CONCENTRATION OF CREDIT RISK	9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3 – CONCENTRATION OF CREDIT RISK Our tenant base and the restaurant and retail brands operating our properties are highly concentrated. With respect to our tenant base, Darden leases represent approximately 49.3% of the scheduled base rents from the properties we own. As our revenues predominately consist of rental payments, we are dependent on Darden for a significant portion of our leasing revenues. The audited and unaudited financial statements for Darden are included in its filings with the SEC, which can be found on the SEC’s internet website at www.sec.gov. Reference to Darden’s filings with the SEC is solely for the information of investors. We do not intend this website to be an active link or to otherwise incorporate the information contained on such website (including Darden’s filings with the SEC) into this report or our other filings with the SEC. We also are subject to concentration risk in terms of the restaurant and retail brands that operate our properties. As of September 30, 2024, we had 314 Olive Garden branded locations in our portfolio, which comprise approximately 27.2% of our leased properties and approximately 35.3% of the revenues received under leases. Longhorn Steakhouse branded restaurants comprise approximately 10.1% of our leased properties and approximately 10.0% of the revenues received under leases as of September 30, 2024. Our properties, including the Kerrow Restaurant Operating Business, are located in 47 states. There are no concentrations of 10% or greater of total rental revenue in any one state. We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At September 30, 2024, our exposure to risk related to amounts due to us on our derivative instruments totaled $7.1 million, and the counterparty to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $250.0 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions.

CONCENTRATION OF CREDIT RISK

9 Months Ended

Sep. 30, 2024

NOTE 3 – CONCENTRATION OF CREDIT RISK

Our tenant base and the restaurant and retail brands operating our properties are highly concentrated. With respect to our tenant base, Darden leases represent approximately 49.3% of the scheduled base rents from the properties we own. As our revenues predominately consist of rental payments, we are dependent on Darden for a significant portion of our leasing revenues. The audited and unaudited financial statements for Darden are included in its filings with the SEC, which can be found on the SEC’s internet website at www.sec.gov. Reference to Darden’s filings with the SEC is solely for the information of investors. We do not intend this website to

be an active link or to otherwise incorporate the information contained on such website (including Darden’s filings with the SEC) into this report or our other filings with the SEC.

We also are subject to concentration risk in terms of the restaurant and retail brands that operate our properties. As of September 30, 2024, we had 314 Olive Garden branded locations in our portfolio, which comprise approximately 27.2% of our leased properties and approximately 35.3% of the revenues received under leases. Longhorn Steakhouse branded restaurants comprise approximately 10.1% of our leased properties and approximately 10.0% of the revenues received under leases as of September 30, 2024. Our properties, including the Kerrow Restaurant Operating Business, are located in 47 states. There are no concentrations of 10% or greater of total rental revenue in any one state.

We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At September 30, 2024, our exposure to risk related to amounts due to us on our derivative instruments totaled $7.1 million, and the counterparty to such instruments are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $250.0 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions.