16 unchanged sentences
Other Information.
−Removed: February 2025 Amendment to Credit Agreement
−Removed: 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.
−Removed: 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.
−Removed: Among other things, the amendment also:
−Removed: (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.
−Removed: For more information about our Credit Agreement, see “ "Item 7.
−Removed: 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
45 unchanged sentences
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)
+Added: Second Supplemental Indenture, dated as of August 21, 2025, among Essential Properties, L.P., Essential Properties Realty Trust, Inc.
+Added: 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 August 21, 2025)
Agreement of Limited Partnership of Essential Properties, L.P.
17 unchanged sentences
lenders party thereto, as lenders.
+Added: (Incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K filed on February 12, 2025)
+Added: Seventh Amendment to Amended and Restated Credit Agreement, dated as of December 5, 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.
1 unchanged sentence
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)
−Removed: 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)
−Removed: Employment Agreement, effective as of January 1, 2022, by and between Essential Properties Realty Trust, Inc.
−Removed: 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
+Added: 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)
+Added: Third Amendment to Credit Agreement, dated as of December 5, 2025, 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
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)
−Removed: Amended & Restated Employment Agreement between Essential Properties Realty Trust, Inc.
−Removed: 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)
+Added: Essential Properties Realty Trust, Inc.
+Added: 2023 Incentive Award Plan, effective as of May 15, 2023 (Incorporated by reference to Annex B to the Company’s Definitive Proxy Statement on Schedule 14A filed on April 4, 2023)
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)
−Removed: Essential Properties Realty Trust, Inc.
−Removed: 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)
+Added: Employment Agreement, effective as of January 1, 2022, by and between Essential Properties Realty Trust, Inc.
+Added: Mavoides (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 6, 2022)
+Added: Amended & Restated Employment Agreement between Essential Properties Realty Trust, Inc.
+Added: 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)
+Added: Employment Agreement between Essential Properties Realty Trust, Inc.
+Added: Max Jenkins, effective as of March 24, 2025.
+Added: (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 28, 2025)
+Added: Employment Agreement between Essential Properties Realty Trust, Inc.
+Added: and A Joseph Peil, effective as of March 24, 2025 (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on March 28, 2025)
+Added: Form of Time-Based Restricted Stock Unit Award under the Essential Properties Realty Trust, Inc.
+Added: 2023 Incentive Plan
+Added: Form of Performance-Based Restricted Stock Unit Award under the Essential Properties Realty Trust, Inc.
+Added: 2023 Incentive Plan
+Added: Form of Time-Based LTIP Unit Award under the Essential Properties Realty Trust, Inc.
+Added: 2023 Incentive Plan
+Added: Form of Performance-Based LTIP Unit Award under the Essential Properties Realty Trust, Inc.
+Added: 2023 Incentive Plan
+Added: Alignment of Interest Program under the Essential Properties Realty Trust, Inc.
+Added: 2023 Incentive Plan
Amended and Restated Insider Trading and Confidentiality Policy
28 unchanged sentences
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Peter M.
−Removed: Mavoides and Mark E.
−Removed: 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.
+Added: Mavoides and Robert W.
+Added: Salisbury, 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.
3 unchanged sentences
Mavoides (Principal Executive Officer)
−Removed: Patten Executive Vice President, Chief Financial Officer, Treasurer and Corporate Secretary
−Removed: February 12, 2025
−Removed: Patten (Principal Financial Officer)
+Added: /s/ Robert W.
+Added: Salisbury Executive Vice President, Chief Financial Officer and Secretary February 11, 2026
+Added: Salisbury (Principal Financial Officer)
/s/ Timothy J.
−Removed: Earnshaw Senior Vice President and Chief Accounting Officer February 12, 2025
+Added: Earnshaw Senior Vice President, Chief Accounting Officer, Treasurer and Assistant Secretary February 11, 2026
Earnshaw (Principal Accounting Officer)
11 unchanged sentences
Janaki Sivanesan
+Added: /s/ Kristin L.
