v3.25.4
Schedule III-Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III-Real Estate and Accumulated Depreciation
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Real Estate:
Retail Property in Newburgh, IN$856 $126 $954 $178 $— $126 $954 $178 $1,258 $(160)10/13/20202045 years
Retail Property in Newburgh, IN905 213 873 220 — 213 873 220 1,306 (183)03/16/20202045 years
Retail Property in Isanti, MN990 249 894 297 — 249 894 297 1,440 (174)03/16/20202055 years
Retail Property in Little Falls, MN847 199 783 249 — 199 783 249 1,231 (162)03/10/20202055 years
Retail Property in Waterloo, IA853 130 896 214 — 130 896 214 1,240 (184)01/30/20201945 years
Retail Property in Sioux City, IA909 220 876 222 — 220 876 222 1,318 (189)01/30/20201945 years
Retail Property in Wardsville, MO978 257 919 202 — 257 919 202 1,378 (202)11/22/19201940 years
Retail Property in Kincheloe, MI883 58 939 229 — 58 939 229 1,226 (199)11/22/19201945 years
Retail Property in Clinton, IN1,034 269 954 204 — 269 954 204 1,427 (191)11/22/19201944 years
Retail Property in Saginaw, MI950 96 1,014 210 — 96 1,014 210 1,320 (222)10/04/19201945 years
Retail Property in Rolla, MO933 110 1,011 188 — 110 1,011 188 1,309 (224)10/04/19201940 years
Retail Property in Sullivan, IL1,173 340 981 257 — 340 981 257 1,578 (200)09/13/19201950 years
Retail Property in Becker, MN932 136 922 188 — 136 922 188 1,246 (182)09/13/19201955 years
Retail Property in Adrian, MO857 136 884 191 — 136 884 191 1,211 (191)09/13/19201945 years
Retail Property in Chillicothe, IL1,023 227 1,047 245 — 227 1,047 245 1,519 (218)09/05/19201950 years
Retail Property in Poseyville, IN866 160 947 194 — 160 947 194 1,301 (202)08/13/19201944 years
Retail Property in Dexter, MO869 141 890 177 — 141 890 177 1,208 (195)07/09/19201940 years
Retail Property in Hubbard Lake, MI910 40 1,017 203 — 40 1,017 203 1,260 (226)07/09/19201940 years
Retail Property in Fayette, MO1,080 107 1,168 219 — 107 1,168 219 1,494 (259)06/26/19201940 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Centralia, IL939 200 913 193 — 200 913 193 1,306 (226)04/25/19201940 years
Retail Property in Trenton, MO882 396 628 202 — 396 628 202 1,226 (226)02/26/19201930 years
Retail Property in Houghton Lake, MI945 124 939 241 — 124 939 241 1,304 (237)02/26/19201840 years
Retail Property in Pelican Rapids, MN903 78 1,016 169 — 78 1,016 169 1,263 (310)12/26/18201830 years
Retail Property in Carthage, MO832 225 766 176 — 225 766 176 1,167 (205)12/26/18201840 years
Retail Property in Bolivar, MO880 186 876 182 — 186 876 182 1,244 (226)12/26/18201840 years
Retail Property in Pinconning, MI937 167 905 221 — 167 905 221 1,293 (211)12/06/18201845 years
Retail Property in New Hampton, IA1,002 177 1,111 187 — 177 1,111 187 1,475 (313)11/30/18201835 years
Retail Property in Ogden, IA855 107 931 153 — 107 931 153 1,191 (272)10/03/18201835 years
Retail Property in Wonder Lake, IL934 221 888 214 — 221 888 214 1,323 (268)04/12/18201739 years
Retail Property in Moscow Mills, MO983 161 945 203 — 161 945 203 1,309 (260)04/12/18201845 years
Retail Property in Foley, MN882 238 823 172 — 238 823 172 1,233 (274)04/12/18201835 years
