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, 2024 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.
108
Item 9B. 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.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
109
PART III
Item 10. 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.
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 2025 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 2025 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 2025 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 2025 Annual Meeting of Stockholders and is incorporated herein by reference.
110
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 Firm
Consolidated Balance Sheets as of December 31, 2024 and 2023
Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2024, 2023 and 2022
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
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)
111
Exhibit
Number Description
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
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 10.1 to the Company's Current Report on Form 8-K filed on August 28, 2023)
10.7
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)
10.8*
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.
10.9
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)
10.10
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)
10.11
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)
10.12†
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)
112
Exhibit
Number Description
10.13†
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)
10.14†
Amended & Restated Employment Agreement between Essential Properties Realty Trust, Inc. and Mark E. 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)
10.15
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)
10.16†
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)
19.1 *
Amended and Restated Insider Trading and Confidentiality Policy
21.1 *
Subsidiaries of the Company
22*
List of Guarantors and Subsidiary Issuers of Guaranteed Securities
23.1 *
Consent of Grant Thornton 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
97.1 *
Policy Relating to Recovery of Erroneously Awarded Compensation
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.
113
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 12, 2025 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.
114
Name Title Date
/s/ Peter M. Mavoides Director, President and Chief Executive Officer February 12, 2025
Peter M. Mavoides (Principal Executive Officer)
/s/ Mark E. Patten Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary
February 12, 2025
Mark E. Patten (Principal Financial Officer)
/s/ Timothy J. Earnshaw Senior Vice President and Chief Accounting Officer February 12, 2025
Timothy J. Earnshaw (Principal Accounting Officer)
/s/ Joyce DeLucca Director February 12, 2025
Joyce DeLucca
/s/ Scott A. Estes Director February 12, 2025
Scott A. Estes
/s/ Lawrence J. Minich Director February 12, 2025
Lawrence J. Minich
/s/ Heather L. Neary Director February 12, 2025
Heather Leed Neary
/s/ Stephen D. Sautel Director February 12, 2025
Stephen D. Sautel
/s/ Janaki Sivanesan Director February 12, 2025
Janaki Sivanesan
115
ESSENTIAL PROPERTIES REALTY TRUST, INC.
Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2024
(Dollar amounts in thousands)
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
Automotive Service
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
California 4 4,502 8,499 — — 4,502 8,499 13,001 ( 868 ) 1953-1991 2021-2022
Colorado 7 6,027 11,544 — 170 6,027 11,714 17,741 ( 1,294 ) 1990-2008 2021-2022
Connecticut 4 3,962 9,332 — — 3,962 9,332 13,294 ( 276 ) 1958-1958 2023-2024
Florida 5 3,445 4,686 — 196 3,445 4,882 8,327 ( 375 ) 1974-2000 2017-2024
Georgia 25 12,757 27,387 — — 12,757 27,387 40,144 ( 2,059 ) 1983-2012 2017-2024
Iowa 2 747 1,462 — 245 747 1,707 2,454 ( 75 ) 1946 2023
Illinois 8 4,032 9,513 — 54 4,032 9,567 13,599 ( 964 ) 1927-1999 2019-2023
Indiana 12 4,600 11,106 555 302 5,155 11,408 16,563 ( 641 ) 1950-2024 2018-2024
Kansas 7 3,009 4,366 — — 3,009 4,366 7,375 ( 489 ) 1981-2018 2021
Kentucky 8 6,125 7,539 — — 6,125 7,539 13,664 ( 201 ) 1968-2006 2023-2024
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
Maine 3 1,633 4,920 — — 1,633 4,920 6,553 ( 215 ) 1985 2023-2024
Michigan 12 5,277 10,807 — — 5,277 10,807 16,084 ( 1,847 ) 1955-2014 2017-2023
Minnesota 6 4,177 7,910 201 70 4,378 7,980 12,358 ( 1,659 ) 1973-1999 2016-2021
Missouri 10 4,603 10,515 — 200 4,603 10,715 15,318 ( 910 ) 1960-2015 2021-2024
Mississippi 8 3,636 6,779 — — 3,636 6,779 10,415 ( 562 ) 1988-2002 2021-2024
North Carolina 10 4,004 3,624 — — 4,004 3,624 7,628 ( 787 ) 1990-2008 2018-2024
Nebraska 1 1,177 479 — — 1,177 479 1,656 ( 80 ) 1995 2021
New Jersey 16 18,996 22,047 — — 18,996 22,047 41,043 ( 3,313 ) 1928-1995 2020-2023
New Mexico 3 800 3,016 — 50 800 3,066 3,866 ( 315 ) 1989-1994 2021-2022
New York 9 4,025 10,443 — — 4,025 10,443 14,468 ( 1,584 ) 1978-2019 2016-2024
Ohio 9 3,754 6,732 — 742 3,754 7,474 11,228 ( 657 ) 1960-2004 2018-2024
Oklahoma 24 10,639 32,769 — — 10,639 32,769 43,408 ( 3,885 ) 1967-2019 2018-2024
Oregon 2 1,076 1,104 — — 1,076 1,104 2,180 ( 131 ) 1984-1984 2022
Pennsylvania 7 6,178 10,205 — — 6,178 10,205 16,383 ( 1,205 ) 1968-2012 2017-2024
Rhode Island 1 1,834 2,178 — — 1,834 2,178 4,012 ( 142 ) 2001 2023
South Carolina 7 3,468 4,290 — 580 3,468 4,870 8,338 ( 221 ) 2007-2024 2020-2024
Tennessee 4 2,328 3,388 — — 2,328 3,388 5,716 ( 436 ) 1990-2016 2017-2024
Texas 16 11,809 23,908 — 600 11,809 24,508 36,317 ( 4,128 ) 1970-2017 2016-2024
Virginia 2 837 1,192 — — 837 1,192 2,029 ( 123 ) 1983-2006 2020-2024
Wisconsin 9 3,175 7,554 — 74 3,175 7,627 10,802 ( 766 ) 1985-1997 2021-2022
West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 ( 569 ) 1983-2007 2020-2022
F-1
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
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
Florida 1 934 638 — — 934 638 1,572 ( 171 ) 2003 2017
Georgia 2 2,338 4,165 — — 2,338 4,165 6,503 ( 1,118 ) 2003-2004 2017
Indiana 2 1,072 1,619 — — 1,072 1,619 2,691 ( 351 ) 1979-1989 2020
Kentucky 1 414 200 — — 414 200 614 ( 54 ) 1984-1984 2017
Michigan 3 4,438 8,425 — — 4,438 8,425 12,863 ( 1,636 ) 1973-1995 2020
Ohio 6 3,011 4,573 — — 3,011 4,573 7,584 ( 1,228 ) 1953-1996 2017
South Carolina 1 1,097 172 — — 1,097 172 1,269 ( 46 ) 1983-1983 2017
Texas 4 5,228 3,746 — — 5,228 3,746 8,974 ( 1,006 ) 1972-1985 2017
Car Washes
Alabama 4 $ 7,009 $ 11,318 $ — $ — $ 7,009 $ 11,318 $ 18,327 $ ( 829 ) 2019-2024 2020-2023
Arkansas 3 2,799 11,394 — — 2,799 11,394 14,193 ( 1,361 ) 1997-2024 2017-2022
Arizona 15 27,046 35,871 — — 27,046 35,871 62,917 ( 3,834 ) 1988-2024 2016-2024
California 6 17,261 16,498 — — 17,261 16,498 33,759 ( 625 ) 2004-2024 2023-2024
Colorado 5 11,343 9,801 — — 11,343 9,801 21,144 ( 1,538 ) 2008-2024 2017-2024
Florida 8 13,302 29,693 — 283 13,302 29,977 43,279 ( 2,875 ) 2017-2021 2019-2024
Georgia 21 29,096 64,371 — 2,055 29,096 66,426 95,522 ( 10,239 ) 1967-2024 2016-2023
Iowa 2 5,930 4,573 — — 5,930 4,573 10,503 ( 473 ) 2021-2021 2019-2022
Illinois 5 9,306 14,105 — — 9,306 14,105 23,411 ( 850 ) 2017-2019 2020-2024
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 1,725 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 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
North Carolina 9 16,203 15,238 — — 16,203 15,238 31,441 ( 1,314 ) 2003-2022 2019-2024
Nebraska 1 597 2,569 — — 597 2,569 3,166 ( 342 ) 2021-2021 2019
New Mexico 4 2,461 12,216 — — 2,461 12,216 14,677 ( 2,884 ) 1982-2013 2017
Nevada 5 11,776 10,385 — — 11,776 10,385 22,161 ( 452 ) 2022 2023-2024
New York 8 6,538 24,076 — — 6,538 24,076 30,614 ( 1,912 ) 1985-2022 2022-2023
Ohio 6 6,911 18,490 — — 6,911 18,490 25,401 ( 2,157 ) 1990-2024 2021-2022
Oklahoma 2 2,921 5,517 — — 2,921 5,517 8,438 ( 434 ) 2016-2024 2021-2022
South Carolina 4 5,894 9,796 — — 5,894 9,796 15,690 ( 1,048 ) 2008-2021 2017-2024
South Dakota 6 5,890 14,859 — 1,225 5,890 16,084 21,974 ( 2,524 ) 1987-2017 2019
Tennessee 2 2,618 2,724 — — 2,618 2,724 5,342 ( 159 ) 2023-2024 2022-2023
Texas 13 22,808 43,623 — 425 22,808 44,048 66,856 ( 2,481 ) 1970-2024 2020-2024
Virginia 15 23,330 42,604 298 259 23,628 42,863 66,491 ( 2,563 ) 1981-2024 2022-2024
Wisconsin 7 9,653 21,352 220 — 9,873 21,352 31,225 ( 707 ) 1966-2024 2023-2024
F-1
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
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
Iowa 3 1,362 2,380 — — 1,362 2,380 3,742 ( 276 ) 1927-1996 2022
Illinois 4 3,786 3,067 — — 3,786 3,067 6,853 ( 305 ) 1977-1999 2019-2024
Indiana 1 840 838 — — 840 838 1,678 ( 322 ) 1999 2019
Kentucky 13 14,005 9,211 — — 14,005 9,211 23,216 ( 2,492 ) 1990-1999 2018-2024
Minnesota 8 5,929 9,811 14 104 5,944 9,915 15,859 ( 3,255 ) 1967-2013 2017-2019
Missouri 2 1,327 1,654 — — 1,327 1,654 2,981 ( 599 ) 1999-2003 2019-2019
North Carolina 4 3,206 2,637 — — 3,206 2,637 5,843 ( 195 ) 1986-1991 2023-2024
New Mexico 18 16,284 17,873 — — 16,284 17,873 34,157 ( 2,600 ) 1966-2024 2017-2024
New York 16 5,881 20,342 — — 5,881 20,342 26,223 ( 6,741 ) 1970-2010 2016
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
South Carolina 14 18,096 16,656 — — 18,096 16,656 34,752 ( 1,112 ) 1970-2011 2023-2024
Texas 8 12,411 21,629 — 506 12,411 22,135 34,546 ( 901 ) 1965-2024 2017-2024
Washington 1 568 508 — — 568 508 1,076 ( 177 ) 1976 2018
Wisconsin 34 39,200 40,557 — — 39,200 40,557 79,757 ( 9,725 ) 1950-2018 2017-2024
Early Childhood Education
Arizona 17 $ 11,256 $ 16,171 $ — $ 21 $ 11,256 $ 16,192 $ 27,448 $ ( 2,533 ) 1932-2021 2018-2024
Colorado 2 2,867 5,617 — 98 2,867 5,714 8,581 ( 424 ) 1988-1988 2019-2023
Connecticut 7 4,659 9,506 — 2,404 4,659 11,910 16,569 ( 2,440 ) 1957-2018 2018-2024
Florida 10 11,540 24,460 — — 11,540 24,460 36,000 ( 4,118 ) 1973-2016 2017-2024
Georgia 11 11,490 28,094 — — 11,490 28,094 39,584 ( 4,106 ) 1988-2016 2016-2024
Iowa 1 636 2,199 — — 636 2,199 2,835 ( 248 ) 2005 2021-2021
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
Kentucky 3 1,545 3,916 — — 1,545 3,916 5,461 ( 379 ) 2002-2003 2019-2024
Massachusetts 2 3,677 2,911 — — 3,677 2,911 6,588 ( 405 ) 1990 2020-2024
Michigan 5 1,850 5,450 — — 1,850 5,450 7,301 ( 837 ) 1987-2012 2018-2022
Minnesota 5 5,157 7,591 — — 5,157 7,591 12,748 ( 499 ) 1984-2017 2021-2023
Missouri 8 4,239 14,583 19 81 4,258 14,664 18,922 ( 1,323 ) 1986-2009 2021-2022
Mississippi 2 2,085 2,547 — 124 2,085 2,671 4,756 ( 710 ) 2002-2008 2017-2018
North Carolina 22 20,463 35,245 — 100 20,463 35,345 55,808 ( 4,020 ) 1954-2018 2020-2023
Nebraska 1 224 813 — — 224 813 1,037 ( 53 ) 2006 2022
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
Nevada 2 2,480 3,451 — — 2,480 3,451 5,931 ( 457 ) 1998-2006 2021
New York 7 2,868 9,196 — — 2,868 9,196 12,064 ( 370 ) 1986-2007 2023-2024
F-2
