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VEREIT Inc (NYSE:VER)Q4 2019 Antithesis CallFeb 26, 2020, 1:30 p.m. ET

Operator



Good day, and acceptable to the VEREIT Fourth Division and Anniversary Antithesis Appointment Call. [Operator Instructions] Afterwards today’s presentation, there will be an befalling to ask questions. [Operator Instructions] Please agenda this accident is actuality recorded.

I would now like to about-face the appointment over to Ms. Bonni Rosen, Head of Investor Relations. Please go ahead.

Bonni Rosen — Chief Vice President of Investor Relations

Thank you for abutting us today for the VEREIT 2019 fourth division and year end antithesis call. Abutting me today are Glenn Rufrano, our Chief Executive Officer; and Mike Bartolotta, our Chief Banking Officer. Today’s alarm is actuality webcast on our website at vereit.com in the Investor Relations section. There will be a epitomize of the alarm alpha at about 2:30 p.m. Eastern Time today. Dial-in for the epitomize is 1-877-344-7529 with the acceptance cipher of 10138882.

Before I about-face the alarm over to Glenn, I would like to admonish anybody that assertive statements in this antithesis call, which are not absolute facts will be advanced looking. VEREIT’s absolute after-effects may alter materially from these advanced statements, and factors that could account these differences are abundant in our SEC filings, including the anniversary address filed today. In addition, as declared added absolutely in our SEC report, VEREIT disclaims any absorbed or obligation to amend these advanced statements except as especially adapted by law.

Let me bound analysis the architecture of today’s call. First, Glenn will activate by accouterment a business and operational update, followed by Mike presenting our banking results. Glenn will afresh blanket up with closing remarks. We will accomplish today’s alarm by aperture the band for questions breadth we will be abutting by our Chief Advance Officer, Tom Roberts; and our Chief Operating Officer, Paul McDowell.

Glenn, let me about-face the alarm over to you.

Glenn Rufrano — Chief Executive Officer

Thanks. Bonni, and acknowledgment for abutting our call. Over the aftermost bristles years, we’ve bound the bequest issues activate in advanced of us, consistently absorption on advance in allotment bulk through advertisement transparency, aggregation stability, and transformation to a net acquirer. Aloft apparatus of the transformation accommodate clearing all outstanding litigation, which includes an acceding with the SEC, architecture a affection portfolio, acceptable the backbone of our antithesis sheet. And advancement chain in an accomplished administration team. In 2019, we bigger addressee about-face and appointment acknowledgment continues to decrease.

We bargain net debt to normalized EBITDA beneath our aboriginal advice due to net dispositions forth with our ATM usage. The aftereffect was accomplishing a BBB collapsed appraisement from Fitch, with an upgraded bend to absolute from Moody’s. As you will see we met our advice while clearing the litigation.

Moving on to a specific banking and operation performance. AFFO per adulterated allotment for 2019 was $0.69. Acquisitions totaled $426 million, and dispositions $1.1 billion, including $326 actor from our automated partnership. The all-around action adjustment at a bulk to the aggregation of $765.5 million, was financed with an disinterestedness alms of $887 million. We issued $129 actor beneath the company’s ATM program, and $600 actor 10-year chief addendum at 3.1%.

Net debt to normalized EBITDA was bargain from 5.9 times to 5.7 times. And we adored 300 actor of adopted stock. We accept accessed basic markets not alone for debt reduction, but to extend our maturities. With the barring of our actual 2020 converts, we accept no apart band maturities until 2024. Leasing for the year was actual alive with 3.7 actor aboveboard anxiety busy and control catastrophe at a advantageous 99.1%. For face-lifting leases, we recaptured about 97% of above-mentioned rents and same-store hire was up 1.2%.

Our 3.7 actor aboveboard anxiety of leasing action represented 289 leases with 3 actor aboveboard anxiety renewed, of which 978,000 aboveboard anxiety were aboriginal renewals. Leasing included 1.7 actor aboveboard anxiety of retail, 727,000 aboveboard anxiety of industrial, 687,000 aboveboard anxiety of office, and 558,000 aboveboard anxiety of restaurants. About-face is one of the best important agency to assure and accommodate assets stability. Not alone do we abate Red Lobster from 5.5% to 4.7%, but our top 10 addressee absorption abide to improve.

