What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-02-12 compared with 2024-02-14 · 148 added, 103 removed, 585 unchanged (30% of the section changed)

16 unchanged sentences

Other Information.

February 2025 Amendment to Credit Agreement

On February 6, 2025, through our Operating Partnership, we entered into an amendment to our Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto, predominantly in relation to the Revolving Credit Facility thereunder.

After giving effect to such amendment, the Credit Agreement provides for an increase in the commitments under the Revolving Credit Facility from $600.0 million to $1.0 billion.

Among other things, the amendment also:

(i) altered the step-down structure applicable to the margin grid for the Revolving Credit Facility and term loans under the Credit Agreement, (ii) extended the maturity date of the Revolving Credit Facility to February 2029, with the ability to extend for two additional six-month extension options at the Operating Partnership's election, (iii) permitted the aggregate positive amount of net cash proceeds due to be received from all eligible equity forward contracts which had not yet settled, subject to a maximum amount set forth in the Credit Agreement, to be included in the calculation of several financial covenants under the Credit Agreement, (iv) reset the accordion feature in the Credit Agreement to permit $1.0 billion of availability thereunder, and (v) removed the credit spread adjustment of 10.0 bps from the calculation of interest on the Revolving Credit Facility.

For more information about our Credit Agreement, see “ "Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations—Description of Certain Debt—Revolving Credit Facility and Credit Facility Term Loans.”

Information About Certain Rule 10b5-1 Trading Arrangements

None of our directors or officers adopted , modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended December 31, 2024.

2 unchanged sentences

Directors, Executive Officers and Corporate Governance

We have adopted an Amended and Restated Insider Trading and Confidentiality Policy governing the purchase and sale of our securities by directors, officers, and employees that is designed to promote compliance with insider trading laws, rules and regulations, and applicable listing standards.

A copy of our Amended and Restated Insider Trading and Confidentiality Policy is filed with this Annual Report on Form 10-K as Exhibit 19.1.

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 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

35 unchanged sentences

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)

Number Description

First Supplemental Indenture, dated as of June 28, 2021, among Essential Properties, L.P., Essential Properties Realty Trust, Inc.

6 unchanged sentences

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)

Third Amendment to Amended and Restated Credit Agreement, dated as of July 25, 2022, by and

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)

Fourth Amendment to Amended and Restated Credit Agreement, dated as of August 24, 2023, 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)

lenders party thereto, as lenders (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 28, 2023)

Fifth Amendment to Amended and Restated Credit Agreement, dated as of July 11, 2024, 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 10.1 to the Company's Current Report on Form 8-K filed on July 17, 2024)

Sixth Amendment to Amended and Restated Credit Agreement, dated as of February 6, 2025, 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.

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)

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)

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)

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)

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)

Employment Agreement, effective as of January 1, 2022, by and between Essential Properties Realty Trust, Inc.

Mavoides (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 6, 2022)

Number Description

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)

Employment Agreement between Essential Properties Realty Trust, Inc.

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)

Consulting Agreement, effective as of June 25, 2022, by and between Essential Properties

Realty Trust, Inc.

Seibert (Incorporated by reference to Exhibit 10.1 to the Company's

Quarterly Report on Form 10-Q filed on July 28, 2022)

Number Description

Amended & Restated Employment Agreement between Essential Properties Realty Trust, Inc.

Patten, effective as of October 3, 2024 (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 7, 2024)

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)

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).

Essential Properties Realty Trust, Inc.

2023 Incentive Award Plan, effective as of May 15, 2023 (Incorporated by reference to Annex B to the Company’s Current Report on Form Schedule 14A filed on April 4, 2023)

Amended and Restated Insider Trading and Confidentiality Policy

Subsidiaries of the Company

34 unchanged sentences

Mavoides (Principal Executive Officer)

Patten Executive Vice President, Chief Financial Officer, Treasurer and Secretary

