What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-02-12 compared with 2024-02-14 · 39 added, 40 removed, 169 unchanged (32% of the section changed)

12 unchanged sentences

CNP Holdings, LLC Chicken N Pickle 8 8,492 1.9 %

BW Ultimate Parent, LLC YesWay 13 7,472 1.6 %

Busy Bees US Holdings Limited Various 32 7,215 1.6 %

Undefeated Tribe Operating Company, LLC Crunch Fitness 12 6,740 1.5 %

Denali Midco 2, LLC Super Star Car Wash 20 6,627 1.4 %

Pops Mart Holdings, LLC and Pops Mart Fuels, LLC Various 26 6,601 1.4 %

New Potato Creek Holdings, LLC Tidal Wave Auto Spa 16 6,546 1.4 %

1 unchanged sentence

Festival Foods 7 6,104 1.3 %

The Track Holdings, LLC Five Star 10 5,695 1.6 %

Captain D's, LLC Captain D's 77 5,627 1.5 %

SB Pep Holdco, LLC (3)

Various 12 4,650 1.3 %

Premier Early Childhood Education Partners LLC Various 26 4,619 1.3 %

Car Wash Partners, Inc.

Mister Car Wash 13 4,566 1.3 %

Alimentation Couche Tard Inc.

Circle K 40 6,000 1.3 %

Top 10 Subtotal 233 81,007 17.6 %

2 unchanged sentences

__________________________________________

(1) Represents tenant or guarantor.

(2) Excludes three vacant properties.

(3) Includes properties leased to a subsidiary of Accelerated Brands.

(1) Represents tenant, guarantor or parent company.

(2) Excludes seven vacant properties.

As of December 31, 2024, our five largest tenants, who contributed 10.7% of our annualized base rent, had a rent coverage ratio of 6.4x while our ten largest tenants, who contributed 17.6% of our annualized base rent, had a rent coverage ratio of 5.2x.

10 unchanged sentences

EquipmentShare Service $ 19,210 4.2 % 59 1,132,619

Chicken N Pickle Experience 8,346 2.3 % 8 279,483

Crunch Fitness Experience 13,645 3.0 % 26 1,013,523

Chicken N Pickle Experience 8,492 1.9 % 8 279,483

YesWay Service 7,472 1.6 % 13 75,429

Captain D's Service 6,762 1.5 % 87 225,956

Super Star Car Wash Service 6,627 1.4 % 20 98,234

Pops Mart Service 6,601 1.4 % 26 130,893

Tidal Wave Auto Spa Service 6,546 1.4 % 16 58,154

Festival Foods Retail 6,104 1.3 % 7 520,475

Five Star Experience 4,717 1.3 % 9 65,455

Mister Car Wash Service 4,566 1.3 % 13 54,621

Spare Time Entertainment Experience 4,521 1.2 % 6 272,979

John Deere Service 4,259 1.2 % 22 395,014

Red Robin Gourmet Burgers & Brews Service 5,984 1.3 % 28 188,041

Top 10 Subtotal 87,443 19.0 % 290 3,722,807

2 unchanged sentences

______________________________________

(1) Excludes three vacant properties.

(1) Excludes seven vacant properties.

Diversification by Industry

7 unchanged sentences

Car Washes Service $ 65,352 14.2 % 195 993,402 $ 64.32

Medical / Dental Service 54,162 11.8 % 233 1,955,274 26.35

Early Childhood Education Service 54,093 11.7 % 230 2,459,190 21.50

Quick Service Service 42,115 9.1 % 428 1,135,522 37.07

Medical / Dental Service 38,581 10.6 % 206 1,557,129 24.78

Automotive Service Service 36,035 7.8 % 265 1,956,478 18.16

Casual Dining Service 34,695 7.5 % 145 1,006,976 31.93

Equipment Rental and Sales Service 18,572 5.1 % 72 1,252,458 14.83

Convenience Stores Service 29,867 6.5 % 169 699,890 38.38

Equipment Rental and Sales Service 24,723 5.4 % 86 1,675,003 14.76

Other Services Service 12,360 2.7 % 59 763,088 16.29

Family Dining Service 6,835 1.9 % 38 249,173 27.43

Pet Care Services Service 6,953 1.5 % 39 335,760 20.15

Family Dining Service 6,666 1.5 % 29 221,953 30.03

Service Subtotal 367,021 79.7 % 1,878 13,202,536 26.92

11 unchanged sentences

____________________________________________________

(1) Excludes three vacant properties.