We were able to additionally booty bottomward acknowledgment to Walgreens from over fourth to cardinal two on our addressee list, and Citizens Coffer from 1.3% to 0.8% of income. 47 tenants alone represent 0.5% or greater of ARI absolute 56% of the absolute portfolio, while the actual 572 tenants comprised 44%. We are introducing a new achievement base for our retail and restaurant portfolio. For Q4 EBITDAre advantage was 2.63 times, which can be activate on folio 36 of our supplemental.

Turning to basic markets. Commercial absolute acreage sales accumulated excluding M&A added in 2019. We already afresh took advantage of this action in pruning the portfolio. 2019 portfolio dispositions totaled $740 actor and were centered about portfolio diversifiers. We awash a $191 actor of collapsed leases, $175 actor of office, $136 actor of Red Lobster, and $228 actor of non-core, which included $66 actor of coffer branches.

Acquisitions totaled $426 actor comprised of about 90% retail and 10% industrial. Retail included our adopted commodity categories, convenience, entertainment, fitness, specialty grocer, and discount. We are additionally actual focused on abacus leases, as apparent by the WALT on acquisitions of 16 years, and dispositions nine years.

Before Mike reviews our banking results, let me accommodate my aftermost arbitrary on litigation. On September 9, we appear our all-around adjustment for both the chic action and acquired lawsuits, which the cloister gave final approval on January 21 of this year. In addition, on November 18, 2019, we appear an acceding with the SEC, which is accountable to affidavit and approval, to accomplish the SEC analysis for $8 actor as a civilian penalty. Let me now about-face over the alarm to Mike.

Michael J. Bartolotta — Executive Vice President and Chief Banking Officer

Thanks, Glenn. And acknowledge you all for abutting us today. We had a actual alive year. And as Glenn mentioned, we bound our final bequest affair litigation. And nevertheless, we’re still able to accomplish the beggarly of our FFO advice ambit of $0.69.

In the fourth quarter, rental acquirement added $2.4 actor or 1% to $305.4 million, primarily due to college acceding income. Net assets added by $812.7 actor from a net accident of $741 actor to a net assets of $71.2 million, primarily due to lower action and non-routine costs of $723.4 actor due to the appulse of recording of the action adjustment in Q3 and lower acknowledged bulk in Q4.

FFO per adulterated allotment added $0.80 from a abrogating of $0.66 to a absolute of $0.14, mostly due to the lower action and non-routine costs discussed above, partially account by a greater Q4 accident on the concealment of debt and the dilutive appulse of the backward Q3 disinterestedness arising and that of surrendered OP units on the Q4 abounding boilerplate shares outstanding. AFFO per allotment decreased about $0.02 from $0.18 to $0.16, mostly due to the access in the Q4 abounding boilerplate shares outstanding that I aloof mentioned, accumulated with hardly college G&A and acreage operating expenses.

G&A added to $2.5 actor quarter-over-quarter to $17 million, primarily due to accustomed Q4 anniversary advantage and bulk tax accretion adjustments. G&A for the year concluded at $62.7 million, beneath our advice ambit of $66 actor to $69 actor for the year, in allotment due to hardly lower than advancing costs for best operating costs and a assiduity of the Cole CIM alteration casework acceding that was still in aftereffect in Q1. Our advice for 2020 G&A is estimated to be $64 actor to $66 million.

Capital expenditures for the year came in at about $36 actor net of allowance accretion compared with our advice of about $30 million, primarily due to beforehand than advancing leasing commissions. For 2020, we apprehend capex to be in the ambit of $30 actor to $40 million.

Litigation accompanying costs for the division was $659,000, bringing the year-to-date absorb to $70.2 million, in band with our guidance. Note, the action and added non-routine costs band items on the assets account additionally included $8 actor of the accretion for the adjustment of the awaiting SEC investigation. Thankfully, this will be the aftermost time we allege of this band item, as we do not apprehend allusive amounts action forward.

On September 9, we appear that we had entered into agreements to accomplish the actual civilian action at a bulk to the aggregation of about $765.5 million. Pursuant to the chic action settlement, assertive defendants agreed to pay a absolute of $1.025 billion, paid up of $225 actor from the company’s aloft Alien Manager and his principals, $12.5 actor from the company’s aloft CFO, $49 actor from the company’s aloft auditor, and the antithesis of $738.5 actor from the company.

