{"id":5136,"date":"2020-04-21T11:42:00","date_gmt":"2020-04-21T11:42:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/"},"modified":"2020-04-21T11:42:00","modified_gmt":"2020-04-21T11:42:00","slug":"agree-realty-corporation-reports-first-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/","title":{"rendered":"Agree Realty Corporation Reports First Quarter 2020 Results"},"content":{"rendered":"<p>Agree Realty Corporation (NYSE:&nbsp;ADC) (the &#8220;Company&#8221;) today announced results for the quarter ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>. &nbsp;All per share amounts included herein are on a diluted per common share basis unless otherwise stated.<\/p>\n<p><strong>First Quarter 2020 Financial and Operating Highlights:<\/strong><\/p>\n<ul>\n<li>Invested&nbsp;<span class=\"xn-money\">$231.2 million<\/span>&nbsp;in 55 retail net lease properties<\/li>\n<li>Completed three development and Partner Capital Solutions (&#8220;PCS&#8221;) projects<\/li>\n<li>Net Income per share attributable to the Company decreased 2.6% to&nbsp;<span class=\"xn-money\">$0.46<\/span><\/li>\n<li>Net Income attributable to the Company increased 15.7% to&nbsp;<span class=\"xn-money\">$21.2 million<\/span><\/li>\n<li>Increased Core Funds from Operations (&#8220;Core FFO&#8221;) per share 10.7% to&nbsp;<span class=\"xn-money\">$0.82<\/span><\/li>\n<li>Increased Core FFO 31.4% to&nbsp;<span class=\"xn-money\">$37.6 million<\/span><\/li>\n<li>Increased Adjusted Funds from Operations (&#8220;AFFO&#8221;) per share 13.0% to&nbsp;<span class=\"xn-money\">$0.81<\/span><\/li>\n<li>Increased AFFO 34.1% to&nbsp;<span class=\"xn-money\">$37.2 million<\/span><\/li>\n<li>Declared a quarterly dividend of&nbsp;<span class=\"xn-money\">$0.585<\/span>&nbsp;per share, a 5.4% year-over-year increase<\/li>\n<li>Sold 3,373,828 shares of common stock via the forward component of the Company&#8217;s at-the-market equity (&#8220;ATM&#8221;) program<strong>&nbsp;<\/strong>for anticipated net proceeds of&nbsp;<span class=\"xn-money\">$228.4 million<\/span><\/li>\n<li>Settled 1,400,251 shares of the Company&#8217;s outstanding ATM forward equity offerings for net proceeds of approximately&nbsp;<span class=\"xn-money\">$104.6 million<\/span><\/li>\n<li>Commenced a follow-on public offering of 2,875,000 shares of common stock, including the underwriters&#8217; overallotment option, at a public offering price of&nbsp;<span class=\"xn-money\">$61.00<\/span>&nbsp;per share, raising net proceeds of&nbsp;<span class=\"xn-money\">$170.4 million<\/span><\/li>\n<li>Received a BBB investment grade credit rating from S&amp;P Global Ratings<\/li>\n<\/ul>\n<p><strong>Financial Results<\/strong><\/p>\n<p><em>Net Income<\/em><\/p>\n<p>Net Income attributable to the Company for the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;increased 15.7% to&nbsp;<span class=\"xn-money\">$21.2 million<\/span>, compared to&nbsp;<span class=\"xn-money\">$18.3 million<\/span>&nbsp;for the comparable period in 2019. Net Income per share attributable to the Company for the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;decreased 2.6% to&nbsp;<span class=\"xn-money\">$0.46<\/span>, compared to&nbsp;<span class=\"xn-money\">$0.48<\/span>&nbsp;per share for the comparable period in 2019.<\/p>\n<p><em>Core Funds from Operations<\/em><\/p>\n<p>Core FFO for the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;increased 31.4% to&nbsp;<span class=\"xn-money\">$37.6 million<\/span>, compared to Core FFO of&nbsp;<span class=\"xn-money\">$28.6 million<\/span>&nbsp;for the comparable period in 2019. Core FFO per share for the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;increased 10.7% to&nbsp;<span class=\"xn-money\">$0.82<\/span>, compared to Core FFO per share of&nbsp;<span class=\"xn-money\">$0.74<\/span>&nbsp;for the comparable period in 2019.<\/p>\n<p><em>Adjusted Funds from Operations<\/em><\/p>\n<p>AFFO for the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;increased 34.1% to&nbsp;<span class=\"xn-money\">$37.2 million<\/span>, compared to AFFO of&nbsp;<span class=\"xn-money\">$27.7 million<\/span>&nbsp;for the comparable period in 2019.&nbsp; AFFO per share for the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;increased 13.0% to&nbsp;<span class=\"xn-money\">$0.81<\/span>, compared to AFFO per share of&nbsp;<span class=\"xn-money\">$0.72<\/span>&nbsp;for the comparable period in 2019.<\/p>\n<p><em>Dividend<\/em><\/p>\n<p>The Company paid a cash dividend of&nbsp;<span class=\"xn-money\">$0.585<\/span>&nbsp;per share on&nbsp;<span class=\"xn-chron\">April 9, 2020<\/span>&nbsp;to stockholders of record on&nbsp;<span class=\"xn-chron\">March 27, 2020<\/span>, a 5.4% increase over the&nbsp;<span class=\"xn-money\">$0.555<\/span>&nbsp;quarterly dividend declared in the first quarter of 2019.&nbsp; The quarterly dividend represents payout ratios of approximately 72% of Core FFO per share and AFFO per share, respectively.<\/p>\n<p><strong>CEO Comments<\/strong><\/p>\n<p>&#8220;We are very pleased with our start to the year as we continue to execute on our operating strategy despite the disruption caused by COVID-19,&#8221; said Joey Agree, President and Chief Executive Officer. &#8220;Our best-in-class retail portfolio benefitted from another quarter of robust investment volume and opportunistic disposition activities. Approximately 89% of annualized base rents acquired during the quarter are derived from leading investment grade retailers, further solidifying our portfolio. Given our fortified balance sheet and visibility into our pipeline, we are poised to take advantage of a myriad of opportunities.&#8221;<\/p>\n<p><strong>Portfolio Update<\/strong>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n<p>As of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, the Company&#8217;s growing portfolio consisted of 868 properties located in 46 states totaling approximately 16.3 million square feet of gross leasable area.&nbsp;<\/p>\n<p>The portfolio was approximately 99.3% leased, had a weighted-average remaining lease term of approximately 9.8 years, and generated 59.6% of annualized base rents from investment grade retail tenants or parent entities thereof.<\/p>\n<p><em>COVID-19 Update<\/em><\/p>\n<p>As of&nbsp;<span class=\"xn-chron\">April 17, 2020<\/span>, the Company received April rent payments from over 87% of its portfolio. 100% of the Company&#8217;s investment grade tenants paid April rent.&nbsp; Additional detail regarding April rent payments received can be found in the Retail Sectors table on page 6.