|Tenant||Rating1||Country||Property Type||% of Portfolio2|
|Guarantor Implied: Baa2||UK||Distribution||3%|
Source: All portfolio and financial information derived from 10-K filing or company internal records as of December 31, 2016. Information shown based on U.S. Dollar equivalent amounts using exchange rates as of December 31, 2016.
(1) Actual ratings reflect the tenant rating. Implied Ratings are determined using a proprietary Moody’s analytical tool, which compares the risk metrics of the non-rated company to those of a company with an Actual Rating. A tenant with a parent that has an investment grade rating is included in implied investment grade. Ratings information is as of December 31, 2016 unless otherwise noted.
(2) Weighted by annualized rental income converted from local currency into USD as of December 31, 2016 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
(3) FedEx also includes FedEx Ground.