U.S. Properties

As of September 30, 2023

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U.S. Properties
#Number Primary Tenant Industry Credit1 Address SF2 ABR Rent Increase
Structure
Next Rent
Increase
WALT3
1 KBR, Inc.4 Construction & Engineering Non-IG 601 Jefferson Street
Houston, TX
1,064,7865 $21,302,622 Fixed: One-time 7.78% Jan-27 6.6
2 FedEx Corporation Air Freight & Logistics IG 60 Fedex Pkwy
Collierville, Tennessee
390,380 $5,450,032 Fixed: 0.75% annually Oct-23 16.2
3 BCBSM, Inc. Managed Health Care IG 3535 Blue Cross Road
Eagan. MN
442,542 $4,952,216 Fixed: 2.00% annually Feb-24 3.36
4 JPMorgan Chase Bank, N.A. Diversified Banks IG 14800 Frye Road
Fort Worth, TX
386,154 $4,661,452 CPI: 0.0% Floor / 2.0% Cap Mar-24 6.4
5 McKesson Corporation (US Oncology) Health Care Distributors IG 10101 Woodloch Forest Drive
The Woodlands, TX
204,063 $4,405,618 Fixed: 4.88% every 3 yrs Jan-24 0.3
6 CVS Health Corporation Health Care Services IG 9501 Shea Boulevard
Scottsdale, AZ
354,888 $4,300,000 None7 N/A 15.3
7 Omnicom Group, Inc. Advertising IG 5353 Grosvenor Boulevard
Playa Vista, CA
120,000 $3,960,630 None N/A 5.0
8 Pharmaceutical Product Development, LLC Pharmaceuticals IG 3900 Paramount Parkway
Morrisville, NC
219,812 $3,905,052 Fixed: 2.00% annually Oct-23 10.2
9 Orbital ATK, Inc. Aerospace & Defense IG 4700 Nathan Lane North
Plymouth, MN
191,336 $3,746,497 Fixed: 2.00% annually Dec-23 1.2
10 R.R. Donnelley & Sons Company Commercial Printing Non-IG 4101 Winfield Road
Warrenville, IL
167,215 $3,326,573 Fixed: 2.00% annually Sep-23 4.0
11 Board of Regents, State of Iowa Government Related Services IG 3277-3281 Ridgeway Drive
Coralville, IA
191,700 $3,253,907 CPI: 0.0% Floor / No Cap Nov-25 7.1
12 Caremark RX, L.L.C.⁴ Health Care Services IG 2700 West Frye Road
Chandler, AZ
183,000⁵ $3,212,863 Fixed: $0.50/SF annually Dec-23 0.7
13 Bankers Financial Corporation⁴ Property & Casualty Insurance Non-IG 11101 Roosevelt Blvd North
St. Petersburg, FL
167,581⁵ $3,149,756 Fixed: 2.50% annually Aug-24 4.8
14 DMG MORI SEIKI U.S.A., INC.8 Industrial Machinery IG 2400 Huntington Blvd
Hoffman Estates, IL
104,598 $3,027,360 Fixed: 3.00% annually8 Jan-15 15.3
15 Exelon Generation Company, LLC Electric Utilities IG 4300 Winfield Road
Warrenville, IL
146,745 $2,935,080 Fixed: $0.50/SF annually Jul-24 2.8
16 JPMorgan Chase Bank, N.A. Diversified Banks IG 4900 Memorial Highway
Tampa, FL
176,150 $2,934,421 CPI: 0.0% Floor / 2.0% Cap Mar-24 6.4
17 Google, LLC Internet Software & Services IG 340 Main Street
Venice, CA
67,681 $2,844,317 Fixed: 3.00% annually Jan-24 2.1
18 BCBSM, Inc. Managed Health Care IG 1750 Yankee Doodle Road
Eagan, MN
227,666 $2,830,746 Fixed: 2.00% annually Feb-24 3.36
19 ICU MEDICAL, INC.⁴ Health Care Supplies Non-IG 6000 Nathan Lane North
Plymouth, MN
182,250 $2,770,283 Fixed: $0.35/SF annually Feb-24 4.0
20 Intuit Inc. Internet Software & Services IG 5601 Headquarters Drive
Plano, TX
166,033 $2,576,689 Fixed: One-time $2.00/SF in '21 N/A 2.8
21 BCBSM, Inc. Managed Health Care IG 1800 Yankee Doodle Road
Eagan, MN
144,864 $2,521,682 Fixed: 2.00% annually Feb-24 3.39
22 BCBSM, Inc. Managed Health Care IG 3400 Yankee Doodle Road
Eagan, MN
202,608 $2,519,176 Fixed: 2.00% annually Feb-24 3.39
23 AVT Technology Solutions LLC Technology Distributors IG 8700 South Price Road
Tempe, AZ
132,070 $2,404,995 Fixed: 3.00% annually N/A 0.3
24 Veritas Bermuda, LTD Systems Software Non-IG 2815 Cleveland Avenue North
Roseville, MN
136,125 $2,167,225 Fixed: 2.00% annually Dec-23 9.2
25 Cenlar FSB Regional Banks Non-IG 780 Township Line Road
Yardley, PA
105,584 $1,999,761 Fixed: 2.70% annually Jan-24 4.8
26 Raytheon Company
Sold December 2023
Aerospace & Defense IG 3350 East Hemisphere Loop
Tucson, AZ
143,650 $1,978,061 CPI: 0.0% Floor / 2.0% Cap Apr-24 8.5
27 iHeartCommunications, Inc. Broadcasting Non-IG 20880 Stone Oak Parkway
San Antonio, TX
120,147 $1,970,799 Fixed: 2.00% annually Feb-24 11.3
28 Cofinity, Inc./Aetna Life Insurance Co.⁴ Multi-line Insurance IG 28588 Northwestern Hwy.
Southfield, MI
94,453⁵ $1,906,511 Fixed: One-time 6.90% in '23 N/A 1.3
29 Arbella Service Company, Inc. Property & Casualty Insurance IG 1100 Crown Colony Drive
Quincy, MA
132,160 $1,850,240 Fixed: One-time $1.00/SF in '22 N/A 3.7
30 ICF Consulting Group, Inc. IT Consulting & Other Services Non-IG 980 Beaver Creek Dr
Martinsville, VA
93,333 $1,724,503 CPI: 0.0% Floor / No Cap Jan-24 3.3
31 Acosta, Inc. Advertising Non-IG 6600 Corporate Center Parkway
Jacksonville, FL
88,062 $1,497,054 Fixed: $0.50/SF annually Jul-24 3.8
32 Safelite Group, Inc. Specialized Consumer Services Non-IG 4300 Safelite Blvd NE
Rio Rancho, NM
94,649 $1,473,000 Fixed: 2.00% annually Jan-24 5.7
33 Master Lock Company, LLC Building Products Non-IG 6744 S. Howell Avenue
Oak Creek, WI
120,883 $1,408,986 Fixed: 2.00% annually Jun-24 8.7
34 JPMorgan Chase Bank, N.A.⁴ Diversified Banks IG 4915 Independence Parkway
Tampa, FL
135,733⁵ $1,361,487 CPI: 0.0% Floor / 2.0% Cap Mar-24 1.5
35 Midcontinent Independent Stm Op Inc Electric Utilities IG 2985 Ames Crossing Road
Eagan, MN
60,463 $1,117,961 Fixed: $0.25/SF annually Mar-24 2.4
36 Emerson Electric Co. Industrial Machinery IG 10707 Clay Road
Houston, TX
52,144 $1,055,916 Fixed: $0.50/SF annually Nov-23 2.1
37 Radiate Holdings, L.P. Cable & Satellite Non-IG 401 Carlson Circle
San Marcos, TX
47,000 $1,043,197 CPI: 0.0% Floor / 3.0% Cap Aug-24 4.9
38 North American Lighting, Inc. Auto Parts & Equipment Non-IG 36600 Corporate Drive
Farmington Hills, MI
75,286 $1,031,948 Fixed: 2.50% annually Apr-24 2.5
39 Arcfield Acquisition Corporation Aerospace & Defense Non-IG 720 Vandenberg Blvd
King of Prussia, Pennsylvania
88,578 $1,000,046 Fixed: One-time 17.50% in '23 N/A 2.8
40 International Business Machines Corporation IT Consulting & Other Services IG 900 Walnut Ridge Drive
Hartland, Wisconsin
81,082 $908,510 CPI: 0.0% Floor / No Cap Dec-23 2.2
41 Pioneer Credit Recovery, Inc.⁴ Diversified Support Services Non-IG 308 West Route 38
Moorestown, NJ
65,567 $899,370 Fixed: 2.50% annually Jan-24 1.4
42 Charter Communications Operating, LLC Cable & Satellite Non-IG 13022 Hollenberg Drive
Bridgeton, MO
78,080 $780,800 Fixed: $0.50/SF annually Apr-24 1.5
43 Carhartt, Inc.
Sold December 2023
Apparel, Accessories & Luxury Non-IG 5750 Mercury Dr.
Dearborn, MI
58,722 $748,268 Fixed: 2.65% annually Nov-23 11.2
44 Xileh Holding Inc. Multi-Sector Holdings IG 2750 High Meadow Circle
Auburn Hills, MI
55,490 $693,625 Fixed: 2.50% annually Jan-24 14.3
45 Undisclosed – multi-national provider of industrial gases Industrial Gases IG 12800 West Little York Road
Houston, TX
49,821 $604,951 Fixed: 2.00% annually Jan-24 2.3
46 APCO Holdings, Inc. Property & Casualty Insurance Non-IG 6010 Atlantic Boulevard
Norcross, GA
50,600 $600,328 Fixed: 2.50% annually Mar-24 7.4
47 AVL Michigan Holding Corporation
Sold December 2023
Auto Parts & Equipment Non-IG 47603 Halyard Drive
Plymouth, MI
70,000 $575,235 Fixed: $0.25/SF annually Jan-24 0.3
48 Radiate Holdings, L.P. Cable & Satellite Non-IG 7200 Imperial Drive
Waco, TX
30,699 $459,007 CPI: 0.0% Floor / 3.0% Cap Aug-24 4.9
49 S&ME, Inc. Environmental & Facilities Services Non-IG 3201 Spring Forest Road
Raleigh, NC
27,770 $417,401 Fixed: 3.00% annually Oct-23 1.0
50 Radiate Holdings, L.P. Cable & Satellite Non-IG 6441 Saratoga Boulevard
Corpus Christi, TX
20,717 $334,203 CPI: 0.0% Floor / 3.0% Cap Aug-24 4.9
51 BCBSM, Inc.
Sold December 2023
Managed Health Care IG 3311 Terminal Drive
Eagan, MN
29,916 $297,574 Fixed: 2.00% annually Feb-24 3.36
52 Radiate Holdings, L.P. Cable & Satellite Non-IG 2401 East Interstate 20
Odessa, TX
21,193 $229,607 CPI: 0.0% Floor / 3.0% Cap Aug-24 4.9
53 Radiate Holdings, L.P. Cable & Satellite Non-IG 341 Carlson Circle
San Marcos, TX
14,400 $205,492 CPI: 0.0% Floor / 3.0% Cap Aug-24 4.9
54 BCBSM, Inc. Managed Health Care IG 3545 Blue Cross Road
Eagan, MN
12,286 $183,313 Fixed: 2.00% annually Feb-24 3.36