Patten Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary

February 12, 2025

27 unchanged sentences

Alabama 2 $ 770 $ 882 $ — $ — $ 770 $ 882 $ 1,652 $ ( 152 ) 1988-1991 2019

Arkansas 1 193 258 — — 193 258 451 ( 6 ) N/A 2024

Arizona 9 10,587 19,611 — — 10,587 19,611 30,198 ( 2,378 ) 1975-2018 2020-2021

9 unchanged sentences

Kentucky 8 6,125 7,539 — — 6,125 7,539 13,664 ( 201 ) 1968-2006 2023-2024

Massachusetts 1 512 1,804 — — 512 1,804 2,316 ( 17 ) 1950 2023

Louisiana 1 663 1,365 — — 663 1,365 2,029 ( 14 ) 2005 2024

Massachusetts 1 512 1,804 — — 512 1,804 2,316 ( 69 ) N/A 2023-2023

Maryland 4 3,973 12,825 — — 3,973 12,825 16,798 ( 2,752 ) 1952-2016 2017-2018

20 unchanged sentences

West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 ( 569 ) 1983-2007 2020-2022

Building Materials

Alabama 2 $ 2,060 $ 3,640 $ — $ — $ 2,060 $ 3,640 $ 5,700 $ ( 848 ) 1975-2002 2017-2017

Description (a) Initial Cost to Company Cost Capitalized Subsequent

4 unchanged sentences

Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total

Building Materials

Alabama 2 $ 2,060 $ 3,640 $ — $ — $ 2,060 $ 3,640 $ 5,700 $ ( 977 ) 1975-2002 7/9/1905

Colorado 1 760 403 — — 760 403 1,163 ( 108 ) 1983-1983 2017

17 unchanged sentences

Indiana 4 2,683 15,713 — — 2,683 15,713 18,396 ( 749 ) 1979-2024 2022

Kentucky 1 761 3,281 — — 761 3,281 4,042 ( 65 ) 2024 2024

Louisiana 8 9,948 19,284 — 425 9,948 19,709 29,657 ( 1,763 ) 2012-2024 2017-2024

Michigan 1 1,268 — — — 1,268 — 1,268 — N/A 2022

Michigan 1 1,725 4,185 — — 1,725 4,185 5,910 — 2024 2022

Minnesota 1 1,430 3,253 — — 1,430 3,253 4,683 ( 161 ) 2022 2023

Missouri 2 2,928 — — — 2,928 — 2,928 — N/A 2023-2023

Missouri 2 4,216 8,117 — — 4,216 8,117 12,333 ( 93 ) 2024 2023

Mississippi 5 3,923 13,810 — 567 3,923 14,376 18,299 ( 1,057 ) 2008-2023 2020-2023

12 unchanged sentences

Wisconsin 7 9,653 21,352 220 — 9,873 21,352 31,225 ( 707 ) 1966-2024 2023-2024

Convenience Stores

Arkansas 10 $ 6,845 $ 8,337 $ — $ 50 $ 6,845 $ 8,387 $ 15,232 $ ( 2,311 ) 1979-2012 2019-2019

Arizona 2 2,085 2,791 — 34 2,085 2,825 4,910 ( 750 ) 1985-2002 2018-2018

Description (a) Initial Cost to Company Cost Capitalized Subsequent

4 unchanged sentences

Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total

Convenience Stores

Arkansas 7 $ 4,275 $ 6,867 $ — $ 50 $ 4,275 $ 6,917 $ 11,192 $ ( 1,955 ) 1979-2012 7/11/1905

Arizona 2 2,085 2,791 — 34 2,085 2,825 4,910 ( 859 ) 1985-2002 2018

Colorado 1 272 1,047 — — 272 1,047 1,319 ( 260 ) 1983-1983 2017

9 unchanged sentences

Ohio 21 15,191 13,382 — — 15,191 13,382 28,573 ( 5,021 ) 1996-2001 2019

Oklahoma 2 5,344 10,943 — — 5,344 10,943 16,287 ( 101 ) 2024 2024

Pennsylvania 1 467 383 — — 467 383 850 ( 172 ) 1996-1996 2019

11 unchanged sentences

Illinois 13 8,986 32,499 — 391 8,986 32,890 41,876 ( 3,004 ) 1972-2021 2019-2024

Indiana 1 1,229 3,084 — — 1,229 3,084 4,313 ( 16 ) N/A 2024

Kansas 2 2,056 4,914 — — 2,056 4,914 6,970 ( 1,099 ) 2007-2017 2017-2019

7 unchanged sentences

Nebraska 1 224 813 — — 224 813 1,037 ( 53 ) 2006 2022

New Hampshire 1 711 1,733 — — 711 1,733 2,444 ( 9 ) 1994 2023

New Hampshire 1 711 1,733 — — 711 1,733 2,444 ( 64 ) N/A 2023

New Jersey 3 1,734 4,867 — — 1,734 4,867 6,601 ( 748 ) 1986-2002 2018-2024

1 unchanged sentence

New York 7 2,868 9,196 — — 2,868 9,196 12,064 ( 370 ) 1986-2007 2023-2024

Ohio 30 23,197 61,829 31 9,321 23,228 71,150 94,378 ( 5,888 ) 1956-2017 2018-2023

