Overview Key strengths Key risks Stable operating performance through economic cycles, supported by its master leases and obtaining unit-level financials for 99% of leases, leading to good risk management tactics. Large exposure to retailer and service-oriented tenant base (speculative-grade or not rated) that is generally discretionary in nature, which could be more vulnerable to bankruptcies or restructurings. Large, diversified portfolio with well-laddered lease expiration schedule. Higher percentage of secured debt relative to peers. Despite privatization, senior management team remains in place and committed to long-held business strategies and financial policies. Reliant on external growth given the limited organic growth inherent with net lease portfolios, with the company yet to issue an unsecured public bond since privatization. As of the third
