Item 9A. Controls and Procedures
Item 9A. Controls and Procedures.
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
As of the end of the period covered by this Annual Report on Form 10-K, our management evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Annual Report on Form 10-K, our disclosure controls and procedures were effective in providing reasonable assurance of compliance.
Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles in the United States. Due to inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness of the internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our internal control over financial reporting as of the end of the period covered by this Annual Report on Form 10-K based on the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations (2013 Framework) (COSO). Based on such evaluation, our management concluded that our internal control over financial reporting was effective as of the end of the period covered by this Annual Report on Form 10-K.
The effectiveness of our internal control over financial reporting as of December 31, 2022 has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report which is presented in this Annual Report on Form 10-K.
Changes in Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information.
None.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
117
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information concerning our directors and executive officers required by Item 10 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 11. Executive Compensation.
The information concerning our executive compensation required by Item 11 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The information concerning our security ownership of certain beneficial owners and management and related stockholder matters (including equity compensation plan information) required by Item 12 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information concerning certain relationships, related transactions and director independence required by Item 13 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 14. Principal Accounting Fees and Services.
The information concerning our principal accounting fees and services required by Item 14 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.
118
PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) (1) and (2) The following financial statements and financial statement schedules are filed as part of this Annual Report on Form 10-K.
Financial Statements. (see Item 8)
Reports of Independent Registered Public Accounting Firms
Consolidated Balance Sheets as of December 31, 2022 and 2021
Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020
Notes to Consolidated Financial Statements
Financial Statement Schedules. (see schedules beginning on page F-1)
Schedule III - Real Estate and Accumulated Depreciation
Schedule IV - Mortgage Loans on Real Estate
All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and notes thereto.
(b) Exhibits. The following exhibits are included or incorporated by reference in this Annual Report on Form 10-K (and are numbered in accordance with Item 601 of Regulation S-K).
Exhibit
Number Description
3.1
Articles of Amendment and Restatement of Essential Properties Realty Trust, Inc., dated as of June 19, 2018 (Incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed on February 28, 2019)
3.2
Certificate of Correction to the Articles of Amendment and Restatement of Essential Properties Realty Trust, Inc., dated as of February 27, 2019 (Incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K filed on February 28, 2019)
3.3
Certificate of Notice, dated August 8, 2019 (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on August 8, 2019)
3.4
Certificate of Notice, dated February 28, 2020 (Incorporated by reference to Exhibit 3.4 to the Company's Annual Report on Form 10-K filed on March 2, 2020)
3.5
Amended and Restated Bylaws of Essential Properties Realty Trust, Inc. (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 16, 2020)
4.1
Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form S-11 filed on May 25, 2018)
4.2
Description of the Company's Common Stock, $0.01 par value (Incorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K filed on February 23, 2021)
4.3
Indenture, dated as of June 28, 2021, among Essential Properties, L.P., Essential Properties Realty Trust, Inc. and U.S. Bank National Association, as trustee, including the form of the Guarantee (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 28, 2021)
119
4.4
First Supplemental Indenture, dated as of June 28, 2021, among Essential Properties, L.P., Essential Properties Realty Trust, Inc. and U.S. Bank National Association, as trustee, including the form of the Notes (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on June 28, 2021)
10.1
Agreement of Limited Partnership of Essential Properties, L.P. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 26, 2018)
10.2
Amended and Restated Credit Agreement, dated as of April 12, 2019, among the Company, the Operating Partnership, the several lenders from time to time parties thereto, Barclays Bank PLC, as administrative agent, and Citigroup Global Markets Inc. and Bank of America, N.A., as co-syndication agents (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 18, 2019)
10.3
First Amendment to Amended and Restated Credit Agreement, dated November 22, 2019, among the Company, the Operating Partnership, Barclays Bank PLC, as administrative agent, and the lenders party thereto (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on November 27, 2019)
10. 4
Second Amendment to Amended and Restated Credit Agreement, dated February 10, 2022, among the Company, the Operating Partnership, Wells Fargo Bank, National Association, as administrative agent, Barclays Bank PLC, as existing agent, and the lenders party thereto (Incorporated by reference to Exhibit 10.4 to the Company's Annual Report on Form 10-K filed February 16, 2022)
10.5
Third Amendment to Amended and Restated Credit Agreement, dated as of July 25, 2022, by and
among the Company, the Operating Partnership, as borrower, certain subsidiaries of the Company, as
subsidiary guarantors, Wells Fargo Bank, National Association, as administrative agent, and the
lenders party thereto, as lenders (Incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on July 28, 2022)
10. 6
Credit Agreement, dated as of November 26, 2019, among the Company, the Operating Partnership, the several lenders from time to time parties thereto, Capital One, National Association, as administrative agent, Suntrust Robinson Humphrey, Inc. and Mizuho Bank Ltd., as co-syndication agents, and Chemical Bank, a division of TCF National Bank, as documentation agent (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 27, 2019)
10.7
First Amendment to Credit Agreement, dated as of February 18, 2022, among the Company, the
Operating Partnership, as borrower, certain subsidiaries of the Company, as subsidiary guarantors, the
lenders party thereto, as lenders, and Capital One, National Association, as administrative agent
(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on
February 22, 2022)
10.8
Second Amendment to Credit Agreement, dated as of August 23, 2022, among the Company, the
Operating Partnership, as borrower, certain subsidiaries of the Company, as subsidiary guarantors, the
lenders party thereto, as lenders, and Capital One, National Association, as administrative agent
(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on
August 24, 2022)
10.9†
Employment Agreement, effective as of January 1, 2022, by and between Essential Properties Realty Trust, Inc. and Peter M. Mavoides (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 6, 2022)
10. 1 0 †
Essential Properties Realty Trust, Inc. 2018 Incentive Award Plan, effective as of June 19, 2018 (Incorporated by reference to Exhibit 10.18 to the Company’s Current Report on Form 8-K filed on June 26, 2018)
10. 1 1 †
Employment Agreement between Essential Properties Realty Trust, Inc. and Mark E. Patten, effective as of August 10, 2020 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on July 7, 2020)
10.1 2 †
Consulting Agreement, effective as of June 25, 2022, by and between Essential Properties
Realty Trust, Inc. and Gregg A. Seibert (Incorporated by reference to Exhibit 10.1 to the Company's
Quarterly Report on Form 10-Q filed on July 28, 2022)
120
Exhibit
Number Description
10.1 3
Form of Indemnification Agreement between Essential Properties Realty Trust, Inc. and each of its directors and executive officers (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 7, 2020)
16.1
Letter from Ernst & Young LLP (Incorporated by reference to Exhibit 16.1 to the Company’s Current Report on Form 8-K filed on March 30, 2021).
21.1 *
Subsidiaries of the Company
22*
List of Guarantors and Subsidiary Issuers of Guaranteed Securities
23.1 *
Consent of Grant Thornton LLP
23.2*
Consent of Ernst & Young LLP
24.1*
Power of Attorney (set forth on the signature page to this Annual Report on Form 10-K)
31.1 *
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 *
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 **
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 **
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS* XBRL Instance Document
101.SCH* XBRL Taxonomy Extension Schema Document
101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* XBRL Taxonomy Extension Label Linkbase Document
101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document
104* Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Filed herewith.
