Top 20 Tenant Diversification
(As of March 31, 2022)

Top 20 Tenants Number of Leases % of ABR Credit rating
Hobby Lobby 14 7.1% IG Profile1
Walgreens 18 6.8% BBB / Baa2
7-Eleven 21 6.3% A / Baa2
Dollar General 43 5.6% BBB / Baa2
Advance Auto Parts 40 5.1% BBB- / Baa2
CVS 19 5.1% BBB / Baa2
Sam's / Walmart 6 4.9% AA / Aa2
Lowe's 4 4.6% BBB+ / Baa1
Best Buy 6 4.1% BBB+ / A3
Dollar Tree / Family Dollar 27 3.4% BBB / Baa2
Floor & Decor 2 3.4% BB- / Ba3
Big Lots 9 3.1% IG Profile1
Ollie's 9 3.0% IG Profile1
Home Depot 2 2.5% A / A2
Harbor Freight 11 2.0% BB- / Ba3
Tractor Supply 6 1.8% BBB / Baa1
Fresenius 6 1.7% BBB / Baa3
Ahold Delhaize (Food Lion / Stop & Shop) 2 1.6% BBB / Baa1
Burlington 3 1.6% BB+ / Ba2
Kroger 3 1.6% BBB / Baa1
       Total 251 75.4%

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 March 31, 2022)

Industry Defensive Category Number of Leases % of ABR
Home Improvement Necessity 30 14.6%
Drug Stores & Pharmacies Necessity 37 11.8%
Discount Retail Discount 30 11.0%
Dollar Stores Discount 70 9.1%
Convenience Stores Service 25 7.3%
Arts & Crafts Other 14 7.1%
Auto Parts Necessity 59 6.8%
Grocery Necessity 12 6.7%
General Retail Necessity 6 4.8%
Consumer Electronics Other 6 4.1%
Quick Service Restaurants Service 18 3.8%
Healthcare Necessity 12 3.0%
Farm Supplies Necessity 6 1.8%
Automotive Service Service 13 1.6%
Health and Fitness Service 1 1.3%
Furniture Stores Other 2 1.1%
Casual Dining Service 4 0.9%
Equipment Rental and Leasing Service 5 0.9%
Banking Necessity 3 0.7%
Apparel Other 4 0.6%
Wholesale Warehouse Club Necessity 1 0.5%
Gift, Novelty, and Souvenir Shops Other 1 0.3%
Home Furnishings Other 1 0.2%
             Total 361 100.0%
Defensive Category Number of Leases % of ABR
Necessity 167 50.9%
Discount 100 20.0%
Service 66 15.7%
Other 28 13.4%
       Total 361 100.0%

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Geographic Diversification
(As of March 31, 2022)

State Number of Leases % of ABR
Texas 37 10.9%
Illinois 19 10.1%
Ohio 30 6.5%
Georgia 21 6.2%
Wisconsin 16 4.5%
Alabama 19 4.2%
New York 13 4.1%
Pennsylvania 20 4.0%
California 10 3.7%
Mississippi 13 3.6%
Indiana 13 3.5%
Virginia 5 3.4%
Michigan 9 3.1%
Florida 15 3.0%
Arizona 5 2.4%
Louisiana 6 2.2%
Washington 3 1.8%
South Carolina 9 1.8%
Kentucky 4 1.8%
New Mexico 5 1.7%
Arkansas 7 1.5%
Tennessee 5 1.5%
Missouri 5 1.2%
North Carolina 5 1.2%
Oklahoma 7 1.2%
Kansas 4 1.2%
Maryland 4 1.1%
Massachusetts 4 1.0%
Connecticut 3 0.9%
Nebraska 2 0.9%
Vermont 10 0.8%
Iowa 6 0.8%
Minnesota 5 0.8%
New Jersey 4 0.7%
Colorado 4 0.6%
West Virginia 3 0.5%
South Dakota 1 0.4%
Utah 2 0.4%
Nevada 2 0.2%
New Hampshire 3 0.2%
Idaho 1 0.1%
North Dakota 1 0.1%
             Total 361 100.0%

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