| Schedule III - Real Estate and Accumulated Depreciation |
ESSENTIAL PROPERTIES REALTY TRUST, INC. Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2025 (Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | | | | Automotive Service | | | | | | | | | | | | | | | | | | | | | | | | Alabama | | 5 | | $ | 2,453 | | | $ | 5,182 | | | $ | — | | | $ | — | | | $ | 2,453 | | | $ | 5,182 | | | $ | 7,635 | | | $ | (295) | | | 1988 - 2022 | | 2019 - 2025 | | Arkansas | | 1 | | 193 | | | 258 | | | — | | | — | | | 193 | | | 258 | | | 451 | | | (15) | | | 1978 | | 2024 | | Arizona | | 9 | | 10,587 | | | 19,611 | | | — | | | — | | | 10,587 | | | 19,611 | | | 30,198 | | | (3,017) | | | 1975 - 2018 | | 2020 - 2021 | | California | | 4 | | 4,502 | | | 8,499 | | | — | | | — | | | 4,502 | | | 8,499 | | | 13,001 | | | (1,110) | | | 1953 - 1991 | | 2021 - 2022 | | Colorado | | 7 | | 6,027 | | | 11,544 | | | — | | | 170 | | | 6,027 | | | 11,714 | | | 17,741 | | | (1,687) | | | 1982 - 2014 | | 2021 - 2022 | | Connecticut | | 5 | | 4,340 | | | 11,068 | | | — | | | — | | | 4,340 | | | 11,068 | | | 15,408 | | | (560) | | | 1949 - 2003 | | 2023 - 2025 | | Florida | | 5 | | 4,015 | | | 7,123 | | | — | | | 196 | | | 4,015 | | | 7,320 | | | 11,335 | | | (558) | | | 1974 - 2025 | | 2017 - 2025 | | Georgia | | 26 | | 13,064 | | | 29,895 | | | — | | | 1,583 | | | 13,064 | | | 31,478 | | | 44,542 | | | (3,075) | | | 1942 - 2025 | | 2017 - 2024 | | Iowa | | 3 | | 1,486 | | | 4,324 | | | — | | | 245 | | | 1,486 | | | 4,568 | | | 6,054 | | | (200) | | | 1946 - 1999 | | 2023 - 2025 | | Idaho | | 1 | | 472 | | | 412 | | | 120 | | | 480 | | | 592 | | | 892 | | | 1,484 | | | (6) | | | 1998 | | 2025 | | Illinois | | 9 | | 4,841 | | | 12,238 | | | — | | | 54 | | | 4,841 | | | 12,292 | | | 17,133 | | | (1,309) | | | 1927 - 2013 | | 2019 - 2025 | | Indiana | | 11 | | 4,354 | | | 10,167 | | | 555 | | | 302 | | | 4,910 | | | 10,469 | | | 15,379 | | | (719) | | | 1950 - 2024 | | 2022 - 2025 | | Kansas | | 7 | | 3,009 | | | 4,366 | | | — | | | — | | | 3,009 | | | 4,366 | | | 7,375 | | | (632) | | | 1981 - 2018 | | 2021 | | Kentucky | | 8 | | 6,125 | | | 7,539 | | | — | | | — | | | 6,125 | | | 7,539 | | | 13,664 | | | (468) | | | 1968 - 2006 | | 2023 - 2024 | | Louisiana | | 2 | | 970 | | | 2,787 | | | — | | | — | | | 970 | | | 2,787 | | | 3,757 | | | (86) | | | 1987 - 2005 | | 2024 - 2025 | | Massachusetts | | 1 | | 512 | | | 1,804 | | | — | | | — | | | 512 | | | 1,804 | | | 2,316 | | | (120) | | | 1935 | | 2023 | | Maryland | | 4 | | 3,973 | | | 12,825 | | | — | | | — | | | 3,973 | | | 12,825 | | | 16,798 | | | (3,129) | | | 1952 - 2016 | | 2017 - 2018 | | Maine | | 3 | | 1,633 | | | 4,920 | | | — | | | — | | | 1,633 | | | 4,920 | | | 6,553 | | | (388) | | | 1985 - 1990 | | 2023 - 2024 | | Michigan | | 14 | | 7,598 | | | 14,549 | | | 223 | | | 412 | | | 7,821 | | | 14,961 | | | 22,782 | | | (2,300) | | | 1955 - 2014 | | 2017 - 2025 | | Minnesota | | 6 | | 4,177 | | | 7,910 | | | 201 | | | 77 | | | 4,378 | | | 7,987 | | | 12,365 | | | (1,944) | | | 1973 - 1999 | | 2016 - 2021 | | Missouri | | 25 | | 13,048 | | | 41,523 | | | 233 | | | 1,297 | | | 13,281 | | | 42,820 | | | 56,101 | | | (1,837) | | | 1937 - 2025 | | 2021 - 2025 | | Mississippi | | 8 | | 3,636 | | | 6,779 | | | — | | | — | | | 3,636 | | | 6,779 | | | 10,415 | | | (839) | | | 1988 - 2002 | | 2021 - 2024 | | North Carolina | | 10 | | 4,499 | | | 4,231 | | | — | | | — | | | 4,499 | | | 4,231 | | | 8,730 | | | (982) | | | 1990 - 2024 | | 2018 - 2024 | | Nebraska | | 1 | | 1,177 | | | 479 | | | — | | | — | | | 1,177 | | | 479 | | | 1,656 | | | (102) | | | 1995 | | 2021 | | New Jersey | | 17 | | 21,247 | | | 25,609 | | | — | | | — | | | 21,247 | | | 25,609 | | | 46,856 | | | (4,121) | | | 1928 - 2000 | | 2020 - 2025 | | New Mexico | | 2 | | 432 | | | 1,264 | | | — | | | 50 | | | 432 | | | 1,314 | | | 1,746 | | | (197) | | | 1989 - 1994 | | 2021 - 2022 | | New York | | 9 | | 4,025 | | | 10,443 | | | — | | | — | | | 4,025 | | | 10,443 | | | 14,468 | | | (1,919) | | | 1970 - 2019 | | 2016 - 2024 | | Ohio | | 9 | | 3,959 | | | 8,898 | | | — | | | 742 | | | 3,959 | | | 9,640 | | | 13,599 | | | (928) | | | 1960 - 2025 | | 2018 - 2024 | | Oklahoma | | 26 | | 11,556 | | | 34,338 | | | — | | | 50 | | | 11,556 | | | 34,388 | | | 45,944 | | | (4,966) | | | 1967 - 2020 | | 2018 - 2025 | | Oregon | | 2 | | 1,076 | | | 1,104 | | | — | | | — | | | 1,076 | | | 1,104 | | | 2,180 | | | (178) | | | 1967 - 1984 | | 2022 | | Pennsylvania | | 7 | | 6,178 | | | 10,205 | | | — | | | — | | | 6,178 | | | 10,205 | | | 16,383 | | | (1,587) | | | 1942 - 2012 | | 2017 - 2024 | | Rhode Island | | 1 | | 1,834 | | | 2,178 | | | — | | | — | | | 1,834 | | | 2,178 | | | 4,012 | | | (255) | | | 2001 | | 2023 | | South Carolina | | 7 | | 3,864 | | | 4,973 | | | — | | | 580 | | | 3,864 | | | 5,553 | | | 9,417 | | | (425) | | | 1989 - 2024 | | 2020 - 2024 | | Tennessee | | 4 | | 2,328 | | | 3,388 | | | — | | | — | | | 2,328 | | | 3,388 | | | 5,716 | | | (556) | | | 1990 - 2016 | | 2017 - 2024 | | Texas | | 18 | | 14,178 | | | 27,311 | | | — | | | 1,100 | | | 14,178 | | | 28,411 | | | 42,589 | | | (5,062) | | | 1970 - 2017 | | 2016 - 2025 | | Virginia | | 3 | | 1,197 | | | 1,750 | | | — | | | — | | | 1,197 | | | 1,750 | | | 2,947 | | | (188) | | | 1983 - 2006 | | 2020 - 2024 | | Vermont | | 1 | | 629 | | | 2,260 | | | — | | | — | | | 629 | | | 2,260 | | | 2,889 | | | (14) | | | 1975 - 1975 | | 2025 | | Wisconsin | | 9 | | 3,505 | | | 7,446 | | | — | | | 74 | | | 3,505 | | | 7,520 | | | 11,025 | | | (977) | | | 1929 - 2000 | | 2021 - 2025 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | West Virginia | | 6 | | 1,985 | | | 4,519 | | | — | | | — | | | 1,985 | | | 4,519 | | | 6,504 | | | (724) | | | 1983 - 2007 | | 2020 - 2022 | | | | | | | | | | | | | | | | | | | | | | | | | Building Materials | | | | | | | | | | | | | | | | | | | | | | Alabama | | 2 | | $ | 2,049 | | | $ | 3,640 | | | $ | — | | | $ | — | | | $ | 2,049 | | | $ | 3,640 | | | $ | 5,689 | | | $ | (1,106) | | | 1975 - 2002 | | 2017 | | Colorado | | 1 | | 760 | | | 403 | | | — | | | — | | | 760 | | | 403 | | | 1,163 | | | (122) | | | 1983 | | 2017 | | Florida | | 1 | | 934 | | | 638 | | | — | | | — | | | 934 | | | 638 | | | 1,572 | | | (194) | | | 2003 | | 2017 | | Georgia | | 2 | | 2,338 | | | 4,165 | | | — | | | — | | | 2,338 | | | 4,165 | | | 6,503 | | | (1,265) | | | 2003 - 2004 | | 2017 | | Indiana | | 2 | | 1,072 | | | 1,619 | | | — | | | — | | | 1,072 | | | 1,619 | | | 2,691 | | | (436) | | | 1979 - 1989 | | 2020 | | Kentucky | | 1 | | 414 | | | 200 | | | — | | | — | | | 414 | | | 200 | | | 614 | | | (61) | | | 1984 | | 2017 | | Michigan | | 3 | | 4,438 | | | 8,425 | | | — | | | — | | | 4,438 | | | 8,425 | | | 12,863 | | | (2,029) | | | 1973 - 1995 | | 2020 | | Ohio | | 6 | | 3,011 | | | 4,573 | | | — | | | — | | | 3,011 | | | 4,573 | | | 7,584 | | | (1,390) | | | 1953 - 1996 | | 2017 | | South Carolina | | 1 | | 1,097 | | | 172 | | | — | | | — | | | 1,097 | | | 172 | | | 1,269 | | | (52) | | | 1983 | | 2017 | | Texas | | 5 | | 7,784 | | | 9,551 | | | — | | | — | | | 7,784 | | | 9,551 | | | 17,335 | | | (1,199) | | | 1972 - 1985 | | 2017 - 2025 | | | | | | | | | | | | | | | | | | | | | | | | | Car Washes | | | | | | | | | | | | | | | | | | | | | | Alabama | | 6 | | $ | 10,778 | | | $ | 16,750 | | | $ | — | | | $ | — | | | $ | 10,778 | | | $ | 16,750 | | | $ | 27,528 | | | $ | (1,491) | | | 2012 - 2024 | | 2020 - 2025 | | Arkansas | | 1 | | 1,217 | | | 4,776 | | | — | | | — | | | 1,217 | | | 4,776 | | | 5,993 | | | (773) | | | 2019 | | 2019 | | Arizona | | 15 | | 27,391 | | | 37,916 | | | — | | | — | | | 27,391 | | | 37,916 | | | 65,307 | | | (5,308) | | | 1988 - 2025 | | 2016 - 2024 | | California | | 8 | | 20,574 | | | 22,257 | | | — | | | — | | | 20,574 | | | 22,257 | | | 42,831 | | | (1,403) | | | 2004 - 2024 | | 2023 - 2025 | | Colorado | | 6 | | 12,680 | | | 13,789 | | | — | | | — | | | 12,680 | | | 13,789 | | | 26,469 | | | (1,985) | | | 2007 - 2025 | | 2017 - 2025 | | Florida | | 9 | | 15,535 | | | 33,348 | | | — | | | 283 | | | 15,535 | | | 33,631 | | | 49,166 | | | (3,997) | | | 2017 - 2023 | | 2019 - 2025 | | Georgia | | 19 | | 27,133 | | | 59,153 | | | — | | | 2,055 | | | 27,133 | | | 61,208 | | | 88,341 | | | (11,283) | | | 2002 - 2024 | | 2016 - 2023 | | Iowa | | 2 | | 5,930 | | | 4,573 | | | — | | | — | | | 5,930 | | | 4,573 | | | 10,503 | | | (622) | | | 2019 - 2021 | | 2019 - 2022 | | Illinois | | 5 | | 9,306 | | | 14,105 | | | — | | | — | | | 9,306 | | | 14,105 | | | 23,411 | | | (1,395) | | | 2017 - 2019 | | 2020 - 2024 | | Indiana | | 6 | | 6,012 | | | 22,491 | | | — | | | — | | | 6,012 | | | 22,491 | | | 28,503 | | | (1,309) | | | 1979 - 2025 | | 2022 - 2025 | | Kentucky | | 4 | | 3,581 | | | 13,415 | | | — | | | — | | | 3,581 | | | 13,415 | | | 16,996 | | | (408) | | | 2003 - 2024 | | 2024 - 2025 | | Louisiana | | 8 | | 10,433 | | | 20,621 | | | — | | | 425 | | | 10,433 | | | 21,046 | | | 31,479 | | | (2,033) | | | 2012 - 2024 | | 2020 - 2025 | | Michigan | | 1 | | 1,773 | | | 4,622 | | | — | | | — | | | 1,773 | | | 4,622 | | | 6,395 | | | (158) | | | 2024 | | 2022 | | Missouri | | 2 | | 4,216 | | | 8,117 | | | — | | | — | | | 4,216 | | | 8,117 | | | 12,333 | | | (382) | | | 2024 | | 2023 | | Mississippi | | 7 | | 5,989 | | | 21,499 | | | — | | | 567 | | | 5,989 | | | 22,066 | | | 28,055 | | | (1,813) | | | 2008 - 2023 | | 2020 - 2025 | | North Carolina | | 10 | | 17,465 | | | 18,445 | | | — | | | — | | | 17,465 | | | 18,445 | | | 35,910 | | | (2,291) | | | 2003 - 2022 | | 2019 - 2025 | | Nebraska | | 1 | | 597 | | | 2,569 | | | — | | | — | | | 597 | | | 2,569 | | | 3,166 | | | (426) | | | 2021 | | 2019 | | New Mexico | | 4 | | 2,461 | | | 12,216 | | | — | | | — | | | 2,461 | | | 12,216 | | | 14,677 | | | (3,265) | | | 1982 - 2013 | | 2017 | | Nevada | | 5 | | 12,651 | | | 14,768 | | | — | | | — | | | 12,651 | | | 14,768 | | | 27,419 | | | (946) | | | 2022 - 2025 | | 2023 - 2024 | | New York | | 8 | | 6,538 | | | 24,076 | | | — | | | — | | | 6,538 | | | 24,076 | | | 30,614 | | | (2,726) | | | 1984 - 2022 | | 2022 - 2023 | | Ohio | | 10 | | 11,867 | | | 36,007 | | | — | | | — | | | 11,867 | | | 36,007 | | | 47,874 | | | (3,272) | | | 1990 - 2024 | | 2021 - 2025 | | Oklahoma | | 2 | | 2,921 | | | 5,517 | | | — | | | — | | | 2,921 | | | 5,517 | | | 8,438 | | | (635) | | | 2016 - 2024 | | 2021 - 2022 | | South Carolina | | 6 | | 11,021 | | | 15,465 | | | — | | | — | | | 11,021 | | | 15,465 | | | 26,486 | | | (1,669) | | | 2007 - 2021 | | 2017 - 2025 | | South Dakota | | 6 | | 5,890 | | | 14,859 | | | — | | | 1,225 | | | 5,890 | | | 16,084 | | | 21,974 | | | (3,011) | | | 1987 - 2017 | | 2019 | | Tennessee | | 6 | | 7,072 | | | 19,545 | | | — | | | — | | | 7,072 | | | 19,545 | | | 26,617 | | | (779) | | | 2016 - 2024 | | 2022 - 2025 | | Texas | | 12 | | 22,922 | | | 42,168 | | | — | | | 425 | | | 22,922 | | | 42,593 | | | 65,515 | | | (3,821) | | | 1987 - 2025 | | 2020 - 2024 | | Virginia | | 21 | | 29,823 | | | 64,995 | | | 298 | | | 259 | | | 30,121 | | | 65,254 | | | 95,375 | | | (4,289) | | | 1967 - 2025 | | 2022 - 2025 | | Wisconsin | | 8 | | 11,158 | | | 25,139 | | | 220 | | | — | | | 11,378 | | | 25,139 | | | 36,517 | | | (1,582) | | | 1966 - 2025 | | 2023 - 2025 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | West Virginia | | 1 | | 947 | | | 3,074 | | | — | | | — | | | 947 | | | 3,074 | | | 4,021 | | | (80) | | | 2020 | | 2025 | | | | | | | | | | | | | | | | | | | | | | | | | Convenience Stores | | | | | | | | | | | | | | | | | | | | | | Arkansas | | 7 | | $ | 4,275 | | | $ | 6,867 | | | $ | — | | | $ | 50 | | | $ | 4,275 | | | $ | 6,917 | | | $ | 11,192 | | | $ | (2,323) | | | 1979 - 2012 | | 7/11/1905 | | Arizona | | 2 | | 1,858 | | | 827 | | | — | | | — | | | 1,858 | | | 827 | | | 2,685 | | | (353) | | | 1985 - 2002 | | 2018 | | Colorado | | 2 | | 1,680 | | | 2,725 | | | — | | | — | | | 1,680 | | | 2,725 | | | 4,405 | | | (333) | | | 1983 - 1995 | | 2017 - 2025 | | Iowa | | 4 | | 11,614 | | | 8,155 | | | — | | | — | | | 11,614 | | | 8,155 | | | 19,769 | | | (719) | | | 1927 - 2006 | | 2022 - 2025 | | Illinois | | 4 | | 3,786 | | | 3,067 | | | — | | | — | | | 3,786 | | | 3,067 | | | 6,853 | | | (494) | | | 1969 - 2000 | | 2019 - 2024 | | Indiana | | 1 | | 840 | | | 838 | | | — | | | — | | | 840 | | | 838 | | | 1,678 | | | (380) | | | 1999 | | 2019 | | Kentucky | | 12 | | 13,708 | | | 8,187 | | | — | | | — | | | 13,708 | | | 8,187 | | | 21,895 | | | (2,869) | | | 1992 - 1999 | | 2019 - 2024 | | Louisiana | | 1 | | 8,002 | | | 2,527 | | | — | | | — | | | 8,002 | | | 2,527 | | | 10,529 | | | (288) | | | 2000 | | 2025 | | Minnesota | | 8 | | 5,929 | | | 9,811 | | | 14 | | | 304 | | | 5,944 | | | 10,115 | | | 16,059 | | | (3,747) | | | 1967 - 2013 | | 2017 - 2019 | | Missouri | | 1 | | 663 | | | 327 | | | — | | | — | | | 663 | | | 327 | | | 990 | | | (266) | | | 1999 | | 2019 | | North Carolina | | 4 | | 3,206 | | | 2,637 | | | — | | | — | | | 3,206 | | | 2,637 | | | 5,843 | | | (413) | | | 1985 - 2002 | | 2023 - 2024 | | North Dakota | | 2 | | 12,777 | | | 8,250 | | | — | | | — | | | 12,777 | | | 8,250 | | | 21,027 | | | (378) | | | 1984 - 2012 | | 2025 | | New Mexico | | 18 | | 19,817 | | | 44,171 | | | — | | | — | | | 19,817 | | | 44,171 | | | 63,988 | | | (3,997) | | | 1966 - 2025 | | 2017 - 2024 | | New York | | 16 | | 5,881 | | | 20,342 | | | — | | | — | | | 5,881 | | | 20,342 | | | 26,223 | | | (7,550) | | | 1970 - 2010 | | 2016 | | Ohio | | 21 | | 15,191 | | | 13,382 | | | — | | | — | | | 15,191 | | | 13,382 | | | 28,573 | | | (5,921) | | | 1996 - 2001 | | 2019 | | Oklahoma | | 3 | | 17,450 | | | 22,550 | | | — | | | — | | | 17,450 | | | 22,550 | | | 40,000 | | | (793) | | | 1967 - 2024 | | 2024 - 2025 | | Pennsylvania | | 1 | | 467 | | | 383 | | | — | | | — | | | 467 | | | 383 | | | 850 | | | (202) | | | 1996 | | 2019 | | South Carolina | | 14 | | 18,096 | | | 16,656 | | | — | | | — | | | 18,096 | | | 16,656 | | | 34,752 | | | (2,347) | | | 1970 - 2011 | | 2023 - 2024 | | Texas | | 7 | | 13,783 | | | 28,613 | | | — | | | 531 | | | 13,783 | | | 29,144 | | | 42,927 | | | (1,854) | | | 1980 - 2025 | | 2017 - 2024 | | Washington | | 1 | | 568 | | | 508 | | | — | | | — | | | 568 | | | 508 | | | 1,076 | | | (205) | | | 1976 | | 2018 | | Wisconsin | | 40 | | 42,367 | | | 44,949 | | | — | | | — | | | 42,367 | | | 44,949 | | | 87,316 | | | (12,213) | | | 1940 - 2018 | | 2017 - 2025 | | | | | | | | | | | | | | | | | | | | | | | | | Early Childhood Education | | | | | | | | | | | | | | | | | | | | | | Arizona | | 17 | | $ | 11,256 | | | $ | 16,171 | | | $ | — | | | $ | 21 | | | $ | 11,256 | | | $ | 16,192 | | | $ | 27,448 | | | $ | (3,103) | | | 1932 - 2021 | | 2018 - 2024 | | Colorado | | 2 | | 2,867 | | | 5,617 | | | — | | | 98 | | | 2,867 | | | 5,714 | | | 8,581 | | | (610) | | | 1988 - 2001 | | 2019 - 2023 | | Connecticut | | 7 | | 4,659 | | | 9,506 | | | — | | | 2,404 | | | 4,659 | | | 11,910 | | | 16,569 | | | (2,953) | | | 1947 - 2018 | | 2018 - 2024 | | Florida | | 15 | | 22,022 | | | 41,963 | | | — | | | — | | | 22,022 | | | 41,963 | | | 63,985 | | | (5,097) | | | 1973 - 2020 | | 2017 - 2025 | | Georgia | | 19 | | 18,542 | | | 40,633 | | | — | | | 700 | | | 18,542 | | | 41,333 | | | 59,875 | | | (5,445) | | | 1987 - 2016 | | 2016 - 2025 | | Iowa | | 1 | | 636 | | | 2,199 | | | — | | | — | | | 636 | | | 2,199 | | | 2,835 | | | (317) | | | 2005 | | 2021 | | Illinois | | 14 | | 12,178 | | | 34,649 | | | — | | | 391 | | | 12,178 | | | 35,040 | | | 47,218 | | | (3,864) | | | 1962 - 2021 | | 2019 - 2025 | | Indiana | | 1 | | 1,298 | | | 3,737 | | | — | | | — | | | 1,298 | | | 3,737 | | | 5,035 | | | (129) | | | 2024 | | 2024 | | Kansas | | 2 | | 2,056 | | | 4,914 | | | — | | | — | | | 2,056 | | | 4,914 | | | 6,970 | | | (1,264) | | | 2007 - 2017 | | 2017 - 2019 | | Kentucky | | 4 | | 1,888 | | | 5,255 | | | — | | | — | | | 1,888 | | | 5,255 | | | 7,143 | | | (521) | | | 1963 - 2003 | | 2019 - 2025 | | Massachusetts | | 4 | | 5,177 | | | 6,327 | | | — | | | — | | | 5,177 | | | 6,327 | | | 11,504 | | | (538) | | | 1880 - 1996 | | 2020 - 2025 | | Michigan | | 5 | | 1,850 | | | 5,450 | | | — | | | — | | | 1,850 | | | 5,450 | | | 7,300 | | | (1,017) | | | 1987 - 2012 | | 2018 - 2022 | | Minnesota | | 5 | | 5,521 | | | 10,997 | | | — | | | — | | | 5,521 | | | 10,997 | | | 16,518 | | | (835) | | | 1984 - 2025 | | 2021 - 2023 | | Missouri | | 8 | | 4,239 | | | 14,583 | | | 19 | | | 81 | | | 4,258 | | | 14,664 | | | 18,922 | | | (1,795) | | | 1986 - 2009 | | 2021 - 2022 | | Mississippi | | 2 | | 2,085 | | | 2,547 | | | — | | | 124 | | | 2,085 | | | 2,671 | | | 4,756 | | | (821) | | | 2002 - 2008 | | 2017 - 2018 | | North Carolina | | 22 | | 20,463 | | | 35,245 | | | — | | | 100 | | | 20,463 | | | 35,345 | | | 55,808 | | | (5,251) | | | 1954 - 2018 | | 2020 - 2023 | | Nebraska | | 1 | | 224 | | | 813 | | | — | | | — | | | 224 | | | 813 | | | 1,037 | | | (75) | | | 2006 | | 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | New Hampshire | | 1 | | 711 | | | 1,733 | | | — | | | — | | | 711 | | | 1,733 | | | 2,444 | | | (119) | | | 1970 | | 2023 | | New Jersey | | 4 | | 3,019 | | | 8,834 | | | — | | | — | | | 3,019 | | | 8,834 | | | 11,853 | | | (919) | | | 1986 - 2010 | | 2018 - 2025 | | Nevada | | 2 | | 2,480 | | | 3,451 | | | — | | | — | | | 2,480 | | | 3,451 | | | 5,931 | | | (576) | | | 1998 - 2006 | | 2021 | | New York | | 7 | | 2,868 | | | 9,196 | | | — | | | — | | | 2,868 | | | 9,196 | | | 12,064 | | | (693) | | | 1986 - 2019 | | 2023 - 2024 | | Ohio | | 30 | | 23,197 | | | 61,829 | | | 31 | | | 9,321 | | | 23,228 | | | 71,150 | | | 94,378 | | | (10,736) | | | 1940 - 2023 | | 2018 - 2023 | | Oklahoma | | 5 | | 3,317 | | | 13,994 | | | — | | | — | | | 3,317 | | | 13,994 | | | 17,311 | | | (607) | | | 1945 - 2019 | | 2022 - 2025 | | Pennsylvania | | 13 | | 11,184 | | | 30,802 | | | — | | | — | | | 11,184 | | | 30,802 | | | 41,986 | | | (6,953) | | | 1900 - 2010 | | 2018 - 2025 | | South Carolina | | 1 | | 1,323 | | | 5,218 | | | — | | | — | | | 1,323 | | | 5,218 | | | 6,541 | | | (341) | | | 2007 | | 2023 | | Tennessee | | 3 | | 1,947 | | | 3,377 | | | — | | | — | | | 1,947 | | | 3,377 | | | 5,324 | | | (277) | | | 1982 - 2002 | | 2020 - 2025 | | Texas | | 20 | | 17,451 | | | 43,853 | | | — | | | 529 | | | 17,451 | | | 44,382 | | | 61,833 | | | (4,926) | | | 1955 - 2024 | | 2017 - 2025 | | Virginia | | 2 | | 3,799 | | | 6,385 | | | — | | | — | | | 3,799 | | | 6,385 | | | 10,184 | | | (1,186) | | | 2006 - 2018 | | 2017 - 2021 | | Washington | | 5 | | 2,235 | | | 5,154 | | | — | | | — | | | 2,235 | | | 5,154 | | | 7,389 | | | (1,085) | | | 1924 - 2002 | | 2019 | | Wisconsin | | 9 | | 6,979 | | | 25,474 | | | — | | | — | | | 6,979 | | | 25,474 | | | 32,453 | | | (4,056) | | | 1992 - 2007 | | 2020 - 2024 | | | | | | | | | | | | | | | | | | | | | | | | | Entertainment | | | | | | | | | | | | | | | | | | | | | | Alabama | | 3 | | $ | 11,072 | | | $ | 26,148 | | | $ | — | | | $ | — | | | $ | 11,072 | | | $ | 26,148 | | | $ | 37,220 | | | $ | (2,497) | | | 2002 - 2024 | | 2017 - 2025 | | Arizona | | 5 | | 4,903 | | | 21,304 | | | — | | | — | | | 4,903 | | | 21,304 | | | 26,207 | | | (1,776) | | | 1954 - 2006 | | 2022 - 2023 | | California | | 1 | | 1,320 | | | 2,320 | | | — | | | — | | | 1,320 | | | 2,320 | | | 3,640 | | | (687) | | | 1977 | | 2017 | | Connecticut | | 3 | | 4,681 | | | 15,584 | | | — | | | — | | | 4,681 | | | 15,584 | | | 20,265 | | | (2,051) | | | 1960 - 2019 | | 2021 - 2023 | | Florida | | 2 | | 6,456 | | | 6,815 | | | — | | | 4,587 | | | 6,456 | | | 11,402 | | | 17,858 | | | (2,492) | | | 1989 - 2007 | | 2017 - 2022 | | Iowa | | 1 | | 2,560 | | | 6,120 | | | — | | | — | | | 2,560 | | | 6,120 | | | 8,680 | | | (900) | | | 2018 | | 2021 | | Idaho | | 1 | | 886 | | | 2,768 | | | — | | | — | | | 886 | | | 2,768 | | | 3,654 | | | (566) | | | 2008 | | 2019 | | Illinois | | 3 | | 3,031 | | | — | | | — | | | — | | | 3,031 | | | — | | | 3,031 | | | — | | | N/A | | 2024 | | Indiana | | 1 | | 414 | | | 3,988 | | | — | | | — | | | 414 | | | 3,988 | | | 4,402 | | | (196) | | | 1960 | | 2024 | | Kansas | | 2 | | 5,886 | | | 21,128 | | | — | | | — | | | 5,886 | | | 21,128 | | | 27,014 | | | (2,429) | | | 2018 - 2020 | | 2022 | | Louisiana | | 3 | | 8,857 | | | 21,866 | | | — | | | — | | | 8,857 | | | 21,866 | | | 30,723 | | | (1,562) | | | 1989 - 2023 | | 2018 - 2025 | | Maine | | 1 | | 2,052 | | | 4,924 | | | — | | | — | | | 2,052 | | | 4,924 | | | 6,976 | | | (624) | | | 1989 | | 2021 | | Michigan | | 2 | | 1,376 | | | 25,114 | | | — | | | 1,887 | | | 1,376 | | | 27,001 | | | 28,377 | | | (2,192) | | | 1995 - 2024 | | 2017 - 2025 | | Minnesota | | 10 | | 10,877 | | | 20,806 | | | — | | | — | | | 10,877 | | | 20,806 | | | 31,683 | | | (4,829) | | | 1950 - 2009 | | 2018 - 2023 | | Missouri | | 5 | | 20,925 | | | 13,731 | | | — | | | — | | | 20,925 | | | 13,731 | | | 34,656 | | | (4,806) | | | 1990 - 2016 | | 2022 | | North Carolina | | 3 | | 11,014 | | | 21,176 | | | — | | | — | | | 11,014 | | | 21,176 | | | 32,190 | | | (4,757) | | | 1988 - 1996 | | 2019 - 2022 | | Ohio | | 4 | | 7,582 | | | 23,157 | | | — | | | — | | | 7,582 | | | 23,157 | | | 30,739 | | | (285) | | | 1983 - 2025 | | 2024 - 2025 | | Oklahoma | | 2 | | 3,937 | | | 9,673 | | | — | | | — | | | 3,937 | | | 9,673 | | | 13,610 | | | (1,200) | | | 1996 - 2020 | | 2022 - 2024 | | Pennsylvania | | 2 | | 3,849 | | | 16,849 | | | — | | | — | | | 3,849 | | | 16,849 | | | 20,698 | | | (938) | | | 2016 - 2024 | | 2019 - 2025 | | Tennessee | | 3 | | 22,097 | | | 21,839 | | | — | | | — | | | 22,097 | | | 21,839 | | | 43,936 | | | (1,430) | | | 1940 - 2023 | | 2022 - 2025 | | Texas | | 8 | | 28,529 | | | 56,160 | | | — | | | — | | | 28,529 | | | 56,160 | | | 84,689 | | | (5,320) | | | 1980 - 2025 | | 2022 - 2025 | | Utah | | 3 | | 9,612 | | | 26,923 | | | — | | | — | | | 9,612 | | | 26,923 | | | 36,535 | | | (854) | | | 2008 - 2023 | | 2024 - 2025 | | Virginia | | 1 | | 4,821 | | | 7,264 | | | — | | | — | | | 4,821 | | | 7,264 | | | 12,085 | | | (820) | | | 1997 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | Equipment