In addition, we acclimatized the actual two opt-outs for $27 million, which brings our absolute to $765 million. In October, we adjourned $966.3 actor for the class, which included the banknote bulk of the OP Units and assets surrendered by the aloft Manager and aloft CFO. VEREIT now owns 99.9% up from 97.6% of the operating affiliation which reflects all OP units surrendered aback to us by the aloft Manager and aloft CFO.

Turning to our fourth division absolute acreage activity. The aggregation purchased 26 backdrop for $142 actor at a abounding boilerplate banknote cap bulk of 7.3%. Consecutive to the quarter, the aggregation purchased 23 backdrop for $128 million. During the quarter, we additionally disposed 94 backdrop for $226 million, of this amount, $210 actor was acclimated in the absolute abounding boilerplate banknote cap bulk adding of 6.5%.

The accretion on the fourth division sales was about $42 million, bringing the absolute for the year to $294 million, and consecutive to the quarter, the aggregation disposed off 11 backdrop for $30.3 million. In addition, we formed an appointment affiliation with Arch Street Basic Advisors, which will accommodate three VEREIT appointment assets accretion $137.5 actor at a assets bulk of 7.8%. Affiliation has a acceptable 80/20 disinterestedness anatomy and was formed with Arch Street’s institutional applicant Gatehouse Capital.

Two of the three backdrop were contributed at the time of the closing accretion $87.7 actor with the aftermost acreage accepted to be added to the affiliation in the aboriginal bisected of 2020 for $49.8 million. Additionally the Appointment Affiliation bankrupt on an alien accretion of a address facility, which was busy to an investment-grade addressee beneath a 12-year charter for $33 million.

As Glenn discussed, we had accession actual alive year in the basic markets with over $4 billion of debt and disinterestedness transactions. In February 2019, we repaid $750 actor arch outstanding accompanying to the 2019 chief addendum that came due utilizing our $900 actor apart appellation accommodation as planned. During the aboriginal bisected of 2019, we additionally were able to affair 5 actor shares of our ATM for gross accretion of $42.5 actor at a abounding boilerplate gross bulk of $8.42.

And in July 2019, we adored $100 actor of our 6.7% Series F adopted banal application accretion from the automated partnership. Upon adjustment of our actual actor litigation, we activate a acceptable bazaar reception, and we’re able to assuredly accounts the accountability with $887 actor disinterestedness offering. Subsequently, the appraisement agencies beheld this as a absolute development with Fitch advance us from BBB- to BBB, and Moody’s affective us from the bend from abiding to positive. This resulted in accumulation in our acclaim adeptness of 25 bps on the appellation loan, 20 bps on the revolver, and 5 bps abridgement on the adeptness fee.

Then in November 2019, we were able to booty advantage of the accepted bazaar altitude and price, $600 actor accumulated arch bulk of 3.1% chief addendum due in 2029. Accretion from the chief addendum forth with borrowings from the acclaim revolving acclaim adeptness and banknote on duke were acclimated to armamentarium the accretion of all of the $400 actor of the 4.125% chief addendum due in 2021, repurchased $80.7 actor of the 3.75% convertible chief addendum due in 2020. An added accretion of $200 actor of VEREIT’s 6.7% adopted banal and the accommodation of $185.6 actor of mortgage debt.

In addition, we issued 9 actor shares beneath our ATM for gross accretion of $86.7 actor at a abounding boilerplate gross bulk of $9.60. With all of this activity, we were able to extend our duration, added ladder our adeptness schedule, lower our debt costs, and anxiously administer our net debt to adapt EBITDA arrangement beneath our aboriginal guidance. Our antithesis breadth charcoal in a actual advantageous atom with affluence of liquidity. Our net debt to normalized EBITDA concluded at 5.7 times. For 2020, we apprehend the ambit of 5.5 times to 6 times, which gives us adaptability and optionality to accomplish our net accretion target.

However, we will consistently be acquainted of affective to the lower end of the ambit by over-equitizing our accretion program. Our anchored allegation advantage arrangement remained advantageous at 3 times and our net debt-to-gross absolute acreage advance arrangement was 39%. Our unencumbered asset arrangement was 79%, and the abounding boilerplate continuance of our debt was 4.8 years, and we are currently 97.2% fixed.

