|
0-40
|
Beverages
|
18
|
—
|
|
213,728,623
|
|
105,911,254
|
|
—
|
|
148
|
|
|
213,728,623
|
|
105,911,402
|
|
319,640,025
|
|
40,267,343
|
|
2010
|
6/25/2010-12/15/2011
|
25
|
Book Stores
|
1
|
—
|
|
998,250
|
|
3,696,707
|
|
129,751
|
|
79
|
|
|
998,250
|
|
3,826,537
|
|
4,824,787
|
|
3,433,527
|
|
1996
|
3/11/1997
|
24-25
|
Child care
|
274
|
—
|
|
95,553,417
|
|
212,059,451
|
|
5,053,358
|
|
917,720
|
|
|
95,553,417
|
|
218,030,529
|
|
313,583,946
|
|
105,257,799
|
|
1961-2018
|
12/22/1981-10/25/2019
|
0-25
|
Consumer appliances
|
4
|
—
|
|
8,901,103
|
|
85,212,965
|
|
109,951
|
|
55
|
|
|
8,901,103
|
|
85,322,971
|
|
94,224,074
|
|
13,916,454
|
|
2004-2019
|
7/31/2012-12/27/2019
|
0
|
Consumer electronics
|
10
|
—
|
|
14,623,047
|
|
21,833,858
|
|
884,168
|
|
51,616
|
|
|
14,623,047
|
|
22,769,642
|
|
37,392,689
|
|
11,068,011
|
|
1992-1998
|
6/9/1997-11/3/2017
|
22-25
|
Consumer goods
|
4
|
—
|
|
7,663,458
|
|
124,173,738
|
|
894,295
|
|
—
|
|
|
7,663,458
|
|
125,068,033
|
|
132,731,491
|
|
22,472,474
|
|
1987-2011
|
1/22/2013-9/22/2015
|
34-35
|
Convenience stores
|
1,246
|
—
|
|
1,047,085,568
|
|
1,333,428,902
|
|
(733,628
|
)
|
145,550
|
|
|
1,047,085,568
|
|
1,332,840,824
|
|
2,379,926,392
|
|
322,769,573
|
|
1949-2018
|
3/3/1995-12/2/2019
|
0-26
|
Crafts and novelties
|
19
|
—
|
|
20,948,352
|
|
70,829,924
|
|
881,481
|
|
440,482
|
|
|
20,948,352
|
|
72,151,887
|
|
93,100,239
|
|
14,466,453
|
|
1974-2017
|
11/26/1996-12/2/2019
|
22-35
|
Diversified industrial
|
6
|
19,397,723
|
|
10,231,370
|
|
108,326,826
|
|
114,454
|
|
—
|
|
|
10,231,370
|
|
108,441,280
|
|
118,672,650
|
|
17,452,956
|
|
1989-2015
|
9/19/2012-2/3/2016
|
25-35
|
Dollar stores
|
1,302
|
11,127,000
|
|
428,220,601
|
|
1,249,436,205
|
|
1,459,285
|
|
8,879
|
|
|
428,220,601
|
|
1,250,904,369
|
|
1,679,124,970
|
|
251,174,478
|
|
1935-2019
|
2/3/1998-12/20/2019
|
0-25
|
Drug stores
|
387
|
130,834,786
|
|
578,997,186
|
|
1,340,130,844
|
|
4,948,980
|
|
100,379
|
|
|
578,997,186
|
|
1,345,180,203
|
|
1,924,177,389
|
|
305,323,601
|
|
1965-2015
|
9/30/1998-12/16/2019
|
0-35
|
Education
|
14
|
—
|
|
6,739,123
|
|
21,648,901
|
|
472,942
|
|
155,418
|
|
|
6,739,123
|
|
22,277,261
|
|
29,016,384
|
|
17,188,255
|
|
1980-2000
|
12/19/1984-6/28/2006
|
0-25
|
Electric utilities
|
1
|
—
|
|
1,450,000
|
|
9,209,989
|
|
—
|
|
—
|
|
|
1,450,000
|
|
9,209,989
|
|
10,659,989
|
|
1,678,439
|
|
1983
|
8/30/2013
|
35
|
Entertainment
|
10
|
—
|
|
28,373,479
|
|
10,617,464
|
|
327,607
|
|
—
|
|
|
28,373,479
|
|
10,945,071
|
|
39,318,550
|
|
6,178,632
|
|
1989-1999
|
3/26/1998-9/11/2014
|
24-25
|
Equipment services
|
7
|
7,073,296
|
|
4,116,067
|
|
54,045,575
|
|
689,663
|
|
140
|
|
|
4,116,067
|
|
54,735,378
|
|
58,851,445
|
|
14,967,071
|
|
2000-2014
|
7/3/2003-12/2/2019
|
25-35
|
Financial services
|
239
|
13,800,000
|
|
115,487,739
|
|
351,992,876
|
|
(3,690,753
|
)
|
101,099
|
|
|
115,487,739
|
|
348,403,222
|
|
463,890,961
|
|
74,256,644
|
|
1807-2015
|
3/10/1987-6/29/2018
|
0-35
|
Food processing
|
7
|
28,867,158
|
|
13,226,562
|
|
153,588,645
|
|
210,469
|
|
—
|
|
|
13,226,562
|
|
153,799,114
|
|
167,025,676
|
|
20,948,814
|
|
1987-2019
|
4/1/2011-9/27/2019
|
25-35
|
General merchandise
|
100
|
5,070,372
|
|
104,508,825
|
|
436,513,003
|
|
(2,938,508
|
)
|
557,868
|
|
|
104,508,825
|
|
434,132,363
|
|
538,641,188
|
|
63,223,300
|
|
1964-2020
|
8/6/1987-12/2/2019
|
0-35
|
Government services
|
16
|
—
|
|
8,093,555
|
|
121,514,780
|
|
2,981,604
|
|
—
|
|
|
8,093,555
|
|
124,496,384
|
|
132,589,939
|
|
25,784,980
|
|
1983-2011
|
9/17/2009-1/22/2013
|
25-35
|
Grocery stores
|
132
|
38,621,000
|
|
264,275,526
|
|
780,156,042
|
|
1,811,459
|
|
325,183
|
|
|
264,275,526
|
|
782,292,684
|
|
1,046,568,210
|
|
124,219,525
|
|
1948-2019
|
5/26/1988-12/16/2019
|
0-35
|
Health and beauty
|
2
|
—
|
|
2,475,474
|
|
42,821,046
|
|
68,912
|
|
—
|
|
|
2,475,474
|
|
42,889,958
|
|
45,365,432
|
|
1,979,227
|
|
2005-2017
|
11/1/2006-4/13/2018
|
25-35
|
Health and fitness
|
103
|
4,281,354
|
|
246,562,831
|
|
990,068,700
|
|
8,099,776
|
|
172,145
|
|
|
246,562,831
|
|
998,340,621
|
|
1,244,903,452
|
|
225,107,912
|
|
1940-2019
|
5/31/1995-12/2/2019
|
0-25
|
Health care
|
64
|
4,079,345
|
|
46,055,832
|
|
298,433,438
|
|
3,748,031
