Top 20 Tenant Diversification
(As of June 30, 2021)

Top 20 Tenants Number of Leases % of ABR Credit rating
7-Eleven 22 9.3% A / Baa2
Lowe's 4 6.5% BBB+ / Baa1
Advance Auto Parts 36 6.4% BBB- / Baa2
Dollar General 35 6.3% BBB / Baa2
Sam's / Walmart 5 5.9% AA / Aa2
CVS 15 5.0% BBB / Baa2
Hobby Lobby 7 4.6% IG Profile1
Best Buy 5 4.6% BBB+ / A3
Big Lots 8 3.7% IG Profile1
Ollie's 7 3.5% IG Profile1
Tractor Supply 6 2.6% BBB / Baa1
Walgreens 4 2.5% BBB / Baa2
Dollar Tree / Family Dollar 12 2.3% BBB / Baa2
Ahold Delhaize (Food Lion / Stop & Shop) 2 2.3% BBB / Baa1
Home Depot 1 2.2% A / A2
Kroger / Pick 'n Save 3 2.2% BBB / Baa1
Kohl's 2 2.1% BBB- / Baa2
Fresenius 4 1.8% BBB / Baa3
Burlington 2 1.7% BB+ / Ba2
Floor & Décor 1 1.5% BB- / Ba3
       Total 181 77.0%

1 IG Profile stands for Investment Grade Profile, which represents tenants with investment grade credit metrics (more than $1.0 billion in annual sales and a debt to adjusted EBITDA ratio of less than 2.0x), but do not carry a published rating from S&P, Moody’s, or NAIC.


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Industry Diversification
(As of June 30, 2021)

Industry Defensive Category Number of Leases % of ABR
Home Improvement Necessity 18 13.0%
Discount Retail Discount 21 11.5%
Convenience Stores Service 26 10.7%
Dollar Stores Discount 47 8.6%
Auto Parts Necessity 54 8.5%
Drug Stores & Pharmacies Necessity 19 7.5%
Grocery Necessity 8 6.2%
General Retail Necessity 5 5.8%
Quick Service Restaurants Service 16 4.8%
Arts & Crafts Other 7 4.6%
Consumer Electronics Other 5 4.6%
Farm Supplies Necessity 6 2.6%
Healthcare Necessity 4 1.8%
Automotive Service Service 10 1.7%
Furniture Stores Other 2 1.6%
RV Sales Other 1 1.3%
Casual Dining Service 4 1.2%
Banking Necessity 4 1.0%
Apparel Other 4 0.9%
Wholesale Warehouse Club Necessity 1 0.8%
Equipment Rental and Leasing Other 3 0.7%
Gift, Novelty, and Souvenir Shops Other 1 0.4%
Home Furnishings Other 1 0.2%
             Total 267 100.0%
Defensive Category Number of Leases % of ABR
Necessity 119 47.2%
Service 56 18.3%
Discount 68 20.2%
Other 24 14.3%
       Total 267 100.0%

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Geographic Diversification
(as of June 30, 2021)

State Number of Leases % of ABR
Texas 32 13.6%
Ohio 19 6.6%
Georgia 14 6.2%
New York 12 5.4%
Illinois 8 5.4%
Virginia 5 4.8%
Pennsylvania 15 4.4%
Mississippi 12 4.2%
Florida 15 4.1%
Indiana 11 4.1%
California 8 4.0%
Wisconsin 11 3.5%
Michigan 6 3.2%
Alabama 11 2.9%
Washington 3 2.5%
Arkansas 7 2.1%
Minnesota 4 2.1%
Tennessee 5 2.1%
Kentucky 3 2.1%
Missouri 5 1.7%
New Mexico 3 1.7%
Oklahoma 6 1.4%
Massachusetts 4 1.4%
New Jersey 5 1.2%
Arizona 2 1.2%
North Carolina 3 1.2%
South Carolina 6 1.1%
Iowa 6 1.1%
Vermont 9 1.0%
Maryland 2 0.5%
Colorado 2 0.5%
Utah 1 0.5%
Louisiana 2 0.4%
West Virginia 2 0.4%
Kansas 2 0.4%
New Hampshire 3 0.3%
Idaho 1 0.2%
Connecticut 1 0.2%
North Dakota 1 0.2%
             Total 267 100.0%

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