** Furnished herewith.
† Indicates management contract or compensatory plan.
Item 16. Form 10-K Summary
None.
121
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized .
ESSENTIAL PROPERTIES REALTY TRUST, INC.
Date: February 15, 2023 By: /s/ Peter M. Mavoides
Peter M. Mavoides
President and Chief Executive Officer
(Principal Executive Officer)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Peter M. Mavoides and Mark E. Patten, and each of them singly, his or her true and lawful attorneys with full power to them, and each of them singly, to sign for each of the undersigned and in his or her name in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Essential Properties Realty Trust, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission in connection therewith.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
122
Name Title Date
/s/ Peter M. Mavoides Director, President and Chief Executive Officer February 15, 2023
Peter M. Mavoides (Principal Executive Officer)
/s/ Mark E. Patten Executive Vice President, Chief Financial Officer, Treasurer and Secretary
February 15, 2023
Mark E. Patten (Principal Financial Officer)
/s/ Timothy J. Earnshaw Senior Vice President and Chief Accounting Officer February 15, 2023
Timothy J. Earnshaw (Principal Accounting Officer)
/s/ Paul T. Bossidy Director February 15, 2023
Paul T. Bossidy
/s/ Joyce DeLucca Director February 15, 2023
Joyce DeLucca
/s/ Scott A. Estes Director February 15, 2023
Scott A. Estes
/s/ Lawrence J. Minich Director February 15, 2023
Lawrence J. Minich
/s/ Heather Leed Neary Director February 15, 2023
Heather Leed Neary
/s/ Stephen D. Sautel Director February 15, 2023
Stephen D. Sautel
/s/ Janaki Sivanesan Director February 15, 2023
Janaki Sivanesan
123
ESSENTIAL PROPERTIES REALTY TRUST, INC. AND ESSENTIAL PROPERTIES REALTY TRUST, INC. PREDECESSOR
Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2022
(Dollar amounts in thousands)
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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 2 $ 770 $ 882 $ — $ — $ 770 $ 882 $ 1,652 $ ( 94 ) 1988-1991 2019-2019
Arizona 10 11,078 20,169 — — 11,078 20,169 31,247 ( 1,154 ) 1962-2018 2020-2021
California 4 4,502 8,499 — — 4,502 8,499 13,001 ( 385 ) 1953-1991 2021-2022
Colorado 7 6,027 11,544 — — 6,027 11,544 17,571 ( 512 ) 1990-2008 2021-2022
Florida 3 1,862 2,642 — 523 1,862 3,165 5,027 ( 572 ) 1980-2000 2017-2017
Georgia 19 9,198 20,490 — — 9,198 20,490 29,688 ( 785 ) 1976-2006 2017-2022
Illinois 7 3,931 8,499 — — 3,931 8,499 12,430 ( 344 ) 1969-1999 2019-2022
Indiana 8 1,509 4,617 — 302 1,509 4,919 6,428 ( 171 ) 1957-1998 2018-2022
Kansas 7 3,009 4,366 — — 3,009 4,366 7,375 ( 203 ) 1981-2018 2021-2021
Maryland 2 2,667 7,848 — — 2,667 7,848 10,515 ( 1,187 ) 1952-2009 2017-2018
Michigan 9 4,420 9,153 — — 4,420 9,153 13,573 ( 1,077 ) 1955-2014 2017-2022
Minnesota 6 4,177 7,910 180 25 4,357 7,935 12,292 ( 1,084 ) 1973-1999 2016-2021
Missouri 5 2,544 6,265 — — 2,544 6,265 8,809 ( 257 ) 1976-2003 2021-2022
Mississippi 5 1,948 3,114 — — 1,948 3,114 5,062 ( 179 ) 1990-1992 2021-2021
North Carolina 9 3,249 3,366 — — 3,249 3,366 6,615 ( 515 ) 1990-2008 2018-2020
Nebraska 1 1,177 479 — — 1,177 479 1,656 ( 37 ) 1995-1995 2021-2021
New Jersey 15 18,363 21,101 — — 18,363 21,101 39,464 ( 1,749 ) 1947-1995 2020-2020
New Mexico 3 800 3,016 — 50 800 3,066 3,866 ( 110 ) 1989-1994 2021-2022
New York 7 3,235 6,667 — — 3,235 6,667 9,902 ( 1,017 ) 1978-1998 2016-2020
Ohio 3 1,480 2,955 — — 1,480 2,955 4,435 ( 299 ) 1960-2004 2018-2020
Oklahoma 20 9,013 27,923 — — 9,013 27,923 36,936 ( 2,074 ) 1967-2019 2018-2021
Oregon 2 1,076 1,104 — — 1,076 1,104 2,180 ( 39 ) 1984-1984 2022-2022
Pennsylvania 4 4,056 5,360 — — 4,056 5,360 9,416 ( 585 ) 1968-2012 2017-2020
South Carolina 1 388 286 — — 388 286 674 ( 36 ) 2007-2007 2020-2020
Tennessee 4 2,584 3,368 — — 2,584 3,368 5,952 ( 394 ) 1990-2016 2017-2022
Texas 16 11,782 26,633 — 300 11,782 26,933 38,715 ( 2,872 ) 1971-2017 2016-2021
Virginia 1 224 734 — — 224 734 958 ( 71 ) 2006-2006 2020-2020
Wisconsin 9 3,175 7,554 — 74 3,175 7,628 10,803 ( 239 ) 1985-1997 2021-2022
West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 ( 258 ) 1983-2007 2020-2022
Building Materials
Alabama 2 $ 2,060 $ 3,640 $ — $ — $ 2,060 $ 3,640 $ 5,700 $ ( 719 ) 1975-2002 2017-2017
Colorado 1 760 403 — — 760 403 1,163 ( 80 ) 1983-1983 2017-2017
Florida 1 934 638 — — 934 638 1,572 ( 126 ) 2003-2003 2017-2017
Georgia 2 2,338 4,165 — — 2,338 4,165 6,503 ( 823 ) 2003-2004 2017-2017
Indiana 2 1,072 1,619 — — 1,072 1,619 2,691 ( 183 ) 1979-1989 2020-2020