+Added: Smallwood Director February 11, 2026
ESSENTIAL PROPERTIES REALTY TRUST, INC.
10 unchanged sentences
Alabama 5 $ 2,453 $ 5,182 $ — $ — $ 2,453 $ 5,182 $ 7,635 $ ( 295 ) 1988 - 2022 2019 - 2025
−Removed: Arkansas 1 193 258 — — 193 258 451 ( 6 ) N/A 2024
+Added: Arkansas 1 193 258 — — 193 258 451 ( 15 ) 1978 2024
Arizona 9 10,587 19,611 — — 10,587 19,611 30,198 ( 3,017 ) 1975 - 2018 2020 - 2021
5 unchanged sentences
Iowa 3 1,486 4,324 — 245 1,486 4,568 6,054 ( 200 ) 1946 - 1999 2023 - 2025
+Added: Idaho 1 472 412 120 480 592 892 1,484 ( 6 ) 1998 2025
Illinois 9 4,841 12,238 — 54 4,841 12,292 17,133 ( 1,309 ) 1927 - 2013 2019 - 2025
3 unchanged sentences
Louisiana 2 970 2,787 — — 970 2,787 3,757 ( 86 ) 1987 - 2005 2024 - 2025
−Removed: Massachusetts 1 512 1,804 — — 512 1,804 2,316 ( 69 ) N/A 2023-2023
+Added: Massachusetts 1 512 1,804 — — 512 1,804 2,316 ( 120 ) 1935 2023
Maryland 4 3,973 12,825 — — 3,973 12,825 16,798 ( 3,129 ) 1952 - 2016 2017 - 2018
18 unchanged sentences
Virginia 3 1,197 1,750 — — 1,197 1,750 2,947 ( 188 ) 1983 - 2006 2020 - 2024
+Added: Vermont 1 629 2,260 — — 629 2,260 2,889 ( 14 ) 1975 - 1975 2025
Wisconsin 9 3,505 7,446 — 74 3,505 7,520 11,025 ( 977 ) 1929 - 2000 2021 - 2025
−Removed: West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 ( 569 ) 1983-2007 2020-2022
Description (a) Initial Cost to Company Cost Capitalized Subsequent
3 unchanged sentences
(e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 ( 724 ) 1983 - 2007 2020 - 2022
Building Materials
22 unchanged sentences
Michigan 1 1,773 4,622 — — 1,773 4,622 6,395 ( 158 ) 2024 2022
−Removed: 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 ( 382 ) 2024 2023
18 unchanged sentences
(e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: West Virginia 1 947 3,074 — — 947 3,074 4,021 ( 80 ) 2020 2025
Convenience Stores
6 unchanged sentences
Kentucky 12 13,708 8,187 — — 13,708 8,187 21,895 ( 2,869 ) 1992 - 1999 2019 - 2024
+Added: Louisiana 1 8,002 2,527 — — 8,002 2,527 10,529 ( 288 ) 2000 2025
Minnesota 8 5,929 9,811 14 304 5,944 10,115 16,059 ( 3,747 ) 1967 - 2013 2017 - 2019
1 unchanged sentence
North Carolina 4 3,206 2,637 — — 3,206 2,637 5,843 ( 413 ) 1985 - 2002 2023 - 2024
+Added: North Dakota 2 12,777 8,250 — — 12,777 8,250 21,027 ( 378 ) 1984 - 2012 2025
New Mexico 18 19,817 44,171 — — 19,817 44,171 63,988 ( 3,997 ) 1966 - 2025 2017 - 2024
15 unchanged sentences
Illinois 14 12,178 34,649 — 391 12,178 35,040 47,218 ( 3,864 ) 1962 - 2021 2019 - 2025
−Removed: Indiana 1 1,229 3,084 — — 1,229 3,084 4,313 ( 16 ) N/A 2024
