Secure income.
As of March 31, 2013, the weighted average remaining lease term of our leases (based on annualized rents) was approximately 12 years.
Tenant diversity.
As of March 31, 2013, our 272 properties were leased to 273 different tenants with no tenant responsible for more than 9% of our annualized rents.
Internal growth prospects.
A significant number of our Hawaii land leases are scheduled to have their rents reset in the next four years. Since our parent acquired our Hawaii properties in 2003 and 2005, many of our Hawaii land leases have had at least one rent reset, resulting in a rent increase, on average, of more than 30% over the rent being reset.
External growth prospects.
We believe that there are significant opportunities to acquire net leased, single tenant properties, especially in suburban areas.
Net lease structure.
Most of our leases are net leases, where the tenant either pays directly or reimburses us for all, or substantially all, property level operating expenses and capital expenditures, such as real estate taxes, insurance, utilities, maintenance and repairs, other than, in certain circumstances, roof and structural element-related expenditures.
Conservative capital structure.
As of March 31, 2011, our debt to total book capital is approximately 41%.
Attractive distributions.
Our current common share distribution of $0.44 per share, per quarter ($1.76 per share, per year) is well covered, with a normalized funds from operation (FFO) payout ratio of 55% as of March 31, 2013.
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