| Schedule III - Real Estate Assets and Accumulated Depreciation |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company | | | | Gross Amount at | | | | | | | | | | | | | | | | | | Which Carried | | | | | | | | | | | | | | Buildings, Fixtures and | | Total Adjustment | | At December 31, 2025 | | Accumulated Depreciation | | Date | | Date | | Description (a) | | Encumbrances | | Land | | Improvements | | to Basis (b) | | (c) (d) (e) | | (e) (f) (g) | | Acquired | | Constructed | Real Estate Held for Investment the Company has Invested in: | | | | | | | AAA Office Park: | | | | | | | | | | | | | | | | | | Hamilton, NJ | | $ | — | | | $ | 5,427 | | | $ | 22,970 | | | $ | (16,278) | | | $ | 12,119 | | | $ | 537 | | | 12/16/2021 | | 2016 | Actuant Campus: | | | | | | | | | | | | | | | | | | Columbus, WI | | 12,975 | | | 2,090 | | | 14,633 | | | — | | | 16,723 | | | 2,260 | | | 12/21/2020 | | 2014 | AKRS Equipment: | | | | | | | | | | | | | | | | | | David City, NE | | 11,331 | | | 682 | | | 12,849 | | | — | | | 13,531 | | | 482 | | | 9/10/2024 | | 2023 | AK Steel: | | | | | | | | | | | | | | | | | | West Chester, OH | | — | | | 1,421 | | | 21,044 | | | (8,608) | | | 13,857 | | | 309 | | | 12/16/2021 | | 2007 | Apex Technologies: | | | | | | | | | | | | | | | | | | Mason, OH | | — | | | 1,288 | | | 11,127 | | | — | | | 12,415 | | | 1,348 | | | 12/16/2021 | | 2013 | Bass Pro Shop: | | | | | | | | | | | | | | | | | | Tallahassee, FL | | 6,637 | | | 945 | | | 5,713 | | | 119 | | | 6,777 | | | 1,988 | | | 8/20/2013 | | 2013 | BJ’s Wholesale Club: | | | | | | | | | | | | | | | | | | Fort Myers, FL | | 19,794 | | | 5,331 | | | 21,692 | | | — | | | 27,023 | | | 2,969 | | | 12/21/2020 | | 2018 | | Roanoke, VA | | 15,496 | | | 4,509 | | | 14,545 | | | — | | | 19,054 | | | 1,999 | | | 11/25/2020 | | 2018 | Bob Evans: | | | | | | | | | | | | | | | | | | Defiance, OH | | 2,573 | | | 501 | | | 2,781 | | | — | | | 3,282 | | | 333 | | | 12/16/2021 | | 2011 | | Dover, OH | | 2,529 | | | 552 | | | 1,930 | | | — | | | 2,482 | | | 219 | | | 12/16/2021 | | 2013 | | Dundee, MI | | 1,842 | | | 526 | | | 1,298 | | | — | | | 1,824 | | | 158 | | | 12/16/2021 | | 2011 | | Gallipolis, OH | | 2,705 | | | 529 | | | 2,963 | | | — | | | 3,492 | | | 399 | | | 12/21/2020 | | 2003 | | Hagerstown, MD | | 2,536 | | | 490 | | | 2,789 | | | — | | | 3,279 | | | 393 | | | 12/21/2020 | | 1989 | | Hamilton, OH | | 1,930 | | | 446 | | | 2,359 | | | — | | | 2,805 | | | 257 | | | 12/16/2021 | | 2014 | | Hummelstown, PA | | 2,259 | | | 1,029 | | | 2,283 | | | — | | | 3,312 | | | 255 | | | 12/16/2021 | | 2013 | | Mansfield, OH | | 2,259 | | | 495 | | | 2,423 | | | — | | | 2,918 | | | 351 | | | 12/21/2020 | | 2004 | | Mayfield Heights, OH | | 1,842 | | | 847 | | | 1,278 | | | — | | | 2,125 | | | 150 | | | 12/16/2021 | | 2003 | | Monroe, MI | | 2,193 | | | 623 | | | 2,177 | | | — | | | 2,800 | | | 319 | | | 12/21/2020 | | 1998 | | Northwood, OH | | 2,529 | | | 514 | | | 2,760 | | | — | | | 3,274 | | | 383 | | | 12/21/2020 | | 1998 | | Peoria, IL | | 892 | | | 620 | | | 524 | | | — | | | 1,144 | | | 106 | | | 12/21/2020 | | 1995 | | Piqua, OH | | 2,017 | | | 413 | | | 2,187 | | | — | | | 2,600 | | | 309 | | | 12/21/2020 | | 1989 | Burger King: | | | | | | | | | | | | | | | | | | Yukon, OK | | 1,206 | | | 500 | | | 1,141 | | | — | | | 1,641 | | | 177 | | | 12/21/2020 | | 1989 | Cabela’s: | | | | | | | | | | | | | | | | | | Acworth, GA | | 21,644 | | | 4,979 | | | 18,775 | | | — | | | 23,754 | | | 4,266 | | | 9/25/2017 | | 2014 | | Avon, OH | | 12,346 | | | 2,755 | | | 10,751 | | | — | | | 13,506 | | | 2,483 | | | 9/25/2017 | | 2016 | | La Vista, NE | | 20,986 | | | 3,260 | | | 