Curating Best-in-Class 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
SINCE 2017
38
Apparel
34
Casual Dining
22
Specialty Retailer
er armad
18
General Merchandise
Grocery
PHOTO CENTER
Sho
Stores
8765436
REALTY INCOME
117 of 159 U.S. retailer bankruptcies since
2017 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.
with clients selling
Limited exposure to the industry, primarily with clients selling low price point goods.
Exposure to clients selling non-discretionary and/or low price point goods.
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.
Limited exposure to the industry, primarily with off-price retailers.
Entertainment
Sporting Goods
Health and Fitness
Consumer Electronics
Jewelry / Accessories
Other Retail
RE DRIVE THRU
Aytale
Immaterial exposure to entertainment clients outside of the movie theaters, and minimal exposure to bankruptcies.
Limited exposure to this industry and immaterial exposure to bankruptcies, as Realty Income has been proactively
addressing its investment in this industry since 2016.
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.
Immaterial exposure to a large, national operator with strong balance sheet and successful omni-channel platform.
No exposure to bankruptcies.
Immaterial exposure to this industry. No exposure to bankruptcies.
No exposure to retailers that filed bankruptcy.
RA DRIVE THRU
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