|
|
1,314,067
|
|
|
46,055,832
|
|
303,495,536
|
|
349,551,368
|
|
55,246,790
|
|
1930-2018
|
9/9/1991-12/2/2019
|
14-35
|
Home furnishings
|
73
|
9,700,000
|
|
35,099,395
|
|
113,295,067
|
|
2,562,697
|
|
372,213
|
|
|
35,099,395
|
|
116,229,977
|
|
151,329,372
|
|
39,350,470
|
|
1960-2015
|
1/24/1984-12/2/2019
|
0-35
|
Home improvement
|
77
|
17,725,463
|
|
186,981,286
|
|
375,408,283
|
|
2,113,587
|
|
75,210
|
|
|
186,981,286
|
|
377,597,080
|
|
564,578,366
|
|
69,273,547
|
|
1950-2009
|
12/22/1986-12/2/2019
|
0-35
|
Insurance
|
1
|
—
|
|
634,343
|
|
6,331,030
|
|
—
|
|
—
|
|
|
634,343
|
|
6,331,030
|
|
6,965,373
|
|
1,867,654
|
|
2012
|
8/28/2012
|
25
|
Jewelry
|
4
|
—
|
|
—
|
|
8,268,989
|
|
—
|
|
—
|
|
|
—
|
|
8,268,989
|
|
8,268,989
|
|
2,301,535
|
|
2006-2008
|
1/22/2013
|
25
|
Machinery
|
1
|
—
|
|
1,630,917
|
|
12,938,430
|
|
—
|
|
—
|
|
|
1,630,917
|
|
12,938,430
|
|
14,569,347
|
|
3,859,965
|
|
2010
|
7/31/2012
|
25
|
Motor vehicle dealerships
|
28
|
—
|
|
115,897,045
|
|
143,335,317
|
|
—
|
|
230
|
|
|
115,897,045
|
|
143,335,547
|
|
259,232,592
|
|
50,293,566
|
|
1975-2017
|
5/13/2004-3/29/2019
|
0-25
|
Office supplies
|
8
|
—
|
|
8,551,005
|
|
15,480,491
|
|
955,594
|
|
349,599
|
|
|
8,551,005
|
|
16,785,684
|
|
25,336,689
|
|
13,661,632
|
|
1995-2014
|
1/29/1997-12/2/2019
|
22-25
|
Other manufacturing
|
7
|
23,897,971
|
|
8,893,136
|
|
104,286,273
|
|
1,663,646
|
|
240,191
|
|
|
8,893,136
|
|
106,190,110
|
|
115,083,246
|
|
18,426,589
|
|
1989-2016
|
1/22/2013-12/21/2016
|
33-35
|
Packaging
|
10
|
2,164,411
|
|
20,323,553
|
|
163,714,298
|
|
2,480,122
|
|
—
|
|
|
20,323,553
|
|
166,194,420
|
|
186,517,973
|
|
27,809,312
|
|
1965-2016
|
6/3/2011-12/20/2017
|
24-35
|
|
|
|
Initial Cost to Company
|
|
Cost Capitalized Subsequent to Acquisition
|
|
|
Gross Amount at Which Carried at Close of Period (Notes 3, 4 and 6)
|
|
|
|
|
|
||||||||||
Description
|
Number of Properties (Note 1)
|
Encumbrances (Note 2)
|
|
Land
|
|
Buildings, Improvements and Acquisition Fees
|
|
Improvements
|
|
Carrying Costs
|
|
|
Land
|
|
Buildings, Improvements and Acquisition Fees
|
|
Total
|
|
Accumulated Depreciation (Note 5)
|
|
Date of Construction
|
Date Acquired
|
Life on which depreciation in latest Income Statement is Computed (in Years)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Paper
|
2
|
—
|
|
2,462,414
|
|
11,934,685
|
|
44,759
|
|
—
|
|
|
2,462,414
|
|
11,979,444
|
|
14,441,858
|
|
3,405,630
|
|
2002-2006
|
5/2/2011-12/21/2012
|
25-35
|
Pet supplies and services
|
33
|
2,509,000
|
|
21,563,825
|
|
101,699,137
|
|
4,604,704
|
|
243,582
|
|
|
21,563,825
|
|
106,547,423
|
|
128,111,248
|
|
21,261,419
|
|
1950-2019
|
12/22/1981-12/31/2019
|
11-35
|
Restaurants - casual dining
|
284
|
—
|
|
241,578,772
|
|
459,061,392
|
|
6,015,925
|
|
2,104,667
|
|
|
241,578,772
|
|
467,181,984
|
|
708,760,756
|
|
132,235,171
|
|
1965-2018
|
3/12/1981-12/2/2019
|
0-40
|
Restaurants - quick service
|
907
|
—
|
|
429,303,832
|
|
781,719,427
|
|
501,803
|
|
226,201
|
|
|
429,303,832
|
|
782,447,431
|
|
1,211,751,263
|
|
152,596,196
|
|
1967-2019
|
12/9/1976-12/4/2019
|
0-26
|
Shoe stores
|
3
|
8,519,815
|
|
6,251,472
|
|
35,793,479
|
|
214,466
|
|
214,706
|
|
|
6,251,472
|
|
36,222,651
|
|
42,474,123
|
|
9,719,936
|
|
1996-2008
|
3/26/1998-1/22/2013
|
23-35
|
Sporting goods
|
22
|
—
|
|
36,258,595
|
|
107,396,447
|
|
1,854,750
|
|
178,206
|
|
|
36,258,595
|
|
109,429,403
|
|
145,687,998
|
|
26,537,565
|
|
1950-2016
|
5/1/1990-12/2/2019
|
0-25
|
Telecommunications
|
7
|
8,578,171
|
|
9,269,789
|
|
68,360,132
|
|
1,484,423
|
|
21,884
|
|
|
9,269,789
|
|
69,866,439
|
|
79,136,228
|
|
17,849,025
|
|
1990-2016
|
6/26/1998-12/10/2015
|
22-35
|
Theaters
|
79
|
—
|
|
231,747,795
|
|
829,701,257
|
|
10,680,179
|
|
270
|
|
|
231,747,795
|
|
840,381,706
|
|
1,072,129,501
|
|
194,026,206
|
|
1930-2014
|
7/27/2000-8/13/2019
|
0-25
|
Transportation services
|
58
|
19,380,313
|
|
109,027,503
|
|
824,491,647
|
|
(3,820,929
|
)
|
401,593
|
|
|
109,027,503
|
|
821,072,311
|
|
930,099,814
|
|
160,485,427
|
|
1958-2016
|
4/1/2003-9/6/2016
|
24-36
|
Wholesale clubs
|
32
|
17,820,000
|
|
170,229,880
|
|
325,098,377
|
|
(3,889,998
|
)
|
—
|
|
|
170,229,880
|
|
321,208,379
|
|
491,438,259
|
|
94,747,849