European Properties

As of September 30, 2023

European Properties
#Number Primary Tenant Industry Credit1 Address SF ABR Rent Increase
Structure
Next Rent
Increase
WALT3
1 Total E&P Norge AS Oil & Gas Exploration & Production IG Finnestadveien 44
Stavanger, Norway
275,725 $4,965,018 Fixed: 2.50% annually Jan-24 7.7
2 Siemens AS Industrial Conglomerates IG Øster Aker vei 88
Oslo, Norway
165,904 $4,311,804 CPI: 0.0% Floor / No Cap Jan-24 2.2
3 E.On UK PLC Internet Retail IG Rainton House Cygnet Way
Houghton le Spring, UK
217,339 $3,491,473 CPI: 2.0% Floor / 4.0% Cap N/A 1.8
4 Undisclosed – UK insurance company Property & Casualty Insurance IG Station Quarter(Queensway/Cam)
Newport, UK
80,664 $1,696,813 CPI: 2.0% Floor / 4.0% Cap Jun-24 10.7
5 Nokia Corporation Communications Equipment IG Ul. Bobrzynskiego 46
Krakow, Poland
53,400 $1,050,888 CPI: 0.0% Floor / No Cap N/A 0.9

1“IG” refers to investment grade rated tenants.

2Excludes 570,999 of operating square footage for a parking garage associated with the KBR, Inc. property in Houston, Texas.

3“WALT” refers to the weighted-average lease term. Assumes parties do not exercise any renewal or purchase options pursuant to their applicable leases.

4Denotes multi-tenant property. Primary tenant generating largest percentage of ABR shown. Industry, credit, rent increase structure and next rent increase for primary tenant.

5Denotes leased property that is not 100% occupied.

6On October 25, 2023, the lease was restructured and will now terminate upon the earlier of (i) the sale of the property or (ii) June 30, 2024.

7Converts to a fixed rent increase structure with 2.00% bumps every year upon completion of an in-process renovation, which is anticipated to occur in the first half of 2024.

8In the 2023 third quarter, the tenant's lease was extended to December 2038. In conjunction with the extension, the annual rent will be reduced to $2.5 million, effective January 1, 2024. The first fixed rent increase will occur in 2025.

9On October 25, 2023, the lease was extended by ten years to January 31, 2037, subject to the tenant’s right to further extend the lease term for two additional five-year periods following the new lease expiration date.