Oklahoma 3 1,327 3,860 — — 1,327 3,860 5,186 ( 192 ) 1967-1995 2022-2022

Pennsylvania 12 10,670 28,267 — — 10,670 28,267 38,937 ( 5,024 ) 1930-2010 2018-2023

South Carolina 1 1,323 5,218 — — 1,323 5,218 6,541 ( 14 ) 2007 2023

Tennessee 2 1,943 2,970 — — 1,943 2,970 4,913 ( 534 ) 1989-1996 2019-2020

Description (a) Initial Cost to Company Cost Capitalized Subsequent

4 unchanged sentences

Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total

Ohio 30 23,197 61,829 31 9,321 23,228 71,150 94,378 ( 8,315 ) 1956-2023 2018-2023

Oklahoma 3 1,327 3,860 — — 1,327 3,860 5,187 ( 335 ) N/A 2022

Pennsylvania 12 10,670 28,267 — — 10,670 28,267 38,937 ( 5,964 ) 1930-2010 2018-2023

South Carolina 1 1,323 5,218 — — 1,323 5,218 6,541 ( 177 ) 2007 2023

Tennessee 3 2,356 4,420 — — 2,356 4,420 6,776 ( 668 ) 1982-1996 2019-2024

Texas 19 16,499 38,912 — 529 16,499 39,441 55,940 ( 3,468 ) 1989-2024 2017-2024

8 unchanged sentences

Florida 2 6,456 6,815 — 4,500 6,456 11,315 17,771 ( 2,036 ) 2007 2017-2022

Iowa 1 2,560 6,120 — — 2,560 6,120 8,680 ( 468 ) 2018 2021

Iowa 1 2,560 6,120 — — 2,560 6,120 8,680 ( 684 ) N/A 2021

Idaho 1 886 2,768 — — 886 2,768 3,654 ( 484 ) 2008 2019

Illinois 3 3,031 — — — 3,031 — 3,031 — N/A 2024

Indiana 1 414 3,988 — — 414 3,988 4,402 ( 89 ) N/A 2024

Kansas 2 5,886 21,128 — — 5,886 21,128 27,014 ( 1,751 ) 2018-2020 2022

5 unchanged sentences

North Carolina 3 11,014 21,176 — — 11,014 21,176 32,190 ( 3,940 ) 1988-1996 2019-2022

Ohio 1 2,046 — — — 2,046 — 2,046 — N/A 2024

Oklahoma 2 3,937 9,673 — — 3,937 9,673 13,610 ( 865 ) 2020 2022-2024

Pennsylvania 1 823 2,028 — — 823 2,028 2,851 ( 458 ) 2016 2019

South Carolina 1 2,156 1,476 — — 2,156 1,476 3,631 ( 3 ) 2002 2023

Tennessee 2 18,026 1,873 — — 18,026 1,873 19,899 ( 693 ) 1940-2013 2022

Texas 7 22,488 44,160 — — 22,488 44,160 66,648 ( 3,264 ) 1981-2022 2022-2023

Utah 2 6,178 26,923 — — 6,178 26,923 33,101 ( 66 ) 2023 2024

Virginia 1 4,821 7,264 — — 4,821 7,264 12,085 ( 513 ) 1997 2023

5 unchanged sentences

Connecticut 3 3,642 8,140 — — 3,642 8,140 11,782 ( 322 ) 2002-2024 2020-2021

Delaware 1 3,542 720 — 1,127 3,542 1,847 5,389 ( 37 ) 1977-1977 2024

Florida 8 14,510 8,957 — 4,327 14,510 13,284 27,794 ( 940 ) 1964-2024 2019-2024

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2024 (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

Georgia 3 6,704 4,891 236 3,176 6,940 8,067 15,007 ( 1,269 ) 1964-2019 2019-2023

3 unchanged sentences

Michigan 3 8,721 10,804 — 1,753 8,721 12,557 21,278 ( 1,835 ) 1987-2020 2017-2024

