The largest tenants are Walgreens- 3.5%; AT&T 3.1%; CVS 2.9%; Dollar general 2.5%; Fedex 2.1%; Petsmart 2.0%; Albertsons 2.0%; Family dollar 1.9%; ; FSA 1.9%; Citizens bank 1.8%.
How does amazon affect any of these? There is almost no effect. The only traditional retail is dollar stores and drug stores which AMZN can't really touch-- dollar stores will thrive in bad economy and you need pharmacists for drug stores, etc. Also, AMZN doesn't offer financial services to touch banks, and of course FDX is booming.
Over 49% are investment grade...and we're dealing with long term leases, so there is likely only 51% of the portfolio that can really cause issues, and even they are locked in long term.
The funny thing, is if for some reason in a severe downturn, ARCP got into trouble and had to cut the dividend say 25%, it would still have a higher yield than O.