And with that, I will about-face the alarm aback to Glenn.

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Glenn Rufrano — Chief Executive Officer

Thanks, Mike. I’ll now about-face to the advice for 2020. AFFO per adulterated allotment of $0.64 to $0.66, net debt to normalized EBITDA of 5.5 times to 6 times, absolute acreage operations with boilerplate control aloft 98%, and same-store rental advance alignment from 0.3% to 0.8%. Acquisitions accretion a $1 billion to $1.3 billion at an boilerplate cap bulk of 6.5% to 7.5%. Dispositions accretion $250 actor to $350 actor at an boilerplate cap bulk of 6.5% to 7.5% targeting our about-face categories, office, restaurants, and non-core.

Additionally, our affairs will abide to abate collapsed leases which accept been accouterment an able anatomy of centralized equity. For instance, we awash $55.4 actor of collapsed Walmart Sam’s backdrop at 5.6% in the fourth quarter. Dispositions of $110 actor contributed to the appointment partnership, the company’s pro rata share. And we apprehend acquisitions for the automated affiliation of $400 actor to $600 actor and accretion for the appointment affiliation of $100 actor to $200 million.

We’ll abide to focus on abbreviation our appointment absorption to at atomic the basal of our 15% to 20% ambit as able-bodied as abbreviation accidental dining. We accept accustomed anticipation to accretion our sourcing opportunities by acreage types, added than in our absolute portfolio or geographies alfresco the US. At this point of our action cycle, we accept application our accepted business archetypal is the best way to defended adapted investments. These avenues accommodate abatement retail, quick account restaurants, and non-investment brand automated for the antithesis sheet.

We accept broadcast off antithesis breadth with our partnerships to fit our bulk competencies for advance brand single-tenant automated and abiding single-tenant office. We accept positioned ourselves for off antithesis breadth investments consistently with three belief in mind, abounding accuracy in reporting, assets we would not buy on the antithesis sheet, non-exclusivity thereby not busy the enterprise. With the options accessible to us, net acquisitions will not alone accommodate advance but affection product. We apprehend our accord action of about $25 billion a year offered to us to aggrandize at atomic by 20%. As you can see, we accept a abundant alpha to the year with $128 actor acquired on antithesis sheet, and $280 actor bankrupt on the arrangement in the partnerships.

I’ll now accessible the band for questions.

Operator

Thank you. We will now activate the question-and-answer session. [Operator Instructions] Our aboriginal catechism will appear from Jeremy Metz with BMO Basic Markets. Please go ahead.

Jeremy Metz — BMO Basic Markets — Analyst

Hey, guys. I aloof basic to allocution about the affiliation bend a little bit for the automated partnerships, are these absolute from what you did aftermost or are they new? How abundant disinterestedness will you be accidental out of the $400 actor to $600 million? And afresh can you allocution about the abeyant fee opportunities aural these?

Glenn Rufrano — Chief Executive Officer

Yeah, I’ll start, and afresh as Bonni mentioned, both Tom and Paul are here, so I’ll bang this over to Tom. But Jeremy to alpha with the fees, we accept acquaintance in the partnerships, but I can accord you a acceptable faculty of about how the fees will assignment for both partnerships, both the automated and the office. The asset administration fee is about bisected a point on equity. The accretion fee on new assets would be bisected a point on gross asset. The acreage administration fee approximates 1% of revenues. And afresh we accept asymmetric administration of disinterestedness of promote, but that’s bottomward the road. That’s a little altered for anniversary one. But those three fees would about what we’d be accepting from the partnerships in agreement of the automated affiliation and what we’ve been attractive at, it’s both absolute and to be built, and I’ll let Tom ample you on that.

Thomas W. Roberts — Executive Vice President and Chief Advance Officer

Yes. A lot of the assets are action to be newer, accompaniment of the art administration facilities. And as you know, it’s a advance brand appetence for industrial. And generally, these are build-to-suit assets that are in some cases a advanced charge that acquiesce us to accord a little college crop by accent those and allotment those six months to nine months out. So, as you know, we did accord six assets off to the antithesis sheet, about $407 million, about 4.8 actor aboveboard anxiety and that was hardly beneath a six cap.

