ESSENTIAL PROPERTIES REALTY TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
EPRT$28.29+1.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedules
Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2025
(Dollar amounts in thousands)
| Description (a) · Initial Cost to Company · Cost Capitalized Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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 Subsequentto Acquisition (b) · Gross Amount atDecember 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, andone 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.
See accompanying report of independent registered public accounting firm.
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2025
(Dollar amounts in thousands)
| Description | # of Properties | InterestRate | FinalMaturityDate | PeriodicPaymentTerms | FinalPaymentTerms | PriorLiens | FaceAmount ofMortgages | CarryingAmount ofMortgages | Principal Amountof Loans Subjectto DelinquentPrincipal or Interest |
|---|---|---|---|---|---|---|---|---|---|
| First mortgage loans: | |||||||||
| Early Childhood Education Centers located in Florida | 2 | 8.80% | 5/9/2039 | Interest only | Balloon - $12,000 | None | $12,000 | $11,853 | None |
| Early Childhood Education Centers located in Florida | 1 | 8.53% | 7/17/2039 | Interest only | Balloon - $2,500 | None | 2,500 | 2,468 | None |
| Quick Service Restaurants located in fifteen states | 69 | 7.82% | 8/31/2034 | Interest only | Balloon - $51,000 | None | 51,000 | 50,995 | None |
| Convenience Store located in Minnesota | 1 | 8.54% | 12/31/2026 | Interest only | Balloon - $1,525 | None | 1,525 | 1,499 | None |
| Convenience Stores located in Wisconsin and Iowa | 2 | 8.33% | 12/31/2026 | Interest only | Balloon - $994 | None | 994 | 972 | None |
| Casual Dining Restaurants located in Kentucky and Ohio | 2 | 6.87% | 5/31/2036 | Interest only | Balloon - $2,520 | None | 2,520 | 2,520 | None |
| Convenience Stores located in Iowa | 2 | 8.33% | 12/31/2026 | Interest only | Balloon - $2,389 | None | 2,389 | 2,327 | None |
| Entertainment Center located in New Jersey | 1 | 8.99% | 9/30/2051 | Principal + Interest | Fully amortizing | None | 35,000 | 34,907 | None |
| Car Washes located in Nevada | 5 | 7.30% | 12/31/2036 | Interest only | Balloon - $25,714 | None | 25,714 | 25,711 | None |
| Car Wash located in Florida | 1 | 7.73% | 12/29/2036 | Interest only | Balloon - $2,470 | None | 2,470 | 2,463 | None |
| Casual Dining Restaurant located in Michigan | 1 | 9.63% | 1/31/2040 | Interest only | Balloon - $1,754 | None | 1,754 | 1,739 | None |
| Quick Service Restaurants located in Ohio and Indiana | 8 | 7.00% | 2/28/2027 | Interest only | Balloon - $6,275 | None | 6,275 | 6,239 | None |
| Convenience Store located in Minnesota | 1 | 8.29% | 12/31/2026 | Interest only | Balloon - $760 | None | 760 | 740 | None |
| Car Wash located in Nevada | 1 | 7.33% | 12/31/2036 | Interest only | Balloon - $4,960 | None | 4,960 | 4,945 | None |
| Car Wash located in Nevada | 1 | 7.43% | 12/31/2036 | Interest only | Balloon - $4,800 | None | 4,800 | 4,786 | None |
| Car Washes located in three states | 4 | 8.64% | 12/31/2037 | Interest only | Balloon - $12,250 | None | 12,250 | 12,245 | None |
| Car Washes located in five states | 9 | 8.85% | 12/31/2037 | Interest only | Balloon - $25,993 | None | 25,993 | 25,933 | None |
| Entertainment Center located in Missouri | 1 | 8.84% | 1/13/2038 | Interest only | Balloon - $10,200 | None | 10,200 | 10,188 | None |
| Medical / Dental Facilities located in three states | 3 | 10.19% | 1/31/2039 | Interest only | Balloon - $10,300 | None | 10,300 | 10,298 | None |
| Early Childhood Education Centers located in four states | 14 | 10.00% | 6/30/2044 | Interest only | Balloon - $57,454 | None | 57,454 | 57,450 | None |
| Entertainment Center Located in New Jersey | 1 | 8.60% | 7/31/2034 | Interest only | Balloon - $15,000 | None | 15,000 | 14,871 | None |
| Description | # of Properties | InterestRate | FinalMaturityDate | PeriodicPaymentTerms | FinalPaymentTerms | PriorLiens | FaceAmount ofMortgages | CarryingAmount ofMortgages | Principal Amountof Loans Subjectto DelinquentPrincipal or Interest |
|---|---|---|---|---|---|---|---|---|---|
| Convenience Store located in Texas | 1 | 8.00% | 8/13/2027 | Interest only | Balloon - $900 | None | 900 | 885 | None |
| Medical / Dental Facilities located in North Carolina and Georgia | 2 | 10.20% | 10/1/2039 | Interest only | Balloon - $5,900 | None | 5,900 | 5,898 | None |
| Early Childhood Education Centers located in four states | 6 | 9.58% | 9/30/2044 | Interest only | Balloon - $23,649 | None | 23,649 | 23,618 | None |
| Quick Service Restaurant located in Alaska | 1 | 7.50% | 2/1/2028 | Interest only | Balloon - $1,550 | None | 1,550 | 1,540 | None |
| Automotive Service Center located in California | 1 | 9.72% | 6/30/2045 | Interest only | Balloon - $19,950 | None | 19,950 | 19,931 | None |
| Industrial Facilities located in Illinois | 2 | 10.93% | 8/31/2045 | Interest only | Balloon - $13,000 | None | 13,000 | 12,988 | None |
| Casual Dining Restaurant in Florida | 1 | 8.06% | 9/30/2040 | Interest only | Balloon - $8,276 | None | 8,276 | 8,260 | None |
| Medical / Dental Facilities located in five states | 5 | 9.92% | 10/1/2040 | Interest only | Balloon - $13,650 | None | 13,650 | 13,628 | None |
| Early Childhood Education Center located in Arizona | 1 | 9.54% | 12/31/2045 | Interest only | Balloon - $3,692 | None | 3,692 | 3,688 | None |
| $376,425 | $375,585 | ||||||||
The following table shows changes in carrying amounts of mortgage loans receivable during the years ended December 31, 2025, 2024 and 2023 (in thousands):
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Balance, beginning of period | $328,513 | $220,121 | $233,978 |
| Additions: | |||
| New mortgage loans | 77,466 | 100,427 | 13,091 |
| Subsequent funding on existing mortgage loans | 17,251 | 17,459 | — |
| Deductions: | |||
| Collections of principal | (47,470) | (9,485) | (27,029) |
| Provision for credit losses | (175) | (9) | 81 |
| Balance, end of period | $375,585 | $328,513 | $220,121 |
See accompanying report of independent registered public accounting firm.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.