|
|
1985-2010
|
9/30/2011-4/1/2014
|
0-25
|
Other
|
6
|
—
|
|
7,254,447
|
|
24,355,185
|
|
795,984
|
|
18,796
|
|
|
7,254,447
|
|
25,169,965
|
|
32,424,412
|
|
5,639,308
|
|
1982-1997
|
5/29/1984-9/13/2013
|
0-35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.K.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Grocery stores
|
17
|
—
|
|
310,089,274
|
|
360,054,272
|
|
—
|
|
—
|
|
|
310,089,274
|
|
360,054,272
|
|
670,143,546
|
|
6,933,409
|
|
1975-2014
|
5/23/2019-12/20/2019
|
25-115
|
Theaters
|
1
|
—
|
|
2,060,151
|
|
2,921,471
|
|
—
|
|
—
|
|
|
2,060,151
|
|
2,921,471
|
|
4,981,622
|
|
4,869
|
|
2011
|
12/18/2019
|
25
|
|
6,484
|
408,419,373
|
|
5,704,816,590
|
|
13,857,381,432
|
|
65,373,623
|
|
10,055,207
|
|
|
5,704,816,590
|
|
13,932,810,262
|
|
19,637,626,852
|
|
3,140,854,604
|
|
|
|
|
•
|
a classified board;
|
•
|
a two-thirds vote requirement for removing a director;
|
•
|
a requirement that the number of directors be fixed only by vote of the board of directors;
|
•
|
a requirement that a vacancy on the board of directors be filled only by a vote of the remaining directors in office and for the remainder of the full term of the class of directors in which the vacancy occurred and until a successor is elected and qualifies; and
|
•
|
a majority requirement for the calling of a stockholder-requested special meeting of stockholders.
|
•
|
actual receipt of an improper benefit or profit in money, property or services, or
|
•
|
active and deliberate dishonesty established by a final judgment as being material to the cause of action.
|
Entity
|
Type
|
Jurisdiction of Organization
|
Owner
|
Percentage Owned
|
11990 Eastgate Blvd, LLC
|
Limited Liability Company
|
DE
|
Terraza 14, LLC
|
100.0%
|
American Realty Capital Properties, LLC
|
Limited Liability Company
|
DE
|
ARCT TRS Corp.
|
100.0%
|
ARC AAHARAL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC ATMTPSC001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC AZGYAPR001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC AZHUMPR001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC AZPONPR001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC AZSNJPR001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC BBFTMFL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC BSLBCCA001, LLC
|
Limited Liability Company
|
DE
|
ARC CAMBR BSPL, LLC
|
100.0%
|
ARC CAMBR BSPL, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC CVCHIIL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC CVCHIIL002, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC CVGNVFL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC ESBKYMO001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC ESSTLMO001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FEAARMI001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FEBKYWV001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FEBNXNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FEDGCKS001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FEGFKND001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FEHAYKS001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FELNCNE001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FELSVKY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FESPFMO001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC FESXFSD001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC HDAUSGA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC HDTPAKS001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC IHLVRCA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC IHMPHTN001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC IHMPHTN002, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC IHPKRCO001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC IHROCNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC Income Properties II, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC Initial PE Member LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC JJPLYMA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC KHCLNIL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC KHGTNKY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC LWKNXTN001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC ORJOLIL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC PA-QRS Trust
