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      "text": "Net Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth",
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      "text": "Significant Focus on Fundamental Real Estate Underwriting",
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      "text": "Defensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries¹",
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      "text": "Diversification by Industry, Tenant, State¹",
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      "text": "Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows¹",
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      "text": "Source: Company data as of September 30, 2023.\n1. Portfolio statistics as a percentage of ABR.\n2. Weighted by ABR; excludes lease extension options and 62 investments that secure mortgage loans receivable.",
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      "text": "Investment Philosophy\nDefensive Tenancy in Necessity-Based and E-commerce-Resistant Retail Industries¹\nResilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows¹\nGranular Assets in Highly Fragmented, Undercapitalized Market Segment\nNet Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth\nDiversification by Industry, Tenant, State¹\nSignificant Focus on Fundamental Real Estate Underwriting\nPortfolio Strategy\nPrimarily\n>60%\n$1 to $10 million Avg. Asset Size\n~10 Year WALT\n<15% Industry <50% Top 10 Tenants <15% State\nAttractive cost basis with durable valuation supported by market rents and demos, physical structure and location, and alternative use analyses\nCurrent Metrics\n87.0%\n83.3% (68.6% Investment Grade Credit and 14.6% Investment Grade Profile)\n$3.3 million Avg. Asset Size\n9.3 Year² WALT\n15.7% Industry 51.5% Top 10 Tenants 8.1% State",
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      "text": "Consistent Investment Approach",
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      "text": "Disciplined and Deliberate Portfolio Construction",
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