|Tenant||Investment Grade Rating1||Country||Property Type||% of SLR2|
|Steel Service Supplier||Baa3*||USA||Industrial||3%|
* 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 June 30, 2018.
(2) Metric based on SLR. Weighted by annualized SLR converted from local currency into USD as of June 30, 2018 for the in-place lease on the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.