|
Trust
|
VA
|
ARC PA-QRS Trust Member LLC
|
100.0%
|
Entity
|
Type
|
Jurisdiction of Organization
|
Owner
|
Percentage Owned
|
ARC PA-QRS Trust Member LLC
DBA in CA: ARC PA-QRS TRS Member LLC |
Limited Liability Company
|
DE
|
Tau Acquisition LLC
|
100.0%
|
ARC PLBKVOH001, LLC
|
Limited Liability Company
|
DE
|
ARC CAMBR BSPL, LLC
|
100.0%
|
ARC RACARPA001 GP, LLC
|
Limited Liability Company
|
DE
|
ARC/Milestone Capital Ventures, LLC
|
100.0%
|
ARC RACARPA001 LP
|
Limited Partnership
|
DE
|
ARC RACARPA001 GP, LLC (1%);
ARC Milestone Capital Ventures, LLC (99%) |
100.0%
|
ARC RAPITPA001 GP, LLC
|
Limited Liability Company
|
DE
|
ARC/Milestone Capital Ventures, LLC
|
100.0%
|
ARC RAPITPA001 LP
|
Limited Partnership
|
DE
|
ARC RAPITPA001 GP, LLC (1%);
ARC Milestone Captial Ventures, LLC (99%) |
100.0%
|
ARC SCAUGGA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC SJHSPAR001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC SJHSPAR002, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC SJHSPAR003, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC SSCTRVT001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC SSNANNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC SYGRINY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC TITUCAZ001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC TMDKBIL001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC TSDUBPA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC TSELBPA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC TSLWBWV001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC TSMNFPA001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGAUBNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGCNWSC001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGGRCNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGGRCNY002, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGGRPMN001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGMTPMI001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGPLTNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WGSYRNY001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC WMBLYAR001, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARC/Milestone Capital Ventures, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
ARCP / GRD BioLife Portfolio I, LLC
|
Limited Liability Company
|
DE
|
Terraza 14, LLC
GRD BioLife Holdings I, LLC |
89.1%
10.1% |
ARCT TRS Corp.
|
Corporation
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Bulwark Berlin LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Bulwark Branford LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Bulwark Brockton LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Bulwark Derry LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Bulwark Melrose LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Bulwark Mount Ephraim LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Crest Net Lease, Inc.
|
Corporation
|
DE
|
Realty Income Corporation
|
100.0%
|
GRD Bellingham WA BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD Bloomington IN BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD Ft. Wayne IN BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
Entity
|
Type
|
Jurisdiction of Organization
|
Owner
|
Percentage Owned
|
GRD Grandville MI BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD Loveland CO BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD St. George UT BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD Waite Park MN BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD Waterloo IA BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
GRD West Fargo ND BioLife Holdings, LLC
|
Limited Liability Company
|
DE
|
ARCP / GRD BioLife Portfolio I, LLC
|
100.0%
|
MDC Box 1, LLC
|
Limited Liability Company
|
DE
|
Crest Net Lease, Inc.
|
100.0%
|