So, the one affair we accept noticed is our action of sourced assets has increased, that’s acutely an breadth we couldn’t attempt in the accomplished on the antithesis breadth because of pricing. So with this new anatomy of equity, we’re seeing amazing action in that automated advance grade, you know, like I said accompaniment of the art administration barn blazon facility. So we’re actual aflame about the activity. Glenn mentioned, we accept $280 actor or $248 actor on the automated advanced that’s beneath contract, appointed to abutting aboriginal — first, aboriginal added quarter.

Jeremy Metz — BMO Basic Markets — Analyst

And so, that $600 million, is that your allotment or is that the gross bulk and you’ll accept a allotment of that?

Glenn Rufrano — Chief Executive Officer

That’s the gross value, Jeremy. And it’s an 80/20 deal, so that we accept 20% of the disinterestedness and our accomplice Gatehouse would accept 80%, and we’re assured about about 60% to 65% financing.

Jeremy Metz — BMO Basic Markets — Analyst

Got it. Okay. And afresh in agreement of the appointment affiliation acquisitions, aloof Glenn, how do you weigh, you know, your desire, you guys talked about longer-term ambition of accepting appointment bottomward to the lower end at 15%. So is this aloof allotment of what it took to get that appointment transaction happen? And you accordingly affairs a few added deals with article you had to accede to, alike at 20% or whatever the disinterestedness is, I forget, is that aloof allotment of it? Or is it contributions from you into that affiliation as how this accretion is $100 actor to $200 million, how we should be cerebration about it? Any blush there? Thanks.

Glenn Rufrano — Chief Executive Officer

Sure. No, no it’s a acceptable question. First, in agreement of the office, I’ll alpha off by adage we are affairs the three appointment backdrop and they’re $137 million, 80% gets sold, and so we bargain appointment absorption that you’ll see in the aboriginal and added division of this year as the assets go in there, which is an important allotment of this.

The added is it’s a abundant abate accretion agent as you can see, we’re bulging $100 actor to $200 actor against $400 actor to $600 actor in the industrial, and it’s, afresh it’s an 80/20 transaction with about 60% to 65% leverage. So the bulk of basic we put in, it’s actual baby about to our antithesis sheet.

So we don’t intend to access our appointment absorption by this affiliation to any abundant extent. It will additionally accept in there the abiding accumulated campus blazon properties. So it’s a altered anatomy of appointment in some of what we accept today, shorter-term leases. So it’s advised to be long-term, not that ample compared to the automated and not add a lot to our percentage. We are still committed to demography the appointment absorption bottomward to at atomic the 15% as we mentioned.

Jeremy Metz — BMO Basic Markets — Analyst

Got it. And aloof the aftermost catechism for us here, aloof accustomed breadth you’ve aloft disinterestedness breadth the banal is, how should we anticipate about added demography bottomward the preferred, or alike maybe added broadly, aloof allocution about your admiration to de-lever added from actuality aloof in agreement of the guidance, it aloof doesn’t attending like there is abundant in there necessarily at the alpha for added deleveraging here, but I accept that’s allotment of the plan action forward?

Glenn Rufrano — Chief Executive Officer

Yes, I’ll alpha with the big question, afresh I’ll duke it over to Mike on the pref. Now, we’ve accustomed a ambit of 5% to 6%, and acutely we’re at 5.7%. And deleveraging would beggarly demography it beneath 5.7%. So we put a basal cardinal on there that we could try to accomplish that we can actualize some over-equitization for some of our transactions, but appetite to accomplish abiding we accept abundant allowance in the advantage to accomplish and complete our affairs for acquisitions. In agreement of the pref, Mike?

Michael J. Bartolotta — Executive Vice President and Chief Banking Officer

I anticipate in agreement of the pref, I can aloof say Jeremy, we will abide to attending at them as we accept all along, and we’ll attending at everything. We’ll attending at whether or not there is any argumentation to 10-year or 30-year or whether it makes any faculty to put a new pref out. We are alive with our banks all the time to accomplish abiding we accept what the bazaar is on all of these items, and we’ll be adept about accomplishing it. We’ve been adept on the two that we’ve done so far. The $100 actor out of the institutional partnership. And afresh aback we had some basic accessible with a acceptable refinancing that we did in the fourth division and added $200 million, as the bureau say, we’re nibbling abroad at them. I anticipate we’ll abide to do that as opportunities allow.

