Updating on the effect of the COVID-19 on its operations, National Retail Properties (NYSE:NNN) says it entered into rent deferral lease amendments with tenants representing ~6% of annual rent originally due for the year ending Dec. 31, 2020.
On average, 2.7 months of rent was deferred with ~77% of deferred rent originally due in Q2 and 23% originally due in Q3. About 66% of this deferred rent is due to be paid to NNN by June 30, 2021 and 89% is due by Dec. 31, 2021.
NNN falls 1.0% in premarket trading.
Q3 core FFO per share of 62 cents misses the average analyst estimate of 66 cents and declined from 70 cents in the year-ago quarter.
NNN collected ~90% of rent originally due for Q3 and ~94% of rent originally due in October as of Oct. 28, 2020.
Portfolio occupancy was 98.4% at Sept. 30 vs. 98.7% at June 30 and 98.8% at March 31.
Q3 revenue of $158.6M trails the $164.8M consensus and fell from $168.2M in the year-ago quarter.
