• Approximately 75% investment-grade
• Master Leases 91% of the time
• Investments average 81% of replacement cost
• Investment yields above NAV auction yields

Portfolio metrics
as of 9/30/19

• A highly protected dividend
• High contract lease escalations
• AAA/A+ secured borrowing capability
• 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 9/30/19

• Unparalleled direct investment origination platform, with 94% of our contracts prepared by us and approximately 80% of our customer relationships directly solicited
• 2,417 profit-center properties leased to 464 tenants, across all 50 states and 112 industries
• A top exposure of 2.8% of rent and interest income, with top ten tenants at 18% and approximately 80% of our portfolio under 1%
• Seasoned tenants with median annual revenues approximating $55 million and weighted average revenues of approximately $839 million

Portfolio metrics
as of 9/30/19

• Credit and closing silos
• Management and Board Investment Committees