+Added: Indiana 1 1,298 3,737 — — 1,298 3,737 5,035 ( 129 ) 2024 2024
Kansas 2 2,056 4,914 — — 2,056 4,914 6,970 ( 1,264 ) 2007 - 2017 2017 - 2019
7 unchanged sentences
Nebraska 1 224 813 — — 224 813 1,037 ( 75 ) 2006 2022
−Removed: New Hampshire 1 711 1,733 — — 711 1,733 2,444 ( 64 ) N/A 2023
−Removed: New Jersey 3 1,734 4,867 — — 1,734 4,867 6,601 ( 748 ) 1986-2002 2018-2024
−Removed: Nevada 2 2,480 3,451 — — 2,480 3,451 5,931 ( 457 ) 1998-2006 2021
−Removed: New York 7 2,868 9,196 — — 2,868 9,196 12,064 ( 370 ) 1986-2007 2023-2024
Description (a) Initial Cost to Company Cost Capitalized Subsequent
3 unchanged sentences
(e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: New Hampshire 1 711 1,733 — — 711 1,733 2,444 ( 119 ) 1970 2023
+Added: New Jersey 4 3,019 8,834 — — 3,019 8,834 11,853 ( 919 ) 1986 - 2010 2018 - 2025
+Added: Nevada 2 2,480 3,451 — — 2,480 3,451 5,931 ( 576 ) 1998 - 2006 2021
+Added: New York 7 2,868 9,196 — — 2,868 9,196 12,064 ( 693 ) 1986 - 2019 2023 - 2024
Ohio 30 23,197 61,829 31 9,321 23,228 71,150 94,378 ( 10,736 ) 1940 - 2023 2018 - 2023
−Removed: Oklahoma 3 1,327 3,860 — — 1,327 3,860 5,187 ( 335 ) N/A 2022
+Added: Oklahoma 5 3,317 13,994 — — 3,317 13,994 17,311 ( 607 ) 1945 - 2019 2022 - 2025
Pennsylvania 13 11,184 30,802 — — 11,184 30,802 41,986 ( 6,953 ) 1900 - 2010 2018 - 2025
11 unchanged sentences
Florida 2 6,456 6,815 — 4,587 6,456 11,402 17,858 ( 2,492 ) 1989 - 2007 2017 - 2022
−Removed: Iowa 1 2,560 6,120 — — 2,560 6,120 8,680 ( 684 ) N/A 2021
+Added: Iowa 1 2,560 6,120 — — 2,560 6,120 8,680 ( 900 ) 2018 2021
Idaho 1 886 2,768 — — 886 2,768 3,654 ( 566 ) 2008 2019
Illinois 3 3,031 — — — 3,031 — 3,031 — N/A 2024
−Removed: Indiana 1 414 3,988 — — 414 3,988 4,402 ( 89 ) N/A 2024
+Added: Indiana 1 414 3,988 — — 414 3,988 4,402 ( 196 ) 1960 2024
Kansas 2 5,886 21,128 — — 5,886 21,128 27,014 ( 2,429 ) 2018 - 2020 2022
5 unchanged sentences
North Carolina 3 11,014 21,176 — — 11,014 21,176 32,190 ( 4,757 ) 1988 - 1996 2019 - 2022
−Removed: Ohio 1 2,046 — — — 2,046 — 2,046 — N/A 2024
+Added: Ohio 4 7,582 23,157 — — 7,582 23,157 30,739 ( 285 ) 1983 - 2025 2024 - 2025
Oklahoma 2 3,937 9,673 — — 3,937 9,673 13,610 ( 1,200 ) 1996 - 2020 2022 - 2024
8 unchanged sentences
California 1 2,467 2,429 — — 2,467 2,429 4,896 ( 223 ) 1992 2023
−Removed: Colorado 2 6,120 3,825 5 1,021 6,124 4,846 10,970 ( 1,005 ) 1990-2021 2020-2022
−Removed: Connecticut 3 3,642 8,140 — — 3,642 8,140 11,782 ( 322 ) 2002-2024 2020-2021
−Removed: Delaware 1 3,542 720 — 1,127 3,542 1,847 5,389 ( 37 ) 1977-1977 2024
−Removed: 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
3 unchanged sentences
(e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Colorado 2 6,120 3,825 5 1,021 6,124 4,846 10,970 ( 1,258 ) 1990 - 2021 2020 - 2022
+Added: Connecticut 3 3,710 8,719 — — 3,710 8,719 12,429 ( 604 ) 2002 - 2024 2020 - 2021
+Added: Delaware 1 3,542 720 — 1,127 3,542 1,847 5,389 ( 101 ) 1977 2024
+Added: Florida 7 13,051 8,523 — 3,461 13,051 11,984 25,035 ( 1,295 ) 1964 - 2024 2019 - 2024
Georgia 3 6,704 4,891 236 3,176 6,940 8,067 15,007 ( 1,591 ) 1964 - 2019 2019 - 2023
21 unchanged sentences
Arkansas 6 $ 5,704 $ 12,942 $ — $ 1,425 $ 5,704 $ 14,367 $ 20,071 $ ( 2,607 ) 1986 - 2020 2020 - 2021
+Added: California 1 3,091 9,849 — — 3,091 9,849 12,940 ( 58 ) 2025 2025
Colorado 3 1,524 8,059 — — 1,524 8,059 9,583 ( 644 ) 1980 - 2011 2023
10 unchanged sentences
Florida 2 4,227 9,116 — 2,572 4,227 11,688 15,915 ( 954 ) 1983 - 2024 2019 - 2023
−Removed: Georgia 2 5,848 7,093 — — 5,848 7,093 12,941 ( 866 ) 2005-2019 2017-2023
−Removed: Iowa 1 2,505 4,294 — — 2,505 4,294 6,799 — 2024 2023
−Removed: Illinois 1 1,133 2,226 — 2,150 1,133 4,376 5,509 ( 674 ) 1986 2019
−Removed: Indiana 2 3,732 6,298 — — 3,732 6,298 10,030 ( 192 ) 2024 2023-2024
−Removed: Kansas 2 3,601 4,909 — — 3,601 4,909 8,510 — 2024 2023-2024
Description (a) Initial Cost to Company Cost Capitalized Subsequent
3 unchanged sentences
(e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Georgia 2 5,848 7,093 — 600 5,848 7,693 13,541 ( 1,116 ) 2005 - 2019 2017 - 2023
+Added: Iowa 1 2,594 5,071 — — 2,594 5,071 7,665 ( 171 ) 2024 2023
+Added: Illinois 1 1,133 2,226 — 2,150 1,133 4,376 5,509 ( 801 ) 1986 2019
+Added: Indiana 2 4,204 12,151 — — 4,204 12,151 16,355 ( 471 ) 2024 - 2025 2023 - 2024
+Added: Kansas 2 4,111 9,733 — — 4,111 9,733 13,844 ( 281 ) 2024 - 2025 2023 - 2024
Kentucky 1 868 2,186 — — 868 2,186 3,054 ( 577 ) 1994 2017
Massachusetts 3 10,541 29,129 316 4,644 10,857 33,773 44,630 ( 6,251 ) 2004 - 2009 2018
−Removed: Michigan 1 2,509 — — — 2,509 — 2,509 — 1983 2024
Minnesota 1 886 4,746 — — 886 4,746 5,632 ( 234 ) 2024 2024
+Added: Missouri 1 3,065 6,129 — — 3,065 6,129 9,194 ( 60 ) 1983 2024
North Carolina 1 912 883 761 1,875 1,674 2,759 4,433 ( 527 ) 1972 2018
10 unchanged sentences
Missouri 1 273 4,683 — — 273 4,683 4,956 ( 896 ) 2007 2018
−Removed: Connecticut 4 $ 6,173 $ 19,694 $ — $ — $ 6,173 $ 19,694 $ 25,867 $ ( 1,265 ) N/A 7/15/1905
+Added: Alabama 2 $ 3,275 $ 15,698 $ — $ — $ 3,275 $ 15,698 $ 18,973 $ ( 381 ) 1985 - 2002 2025
