Moat The foundation of the competitive advantage consists of three pillars: High-credit-quality tenants: ~65% of rental income comes from investment-grade retailers such as Walmart, Kroger, and Tractor Supply
Very long-term leases: Terms of 10–20 years with built-in rent escalators create high “switching costs” for tenants
E-commerce-resistant focus: Deliberate concentration on essential sectors such as grocery stores, pharmacies, home improvement stores, and gas stations