Retail Property in Kirbyville, MO869 98 965 155 — 98 965 155 1,218 (261)04/02/18201840 years
Retail Property in Gladwin, MI882 88 951 203 — 88 951 203 1,242 (244)04/02/18201745 years
Retail Property in Rockford, MN893 187 850 207 — 187 850 207 1,244 (349)12/08/17201730 years
Retail Property in Winterset, IA942 272 830 200 — 272 830 200 1,302 (276)12/08/17201735 years
Retail Property in Kawkawlin, MI925 242 871 179 — 242 871 179 1,292 (314)10/05/17201730 years
Retail Property in Aroma Park, IL946 223 869 164 — 223 869 164 1,256 (265)10/05/17201735 years
Retail Property in East Peoria, IL1,016 233 998 161 — 233 998 161 1,392 (297)10/05/17201740 years
Retail Property in Milford, IA982 254 883 217 — 254 883 217 1,354 (277)09/08/17201740 years
Retail Property in Jefferson City, MO934 164 966 205 — 164 966 205 1,335 (295)06/02/17201640 years
Retail Property in Denver, IA888 198 840 191 — 198 840 191 1,229 (286)05/31/17201735 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Port O'Connor, TX939 167 937 200 — 167 937 200 1,304 (320)05/25/17201735 years
Retail Property in Wabasha, MN954 237 912 214 — 237 912 214 1,363 (341)05/25/17201635 years
Office in Jacksonville, FL82,441 13,290 106,601 21,362 17,000 13,290 123,601 21,362 158,253 (43,327)05/23/17198936 years
Retail Property in Shelbyville, IL853 189 849 199 — 189 849 199 1,237 (276)05/23/17201640 years
Retail Property in Jesup, IA874 119 890 191 — 119 890 191 1,200 (301)05/05/17201735 years
Retail Property in Hanna City, IL855 174 925 132 — 174 925 132 1,231 (297)04/11/17201639 years
Retail Property in Ridgedale, MO981 250 928 187 — 250 928 187 1,365 (299)03/09/17201640 years
Retail Property in Peoria, IL893 209 933 133 — 209 933 133 1,275 (314)02/06/17201635 years
Retail Property in Carmi, IL1,087 286 916 239 — 286 916 239 1,441 (301)02/03/17201640 years
Retail Property in Springfield, IL990 391 784 227 — 393 789 224 1,406 (273)11/16/16201640 years
Retail Property in Fayetteville, NC4,824 1,379 3,121 2,472 — 1,379 3,121 2,471 6,971 (2,173)11/15/16200837 years
Retail Property in Dryden Township, MI900 178 893 201 — 178 899 202 1,279 (293)10/26/16201640 years
Retail Property in Lamar, MO890 164 903 171 — 164 903 171 1,238 (297)07/22/16201640 years
Retail Property in Union, MO934 267 867 207 — 267 867 207 1,341 (316)07/01/16201640 years
Retail Property in Pawnee, IL934 249 775 206 — 249 775 206 1,230 (288)07/01/16201640 years
Retail Property in Linn, MO849 89 920 183 — 89 920 183 1,192 (308)06/30/16201640 years
Retail Property in Cape Girardeau, MO1,040 453 702 217 — 453 702 217 1,372 (270)06/30/16201640 years
Retail Property in Decatur-Pershing, IL1,038 395 924 155 — 395 924 155 1,474 (307)06/30/16201640 years
Retail Property in Rantoul, IL913 100 1,023 178 — 100 1,023 178 1,301 (319)06/21/16201640 years
Retail Property in Flora Vista, NM989 272 864 198 — 272 864 198 1,334 (378)06/06/16201635 years
Retail Property in Mountain Grove, MO969 163 1,026 212 — 163 1,026 212 1,401 (352)06/03/16201640 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Decatur-Sunnyside, IL959 182 954 139 — 182 954 139 1,275 (313)06/03/16201640 years
