Top 10 Tenants

Tenant Investment Grade Rating1 Country Property Type % of SLR2
FEDEX Baa2** USA Distribution 5%
GSA Aaa** USA Office 4%
AMS Baa3* UK Office 4%
Rwe Baa3* GER Office 4%
ING Aa3 NETH Office 3%
Finn Air Aa1** FIN Industrial 3%
Family Dollar Baa3 USA Retail 3%
Penske Baa2 USA Distribution 3%
Contractors Steel Baa3* USA Industrial 2%
Harper Collins A3 UK Distribution 2%

* Represents Moody’s Implied Rating.
** Represents Tenant Parent Rating.

(1) Investment Grade Rating includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates on implied rating by measuring a company's probability of default. Ratings information is as of March 31, 2019.

(2) Metric based on SLR. Weighted by annualized SLR converted from local currency into USD as of March 31, 2019 for the in-place lease on the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.