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
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
Virginia 2 3,799 6,385 — — 3,799 6,385 10,184 ( 992 ) 2006 2017-2021
Washington 5 2,235 5,154 — — 2,235 5,154 7,389 ( 918 ) 1924-2002 2019
Wisconsin 9 6,979 25,474 — — 6,979 25,474 32,453 ( 3,290 ) 1992-2007 2020-2024
Entertainment
Alabama 2 $ 5,806 $ 8,631 $ — $ — $ 5,806 $ 8,631 $ 14,437 $ ( 1,750 ) 2002-2017 2017-2019
Arizona 5 4,903 21,304 — — 4,903 21,304 26,207 ( 1,073 ) 1954-1981 2022-2023
California 1 1,320 2,320 — — 1,320 2,320 3,640 ( 606 ) 1977 2017
Connecticut 3 4,681 15,584 — — 4,681 15,584 20,265 ( 1,538 ) 1960-2019 2021-2023
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 ( 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
Louisiana 2 3,403 3,115 — — 3,403 3,115 6,518 ( 817 ) 2016 2018-2022
Maine 1 2,052 4,924 — — 2,052 4,924 6,974 ( 488 ) 1989-1989 2021-2021
Michigan 1 693 4,593 — 2,908 693 7,501 8,194 ( 1,472 ) 1995 2017
Minnesota 10 10,877 20,806 — — 10,877 20,806 31,683 ( 4,108 ) 1950-2009 2018-2023
Missouri 5 20,925 13,731 — — 20,925 13,731 34,656 ( 3,502 ) 1990-2016 2022
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
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
Equipment Rental and Sales
Alabama 4 $ 5,499 $ 6,985 $ 12 $ 864 $ 5,510 $ 7,849 $ 13,359 $ ( 790 ) 1974-2023 2020-2023
Arkansas 3 4,276 1,547 246 2,334 4,523 3,882 8,405 ( 338 ) 1982-1992 2019-2024
California 1 2,467 2,429 — — 2,467 2,429 4,896 ( 137 ) 1992-1992 2023
Colorado 2 6,120 3,825 5 1,021 6,124 4,846 10,970 ( 1,005 ) 1990-2021 2020-2022
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
F-3
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
Idaho 1 1,796 1,265 — — 1,796 1,265 3,061 ( 143 ) 1992-1992 2023
Louisiana 1 1,006 227 16 1,164 1,022 1,390 2,412 ( 317 ) 2012-2012 2020
Massachusetts 2 1,756 2,904 161 282 1,917 3,186 5,103 ( 423 ) 1971-2024 2020
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
North Carolina 1 1,488 649 — 1,451 1,488 2,100 3,588 ( 84 ) 1955 2023
North Dakota 2 2,278 2,124 — 2,127 2,278 4,251 6,529 ( 269 ) 2012 2022-2024
New Hampshire 5 6,186 7,901 — 982 6,186 8,882 15,068 ( 319 ) 1982-2024 2020-2024
New Mexico 1 1,686 286 25 1,862 1,711 2,148 3,859 ( 426 ) 1970 2020
New York 8 10,739 13,956 — 971 10,739 14,927 25,666 ( 778 ) 1965-2024 2020-2024
Oklahoma 3 2,819 5,127 — — 2,819 5,127 7,946 ( 350 ) 1997-2024 2021-2023
Pennsylvania 1 751 1,678 — — 751 1,678 2,429 ( 356 ) 1987 2020
South Carolina 1 1,777 582 — 616 1,777 1,198 2,975 ( 109 ) 1974-1974 2023
Tennessee 2 3,511 3,713 816 1,734 4,327 5,448 9,775 ( 942 ) 1985-2018 2019-2022
Texas 15 20,637 20,711 — 7,318 20,637 28,029 48,666 ( 2,265 ) 1970-2024 2020-2024
Utah 2 6,262 5,937 — 2,746 6,262 8,682 14,944 ( 773 ) 1979 2019-2024
Virginia 1 2,076 199 — 581 2,076 780 2,856 ( 74 ) 1986 2023
Vermont 2 2,072 461 — — 2,072 461 2,533 ( 8 ) 2024 2022-2024
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
Grocery
Arkansas 6 $ 5,704 $ 12,942 $ — $ 1,425 $ 5,704 $ 14,367 $ 20,071 $ ( 2,061 ) 1986-2020 2020-2021
Colorado 3 1,524 8,059 — — 1,524 8,059 9,583 ( 402 ) 2001-2011 2023
Michigan 2 4,638 12,813 — — 4,638 12,813 17,451 ( 1,045 ) 1969 2021-2024
Missouri 10 5,661 16,938 — — 5,661 16,938 22,599 ( 2,851 ) 1970-2013 2020-2021
North Carolina 1 762 1,300 — — 762 1,300 2,062 ( 309 ) 1992 2018
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
Health and Fitness
Alabama 1 $ 1,102 $ 2,412 $ — $ — $ 1,102 $ 2,412 $ 3,514 $ ( 604 ) 2007 2017
Arizona 1 4,109 4,264 — — 4,109 4,264 8,373 ( 587 ) 2021 2018
Colorado 1 1,484 4,491 — — 1,484 4,491 5,975 ( 968 ) 1989 2017