Kentucky 1 414 200 — — 414 200 614 ( 40 ) 1984-1984 2017-2017
Michigan 3 4,438 8,425 — — 4,438 8,425 12,863 ( 851 ) 1973-1995 2020-2020
F-1
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Ohio 6 3,011 4,573 — — 3,011 4,573 7,584 ( 904 ) 1953-1996 2017-2017
South Carolina 1 1,097 172 — — 1,097 172 1,269 ( 34 ) 1983-1983 2017-2017
Texas 4 5,228 3,746 — — 5,228 3,746 8,974 ( 741 ) 1972-1985 2017-2017
Car Washes
Alabama 3 $ 4,357 $ 2,722 $ — $ — $ 4,357 $ 2,722 $ 7,079 $ ( 195 ) 2020-2020 2020-2022
Arkansas 3 2,376 7,567 — — 2,376 7,567 9,943 ( 791 ) 1997-2019 2017-2022
Arizona 7 11,534 16,537 — — 11,534 16,537 28,071 ( 1,699 ) 1988-2021 2016-2020
Colorado 10 8,671 19,739 — 595 8,671 20,334 29,005 ( 2,258 ) 2002-2018 2017-2021
Florida 5 7,602 18,693 — — 7,602 18,693 26,295 ( 1,013 ) 2017-2021 2019-2022
Georgia 18 23,675 54,420 — 775 23,675 55,195 78,870 ( 6,675 ) 1967-2020 2016-2022
Iowa 3 6,645 4,332 — 500 6,645 4,832 11,477 ( 438 ) 2020-2021 2019-2022
Illinois 1 1,674 3,227 — — 1,674 3,227 4,901 ( 254 ) 2018-2018 2020-2020
Indiana 4 2,249 11,175 — — 2,249 11,175 13,424 ( 50 ) 1979-2008 2022-2022
Louisiana 2 1,422 5,534 — — 1,422 5,534 6,956 ( 642 ) 2012-2017 2017-2020
Maryland 2 1,306 4,977 — — 1,306 4,977 6,283 ( 813 ) 1998-2016 2017-2018
Michigan 1 1,268 — — — 1,268 — 1,268 0-0 2022-2022
Mississippi 1 666 973 — — 666 973 1,639 ( 103 ) 2008-2008 2020-2020
North Carolina 3 3,159 6,813 — — 3,159 6,813 9,972 ( 438 ) 2003-2020 2019-2022
Nebraska 1 597 2,569 — — 597 2,569 3,166 ( 175 ) 2021-2021 2019-2019
New Mexico 4 2,461 12,216 — — 2,461 12,216 14,677 ( 2,124 ) 1982-2013 2017-2017
New York 6 3,476 15,676 — — 3,476 15,676 19,152 ( 307 ) 1985-2022 2022-2022
Ohio 6 6,911 18,490 — — 6,911 18,490 25,401 ( 795 ) 1990-2017 2021-2022
Oklahoma 2 2,536 2,077 — — 2,536 2,077 4,613 ( 150 ) 2016-2016 2021-2022
South Carolina 1 793 4,031 — — 793 4,031 4,824 ( 622 ) 2008-2008 2017-2017
South Dakota 6 5,890 14,859 — 1,225 5,890 16,084 21,974 ( 1,551 ) 1987-2017 2019-2019
Tennessee 1 832 — — — 832 — 832 2022-2022 2022-2022
Texas 11 16,652 29,511 — 350 16,652 29,861 46,513 ( 2,264 ) 1942-2020 2020-2022
Virginia 13 17,909 35,245 — — 17,909 35,245 53,154 ( 98 ) 1981-2021 2022-2022
Convenience Stores
Arkansas 10 $ 6,909 $ 8,382 $ — $ 50 $ 6,909 $ 8,432 $ 15,341 $ ( 1,772 ) 1979-2012 2019-2019
Arizona 1 977 827 — — 977 827 1,804 ( 205 ) 1985-1985 2018-2018
Colorado 2 702 2,037 — — 702 2,037 2,739 ( 314 ) 1977-1983 2017-2019
Iowa 3 1,362 2,380 — — 1,362 2,380 3,742 ( 48 ) 1927-1996 2022-2022
Illinois 1 656 832 — — 656 832 1,488 ( 148 ) 1999-1999 2019-2019
Indiana 1 840 838 — — 840 838 1,678 ( 207 ) 1999-1999 2019-2019
Kentucky 11 9,442 5,630 — — 9,442 5,630 15,072 ( 1,430 ) 1998-1999 2019-2019
Minnesota 6 4,333 7,556 14 104 4,347 7,660 12,007 ( 1,718 ) 1967-2013 2017-2018
Missouri 3 1,931 2,396 — — 1,931 2,396 4,327 ( 533 ) 1997-2003 2019-2019
New Mexico 13 4,988 9,360 — 15 4,988 9,375 14,363 ( 1,893 ) 1966-2013 2017-2019
New York 16 5,881 20,342 — — 5,881 20,342 26,223 ( 5,121 ) 1970-2010 2016-2016
Ohio 21 15,191 13,382 — — 15,191 13,382 28,573 ( 3,223 ) 1996-2001 2019-2019
F-2
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Pennsylvania 1 467 383 — — 467 383 850 ( 110 ) 1996-1996 2019-2019
Texas 5 1,708 4,621 — 741 1,708 5,362 7,070 ( 896 ) 1965-2019 2017-2019
Washington 1 568 508 — — 568 508 1,076 ( 119 ) 1976-1976 2018-2018
Wisconsin 25 15,800 20,277 — — 15,800 20,277 36,077 ( 5,679 ) 1970-2006 2018-2019
Early Childhood Education
Arizona 16 $ 10,474 $ 14,986 $ — $ 21 $ 10,474 $ 15,007 $ 25,481 $ ( 1,485 ) 1932-2021 2018-2022
Colorado 1 742 702 — 98 742 800 1,542 ( 67 ) 1988-1988 2019-2019
Connecticut 5 3,423 7,360 — 2,404 3,423 9,764 13,187 ( 1,504 ) 1957-2018 2018-2018
Florida 9 9,662 23,545 — — 9,662 23,545 33,207 ( 3,000 ) 1981-2016 2017-2021
Georgia 8 8,505 18,502 — — 8,505 18,502 27,007 ( 2,680 ) 1995-2016 2016-2020
Iowa 1 636 2,199 — — 636 2,199 2,835 ( 109 ) 2005-2005 2021-2021
Illinois 7 6,502 21,687 — — 6,502 21,687 28,189 ( 1,288 ) 1998-2021 2019-2022
Kansas 2 2,056 4,914 — — 2,056 4,914 6,970 ( 768 ) 2007-2017 2017-2019
Kentucky 2 716 2,500 — — 716 2,500 3,216 ( 209 ) 2002-2003 2019-2021
Massachusetts 1 3,200 2,423 — — 3,200 2,423 5,623 ( 236 ) 1990-1990 2020-2020
Michigan 5 1,850 5,450 — — 1,850 5,450 7,300 ( 477 ) 1987-2012 2018-2022
Minnesota 1 740 3,081 — — 740 3,081 3,821 ( 130 ) 2017-2017 2021-2021
Missouri 8 4,239 14,583 19 81 4,258 14,664 18,922 ( 381 ) 1986-2009 2021-2022
Mississippi 2 2,085 2,547 — 124 2,085 2,671 4,756 ( 488 ) 2002-2008 2017-2018
North Carolina 22 20,683 36,235 — 200 20,683 36,435 57,118 ( 1,745 ) 1954-2018 2019-2022
Nebraska 1 224 813 — — 224 813 1,037 ( 9 ) 2006-2006 2022-2022
New Jersey 2 1,249 3,439 — — 1,249 3,439 4,688 ( 497 ) 2000-2002 2018-2018
Nevada 2 2,480 3,451 — — 2,480 3,451 5,931 ( 219 ) 1998-2006 2021-2021
Ohio 27 20,879 55,399 31 8,821 20,910 64,220 85,130 ( 3,639 ) 1956-2017 2018-2022
Oklahoma 3 1,327 3,860 — — 1,327 3,860 5,187 ( 48 ) 0-0 2022-2022
Oregon 1 447 1,202 — — 447 1,202 1,649 ( 138 ) 2010-2010 2019-2019
Pennsylvania 11 10,364 27,518 — — 10,364 27,518 37,882 ( 4,106 ) 1930-2010 2018-2018
Tennessee 2 1,943 2,970 — — 1,943 2,970 4,913 ( 406 ) 1989-1996 2019-2020
Texas 9 7,370 18,436 — 529 7,370 18,965 26,335 ( 1,886 ) 1989-2016 2017-2022
Virginia 3 4,697 7,056 — — 4,697 7,056 11,753 ( 709 ) 2001-2006 2017-2021
Washington 6 2,711 5,720 — — 2,711 5,720 8,431 ( 661 ) 1924-2002 2019-2019
Wisconsin 8 6,716 25,474 — — 6,716 25,474 32,190 ( 1,757 ) 1992-2007 2020-2022
Entertainment
Alabama 2 $ 5,806 $ 8,631 $ — $ — $ 5,806 $ 8,631 $ 14,437 $ ( 1,180 ) 2002-2017 2017-2019
Arizona 4 3,447 6,350 — — 3,447 6,350 9,797 ( 19 ) 1954-1981 2022-2022
California 1 1,320 2,320 — — 1,320 2,320 3,640 ( 444 ) 1977-1977 2017-2017
Connecticut 2 2,516 13,938 — — 2,516 13,938 16,454 ( 597 ) 1960-2019 2021-2021
Florida 2 6,456 6,815 — 4,500 6,456 11,315 17,771 ( 1,126 ) 2007-2007 2017-2022
Iowa 1 2,560 6,120 — — 2,560 6,120 8,680 ( 252 ) 0-0 2021-2021
Idaho 1 886 2,768 — — 886 2,768 3,654 ( 320 ) 2008-2008 2019-2019
Kansas 2 5,886 21,128 — — 5,886 21,128 27,014 ( 395 ) 2018-2020 2022-2022
F-3
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Louisiana 2 3,403 3,115 — — 3,403 3,115 6,518 ( 440 ) 2016-2016 2018-2022
Maine 1 2,052 4,924 — — 2,052 4,924 6,976 ( 215 ) 1989-1989 2021-2021
Michigan 1 693 4,593 — 2,362 693 6,955 7,648 ( 1,117 ) 1995-1995 2017-2017
Minnesota 9 10,291 18,695 — — 10,291 18,695 28,986 ( 2,676 ) 1950-2009 2018-2018
Missouri 5 20,925 13,731 — — 20,925 13,731 34,656 ( 895 ) 1990-2016 2022-2022
North Carolina 3 11,099 21,176 — — 11,099 21,176 32,275 ( 2,307 ) 1988-1996 2019-2022
Oklahoma 1 3,073 9,673 — — 3,073 9,673 12,746 ( 195 ) 2020-2020 2022-2022
Pennsylvania 1 823 2,028 — — 823 2,028 2,851 ( 298 ) 2016-2016 2019-2019
Tennessee 2 18,026 1,873 — — 18,026 1,873 19,899 ( 231 ) 1940-2013 2022-2022
Texas 5 12,915 31,873 — — 12,915 31,873 44,788 ( 356 ) 1981-2020 2022-2022
Equipment Rental and Sales
Alabama 2 $ 2,689 $ 1,280 $ 12 $ 847 $ 2,701 $ 2,127 $ 4,828 $ ( 208 ) 2003-2008 2020-2021
Arkansas 1 1,246 429 246 609 1,492 1,038 2,530 ( 110 ) 1982-1982 2019-2019
Colorado 2 5,924 2,973 5 1,021 5,929 3,994 9,923 ( 523 ) 1990-2021 2020-2022
Connecticut 3 2,703 1,410 — — 2,703 1,410 4,113 ( 103 ) 2002-2005 2020-2021
Florida 6 15,247 10,731 ( 1,660 ) 4,334 13,587 15,065 28,652 ( 701 ) 1964-1979 2019-2021
Georgia 2 4,087 4,857 236 2,138 4,323 6,995 11,318 ( 676 ) 1999-2019 2019-2020
Louisiana 1 1,006 227 16 1,164 1,022 1,391 2,413 ( 152 ) 2012-2012 2020-2020
Massachusetts 2 1,756 2,904 — — 1,756 2,904 4,660 ( 223 ) 1971-2012 2020-2020
Maryland 1 2,647 973 — 975 2,647 1,948 4,595 ( 93 ) 1994-1994 2022-2022
Michigan 1 1,113 6,436 — 825 1,113 7,261 8,374 ( 1,061 ) 1987-1987 2017-2017
Missouri 5 5,538 6,703 21 1,536 5,559 8,239 13,798 ( 520 ) 1995-2015 2019-2022
North Dakota 1 851 1,567 — 330 851 1,897 2,748 ( 25 ) 0-0 2022-2022
New Hampshire 4 4,859 1,193 — 982 4,859 2,175 7,034 ( 125 ) 1978-1986 2020-2022
New Mexico 1 1,686 286 25 1,862 1,711 2,148 3,859 ( 200 ) 1970-1970 2020-2020
New York 6 6,533 4,083 — — 6,533 4,083 10,616 ( 393 ) 1965-2021 2020-2021
Ohio 1 1,303 2,194 — — 1,303 2,194 3,497 ( 134 ) 1996-1996 2021-2021
Oklahoma 2 2,177 2,257 — — 2,177 2,257 4,434 ( 123 ) 1997-2003 2021-2022
Pennsylvania 1 751 1,678 — — 751 1,678 2,429 ( 211 ) 1987-1987 2020-2020
Tennessee 2 3,519 3,713 816 1,734 4,335 5,447 9,782 ( 371 ) 1985-2018 2019-2022
Texas 10 10,347 14,206 — 1,386 10,347 15,592 25,939 ( 473 ) 1970-2020 2020-2022
Utah 1 1,731 2,196 — 1,346 1,731 3,542 5,273 ( 339 ) 1979-1979 2019-2019
Vermont 1 1,809 — — — 1,809 — 1,809 1995-1995 2022-2022
Washington 1 2,412 1,724 492 1,563 2,904 3,287 6,191 ( 281 ) 1959-1959 2019-2019
Grocery
Arkansas 6 $ 5,704 $ 12,942 $ — $ 1,425 $ 5,704 $ 14,367 $ 20,071 $ ( 1,007 ) 1986-2020 2020-2021
Michigan 1 1,224 6,189 — — 1,224 6,189 7,413 ( 341 ) 1969-1969 2021-2021
Missouri 10 5,661 16,938 — — 5,661 16,938 22,599 ( 1,511 ) 1970-2013 2020-2021
North Carolina 1 762 1,300 — — 762 1,300 2,062 ( 219 ) 1992-1992 2018-2018
Oklahoma 3 1,628 8,726 — — 1,628 8,726 10,354 ( 853 ) 1987-1993 2019-2020
Wisconsin 7 17,626 67,253 — — 17,626 67,253 84,879 ( 2,584 ) 1987-2017 2021-2022
F-4
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Health and Fitness
