• Master Leases 94% of the time
• Investments average 76% of replacement cost
• Investment yields above NAV auction yields

Portfolio metrics
as of 3/31/2025

• High contract lease escalations
• AAA/AA secured borrowing capability
• Multiple investment-grade borrowing options; Baa3 by Moody’s, BBB- by S&P and BBB by Fitch Ratings
• Conservative leverage and flexible balance sheet

• Virtually all customers provide financial statements
• 99% property-level financial statements
• Every investment independently appraised

Portfolio metrics
as of 3/31/2025

• Unparalleled direct investment origination platform approximately 75% of our customer relationships directly solicited
• 3,366 profit-center properties leased to 654 customers, across 49 states and 141 industries
• A top exposure of approximately 2.3% of rent and interest income, with top ten customers at approximately 16.1%
• Focused on unit-level profitability, with weighted-average 4-wall rent coverage of 4.7x

Portfolio metrics
as of 3/31/2025

• Credit and closing silos
• Management and Board Investment Committees