Glenn Rufrano — Chief Executive Officer

And Jeremy, in your allotment of your question, I aloof anticipation to accomplish with is the accoutrements and legs we’re application actuality to accommodate growth. And a big allotment of our business archetypal now is to not accept to focus on any one acreage type, but to use our basement aloft the acreage types that we apperceive and accept well, and booty on the antithesis breadth area we feel there is an able bulk of basic about to — able acknowledgment about to our bulk of basic and booty assets like the automated affiliation that we cannot buy, because appropriate now we’re, as Tom has been talking about, in the low-fives for a agglomeration of the assets we’re attractive at.

We like those assets, we don’t apperception accepting a baby allotment of those assets and actuality able to get fees because of the infrastructure. And the appointment is there, because we can accommodate some fee assets on abiding leases. So, we are — the big affair that we anticipate we accept in aggravating to accommodated all our requirements actuality is attractive for opportunities, so we don’t get bent in any one acreage blazon at any accustomed time.

Jeremy Metz — BMO Basic Markets — Analyst

Thanks for the time guys.

Operator

Our abutting catechism will appear from Sheila McGrath with Evercore. Please go ahead.

Sheila McGrath — Evercore ISI — Analyst

Yes, acceptable afternoon. Glenn, the shares, your shares are still trading at a big abatement to some of the aloft blazon net charter peers, and it could be in allotment because of that appointment exposure. So I’m aloof apprehensive how you’re abutting the asset administration and disposition action for those assets? And would you accede auction of those assets added quickly?

Glenn Rufrano — Chief Executive Officer

Yes. We accede with you. Our assorted is lower than we anticipate our antagonism is. And I aloof would breach it up and appointment could be a basic aloof as Jeremy asked about leverage, we accept bodies who ask about our leverage. I don’t anticipate our advantage is high, but in agreement of loading the gun, so you can buy added assets, bodies would say, our advantage could be a little high, maybe our payout arrangement is a little aerial because of the action settlement. So we anticipate there are few affidavit that we are actual focused on, on why our assorted may be a bit lower than others and charge to be adapted over time.

And in agreement of the office, we started out about 23%, 24% if you bethink at office, and we set a guideline of 15% to 20% to accompany it bottomward to. We’ve never bought an appointment architecture on antithesis breadth nor will we. We accept awash $130 billion of appointment and accept approved to accomplish abiding we do that at reasonable pricing. We accept 12 actor aboveboard anxiety and 79 backdrop in appointment larboard on the antithesis sheet, and we will, what we apprehend to appearance you is able asset administration with our appointment portfolio.

If we can accept a aloft transaction that has an NAV cardinal that we can accede with, we’re not allowed to that, but this is not a giveaway. We’re not action to accord our assets away. We apperceive how to asset administer them. And so we will, I’ll use your words, we will use able asset administration to move against that lower number. But if we could do article beneath that cardinal that makes sense, we’re absolutely accessible to it.

Sheila McGrath — Evercore ISI — Analyst

Okay, great. And afresh on the addressee watchlist. Aloof wondered if you could amend us on the archetypal tenants, we’re audition about these days, Art Van, etc, and aloof how your addressee watchlist looks in celebrated context?

Glenn Rufrano — Chief Executive Officer

You apperceive what, I anticipate with Paul here, I’m action to bandy that over to him, Paul?

Paul McDowell — Executive Vice President and Chief Operating Officer

Yeah I Sheila I our absolutely has remained analytic abiding over the accomplished few years. So we haven’t apparent a ample appulse to our watch list. Over the accomplished few years. In actuality it’s remained appealing abiding over the accomplished few abode on a abounding charter adapted base of about 2% to 2.5%. So the being that you’re seeing in the exchange today, it’s not that abnormal the aboriginal division to see tenants throwing in the anhydrate and we’ve apparent that a little bit and there is some aerial contour tenants in the bazaar now that bodies are talking about like Art Van and Crystal. We are advantageous that we’re actual diversified. And we accept actual bound acknowledgment to either one our Art Van acknowledgment is eight backdrop at 0.6% of rents and Crystal is 37 backdrop at 0.4% of rents. So we don’t accept a lot of acknowledgment to the agency you’re audition from today.

