National Retail Properties, Inc. (NYSE:NNN) Q1 2021 Earnings Conference Call May 4, 2021 10:30 AM ET Company Participants Jay Whitehurst - President and Chief Executive Officer Kevin Habicht - Executive Vice President and Chief Financial Officer Steve Horn - Executive Vice President and Chief Operating officer Conference Call Participants Ronald Kamdem - Morgan Stanley Harsh Hemnani - Green Street Wes Golladay - Baird John Massocca - Ladenburg Thalmann Linda Tsai - Jefferies Operator Good day, ladies and ge ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

| --- | --- | |----------------------------------------------------------------------------------------------------------------|-------| | | | | | | | Investor Update FEBRUARY 2021 SINGLE TENANT RETAIL PROPERTY REIT WITH 31 CONSECUTIVE ANNUAL DIVIDEND INCREASES | | | | | Safe Harbor (All data as of December 31, 2020) This presentation contains certain statements that are the Company's and Management's hopes, intentions, beliefs, expectations, or projections of the future and might be considered to be forwar ...

National Retail Properties, Inc. (NYSE:NNN) Q4 2020 Earnings Conference Call February 11, 2021 10:30 AM ET Company Participants Jay Whitehurst ??? President and Chief Executive Officer Kevin Habicht ??? Executive Vice President and Chief Financial Officer Steve Horn ??? Executive Vice President and Chief Operating Officer Conference Call Participants Katy McConnell ??? Citi RJ Milligan ??? Raymond James Wes Golladay ??? RBC Capital Markets Spenser Allaway ??? Green Street Jason Belcher ??? Wells Fargo Secur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to . Commission file number 001-11290 NATIONAL RETAIL PROPERTIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

National Retail Properties, Inc. (NYSE:NNN) Q3 2020 Earnings Conference Call November 2, 2020 10:30 AM ET Company Participants Jay Whitehurst - President and CEO Kevin Habicht - CFO Steve Horn - COO Conference Call Participants Katy McConnell - Citi Rob Stevenson - Janney RJ Milligan - Raymond James Linda Tsai - Jefferies John Massocca - Ladenburg Thalmann Spenser Allaway - Green Street Vikram Malhotra - Morgan Stanley Chris Lucas - Capital One Securities Operator Good day, ladies and gentlemen, and welcome ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the company's financial information, including statements, management's discussion, market risk disclosures, and controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, reflecting initial COVID-19 impacts on revenue recognition, rent deferrals, and impairment losses [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$7.63 billion**, driven by cash, while liabilities rose to **$3.35 billion** due to notes payable, and equity slightly decreased to **$4.29 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 (unaudited) | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$7,634,697** | **$7,434,867** | | Cash and cash equivalents | $294,860 | $1,112 | | Real estate portfolio, net | $7,167,992 | $7,287,374 | | Accrued rental income, net | $61,754 | $28,897 | | **Total Liabilities** | **$3,347,488** | **$3,103,185** | | Line of credit payable | $— | $133,600 | | Notes payable, net | $3,208,533 | $2,842,698 | | **Total Equity** | **$4,287,209** | **$4,331,682** | [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Net earnings attributable to common stockholders decreased to **$51.6 million** for Q3 2020 and **$154.1 million** for the nine months, impacted by lower rental income and higher impairment losses Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Rental Income | $157,865 | $168,224 | $495,891 | $495,846 | | Earnings from operations | $87,918 | $96,145 | $281,190 | $312,626 | | Net earnings attributable to common stockholders | $51,584 | $58,111 | $154,057 | $199,648 | | Diluted EPS | $0.30 | $0.35 | $0.89 | $1.22 | - Impairment losses on real estate were **$5.7 million** for Q3 2020, a decrease from **$10.7 million** in Q3 2019, while for the nine-month period, impairments increased to **$33.1 million** in 2020 from **$21.1 million** in 2019[13](index=13&type=chunk) - A loss on early extinguishment of debt of **$16.7 million** was recognized in the first nine months of 2020, with no comparable loss in 2019[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$348.8 million**, investing activities significantly decreased to **$48.6 million**, and financing activities used **$6.5 million** Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $348,824 | $399,032 | | Net cash used in investing activities | ($48,569) | ($409,022) | | Net cash provided by (used in) financing activities | ($6,507) | $249,411 | | **Net increase in cash** | **$293,748** | **$239,421** | - Additions to real estate accounted for using the operating method decreased substantially to **$89.4 million** in the first nine months of 2020, compared to **$505.7 million** in the same period of 2019[26](index=26&type=chunk) - Financing activities in 2020 included **$692.6 million** in proceeds from new notes payable and the repayment of **$325.0 million** of other notes, compared to no similar activity in 2019, while proceeds from common stock issuance dropped to **$65.4 million** from **$539.3 million** in the prior year period[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail COVID-19 impacts, including rent deferrals, **$14.8 million** receivable write-offs, **$700 million** new notes, and subsequent rent collections of **90%** for Q3 and **94%** for October - Due to the COVID-19 pandemic, NNN entered into rent deferral lease amendments with tenants representing approximately **6%** of annual rent, with an average of **2.7 months** of rent deferred and **89%** due to be repaid by December 31, 2021[66](index=66&type=chunk)[67](index=67&type=chunk) - The company wrote off **$14.8 million** of receivables and accrued rent during Q3 2020 after reclassifying certain tenants to a cash basis for accounting purposes, with approximately **4%** of properties leased to tenants on a cash basis as of September 30, 2020[48](index=48&type=chunk)[49](index=49&type=chunk) - In March 2020, NNN issued **$400 million** of 2.500% notes due 2030 and **$300 million** of 3.100% notes due 2050, concurrently redeeming its **$325 million** 3.800% notes due 2022 and incurring a **$16.7 million** make-whole payment[79](index=79&type=chunk)[84](index=84&type=chunk) - As of October 28, 2020, NNN had collected approximately **90%** of rent originally due for Q3 2020 and **94%** of rent due for October 2020[98](index=98&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses COVID-19's impact on tenants and financials, leading to rent deferrals, curtailed investments, and a **5.9%** Q3 revenue decrease, while strengthening liquidity with **$700 million** in new notes - The company materially curtailed new property investments in 2020 to assess the impact of the economic downturn, with total investment for the first nine months of 2020 at **$78.0 million**, compared to **$509.6 million** in the same period of 2019[111](index=111&type=chunk)[121](index=121&type=chunk) Rent Collection by Top Lines of Trade (Q3 2020) | Line of Trade | % of Total Annual Base Rent | % of Rent Collected | | :--- | :--- | :--- | | 1. Convenience stores | 18.2% | 99.9% | | 2. Restaurants – full service | 10.5% | 76.2% | | 3. Automotive service | 10.2% | 100.0% | | 4. Restaurants – limited service | 8.8% | 73.6% | | 5. Family entertainment centers | 6.7% | 85.2% | | 6. Health and fitness | 5.3% | 84.9% | | 7. Theaters | 4.5% | 32.9% | | **Total** | **100.0%** | **90.1%** | - Rental income for Q3 2020 decreased primarily due to a **$14.8 million** write-off of receivables from reclassifying certain tenants to a cash basis for accounting[123](index=123&type=chunk) - As of September 30, 2020, the company had **$294.9 million** in cash and no outstanding balance on its **$900 million** credit facility, positioning it with strong liquidity[132](index=132&type=chunk)[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, mitigated by no outstanding variable-rate credit facility balance, with a hypothetical **1%** rate increase having minimal impact on interest expense - As of September 30, 2020, NNN had no outstanding balance on its variable-rate Credit Facility, minimizing its exposure to interest rate fluctuations[163](index=163&type=chunk) Fair Value of Debt Obligations (in thousands) | Debt Type | Fair Value at Sep 30, 2020 | Fair Value at Dec 31, 2019 | | :--- | :--- | :--- | | Mortgages Payable | $11,608 | $12,116 | | Unsecured Debt | $3,437,058 | $3,074,538 | [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[165](index=165&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the most recent fiscal quarter[166](index=166&type=chunk) [Part II - Other Information](index=38&type=section&id=Part%20II%20-%20Other%20Information) This section