Rental and Sales | | | | | | | | | | | | | | | | | | | | | | Alabama | | 4 | | $ | 5,499 | | | $ | 6,985 | | | $ | 12 | | | $ | 864 | | | $ | 5,510 | | | $ | 7,849 | | | $ | 13,359 | | | $ | (1,138) | | | 1974 - 2023 | | 2020 - 2023 | | Arkansas | | 3 | | 4,276 | | | 1,547 | | | 246 | | | 2,334 | | | 4,523 | | | 3,882 | | | 8,405 | | | (523) | | | 1982 - 1992 | | 2019 - 2024 | | California | | 1 | | 2,467 | | | 2,429 | | | — | | | — | | | 2,467 | | | 2,429 | | | 4,896 | | | (223) | | | 1992 | | 2023 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Colorado | | 2 | | 6,120 | | | 3,825 | | | 5 | | | 1,021 | | | 6,124 | | | 4,846 | | | 10,970 | | | (1,258) | | | 1990 - 2021 | | 2020 - 2022 | | Connecticut | | 3 | | 3,710 | | | 8,719 | | | — | | | — | | | 3,710 | | | 8,719 | | | 12,429 | | | (604) | | | 2002 - 2024 | | 2020 - 2021 | | Delaware | | 1 | | 3,542 | | | 720 | | | — | | | 1,127 | | | 3,542 | | | 1,847 | | | 5,389 | | | (101) | | | 1977 | | 2024 | | Florida | | 7 | | 13,051 | | | 8,523 | | | — | | | 3,461 | | | 13,051 | | | 11,984 | | | 25,035 | | | (1,295) | | | 1964 - 2024 | | 2019 - 2024 | | Georgia | | 3 | | 6,704 | | | 4,891 | | | 236 | | | 3,176 | | | 6,940 | | | 8,067 | | | 15,007 | | | (1,591) | | | 1964 - 2019 | | 2019 - 2023 | | Idaho | | 1 | | 1,796 | | | 1,265 | | | — | | | — | | | 1,796 | | | 1,265 | | | 3,061 | | | (233) | | | 1992 | | 2023 | | Louisiana | | 1 | | 1,006 | | | 227 | | | 16 | | | 1,164 | | | 1,022 | | | 1,390 | | | 2,412 | | | (400) | | | 2012 | | 2020 | | Massachusetts | | 2 | | 1,756 | | | 2,904 | | | 197 | | | 347 | | | 1,954 | | | 3,251 | | | 5,205 | | | (542) | | | 1971 - 2024 | | 2020 | | Michigan | | 3 | | 8,721 | | | 10,804 | | | — | | | 1,753 | | | 8,721 | | | 12,557 | | | 21,278 | | | (2,474) | | | 1987 - 2020 | | 2017 - 2024 | | Minnesota | | 1 | | 2,630 | | | 2,882 | | | — | | | 690 | | | 2,630 | | | 3,572 | | | 6,202 | | | (312) | | | 2023 | | 2024 | | Missouri | | 4 | | 4,547 | | | 5,762 | | | 21 | | | 1,536 | | | 4,567 | | | 7,298 | | | 11,865 | | | (1,379) | | | 1995 - 2015 | | 2019 - 2022 | | North Carolina | | 1 | | 1,488 | | | 649 | | | — | | | 1,451 | | | 1,488 | | | 2,100 | | | 3,588 | | | (161) | | | 1955 | | 2023 | | North Dakota | | 2 | | 2,278 | | | 2,124 | | | — | | | 2,127 | | | 2,278 | | | 4,251 | | | 6,529 | | | (452) | | | 2012 | | 2022 - 2024 | | New Hampshire | | 4 | | 6,052 | | | 8,077 | | | — | | | 982 | | | 6,052 | | | 9,059 | | | 15,111 | | | (541) | | | 1880 - 2024 | | 2020 - 2024 | | New Mexico | | 1 | | 1,686 | | | 286 | | | 25 | | | 1,862 | | | 1,711 | | | 2,148 | | | 3,859 | | | (540) | | | 1970 | | 2020 | | New York | | 13 | | 13,359 | | | 24,269 | | | — | | | 971 | | | 13,359 | | | 25,240 | | | 38,599 | | | (1,559) | | | 1954 - 2024 | | 2020 - 2025 | | Oklahoma | | 3 | | 2,819 | | | 5,127 | | | — | | | 1,144 | | | 2,819 | | | 6,271 | | | 9,090 | | | (591) | | | 1997 - 2024 | | 2021 - 2023 | | Pennsylvania | | 1 | | 751 | | | 1,678 | | | — | | | — | | | 751 | | | 1,678 | | | 2,429 | | | (428) | | | 1987 | | 2020 | | South Carolina | | 1 | | 1,777 | | | 582 | | | — | | | 616 | | | 1,777 | | | 1,198 | | | 2,975 | | | (209) | | | 1974 | | 2023 | | Tennessee | | 2 | | 3,511 | | | 3,713 | | | 816 | | | 1,734 | | | 4,327 | | | 5,448 | | | 9,775 | | | (1,228) | | | 1985 - 2018 | | 2019 - 2022 | | Texas | | 15 | | 20,637 | | | 20,711 | | | — | | | 7,608 | | | 20,637 | | | 28,319 | | | 48,956 | | | (3,477) | | | 1950 - 2024 | | 2020 - 2024 | | Utah | | 2 | | 6,262 | | | 5,937 | | | — | | | 2,746 | | | 6,262 | | | 8,682 | | | 14,944 | | | (1,109) | | | 1942 - 1979 | | 2019 - 2024 | | Virginia | | 1 | | 2,076 | | | 199 | | | — | | | 581 | | | 2,076 | | | 780 | | | 2,856 | | | (143) | | | 1986 | | 2023 | | Vermont | | 2 | | 2,192 | | | 1,088 | | | — | | | — | | | 2,192 | | | 1,088 | | | 3,280 | | | (29) | | | 1970 - 2024 | | 2022 - 2024 | | Washington | | 3 | | 7,456 | | | 2,786 | | | 492 | | | 4,659 | | | 7,948 | | | 7,445 | | | 15,393 | | | (1,023) | | | 1959 - 2022 | | 2019 - 2024 | | West Virginia | | 1 | | 992 | | | 3,313 | | | — | | | 1,075 | | | 992 | | | 4,388 | | | 5,380 | | | (211) | | | 1962 | | 2024 | | | | | | | | | | | | | | | | | | | | | | | | | Grocery | | | | | | | | | | | | | | | | | | | | | | Arkansas | | 6 | | $ | 5,704 | | | $ | 12,942 | | | $ | — | | | $ | 1,425 | | | $ | 5,704 | | | $ | 14,367 | | | $ | 20,071 | | | $ | (2,607) | | | 1986 - 2020 | | 2020 - 2021 | | California | | 1 | | 3,091 | | | 9,849 | | | — | | | — | | | 3,091 | | | 9,849 | | | 12,940 | | | (58) | | | 2025 | | 2025 | | Colorado | | 3 | | 1,524 | | | 8,059 | | | — | | | — | | | 1,524 | | | 8,059 | | | 9,583 | | | (644) | | | 1980 - 2011 | | 2023 | | Michigan | | 2 | | 4,638 | | | 12,813 | | | 16 | | | — | | | 4,654 | | | 12,813 | | | 17,467 | | | (1,624) | | | 1969 - 2011 | | 2021 - 2024 | | Missouri | | 10 | | 5,661 | | | 16,938 | | | — | | | — | | | 5,661 | | | 16,938 | | | 22,599 | | | (3,521) | | | 1970 - 2013 | | 2020 - 2021 | | North Carolina | | 1 | | 762 | | | 1,300 | | | — | | | 2 | | | 762 | | | 1,303 | | | 2,065 | | | (355) | | | 1992 | | 2018 | | Oklahoma | | 3 | | 1,606 | | | 8,726 | | | — | | | — | | | 1,606 | | | 8,726 | | | 10,332 | | | (1,716) | | | 1987 - 1993 | | 2019 - 2020 | | Vermont | | 6 | | 3,008 | | | 6,264 | | | — | | | — | | | 3,008 | | | 6,264 | | | 9,272 | | | (288) | | | 1960 - 2008 | | 2024 | | Wisconsin | | 9 | | 21,526 | | | 83,676 | | | 250 | | | — | | | 21,776 | | | 83,676 | | | 105,452 | | | (10,165) | | | 1978 - 2017 | | 2021 - 2024 | | | | | | | | | | | | | | | | | | | | | | | | | Health and Fitness | | | | | | | | | | | | | | | | | | | | | | Alabama | | 1 | | $ | 1,102 | | | $ | 2,412 | | | $ | — | | | $ | 600 | | | $ | 1,102 | | | $ | 3,012 | | | $ | 4,114 | | | $ | (701) | | | 2007 | | 2017 | | Arizona | | 1 | | 4,109 | | | 4,264 | | | — | | | — | | | 4,109 | | | 4,264 | | | 8,373 | | | (703) | | | 2021 | | 2018 | | Colorado | | 1 | | 1,484 | | | 4,491 | | | — | | | — | | | 1,484 | | | 4,491 | | | 5,975 | | | (1,105) | | | 1989 | | 2017 | | Florida | | 2 | | 4,227 | | | 9,116 | | | — | | | 2,572 | | | 4,227 | | | 11,688 | | | 15,915 | | | (954) | | | 1983 - 2024 | | 2019 - 2023 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Georgia | | 2 | | 5,848 | | | 7,093 | | | — | | | 600 | | | 5,848 | | | 7,693 | | | 13,541 | | | (1,116) | | | 2005 - 2019 | | 2017 - 2023 | | Iowa | | 1 | | 2,594 | | | 5,071 | | | — | | | — | | | 2,594 | | | 5,071 | | | 7,665 | | | (171) | | | 2024 | | 2023 | | Illinois | | 1 | | 1,133 | | | 2,226 | | | — | | | 2,150 | | | 1,133 | | | 4,376 | | | 5,509 | | | (801) | | | 1986 | | 2019 | | Indiana | | 2 | | 4,204 | | | 12,151 | | | — | | | — | | | 4,204 | | | 12,151 | | | 16,355 | | | (471) | | | 2024 - 2025 | | 2023 - 2024 | | Kansas | | 2 | | 4,111 | | | 9,733 | | | — | | | — | | | 4,111 | | | 9,733 | | | 13,844 | | | (281) | | | 2024 - 2025 | | 2023 - 2024 | | Kentucky | | 1 | | 868 | | | 2,186 | | | — | | | — | | | 868 | | | 2,186 | | | 3,054 | | | (577) | | | 1994 | | 2017 | | Massachusetts | | 3 | | 10,541 | | | 29,129 | | | 316 | | | 4,644 | | | 10,857 | | | 33,773 | | | 44,630 | | | (6,251) | | | 2004 - 2009 | | 2018 | | Minnesota | | 1 | | 886 | | | 4,746 | | | — | | | — | | | 886 | | | 4,746 | | | 5,632 | | | (234) | | | 2024 | | 2024 | | Missouri | | 1 | | 3,065 | | | 6,129 | | | — | | | — | | | 3,065 | | | 6,129 | | | 9,194 | | | (60) | | | 1983 | | 2024 | | North Carolina | | 1 | | 912 | | | 883 | | | 761 | | | 1,875 | | | 1,674 | | | 2,759 | | | 4,433 | | | (527) | | | 1972 | | 2018 | | Nebraska | | 1 | | 1,315 | | | 5,883 | | | — | | | — | | | 1,315 | | | 5,883 | | | 7,198 | | | (76) | | | 1970 | | 2024 | | New Mexico | | 1 | | 938 | | | 1,503 | | | — | | | — | | | 938 | | | 1,503 | | | 2,441 | | | (456) | | | 2016 | | 2017 | | Nevada | | 1 | | 491 | | | 2,543 | | | — | | | — | | | 491 | | | 2,543 | | | 3,034 | | | (501) | | | 1970 | | 2019 | | Oklahoma | | 6 | | 10,617 | | | 30,011 | | | — | | | 559 | | | 10,617 | | | 30,570 | | | 41,187 | | | (2,835) | | | 1979 - 2024 | | 2018 - 2024 | | Oregon | | 1 | | 2,024 | | | 2,468 | | | — | | | 2,380 | | | 2,024 | | | 4,848 | | | 6,872 | | | (801) | | | 1999 | | 2018 | | South Carolina | | 5 | | 4,516 | | | 9,463 | | | — | | | 330 | | | 4,516 | | | 9,793 | | | 14,309 | | | (2,180) | | | 1993 - 2010 | | 2018 - 2019 | | Texas | | 10 | | 22,123 | | | 42,945 | | | — | | | 470 | | | 22,123 | | | 43,415 | | | 65,538 | | | (3,074) | | | 1974 - 2025 | | 2019 - 2025 | | Utah | | 1 | | 1,937 | | | 4,209 | | | — | | | — | | | 1,937 | | | 4,209 | | | 6,146 | | | (1,086) | | | 1984 | | 2016 | | | | | | | | | | | | | | | | | | | | | | | | | Home Furnishings | | | | | | | | | | | | | | | | | | | | | | Michigan | | 1 | | $ | 1,858 | | | $ | 14,463 | | | $ | 44 | | | $ | 1,693 | | | $ | 1,901 | | | $ | 16,156 | | | $ | 18,057 | | | $ | (3,665) | | | 1987 | | 2017 | | Missouri | | 1 | | 273 | | | 4,683 | | | — | | | — | | | 273 | | | 4,683 | | | 4,956 | | | (896) | | | 2007 | | 2018 | | | | | | | | | | | | | | | | | | | | | | | | | Industrial | | | | | | | | | | | | | | | | | | | | | | Alabama | | 2 | | $ | 3,275 | | | $ | 15,698 | | | $ | — | | | $ | — | | | $ | 3,275 | | | $ | 15,698 | | | $ | 18,973 | | | $ | (381) | | | 1985 - 2002 | | 2025 | | Arizona | | 1 | | 138 | | | 3,484 | | | — | | | — | | | 138 | | | 3,484 | | | 3,622 | | | (56) | | | 1976 | | 2025 | | Connecticut | | 4 | | 6,173 | | | 19,694 | | | — | | | — | | | 6,173 | | | 19,694 | | | 25,867 | | | (1,898) | | | 1925 - 1970 | | 2023 | | Florida | | 5 | | 10,984 | | | 5,377 | | | — | | | — | | | 10,984 | | | 5,377 | | | 16,361 | | | (746) | | | 1960 - 2025 | | 2020 - 2023 | | Iowa | | 2 | | 734 | | | 3,261 | | | — | | | — | | | 734 | | | 3,261 | | | 3,995 | | | (314) | | | 1991 - 1993 | | 2022 | | Indiana | | 5 | | 1,789 | | | 6,261 | | | — | | | 225 | | | 1,789 | | | 6,486 | | | 8,275 | | | (703) | | | 2000 - 2022 | | 2022 | | Louisiana | | 1 | | 490 | | | 761 | | | — | | | 1,783 | | | 490 | | | 2,544 | | | 3,034 | | | (226) | | | 1972 | | 2022 | | Massachusetts | | 2 | | 1,615 | | | 4,074 | | | — | | | 1,525 | | | 1,615 | | | 5,599 | | | 7,214 | | | (159) | | | 1930 - 2016 | | 2023 - 2025 | | Maryland | | 1 | | 3,227 | | | 11,876 | | | — | | | — | | | 3,227 | | | 11,876 | | | 15,103 | | | (229) | | | 1950 | | 2025 | | Michigan | | 1 | | 562 | | | 2,320 | | | — | | | — | | | 562 | | | 2,320 | | | 2,882 | | | (8) | | | 2017 | | 2025 | | Missouri | | 2 | | 2,273 | | | 6,396 | | | — | | | — | | | 2,273 | | | 6,396 | | | 8,669 | | | (219) | | | 1985 - 2020 | | 2025 | | Mississippi | | 1 | | 2,198 | | | 3,351 | | | — | | | — | | | 2,198 | | | 3,351 | | | 5,549 | | | (411) | | | 1978 | | 2022 | | North Carolina | | 1 | | 909 | | | 746 | | | — | | | — | | | 909 | | | 746 | | | 1,655 | | | (219) | | | 1974 | | 2022 | | North Dakota | | 3 | | 1,354 | | | 2,860 | | | — | | | — | | | 1,354 | | | 2,860 | | | 4,214 | | | (209) | | | 1954 - 1965 | | 2023 | | New Mexico | | 1 | | 695 | | | 6,332 | | | — | | | — | | | 695 | | | 6,332 | | | 7,027 | | | (174) | | | 2024 | | 2024 | | Nevada | | 1 | | 3,001 | | | 12,069 | | | — | | | — | | | 3,001 | | | 12,069 | | | 15,070 | | | (223) | | | 2019 | | 2025 | | Ohio | | 1 | | 902 | | | 2,330 | | | — | | | — | | | 902 | | | 2,330 | | | 3,232 | | | (291) | | | 1995 | | 2022 | | Oklahoma | | 1 | | 922 | | | 5,548 | | | — | | | — | | | 922 | | | 5,548 | | | 6,470 | | | (450) | | | 2016 | | 2023 | | Oregon | | 1 | | 1,242 | | | 91 | | | — | | | — | | | 1,242 | | | 91 | | | 1,333 | | | (2) | | | 2025 | | 2025 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Pennsylvania | | 3 | | 7,850 | | | 9,748 | | | — | | | — | | | 7,850 | | | 9,748 | | | 17,598 | | | (586) | | | 1966 - 1998 | | 2022 - 2025 | | South Dakota | | 1 | | 1,250 | | | 2,950 | | | — | | | — | | | 1,250 | | | 2,950 | | | 4,200 | | | (395) | | | 1992 | | 2021 | | Tennessee | | 3 | | 1,210 | | | 2,174 | | | — | | | — | | | 1,210 | | | 2,174 | | | 3,384 | | | (198) | | | 1997 - 2016 | | 2022 - 2025 | | Texas | | 11 | | 31,083 | | | 41,718 | | | — | | | — | | | 31,083 | | | 41,718 | | | 72,801 | | | (2,546) | | | 1983 - 2024 | | 2021 - 2025 | | Utah | | 1 | | 7,282 | | | 12,175 | | | — | | | — | | | 7,282 | | | 12,175 | | | 19,457 | | | (197) | | | 1967 | | 2025 | | Virginia | | 1 | | 679 | | | 3,839 | | | — | | | — | | | 679 | | | 3,839 | | | 4,518 | | | (542) | | | 1964 | | 2021 | | Wisconsin | | 2 | | 1,945 | | | 13,766 | | | — | | | — | | | 1,945 | | | 13,766 | | | 15,711 | | | (285) | | | 1971 - 1999 | | 2024 - 2025 | | | | | | | | | | | | | | | | | | | | | | | | | Medical / Dental | | | | | | | | | | | | | | | | | | | | | | Alabama | | 6 | | $ | 1,713 | | | $ | 9,755 | | | $ | — | | | $ | — | | | $ | 1,713 | | | $ | 9,755 | | | $ | 11,468 | | | $ | (1,811) | | | 1979 - 2012 | | 2016 - 2024 | | Arkansas | | 18 | | 5,034 | | | 12,692 | | | — | | | 578 | | | 5,034 | | | 13,271 | | | 18,305 | | | (2,790) | | | 1950 - 2017 | | 2018 - 2025 | | Arizona | | 4 | | 5,606 | | | 6,790 | | | — | | | 1,913 | | | 5,606 | | | 8,703 | | | 14,309 | | | (794) | | | 1951 - 2020 | | 2016 - 2024 | | California | | 1 | | 866 | | | 1,262 | | | — | | | — | | | 866 | | | 1,262 | | | 2,128 | | | (64) | | | 1948 | | 2024 | | Florida | | 36 | | 43,884 | | | 116,104 | | | — | | | 200 | | | 43,884 | | | 116,304 | | | 160,188 | | | (6,900) | | | 1934 - 2021 | | 2016 - 2025 | | Georgia | | 10 | | 14,376 | | | 39,063 | | | — | | | — | | | 14,376 | | | 39,063 | | | 53,439 | | | (3,223) | | | 1960 - 2024 | | 2016 - 2024 | | Iowa | | 4 | | 2,275 | | | 10,359 | | | — | | | — | | | 2,275 | | | 10,359 | | | 12,634 | | | (225) | | | 1963 - 2000 | | 2022 - 2025 | | Illinois | | 11 | | 4,816 | | | 14,474 | | | — | | | — | | | 4,816 | | | 14,474 | | | 19,290 | | | (2,235) | | | 1967 - 2008 | | 2016 - 2023 | | Indiana | | 4 | | 2,408 | | | 9,193 | | | — | | | — | | | 2,408 | | | 9,193 | | | 11,601 | | | (829) | | | 1976 - 1998 | | 2016 - 2024 | | Kentucky | | 1 | | 199 | | | 474 | | | — | | | — | | | 199 | | | 474 | | | 673 | | | (144) | | | 2000 | | 2017 | | Louisiana | | 5 | | 6,218 | | | 24,819 | | | — | | | — | | | 6,218 | | | 24,819 | | | 31,037 | | | (60) | | | 1950 - 2008 | | 2025 | | Massachusetts | | 4 | | 853 | | | 2,784 | | | — | | | — | | | 853 | | | 2,784 | | | 3,637 | | | (496) | | | 1850 - 2005 | | 2016 - 2020 | | Maryland | | 4 | | 2,366 | | | 10,433 | | | — | | | — | | | 2,366 | | | 10,433 | | | 12,799 | | | (54) | | | 1929 - 1961 | | 2025 | | Michigan | | 4 | | 2,401 | | | 9,443 | | | — | | | — | | | 2,401 | | | 9,443 | | | 11,844 | | | (1,180) | | | 1953 - 2007 | | 2019 - 2021 | | Missouri | | 12 | | 4,597 | | | 12,534 | | | — | | | 775 | | | 4,597 | | | 13,309 | | | 17,906 | | | (1,685) | | | 1979 - 2023 | | 2016 - 2024 | | Mississippi | | 