2022 First Quarter Investor Presentation
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STORE
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2022 first quarter investor presentation
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3 We measure the credit quality of our portfolio on a contract-by-
contract basis using the STORE Score, which is a proprietary risk
measure reflective of both the credit risk of our tenants and the
profitability of the operations at our properties. The STORE Score is a
quantitative measurement of contract risk computed by multiplying
tenant default probabilities (using Moody's RiskCalc) and estimated
store closure probabilities (using a simple algorithm we developed that
has closure probabilities ranging from 100% to 10%, depending on unit-
level profitability). Qualitative features can also impact investment risk,
such as low property investment amounts, favorable tenant debt capital
stacks, the presence of third-party guarantors, or other factors. Such
qualitative factors are not included in the STORE Score and may serve
to mitigate investment risk even further.
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1 Ratios as of March 31, 2022; Unencumbered EBITDA based on NOI
from Unencumbered Assets less an allocation of G&A expenses based
on assets.
2 Based on average of ratios of Realty Income and National Retail
Properties as of December 31, 2021.
3 Assets Under Management (AUM) represents our total investment in
real estate assets (gross of accumulated depreciation and amortization)
as of March 31, 2022.
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1 Represents rolling 12-month values for AFFO, Dividends and Net
Income per share beginning with the 12-month period ended March 31,
2016. Refer to page 22 for definitions of non-GAAP financial measures
and page 4 of the Company's Earnings Supplement filed as Exhibit 99.2
to the Company's Form 8-K filed with the SEC on May 4, 2022 for a
reconciliation to net income.
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1 Source: Historical dividend data from Nasdaq.com. Compound growth
rates for the period beginning in Q1 2015 through Q1 2022.
2 Represents actual AFFO payout ratios obtained from publicly available
financial information for the quarter ended December 31, 2021.
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1 Source: Weighted average acquisition cap rates and lease durations for
acquisitions from publicly available financial information for the eight quarters
ended December 31, 2021.
2 Source: Tenant information and lease expiration data by annualized rent from
publicly available financial information as of December 31, 2021.
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