September Investor Presentation
Q3 Quarter-to-Date 2020 Update
RENT COLLECTION UPDATE 86 % of July Base Rent Spirit collection 90 % of August Base Rent 1 Expect continued rent collection improvement through year-end as deferrals run-off and stores reopen Entire Portfolio Top 10 Tenants Top 20 Tenants Public 2 75.0 % 87.7 % 83.6 % 89.4 % Q2 86.0 % 100.0 % 95.0 % 92.7 % July August 1 90.2 % 100.0 % 99.0 % 95.7 % Note: All ratios represent percentage of total Base Rent for such period and such category collected. All tenant updates are based on available information as of September 8, 2020. 1 August Base Rent is $ 39.3M. August collections include a minimal amount that is expected to be received and could further increase as a result of certain deferral agreements with percentage rent thresholds. 3 2 Publicly owned represents ownership of our tenants or their affiliated companies. Please see Appendix at the back of this presentation for Reporting Definitions and Explanations and a disclosure regarding Forward-Looking Statements.
AUGUST RENT COLLECTION DETAIL Collected Rent 1 Uncollected Rent 1 90.2 % 9.8 % August rent collections of Deferred Rent 2 90.2 %, with 6.8 % 92.4 % of Abated Rent properties 0.9 % open in July Reserved Rent 2.1 % 98.2 % of 2020 Collections Improvement 100 % 90.2 % properties are 86.0 % 90 % now open 77.7 % 80 % 70.8 % 76.6 % 70 % April May June July August Note: All ratios represent percentage of total Base Rent for such period. Percentages may include immaterial rounding. All tenant updates are based on available information as of September 8, 2020. 1 August Base Rent is $ 39.3M. August collections include a minimal amount that is expected to be received and could further increase as a result of certain deferral agreements with percentage rent thresholds. 4 2 Includes 0.3 % of unrecognized deferred rent not eligible for the FASB’s relief from ASC Topic 842 extended as a result of the COVID-19 pandemic. Please see Appendix at the back of this presentation for Reporting Definitions and Explanations and a disclosure regarding Forward-Looking Statements.
RENT COLLECTION UPDATE BY INDUSTRY Q2 2020 Q2 2020 July August INDUSTRY ABR Collection 1 Collection 1,2 Collection 1,2 Convenience Stores 8.4 % 100.0 % 100.0 % 100.0 % Restaurants - Quick Service 7.0 % 78.1 % 100.0 % 100.0 % Health and Fitness 6.9 % 21.8 % 70.2 % 92.0 % 6.1 % 43.8 % 64.5 % 68.6 % Restaurants - Casual Dining 5.7 % 8.3 % 9.2 % 19.5 % Movie Theaters 100.0 % 100.0 % 100.0 % Drug Stores / Pharmacies 5.0 % Grocery 3.8 % 100.0 % 100.0 % 100.0 % 3.7 % 16.3 % 58.7 % 79.4 % Entertainment 3.4 % 76.0 % 100.0 % 100.0 % Car Washes Dealerships 3.2 % 100.0 % 100.0 % 100.0 % 3.1 % 98.3 % 100.0 % 100.0 % Home Improvement 3.1 % 100.0 % 100.0 % 100.0 % Dollar Stores 88.9 % 100.0 % 100.0 % Home Décor 2.7 % Specialty Retail 2.5 % 96.3 % 88.8 % 94.4 % 2.4 % 100.0 % 100.0 % 100.0 % Warehouse Club and Supercenters 2.3 % 73.4 % 100.0 % 100.0 % Automotive Service 66.6 % 35.5 % 97.2 % Department Stores 2.0 % Home Furnishings 1.9 % 34.9 % 66.5 % 77.1 % 1.7 % 94.1 % 92.9 % 92.9 % Sporting Goods 1.7 % 24.8 % 92.6 % 70.1 % Education 100.0 % 100.0 % 100.0 % Automotive Parts 1.2 % 0.8 % 100.0 % 100.0 % 100.0 % Office Supplies 0.7 % 93.1 % 100.0 % 100.0 % Other 100.0 % 100.0 % 91.5 % Medical Office 0.6 % Pet Supplies & Service 0.5 % 100.0 % 100.0 % 100.0 % 0.3 % 65.3 % 79.4 % 67.5 % Apparel RETAIL 80.7 % 70.1 % 83.4 % 88.7 % 98.6 % 100.0 % 100.0 % Distribution 7.5 % Manufacturing 4.1 % 94.5 % 95.3 % 95.3 % INDUSTRIAL 11.6 % 97.1 % 98.4 % 98.4 % Professional Office 3.1 % 97.1 % 100.0 % 100.0 % Medical Office 2.7 % 97.2 % 91.5 % 91.5 % Data Center 1.3 % 100.0 % 100.0 % 100.0 % Hotel 0.6 % 53.0 % 59.1 % 59.1 % 93.9 % 93.7 % 93.7 % OFFICE & OTHER 7.7 % TOTAL 100.0 % 75.0 % 86.0 % 90.2 % 1 Represents percentage of total Base Rent for such period and such industry collected. Percentages may include immaterial rounding. 5 2 Green and red represent increased and decreased collection percentages, respectively, compared to the prior periods. Please see Appendix at the back of this presentation for Reporting Definitions and Explanations and a disclosure regarding Forward-Looking Statements.