MDC Coast 1, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 10, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 11, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 12, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 13, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 14, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 15, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 16, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 17, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 18, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 19, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 2, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 20, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 21, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 3, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 4, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 5, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 6, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 7, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 8, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coast 9, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 1, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 10, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 11, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 12, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 2, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 3, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 4, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 5, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 6, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 7, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 8, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
MDC Coastal 9, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Entity
|
Type
|
Jurisdiction of Organization
|
Owner
|
Percentage Owned
|
Realty Income Properties 12, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 13, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 14, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 15, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 16, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 17, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 18, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 19, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 2, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 21, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 22, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 23, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 24, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
Realty Income Properties 25, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 26, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 27, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 28, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 29, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 3, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 30, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 31, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 4, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 5, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 6, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Properties 7, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
Realty Income Properties 8, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
Realty Income Properties 9, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Providence LaSalle Square, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Raphine, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Regent Blvd LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Seaford Merrick, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Texas Properties 1, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
Realty Income Trust 1
|
Trust
|
MD
|
Realty Income Corporation
|
100.0%
|
Realty Income Trust 2
|
Trust
|
MD
|
Realty Income Corporation
|
100.0%
|
Realty Income Trust 3
|
Trust
|
MD
|
Realty Income Corporation
|
100.0%
|
Realty Income Trust 4
|
Trust
|
MD
|
Realty Income Corporation
|
100.0%
|
Realty Income Trust 5
|
Trust
|
MD
|
Realty Income Corporation
|
100.0%
|
Realty Income Trust 6
|
Trust
|
MD
|
Realty Income Corporation
|
100.0%
|
Realty Income Upper Darby 69th, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income Wilmington Lancaster, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Realty Income, L.P.
