v3.26.1
Schedule III - Real Estate Assets and Accumulated Depreciation
12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate 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 
$
12/23/2025
1998
New Berlin, WI
— 
525 
3,566 
— 
4,091 
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.