Alabama 1 $ 1,102 $ 2,412 $ — $ — $ 1,102 $ 2,412 $ 3,514 $ ( 431 ) 2007-2007 2017-2017
Arizona 1 4,367 4,264 — — 4,367 4,264 8,631 ( 355 ) 2021-2021 2018-2018
Colorado 1 1,484 4,491 — — 1,484 4,491 5,975 ( 695 ) 1989-1989 2017-2017
Florida 2 5,291 5,975 — 2,572 5,291 8,547 13,838 ( 463 ) 1983-2000 2019-2021
Georgia 1 2,174 2,541 — — 2,174 2,541 4,715 ( 497 ) 2005-2005 2017-2017
Illinois 1 1,133 2,226 — 2,150 1,133 4,376 5,509 ( 419 ) 1986-1986 2019-2019
Kentucky 1 868 2,186 — — 868 2,186 3,054 ( 367 ) 1994-1994 2017-2017
Massachusetts 3 10,541 29,129 282 1,380 10,823 30,509 41,332 ( 3,525 ) 2004-2009 2018-2018
North Carolina 1 912 883 761 1,875 1,673 2,758 4,431 ( 151 ) 1972-1972 2018-2018
New Mexico 1 938 1,503 — — 938 1,503 2,441 ( 290 ) 2016-2016 2017-2017
Nevada 1 491 2,543 — — 491 2,543 3,034 ( 281 ) 1970-1970 2019-2019
Oklahoma 3 4,536 9,065 — 559 4,536 9,624 14,160 ( 938 ) 1979-2018 2018-2022
Oregon 2 3,070 5,104 — 350 3,070 5,454 8,524 ( 813 ) 1980-1999 2018-2018
South Carolina 5 4,516 9,463 — 330 4,516 9,793 14,309 ( 1,242 ) 1993-2010 2018-2019
Texas 4 8,467 7,707 — 144 8,467 7,851 16,318 ( 454 ) 1974-2005 2019-2022
Utah 1 1,937 4,209 — — 1,937 4,209 6,146 ( 724 ) 1984-1984 2016-2016
Home Furnishings
Michigan 2 $ 3,369 $ 24,523 $ 69 $ 2,969 $ 3,438 $ 27,492 $ 30,930 $ ( 4,417 ) 1987-1992 2017-2017
Missouri 1 273 4,683 — — 273 4,683 4,956 ( 512 ) 2007-2007 2018-2018
Texas 1 2,224 4,779 — — 2,224 4,779 7,003 ( 830 ) 2006-2006 2016-2016
Industrial
Florida 1 $ 1,167 $ 1,481 $ — $ — $ 1,167 $ 1,481 $ 2,648 $ ( 5 ) 1974-1974 2022-2022
Illinois 2 3,958 1,744 — — 3,958 1,744 5,702 ( 24 ) 1951-1987 2022-2022
Indiana 5 1,789 6,261 — — 1,789 6,261 8,050 ( 19 ) 2000-2022 2022-2022
Louisiana 1 490 761 — 1,783 490 2,544 3,034 ( 11 ) 0-0 2022-2022
Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 ( 96 ) 0-0 2022-2022
North Carolina 1 909 746 — — 909 746 1,655 ( 51 ) 0-0 2022-2022
Ohio 1 902 2,330 — — 902 2,330 3,232 ( 8 ) 0-0 2022-2022
Pennsylvania 1 678 2,922 — — 678 2,922 3,600 ( 76 ) 1989-1989 2022-2022
South Dakota 1 1,250 2,950 — — 1,250 2,950 4,200 ( 105 ) 1992-1992 2021-2021
Tennessee 2 861 2,139 — — 861 2,139 3,000 ( 5 ) 1997-2008 2022-2022
Texas 1 5,350 6,679 — — 5,350 6,679 12,029 ( 527 ) 2008-2008 2021-2021
Virginia 1 679 3,839 — — 679 3,839 4,518 ( 159 ) 1964-1964 2021-2021
Medical / Dental
Alabama 5 $ 1,623 $ 7,508 $ — $ — $ 1,623 $ 7,508 $ 9,131 $ ( 1,047 ) 1990-2012 2016-2019
Arkansas 16 4,013 12,692 — 497 4,013 13,189 17,202 ( 1,539 ) 1950-2017 2018-2021
Arizona 2 1,770 2,635 — 1,913 1,770 4,548 6,318 ( 292 ) 1967-1980 2016-2020
California 6 4,449 7,699 — — 4,449 7,699 12,148 ( 497 ) 1989-2007 2021-2021
F-5
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Connecticut 2 1,889 1,675 — — 1,889 1,675 3,564 ( 156 ) 1840-2009 2021-2021
Florida 9 6,872 24,624 — — 6,872 24,624 31,496 ( 2,096 ) 1934-2019 2016-2021
Georgia 6 2,218 8,357 — — 2,218 8,357 10,575 ( 771 ) 1960-2004 2016-2020
Iowa 3 1,252 2,085 — — 1,252 2,085 3,337 ( 16 ) 1963-1990 2022-2022
Illinois 10 3,451 11,154 — — 3,451 11,154 14,605 ( 949 ) 1967-2008 2016-2021
Indiana 5 5,985 7,951 — — 5,985 7,951 13,936 ( 946 ) 1976-2021 2016-2019
Kentucky 1 199 474 — — 199 474 673 ( 95 ) 2000-2000 2017-2017
Massachusetts 4 853 2,784 — — 853 2,784 3,637 ( 245 ) 1850-2005 2016-2020
Michigan 4 2,401 9,443 — — 2,401 9,443 11,844 ( 380 ) 2007-2007 2019-2021
Missouri 11 3,543 9,169 — 775 3,543 9,944 13,487 ( 652 ) 1979-2015 2016-2022
Mississippi 4 1,302 13,437 — — 1,302 13,437 14,739 ( 1,078 ) 1970-2006 2016-2021
North Carolina 7 2,527 6,920 — — 2,527 6,920 9,447 ( 369 ) 1996-2019 2021-2021
New Hampshire 6 4,729 17,340 — — 4,729 17,340 22,069 ( 249 ) 1890-1984 2016-2022
New York 3 516 1,613 — — 516 1,613 2,129 ( 276 ) 1940-1986 2016-2017
Ohio 17 6,874 21,981 — — 6,874 21,981 28,855 ( 1,746 ) 1907-2017 2017-2021
Oklahoma 7 1,472 6,767 — — 1,472 6,767 8,239 ( 335 ) 1964-2018 2021-2022
Oregon 1 1,457 1,230 — — 1,457 1,230 2,687 ( 132 ) 1981-1981 2020-2020
Pennsylvania 2 505 3,641 — — 505 3,641 4,146 ( 106 ) 0-0 2022-2022
South Carolina 7 4,836 10,564 — — 4,836 10,564 15,400 ( 839 ) 1936-1998 2016-2021
Texas 50 32,046 112,053 — 1,577 32,046 113,630 145,676 ( 11,584 ) 1940-2019 2016-2022
Virginia 2 1,493 2,800 — — 1,493 2,800 4,293 ( 172 ) 2001-2009 2021-2021
Vermont 1 357 916 — — 357 916 1,273 ( 38 ) 0-0 2021-2021
Washington 1 627 868 — — 627 868 1,495 ( 100 ) 1981-1981 2021-2021
Wyoming 1 620 2,550 — — 620 2,550 3,170 ( 452 ) 2001-2001 2017-2017
Movie Theatres
Alabama 2 $ 3,011 $ 10,643 $ 161 $ — $ 3,172 $ 10,643 $ 13,815 $ ( 1,970 ) 2001-2013 2016-2018