16,923 | | | — | | | 20,183 | | | 3,699 | | | 9/25/2017 | | 2006 | | Sun Prairie, WI | | 15,884 | | | 3,373 | | | 14,058 | | | — | | | 17,431 | | | 3,370 | | | 9/25/2017 | | 2015 | Caliber Collision Center: | | | | | | | | | | | | | | | | | Fredericksburg, VA | | 3,618 | | | 1,807 | | | 2,292 | | | — | | | 4,099 | | | 380 | | | 7/22/2020 | | 2019 | | Lake Jackson, TX | | 2,887 | | | 800 | | | 2,974 | | | — | | | 3,774 | | | 493 | | | 12/21/2020 | | 2006 | | Richmond, VA | | 4,225 | | | 1,453 | | | 3,323 | | | — | | | 4,776 | | | 574 | | | 7/30/2020 | | 2020 | | San Antonio, TX | | 3,929 | | | 691 | | | 4,458 | | | — | | | 5,149 | | | 680 | | | 12/21/2020 | | 2019 | | Williamsburg, VA | | 3,699 | | | 1,418 | | | 2,800 | | | — | | | 4,218 | | | 464 | | | 6/12/2020 | | 2020 | Camping World: | | | | | | | | | | | | | | | | | | Fort Myers, FL | | 11,162 | | | 3,226 | | | 11,832 | | | 224 | | | 15,282 | | | 1,971 | | | 12/21/2020 | | 1987 | Chick-Fil-A: | | | | | | | | | | | | | | | | | | Dickson City, PA | | 1,952 | | | 1,113 | | | 7,946 | | | (7,817) | | | 1,242 | | | 358 | | | 6/30/2014 | | 2013 | Costco: | | | | | | | | | | | | | | | | | | Tallahassee, FL | | 8,004 | | | 9,497 | | | — | | | — | | | 9,497 | | | — | | | 12/11/2012 | | 2006 | CVS: | | | | | | | | | | | | | | | | | | Arnold, MO | | 3,962 | | | 2,043 | | | 2,367 | | | — | | | 4,410 | | | 733 | | | 12/13/2013 | | 2013 | | Asheville, NC | | 1,871 | | | 1,108 | | | 1,084 | | | — | | | 2,192 | | | 391 | | | 4/26/2012 | | 1998 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company | | | | Gross Amount at | | | | | | | | | | | | | | | | | | Which Carried | | | | | | | | | | | | | | Buildings, Fixtures and | | Total Adjustment | | At December 31, 2025 | | Accumulated Depreciation | | Date | | Date | | Description (a) | | Encumbrances | | Land | | Improvements | | to Basis (b) | | (c) (d) (e) | | (e) (f) (g) | | Acquired | | Constructed | | Austin, TX | | $ | 4,320 | | | $ | 1,076 | | | $ | 3,475 | | | $ | — | | | $ | 4,551 | | | $ | 1,070 | | | 12/13/2013 | | 2013 | | Bloomington, IN | | 4,408 | | | 1,620 | | | 2,957 | | | — | | | 4,577 | | | 916 | | | 12/13/2013 | | 2012 | | Blue Springs, MO | | 2,924 | | | 395 | | | 2,722 | | | — | | | 3,117 | | | 843 | | | 12/13/2013 | | 2013 | | Bridgeton, MO | | 3,962 | | | 2,056 | | | 2,362 | | | — | | | 4,418 | | | 732 | | | 12/13/2013 | | 2013 | | Charleston, SC | | 1,689 | | | 869 | | | 1,009 | | | — | | | 1,878 | | | 365 | | | 4/26/2012 | | 1998 | | Chesapeake, VA | | 3,231 | | | 1,044 | | | 3,053 | | | — | | | 4,097 | | | 965 | | | 12/13/2013 | | 2013 | | Cicero, IN | | 3,436 | | | 487 | | | 3,099 | | | — | | | 3,586 | | | 959 | | | 12/13/2013 | | 2013 | | Eminence, KY | | 3,465 | | | 872 | | | 2,511 | | | — | | | 3,383 | | | 768 | | | 12/13/2013 | | 2013 | | Goose Creek, SC | | 2,822 | | | 1,022 | | | 1,980 | | | — | | | 3,002 | | | 607 | | | 12/13/2013 | | 2013 | | Greenwood, IN | | 4,203 | | | 912 | | | 3,549 | | | 61 | | | 4,522 | | | 1,126 | | | 7/11/2013 | | 1999 | | Hazlet, NJ | | 5,928 | | | 3,047 | | | 3,610 | | | — | | | 6,657 | | | 1,112 | | | 12/13/2013 | | 2013 | | Hillcrest Heights, MD | | 3,830 | | | 1,817 | | | 2,989 | | | 71 | | | 4,877 | | | 939 | | | 9/30/2013 | | 2001 | | Honesdale, PA | | 4,093 | | | 1,206 | | | 3,342 | | | — | | | 4,548 | | | 1,061 | | | 12/13/2013 | | 2013 | | Independence, MO | | 2,419 | | | 359 | | | 2,242 | | | — | | | 2,601 | | | 696 | | | 12/13/2013 | | 2013 | | Indianapolis, IN | | 3,355 | | | 1,110 | | | 2,484 | | | — | | | 3,594 | | | 769 | | | 12/13/2013 | | 2013 | | Irving, TX | | 3,574 | | | 745 | | | 3,034 | | | — | | | 3,779 | | | 1,030 | | | 10/5/2012 | | 2000 | | Janesville, WI | | 3,041 | | | 736 | | | 2,545 | | | — | | | 3,281 | | | 787 | | | 12/13/2013 | | 2013 | | Katy, TX | | 3,121 | | | 1,149 | | | 2,462 | | | — | | | 3,611 | | | 746 | | | 12/13/2013 | | 2013 | | London, KY | | 4,130 | | | 1,445 | | | 2,661 | | | — | | | 4,106 | | | 842 | | | 9/10/2013 | | 2013 | | North Wilkesboro, NC | | 2,295 | | | 332 | | | 2,369 | | | 73 | | | 2,774 | | | 743 | | | 10/25/2013 | | 1999 | | Poplar Bluff, MO | | 3,691 | | | 1,861 | | | 2,211 | | | — | | | 4,072 | | | 688 | | | 12/13/2013 | | 2013 | | Salem, NH | | 5,204 | | | 3,456 | | | 2,351 | | | — | | | 5,807 | | | 717 | | | 11/18/2013 | | 2013 | | San Antonio, TX | | 3,289 | | | 1,893 | | | 1,848 | | | — | | | 3,741 | | | 579 | | | 12/13/2013 | | 2013 | | Sand Springs, OK | | 3,552 | | | 1,765 | | | 2,283 | | | — | | | 4,048 | | | 712 | | | 12/13/2013 | | 2013 | | Santa Fe, NM | | 6,206 | | | 2,243 | | | 4,619 | | | — | | | 6,862 | | | 1,407 | | | 12/13/2013 | | 2013 | | Sedalia, MO | | 2,580 | | | 466 | | | 2,318 | | | — | | | 2,784 | | | 720 | | | 12/13/2013 | | 2013 | | St. John, MO | | — | | | 1,546 | | | 2,601 | | | — | | | 4,147 | | | 805 | | | 12/13/2013 | | 2013 | | Vineland, NJ | | 3,531 | | | 813 | | | 2,926 | | | — | | | 3,739 | | | 934 | | | 12/13/2013 | | 2010 | | Waynesboro, VA | | 3,253 | | | 986 | | | 2,708 | | | — | | | 3,694 | | | 838 | | | 12/13/2013 | | 2013 | | West Monroe, LA | | 3,399 | | | 1,738 | | | 2,136 | | | — | | | 3,874 | | | 666 | | | 12/13/2013 | | 2013 | | Wisconsin Rapids, WI | | 2,193 | | | 707 | | | 3,262 | | | — | | | 3,969 | | | 352 | | | 12/16/2021 | | 2013 | Dave & Buster's | | | | | | | | | | | | | | | | | | Rosemont, IL | | 20,687 | | | 2,441 | | | 15,859 | | | — | | | 18,300 | | | 562 | | | 9/30/2024 | | 2014 | Dollar General: | | | | | | | | | | | | | | | | | | Parchment, MI | | — | | | 168 | | | 1,162 | | | — | | | 1,330 | | | 341 | | | 6/25/2014 | | 2014 | | Andalusia, AL | | — | | | 386 | | | 1,805 | | | — | | | 2,191 | | | 26 | | | 7/18/2025 | | 2025 | | Belk, AL | | — | | | 217 | | | 1,741 | | | — | | | 1,958 | | | 24 | | | 7/18/2025 | | 2025 | | Florence, AL | | — | | | 244 | | | 1,796 | | | — | | | 2,040 | | | 28 | | | 7/18/2025 | | 2024 | | Fosters, AL | | — | | | 244 | | | 1,902 | | | — | | | 2,146 | | | 27 | | | 7/18/2025 | | 2024 | | Gainestown, AL | | — | | | 232 | | | 1,849 | | | — | | | 2,081 | | | 28 | | | 7/18/2025 | | 2025 | | Hayesville, NC | | — | | | 203 | | | 2,105 | | | — | | | 2,308 | | | 31 | | | 7/23/2025 | | 2025 | | Leighton, AL | | — | | | 194 | | | 1,802 | | | — | | | 1,996 | | | 28 | | | 7/18/2025 | | 2024 | | Locust Fork, AL | | — | | | 213 | | | 1,745 | | | — | | | 1,958 | | | 25 | | | 7/18/2025 | | 2025 | | Ozark, AL | | — | | | 241 | | | 1,795 | | | — | | | 2,036 | | | 26 | | | 7/18/2025 | | 2025 | | Warne, NC | | — | | | 289 | | | 1,777 | | | — | | | 2,066 | | | 27 | | | 7/23/2025 | | 2025 | | Alder Creek, NY | | — | | | 295 | | | 2,027 | | | — | | | 2,322 | | | 25 | | | 8/28/2025 | | 2025 | | Moulton, AL | | — | | | 219 | | | 1,775 | | | — | | | 1,994 | | | 21 | | | 8/28/2025 | | 2025 | | Odenville, AL | | — | | | 237 | | | 2,091 | | | — | | | 2,328 | | | 26 | | | 8/28/2025 | | 2025 | | Valley, AL | | — | | | 237 | | | 1,873 | | | — | | | 2,110 | | | 23 | | | 8/28/2025 | | 2025 | | Cochecton, NY | | — | | | 371 | | | 2,116 | | | — | | | 2,487 | | | 15 | | | 10/24/2025 | | 2025 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company | | | | Gross Amount at | | | | | | | | | | | | | | | | | | Which Carried | | | | | | | | | | | | | | Buildings, Fixtures and | | Total Adjustment | | At December 31, 2025 | | Accumulated Depreciation | | Date | | Date | | Description (a) | | Encumbrances | | Land | | Improvements | | to Basis (b) | | (c) (d) (e) | | (e) (f) (g) | | Acquired | | Constructed | Dynatect Manufacturing | | | | | | | | | | | | | | | | | | Valparaiso, IN | | $ | — | | | $ | 837 | | | $ | 6,359 | | | $ | — | | | $ | 7,196 | | | $ | 8 | | | 12/23/2025 | | 1998 | | New Berlin, WI | | — | | | 525 | | | 3,566 | | | — | | | 4,091 | | | 4 | | | 12/23/2025 | | 1967 | | New Berlin, WI | | — | | | 1,068 | | | 11,930 | | | — | | | 12,998 | | | 14 | | | 12/23/2025 | | 1972 | Duluth Trading: | | | | | | | | | | | | | | | | | | Denton, TX | | — | | | 1,662 | | | 2,918 | | | — | | | 4,580 | | | 455 | | | 12/21/2020 | | 2017 | Family Dollar: | | | | | | | | | | | | | | | | | | Salina, UT | | — | | | 211 | | | 1,262 | | | — | | | 1,473 | | | 216 | | | 12/21/2020 | | 2014 | Highline | | | | | | | | | | | | | | | | | | McLean, VA | | — | | | 18,944 | | | 24,940 | | | 4,504 | | | 48,388 | | | 2,644 | | | 1/9/2025 | | 2000 | Jewel-Osco: | | | | | | | | | | | | | | | | | | Plainfield, IL | | 8,720 | | | — | | | — | | | 11,151 | | | 11,151 | | | 1,938 | | | 11/14/2018 | | 2001 | | Spring Grove, IL | | 7,770 | | | 991 | | | 11,361 | | | — | | | 12,352 | | | 1,296 | | | 12/16/2021 | | 2007 | | Wood Dale, IL | | 7,748 | | | 4,069 | | | 7,800 | | | — | | | 11,869 | | | 930 | | | 12/16/2021 | | 2005 | Kroger: | | | | | | | | | | | | | | | | | | Shelton, WA | | 8,889 | | | 1,180 | | | 11,040 | | | — | | | 12,220 | | | 3,685 | | | 4/30/2014 | | 1994 | Kum & Go: | | | | | | | | | | | | | | | | | | Conway, AR | | 3,180 | | | 510 | | | 2,577 | | | — | | | 3,087 | | | 755 | | | 6/13/2014 | | 2014 | Lowe’s: | | | | | | | | | | | | | | | | | | Asheboro, NC | | 6,944 | | | 1,098 | | | 6,722 | | | 50 | | | 7,870 | | | 2,078 | | | 6/23/2014 | | 1994 | | Cincinnati, OH | | 11,637 | | | 14,092 | | | — | | | 491 | | | 14,583 | | | 64 | | | 2/10/2014 | | 2001 | | Covington, LA | | 9,035 | | | 10,233 | | | — | | | — | | | 10,233 | | | — | | | 8/20/2014 | | 2002 | | Mansfield, OH | | 7,792 | | | 873 | | | 8,256 | | | 26 | | | 9,155 | | | 2,583 | | | 6/12/2014 | | 1992 | | North Dartmouth, MA | | 14,232 | | | 6,774 | | | 17,384 | | | — | | | 24,158 | | | 2,120 | | | 12/16/2021 | | 2004 | | Oxford, AL | | 10,657 | | | 1,668 | | | 7,622 | | | 369 | | | 9,659 | | | 2,923 | | | 6/28/2013 | | 1999 | | Tuscaloosa, AL | | 7,777 | | | 4,908 | | | 4,786 | | | 109 | | | 9,803 | | | 1,624 | | | 10/29/2013 | | 1993 | | Zanesville, OH | | 9,079 | | | 2,161 | | | 8,375 | | | 333 | | | 10,869 | | | 2,786 | | | 12/11/2013 | | 1995 | McAlister’s Deli: | | | | | | | | | | | | | | | | | | Lawton, OK | | 2,102 | | | 805 | | | 1,057 | | | — | | | 1,862 | | | 341 | | | 5/1/2014 | | 2013 | Mister Car Wash: | | | | | | | | | | | | | | | | | | Athens, AL | | 2,507 | | | 384 | | | 1,150 | | | — | | | 1,534 | | | 276 | | | 9/12/2017 | | 2008 | | Decatur, AL | | 1,228 | | | 257 | | | 559 | | | — | | | 816 | | | 145 | | | 9/12/2017 | | 2005 | | Decatur, AL | | 2,792 | | | 486 | | | 1,253 | | | — | | | 1,739 | | | 343 | | | 9/12/2017 | | 2014 | | Decatur, AL | | 1,433 | | | 359 | | | 1,152 | | | — | | | 1,511 | | | 312 | | | 9/12/2017 | | 2007 | | Hartselle, AL | | 1,031 | | | 360 | | | 569 | | | — | | | 929 | | | 151 | | | 9/12/2017 | | 2007 | | Madison, AL | | 3,823 | | | 562 | | | 1,139 | | | — | | | 1,701 | | | 317 | | | 9/12/2017 | | 2012 | National Tire & Battery: | | | | | | | | | | | | | | | | | | Cypress, TX | | 2,792 | | | 910 | | | 2,224 | | | — | | | 3,134 | | | 646 | | | 9/1/2015 | | 2005 | | Montgomery, IL | | 3,012 | | | 516 | | | 2,494 | | | — | | | 3,010 | | | 842 | | | 1/15/2013 | | 2007 | | North Richland Hills, TX | | 2,668 | | | 513 | | | 