• Approximately 75% investment-grade
• Master Leases 91% of the time
• Investments average 82% of replacement cost
• Investment yields above NAV auction yields

Portfolio metrics
as of 9/30/18

• A highly protected dividend
• High contract lease escalations
• Multiple investment-grade borrowing options; Baa2 / Stable outlook by Moody’s, BBB / Stable outlook by S&P and Fitch Ratings
• Conservative leverage and flexible balance sheet

• Virtually all tenants provide financial statements
• 98% property-level financial statements
• Every investment independently appraised
• ~15% annual physical portfolio inspection

Portfolio metrics
as of 9/30/18

• Unparalleled direct investment origination platform, with 94% of our contracts prepared by us and approximately 80% of our customer relationships directly solicited
• 2,206 profit-center properties leased to 421 tenants, across 49 states and 103 industries
• A top exposure of 3.1% of rent and interest income, with top ten tenants at less than 19% and approximately 76% of our portfolio under 1%
• Seasoned tenants with median annual revenues approximating $52 million and weighted average revenues of approximately $872 million

Portfolio metrics
as of 9/30/18

• Credit and closing silos
• Management and Board Investment Committees