4 | | 1,302 | | | 13,437 | | | — | | | — | | | 1,302 | | | 13,437 | | | 14,739 | | | (2,156) | | | 1970 - 2006 | | 2016 - 2021 | | North Carolina | | 8 | | 4,066 | | | 12,764 | | | — | | | — | | | 4,066 | | | 12,764 | | | 16,830 | | | (1,248) | | | 1996 - 2019 | | 2021 - 2024 | | Nebraska | | 1 | | 1,463 | | | 3,535 | | | — | | | — | | | 1,463 | | | 3,535 | | | 4,998 | | | (40) | | | 2023 | | 2024 | | New Hampshire | | 7 | | 5,304 | | | 18,868 | | | 79 | | | — | | | 5,382 | | | 18,868 | | | 24,250 | | | (1,986) | | | 1830 - 1984 | | 2016 - 2023 | | New Jersey | | 1 | | 1,731 | | | 6,560 | | | — | | | 19 | | | 1,731 | | | 6,578 | | | 8,309 | | | (423) | | | 2010 | | 2023 | | New Mexico | | 1 | | 911 | | | 3,306 | | | — | | | — | | | 911 | | | 3,306 | | | 4,217 | | | (46) | | | 2023 | | 2024 | | New York | | 6 | | 1,032 | | | 3,736 | | | — | | | — | | | 1,032 | | | 3,736 | | | 4,768 | | | (605) | | | 1940 - 2010 | | 2016 - 2023 | | Ohio | | 23 | | 14,589 | | | 37,458 | | | — | | | 1,831 | | | 14,589 | | | 39,289 | | | 53,878 | | | (4,280) | | | 1944 - 2025 | | 2017 - 2025 | | Oklahoma | | 8 | | 2,006 | | | 6,767 | | | — | | | — | | | 2,006 | | | 6,767 | | | 8,773 | | | (991) | | | 1964 - 2018 | | 2021 - 2025 | | Oregon | | 3 | | 6,280 | | | 21,117 | | | — | | | — | | | 6,280 | | | 21,117 | | | 27,397 | | | (606) | | | 2000 - 2025 | | 2020 - 2024 | | Pennsylvania | | 22 | | 5,158 | | | 24,729 | | | — | | | — | | | 5,158 | | | 24,729 | | | 29,887 | | | (683) | | | 1900 - 2023 | | 2022 - 2025 | | South Carolina | | 6 | | 4,158 | | | 7,441 | | | — | | | — | | | 4,158 | | | 7,441 | | | 11,599 | | | (1,424) | | | 1936 - 1998 | | 2016 - 2021 | | Texas | | 50 | | 33,976 | | | 135,573 | | | 8 | | | 1,583 | | | 33,984 | | | 137,156 | | | 171,140 | | | (21,125) | | | 1940 - 2020 | | 2016 - 2025 | | Virginia | | 1 | | 1,172 | | | 3,965 | | | — | | | — | | | 1,172 | | | 3,965 | | | 5,137 | | | (163) | | | 2017 | | 2024 | | Vermont | | 1 | | 357 | | | 916 | | | — | | | — | | | 357 | | | 916 | | | 1,273 | | | (130) | | | 1980 | | 2021 | | Wyoming | | 1 | | 620 | | | 2,550 | | | — | | | — | | | 620 | | | 2,550 | | | 3,170 | | | (681) | | | 2001 | | 2017 | | | | | | | | | | | | | | | | | | | | | | | | | Movie Theaters | | | | | | | | | | | | | | | | | | | | | | Alabama | | 2 | | $ | 3,011 | | | $ | 10,643 | | | $ | 303 | | | $ | — | | | $ | 3,314 | | | $ | 10,643 | | | $ | 13,957 | | | $ | (3,086) | | | 2001 - 2013 | | 2016 - 2018 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | North Carolina | | 1 | | 1,826 | | | 2,798 | | | — | | | — | | | 1,826 | | | 2,798 | | | 4,624 | | | (773) | | | 2004 | | 2018 | | Ohio | | 1 | | 2,126 | | | 10,097 | | | — | | | — | | | 2,126 | | | 10,097 | | | 12,223 | | | (2,312) | | | 1989 | | 2017 | | South Carolina | | 1 | | 1,465 | | | 7,081 | | | — | | | — | | | 1,465 | | | 7,081 | | | 8,546 | | | (1,670) | | | 2006 | | 2017 | | Wisconsin | | 1 | | 3,159 | | | 3,755 | | | 259 | | | — | | | 3,418 | | | 3,755 | | | 7,173 | | | (1,235) | | | 1997 | | 2017 | | | | | | | | | | | | | | | | | | | | | | | | | Other Services | | | | | | | | | | | | | | | | | | | | | | Alabama | | 1 | | $ | 312 | | | $ | 176 | | | $ | — | | | $ | — | | | $ | 312 | | | $ | 176 | | | $ | 488 | | | $ | (96) | | | 1978 | | 2016 | | Colorado | | 2 | | 2,706 | | | 3,861 | | | — | | | — | | | 2,706 | | | 3,861 | | | 6,567 | | | (323) | | | 1993 - 2002 | | 2016 - 2024 | | Florida | | 3 | | 10,707 | | | 1,838 | | | — | | | — | | | 10,707 | | | 1,838 | | | 12,545 | | | (154) | | | 1993 - 2006 | | 2025 | | Georgia | | 7 | | 3,731 | | | 9,626 | | | — | | | — | | | 3,731 | | | 9,626 | | | 13,357 | | | (1,460) | | | 1895 - 1998 | | 2018 - 2025 | | Illinois | | 1 | | 3,083 | | | 98 | | | — | | | — | | | 3,083 | | | 98 | | | 3,181 | | | (125) | | | 1987 | | 2022 | | Indiana | | 9 | | 5,228 | | | 22,374 | | | — | | | — | | | 5,228 | | | 22,374 | | | 27,602 | | | (880) | | | 1891 - 2020 | | 2024 | | Kentucky | | 2 | | 1,503 | | | 4,613 | | | — | | | — | | | 1,503 | | | 4,613 | | | 6,116 | | | (854) | | | 1882 - 1999 | | 2018 - 2022 | | North Carolina | | 5 | | 6,390 | | | 7,954 | | | — | | | — | | | 6,390 | | | 7,954 | | | 14,344 | | | (921) | | | 1890 - 2010 | | 2018 - 2024 | | Ohio | | 3 | | 246 | | | 1,056 | | | — | | | — | | | 246 | | | 1,056 | | | 1,302 | | | (77) | | | 1855 - 1887 | | 2023 | | Oklahoma | | 1 | | 2,257 | | | 2,073 | | | — | | | — | | | 2,257 | | | 2,073 | | | 4,330 | | | (499) | | | 2006 | | 2021 | | Pennsylvania | | 2 | | 3,879 | | | 1,921 | | | — | | | — | | | 3,879 | | | 1,921 | | | 5,800 | | | (108) | | | 2024 | | 2023 - 2024 | | South Carolina | | 6 | | 3,433 | | | 7,728 | | | — | | | — | | | 3,433 | | | 7,728 | | | 11,161 | | | (707) | | | 1937 - 2006 | | 2016 - 2025 | | Tennessee | | 14 | | 10,757 | | | 19,485 | | | — | | | — | | | 10,757 | | | 19,485 | | | 30,242 | | | (3,684) | | | 1870 - 2010 | | 2016 - 2022 | | Texas | | 9 | | 28,456 | | | 36,695 | | | 729 | | | — | | | 29,185 | | | 36,695 | | | 65,880 | | | (3,716) | | | 2006 - 2022 | | 2021 - 2025 | | Virginia | | 1 | | 1,259 | | | 1,786 | | | — | | | — | | | 1,259 | | | 1,786 | | | 3,045 | | | (531) | | | 1991 | | 2018 | | Washington | | 1 | | 4,383 | | | 110 | | | — | | | — | | | 4,383 | | | 110 | | | 4,493 | | | (140) | | | 2019 | | 2023 | | Wisconsin | | 3 | | 1,723 | | | 6,017 | | | — | | | — | | | 1,723 | | | 6,017 | | | 7,740 | | | (180) | | | 1997 - 2011 | | 2023 | | | | | | | | | | | | | | | | | | | | | | | | | Pet Care Services | | | | | | | | | | | | | | | | | | | | | | Alabama | | 2 | | $ | 3,799 | | | $ | 4,730 | | | $ | — | | | $ | — | | | $ | 3,799 | | | $ | 4,730 | | | $ | 8,529 | | | $ | (492) | | | 2023 | | 2021 - 2025 | | Arkansas | | 3 | | 2,741 | | | 10,657 | | | — | | | 250 | | | 2,741 | | | 10,907 | | | 13,648 | | | (1,123) | | | 1979 - 2023 | | 2017 - 2023 | | California | | 1 | | 4,598 | | | 2,504 | | | — | | | — | | | 4,598 | | | 2,504 | | | 7,102 | | | (104) | | | 1961 | | 2024 | | Florida | | 3 | | 3,968 | | | 7,844 | | | — | | | — | | | 3,968 | | | 7,844 | | | 11,812 | | | (1,182) | | | 2005 - 2023 | | 2018 - 2021 | | Georgia | | 5 | | 3,335 | | | 3,367 | | | — | | | — | | | 3,335 | | | 3,367 | | | 6,702 | | | (568) | | | 1950 - 2007 | | 2019 - 2021 | | Illinois | | 3 | | 1,475 | | | 1,504 | | | — | | | — | | | 1,475 | | | 1,504 | | | 2,979 | | | (518) | | | 1976 - 1995 | | 2019 | | Indiana | | 6 | | 2,714 | | | 6,782 | | | — | | | — | | | 2,714 | | | 6,782 | | | 9,496 | | | (1,218) | | | 1952 - 2024 | | 2017 - 2025 | | Louisiana | | 1 | | 485 | | | 701 | | | — | | | 183 | | | 485 | | | 884 | | | 1,369 | | | (188) | | | 2007 | | 2019 | | Missouri | | 1 | | 537 | | | 752 | | | — | | | — | | | 537 | | | 752 | | | 1,289 | | | (180) | | | 1986 | | 2019 | | North Carolina | | 1 | | 303 | | | 394 | | | — | | | — | | | 303 | | | 394 | | | 697 | | | (134) | | | 2014 | | 2019 | | Nebraska | | 1 | | 381 | | | 332 | | | — | | | — | | | 381 | | | 332 | | | 713 | | | (144) | | | 1967 | | 2019 | | New York | | 1 | | 327 | | | 697 | | | — | | | — | | | 327 | | | 697 | | | 1,024 | | | (70) | | | 1953 | | 2023 | | Oklahoma | | 1 | | 225 | | | 283 | | | — | | | — | | | 225 | | | 283 | | | 508 | | | (123) | | | 1993 | | 2019 | | Oregon | | 1 | | 192 | | | 324 | | | — | | | — | | | 192 | | | 324 | | | 516 | | | (67) | | | 1990 | | 2019 | | South Carolina | | 2 | | 3,063 | | | 5,312 | | | — | | | — | | | 3,063 | | | 5,312 | | | 8,375 | | | (388) | | | 1994 - 2025 | | 2019 - 2023 | | Texas | | 2 | | 2,923 | | | 7,667 | | | — | | | — | | | 2,923 | | | 7,667 | | | 10,590 | | | (751) | | | 2006 - 2023 | | 2021 - 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restaurants - Casual Dining | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Alabama | | 6 | | $ | 3,139 | | | $ | 7,607 | | | $ | — | | | $ | — | | | $ | 3,139 | | | $ | 7,607 | | | $ | 10,746 | | | $ | (2,224) | | | 1977 - 2007 | | 2016 - 2017 | | Arkansas | | 1 | | 1,392 | | | 1,929 | | | — | | | — | | | 1,392 | | | 1,929 | | | 3,321 | | | (166) | | | 2005 | | 2023 | | Arizona | | 2 | | 2,415 | | | 2,163 | | | — | | | — | | | 2,415 | | | 2,163 | | | 4,578 | | | (176) | | | 1994 - 2002 | | 2024 | | California | | 1 | | 1,044 | | | 1,386 | | | — | | | — | | | 1,044 | | | 1,386 | | | 2,430 | | | (82) | | | 1992 | | 2024 | | Colorado | | 6 | | 7,983 | | | 13,278 | | | — | | | — | | | 7,983 | | | 13,278 | | | 21,261 | | | (1,289) | | | 1993 - 2017 | | 2016 - 2025 | | Florida | | 10 | | 9,467 | | | 17,052 | | | 55 | | | 279 | | | 9,522 | | | 17,332 | | | 26,854 | | | (3,781) | | | 1988 - 2023 | | 2016 - 2024 | | Georgia | | 5 | | 4,785 | | | 6,048 | | | — | | | 600 | | | 4,785 | | | 6,648 | | | 11,433 | | | (2,139) | | | 1982 - 1999 | | 2016 - 2017 | | Iowa | | 4 | | 2,078 | | | 6,311 | | | 60 | | | 40 | | | 2,138 | | | 6,351 | | | 8,489 | | | (1,188) | | | 1950 - 2005 | | 2018 - 2022 | | Illinois | | 4 | | 4,379 | | | 16,155 | | | 50 | | | 18 | | | 4,429 | | | 16,173 | | | 20,602 | | | (482) | | | 1993 - 2024 | | 2018 - 2025 | | Indiana | | 2 | | 2,387 | | | 1,827 | | | — | | | — | | | 2,387 | | | 1,827 | | | 4,214 | | | (170) | | | 1999 - 2006 | | 2020 - 2023 | | Kansas | | 2 | | 3,045 | | | 1,382 | | | — | | | — | | | 3,045 | | | 1,382 | | | 4,427 | | | (342) | | | 1991 - 2005 | | 2021 - 2022 | | Kentucky | | 3 | | 1,798 | | | 3,643 | | | — | | | — | | | 1,798 | | | 3,643 | | | 5,441 | | | (592) | | | 2001 - 2010 | | 2019 - 2022 | | Louisiana | | 2 | | 1,180 | | | 983 | | | — | | | — | | | 1,180 | | | 983 | | | 2,163 | | | (451) | | | 1988 - 1994 | | 2016 | | Massachusetts | | 10 | | 12,982 | | | 14,943 | | | — | | | — | | | 12,982 | | | 14,943 | | | 27,925 | | | (2,703) | | | 1985 - 2008 | | 2021 | | Maryland | | 3 | | 4,440 | | | 4,991 | | | — | | | — | | | 4,440 | | | 4,991 | | | 9,431 | | | (963) | | | 2003 - 2005 | | 2017 - 2023 | | Michigan | | 10 | | 6,569 | | | 14,905 | | | — | | | — | | | 6,569 | | | 14,905 | | | 21,474 | | | (3,088) | | | 1906 - 2003 | | 2019 - 2022 | | Minnesota | | 2 | | 7,921 | | | 14,090 | | | — | | | — | | | 7,921 | | | 14,090 | | | 22,011 | | | (1,235) | | | 1905 - 1947 | | 2022 | | Missouri | | 6 | | 11,197 | | | 18,593 | | | — | | | — | | | 11,197 | | | 18,593 | | | 29,790 | | | (1,655) | | | 2001 - 2025 | | 2017 - 2024 | | Mississippi | | 2 | | 3,073 | | | 3,414 | | | — | | | — | | | 3,073 | | | 3,414 | | | 6,487 | | | (302) | | | 2004 - 2025 | | 2017 - 2024 | | North Carolina | | 1 | | 594 | | | 2,391 | | | — | | | — | | | 594 | | | 2,391 | | | 2,985 | | | (168) | | | 2020 | | 2023 | | Nebraska | | 1 | | 545 | | | 1,905 | | | — | | | — | | | 545 | | | 1,905 | | | 2,450 | | | (206) | | | 2004 | | 2023 | | New Hampshire | | 1 | | 1,978 | | | 2,127 | | | — | | | — | | | 1,978 | | | 2,127 | | | 4,105 | | | (270) | | | 1974 | | 2021 | | New Jersey | | 8 | | 9,625 | | | 28,327 | | | — | | | — | | | 9,625 | | | 28,327 | | | 37,952 | | | (3,014) | | | 1715 - 2005 | | 2022 | | Ohio | | 7 | | 11,752 | | | 20,356 | | | — | | | — | | | 11,752 | | | 20,356 | | | 32,108 | | | (2,072) | | | 1988 - 2024 | | 2019 - 2024 | | Oklahoma | | 1 | | 3,514 | | | 5,448 | | | — | | | — | | | 3,514 | | | 5,448 | | | 8,962 | | | (193) | | | 2024 | | 2023 | | Pennsylvania | | 5 | | 6,632 | | | 11,046 | | | — | | | — | | | 6,632 | | | 11,046 | | | 17,678 | | | (1,248) | | | 1880 - 2003 | | 2022 - 2023 | | Rhode Island | | 1 | | 830 | | | 1,171 | | | — | | | — | | | 830 | | | 1,171 | | | 2,001 | | | (214) | | | 1996 | | 2021 | | South Carolina | | 2 | | 2,603 | | | 1,768 | | | — | | | 66 | | | 2,603 | | | 1,833 | | | 4,436 | | | (215) | | | 2002 - 2003 | | 2017 - 2023 | | South Dakota | | 2 | | 3,049 | | | 4,190 | | | — | | | — | | | 3,049 | | | 4,190 | | | 7,239 | | | (597) | | | 2000 - 2013 | | 2021 - 2023 | | Tennessee | | 1 | | 683 | | | 737 | | | — | | | — | | | 683 | | | 737 | | | 1,420 | | | (216) | | | 2003 | | 2017 | | Texas | | 10 | | 16,348 | | | 21,742 | | | — | | | — | | | 16,348 | | | 21,742 | | | 38,090 | | | (1,931) | | | 1995 - 2025 | | 2016 - 2025 | | Virginia | | 4 | | 5,421 | | | 7,302 | | | — | | | — | | | 5,421 | | | 7,302 | | | 12,723 | | | (822) | | | 1995 - 2005 | | 2019 - 2024 | | Washington | | 1 | | 503 | | | 1,156 | | | — | | | 49 | | | 503 | | | 1,205 | | | 1,708 | | | (401) | | | 1982 | | 2019 | | West Virginia | | 2 | | 953 | | | 3,180 | | | — | | | — | | | 953 | | | 3,180 | | | 4,133 | | | (419) | | | 1997 - 2006 | | 2022 | | | | | | | | | | | | | | | | | | | | | | | | | Restaurants - Family Dining | | | | | | | | | | | | | | | | | | | | | | Georgia | | 10 | | $ | 8,999 | | | $ | 21,334 | | | $ | — | | | $ | 1,984 | | | $ | 8,999 | | | $ | 23,318 | | | $ | 32,317 | | | $ | (2,539) | | | 1968 - 2019 | | 2018 - 2023 | | Iowa | | 1 | | 804 | | | 563 | | | — | | | — | | | 804 | | | 563 | | | 1,367 | | | (217) | | | 1994 | | 2016 | | Illinois | | 1 | | 2,283 | | | 7,060 | | | — | | | — | | | 2,283 | | | 7,060 | | | 9,343 | | | (252) | | | 2017 | | 2024 | | Michigan | | 3 | | 2,148 | | | 2,847 | | | — | | | — | | | 2,148 | | | 2,847 | | | 4,995 | | | (610) | | | 1973 - 2000 | | 2019 | | Minnesota | | 4 | | 2,433 | | | 2,451 | | | — | | | — | | | 2,433 | | | 2,451 | | | 4,884 | | | (986) | | | 1975 - 1991 | | 2016 | | Missouri | | 2 | | 1,038 | | | 1,153 | | | — | | | — | | | 1,038 | | | 1,153 | | | 2,191 | | | (439) | | | 1978 - 1979 | | 2016 | | Pennsylvania | | 1 | | 784 | | | 756 | | | 6 | | | 61 | | | 790 | | | 817 | | | 1,607 | | | (313) | | | 1995 | | 2017 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | South Carolina | | 2 | | 1,930 | | | 2,111 | | | — | | | 278 | | | 1,930 | | | 2,390 | | | 4,320 | | | (467) | | | 1978 - 2008 | | 2020 | | Wisconsin | | 2 | | 1,967 | | | 2,955 | | | — | | | — | | | 1,967 | | | 2,955 | | | 4,922 | | | (831) | | | 1976 - 2018 | | 2016 - 2019 | | | | | | | | | | | | | | | | | | | | | | | | | Restaurants - Quick Service | | | | | | | | | | | | | | | | | | | | | | Alaska | | 1 | | $ | 428 | | | $ | 1,524 | | | $ | — | | | $ | 350 | | | $ | 428 | | | $ | 1,874 | | | $ | 2,302 | | | $ | (428) | | | 1972 | | 2018 | | Alabama | | 25 | | 7,555 | | | 15,782 | | | — | | | 153 | | | 7,555 | | | 15,935 | | | 23,490 | | | (4,067) | | | 1972 - 2024 | | 2016 - 2023 | | Arkansas | | 21 | | 11,317 | | | 21,191 | | | — | | | 15 | | | 11,317 | | | 21,206 | | | 32,523 | | | (3,387) | | | 1977 - 2020 | | 2016 - 2025 | | California | | 1 | | 467 | | | 533 | | | — | | | — | | | 467 | | | 533 | | | 1,000 | | | (189) | | | 1993 | | 2016 | | Colorado | | 1 | | 698 | | | 1,036 | | | — | | | — | | | 698 | | | 1,036 | | | 1,734 | | | (285) | | | 1999 | | 2018 | | Florida | | 18 | | 14,341 | | | 20,085 | | | — | | | 543 | | | 14,341 | | | 20,627 | | | 34,968 | | | (3,226) | | | 1976 - 2024 | | 2016 - 2024 | | Georgia | | 52 | | 27,974 | | | 39,981 | | | — | | | 253 | | | 27,974 | | | 40,234 | | | 68,208 | | | (8,202) | | | 1975 - 2024 | | 2016 - 2025 | | Iowa | | 7 | | 2,268 | | | 6,367 | | | — | | | 95 | | | 2,268 | | | 6,462 | | | 8,730 | | | (2,053) | | | 1950 - 2004 | | 2016 - 2019 | | Illinois | | 4 | | 2,133 | | | 7,361 | | | — | | | — | | | 2,133 | | | 7,361 | | | 9,494 | | | (672) | | | 1950 - 2013 | | 2016 - 2024 | | Indiana | | 18 | | 13,936 | | | 17,707 | | | — | | | — | | | 13,936 | | | 17,707 | | | 31,643 | | | (1,692) | | | 2003 - 2023 | | 2019 - 2025 | | Kansas | | 1 | | 194 | | | 777 | | | — | | | — | | | 194 | | | 777 | | | 971 | | | (212) | | | 1971 | | 2017 | | Kentucky | | 12 | | 5,519 | | | 8,668 | | | — | | | 402 | | | 5,519 | | | 9,071 | | | 14,590 | | | (2,048) | | | 1969 - 2020 | | 2016 - 2022 | | Louisiana | | 13 | | 14,524 | | | 14,657 | | | — | | | 54 | | | 14,524 | | | 14,711 | | | 29,235 | | | (1,891) | | | 1981 - 2025 | | 2017 - 2024 | | Massachusetts | | 9 | | 5,251 | | | 5,131 | | | — | | | — | | | 5,251 | | | 5,131 | | | 10,382 | | | (1,211) | | | 1965 - 1987 | | 2020 | | Maryland | | 1 | | 338 | | | 624 | | | — | | | — | | | 338 | | | 624 | | | 962 | | | (146) | | | 2002 | | 2019 | | Michigan | | 11 | | 3,579 | | | 8,554 | | | — | | | — | | | 3,579 | | | 8,554 | | | 12,133 | | | (2,190) | | | 1969 - 2015 | | 2016 - 2024 | | Missouri | | 5 | | 3,067 | | | 4,650 | | | — | | | — | | | 3,067 | | | 4,650 | | | 7,717 | | | (763) | | | 1987 - 2009 | | 2016 - 2023 | | Mississippi | | 50 | | 25,333 | | | 42,676 | | | — | | | 390 | | | 25,333 | | | 43,066 | | | 68,399 | | | (5,592) | | | 1968 - 2025 | | 2016 - 2025 | | North Carolina | | 11 | | 11,952 | | | 10,642 | | | — | | | 54 | | | 11,952 | | | 10,697 | | | 22,649 | | | (856) | | | 2012 - 2024 | | 2021 - 2025 | | Nebraska | | 1 | | 304 | | | 1,301 | | | — | | | — | | | 304 | | | 1,301 | | | 1,605 | | | (431) | | | 1998 | | 2016 | | New York | | 3 | | 3,765 | | | 3,405 | | | — | | | 400 | | | 3,765 | | | 3,805 | | | 7,570 | | | (1,243) | | | 1968 - 2000 | | 2016 - 2019 | | Ohio | | 9 | | 3,710 | | | 10,833 | | | — | | | — | | | 3,710 | | | 10,833 | | | 14,543 | | | (1,875) | | | 1964 - 2024 | | 2016 - 2022 | | Oklahoma | | 11 | | 11,155 | | | 11,480 | | | — | | | — | | | 11,155 | | | 11,480 | | | 22,635 | | | (1,543) | | | 1965 - 2024 | | 2020 - 2025 | | Oregon | | 1 | | 252 | | | 131 | | | — | | | — | | | 252 | | | 131 | | | 383 | | | (61) | | | 2015 | | 2016 | | Pennsylvania | | 3 | | 1,369 | | | 1,710 | | | — | | | — | | | 1,369 | | | 1,710 | | | 3,079 | | | (616) | | | 1963 - 1994 | | 2016 - 2019 | | South Carolina | | 7 | | 4,834 | | | 8,515 | | | — | | | — | | | 4,834 | | | 8,515 | | | 13,349 | | | (961) | | | 1977 - 2009 | | 2016 - 2024 | | Tennessee | | 22 | | 13,585 | | | 16,758 | | | — | | | 354 | | | 13,585 | | | 17,112 | | | 30,697 | | | (3,957) | | | 1974 - 2026 | | 2016 - 2025 | | Texas | | 43 | | 32,968 | | | 37,160 | | | — | | | 1,882 | | | 32,968 | | | 39,042 | | | 72,010 | | | (6,716) | | | 1970 - 2020 | | 2016 - 2025 | | Wisconsin | | 13 | | 7,971 | | | 18,360 | | | — | | | 85 | | | 7,971 | | | 18,445 | | | 26,416 | | | (1,007) | | | 1981 - 2015 | | 2016 - 2024 | | West Virginia | | 6 | | 1,286 | | | 3,137 | | | — | | | — | | | 1,286 | | | 3,137 | | | 4,423 | | | (997) | | | 1976 - 1994 | | 2016 | | | | | | | | | | | | | | | | | | | | | | | | | Vacant Properties and Undeveloped Land | | | | | | | | | | | | | | | | | | Arizona | | 2 | | $ | 2,386 | | | $ | 2,589 | | | $ | 13 | | | $ | 1,575 | | | $ | 2,399 | | | $ | 4,164 | | | $ | 6,563 | | | $ | (818) | | | 1990 - 2008 | | 2018 | | Michigan | | 1 | | 1,512 | | | 9,964 | | | 25 | | | 1,426 | | | 1,537 | | | 11,390 | | | 12,927 | | | (2,923) | | | 1992 | | 2018 | | South Carolina | | 1 | | 678 | | | 3,123 | | | — | | | — | | | 678 | | | 3,123 | | | 3,801 | | | (470) | | | 1978 | | 2021 | | | Tennessee | | 1 | | 1,326 | | | 1,945 | | | — | | | — | | | 1,326 | | | 1,945 | | | 3,271 | | | (588) | | | 1989 | | 2019 | | | Wyoming | | 1 | | 424 | | | 930 | | | — | | | — | | | 424 | | | 930 | | | 1,354 | | | (301) | | | 1982 | | 2019 | | North Carolina | | 1 | | 84 | | | — | | | — | | | — | | | 84 | | | — | | | 84 | | | — | | | 1986 | | 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description (a) | | Initial Cost to Company | | Cost Capitalized Subsequent
to Acquisition (b) | | Gross Amount at December 31, 2025 (c)(d) | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | Tenant Industry & State | | # of Properties | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Land & Improvements | | Building & Improvements | | Total | | Accumulated Depreciation
(e)(f) | | Year Constructed (Range) | | Year Acquired (Range) | | | | | | | | | | | | | | | | | | | | | | | | | Grand Total | | 2,141 | | $ | 2,193,883 | | | $ | 4,268,603 | | | $ | 6,954 | | | $ | 120,379 | | | $ | 2,200,837 | | | $ | 4,388,985 | | | $ | 6,589,822 | | | $ | (556,530) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a)As of December 31, 2025, the Company had investments in 2,300 single-tenant real estate property locations including 2,140 owned properties, 10 ground lease interests and 150 properties securing mortgage notes receivable. Four of the Company’s owned properties are subject to leases accounted for as direct financing leases and are excluded from the table above. Additionally, the table above excludes four owned properties which are accounted for as loans receivable, as the leases contain purchase options, and one owned property which was held for sale as of December 31, 2025. Initial costs exclude intangible lease assets totaling $88.1 million. (b)Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate or partial land dispositions. (c)The aggregate cost for federal income tax purposes is $6.6 billion. (d)The following is a reconciliation of carrying value for land and improvements and building and improvements for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | (in thousands) | | 2025 | | 2024 | | 2023 | | Balance, beginning of period | | $ | 5,401,610 | | | $ | 4,480,314 | | | $ | 3,669,317 | | | Additions | | | | | | | | Acquisitions | | 1,110,280 | | | 818,088 | | | 887,407 | | | Improvements | | 212,755 | | | 217,314 | | | 51,323 | | | Deductions | | | | | | | | Provisions for impairment of real estate | | (11,997) | | | (14,845) | | | (3,548) | | | Real estate investments held for sale | | (2,635) | | | (10,018) | | | (7,455) | | | Cost of real estate sold | | (117,553) | | | (89,319) | | | (116,029) | | | Other | | (2,638) | | | 76 | | | (701) | | | Balance, end of period | | $ | 6,589,822 | | | $ | 5,401,610 | | | $ | 4,480,314 | |
(e)The following is a reconciliation of accumulated depreciation for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | (in thousands) | | 2025 | | 2024 | | 2023 | | Balance, beginning of period | | $ | 425,190 | | | $ | 321,944 | | | $ | 238,022 | | | Additions | | | | | | | | Depreciation expense | | 147,645 | | | 115,371 | | | 95,527 | | | Deductions | | | | | | | | Accumulated depreciation associated with real estate investments sold and held for sale | | (16,305) | | | (12,125) | | | (11,605) | | | Balance, end of period | | $ | 556,530 | | | $ | 425,190 | | | $ | 321,944 | |
(f)Depreciation is calculated using the straight-line method over the estimated useful lives of the properties, which is up to 40 years for buildings and improvements and 15 years for land improvements.
|