provides other required information, including legal proceedings, updated risk factors related to COVID-19, and various disclosures [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) No material legal proceedings are reported for the period - Not applicable[169](index=169&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor details the material adverse effects of the COVID-19 pandemic, including tenant defaults, capital access disruptions, and economic decline, with uncertain full impact - A new risk factor was added to address the material and adverse effects of the COVID-19 pandemic on the company's business, financial condition, and cash flows[170](index=170&type=chunk) - Specific risks cited include tenant inability to meet obligations, potential defaults or bankruptcies, reduced access to capital markets, and a decline in demand for real estate transactions[174](index=174&type=chunk) - The company acknowledges that the full impact of the pandemic is highly uncertain and depends on future developments, including the duration and severity of the outbreak and related containment measures[173](index=173&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[176](index=176&type=chunk) [Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the reporting period - Not applicable[177](index=177&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications and the Interactive Data File (XBRL) - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and the Interactive Data File (XBRL)[177](index=177&type=chunk)

National Retail Properties, Inc. (NYSE:NNN) Q2 2020 Earnings Conference Call August 3, 2020 10:30 AM ET Company Participants Jay Whitehurst - President & Chief Executive Officer Kevin Habicht - Chief Financial Officer Conference Call Participants Brian Hawthorne - RBC Capital Markets Spenser Allaway - Green Street Advisors Rob Stevenson - Janney Vikram Malhotra - Morgan Stanley John Massocca - Ladenburg Thalmann Christy McElroy - Citi Chris Lucas - Capital One Joshua Dennerlein - Bank of America Operator Go ...

Part I - Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements reflect the initial impact of the COVID-19 pandemic on the company's performance [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$7,632,928** | **$7,434,867** | | Real estate portfolio, net | $7,221,418 | $7,289,048 | | Cash and cash equivalents | $224,560 | $1,112 | | **Total Liabilities** | **$3,322,128** | **$3,103,185** | | Line of credit payable | $0 | $133,600 | | Notes payable, net | $3,207,545 | $2,842,698 | | **Total Equity** | **$4,310,800** | **$4,331,682** | - Total assets increased to **$7.63 billion**, driven by a significant rise in cash and cash equivalents to **$224.6 million** from $1.1 million, and an increase in notes payable[9](index=9&type=chunk) [Condensed Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $163,701 | $164,792 | $338,764 | $328,504 | | Impairment losses – real estate | $21,854 | $7,187 | $27,367 | $10,432 | | Net earnings attributable to NNN | $46,265 | $78,678 | $111,443 | $158,701 | | Diluted EPS | $0.24 | $0.43 | $0.60 | $0.87 | - Net earnings for Q2 2020 decreased significantly to **$46.3 million** from $78.7 million in Q2 2019, primarily due to a large increase in real estate impairment losses, which rose to **$21.9 million** from $7.2 million year-over-year[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $187,717 | $235,341 | | Net cash used in investing activities | ($41,472) | ($317,836) | | Net cash provided by (used in) financing activities | $77,203 | ($29,563) | | **Net increase (decrease) in cash** | **$223,448** | **($112,058)** | - Cash from operations decreased in the first six months of 2020 compared to 2019, while cash used in investing activities decreased significantly due to lower additions to real estate[26](index=26&type=chunk)[29](index=29&type=chunk) - Financing activities provided cash in 2020, driven by new debt issuance, a reversal from 2019[26](index=26&type=chunk)[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The COVID-19 pandemic negatively affected tenants' ability to pay rent, leading NNN to negotiate short-term rent deferrals of 30 to 90 days[37](index=37&type=chunk)[38](index=38&type=chunk) - In Q2 2020, NNN entered into rent deferral agreements with tenants representing approximately **21% of rent due** for the quarter[68](index=68&type=chunk)[69](index=69&type=chunk) - The company recognized significant real