Retail Property in Champaign, IL1,004 365 915 149 — 365 915 149 1,429 (292)06/03/16201640 years
Retail Property in San Antonio, TX899 252 703 196 — 251 702 196 1,149 (298)05/06/16201535 years
Retail Property in Borger, TX795 68 800 181 — 68 800 181 1,049 (296)05/06/16201640 years
Retail Property in Dimmitt, TX1,071 86 1,077 236 — 85 1,074 236 1,395 (383)04/26/16201640 years
Retail Property in St. Charles, MN974 200 843 226 — 200 843 226 1,269 (379)04/26/16201630 years
Retail Property in Philo, IL937 160 889 189 — 160 889 189 1,238 (291)04/26/16201640 years
Retail Property in Radford, VA1,120 411 896 256 — 411 896 256 1,563 (417)12/23/15201540 years
Retail Property in Rural Retreat, VA1,002 328 811 260 — 328 811 260 1,399 (363)12/23/15201540 years
Retail Property in Albion, PA1,086 100 1,033 392 — 100 1,033 392 1,525 (613)12/23/15201550 years
Retail Property in Mount Vernon, AL910 187 876 174 — 187 876 174 1,237 (350)12/23/15201544 years
Retail Property in Malone, NY1,071 183 1,154 — 166 183 1,320 — 1,503 (416)12/16/15201539 years
Retail Property in Mercedes, TX826 257 874 132 — 257 874 132 1,263 (290)12/16/15201545 years
Retail Property in Gordonville, MO— 247 787 173 — 247 787 173 1,207 (292)11/10/15201540 years
Retail Property in Rice, MN— 200 859 184 — 200 859 184 1,243 (423)10/28/15201530 years
Retail Property in Farmington, IL— 96 1,161 150 — 96 1,161 150 1,407 (378)10/23/15201540 years
Retail Property in Grove, OK— 402 4,364 817 — 402 4,364 817 5,583 (1,738)10/20/15201237 years
Retail Property in Bloomington, IL— 173 984 138 — 173 984 138 1,295 (338)10/14/15201540 years
Retail Property in Montrose, MN— 149 876 169 — 149 876 169 1,194 (426)10/14/15201530 years
Retail Property in Lincoln County , MO— 149 800 188 — 149 800 188 1,137 (298)10/14/15201540 years
Retail Property in Wilmington, IL— 161 1,078 160 — 161 1,078 160 1,399 (368)10/07/15201540 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Danville, IL— 158 870 132 — 158 870 132 1,160 (281)10/07/15201540 years
Retail Property in Moultrie, GA— 170 962 173 — 170 962 173 1,305 (455)09/22/15201444 years
Retail Property in Rose Hill, NC— 245 972 203 — 245 972 203 1,420 (441)09/22/15201444 years
Retail Property in Rockingham, NC— 73 922 163 — 73 922 163 1,158 (394)09/22/15201444 years
Retail Property in Biscoe, NC846 147 905 164 — 147 905 164 1,216 (401)09/22/15201444 years
Retail Property in De Soto, IA— 139 796 176 — 139 796 176 1,111 (317)09/08/15201535 years
Retail Property in Kerrville, TX— 186 849 200 — 186 849 200 1,235 (396)08/28/15201535 years
Retail Property in Floresville, TX— 268 828 216 — 268 828 216 1,312 (401)08/28/15201535 years
Retail Property in Minot, ND— 1,856 4,472 618 — 1,856 4,472 618 6,946 (1,569)08/19/15201238 years
Retail Property in Lebanon, MI— 359 724 178 — 359 724 178 1,261 (281)08/14/15201540 years
Retail Property in Effingham County, IL— 273 774 205 — 273 774 205 1,252 (324)08/10/15201540 years
Retail Property in Ponce, Puerto Rico— 1,365 6,662 1,318 — 1,365 6,662 1,318 9,345 (2,375)08/03/15201237 years