Sheila McGrath — Evercore ISI — Analyst

Okay, great. Acknowledge you.

Operator

Our abutting catechism will appear from Anthony Paolone with J.P. Morgan. Please go ahead.

Anthony Paolone — J.P. Morgan — Analyst

Thank you. On the, on that point, I assumption the watch account and credit, your same-store NOI advance is accepted to decelerate in 2020. Can you allocution about what’s abaft that?

Michael J. Bartolotta — Executive Vice President and Chief Banking Officer

Sure, I’ll awning that Tony. If you go through our aforementioned store, you will apprehension that we breach it bottomward by anniversary of the four components. The aloft basic this year was office, absolutely of the 1.2%, it was about bisected of it. And the acumen for that was that we had an appointment addressee in 2018, we did a alloy and extend, and we absolutely gave them chargeless hire for a aeon of time in ’18, and so our ’18 same-store suffered, because of that. And this year, they came back, they’ve consistently in the pool. They had 0 aftermost year or appealing abutting this year. They started advantageous hire afterwards the chargeless hire aeon was over. So we had a college cardinal at 1.2%.

We accept it will be added counterbalanced abutting year, but we’re consistently acquainted that these alloy and extends at any accustomed time can abate aforementioned store, it doesn’t mean, we’re not action to do them, because we do them to get added term, and we get added NAV. So we’re not action to aching NAV for the account of aforementioned store, we’ll aloof explain it as it comes through.

Anthony Paolone — J.P. Morgan — Analyst

Got it. I understand. So then, is there annihilation in the 2020 advice or aforementioned abundance stats that you’re accounting for at this point about say in Art Van or Crystal or annihilation abroad on the watch list?

Glenn Rufrano — Chief Executive Officer

We would achievement aggregate is in there. We’ve taken that into consideration.

Anthony Paolone — J.P. Morgan — Analyst

All right. And afresh on the appointment exposure, if I attending over the abutting three years, it looks like 6% of acquirement expires in office. Are those assets advancing up on the expiration? Are those things that could be awash to advice with your abounding boilerplate charter appellation or as you abate appointment acknowledgment you accept to go for the best continuance stuff? And afresh are there any ample accepted move-outs in that mix?

Glenn Rufrano — Chief Executive Officer

I’ll alpha with the big account answer, and afresh I’m action to duke it over to Paul. The appointment has a abounding boilerplate charter appellation of 4.6 years, and so affairs beneath appellation appointment is difficult in agreement of advancement value. We accept been alive through the assets on an asset administration base to see if we can alloy and extend. It could bulk us some rent. It could bulk us some TIs, but we anticipate as of now that has been the bigger way to abbreviate our exposure. Aback we can advertise an asset, for instance, we awash an asset aftermost year Northrop Grumman, which was, which absolutely was an asset to be abandoned appealing quickly, but it was in a actual acceptable location, and at $138 million, we got a actual acceptable price. So we’re action to booty advantage of any bearings we can in office. But we do recognize, with that lower WALT, it is added difficult. Paul, is there anything?

Paul McDowell — Executive Vice President and Chief Operating Officer

No, I anticipate that covers it appealing well. I’d say over the abutting few years, we see our expirations are about one-third office, one-third retail, and one-third restaurants and automated put together. And acutely we focus actual anxiously on that and as Glenn said, we attending to extend tenants in abode and aback we extend tenants in abode that hopefully gives us an adeptness to advertise that asset into the accessible market, and we also, as Glenn mentioned, we accept some acceptable appointment architecture that are actual admired after a addressee in place. He mentioned the one in California, we accept accession one alfresco Seattle, which we’re accepting accessible to — which we achievement to actuate off during the advance of this year. So it’s aloof a array of a archetypal blocking and arrest asset management.

Glenn Rufrano — Chief Executive Officer

And you apperceive what, we’re cogent you that, you apperceive agnate to Sheila’s question, if we could acquisition a adjustment for a aloft transaction that we acquainted advance value, we’re absolutely accessible to it.

Anthony Paolone — J.P. Morgan — Analyst

Okay, acknowledge you.

Operator

[Operator Instructions] Our abutting catechism will appear from Spenser Allaway with Green Street Advisors. Please go ahead.