North Carolina 1 1,826 2,798 — — 1,826 2,798 4,624 ( 473 ) 2004-2004 2018-2018
Ohio 1 2,126 10,097 — — 2,126 10,097 12,223 ( 1,454 ) 1989-1989 2017-2017
South Carolina 1 1,465 7,081 — — 1,465 7,081 8,546 ( 1,108 ) 2006-2006 2017-2017
Wisconsin 1 3,159 3,755 130 — 3,289 3,755 7,044 ( 791 ) 1997-1997 2017-2017
Other Services
Alabama 1 $ 312 $ 176 $ — $ — $ 312 $ 176 $ 488 $ ( 65 ) 1978-1978 2016-2016
Colorado 1 370 434 — — 370 434 804 ( 104 ) 2002-2002 2016-2016
Florida 1 1,187 3,344 — — 1,187 3,344 4,531 ( 205 ) 1960-1960 2020-2020
Georgia 2 1,552 4,919 — — 1,552 4,919 6,471 ( 746 ) 1895-1991 2018-2018
Kentucky 2 1,503 4,613 — — 1,503 4,613 6,116 ( 396 ) 1882-1999 2018-2022
North Carolina 1 713 1,942 — — 713 1,942 2,655 ( 321 ) 1973-1973 2018-2018
Oklahoma 1 2,257 2,073 — — 2,257 2,073 4,330 ( 152 ) 2006-2006 2021-2021
South Carolina 4 2,175 4,406 — — 2,175 4,406 6,581 ( 48 ) 1937-2006 2016-2022
Tennessee 14 10,757 19,485 — — 10,757 19,485 30,242 ( 1,629 ) 1870-2010 2016-2022
Texas 6 15,090 17,940 729 — 15,819 17,940 33,759 ( 1,009 ) 2006-2021 2021-2022
F-6
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Virginia 1 1,259 1,786 — — 1,259 1,786 3,045 ( 321 ) 1991-1991 2018-2018
Pet Care Services
Alabama 1 $ 1,138 $ — $ — $ 1,138 $ — $ 1,138 2019-2019 2021-2021
Arkansas 2 1,422 2,110 — — 1,422 2,110 3,532 ( 350 ) 1979-1996 2017-2019
Arizona 5 6,862 10,616 ( 1,845 ) ( 469 ) 5,017 10,147 15,164 ( 1,638 ) 1990-2015 2018-2018
Florida 5 5,578 7,102 — — 5,578 7,102 12,680 ( 1,203 ) 2003-2021 2018-2021
Georgia 5 3,335 3,367 — — 3,335 3,367 6,702 ( 234 ) 1950-2007 2019-2021
Illinois 4 2,352 2,928 — — 2,352 2,928 5,280 ( 344 ) 1976-1995 2019-2021
Indiana 6 1,676 5,148 — — 1,676 5,148 6,824 ( 715 ) 1952-2007 2017-2019
Louisiana 1 485 701 — — 485 701 1,186 ( 101 ) 2007-2007 2019-2019
Maryland 1 586 1,881 16 34 602 1,915 2,517 ( 143 ) 1988-1988 2020-2020
Missouri 1 537 752 — — 537 752 1,289 ( 100 ) 1986-1986 2019-2019
North Carolina 5 2,347 8,786 — — 2,347 8,786 11,133 ( 399 ) 1970-2014 2019-2021
Nebraska 1 381 332 — — 381 332 713 ( 80 ) 1967-1967 2019-2019
Oklahoma 1 225 283 — — 225 283 508 ( 68 ) 1993-1993 2019-2019
Oregon 1 192 324 — — 192 324 516 ( 35 ) 1990-1990 2019-2019
South Carolina 2 885 1,660 — — 885 1,660 2,545 ( 163 ) 1994-2018 2019-2021
Texas 3 2,204 3,702 — — 2,204 3,702 5,906 ( 138 ) 2019-2019 2021-2021
Wisconsin 1 403 598 — — 403 598 1,001 ( 75 ) 2011-2011 2019-2019
Restaurants - Casual Dining
Alabama 5 $ 2,954 $ 7,305 $ — $ — $ 2,954 $ 7,305 $ 10,259 $ ( 1,414 ) 1977-2007 2016-2017
Colorado 1 1,593 3,400 — — 1,593 3,400 4,993 ( 618 ) 1993-1993 2016-2016
Florida 9 6,317 12,222 55 59 6,372 12,281 18,653 ( 2,687 ) 1988-2003 2016-2017
Georgia 5 4,785 6,048 — 600 4,785 6,648 11,433 ( 1,388 ) 1982-1999 2016-2017
Iowa 6 2,812 9,572 — — 2,812 9,572 12,384 ( 606 ) 1950-2005 2018-2022
Illinois 2 668 2,051 — — 668 2,051 2,719 ( 267 ) 1991-1993 2018-2019
Indiana 1 1,542 — — — 1,542 — 1,542 1999-1999 2020-2020
Kansas 2 3,045 1,382 — — 3,045 1,382 4,427 ( 82 ) 2005-2005 2021-2022
Kentucky 3 1,798 3,643 — — 1,798 3,643 5,441 ( 210 ) 2001-2010 2019-2022
Louisiana 3 2,156 3,330 — — 2,156 3,330 5,486 ( 705 ) 1988-1994 2016-2017
Massachusetts 10 12,982 14,943 — — 12,982 14,943 27,925 ( 901 ) 1985-2008 2021-2021
Maryland 2 2,344 1,975 — — 2,344 1,975 4,319 ( 449 ) 2004-2005 2017-2017
Michigan 12 7,181 16,134 — — 7,181 16,134 23,315 ( 1,728 ) 1906-2003 2019-2022
Minnesota 2 7,921 14,090 — — 7,921 14,090 22,011 ( 176 ) 1905-1947 2022-2022
Missouri 4 7,857 11,419 — — 7,857 11,419 19,276 ( 284 ) 2001-2021 2017-2021
Mississippi 1 926 624 — — 926 624 1,550 ( 132 ) 2004-2004 2017-2017
Nebraska 1 261 687 — — 261 687 948 ( 185 ) 1979-1979 2016-2016
New Hampshire 1 1,978 2,127 — — 1,978 2,127 4,105 ( 90 ) 1974-1974 2021-2021
New Jersey 8 9,625 28,327 — — 9,625 28,327 37,952 ( 224 ) 1941-2005 2022-2022
Ohio 3 4,653 7,984 — — 4,653 7,984 12,637 ( 491 ) 1988-2004 2019-2021
Pennsylvania 3 3,375 6,706 — — 3,375 6,706 10,081 ( 73 ) 1880-2003 2022-2022
F-7
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Rhode Island 1 830 1,171 — — 830 1,171 2,001 ( 71 ) 1996-1996 2021-2021
South Carolina 1 447 292 — 29 447 321 768 ( 94 ) 2003-2003 2017-2017
South Dakota 1 1,922 2,475 — — 1,922 2,475 4,397 ( 107 ) 0-0 2021-2021
Tennessee 1 683 737 — — 683 737 1,420 ( 135 ) 2003-2003 2017-2017
Texas 4 6,663 4,639 — — 6,663 4,639 11,302 ( 408 ) 1999-2018 2016-2022
Virginia 1 1,136 1,991 — — 1,136 1,991 3,127 ( 226 ) 2005-2005 2019-2019
West Virginia 2 953 3,180 — — 953 3,180 4,133 ( 91 ) 1997-2006 2022-2022
Restaurants - Family Dining
Florida 1 $ 467 $ 421 $ — $ 150 $ 467 $ 571 $ 1,038 $ ( 307 ) 1997-1997 2016-2016