<\/p>\n<p>As is believed to be the case with all retail landlords, the Company received a myriad of short-term rent relief requests, or requests for further discussions from its tenants, from approximately 33% of its portfolio as measured by annualized base rent. The Company believes many of these requests are opportunistic in nature and are coming from tenants that have the ability to pay rent. Not all tenant requests will ultimately result in modification agreements, nor is the Company forgoing its contractual rights under its lease agreements.<\/p>\n<p>Approximately 81% of stores within the Company&#8217;s portfolio are currently open, 26% of which are operating on a limited basis. The remaining 19% of stores are closed.<\/p>\n<p><em>Ground Lease Portfolio<\/em><\/p>\n<p>As of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, the Company&#8217;s ground lease portfolio consisted of 66 properties located in 24 states and totaled approximately 2.2 million square feet of gross leasable area. Properties ground leased to tenants accounted for 8.5% of annualized base rents.<\/p>\n<p>The ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 10.6 years, and generated 89.1% of annualized base rents from investment grade retail tenants or parent entities thereof.<\/p>\n<p><em>Acquisitions<\/em><\/p>\n<p>Total acquisition volume for the first quarter of 2020, excluding acquisition and closing costs, was approximately&nbsp;<span class=\"xn-money\">$227.7 million<\/span>&nbsp;and included 51 assets net leased to leading retailers operating in the off-price retail, auto parts, general merchandise, dollar store, home improvement, grocery and tire and auto service sectors.&nbsp; The properties are located in 24 states and leased to tenants operating in 14 retail sectors.&nbsp; The properties were acquired at a weighted-average capitalization rate of 6.4% and had a weighted-average remaining lease term of approximately 11.0 years. Approximately 88.7% of annualized base rents acquired were generated from investment grade retail tenants or parent entities thereof. Approximately 36% of the Company&#8217;s first quarter acquisition volume was invested into six assets leased to Walmart.<\/p>\n<p>The Company&#8217;s outlook for acquisition volume in 2020, which includes several significant assumptions, is being increased to a range of&nbsp;<span class=\"xn-money\">$700 million<\/span>&nbsp;to&nbsp;<span class=\"xn-money\">$800 million<\/span>&nbsp;of high-quality retail net lease properties from a previous range of&nbsp;<span class=\"xn-money\">$600 million<\/span>&nbsp;to&nbsp;<span class=\"xn-money\">$700 million<\/span>.<\/p>\n<p><em>Dispositions<\/em><\/p>\n<p>During the first quarter, the Company sold six properties for gross proceeds of approximately&nbsp;<span class=\"xn-money\">$25.1 million<\/span>. The dispositions were completed at a weighted-average capitalization rate of 7.8% and included the Company&#8217;s only JOANN Fabrics, an Academy Sports, four franchise restaurants and a Walgreens.<\/p>\n<p>The Company is increasing the lower end of its disposition guidance range from&nbsp;<span class=\"xn-money\">$25 million<\/span>&nbsp;to&nbsp;<span class=\"xn-money\">$35 million<\/span>&nbsp;and is maintaining the upper end of the range at&nbsp;<span class=\"xn-money\">$75 million<\/span>.<\/p>\n<p><em>Development and Partner Capital Solutions&nbsp;&nbsp;<\/em><\/p>\n<p>In the first quarter of 2020, the Company completed three previously announced development and PCS projects, including the Company&#8217;s redevelopment of the former Kmart space in&nbsp;<span class=\"xn-location\">Frankfort, Kentucky<\/span>&nbsp;for ALDI, Big Lots and Harbor Freight Tools; the Company&#8217;s first development with Tractor Supply in&nbsp;<span class=\"xn-location\">Hart, Michigan<\/span>; and the Company&#8217;s fifth project with Sunbelt Rentals in&nbsp;<span class=\"xn-location\">Converse, Texas<\/span>&nbsp;which also commenced during the first quarter.<\/p>\n<p>The Company commenced one additional development project during the first quarter. The project is the Company&#8217;s first development with TJ Maxx in&nbsp;<span class=\"xn-location\">Harlingen, Texas<\/span>, and is expected to be completed in the third quarter of 2020.<\/p>\n<p>For the three months ended&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, the Company had four development or PCS projects completed or under construction. Anticipated total costs are approximately&nbsp;<span class=\"xn-money\">$15.3 million<\/span>&nbsp;and include the following projects:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Tenant<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Location<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Lease<br class=\"dnr\" \/>Structure<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Lease<br class=\"dnr\" \/>Term<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Actual or<br class=\"dnr\" \/>Anticipated Rent<br class=\"dnr\" \/>Commencement<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen2\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Status<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml6 dnr\"><span class=\"prnews_span\">ALDI<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Frankfort, KY<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Build-to-Suit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10 years<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q4 2019<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Complete<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml6 dnr\"><span class=\"prnews_span\">Harbor Freight Tools<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Frankfort, KY<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Build-to-Suit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10 years<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q4 2019<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Complete<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml6 dnr\"><span class=\"prnews_span\">Big Lots<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Frankfort, KY<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Build-to-Suit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10 years<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q1 2020<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Complete<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml6 dnr\"><span class=\"prnews_span\">Tractor