Minnesota 1 2,630 2,882 — 690 2,630 3,572 6,202 ( 142 ) 2023 2024

Missouri 5 5,538 6,703 21 1,536 5,558 8,238 13,796 ( 1,224 ) 1995-2015 2019-2022

2 unchanged sentences

New Hampshire 5 6,186 7,901 — 982 6,186 8,882 15,068 ( 319 ) 1982-2024 2020-2024

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2023 (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

New Mexico 1 1,686 286 25 1,862 1,711 2,148 3,859 ( 426 ) 1970 2020

9 unchanged sentences

Washington 3 7,456 2,786 492 4,659 7,948 7,445 15,393 ( 735 ) 1959-2022 2019-2024

West Virginia 1 992 3,313 — 1,075 992 4,388 5,380 ( 78 ) 1962 2024

Arkansas 6 $ 5,704 $ 12,942 $ — $ 1,425 $ 5,704 $ 14,367 $ 20,071 $ ( 2,061 ) 1986-2020 2020-2021

4 unchanged sentences

Oklahoma 3 1,606 8,726 — — 1,606 8,726 10,332 ( 1,428 ) 1987-1993 2019-2020

Vermont 6 3,008 6,264 — — 3,008 6,264 9,272 ( 23 ) 1960-2008 2024

Wisconsin 9 21,526 83,676 250 — 21,776 83,676 105,452 ( 7,539 ) 1982-2017 2021-2024

5 unchanged sentences

Georgia 2 5,848 7,093 — — 5,848 7,093 12,941 ( 866 ) 2005-2019 2017-2023

Iowa 1 2,013 — — — 2,013 — 2,013 — N/A 2023

Iowa 1 2,505 4,294 — — 2,505 4,294 6,799 — 2024 2023

Illinois 1 1,133 2,226 — 2,150 1,133 4,376 5,509 ( 674 ) 1986 2019

Indiana 2 3,732 6,298 — — 3,732 6,298 10,030 ( 192 ) 2024 2023-2024

Kansas 1 954 — — — 954 — 954 — N/A 2023

Kansas 2 3,601 4,909 — — 3,601 4,909 8,510 — 2024 2023-2024

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2024 (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

Kentucky 1 868 2,186 — — 868 2,186 3,054 ( 507 ) 1994 2017

Massachusetts 3 10,541 29,129 316 3,766 10,857 32,896 43,753 ( 5,289 ) 2004-2009 2018

Michigan 1 2,509 — — — 2,509 — 2,509 — 1983 2024

Minnesota 1 886 4,746 — — 886 4,746 5,632 ( 86 ) 2024 2024

North Carolina 1 912 883 761 1,875 1,674 2,759 4,433 ( 401 ) 1972 2018

Nebraska 1 781 — — — 781 — 781 — 1970 2024

New Mexico 1 938 1,503 — — 938 1,503 2,441 ( 401 ) 2016 2017

6 unchanged sentences

Home Furnishings

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2023 (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

Michigan 2 $ 3,369 $ 24,427 $ 69 $ 3,119 $ 3,438 $ 27,545 $ 30,983 $ ( 5,858 ) 1987-1992 7/9/1905

Missouri 1 273 4,683 — — 273 4,683 4,956 ( 768 ) 2007 2018

Connecticut 4 $ 6,173 $ 19,694 $ — $ — $ 6,173 $ 19,694 $ 25,867 $ ( 633 ) 1941-1959 2023-2023

Connecticut 4 $ 6,173 $ 19,694 $ — $ — $ 6,173 $ 19,694 $ 25,867 $ ( 1,265 ) N/A 7/15/1905

