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%
Trinity Health Aa3 USA Office 2%

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

(1) Investment Grade Rating includes both actual ratings of the tenant or Implied Investment Grade. Implied Investment Grade includes ratings of tenant parent (regardless of weather the parent has guaranteed the tenant’s obligation under the lease) or lease guarantor. Implied Investment Grade ratings are determined using proprietary Moody’s analytical tool, which compares the risk metrics of the non-rated company to those of a company with an actual rating. Ratings information is as of December 31, 2018.

(2) Metric based on SLR. Weighted by annualized SLR converted from local currency into USD as of December 31, 2018 for the in-place lease on the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.