Top 20 Tenant Diversification
(As of December 31, 2020)

Top 20 Tenants Number of Leases % of ABR Credit rating
7-Eleven 15 8.9% AA- / Baa2
Lowe's 4 8.6% BBB+ / Baa1
Advance Auto Parts 33 7.6% BBB- / Baa2
Sam's / Walmart 4 6.5% AA / Aa2
CVS 12 5.3% BBB / Baa2
Dollar General 21 4.8% BBB / Baa2
Ollie's 7 4.6% IG Profile1
Walgreens 4 3.2% BBB / Baa2
Ahold Delhaize (Food Lion / Stop & Shop) 2 3.0% BBB / Baa1
Home Depot 1 2.9% A / A2
Kohl's 2 2.7% BBB- / Baa2
Tractor Supply 5 2.4% BBB / Baa1
Burlington 2 2.2% BB / Ba2
Best Buy 2 2.0% BBB / Baa1
Floor & Décor 1 2.0% BB- / Ba3
Fresenius 3 1.9% BBB / Baa3
Dollar Tree / Family Dollar 7 1.9% BBB / Baa2
Camping World 1 1.7% B / B1
BB&T (Truist) 5 1.6% A- / A3
Jack's 4 1.6% Unrated
       Total 135 75.3%

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 December 31, 2020)

Industry Defensive Category Number of Leases % of ABR
Home Improvement Necessity 15 16.1%
Discount Retail Discount 13 10.9%
Auto Parts Necessity 48 10.0%
Convenience Stores Service 17 10.0%
Drug Stores & Pharmacies Necessity 16 8.5%
Dollar Stores Discount 28 6.6%
General Retail Necessity 4 6.4%
Quick Service Restaurants Service 15 5.7%
Grocery Necessity 5 5.4%
Farm Supplies Necessity 5 2.4%
Casual Dining Service 5 2.2%
Furniture Stores Other 2 2.1%
Consumer Electronics Other 2 2.0%
Automotive Service Service 9 1.9%
Healthcare Necessity 3 1.9%
RV Sales Other 1 1.7%
Banking Necessity 5 1.6%
Apparel Other 4 1.2%
Arts & Crafts Other 1 1.1%
Wholesale Warehouse Club Necessity 1 1.0%
Equipment Rental and Leasing Other 2 0.6%
Gift, Novelty, and Souvenir Shops Other 1 0.5%
Home Furnishings Other 1 0.3%
             Total 203 100.0%
Defensive Category Number of Leases % of ABR
Necessity 102 53.2%
Service 46 19.7%
Discount 41 17.6%
Other 14 9.5%
       Total 203 100.0%

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Geographic Diversification
(as of December 31, 2020)

State Number of Leases % of ABR
Texas 31 16.6%
Georgia 13 8.0%
Virginia 4 6.1%
Mississippi 12 5.6%
Ohio 11 5.4%
Florida 12 4.3%
Illinois 5 4.2%
Pennsylvania 13 4.2%
New York 4 4.0%
Alabama 11 3.9%
Indiana 7 3.6%
Michigan 4 3.3%
Tennessee 5 3.0%
Arkansas 7 2.8%
Minnesota 4 2.8%
Missouri 5 2.3%
California 1 2.0%
New Jersey 6 1.9%
New Mexico 2 1.4%
Wisconsin 7 1.3%
North Carolina 1 1.2%
Massachusetts 2 1.1%
Kentucky 1 1.1%
Washington 1 1.1%
Vermont 7 1.1%
Oklahoma 3 1.0%
South Carolina 4 1.0%
Arizona 1 0.9%
Iowa 4 0.8%
Maryland 2 0.7%
Colorado 2 0.6%
Utah 1 0.6%
Kansas 2 0.6%
West Virginia 2 0.5%
New Hampshire 3 0.4%
North Dakota 1 0.2%
Idaho 1 0.2%
Louisiana 1 0.2%
             Total 203 100.0%

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