Florida 2 5,291 5,975 — 2,572 5,291 8,546 13,837 ( 967 ) 1983-2000 2019-2021
Georgia 2 5,848 7,093 — — 5,848 7,093 12,941 ( 866 ) 2005-2019 2017-2023
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 2 3,601 4,909 — — 3,601 4,909 8,510 — 2024 2023-2024
F-4
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
Nevada 1 491 2,543 — — 491 2,543 3,034 ( 428 ) 1970 2019
Oklahoma 6 10,489 28,786 — 559 10,489 29,346 39,835 ( 1,879 ) 1979-2024 2018-2024
Oregon 1 2,024 2,468 — 2,300 2,024 4,768 6,792 ( 643 ) 1999 2018
South Carolina 5 4,516 9,463 — 330 4,516 9,793 14,309 ( 1,867 ) 1993-2010 2018-2019
Texas 9 18,987 29,960 — 440 18,987 30,401 49,388 ( 1,750 ) 1974-2024 2019-2024
Utah 1 1,937 4,209 — — 1,937 4,209 6,146 ( 965 ) 1984 2016
Home Furnishings
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
Industrial
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
Iowa 2 734 3,261 — — 734 3,261 3,995 ( 217 ) 1991-1993 2022
Illinois 2 3,958 1,744 — — 3,958 1,744 5,702 ( 204 ) 1951-1987 2022
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 ( 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 6,470 ( 276 ) N/A 2023
Pennsylvania 1 678 2,922 — — 678 2,922 3,600 ( 258 ) 1989 2022
South Dakota 1 1,250 2,950 — — 1,250 2,950 4,200 ( 299 ) 1992 2021
Tennessee 2 861 2,139 — — 861 2,139 3,000 ( 133 ) 1997-2008 2022
Texas 2 6,234 10,297 — — 6,234 10,297 16,531 ( 1,537 ) 2004-2008 2021-2024
Virginia 1 679 3,839 — — 679 3,839 4,518 ( 415 ) 1964 2021-2021
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
Alabama 6 $ 1,713 $ 9,755 $ — $ — $ 1,713 $ 9,755 $ 11,468 $ ( 1,528 ) 1990-2012 2016-2024
Arkansas 16 4,013 12,692 — 497 4,013 13,189 17,202 ( 2,372 ) 1950-2017 2018-2021
F-5
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
California 2 1,260 2,863 — — 1,260 2,863 4,123 ( 242 ) 1989 2021-2024
Connecticut 2 1,889 1,675 — — 1,889 1,675 3,564 ( 327 ) 1840-2009 2021
Florida 16 17,314 57,776 — 200 17,314 57,976 75,290 ( 3,862 ) 1934-2019 2016-2024
Georgia 10 14,278 38,544 — — 14,278 38,544 52,822 ( 1,914 ) 1960-2024 2016-2024
Iowa 3 1,252 2,085 — — 1,252 2,085 3,337 ( 142 ) 1963-1990 2022
Illinois 11 4,816 14,474 — — 4,816 14,474 19,290 ( 1,778 ) 1967-2008 2016-2023
Indiana 6 7,320 15,391 — — 7,320 15,391 22,711 ( 1,519 ) 1976-2021 2016-2024
Kentucky 1 199 474 — — 199 474 673 ( 128 ) 2000 2017
Massachusetts 4 853 2,784 — — 853 2,784 3,637 ( 412 ) 1850-2005 2016-2020
Michigan 4 2,401 9,443 — — 2,401 9,443 11,844 ( 913 ) 2007 2019-2021
Missouri 11 3,543 9,169 — 775 3,543 9,944 13,487 ( 1,319 ) 1979-2015 2016-2022
Mississippi 4 1,302 13,437 — — 1,302 13,437 14,739 ( 1,797 ) 1970-2006 2016-2021
North Carolina 8 4,066 12,764 — — 4,066 12,764 16,830 ( 855 ) 1996-2019 2021-2024
New Hampshire 7 5,304 18,868 — — 5,304 18,868 24,172 ( 1,399 ) 1890-1984 2016-2023
New Jersey 1 1,731 6,560 — — 1,731 6,560 8,291 ( 227 ) 2010 2023
New York 6 1,032 3,736 — — 1,032 3,736 4,768 ( 488 ) 1940-2010 2016-2023
Ohio 25 13,672 34,052 — 189 13,672 34,241 47,913 ( 3,514 ) 1907-2017 2017-2024
Oklahoma 7 1,472 6,767 — — 1,472 6,767 8,239 ( 773 ) 1964-2018 2021-2022
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 ( 318 ) N/A 2022
South Carolina 7 4,836 10,564 — — 4,836 10,564 15,400 ( 1,542 ) 1936-1998 2016-2021
Texas 51 33,787 129,359 — 1,680 33,787 131,039 164,826 ( 18,413 ) 1940-2019 2016-2024
Virginia 1 1,172 3,965 — — 1,172 3,965 5,137 ( 41 ) 2017 2024
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
Movie Theatres
Alabama 2 $ 3,011 $ 10,643 $ 218 $ — $ 3,229 $ 10,643 $ 13,872 $ ( 2,710 ) 2001-2013 2016-2018
North Carolina 1 1,826 2,798 — — 1,826 2,798 4,624 ( 673 ) 2004 2018-2018