(1) Excludes seven vacant properties.

(2) Excludes properties with no annualized base rent and properties under construction.

6 unchanged sentences

Georgia 33,687 7.3 % 159 1,170,288

Ohio 22,002 6.0 % 141 1,198,456

Florida 29,609 6.4 % 102 1,009,063

Ohio 26,224 5.7 % 141 1,558,468

Wisconsin 23,063 5.0 % 89 1,203,062

Missouri 13,274 3.6 % 69 849,260

North Carolina 18,040 3.9 % 86 823,149

1 unchanged sentence

Oklahoma 15,603 3.4 % 70 961,748

Missouri 15,174 3.3 % 72 900,451

Illinois 13,925 3.0 % 63 603,709

South Carolina 12,663 2.7 % 66 542,546

Indiana 12,092 2.6 % 64 652,790

Michigan 12,062 2.6 % 62 1,135,416

Alabama 9,791 2.7 % 56 514,795

Minnesota 11,099 2.4 % 44 628,174

New Jersey 10,728 2.3 % 31 429,474

Alabama 10,383 2.3 % 57 548,645

New York 9,528 2.1 % 61 390,778

Arkansas 8,675 2.4 % 58 480,277

Virginia 9,496 2.1 % 30 367,074

Illinois 8,659 2.4 % 51 403,037

Minnesota 8,633 2.4 % 40 551,746

Arkansas 9,474 2.1 % 62 509,900

Tennessee 8,989 2.0 % 52 361,919

South Carolina 8,310 2.3 % 50 456,252

Pennsylvania 8,039 1.7 % 42 419,149

Indiana 7,140 2.0 % 49 365,594

Mississippi 7,975 1.7 % 59 371,968

Connecticut 6,513 1.8 % 20 508,568

New Mexico 7,653 1.7 % 29 194,880

Colorado 7,465 1.6 % 30 353,655

Connecticut 7,174 1.6 % 23 579,458

Kentucky 6,410 1.4 % 48 310,474

Massachusetts 6,255 1.4 % 32 439,465

California 5,679 1.2 % 19 149,755

Louisiana 5,651 1.2 % 29 172,990

Iowa 5,650 1.2 % 32 363,483

Nevada 5,155 1.1 % 15 114,488

Kentucky 4,234 1.2 % 38 234,363

Kansas 4,683 1.0 % 18 201,900

California 3,647 1.0 % 17 125,741

Louisiana 3,624 1.0 % 19 133,848

Utah 4,426 1.0 % 5 321,256

New Hampshire 3,638 0.8 % 14 279,182

New Mexico 3,359 0.9 % 21 128,455

South Dakota 2,727 0.6 % 9 130,153

Washington 2,382 0.7 % 12 99,374

Maryland 2,411 0.5 % 9 75,410

Oregon 2,320 0.5 % 8 131,957

Washington 2,267 0.5 % 12 94,427

West Virginia 2,045 0.4 % 24 84,684

Maine 1,002 0.3 % 3 56,981

Utah 956 0.3 % 2 67,659

Nebraska 1,750 0.4 % 11 138,797

Idaho 644 0.2 % 2 41,146

Maine 1,147 0.2 % 4 71,000

Vermont 1,006 0.2 % 9 64,622

North Dakota 876 0.2 % 5 72,400

Idaho 659 0.1 % 2 41,146

Rhode Island 473 0.1 % 2 22,865

Delaware 408 0.1 % 1 4,186

Wyoming 289 0.1 % 2 14,001

Oregon 403 0.1 % 7 119,584

Alaska 253 0.1 % 2 6,630

Vermont 223 0.1 % 1 30,508

Montana 179 0.1 % 1 3,400

32 unchanged sentences

(1) Expiration year of contracts in place as of December 31, 2024, excluding any tenant option renewal periods that have not been exercised.

(2) Excludes three vacant properties.

(2) Excludes seven vacant properties.

(3) Weighted by annualized base rent.

30 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties