Margins Of Safety

Margins of Safety

Contract Quality
  • Master Leases 94% of the time
  • Investments average 78% of replacement cost
  • Investment yields above NAV auction yields

Portfolio metrics
as of 06/30/2023

Financial Strength
  • 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
Portfolio Monitoring
  • Virtually all tenants provide financial statements
  • 99% property-level financial statements
  • Every investment independently appraised

Portfolio metrics
as of 06/30/2023

Portfolio Characteristics
  • Unparalleled direct investment origination platform, with approximately 80% of our customer relationships directly solicited
  • 3,159 profit-center properties leased to 608 tenants, across 49 states and 133 industries
  • A top exposure of less than 3% of rent and interest income, with top ten tenants at approximately 16.7%
  • Focused on unit-level profitability, with weighted-average 4-wall rent coverage of 4.6x

Portfolio metrics
as of 06/30/2023

Organizational Structure
  • Credit and closing silos
  • Management and Board Investment Committees