NOTES

• Click on the logo in the Tenant column to visit each tenant’s website, which is useful for familiarizing oneself with the brand and its related products and services, researching the latest company news and new store openings, and identifying existing store locations.
• Click on the link in the Parent Company column to visit each tenant’s holding company website, which often includes information on the organizational structure, informative press releases, financial highlights, and 10-Ks and other financial disclosures required by the SEC (if the tenant is publicly traded).
• For publicly-traded tenants, click on the link in the Stock Ticker column to visit each corporation’s Google Finance page, which features the latest business and enterprise headlines, including recent financial decisions and major news events.  Historical and real-time stock information is available, as are Adobe Flash-based stock price charts which contain marks for major news events and corporate actions.  The site also aggregates Google News and Google Blog Search articles about each corporation.  For more on how to use Google Finance to track companies and analyze their financial performance, please visit the websites help section here.
• Moody’s and Standard & Poor’s (“S&P”) are the two largest credit rating agencies that analyze the creditworthiness of corporations spanning every industry sector. The long-term ratings are opinions of the relative credit risk of each tenant’s financial obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default. A breakdown of S&P’s rating system can be found here, and Moody’s can be found here.
• The default probabilities measure degree of likelihood that each tenant will not be able to make the necessary scheduled repayments on their long-term debt within the next five years. Should the borrower be unable to pay, they are then said to be in default of the debt, at which point the lenders of the debt have legal avenues to attempt obtaining at least partial repayment. Generally speaking, the higher the default probability a lender estimates a borrower to have, the higher the interest rate the lender will charge the borrower (as compensation for bearing higher default risk).