Supply<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Hart, MI<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Build-to-Suit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10 years<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q1 2020<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Complete<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml6 dnr\"><span class=\"prnews_span\">Sunbelt Rentals<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Converse, TX<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Build-to-Suit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10 years<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q1 2020<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Complete<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml6 dnr\"><span class=\"prnews_span\">TJ Maxx<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Harlingen, TX<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Build-to-Suit<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10 years<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Q3 2020<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">&nbsp;<\/td>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Under Construction<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p><em>Leasing Activity and Expirations<\/em><\/p>\n<p>During the first quarter, the Company executed new leases, extensions or options on approximately 180,000 square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included an approximately 44,000-square foot Dick&#8217;s Sporting Goods in&nbsp;<span class=\"xn-location\">Boynton Beach, Florida<\/span>, and an approximately 38,000-square foot Giant Eagle in&nbsp;<span class=\"xn-location\">Ligonier, Pennsylvania<\/span>.<\/p>\n<p>As of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, the Company&#8217;s 2020 lease maturities represented 0.2% of annualized base rents. The following table presents contractual lease expirations within the Company&#8217;s portfolio as of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, assuming no tenants exercise renewal options:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntal prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Year<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>&nbsp;Leases<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Annualized<br class=\"dnr\" \/>Base Rent<sup>(1)<\/sup><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Percent of<br class=\"dnr\" \/>Annualized<br class=\"dnr\" \/>Base Rent<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Gross<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Leasable Area<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Percent of Gross<br class=\"dnr\" \/>Leasable Area<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">407<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">64<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2021<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">25<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,498<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.1%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">262<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2022<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">20<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,881<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">348<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2023<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">41<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,046<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">937<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2024<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">35<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">11,295<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,217<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2025<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">53<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,970<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,068<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2026<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">66<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">11,908<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.5%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,133<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2027<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">69<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,469<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,244<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.7%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2028<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">65<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">16,470<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,240<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.7%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2029<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">89<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">28,218<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">13.1%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,515<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">15.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">Thereafter<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">481<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">101,831<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">47.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,105<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">37.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\"><strong>Total Portfolio<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>949<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$215,993<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>100.0%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>16,133<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>100.0%<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p><em>The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>&nbsp;but that had not yet commenced.<\/em><\/p>\n<p><em>Annualized Base Rent and gross leasable area (square feet) are in thousands; any differences are the result of rounding.<\/em><\/p>\n<p><em>(1)&nbsp;<\/em><em>Annualized Base Rent represents the annualized amount of contractual minimum rent required by tenant lease agreements as of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, computed on a straight-line basis. Annualized Base Rent is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes annualized contractual minimum rent is useful to management, investors, and other interested parties in analyzing concentrations and leasing activity.