+Added: Arizona 1 138 3,484 — — 138 3,484 3,622 ( 56 ) 1976 2025
+Added: Connecticut 4 6,173 19,694 — — 6,173 19,694 25,867 ( 1,898 ) 1925 - 1970 2023
Florida 5 10,984 5,377 — — 10,984 5,377 16,361 ( 746 ) 1960 - 2025 2020 - 2023
Iowa 2 734 3,261 — — 734 3,261 3,995 ( 314 ) 1991 - 1993 2022
−Removed: Illinois 2 3,958 1,744 — — 3,958 1,744 5,702 ( 204 ) 1951-1987 2022
Indiana 5 1,789 6,261 — 225 1,789 6,486 8,275 ( 703 ) 2000 - 2022 2022
−Removed: Louisiana 1 490 761 — 1,783 490 2,544 3,034 ( 154 ) N/A 2022
−Removed: Massachusetts 1 272 998 — — 272 998 1,270 ( 57 ) N/A 2023
−Removed: Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 ( 306 ) N/A 2022
−Removed: North Carolina 1 909 746 — — 909 746 1,655 ( 163 ) N/A 2022
+Added: Louisiana 1 490 761 — 1,783 490 2,544 3,034 ( 226 ) 1972 2022
+Added: Massachusetts 2 1,615 4,074 — 1,525 1,615 5,599 7,214 ( 159 ) 1930 - 2016 2023 - 2025
+Added: Maryland 1 3,227 11,876 — — 3,227 11,876 15,103 ( 229 ) 1950 2025
+Added: Michigan 1 562 2,320 — — 562 2,320 2,882 ( 8 ) 2017 2025
+Added: Missouri 2 2,273 6,396 — — 2,273 6,396 8,669 ( 219 ) 1985 - 2020 2025
+Added: Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 ( 411 ) 1978 2022
+Added: North Carolina 1 909 746 — — 909 746 1,655 ( 219 ) 1974 2022
North Dakota 3 1,354 2,860 — — 1,354 2,860 4,214 ( 209 ) 1954 - 1965 2023
New Mexico 1 695 6,332 — — 695 6,332 7,027 ( 174 ) 2024 2024
+Added: Nevada 1 3,001 12,069 — — 3,001 12,069 15,070 ( 223 ) 2019 2025
Ohio 1 902 2,330 — — 902 2,330 3,232 ( 291 ) 1995 2022
−Removed: Oklahoma 1 922 5,548 — — 922 5,548 6,470 ( 276 ) N/A 2023
+Added: Oklahoma 1 922 5,548 — — 922 5,548 6,470 ( 450 ) 2016 2023
+Added: Oregon 1 1,242 91 — — 1,242 91 1,333 ( 2 ) 2025 2025
+Added: Description (a) Initial Cost to Company Cost Capitalized Subsequent
+Added: to Acquisition (b) Gross Amount at
+Added: December 31, 2025 (c)(d)
+Added: Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
Pennsylvania 3 7,850 9,748 — — 7,850 9,748 17,598 ( 586 ) 1966 - 1998 2022 - 2025
2 unchanged sentences
Texas 11 31,083 41,718 — — 31,083 41,718 72,801 ( 2,546 ) 1983 - 2024 2021 - 2025
+Added: Utah 1 7,282 12,175 — — 7,282 12,175 19,457 ( 197 ) 1967 2025
Virginia 1 679 3,839 — — 679 3,839 4,518 ( 542 ) 1964 2021
−Removed: Washington 1 4,383 110 — — 4,383 110 4,493 ( 73 ) 2019 2023
−Removed: Wisconsin 1 556 3,634 — — 556 3,634 4,190 ( 18 ) N/A 2024
+Added: Wisconsin 2 1,945 13,766 — — 1,945 13,766 15,711 ( 285 ) 1971 - 1999 2024 - 2025
Medical / Dental
1 unchanged sentence