Georgia 7 3,229 4,132 — 330 3,229 4,462 7,691 ( 774 ) 1968-1996 2017-2018
Iowa 1 804 563 — — 804 563 1,367 ( 148 ) 1994-1994 2016-2016
Illinois 2 1,372 1,206 — 750 1,372 1,956 3,328 ( 330 ) 1978-1979 2016-2016
Michigan 3 2,148 2,847 — — 2,148 2,847 4,995 ( 322 ) 1973-2000 2019-2019
Minnesota 4 2,433 2,451 — — 2,433 2,451 4,884 ( 674 ) 1975-1991 2016-2016
Missouri 2 1,038 1,153 — — 1,038 1,153 2,191 ( 300 ) 1978-1979 2016-2016
New Hampshire 1 131 232 — — 131 232 363 ( 364 ) 1998-1998 2016-2016
Pennsylvania 1 784 756 6 61 790 817 1,607 ( 192 ) 1995-1995 2017-2017
South Carolina 2 1,930 2,111 — — 1,930 2,111 4,041 ( 226 ) 1978-2008 2020-2020
Texas 1 207 424 — — 207 424 631 ( 613 ) 1998-1998 2016-2016
Virginia 1 90 192 — — 90 192 282 ( 282 ) 1997-1997 2016-2016
Washington 2 1,787 3,861 — — 1,787 3,861 5,648 ( 489 ) 1982-1999 2019-2019
Wisconsin 2 1,967 2,955 — — 1,967 2,955 4,922 ( 482 ) 1976-2018 2016-2019
Wyoming 1 739 1,569 — — 739 1,569 2,308 ( 169 ) 1982-1982 2019-2019
Restaurants - Quick Service
Alaska 2 $ 1,115 $ 3,157 $ 5 $ 527 $ 1,120 $ 3,684 $ 4,804 $ ( 502 ) 1972-2006 2018-2018
Alabama 26 6,787 14,555 — 83 6,787 14,638 21,425 ( 2,577 ) 1972-2020 2016-2021
Arkansas 13 7,361 12,008 — 15 7,361 12,023 19,384 ( 1,618 ) 1977-2019 2016-2019
California 1 467 533 — — 467 533 1,000 ( 129 ) 1993-1993 2016-2016
Colorado 1 698 1,036 — — 698 1,036 1,734 ( 167 ) 1999-1999 2018-2018
Connecticut 1 155 208 — — 155 208 363 ( 101 ) 1983-1983 2016-2016
Florida 17 10,895 20,435 — — 10,895 20,435 31,330 ( 1,466 ) 1960-2018 2016-2022
Georgia 40 16,191 26,477 — 414 16,191 26,891 43,082 ( 4,684 ) 1975-2013 2016-2021
Iowa 8 2,715 7,326 — — 2,715 7,326 10,041 ( 1,439 ) 1969-2004 2016-2019
Illinois 4 2,062 2,892 — 1,100 2,062 3,992 6,054 ( 410 ) 1988-2020 2016-2021
Indiana 5 1,873 3,673 — 924 1,873 4,597 6,470 ( 506 ) 1987-2018 2019-2020
Kansas 1 194 777 — — 194 777 971 ( 134 ) 1971-1971 2017-2017
Kentucky 13 5,705 9,351 — 402 5,705 9,753 15,458 ( 1,060 ) 1969-2020 2016-2022
Louisiana 3 955 3,164 — — 955 3,164 4,119 ( 423 ) 1983-2016 2019-2019
Massachusetts 9 5,251 5,131 — — 5,251 5,131 10,382 ( 606 ) 1965-1987 2020-2020
Maryland 1 338 624 — — 338 624 962 ( 77 ) 2002-2002 2019-2019
Michigan 12 3,797 8,116 — — 3,797 8,116 11,913 ( 1,661 ) 1969-2015 2016-2018
F-8
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2022 (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
Minnesota 3 2,605 4,416 — — 2,605 4,416 7,021 ( 1,014 ) 1989-1996 2017-2019
Missouri 1 195 802 — — 195 802 997 ( 164 ) 1987-1987 2016-2016
Mississippi 27 11,212 15,911 — 390 11,212 16,301 27,513 ( 2,134 ) 1968-2020 2016-2021
Montana 1 782 — — — 782 — 782 2022-2022 2022-2022
North Carolina 2 1,269 1,431 ( 171 ) 268 1,098 1,699 2,797 ( 85 ) 1986-2022 2016-2021
Nebraska 2 667 2,048 — — 667 2,048 2,715 ( 454 ) 1998-2014 2016-2016
New Hampshire 1 409 355 — — 409 355 764 ( 99 ) 1993-1993 2016-2016
New York 3 3,765 3,405 — 400 3,765 3,805 7,570 ( 895 ) 1968-2000 2016-2019
Ohio 9 3,661 10,582 — — 3,661 10,582 14,243 ( 785 ) 1964-1993 2016-2022
Oklahoma 8 5,266 7,550 — — 5,266 7,550 12,816 ( 559 ) 1979-2018 2020-2021
Oregon 1 252 131 — — 252 131 383 ( 42 ) 2015-2015 2016-2016
Pennsylvania 4 2,247 2,790 — — 2,247 2,790 5,037 ( 536 ) 1963-2020 2016-2020
South Carolina 4 850 2,291 — 30 850 2,321 3,171 ( 422 ) 1977-2014 2016-2020
South Dakota 1 70 259 — — 70 259 329 ( 34 ) 1984-1984 2019-2019
Tennessee 19 11,681 15,414 — 354 11,681 15,768 27,449 ( 2,324 ) 1974-2020 2016-2020
Texas 35 27,554 25,565 — 1,501 27,554 27,066 54,620 ( 2,814 ) 1970-2021 2016-2021
Wisconsin 2 1,197 2,462 — 35 1,197 2,497 3,694 ( 568 ) 1983-1998 2016-2017
West Virginia 6 1,293 3,137 — — 1,293 3,137 4,430 ( 682 ) 1976-1994 2016-2016
Vacant Properties
Iowa 1 $ 57 $ 479 $ — $ — $ 57 $ 479 $ 536 $ ( 65 ) 1950-1950 2018-2018
Texas 1 119 540 — 34 119 574 693 ( 115 ) 1984-1984 2019-2019
Grand Total 1490 $ 1,228,036 $ 2,364,891 $ 651 $ 75,739 $ 1,228,687 $ 2,440,630 $ 3,669,317 $ ( 238,022 )
F-9
(a) As of December 31, 2022, the Company had investments in 1,653 single-tenant real estate property locations including 1,489 owned properties, 11 ground lease interests and 153 properties securing mortgage notes receivable. Five 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 three owned properties which are accounted for as loans receivable, as the leases contain purchase options, and four owned properties which are held for sale as of December 31, 2022. Initial costs exclude intangible lease assets totaling $ 77.1 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 $ 3.5 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) 2022 2021 2020