Florida 5 10,576 5,299 — — 10,576 5,299 15,875 ( 548 ) 1960-2003 2020-2023

2 unchanged sentences

Indiana 5 1,789 6,261 — — 1,789 6,261 8,050 ( 474 ) 2000-2022 2022

Louisiana 1 490 761 — 1,783 490 2,544 3,034 ( 83 ) 1981 2022

Massachusetts 1 272 998 — — 272 998 1,270 ( 28 ) 1930 2023

Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 ( 201 ) 1986 2022

North Carolina 1 909 746 — — 909 746 1,655 ( 107 ) 1999 2022

Louisiana 1 490 761 — 1,783 490 2,544 3,034 ( 154 ) N/A 2022

Massachusetts 1 272 998 — — 272 998 1,270 ( 57 ) N/A 2023

Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 ( 306 ) N/A 2022

North Carolina 1 909 746 — — 909 746 1,655 ( 163 ) N/A 2022

North Dakota 3 1,354 2,860 — — 1,354 2,860 4,214 ( 130 ) 1954-1965 2023

New Mexico 1 695 6,332 — — 695 6,332 7,027 ( 13 ) 2024 2024

Ohio 1 902 2,330 — — 902 2,330 3,232 ( 197 ) 2000 2022

Oklahoma 1 922 5,548 — — 922 5,548 6,471 ( 102 ) 2020 2023

Oklahoma 1 922 5,548 — — 922 5,548 6,470 ( 276 ) N/A 2023

Pennsylvania 1 678 2,922 — — 678 2,922 3,600 ( 258 ) 1989 2022

4 unchanged sentences

Washington 1 4,383 110 — — 4,383 110 4,493 ( 73 ) 2019 2023

Wisconsin 1 556 3,634 — — 556 3,634 4,190 ( 18 ) N/A 2024

Medical / Dental

1 unchanged sentence

Arkansas 16 4,013 12,692 — 497 4,013 13,189 17,202 ( 2,372 ) 1950-2017 2018-2021

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2024 (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

Arizona 4 5,606 6,790 — 1,913 5,606 8,703 14,309 ( 538 ) 1951-1967 2016-2024

15 unchanged sentences

New York 6 1,032 3,736 — — 1,032 3,736 4,768 ( 488 ) 1940-2010 2016-2023

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2023 (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 25 13,672 34,052 — 189 13,672 34,241 47,913 ( 3,514 ) 1907-2017 2017-2024

1 unchanged sentence

Oregon 3 5,256 5,408 — — 5,256 5,408 10,664 ( 258 ) 2000-2024 2020-2024

Pennsylvania 2 505 3,641 — — 505 3,641 4,146 ( 212 ) 2002-2012 2022-2022

Pennsylvania 2 505 3,641 — — 505 3,641 4,146 ( 318 ) N/A 2022

South Carolina 7 4,836 10,564 — — 4,836 10,564 15,400 ( 1,542 ) 1936-1998 2016-2021

1 unchanged sentence

Virginia 1 1,172 3,965 — — 1,172 3,965 5,137 ( 41 ) 2017 2024

Vermont 1 357 916 — — 357 916 1,273 ( 69 ) 1980 2021

Washington 1 627 868 — — 627 868 1,496 ( 155 ) 1981 2021

Vermont 1 357 916 — — 357 916 1,273 ( 99 ) N/A 2021

Wyoming 1 620 2,550 — — 620 2,550 3,170 ( 604 ) 2001 2017

4 unchanged sentences

South Carolina 1 1,465 7,081 — — 1,465 7,081 8,546 ( 1,483 ) 2006 2017

Texas 1 3,049 — — — 3,049 — 3,049 — N/A 2023

Wisconsin 1 3,159 3,755 212 — 3,371 3,755 7,126 ( 1,083 ) 1997 2017

2 unchanged sentences

Colorado 2 2,706 3,861 — — 2,706 3,861 6,567 ( 199 ) 2002 2016-2024

Florida 1 1,187 3,344 — — 1,187 3,344 4,531 ( 303 ) 1960 2020

Georgia 5 2,293 7,204 — — 2,293 7,204 9,497 ( 1,172 ) 1895-1998 2018-2023

Indiana 9 5,228 22,374 — — 5,228 22,374 27,602 ( 176 ) N/A 2024

Kentucky 2 1,503 4,613 — — 1,503 4,613 6,116 ( 701 ) 1882-1999 2018-2022

North Carolina 5 6,390 7,954 — — 6,390 7,954 14,344 ( 625 ) 1973 2018-2024

New York 1 714 553 — — 714 553 1,268 ( 27 ) 1965 2023

Ohio 3 246 1,056 — — 246 1,056 1,302 ( 44 ) 1855-1863 2023

Oklahoma 1 2,257 2,073 — — 2,257 2,073 4,330 ( 383 ) 2006 2021

Pennsylvania 1 2,014 — — — 2,014 — 2,014 — N/A 2023

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2024 (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 2 3,771 625 — — 3,771 625 4,396 ( 25 ) 2024 2023-2024