Ohio 1 2,126 10,097 — — 2,126 10,097 12,223 ( 2,026 ) 1989 2017
South Carolina 1 1,465 7,081 — — 1,465 7,081 8,546 ( 1,483 ) 2006 2017
Wisconsin 1 3,159 3,755 212 — 3,371 3,755 7,126 ( 1,083 ) 1997 2017
Other Services
Alabama 1 $ 312 $ 176 $ — $ — $ 312 $ 176 $ 488 $ ( 86 ) 1978 2016
Colorado 2 2,706 3,861 — — 2,706 3,861 6,567 ( 199 ) 2002 2016-2024
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
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
F-6
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
Tennessee 14 10,757 19,485 — — 10,757 19,485 30,242 ( 3,001 ) 1870-2010 2016-2022
Texas 6 15,090 17,940 729 — 15,819 17,940 33,759 ( 2,757 ) 2006-2021 2021-2022
Virginia 1 1,259 1,786 — — 1,259 1,786 3,045 ( 461 ) 1991 2018
Wisconsin 3 1,028 1,781 — — 1,028 1,781 2,809 ( 69 ) 1997-2011 2023
Pet Care Services
Alabama 1 $ 2,359 $ 4,730 $ — $ — $ 2,359 $ 4,730 $ 7,089 $ ( 292 ) 2023 2021
Arkansas 3 2,741 10,657 — — 2,741 10,657 13,398 ( 793 ) 1979-2023 2017-2023
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
Georgia 4 2,544 2,639 — — 2,544 2,639 5,183 ( 394 ) 1950-2007 2019-2021
Illinois 3 1,475 1,504 — — 1,475 1,504 2,979 ( 441 ) 1976-1995 2019
Indiana 6 2,672 6,648 — — 2,672 6,648 9,320 ( 1,039 ) 1952-2024 2017-2019
Louisiana 1 485 701 — 183 485 884 1,369 ( 157 ) 2007 2019
Maryland 1 586 1,881 16 34 602 1,915 2,517 ( 255 ) 1988 2020
Missouri 1 537 752 — — 537 752 1,289 ( 153 ) 1986-1986 2019
North Carolina 3 1,561 5,909 — — 1,561 5,909 7,470 ( 712 ) 2014 2019-2021
Nebraska 1 381 332 — — 381 332 713 ( 123 ) 1967 2019
New York 1 327 697 — — 327 697 1,024 ( 47 ) N/A 2023
Oklahoma 1 225 283 — — 225 283 508 ( 104 ) 1993 2019
Oregon 1 192 324 — — 192 324 516 ( 57 ) 1990-1990 2019
South Carolina 2 1,808 1,017 — — 1,808 1,017 2,825 ( 199 ) 1994 2019-2023
Texas 2 2,923 7,667 — — 2,923 7,667 10,590 ( 462 ) 2023 2021
Restaurants - Casual Dining
Alabama 5 $ 2,954 $ 7,305 $ — $ — $ 2,954 $ 7,305 $ 10,259 $ ( 1,889 ) 1977-2007 2016-2017
Arkansas 1 1,392 1,929 — — 1,392 1,929 3,321 ( 97 ) 2005 2023
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
Florida 10 9,467 17,052 55 279 9,522 17,332 26,854 ( 3,193 ) 1988-2023 2016-2024
Georgia 6 5,991 8,193 — 600 5,991 8,793 14,784 ( 2,025 ) 1982-2005 2016-2023
Iowa 4 2,078 6,311 — — 2,078 6,311 8,389 ( 984 ) 1950-2005 2018-2022
Illinois 4 4,947 11,178 50 18 4,997 11,195 16,192 ( 253 ) 1993-2019 2018-2024
Indiana 2 2,387 1,827 — — 2,387 1,827 4,214 ( 100 ) 1999-2006 2020-2023
Kansas 2 3,045 1,382 — — 3,045 1,382 4,427 ( 255 ) 2005 2021-2022
Kentucky 3 1,798 3,643 — — 1,798 3,643 5,441 ( 465 ) 2001-2010 2019-2022
Louisiana 8 9,528 7,723 — — 9,528 7,723 17,251 ( 427 ) 1984-2015 2016-2024
Massachusetts 10 12,982 14,943 — — 12,982 14,943 27,925 ( 2,102 ) 1985-2008 2021-2021
Maryland 3 4,440 4,991 — — 4,440 4,991 9,431 ( 772 ) 2003-2005 2017-2023
F-7
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
Minnesota 2 7,921 14,090 — — 7,921 14,090 22,011 ( 882 ) 1905-1947 2022
Missouri 6 11,010 13,268 — — 11,010 13,268 24,278 ( 1,124 ) 2001-2023 2017-2024
Mississippi 4 5,540 3,043 — — 5,540 3,043 8,583 ( 191 ) 1978-2014 2017-2024
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
New Jersey 8 9,625 28,327 — — 9,625 28,327 37,952 ( 2,084 ) 1941-2005 2022
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 — 2024 2023
Pennsylvania 5 6,632 11,046 — — 6,632 11,046 17,678 ( 825 ) 1880-2003 2022-2023
Rhode Island 1 830 1,171 — — 830 1,171 2,001 ( 166 ) 1996 2021
South Carolina 2 2,603 1,768 — 29 2,603 1,797 4,400 ( 163 ) 2002-2003 2017-2023
South Dakota 2 3,049 4,190 — — 3,049 4,190 7,239 ( 434 ) 2000 2021-2023