Retail Property in Tremont, IL— 164 860 168 — 164 860 168 1,192 (344)06/25/15201535 years
Retail Property in Pleasanton, TX— 311 850 216 — 311 850 216 1,377 (399)06/24/15201535 years
Retail Property in Peoria, IL— 180 934 179 — 180 934 179 1,293 (374)06/24/15201535 years
Retail Property in Bridgeport, IL— 192 874 175 — 192 874 175 1,241 (348)06/24/15201535 years
Retail Property in Warren, MN— 108 825 157 — 108 825 157 1,090 (398)06/24/15201530 years
Retail Property in Canyon Lake, TX— 291 932 220 — 291 932 220 1,443 (415)06/18/15201535 years
Retail Property in Wheeler, TX— 53 887 188 — 53 887 188 1,128 (394)06/18/15201535 years
Retail Property in Aurora, MN621 126 709 157 — 126 709 157 992 (283)06/18/15201540 years
Retail Property in Red Oak, IA— 190 839 179 — 190 839 179 1,208 (408)05/07/15201435 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Zapata, TX— 62 998 145 — 62 998 145 1,205 (507)05/07/15201535 years
Retail Property in St. Francis, MN— 105 911 163 — 105 911 163 1,179 (491)03/26/15201435 years
Retail Property in Yorktown, TX— 97 1,005 199 — 97 1,005 199 1,301 (531)03/25/15201535 years
Retail Property in Battle Lake, MN— 136 875 157 — 136 875 157 1,168 (512)03/25/15201430 years
Retail Property in Paynesville, MN— 246 816 192 — 246 816 192 1,254 (425)03/05/15201540 years
Retail Property in Wheaton, MO— 73 800 97 — 73 800 97 970 (359)03/05/15201540 years
Retail Property in Rotterdam, NY9,023 2,530 7,924 2,165 — 2,530 7,924 2,165 12,619 (6,811)03/03/15199620 years
Retail Property in Hilliard, OH— 654 4,870 860 — 654 4,870 860 6,384 (1,962)03/02/15200741 years
Retail Property in Niles, OH— 437 4,084 680 — 437 4,084 680 5,201 (1,633)03/02/15200741 years
Retail Property in Youngstown, OH3,784 380 4,363 658 — 380 4,363 658 5,401 (1,780)02/20/15200540 years
Retail Property in Iberia, MO— 130 1,033 165 — 130 1,033 165 1,328 (472)01/23/15201539 years
Retail Property in Pine Island, MN— 112 845 185 — 112 845 185 1,142 (455)01/23/15201440 years
Retail Property in Isle, MN— 120 787 171 — 120 787 171 1,078 (439)01/23/15201440 years
Retail Property in Evansville, IN— 1,788 6,348 864 — 1,788 6,348 864 9,000 (2,893)11/26/14201435 years
Retail Property in Springfield, MO— 3,658 6,296 1,870 — 3,658 6,296 1,870 11,824 (3,455)11/04/14201137 years
Retail Property in Cedar Rapids, IA— 1,569 7,553 1,878 — 1,569 7,553 1,878 11,000 (4,372)11/04/14201230 years
Retail Property in Fairfield, IA— 1,132 7,779 1,800 — 1,132 7,779 1,800 10,711 (3,855)11/04/14201137 years
Retail Property in Owatonna, MN— 1,398 7,125 1,564 — 1,398 7,125 1,564 10,087 (3,681)11/04/14201036 years
Retail Property in Muscatine, IA— 1,060 6,636 1,307 — 1,060 6,636 1,307 9,003 (3,611)11/04/14201329 years
Retail Property in Sheldon, IA— 633 3,053 708 — 633 3,053 708 4,394 (1,577)11/04/14201137 years
Retail Property in Memphis, TN— 1,986 2,800 803 — 1,986 2,800 803 5,589 (2,881)10/24/14196215 years
Retail Property in O'Fallon, IL— 2,488 5,388 1,064 — 2,488 5,388 1,064 8,940 (5,239)08/08/14198415 years
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Retail Property in Durant, OK3,267 594 3,900 498 — 594 3,900 498 4,992 (1,662)01/28/13200740 years