<\/em><\/p>\n<p><em>Top Tenants<\/em><\/p>\n<p>As of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>, Dave &amp; Buster&#8217;s and&nbsp;<span class=\"xn-location\">Burlington<\/span>&nbsp;are no longer among the Company&#8217;s top tenants. The following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company&#8217;s total annualized base rent as of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>Tenant<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Annualized<br class=\"dnr\" \/>Base Rent<sup>(1)<\/sup><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>&nbsp;Percent of<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Annualized Base Rent<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Walmart<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$13,593<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Sherwin-Williams<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10,001<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">TJX Companies<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,231<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Best Buy<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,400<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Tractor Supply<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,113<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Dollar General<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,846<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Walgreens<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,594<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">O&#8217;Reilly Auto Parts<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,375<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">TBC Corporation<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,880<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.7%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">CVS<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,530<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">LA Fitness<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,091<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Lowe&#8217;s<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,890<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Sunbelt Rentals<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,735<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Dollar Tree<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,658<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Home Depot<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,549<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">AutoZone<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,049<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Wawa<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,793<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Hobby Lobby<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,733<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.7%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Mister Car Wash<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,517<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Other<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">99,415<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">45.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\"><strong>Total Portfolio<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$215,993<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>100.0%<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p><em>Annualized Base Rent is in thousands; any differences are the result of rounding.<\/em><\/p>\n<p><em>(1) Refer to footnote 1 on page 4 for the Company&#8217;s definition of Annualized Base Rent.&nbsp;<\/em><\/p>\n<p><em>(2) Includes tenants generating less than 1.5% of Annualized Base Rent.<\/em><\/p>\n<p><em>Retail Sectors<\/em><\/p>\n<p>The following table presents annualized base rents for all of the Company&#8217;s retail sectors as of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>Sector<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Annualized<br class=\"dnr\" \/>Base Rent<sup>(1)<\/sup><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Percent of<br class=\"dnr\" \/>Annualized<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Base Rent<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>April Rent<br class=\"dnr\" \/>Payments<br class=\"dnr\" \/>Received<sup>(2)<\/sup><\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Home Improvement<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$22,665<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10.5%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Tire and Auto Service<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">17,690<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">97%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Grocery Stores<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,921<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Off-Price Retail<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">13,539<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Pharmacy<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,944<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Convenience Stores<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,817<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">General Merchandise<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,594<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Auto Parts<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,013<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Dollar Stores<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">10,295<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Consumer Electronics<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,756<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4.1%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">99%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Farm and Rural Supply<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">8,064<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Health and Fitness<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7,499<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3.5%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">26%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Restaurants &#8211; Quick Service<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6,148<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">82%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Crafts and Novelties<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,895<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">85%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Equipment Rental<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">5,061<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Warehouse Clubs<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,988<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Health Services<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,925<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">85%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Specialty Retail<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,862<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">23%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Discount Stores<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,182<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">61%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Home Furnishings<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">4,062<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">59%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Theaters<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,786<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Entertainment Retail<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">3,117<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.4%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Pet Supplies<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,597<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">94%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Restaurants &#8211; Casual Dining<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,426<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.1%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">60%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Dealerships<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,367<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.1%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Financial Services<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,075<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Sporting Goods<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">2,020<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Apparel<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,271<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.6%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">23%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Shoes<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">1,019<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.5%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Beauty and Cosmetics<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">661<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Office Supplies<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">659<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.3%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">61%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Miscellaneous<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">75<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">0.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">100%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml20 dnr\"><span class=\"prnews_span\"><strong>Total Portfolio<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen10\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>$215,993<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen11\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>100.0%<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>87%<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p><em>Annualized Base Rent is in thousands; any differences are the result of rounding.<\/em><\/p>\n<p><em>(1)&nbsp;<\/em><em>Refer to footnote 1 on page 4 for the Company&#8217;s definition of Annualized Base Rent.<\/em><\/p>\n<p><em>(2)&nbsp;<\/em><em>Reflects the contractual obligations paid or committed in writing and in transit in April as a percentage of the total contractual obligations due in April for each respective sector. The Company is providing this supplemental information about April collections to assist with analysis of the potential financial impact of COVID-19. April rent payments received may not be indicative of collections in future periods.<\/em><\/p>\n<p><em>Geographic Diversification<\/em><\/p>\n<p>The following table presents annualized base rents for all states that represent 2.5% or greater of the Company&#8217;s total annualized base rent as of&nbsp;<span class=\"xn-chron\">March 31, 2020<\/span>:<\/p>\n<div>\n<div class=\"divOverflow\">\n<div class=\"table-responsive\">&lt;td class=&#8221;prngen8&#8243;<\/p>\n<table class=\"prntblns\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\"><strong>State<\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Annualized<br class=\"dnr\" \/>Base Rent<sup>(1)<\/sup><\/strong><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>&nbsp;Percent of<\/strong><\/span><\/p>\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\"><strong>Annualized Base Rent<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Michigan<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">$16,028<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">7.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Texas<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">14,881<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Florida<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">13,432<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen8\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">6.