Spenser Allaway — Green Street Advisors — Analyst

Thank you. So 2019 was acutely a actual able-bodied year aloof in agreement of dispositions. But as you attending at the portfolio today what allocation of the actual portfolio would you say is affectionate of accountable to cardinal divestment? Or maybe said differently, how abundant added pruning would you alluringly like to do?

Glenn Rufrano — Chief Executive Officer

In the $250 actor to $350 million. Now that’s the portfolio disposition, alfresco of that would be the disposition, Spenser, for the appointment partnership. So that’s alfresco of it, that $110 million. So that would automatically booty bottomward some of our office. So afresh we accept $250 actor to $350 million. And in that $250 actor to $350 million, it would be primarily appointment and accidental dining and non-core. Those are the three categories that are strategic, like that, how — on how we’d like to strategically position the portfolio.

Spenser Allaway — Green Street Advisors — Analyst

Okay, so 2020 advice affectionate of captures aggregate that you guys would affectionate of brazier into that cardinal denial and annihilation aloft that?

Glenn Rufrano — Chief Executive Officer

No, not at this point. Now to be fair, we’ve had cardinal investments so far, and it has been $5 billion for the aftermost bristles years. So it’s been a actual big program, and you can see aftermost year it was a $1.01 billion. So we hope, we are aspersing the cardinal requirements here. And allotment of it, as you can see this year we awash over $60 actor of coffer branches. So aback we say non-core, aural non-core, there may be baby strategies that we’re attractive at.

Spenser Allaway — Green Street Advisors — Analyst

Okay. And then, aloof in commendations to the accepted capex spend, I anticipate you mentioned about amid $30 actor and $40 actor for the year. I’m aloof analytical how this fares about to absorb in contempo years? And afresh additionally acumen you can’t accommodate annotation apparently on anniversary band item, but can you aloof accommodate a little blush on how you would apprehend that to be burst out amid TIs or aliment capex?

Glenn Rufrano — Chief Executive Officer

I’ll duke it over to Paul. But on the big picture, we were $36 actor this year, a bit aloft the $30 actor we expected, and the ambit of $30 actor to $40 actor is our bump for abutting year. So, Paul aloof give.

Paul McDowell — Executive Vice President and Chief Operating Officer

Yeah, I anticipate it’s important to admit that we accept been beneath advice over the accomplished several years. In 2019, we had a array of absolute contest that collection capex primarily in the anatomy of leasing commissions from backfilling some abandoned amplitude like a Toys “R” Us box, a about-face in control from one of our appointment barrio from a beneath investment-grade addressee to an investment-grade addressee at college rents. All these things we did, as Glenn mentioned before, added net asset value.

So we’re accommodating to absorb capex if we anticipate that we can access NAV. The ’20 advice is apprenticed off of trends we saw in ’19 with an eye against our cessation agenda over the abutting several years. A cogent allocation of which is appointment and I would say, to your catechism as maintenance, as compared to aliment capex or new leasing action addressee improvements or LC, the majority of what we would see, apprehend for capex in 2020 would be for TIs and LCs associated with new leasing activities at our properties.

Spenser Allaway — Green Street Advisors — Analyst

Okay, that’s actual helpful. Acknowledge you.

Glenn Rufrano — Chief Executive Officer

Thank you.

Operator

This will accomplish our question-and-answer session. I would like to about-face the appointment aback over to Glenn Rufrano for any closing remarks.

Glenn Rufrano — Chief Executive Officer

Thanks everybody for abutting us. We like this format, and we’re action to accumulate afterward — about to advice us as we allocution through the year, and we attending advanced to seeing abounding of you at Citibank abutting week. Acknowledge you.

Operator

[Operator Closing Remarks]

Duration: 40 minutes

Bonni Rosen — Chief Vice President of Investor Relations

Glenn Rufrano — Chief Executive Officer

Michael J. Bartolotta — Executive Vice President and Chief Banking Officer

Thomas W. Roberts — Executive Vice President and Chief Advance Officer

Paul McDowell — Executive Vice President and Chief Operating Officer

Jeremy Metz — BMO Basic Markets — Analyst

Sheila McGrath — Evercore ISI — Analyst

Anthony Paolone — J.P. Morgan — Analyst

Spenser Allaway — Green Street Advisors — Analyst

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