• Master Leases 94% of the time
• Investments average 79% of replacement cost
• Investment yields above NAV auction yields

Portfolio metrics
as of 9/30/2022

• High contract lease escalations
• AAA/A+ secured borrowing capability
• Multiple investment-grade borrowing options; Baa2 by Moody’s, BBB by S&P and Fitch Ratings
• Conservative leverage and flexible balance sheet

• Virtually all tenants provide financial statements
• 99% property-level financial statements
• Every investment independently appraised
• ~15% annual physical portfolio inspection

Portfolio metrics
as of 9/30/22

• Unparalleled direct investment origination platform, with 96% of our contracts prepared by us and approximately 80% of our customer relationships directly solicited
• 3,035 profit-center properties leased to 579 tenants, across 49 states and 125 industries
• A top exposure of less than 3% of rent and interest income, with top ten tenants at approximately 17.5%; 98% of our customers individually represent less than 1% of base rent and interest
• Seasoned tenants - ~50% of customers have annual revenues over $200 million and the weighted average revenues of our customers is approximately $1.2 billion

Portfolio metrics
as of 9/30/22

• Credit and closing silos
• Management and Board Investment Committees