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" nowrap=\"nowrap\">\n<p class=\"prnml10 dnr\"><span class=\"prnews_span\">Illinois<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">\n<p class=\"prnews_p dnr\"><span class=\"prnews_span\">12,018<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" nowrap=\"nowrap\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"http:\/\/http:\/\/www.agreerealty.com\" target=\"_blank\">http:\/\/http:\/\/www.agreerealty.com<\/a><br \/><b>Contact Information:<\/b><br \/>http:\/\/www.agreerealty.com<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire-real-estate\/\" rel=\"category tag\">Wire Real Estate<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<blockquote class=\"wp-embedded-content\" data-secret=\"CDrUvEwslB\"><p><a href=\"https:\/\/agreerealty.com\/\">Home<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Home&#8221; &#8212; Agree Realty\" src=\"https:\/\/agreerealty.com\/embed\/#?secret=WBdrM7qsxB#?secret=CDrUvEwslB\" data-secret=\"CDrUvEwslB\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Agree Realty Corporation (NYSE:&nbsp;ADC) (the &ldquo;Company&rdquo;) today announced results for the quarter ended&nbsp;March 31, 2020. &nbsp;All per share amounts included herein are on a diluted per common share basis unless otherwise stated. First Quarter 2020 Financial and Operating Highlights: Invested&nbsp;$231.2 million&nbsp;in 55 retail net lease properties Completed three development and Partner Capital Solutions (&ldquo;PCS&rdquo;) projects &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\">Continue reading <span>Agree Realty Corporation Reports First Quarter 2020 Results<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54,18],"tags":[],"class_list":["post-5136","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire","category-wire-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Agree Realty Corporation Reports First Quarter 2020 Results - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agree Realty Corporation Reports First Quarter 2020 Results - Business\" \/>\n<meta property=\"og:description\" content=\"Agree Realty Corporation (NYSE:&nbsp;ADC) (the &ldquo;Company&rdquo;) today announced results for the quarter ended&nbsp;March 31, 2020. &nbsp;All per share amounts included herein are on a diluted per common share basis unless otherwise stated. First Quarter 2020 Financial and Operating Highlights: Invested&nbsp;$231.2 million&nbsp;in 55 retail net lease properties Completed three development and Partner Capital Solutions (&ldquo;PCS&rdquo;) projects &hellip; Continue reading Agree Realty Corporation Reports First Quarter 2020 Results Continue Reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Business\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-21T11:42:00+00:00\" \/>\n<meta name=\"author\" content=\"Asiya\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Asiya\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\",\"url\":\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\",\"name\":\"Agree Realty Corporation Reports First Quarter 2020 Results - Business\",\"isPartOf\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#website\"},\"datePublished\":\"2020-04-21T11:42:00+00:00\",\"author\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37\"},\"breadcrumb\":{\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ipsnews.net\/business\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Agree Realty Corporation Reports First Quarter 2020 Results\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ipsnews.net\/business\/#website\",\"url\":\"https:\/\/ipsnews.net\/business\/\",\"name\":\"Business\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ipsnews.net\/business\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37\",\"name\":\"Asiya\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g\",\"caption\":\"Asiya\"},\"sameAs\":[\"https:\/\/icrowdnewswire.com\/fc\"],\"url\":\"https:\/\/ipsnews.net\/business\/author\/asiya\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Agree Realty Corporation Reports First Quarter 2020 Results - Business","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/","og_locale":"en_US","og_type":"article","og_title":"Agree Realty Corporation Reports First Quarter 2020 Results - Business","og_description":"Agree Realty Corporation (NYSE:&nbsp;ADC) (the &ldquo;Company&rdquo;) today announced results for the quarter ended&nbsp;March 31, 2020. &nbsp;All per share amounts included herein are on a diluted per common share basis unless otherwise stated. First Quarter 2020 Financial and Operating Highlights: Invested&nbsp;$231.2 million&nbsp;in 55 retail net lease properties Completed three development and Partner Capital Solutions (&ldquo;PCS&rdquo;) projects &hellip; Continue reading Agree Realty Corporation Reports First Quarter 2020 Results Continue Reading &rarr;","og_url":"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/","og_site_name":"Business","article_published_time":"2020-04-21T11:42:00+00:00","author":"Asiya","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Asiya","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/","url":"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/","name":"Agree Realty Corporation Reports First Quarter 2020 Results - Business","isPartOf":{"@id":"https:\/\/ipsnews.net\/business\/#website"},"datePublished":"2020-04-21T11:42:00+00:00","author":{"@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37"},"breadcrumb":{"@id":"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/"]}]},{"@type":"BreadcrumbList","@id":"http:\/\/ipsnews.net\/business\/2020\/04\/21\/agree-realty-corporation-reports-first-quarter-2020-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ipsnews.net\/business\/"},{"@type":"ListItem","position":2,"name":"Agree Realty Corporation Reports First Quarter 2020 Results"}]},{"@type":"WebSite","@id":"https:\/\/ipsnews.net\/business\/#website","url":"https:\/\/ipsnews.net\/business\/","name":"Business","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ipsnews.net\/business\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/3a37b5ed16b9ebaf70290330c45a2e37","name":"Asiya","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d4d7dcc41e3f5a5cad4cf78eca935d2f4c65cc9a91e376789d357e29806bcb91?s=96&d=mm&r=g","caption":"Asiya"},"sameAs":["https:\/\/icrowdnewswire.com\/fc"],"url":"https:\/\/ipsnews.net\/business\/author\/asiya\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/5136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/comments?post=5136"}],"version-history":[{"count":1,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/5136\/revisions"}],"predecessor-version":[{"id":5137,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/5136\/revisions\/5137"}],"wp:attachment":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/media?parent=5136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/categories?post=5136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/tags?post=5136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}