estate impairment losses of **$21.9 million** for Q2 2020 and **$27.4 million** for the six months ended June 30, 2020, a substantial increase from the prior year periods[77](index=77&type=chunk) - In March 2020, NNN issued **$400 million** of 2.500% notes and **$300 million** of 3.100% notes, using proceeds to redeem **$325 million** of 3.800% notes, resulting in a **$16.7 million loss** on early extinguishment of debt[80](index=80&type=chunk)[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the COVID-19 pandemic's impact on operations, liquidity, and financing activities [Impact of COVID-19 on NNN's Business](index=27&type=section&id=Impact%20of%20COVID-19%20on%20NNN's%20Business) - As of July 30, 2020, NNN had collected approximately **69% of rent due for Q2 2020** and **84% of rent originally due in July 2020**, indicating a severe impact on collections from the pandemic[116](index=116&type=chunk) Q2 2020 Rent Collection by Line of Trade (as of July 30, 2020) | Line of Trade | % of Total Annual Base Rent | % of Rent Collected | | :--- | :--- | :--- | | Convenience stores | 18.1% | 99.0% | | Restaurants – full service | 10.6% | 40.5% | | Automotive service | 10.2% | 53.8% | | Family entertainment centers | 6.7% | 8.6% | | Theaters | 4.7% | 2.2% | | **Total** | **100.0%** | **68.9%** | - Due to economic uncertainty, NNN is deferring material new property investments until there is more visibility on economic and capital market recovery[122](index=122&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) - Property acquisitions slowed significantly, with only 21 properties acquired in the first six months of 2020 for **$74.1 million**, compared to 104 properties for **$392.8 million** in the same period of 2019[128](index=128&type=chunk) - Total revenues for Q2 2020 were $163.7 million, a slight **decrease of 0.7%** from Q2 2019; for the six-month period, revenues **increased 3.1%** to $338.8 million[130](index=130&type=chunk) - Operating expenses for Q2 2020 **increased 24.7%** year-over-year, primarily due to a **204.1% increase** in impairment losses on real estate[132](index=132&type=chunk) - In March 2020, the company redeemed its **$325 million** 3.800% notes due 2022, incurring a make-whole payment of **$16.7 million**, recorded as a loss on early extinguishment of debt[138](index=138&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2020, NNN maintained a strong liquidity position with **$224.6 million in cash** and full availability of its **$900 million** unsecured revolving credit facility[139](index=139&type=chunk) - Significant financing activities included issuing **$700 million** in new notes, redeeming **$325 million** in existing notes, and raising **$52.0 million** through its ATM equity program[141](index=141&type=chunk)[145](index=145&type=chunk) - As of June 30, 2020, approximately **2% of total properties** were leased to six tenants currently in Chapter 11 bankruptcy[149](index=149&type=chunk) - In July 2020, NNN declared a quarterly dividend of **$0.52 per common share**, an increase from the previous quarter, continuing its history of dividend payments[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is interest rate fluctuations on its debt - NNN's primary market risk exposure is to interest rate changes, which the company aims to limit by using a mix of fixed and variable rate debt[171](index=171&type=chunk) - As of June 30, 2020, the **$900 million** variable-rate Credit Facility had no outstanding balance, minimizing near-term exposure to rising interest rates[172](index=172&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the quarter's end - Management concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2020[176](index=176&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[177](index=177&type=chunk) Part II - Other Information [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - Not applicable; the company reports **no material pending legal proceedings**[180](index=180&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section details new risks posed by the COVID-19 pandemic on tenants, capital, and financials - A new risk factor was added to address the **material and adverse effects of the COVID-19 pandemic** on the company's business, financial condition, and results of operations[181](index=181&type=chunk) - Key risks from the pandemic include **tenant defaults and bankruptcies**, inability to access capital markets on favorable terms, and a significant reduction in cash flows that could impact dividend payments[183](index=183&type=chunk)[185](index=185&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities - Not applicable; the company did not have any **unregistered sales of equity securities** during the period[187](index=187&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including CEO/CFO certifications and material contracts - The report includes exhibits such as **CEO/CFO certifications**, an amendment to the credit agreement, and interactive data files for financial statements[190](index=190&type=chunk)[192](index=192&type=chunk)