UNCOLLECTED AUGUST RENT Majority of uncollected rent is from tenants in the movie theater and casual dining industries Uncollected Rent Abated Rent Reserved Rent Deferred Rent 1 9.8 % 6.8 % 0.9 % 2.1 % Movie Theaters 4.5 % 3.6 % 0.4 % Movie Theaters Restaurants - Casual Dining Movie Theaters 0.9 % Restaurants - Casual Dining 1.3 % Medical Office 0.2 % Health and Fitness 0.5 % Restaurants - Casual Dining 2.0 % 0.4 % 0.1 % Entertainment Education Apparel 0.4 % 0.8 % Entertainment 0.4 % Specialty Retail 0.1 % Restaurants - Casual Dining Entertainment 0.3 % Health and Fitness 0.6 % Department Stores Home Furnishings 0.4 % Sporting Goods 0.1 % Education 0.4 % 0.3 % Hotel Home Furnishings 0.4 % 0.2 % Manufacturing Medical Office 0.3 % Health and Fitness 0.1 % Hotel 0.3 % Medical Office 0.1 % Manufacturing 0.2 % Other² 0.3 % Note: Represents percentage of August Base Rent. Percentages may include immaterial rounding. 1 Includes 0.3 % of unrecognized deferred rent not eligible for the FASB’s relief from ASC Topic 842 extended as a result of the COVID-19 pandemic. 6 2 Other includes tenants in the apparel, sporting goods and specialty retail industries, each representing 0.1 % of Base Rent. Please see Appendix at the back of this presentation for Reporting Definitions and Explanations and a disclosure regarding Forward-Looking Statements.
FUTURE DEFERRAL AND ABATEMENT AGREEMENTS Agreements subject to percentage rent represent the majority of remaining rent deferrals $ 5.1M of Cumulative Rent Under Deferral or Abatement Agreements 1 Remaining Weighted Average Period 2 Percentage rent deferral agreements 3 4.0 months $ 4.1M $ 0.6M Percentage rent deferral Fixed deferral agreements Fixed deferral agreements 1.4 months agreements 3 Abatements 2.1 months Deferred Rent Balance, Payback and Timing $ 0.4M Deferred rent balance, net of reserves, $ 25.3M Abatements as of August 31, 2020 Deferred rent collected through $ 2.5M August 31, 2020 Weighted average deferred rent 13.0 months payback period 2 1 Represents the maximum future cumulative Base Rent, not yet earned, that can be contractually deferred or abated as of August 31, 2020. 2 All time periods are calculated as of August 31, 2020. 3 Includes certain tenants in the movie theater and entertainment industries. Under these agreements, generally, Spirit will receive rent through year-end, calculated as a percentage of sales. Any 7 aggregate short-falls to Base Rent are deferred for future repayment. Please see Appendix at the back of this presentation for Reporting Definitions and Explanations and a disclosure regarding Forward-Looking Statements.
PROPERTY STATUS BY INDUSTRY Open Status Convenience Stores 100.0 % Restaurants - Quick Service 100.0 % Health and Fitness 96.4 % Restaurants - Casual Dining 100.0 % Movie Theaters 81.6 % Drug Stores / Pharmacies 100.0 % Grocery 100.0 % Entertainment 86.7 % Car Washes 100.0 % Dealerships 100.0 % Over 98 % of Spi pirit’s po portfolio is o ope pen Home Improvement 100.0 % Dollar Stores 100.0 % Home Décor 100.0 % Specialty Retail 100.0 % Warehouse Club and Supercenters 100.0 % Automotive Service 100.0 % Department Stores 100.0 % +12.7 % +6.6 % +5.8 % Home Furnishings 100.0 % 100.0 % Sporting Goods 100.0 % 98.2 % Education 100.0 % 90.0 % 92.4 % Automotive Parts 100.0 % 85.8 % Office Supplies 80.0 % 100.0 % Other 100.0 % 70.0 % Medical Office 100.0 % 73.1 % Pet Supplies & Service 100.0 % 60.0 % Apparel 100.0 % RETAIL TOTAL RETAIL TOTAL 97.8 % 50.0 % Distribution 100.0 % Manufacturing 100.0 % 40.0 % INDUSTRIAL TOTAL INDUSTRIAL TOTAL 100.0 % Professional Office 100.0 % 30.0 % Medical Office 100.0 % 20.0 % Data Center 100.0 % Hotel 100.0 % 10.0 % OFFICE AND OTHER TOTAL 100.0 % OFFICE & OTHER TOTAL GRAND TOTAL GRAND TOTAL 98.2 % 0.0 % 0.0 % 20.0 % 40.0 % 60.0 % 80.0 % 100.0 % April 13 May 28 July 27 September 8 2020 2020 2020 2020 Open Closed Note: Based on information available as of September 8, 2020. Represents percentage of Base Rent from such industry where the property is considered open. Open properties include 8 those limited to curbside, take-out or delivery. Please see Appendix at the back of this presentation for Reporting Definitions and Explanations and a disclosure regarding Forward-Looking Statements.
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