Growing International Portfolio
REALTY INCOME
Diligent Underwriting Process Has Resulted in Minimal Exposure to Retail Bankruptcies
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Realty Income's strategy is to invest in clients with a
non-discretionary, low price point, and / or
service-oriented component to their business.
TOTAL RETAILER BANKRUPTCIES
REALTY INCOME
130 of 176 U.S. retailer bankruptcies since
2018 are associated with companies lacking at least
one of these characteristics.
EXPOSURE AND STRATEGY
Limited exposure to the industry; existing exposure is primarily with off-price retailers that have fared better.
Immaterial exposure to bankruptcies in this sector. Top clients are large, national operators with strong access to
capital that paid essentially all rent due through the duration of the pandemic.
Limited exposure to the industry, primarily with clients selling low price point goods.
SINCE 2018
40
Apparel
33
Casual Dining
17
Specialty Retailer
16
Home and Furniture
Limited exposure to the industry and bankruptcies.
12
QSR
11
Grocery
9863
24
21
Entertainment
General Merchandise
Health and Fitness
Sporting Goods
Other Retail
Exposure primarily to large, national chain with significant scale.
Immaterial exposure to bankruptcies in this industry. Top two US grocery clients (Kroger and Walmart) control >30%
of the US grocery market share and have significant size, scale and access to capital to expand their omni-channel
platforms. In the UK, Sainsbury's and Tesco are among the top three grocery operators.
Immaterial exposure to entertainment clients outside of the movie theaters.
Exposure to clients selling non-discretionary and/or low price point goods.
Top two clients are large, national operators with strong scale and access to capital, one of which paid 100% of rent
through the duration of the pandemic.
Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively
addressing its investment in this industry since 2016.
No exposure to retailers that filed bankruptcy.
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