Balance, beginning of period $ 3,040,073 $ 2,260,919 $ 1,812,961
Additions
Acquisitions 751,610 831,795 527,482
Improvements 27,609 9,459 28,889
Deductions
Provisions for impairment of real estate ( 20,164 ) ( 6,120 ) ( 8,399 )
Real estate investments held for sale ( 4,780 ) ( 15,434 ) ( 17,058 )
Cost of real estate sold ( 123,081 ) ( 40,546 ) ( 82,956 )
Other ( 1,949 ) — —
Balance, end of period $ 3,669,317 $ 3,040,073 $ 2,260,919
(e) The following is a reconciliation of accumulated depreciation for the periods presented:
Year ended December 31,
(in thousands) 2022 2021 2020
Balance, beginning of period $ 169,126 $ 112,144 $ 71,445
Additions
Depreciation expense 80,647 61,172 51,736
Deductions
Accumulated depreciation associated with real estate sold ( 11,751 ) ( 4,190 ) ( 11,037 )
Balance, end of period $ 238,022 $ 169,126 $ 112,144
(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.
F-10
ESSENTIAL PROPERTIES REALTY TRUST, INC. AND ESSENTIAL PROPERTIES REALTY TRUST, INC. PREDECESSOR
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2022
(Dollar amounts in thousands)
Description Interest
Rate Final
Maturity
Date Periodic
Payment
Terms Final
Payment
Terms Prior
Liens Face
Amount of
Mortgages Carrying
Amount of
Mortgages Principal Amount
of Loans Subject
to Delinquent
Principal or Interest
First mortgage loans:
Two Early Childhood Education Centers located in Florida
8.80 % 5/8/2039 Interest only Balloon - $ 12,000
None $ 12,000 $ 11,884 None
Two Early Childhood Education Centers located in Florida
8.53 % 7/15/2039 Interest only Balloon - $ 7,300
None 7,300 7,226 None
Sixty-nine Quick Service Restaurants located in fifteen states
7.79 % 8/31/2034 Interest only Balloon - $ 51,000
None 51,000 50,995 None
One Early Childhood Education Center located in Florida
8.42 % 2/29/2040 Interest only Balloon - $ 5,300
None 5,300 5,251 None
Three Convenience Stores located in Minnesota
8.54 % 12/31/2024 Interest only Balloon - $ 2,324
None 2,324 2,317 None
One Family Dining Restaurant located in Georgia
7.00 % 1/25/2023 Interest only Balloon - $ 600
None 600 596 None
Three Convenience Stores located in three states
8.30 % 5/11/2023 Interest only Balloon - $ 3,146
None 3,146 3,063 None
Two Casual Dining Restaurants located in Kentucky and Ohio
6.87 % 5/31/2036 Interest only Balloon - $ 2,520
None 2,520 2,520 None
Three Casual Dining Restaurants located in three states
7.51 % 5/31/2036 Interest only Balloon - $ 2,673
None 2,673 2,657 None
Two Convenience Stores located in Iowa
8.29 % 6/1/2023 Interest only Balloon - $ 2,389
None 2,389 2,323 None
One Entertainment Center located in New Jersey
8.96 % 9/30/2051 Principal + Interest Fully amortizing None 24,100 24,090 None
Two Industrial facilities located in California
7.44 % 11/4/2036 Interest only Balloon - $ 9,808
None 9,808 9,785 None
Five Car Washes located in Nevada
7.30 % 12/31/2036 Interest only Balloon - $ 25,714
None 25,714 25,711 None
One Car Wash located in Florida
7.73 % 12/29/2036 Interest only Balloon - $ 2,470
None 2,470 2,464 None
One Casual Dining Restaurant located in Michigan
8.00 % 7/10/2023 Interest only Balloon - $ 1,754
None 1,754 1,710 None
Thirty-seven Quick Service Restaurants located in three states
7.00 % 2/28/2027 Interest only Balloon - $ 26,307
None 26,307 26,185 None
One Car Wash located in New Jersey
7.73 % 3/31/2037 Interest only Balloon - $ 3,600
None 3,600 3,592 None
One Convenience Store located in Minnesota
8.30 % 4/22/2024 Interest only Balloon - $ 760
None 760 740 None
One Car Wash located in Nevada
7.33 % 12/31/2036 Interest only Balloon - $ 4,960
None 4,960 4,948 None
One Car Wash located in Nevada
7.43 % 12/31/2036 Interest only Balloon - $ 4,800
None 4,800 4,789 None
Four Car Washes located in three states
8.64 % 12/31/2037 Interest only Balloon - $ 12,250
None 12,250 12,246 None
Ten Car Washes located in five states
8.93 % 12/31/2037 Interest only Balloon - $ 28,938
None 28,938 28,886 None
$ 234,713 $ 233,978
F-11
The following table shows changes in carrying amounts of mortgage loans receivable during the years ended December 31, 2022, 2021 and 2020 (in thousands):
Year ended December 31,
2022 2021 2020
Balance, beginning of period $ 181,419 $ 144,048 $ 87,029
Additions:
New mortgage loans 126,784 137,356 54,484
Subsequent funding on existing mortgage loans 17,236 — 3,500
Deductions:
Collections of principal ( 91,488 ) ( 100,179 ) ( 11 )
Provision for credit losses 27 194 ( 954 )
Balance, end of period $ 233,978 $ 181,419 $ 144,048
See accompanying report of independent registered public accounting firm.
F-12