South Carolina 5 3,056 5,810 — — 3,056 5,810 8,866 ( 468 ) 1937-2006 2016-2023

7 unchanged sentences

Arizona 2 2,386 2,589 13 1,575 2,399 4,164 6,563 ( 691 ) 1990-2008 2018

California 1 4,598 2,504 — — 4,598 2,504 7,102 ( 38 ) N/A 2024

Florida 4 2,933 4,718 — — 2,933 4,718 7,651 ( 1,074 ) 2003-2023 2018-2021

1 unchanged sentence

Illinois 3 1,475 1,504 — — 1,475 1,504 2,979 ( 441 ) 1976-1995 2019

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2023 (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

Indiana 6 2,672 6,648 — — 2,672 6,648 9,320 ( 1,039 ) 1952-2024 2017-2019

4 unchanged sentences

Nebraska 1 381 332 — — 381 332 713 ( 123 ) 1967 2019

New York 1 327 697 — — 327 697 1,023 ( 23 ) 1999 2023

New York 1 327 697 — — 327 697 1,024 ( 47 ) N/A 2023

Oklahoma 1 225 283 — — 225 283 508 ( 104 ) 1993 2019

6 unchanged sentences

Arizona 4 4,534 6,028 — — 4,534 6,028 10,562 ( 283 ) 2002 2023-2024

California 1 1,044 1,386 — — 1,044 1,386 2,430 ( 39 ) N/A 2024

Colorado 5 6,278 9,228 — — 6,278 9,228 15,506 ( 987 ) 1993 2016-2024

9 unchanged sentences

Maryland 3 4,440 4,991 — — 4,440 4,991 9,431 ( 772 ) 2003-2005 2017-2023

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2024 (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

Michigan 10 6,569 14,905 — — 6,569 14,905 21,474 ( 2,587 ) 1906-2003 2019-2022

3 unchanged sentences

North Carolina 1 594 2,391 — — 594 2,391 2,985 ( 103 ) 2020 2023

Nebraska 1 545 1,905 — — 545 1,905 2,450 ( 138 ) N/A 2023

New Hampshire 1 1,978 2,127 — — 1,978 2,127 4,105 ( 210 ) 1974 2021

1 unchanged sentence

Ohio 7 11,701 19,833 — — 11,701 19,833 31,534 ( 1,400 ) 1988-2004 2019-2024

Oklahoma 1 2,039 — — — 2,039 — 2,039 — N/A 2023

Oklahoma 1 2,039 — — — 2,039 — 2,039 — 2024 2023

Pennsylvania 5 6,632 11,046 — — 6,632 11,046 17,678 ( 825 ) 1880-2003 2022-2023

5 unchanged sentences

Virginia 4 5,421 7,302 — — 5,421 7,302 12,722 ( 588 ) 2000-2005 2019-2024

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2023 (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

Wisconsin 8 6,711 14,511 — — 6,711 14,511 21,222 ( 48 ) 2000-2001 2024

West Virginia 2 953 3,180 — — 953 3,180 4,134 ( 309 ) 1997-2006 2022

7 unchanged sentences

Missouri 2 1,038 1,153 — — 1,038 1,153 2,191 ( 393 ) 1978-1979 2016

New Hampshire 1 131 232 — — 131 232 364 ( 364 ) 1998 2016

Pennsylvania 1 784 756 6 61 790 817 1,607 ( 273 ) 1995 2017

South Carolina 2 1,930 2,111 — — 1,930 2,111 4,041 ( 385 ) 1978-2008 2020

Virginia 1 90 192 — — 90 192 282 ( 282 ) 1997 2016

Washington 2 1,787 3,861 — — 1,787 3,861 5,647 ( 629 ) 1982-1999 2019-2019

Wisconsin 2 1,967 2,955 — — 1,967 2,955 4,922 ( 715 ) 1976-2018 2016-2019

Wyoming 1 739 1,569 — — 739 1,569 2,308 ( 222 ) 1982 2019

Restaurants - Quick Service

9 unchanged sentences

Indiana 12 8,647 12,622 — — 8,647 12,622 21,269 ( 1,040 ) 2003-2023 2019-2023

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2024 (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