2,579 | | | — | | | 3,092 | | | 739 | | | 9/1/2015 | | 2005 | | Pasadena, TX | | 2,851 | | | 908 | | | 2,307 | | | — | | | 3,215 | | | 670 | | | 9/1/2015 | | 2005 | Natural Grocers: | | | | | | | | | | | | | | | | | | Heber City, UT | | 4,517 | | | 1,286 | | | 3,727 | | | — | | | 5,013 | | | 558 | | | 12/21/2020 | | 2017 | | Idaho Falls, ID | | 3,545 | | | 833 | | | 2,316 | | | — | | | 3,149 | | | 729 | | | 2/14/2014 | | 2013 | O’Reilly Automotive: | | | | | | | | | | | | | | | | | | Bennettsville, SC | | 1,177 | | | 361 | | | 1,207 | | | — | | | 1,568 | | | 202 | | | 12/21/2020 | | 2015 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company | | | | Gross Amount at | | | | | | | | | | | | | | | | | | Which Carried | | | | | | | | | | | | | | Buildings, Fixtures and | | Total Adjustment | | At December 31, 2025 | | Accumulated Depreciation | | Date | | Date | | Description (a) | | Encumbrances | | Land | | Improvements | | to Basis (b) | | (c) (d) (e) | | (e) (f) (g) | | Acquired | | Constructed | | Clayton, GA | | $ | 1,294 | | | $ | 501 | | | $ | 945 | | | $ | — | | | $ | 1,446 | | | $ | 244 | | | 1/29/2016 | | 2015 | | Flowood, MS | | 1,338 | | | 505 | | | 1,288 | | | — | | | 1,793 | | | 210 | | | 12/21/2020 | | 2014 | | Iron Mountain, MI | | 1,206 | | | 249 | | | 1,400 | | | — | | | 1,649 | | | 232 | | | 12/21/2020 | | 2014 | Popeyes: | | | | | | | | | | | | | | | | | | Independence, MO | | 1,155 | | | 333 | | | 680 | | | — | | | 1,013 | | | 203 | | | 6/27/2014 | | 2005 | Raising Cane’s: | | | | | | | | | | | | | | | | | | Avondale, AZ | | 3,209 | | | 1,774 | | | 2,381 | | | — | | | 4,155 | | | 270 | | | 12/16/2021 | | 2013 | | Reno, NV | | 3,275 | | | 1,841 | | | 2,259 | | | — | | | 4,100 | | | 346 | | | 12/21/2020 | | 2014 | Safeway: | | | | | | | | | | | | | | | | | | Juneau, AK | | 10,709 | | | 6,174 | | | 8,791 | | | — | | | 14,965 | | | 1,377 | | | 12/21/2020 | | 2017 | Siemens: | | | | | | | | | | | | | | | | | | Milford, OH | | — | | | 4,137 | | | 23,153 | | | (16,238) | | | 11,052 | | | 672 | | | 12/21/2020 | | 1991 | Spinx: | | | | | | | | | | | | | | | | | | Simpsonville, SC | | 1,784 | | | 591 | | | 969 | | | — | | | 1,560 | | | 316 | | | 1/24/2013 | | 2012 | Steinhafels: | | | | | | | | | | | | | | | | | | Greenfield, WI | | 7,310 | | | 1,783 | | | 7,643 | | | — | | | 9,426 | | | 1,082 | | | 12/21/2020 | | 1991 | | Madison, WI | | 11,008 | | | 3,227 | | | 8,531 | | | — | | | 11,758 | | | 1,007 | | | 12/16/2021 | | 2017 | Sunoco: | | | | | | | | | | | | | | | | | | Palm City, FL | | 3,457 | | | 667 | | | 1,698 | | | — | | | 2,365 | | | 542 | | | 4/12/2013 | | 2011 | SuperValu: | | | | | | | | | | | | | | | | | | Oglesby, IL | | 12,660 | | | 2,505 | | | 11,777 | | | — | | | 14,282 | | | 1,697 | | | 12/16/2021 | | 1996 | Take 5: | | | | | | | | | | | | | | | | | | Andrews, TX | | 877 | | | 230 | | | 862 | | | — | | | 1,092 | | | 122 | | | 12/21/2020 | | 1994 | | Bedford, TX | | 895 | | | 283 | | | 837 | | | — | | | 1,120 | | | 144 | | | 12/21/2020 | | 2009 | | Burleson, TX | | 1,115 | | | 471 | | | 936 | | | — | | | 1,407 | | | 152 | | | 12/21/2020 | | 1994 | | Burleson, TX | | 822 | | | 201 | | | 837 | | | — | | | 1,038 | | | 124 | | | 12/21/2020 | | 2010 | | Burleson, TX | | 640 | | | 394 | | | 407 | | | — | | | 801 | | | 120 | | | 12/21/2020 | | 2003 | | Cedar Hill, TX | | 786 | | | 250 | | | 705 | | | — | | | 955 | | | 109 | | | 12/21/2020 | | 1985 | | Hereford, TX | | 822 | | | 50 | | | 995 | | | — | | | 1,045 | | | 137 | | | 12/21/2020 | | 1993 | | Irving, TX | | 457 | | | 120 | | | 445 | | | — | | | 565 | | | 67 | | | 12/21/2020 | | 1989 | | Irving, TX | | 822 | | | 210 | | | 818 | | | — | | | 1,028 | | | 120 | | | 12/21/2020 | | 1987 | | Lubbock, TX | | 1,261 | | | 151 | | | 1,428 | | | — | | | 1,579 | | | 192 | | | 12/21/2020 | | 2002 | | Midland, TX | | 1,663 | | | 192 | | | 1,861 | | | — | | | 2,053 | | | 250 | | | 12/21/2020 | | 1995 | | Mineral Wells, TX | | 1,115 | | | 131 | | | 1,263 | | | — | | | 1,394 | | | 173 | | | 12/21/2020 | | 2019 | Teradata: | | | | | | | | | | | | | | | | | | Miami Township, OH | | — | | | 1,615 | | | 5,250 | | | (2,574) | | | 4,291 | | | 186 | | | 12/16/2021 | | 2010 | TGI Friday's: | | | | | | | | | | | | | | | | | | Wilmington, DE | | — | | | 1,685 | | | 969 | | | 51 | | | 2,705 | | | 304 | | | 6/27/2014 | | 1991 | Tire Kingdom: | | | | | | | | | | | | | | | | | | Summerville, SC | | 2,156 | | | 1,208 | | | 1,233 | | | — | | | 2,441 | | | 346 | | | 9/1/2015 | | 2005 | Tractor Supply: | | | | | | | | | | | | | | | | | | Ashland, VA | | 3,026 | | | 500 | | | 2,696 | | | 175 | | | 3,371 | | | 919 | | | 11/22/2013 | | 2013 | | Blytheville, AR | | 2,558 | | | 780 | | | 2,660 | | | 175 | | | 3,615 | | | 517 | | | 12/21/2020 | | 2002 | | Cambridge, MN | | 2,368 | | | 807 | | | 1,272 | | | 203 | | | 2,282 | | | 595 | | | 5/14/2012 | | 2012 | | Carlyle, IL | | 2,339 | | | 707 | | | 2,386 | | | 175 | | | 3,268 | | | 504 | | | 12/21/2020 | | 2015 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company | | | | Gross Amount at | | | | | | | | | | | | | | | | | | Which Carried | | | | | | | | | | | | | | Buildings, Fixtures and | | Total Adjustment | | At December 31, 2025 | | Accumulated Depreciation | | Date | | Date | | Description (a) | | Encumbrances | | Land | | Improvements | | to Basis (b) | | (c) (d) (e) | | (e) (f) (g) | | Acquired | | Constructed | | Fortuna, CA | | $ | 4,473 | | | $ | 568 | | | $ | 3,819 | | | $ | 175 | | | $ | 4,562 | | | $ | 1,242 | | | 6/27/2014 | | 2014 | | Logan, WV | | 2,979 | | | 597 | | | 3,232 | | | 175 | | | 4,004 | | | 540 | | | 12/21/2020 | | 2006 | | Lumberton, NC | | 2,748 | | | 611 | | | 2,007 | | | 175 | | | 2,793 | | | 776 | | | 5/24/2013 | | 2013 | | Monticello, FL | | 2,602 | | | 448 | | | 1,916 | | | 175 | | | 2,539 | | | 742 | | | 6/20/2013 | | 2013 | | Shelbyville, IL | | 2,324 | | | 586 | | | 2,576 | | | 175 | | | 3,337 | | | 491 | | | 12/21/2020 | | 2017 | | South Hill, VA | | 2,851 | | | 630 | | | 2,179 | | | 175 | | | 2,984 | | | 791 | | | 6/24/2013 | | 2011 | | Weaverville, NC | | 4,174 | | | 867 | | | 3,138 | | | 277 | | | 4,282 | | | 1,114 | | | 9/13/2013 | | 2006 | United Oil: | | | | | | | | | | | | | | | | | | Bellflower, CA | | 1,915 | | | 1,246 | | | 788 | | | — | | | 2,034 | | | 224 | | | 9/30/2014 | | 2001 | | Brea, CA | | 2,873 | | | 2,393 | | | 658 | | | — | | | 3,051 | | | 186 | | | 9/30/2014 | | 1984 | | Carson, CA | | 5,343 | | | 2,354 | | | 4,821 | | | — | | | 7,175 | | | 719 | | | 12/21/2020 | | 1958 | | El Cajon, CA | | 1,849 | | | 1,533 | | | 568 | | | — | | | 2,101 | | | 162 | | | 9/30/2014 | | 2008 | | El Cajon, CA | | 1,645 | | | 1,225 | | | 368 | | | — | | | 1,593 | | | 104 | | | 9/30/2014 | | 2000 | | Fallbrook, CA | | 3,531 | | | 1,266 | | | 3,458 | | | — | | | 4,724 | | | 466 | | | 12/21/2020 | | 1958 | | Harbor City, CA | | 3,289 | | | 1,359 | | | 3,047 | | | — | | | 4,406 | | | 419 | | | 12/21/2020 | | 2014 | | Hawthorne, CA | | 1,988 | | | 896 | | | 1,764 | | | — | | | 2,660 | | | 244 | | | 12/21/2020 | | 2001 | | La Habra, CA | | 2,398 | | | 1,971 | | | 571 | | | — | | | 2,542 | | | 162 | | | 9/30/2014 | | 2000 | | Lakewood, CA | | 3,655 | | | 2,499 | | | 2,400 | | | — | | | 4,899 | | | 362 | | | 12/21/2020 | | 1973 | | Lawndale, CA | | 2,193 | | | 1,462 | | | 862 | | | — | | | 2,324 | | | 245 | | | 9/30/2014 | | 2001 | | Long Beach, CA | | 2,741 | | | 1,088 | | | 2,582 | | | — | | | 3,670 | | | 362 | | | 12/21/2020 | | 1990 | | Los Angeles, CA | | 3,216 | | | 1,927 | | | 1,484 | | | — | | | 3,411 | | | 421 | | | 9/30/2014 | | 2007 | | Los Angeles, CA | | 2,741 | | | 2,182 | | | 701 | | | — | | | 2,883 | | | 199 | | | 9/30/2014 | | 1964 | | Los Angeles, CA | | 3,764 | | | 2,435 | | | 2,614 | | | — | | | 5,049 | | | 365 | | | 12/21/2020 | | 1982 | | Los Angeles, CA | | 4,108 | | | 2,016 | | | 3,486 | | | — | | | 5,502 | | | 470 | | | 12/21/2020 | | 1965 | | Norco, CA | | 3,150 | | | 1,852 | | | 1,489 | | | — | | | 3,341 | | | 423 | | | 9/30/2014 | | 1995 | | San Clemente, CA | | 4,174 | | | 2,036 | | | 3,561 | | | — | | | 5,597 | | | 491 | | | 12/21/2020 | | 1973 | | San Diego, CA | | 2,259 | | | 1,362 | | | 1,662 | | | — | | | 3,024 | | | 243 | | | 12/21/2020 | | 1959 | | San Diego, CA | | 3,560 | | | 1,547 | | | 3,218 | | | — | | | 4,765 | | | 440 | | | 12/21/2020 | | 2011 | | San Diego, CA | | 4,861 | | | 2,409 | | | 4,105 | | | — | | | 6,514 | | | 591 | | | 12/21/2020 | | 1976 | | San Diego, CA | | 2,602 | | | 1,877 | | | 883 | | | — | | | 2,760 | | | 250 | | | 9/30/2014 | | 2006 | | Santa Ana, CA | | 2,536 | | | 1,629 | | | 1,766 | | | — | | | 3,395 | | | 258 | | | 12/21/2020 | | 2000 | | Vista, CA | | 2,259 | | | 2,063 | | | 334 | | | — | | | 2,397 | | | 94 | | | 9/30/2014 | | 1986 | | Vista, CA | | 2,193 | | | 2,028 | | | 418 | | | — | | | 2,446 | | | 119 | | | 9/30/2014 | | 2010 | | Whittier, CA | | 2,463 | | | 1,629 | | | 985 | | | — | | | 2,614 | | | 280 | | | 9/30/2014 | | 1997 | Vacant: | | | | | | | | | | | | | | | | | | Sanford, FL | | — | | | 1,031 | | | 1,807 | | | (1,860) | | | 978 | | | 111 | | | 10/23/2012 | | 1999 | Valeo North American HQ: | | | | | | | | | | | | | | | | Troy, MI | | — | | | 1,880 | | | 9,813 | | | — | | | 11,693 | | | 1,800 | | | 12/16/2021 | | 2007 | Valeo Production Facility: | | | | | | | | | | | | | | | | East Liberty, OH | | — | | | 357 | | | 4,989 | | | 46 | | | 5,392 | | | 675 | | | 12/16/2021 | | 2016 | Valvoline HQ: | | | | | | | | | | | | | | | | | | Lexington, KY | | — | | | 5,558 | | | 41,234 | | | (21,873) | | | 24,919 | | | 1,377 | | | 12/16/2021 | | 2016 | Walgreens: | | | | | | | | | | | | | | | | | | Austintown, OH | | 3,560 | | | 637 | | | 4,173 | | | 128 | | | 4,938 | | | 1,310 | | | 8/19/2013 | | 2002 | | Dearborn Heights, MI | | 6,045 | | | 2,236 | | | 3,411 | | | — | | | 5,647 | | | 1,098 | | | 7/9/2013 | | 2008 | | Fort Madison, IA | | 3,472 | | | 514 | | | 3,723 | | | — | | | 4,237 | | | 1,180 | | | 9/20/2013 | | 2008 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company | | | | Gross Amount at | | | | | | | | | | | | | | | | | | Which Carried | | | | | | | | | | | | | | Buildings, Fixtures and | | Total Adjustment | | At December 31, 2025 | | Accumulated Depreciation | | Date | | Date | | Description (a) | | Encumbrances | | Land | | Improvements | | to Basis (b) | | (c) (d) (e) | | (e) (f) (g) | | Acquired | | Constructed | | Las Vegas, NV | | $ | 3,852 | | | $ | 2,325 | | | $ | 3,262 | | | $ | 70 | | | $ | 5,657 | | | $ | 1,035 | | | 9/26/2013 | | 1999 | | Lawton, OK | | 2,759 | | | 860 | | | 2,539 | | | 106 | | | 3,505 | | | 837 | | | 7/3/2013 | | 1998 | | Little Rock, AR | | 4,386 | | | 548 | | | 4,676 | | | — | | | 5,224 | | | 1,354 | | | 6/30/2014 | | 2011 | | Lubbock, TX | | 3,527 | | | 565 | | | 3,257 | | | 103 | | | 3,925 | | | 1,117 | | | 10/11/2012 | | 2000 | | Metropolis, IL | | 4,086 | | | 284 | | | 4,991 | | | — | | | 5,275 | | | 1,424 | | | 8/8/2014 | | 2009 | | Sacramento, CA | | 3,224 | | | 324 | | | 2,669 | | | — | | | 2,993 | | | 809 | | | 6/30/2014 | | 2008 | | San Antonio, TX | | 6,889 | | | 1,416 | | | 7,932 | | | (3,200) | | | 6,148 | | | — | | | 12/21/2020 | | 2005 | | Suffolk, VA | | 4,020 | | | 1,261 | | | 3,461 | | | — | | | 4,722 | | | 1,275 | | | 5/14/2012 | | 2007 | Walmart: | | | | | | | | | | | | | | | | | | Anderson, SC | | 9,517 | | | 2,424 | | | 9,719 | | | — | | | 12,143 | | | 2,472 | | | 11/5/2015 | | 2015 | | Florence, SC | | 8,815 | | | 2,013 | | | 9,225 | | | — | | | 11,238 | | | 2,335 | | | 11/5/2015 | | 2015 | | Tallahassee, FL | | 11,070 | | | 14,823 | | | — | | | — | | | 14,823 | | | — | | | 12/11/2012 | | 2008 | Weasler Engineering: | | | | | | | | | | | | | | | | | | West Bend, WI | | 11,652 | | | 1,019 | | | 13,390 | | | — | | | 14,409 | | | 1,878 | | | 12/16/2021 | | 2016 | Wendy’s: | | | | | | | | | | | | | | | | | | Grafton, VA | | 1,579 | | | 540 | | | 894 | | | — | | | 1,434 | | | 270 | | | 6/27/2014 | | 1985 | | | | $ | 758,520 | | | $ | 319,327 | | | $ | 844,618 | | | $ | (58,308) | | | $ | 1,105,637 | | | $ | 144,365 | | | | | |
____________________________________ (a)Initial costs exclude subsequent impairment charges. (b)Consists of capital expenditures and real estate development costs, and impairment charges. (c)The aggregate cost for federal income tax purposes was $1.1 billion. (d)The following is a reconciliation of total real estate carrying value for the years ended December 31 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2025 (1) | | 2024 | | 2023 | Balance, beginning of period | | $ | 1,028,104 | | | $ | 1,135,995 | | | $ | 2,041,696 | | Additions | | | | | | | Acquisitions | | 172,040 | | | 31,841 | | | — | | | | | | | | | Improvements | | 4,601 | | | 489 | | | 619 | | | | | | | | | Total additions | | $ | 176,641 | | | $ | 32,330 | | | $ | 619 | | Less: Deductions | | | | | | | Cost of real estate sold | | 86,653 | | | 81,548 | | | 884,128 | | | | | | | | | Other (including provisions for impairment of real estate assets) | | 12,455 | | | 58,673 | | | 22,192 | | Total deductions | | 99,108 | | | 140,221 | | | 906,320 | | Balance, end of period | | $ | 1,105,637 | | | $ | 1,028,104 | | | $ | 1,135,995 | | ____________________________________ (1)Includes one property we acquired through deed-in-lieu of foreclosure, which the Company disposed of during the year end December 31, 2025. (e)Gross intangible lease assets of $168.9 million and the associated accumulated amortization of $65.2 million are not reflected in the table above. (f)The following is a reconciliation of accumulated depreciation for the years ended December 31 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Balance, beginning of period | | $ | 125,170 | | | $ | 116,397 | | | $ | 179,855 | | Additions | | | | | | | Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired | | 21,562 | | | 20,004 | | | 26,011 | | Improvements - Depreciation expense for tenant improvements and building equipment | | 3,558 | | | 2,624 | | | 3,218 | | Total additions | | $ | 25,120 | | | $ | 22,628 | | | $ | 29,229 | | Deductions | | | | | | | Cost of real estate sold | | 1,089 | | | 2,876 | | | 85,919 | | Other (including provisions for impairment of real estate assets) | | 4,836 | | | 10,979 | | | 6,768 | | Total deductions | | 5,925 | | | 13,855 | | | 92,687 | | Balance, end of period | | $ | 144,365 | | | $ | 125,170 | | | $ | 116,397 | |
(g)The Company’s assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. Generally, buildings are depreciated over 40 years, site improvements are amortized over 15 years and tenant improvements are amortized over the remaining life of the lease or the useful life, whichever is shorter.
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