Tennessee 1 683 737 — — 683 737 1,420 ( 189 ) 2003 2017
Texas 8 12,182 14,057 — — 12,182 14,057 26,239 ( 1,174 ) 1999-2018 2016-2024
Virginia 4 5,421 7,302 — — 5,421 7,302 12,722 ( 588 ) 2000-2005 2019-2024
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
Restaurants - Family Dining
Florida 1 $ 467 $ 421 $ — $ 150 $ 467 $ 571 $ 1,038 $ ( 408 ) 1997 2016
Georgia 11 9,107 21,518 — 1,312 9,107 22,830 31,937 ( 1,876 ) 1968-2019 2017-2023
Iowa 1 804 563 — — 804 563 1,367 ( 194 ) 1994 2016
Illinois 2 3,209 7,414 — — 3,209 7,414 10,623 ( 226 ) 1978 2016-2024
Michigan 3 2,148 2,847 — — 2,148 2,847 4,995 ( 514 ) 1973-2000 2019
Minnesota 4 2,433 2,451 — — 2,433 2,451 4,884 ( 882 ) 1975-1991 2016
Missouri 2 1,038 1,153 — — 1,038 1,153 2,191 ( 393 ) 1978-1979 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
Wisconsin 2 1,967 2,955 — — 1,967 2,955 4,922 ( 715 ) 1976-2018 2016-2019
Restaurants - Quick Service
Alaska 1 $ 428 $ 1,524 $ — $ 350 $ 428 $ 1,874 $ 2,302 $ ( 364 ) 1972-1972 7/10/1905
Alabama 27 7,864 16,276 — 153 7,864 16,429 24,293 ( 3,630 ) 1972-2024 2016-2023
Arkansas 17 9,379 16,059 — 15 9,379 16,074 25,453 ( 2,601 ) 1977-2019 2016-2024
California 1 467 533 — — 467 533 1,000 ( 169 ) 1993 2016
Colorado 1 698 1,036 — — 698 1,036 1,734 ( 246 ) 1999 2018
Florida 18 14,341 20,085 — — 14,341 20,085 34,426 ( 2,454 ) 1976-2024 2016-2024
Georgia 49 23,088 35,566 — — 23,088 35,566 58,654 ( 6,868 ) 1975-2024 2016-2024
Iowa 7 2,268 6,367 — 75 2,268 6,442 8,710 ( 1,819 ) 1950-2004 2016-2019
Illinois 4 2,133 7,361 — — 2,133 7,361 9,494 ( 462 ) 1950-2013 2016-2024
Indiana 12 8,647 12,622 — — 8,647 12,622 21,269 ( 1,040 ) 2003-2023 2019-2023
F-8
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
Kentucky 12 5,408 8,327 — 402 5,408 8,730 14,138 ( 1,555 ) 1969-2020 2016-2022
Louisiana 6 4,808 4,697 — — 4,808 4,697 9,505 ( 767 ) 1983-2023 2019-2023
Massachusetts 9 5,251 5,131 — — 5,251 5,131 10,382 ( 1,009 ) 1965-1987 2020
Maryland 1 338 624 — — 338 624 962 ( 123 ) 2002-2002 2019
Michigan 11 3,579 8,554 — — 3,579 8,554 12,133 ( 1,900 ) 1969-2015 2016-2024
Missouri 5 3,067 4,650 — — 3,067 4,650 7,717 ( 542 ) 1987-2004 2016-2023
Mississippi 35 15,545 23,124 — 390 15,545 23,515 39,060 ( 4,064 ) 1968-2023 2016-2023
Montana 1 806 735 — — 806 735 1,541 ( 83 ) 2023 2022
North Carolina 11 11,121 10,700 — 411 11,121 11,111 22,232 ( 507 ) 1986-2024 2016-2024
Nebraska 1 304 1,301 — — 304 1,301 1,605 ( 384 ) 1998-1998 2016
New York 3 3,765 3,405 — 400 3,765 3,805 7,570 ( 1,127 ) 1968-2000 2016-2019
Ohio 9 3,710 10,833 — — 3,710 10,833 14,543 ( 1,510 ) 1964-2024 2016-2022
Oklahoma 13 12,422 13,653 — — 12,422 13,653 26,075 ( 1,417 ) 1965-2024 2020-2024
Oregon 1 252 131 — — 252 131 383 ( 54 ) 2015 2016
Pennsylvania 3 1,369 1,710 — — 1,369 1,710 3,079 ( 543 ) 1963-1994 2016-2019
South Carolina 8 5,453 8,515 — — 5,453 8,515 13,968 ( 661 ) 1977-2009 2016-2024
Tennessee 20 11,922 16,126 — 354 11,922 16,480 28,402 ( 3,361 ) 1974-2023 2016-2023
Texas 43 32,873 35,803 — 1,501 32,873 37,304 70,177 ( 5,416 ) 1970-2020 2016-2024
Wisconsin 5 1,260 3,849 — 85 1,260 3,934 5,194 ( 306 ) 1981-2006 2016-2024
West Virginia 6 1,293 3,137 — — 1,293 3,137 4,430 ( 892 ) 1976-1994 2016
Vacant Properties
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 )
_____________________________________
(a) As of December 31, 2024, the Company had investments in 2,104 single-tenant real estate property locations including 1,946 owned properties, 8 ground lease interests and 150 properties securing mortgage notes receivable. 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 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.