Financial Data and Key Metrics Changes - The company reported core FFO results of $0.70 per share for Q1 2020, which is 4.5% higher than the prior year and consistent with projections [18] - The occupancy rate at the end of Q1 2020 was 98.8%, consistent with the long-term average [9] - The AFFO dividend payout ratio for the quarter was 72.4%, consistent with full year 2019 levels [18] - The company ended the quarter with $677.5 million of annual base rent in place [18] - The company withdrew its 2020 earnings guidance due to uncertainty from the COVID-19 pandemic [22] Business Line Data and Key Metrics Changes - The company acquired 21 new properties in Q1 2020, investing slightly over $67 million at an initial cash cap rate of 6.9% [10] - The company sold 14 properties during the quarter, generating proceeds of just over $36 million at a cash cap rate of 4.7% [10] Market Data and Key Metrics Changes - The company received approximately 52% of rents due for April 2020, with 37% of annualized base rent under rent deferral agreements or negotiations [11] - The company expects occupancy rates to fall in Q2 2020 due to the impact of the pandemic [9] Company Strategy and Development Direction - The company emphasized its strong liquidity position, ending Q1 with $217 million cash on hand and no amounts drawn on its $900 million line of credit [5][20] - The company paused acquisitions to conserve cash during the uncertain economic environment [5] - The management team highlighted their experience in navigating economic downturns, having been with the company during the 2008 recession [8] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty about the depth and duration of the economic turmoil caused by COVID-19, leading to the withdrawal of 2020 guidance [4][22] - The company is working with tenants to structure rent deferral programs to help them through the business interruption [9][12] - Management remains hopeful about reaching agreements with tenants who have not paid rent or agreed to deferrals [13] Other Important Information - The company declared its regular quarterly common stock dividend in April 2020, with the board reviewing the dividend policy amid economic turmoil [14] - The company has a strong balance sheet with low leverage metrics, including a debt to gross book assets ratio of 35.3% [21] Q&A Session Summary Question: How does the company plan to balance its dividend track record with potential increased leverage? - The company stated that its dividend policy is based on long-term sustainability rather than short-term results, maintaining a payout ratio that provides a cushion during challenging periods [26][27] Question: What is the anticipated rent collection for May compared to April? - Management indicated that if tenants agreed to rent deferrals in April, it is expected that May rent will also be deferred, and they are taking a long-term view toward tenant relationships [30][31] Question: How is the company handling non-payment of rent and operating expenses? - The majority of tenants are still paying operating expenses, and the company is requiring that expenses be paid even if base rent is deferred [36][37] Question: What is the company's approach to tenants requesting deferrals? - The company is taking a collaborative approach, focusing on short-term rent deferrals without pushing additional burdens onto tenants [31][67] Question: What is the company's outlook on acquisitions moving forward? - The company is in a strong financial position but has paused acquisitions until there is more clarity on the recovery from the pandemic [78] Question: How is the company managing its liquidity and credit lines? - The company has not drawn on its credit line due to sufficient cash reserves and does not see a need to do so at this time [68][69]