Retail Property in Gallatin, TN3,180 1,725 2,616 721 — 1,725 2,616 721 5,062 (1,474)12/28/12200740 years
Retail Property in Mt. Airy, NC2,927 729 3,353 621 — 729 3,353 621 4,703 (1,653)12/27/12200739 years
Retail Property in Aiken, SC3,923 1,588 3,480 858 — 1,588 3,480 858 5,926 (1,801)12/21/12200841 years
Retail Property in Johnson City, TN3,381 917 3,607 739 — 917 3,607 739 5,263 (1,813)12/21/12200740 years
Retail Property in Palmview, TX4,158 938 4,837 1,044 — 938 4,837 1,044 6,819 (2,093)12/19/12201244 years
Retail Property in Ooltewah, TN3,579 903 3,957 843 — 903 3,957 843 5,703 (1,944)12/18/12200841 years
Retail Property in Abingdon, VA3,008 682 3,733 666 — 682 3,733 666 5,081 (1,840)12/18/12200641 years
Retail Property in Vineland, NJ17,203 1,482 17,742 3,282 — 1,482 17,742 3,282 22,506 (11,142)09/21/12200330 years
Retail Property in Saratoga Springs, NY15,574 748 13,936 5,538 — 748 13,936 5,538 20,222 (10,676)09/21/12199427 years
Retail Property in Mooresville, NC13,690 2,615 12,462 2,566 — 2,615 12,462 2,566 17,643 (9,374)09/21/12200024 years
Retail Property in DeLeon Springs, FL990 239 782 221 — 239 782 221 1,242 (660)08/13/12201135 years
Retail Property in Orange City, FL1,040 229 853 235 — 229 853 235 1,317 (680)05/23/12201135 years
Retail Property in Satsuma, FL840 79 821 192 — 79 821 192 1,092 (653)04/19/12201135 years
Retail Property in Greenwood, AR3,143 1,038 3,415 694 — 1,038 3,415 694 5,147 (1,757)04/12/12200943 years
Retail Property in Millbrook, AL4,265 970 5,972 — — 970 5,972 — 6,942 (2,589)03/28/12200832 years
Retail Property in Spartanburg, SC3,300 828 2,567 772 — 828 2,567 772 4,167 (1,654)01/14/11200742 years
Retail Property in Tupelo, MS4,487 1,120 3,070 939 — 1,120 3,070 939 5,129 (1,898)08/13/10200747 years
Retail Property in Lilburn, GA— 1,090 3,673 1,028 — 1,090 3,673 1,028 5,791 (2,195)08/12/10200747 years
Retail Property in Douglasville, GA4,688 1,717 2,705 987 — 1,717 2,705 987 5,409 (1,741)08/12/10200848 years
Retail Property in Elkton, MD4,315 963 3,049 860 — 963 3,049 860 4,872 (1,845)07/27/10200849 years
Retail Property in Lexington, SC4,083 1,644 2,219 869 — 1,644 2,219 869 4,732 (1,554)06/28/10200948 years
Total Net Lease$275,215 $81,316 $399,644 $87,528 $17,166 $81,316 $416,817 $87,525 $585,658 $(191,604)
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount at which Carried at Close of PeriodAccumulated Depreciation and AmortizationDate AcquiredYear BuiltLife on which Depreciation in Latest Statement of Income is Computed
DescriptionEncumbrancesLandBuildingIntangiblesLandBuildingIntangiblesTotal
Office in Rockville, MD$— $6,302 $12,937 $3,439 $— $6,301 $12,962 $3,439 $22,702 $(501)09/29/25200735 years
Office in Carmel, IN— 12,794 22,827 7,074 359 12,793 23,257 7,074 43,124 (2,691)04/30/25198314 years
Office in Oakland, CA— 1,500 6,000 — — 2,889 4,611 — 7,500 (139)09/27/24192842 years
Retail in New York, NY— 8,896 13,750 — 1,321 8,896 15,072 — 23,968 (720)12/21/23198540 years
Multifamily in Pittsburgh, PA— 7,141 26,222 1,116 — 7,141 27,018 1,122 35,281 (3,367)11/01/23196637 years