(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 $ 5.0 billion.
F-9
(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) 2024 2023 2022
Balance, beginning of period $ 4,480,314 $ 3,669,317 $ 3,040,073
Additions
Acquisitions 818,088 887,407 751,610
Improvements 217,314 51,323 27,609
Deductions
Provisions for impairment of real estate ( 14,845 ) ( 3,548 ) ( 20,164 )
Real estate investments held for sale ( 10,018 ) ( 7,455 ) ( 4,780 )
Cost of real estate sold ( 89,319 ) ( 116,029 ) ( 123,081 )
Other 76 ( 701 ) ( 1,949 )
Balance, end of period $ 5,401,610 $ 4,480,314 $ 3,669,317
(e) The following is a reconciliation of accumulated depreciation for the periods presented:
Year ended December 31,
(in thousands) 2024 2023 2022
Balance, beginning of period $ 321,944 $ 238,022 $ 169,126
Additions
Depreciation expense 115,371 95,527 80,647
Deductions
Accumulated depreciation associated with real estate investments sold and held for sale ( 12,125 ) ( 11,605 ) ( 11,751 )
Balance, end of period $ 425,190 $ 321,944 $ 238,022
(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.
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2024
(Dollar amounts in thousands)
Description # of Properties 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:
Early Childhood Education Centers located in Florida 2 8.80 % 5/9/2039 Interest only Balloon - $ 12,000
None $ 12,000 $ 11,864 None
Early Childhood Education Centers located in Florida 2 8.53 % 7/17/2039 Interest only Balloon - $ 7,300
None 7,300 7,213 None
Quick Service Restaurants located in fifteen states
69 7.79 % 8/31/2034 Interest only Balloon - $ 51,000
None 51,000 50,995 None
Early Childhood Education Center located in Florida 1 8.42 % 2/29/2040 Interest only Balloon - $ 5,300
None 5,300 5,243 None
Convenience Store located in Minnesota 1 8.54 % 12/31/2026 Interest only Balloon - $ 1,525
None 1,525 1,501 None
Convenience Stores located in Wisconsin and Iowa 2 8.33 % 12/31/2026 Interest only Balloon - $ 994
None 994 974 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 2,332 None
Entertainment Center located in New Jersey 1 8.99 % 9/30/2051 Principal + Interest Fully amortizing None 29,100 29,088 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 2,464 None
Casual Dining Restaurant located in Michigan 1 9.63 % 1/31/2040 Interest only Balloon - $ 1,754
None 1,754 1,740 None
Quick Service Restaurants located in three states
13 7.00 % 2/28/2027 Interest only Balloon - $ 10,070
None 10,070 10,016 None
Car Wash located in New Jersey 1 7.73 % 3/31/2037 Interest only Balloon - $ 3,600
None 3,600 3,591 None
Convenience Store located in Minnesota 1 8.29 % 12/31/2026 Interest only Balloon - $ 760
None 760 738 None
Car Wash located in Nevada 1 7.33 % 12/31/2036 Interest only Balloon - $ 4,960
None 4,960 4,946 None
Car Wash located in Nevada 1 7.43 % 12/31/2036 Interest only Balloon - $ 4,800
None 4,800 4,787 None
Car Washes located in three states
4 8.64 % 12/31/2037 Interest only Balloon - $ 12,250
None 12,250 12,246 None
Car Washes located in five states
9 8.85 % 12/31/2037 Interest only Balloon - $ 25,993
None 25,993 25,938 None
Entertainment Center located in Missouri 1 8.84 % 1/13/2038 Interest only Balloon - $ 10,200
None 10,200 10,189 None
Fitness Center located in Florida 1 8.10 % 11/30/2025 Interest only Balloon - $ 8,654
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
F-11
Description # of Properties 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
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
The following table shows changes in carrying amounts of mortgage loans receivable during the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year ended December 31,
2024 2023 2022
Balance, beginning of period $ 220,121 $ 233,978 $ 181,419
Additions:
New mortgage loans 100,427 13,091 126,784
Subsequent funding on existing mortgage loans 17,459 — 17,236
Deductions:
Collections of principal ( 9,485 ) ( 27,029 ) ( 91,488 )
Provision for credit losses ( 9 ) 81 27
Balance, end of period $ 328,513 $ 220,121 $ 233,978
See accompanying report of independent registered public accounting firm.
F-12