Kansas 1 194 777 — — 194 777 971 ( 186 ) 1971 2017

4 unchanged sentences

Michigan 11 3,579 8,554 — — 3,579 8,554 12,133 ( 1,900 ) 1969-2015 2016-2024

Minnesota 3 2,605 4,416 — — 2,605 4,416 7,021 ( 1,231 ) 1989-1996 2017-2019

Missouri 5 3,067 4,650 — — 3,067 4,650 7,717 ( 542 ) 1987-2004 2016-2023

3 unchanged sentences

Nebraska 1 304 1,301 — — 304 1,301 1,605 ( 384 ) 1998-1998 2016

New Hampshire 1 409 355 — — 409 355 763 ( 114 ) 1993 2016

New York 3 3,765 3,405 — 400 3,765 3,805 7,570 ( 1,127 ) 1968-2000 2016-2019

Description (a) Initial Cost to Company Cost Capitalized Subsequent

to Acquisition (b) Gross Amount at

December 31, 2023 (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 9 3,710 10,833 — — 3,710 10,833 14,543 ( 1,510 ) 1964-2024 2016-2022

3 unchanged sentences

South Carolina 8 5,453 8,515 — — 5,453 8,515 13,968 ( 661 ) 1977-2009 2016-2024

South Dakota 1 1,127 1,715 — — 1,127 1,715 2,842 ( 78 ) 2013 2023

Tennessee 20 11,922 16,126 — 354 11,922 16,480 28,402 ( 3,361 ) 1974-2023 2016-2023

3 unchanged sentences

Vacant Properties

Minnesota 1 $ 734 $ 309 $ 180 $ 25 $ 914 $ 334 $ 1,248 $ ( 174 ) 1973 2016

Oregon 1 1,046 2,636 — 350 1,046 2,986 4,032 ( 477 ) 1980 2018

Georgia 1 $ 256 $ 362 $ — $ 83 $ 256 $ 445 $ 701 $ ( 137 ) 1978 2017

Illinois 1 472 1,376 — — 472 1,376 1,848 ( 309 ) 1991 2019

Louisiana 1 634 1,556 — — 634 1,556 2,190 ( 537 ) 1993 2017

South Carolina 1 167 394 — 17 167 411 578 ( 104 ) 2014 2020

Washington 2 1,176 2,542 — — 1,176 2,542 3,718 ( 762 ) 1982-1999 2019

Wyoming 1 424 930 — — 424 930 1,354 ( 274 ) 1982-1982 2019

Grand Total 1,942 $ 1,859,547 $ 3,427,861 $ 6,063 $ 108,139 $ 1,865,610 $ 3,536,000 $ 5,401,610 $ ( 425,190 )

2 unchanged sentences

Three 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 two 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, 2023.

Additionally, the table above excludes four owned properties which are accounted for as loans receivable, as the leases contain purchase options, and five owned properties which are held for sale as of December 31, 2024.

Initial costs exclude intangible lease assets totaling $ 82.9 million.

42 unchanged sentences

None 5,300 5,243 None

Convenience Stores located in Minnesota 2 8.54 % 12/31/2024 Interest only Balloon - $ 1,785

None 1,785 1,754 None

Family Dining Restaurant located in Georgia 1 7.00 % 6/28/2024 Interest only Balloon - $ 500

Convenience Store located in Minnesota 1 8.54 % 12/31/2026 Interest only Balloon - $ 1,525

None 1,525 1,501 None

33 unchanged sentences

None 8,654 8,632 None

Medical / Dental Facilities located in five states

5 10.19 % 1/31/2039 Interest only Balloon - $ 16,059

None 16,059 16,057 None

Description # of Properties Interest

Date Periodic

Mortgages Carrying

Mortgages Principal Amount

of Loans Subject

to Delinquent

Principal or Interest

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 10.20 % 7/31/2034 Interest only Balloon - $ 7,560

None 7,560 7,559 None

Convenience Store located in Texas 1 8.00 % 8/13/2027 Interest only Balloon - $ 900

None 900 886 None

Medical / Dental Facilities located in six states

6 10.18 % 10/1/2039 Interest only Balloon - $ 17,450

None 17,450 17,441 None

Early Childhood Education Centers located in Arizona 2 8.25 % 9/30/2044 Interest only Balloon - $ 6,400

None 6,400 6,392 None

$ 329,176 $ 328,513

10 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 9A. Controls and Procedures