Multifamily in New York, NY— 15,824 13,512 1,135 — 15,824 13,760 1,019 30,603 (2,355)09/19/23192120 years
Office in Houston, TX— 826 6,322 2,380 2,903 826 9,226 2,380 12,432 (4,535)11/01/22198328 years
Retail in New York, NY— 2,434 5,482 — — 2,434 6,178 — 8,612 (852)02/11/22201928 years
Hotel in Schaumburg, IL— 8,029 29,971 — 1,174 8,029 31,145 — 39,174 (11,365)12/17/21198325 years
Hotel in Omaha, NE— 2,963 15,237 — 1,562 2,963 16,799 — 19,762 (5,265)02/27/19196935 years
Apartments in Isla Vista, CA90,158 36,274 47,694 1,118 3,293 36,274 50,987 1,118 88,379 (11,581)05/01/18200942 years
Office in Crum Lynne, PA6,006 1,403 7,518 1,666 — 1,403 7,518 1,666 10,587 (2,512)09/29/17199935 years
Shopping Center in Carmel, NY— 2,041 3,632 1,033 — 2,041 4,391 1,033 7,465 (2,843)10/14/15198520 years
Office in Oakland County, MI16,816 1,147 7,707 9,932 12,176 1,147 19,875 9,927 30,949 (22,329)02/01/13198935 years
$112,980 $107,574 $218,811 $28,893 $22,788 $108,961 $242,799 $28,778 $380,538 $(71,055)
Total Real Estate$388,195 $188,890 $618,455 $116,421 $39,954 $190,277 $659,616 $116,303 $966,196 (1)$(262,659)
(1)      The aggregate cost for U.S. federal income tax purposes is $0.9 billion at December 31, 2025.
Reconciliation of Real Estate:

The following table reconciles real estate from December 31, 2024 to December 31, 2025 ($ in thousands):
Total Real Estate
Balance at December 31, 2024$904,398 
Acquisitions through foreclosures65,372 
Improvements9,844 
Dispositions and write-offs(13,418)
Balance at December 31, 2025$966,196 


The following table reconciles real estate from December 31, 2023 to December 31, 2024 ($ in thousands):
Total Real Estate
Balance at December 31, 2023$947,226 
Acquisitions through foreclosures48,796 
Improvements6,497 
Dispositions and write-offs(98,121)
Balance at December 31, 2024$904,398 


The following table reconciles real estate from December 31, 2022 to December 31, 2023 ($ in thousands):
Total Real Estate
Balance at December 31, 2022$899,144 
Acquisitions through foreclosures87,598 
Improvements4,374 
Dispositions and write-offs(43,890)
Balance at December 31, 2023$947,226 
Reconciliation of Accumulated Depreciation and Amortization Expense:

The following table reconciles accumulated depreciation and amortization from December 31, 2024 to December 31, 2025 ($ in thousands):
Total Real Estate
Balance at December 31, 2024$233,595 
Depreciation and amortization expense32,262 
Dispositions/write-offs(3,198)
Balance at December 31, 2025$262,659 


The following table reconciles accumulated depreciation and amortization from December 31, 2023 to December 31, 2024 ($ in thousands):
Total Real Estate
Balance at December 31, 2023$220,784 
Depreciation and amortization expense32,266 
Dispositions/write-offs(19,455)
Balance at December 31, 2024$233,595 


The following table reconciles accumulated depreciation and amortization from December 31, 2022 to December 31, 2023 ($ in thousands):
Total Real Estate
Balance at December 31, 2022$199,008 
Depreciation and amortization expense29,791 
Dispositions/write-offs(8,015)
Balance at December 31, 2023$220,784