|
Limited Partnership
|
MD
|
Realty Income Corporation
|
98.1%
|
RI Banbury (Jersey) Limited
|
International Company
|
Jersey
|
RI SB Limited
|
100.0%
|
RI CK2, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
Entity
|
Type
|
Jurisdiction of Organization
|
Owner
|
Percentage Owned
|
RI Crown CMC Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI Crown Limited
|
International Company
|
Jersey
|
RI Crown LLC
|
100.0%
|
RI Crown LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
RI CS1, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
RI CS2, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
RI CS3, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
RI CS4, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
RI CS5, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
RI GA 1, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
RI MS Blaydon Limited
|
International Company
|
Jersey
|
RI UK 1 Limited
|
100.0%
|
RI SB Archer Road Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Banbury Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Bodmin Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Bradford Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Bridgwater Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Cardiff Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Grimsby Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Hereford Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Kempston Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Limited
|
International Company
|
Jersey
|
RI Crown Limited
|
100.0%
|
RI SB Locksbottom Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Nantwich Limited
|
International Company
|
Jersey
|
RI UK 1 Limited
|
100.0%
|
RI SB Northampton Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Otley Limited
|
International Company
|
Jersey
|
RI UK 1 Limited
|
100.0%
|
RI SB Preston Limited
|
International Company
|
Jersey
|
RI UK 1 Limited
|
100.0%
|
RI SB Southampton Limited
|
International Company
|
UK
|
RI SB Limited
|
100.0%
|
RI SB Swadlincote Limited
|
International Company
|
Jersey
|
RI UK 1 Limited
|
100.0%
|
RI SE, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
RI Southampton (Jersey) Limited
|
International Company
|
Jersey
|
RI SB Limited
|
100.0%
|
RI TN 1, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
RI TN 2, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
RI TSC CW Manchester Limited
|
International Company
|
Jersey
|
RI UK 1 Limited
|
100.0%
|
RI UK 1 Limited
|
International Company
|
Jersey
|
RI Crown Limited
|
100.0%
|
RILP NC Holding GP, LLC
|
Limited Liability Company
|
DE
|
Realty Income, L.P.
|
100.0%
|
RILP NC1, LP
|
Limited Partnership
|
DE
|
RILP NC Holding GP, LLC
Realty Income Properties 24, LLC |
1.0%
99.0% |
RILP NC2, LP
|
Limited Partnership
|
DE
|
RILP NC Holding GP, LLC
RI CS5, LLC |
1.0%
99.0% |
Tau Acquisition LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Tau Atlantic, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau Central, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau CVJKVFL, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau FESSPA, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau Midwest, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau NC Holding GP, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, LP
|
100.0%
|
Entity
|
Type
|
Jurisdiction of Organization
|
Owner
|
Percentage Owned
|
Tau NC1, LP
|
Limited Partnership
|
DE
|
Tau NC Holding GP, LLC
Tau South, LLC |
1.0%
99.0% |
Tau Northeast, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau NY-NJ, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau Operating Partnership, L.P.
|
Limited Partnership
|
DE
|
Tau Acquisition LLC
Crest Net Lease, Inc. |
99.9%
0.1% |
Tau Pennsylvania General Partner, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau Pennsylvania, L.P.
|
Limited Partnership
|
DE
|
Tau Pennsylvania General Partner, LLC
Tau Operating Partnership, L.P. |
100.0%
|
Tau South, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Tau West, LLC
|
Limited Liability Company
|
DE
|
Tau Operating Partnership, L.P.
|
100.0%
|
Terraza 1, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 10, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 11, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 12 Holding LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 12, LLC
|
Limited Liability Company
|
DE
|
Terraza 12 Holding LLC
|
100.0%
|
Terraza 13, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 14, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 17, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 2, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 3, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 4, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 5, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 6, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 7, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Terraza 8, LLC
|
Limited Liability Company
|
DE
|
Realty Income Corporation
|
100.0%
|
Date: February 24, 2020
|
/s/ SUMIT ROY
|
|
|
Sumit Roy
|
|
|
President, Chief Executive Officer
|
|
Date: February 24, 2020
|
/s/ SEAN P. NUGENT
|
|
|
Sean P. Nugent
|
|
|
Principal Financial Officer and Treasurer
|
|
|
|
|
|
/s/ SUMIT ROY
|
|
|
Sumit Roy
|
|
|
President, Chief Executive Officer
|
|
/s/ SEAN P. NUGENT
|
|
|
Sean P. Nugent
|
|
|
Principal Financial Officer and Treasurer
|