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

Top 20 Tenants Number of Leases % of ABR Credit rating
7-Eleven 21 8.2% A / Baa2
Walgreens 16 7.5% BBB / Baa2
Advance Auto Parts 37 6.1% BBB- / Baa2
Dollar General 36 6.0% BBB / Baa2
Lowe's 4 6.0% BBB+ / Baa1
Sam's / Walmart 5 5.5% AA / Aa2
CVS 16 5.2% BBB / Baa2
Hobby Lobby 8 4.9% IG Profile1
Best Buy 5 4.2% BBB+ / A3
Ollie's 8 3.5% IG Profile1
Big Lots 8 3.4% IG Profile1
Dollar Tree / Family Dollar 14 2.4% BBB / Baa2
Tractor Supply 6 2.4% BBB / Baa1
Ahold Delhaize (Food Lion / Stop & Shop) 2 2.1% BBB / Baa1
Burlington 3 2.0% BB+ / Ba2
Home Depot 1 2.0% A / A2
Kroger / Pick 'n Save 3 2.0% BBB / Baa1
Fresenius 4 1.7% BBB / Baa3
Kohl's 2 1.7% BBB- / Baa2
Northern Tool 3 1.4% IG Profile1
       Total 202 78.2%

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 September 30, 2021)

Industry Defensive Category Number of Leases % of ABR
Drug Stores & Pharmacies Necessity 32 12.7%
Home Improvement Necessity 19 12.5%
Discount Retail Discount 24 11.5%
Convenience Stores Service 25 9.4%
Dollar Stores Discount 50 8.4%
Auto Parts Necessity 55 8.0%
Grocery Necessity 8 5.7%
General Retail Necessity 5 5.4%
Arts & Crafts Other 8 4.9%
Quick Service Restaurants Service 17 4.6%
Consumer Electronics Other 5 4.2%
Healthcare Necessity 8 2.8%
Farm Supplies Necessity 6 2.4%
Automotive Service Service 10 1.6%
Furniture Stores Other 2 1.5%
Casual Dining Service 3 0.9%
Apparel Other 4 0.8%
Banking Necessity 3 0.7%
Wholesale Warehouse Club Necessity 1 0.7%
Equipment Rental and Leasing Other 3 0.6%
Gift, Novelty, and Souvenir Shops Other 1 0.3%
Home Furnishings Other 1 0.2%
             Total 290 100.0%
Defensive Category Number of Leases % of ABR
Necessity 137 51.0%
Discount 74 19.9%
Service 55 16.5%
Other 24 12.6%
       Total 290 100.0%

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Geographic Diversification
(as of September 30, 2021)

State Number of Leases % of ABR
Texas 33 13.0%
Illinois 16 7.8%
Ohio 22 6.8%
Georgia 14 5.7%
New York 12 5.0%
Indiana 13 4.5%
Virginia 5 4.4%
Pennsylvania 15 4.0%
Mississippi 12 3.9%
Florida 15 3.8%
California 8 3.7%
Wisconsin 11 3.3%
Alabama 11 2.7%
Michigan 5 2.5%
Washington 3 2.3%
South Carolina 9 2.3%
Kentucky 4 2.3%
Arizona 4 2.1%
New Mexico 4 2.1%
Arkansas 7 2.0%
Tennessee 5 1.9%
Missouri 5 1.6%
Oklahoma 6 1.3%
Massachusetts 4 1.3%
North Carolina 3 1.1%
Iowa 6 1.0%
New Jersey 4 1.0%
Vermont 9 0.9%
Maryland 3 0.8%
Minnesota 3 0.7%
West Virginia 3 0.7%
Kansas 3 0.7%
South Dakota 1 0.6%
Louisiana 3 0.5%
Colorado 2 0.4%
Utah 1 0.4%
New Hampshire 3 0.3%
Idaho 1 0.2%
Connecticut 1 0.2%
North Dakota 1 0.2%
             Total 290 100.0%

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