Cash Flow DiversificationManagement has been diversifying cash flows into alternative sectors, such as medical and auto, which offer similar characteristics, including transaction size, rent levels, and coverage.
Investment-Grade TenantsWith roughly 60% of rents derived from investment-grade tenants, and portfolio rent coverage around 5.0x, durability to cash flows is seen.
Positive Restaurant TrendsBroader restaurant trends fared well through the end of 2023 given a notable increase in away-from-home food consumption.