Arkansas 18 5,034 12,692 — 578 5,034 13,271 18,305 ( 2,790 ) 1950 - 2017 2018 - 2025
−Removed: Description (a) Initial Cost to Company Cost Capitalized Subsequent
−Removed: to Acquisition (b) Gross Amount at
−Removed: December 31, 2024 (c)(d)
−Removed: Accumulated Depreciation
−Removed: (e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: 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 ( 794 ) 1951 - 2020 2016 - 2024
California 1 866 1,262 — — 866 1,262 2,128 ( 64 ) 1948 2024
−Removed: Connecticut 2 1,889 1,675 — — 1,889 1,675 3,564 ( 327 ) 1840-2009 2021
Florida 36 43,884 116,104 — 200 43,884 116,304 160,188 ( 6,900 ) 1934 - 2021 2016 - 2025
4 unchanged sentences
Kentucky 1 199 474 — — 199 474 673 ( 144 ) 2000 2017
+Added: Louisiana 5 6,218 24,819 — — 6,218 24,819 31,037 ( 60 ) 1950 - 2008 2025
Massachusetts 4 853 2,784 — — 853 2,784 3,637 ( 496 ) 1850 - 2005 2016 - 2020
+Added: Maryland 4 2,366 10,433 — — 2,366 10,433 12,799 ( 54 ) 1929 - 1961 2025
Michigan 4 2,401 9,443 — — 2,401 9,443 11,844 ( 1,180 ) 1953 - 2007 2019 - 2021
2 unchanged sentences
North Carolina 8 4,066 12,764 — — 4,066 12,764 16,830 ( 1,248 ) 1996 - 2019 2021 - 2024
+Added: Nebraska 1 1,463 3,535 — — 1,463 3,535 4,998 ( 40 ) 2023 2024
New Hampshire 7 5,304 18,868 79 — 5,382 18,868 24,250 ( 1,986 ) 1830 - 1984 2016 - 2023
New Jersey 1 1,731 6,560 — 19 1,731 6,578 8,309 ( 423 ) 2010 2023
+Added: New Mexico 1 911 3,306 — — 911 3,306 4,217 ( 46 ) 2023 2024
New York 6 1,032 3,736 — — 1,032 3,736 4,768 ( 605 ) 1940 - 2010 2016 - 2023
2 unchanged sentences
Oregon 3 6,280 21,117 — — 6,280 21,117 27,397 ( 606 ) 2000 - 2025 2020 - 2024
−Removed: Pennsylvania 2 505 3,641 — — 505 3,641 4,146 ( 318 ) N/A 2022
+Added: Pennsylvania 22 5,158 24,729 — — 5,158 24,729 29,887 ( 683 ) 1900 - 2023 2022 - 2025
South Carolina 6 4,158 7,441 — — 4,158 7,441 11,599 ( 1,424 ) 1936 - 1998 2016 - 2021
1 unchanged sentence
Virginia 1 1,172 3,965 — — 1,172 3,965 5,137 ( 163 ) 2017 2024
−Removed: Vermont 1 357 916 — — 357 916 1,273 ( 99 ) N/A 2021
+Added: Vermont 1 357 916 — — 357 916 1,273 ( 130 ) 1980 2021
Wyoming 1 620 2,550 — — 620 2,550 3,170 ( 681 ) 2001 2017
−Removed: Movie Theatres
+Added: Movie Theaters
Alabama 2 $ 3,011 $ 10,643 $ 303 $ — $ 3,314 $ 10,643 $ 13,957 $ ( 3,086 ) 2001 - 2013 2016 - 2018
+Added: Description (a) Initial Cost to Company Cost Capitalized Subsequent
+Added: to Acquisition (b) Gross Amount at
+Added: December 31, 2025 (c)(d)
+Added: Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
North Carolina 1 1,826 2,798 — — 1,826 2,798 4,624 ( 773 ) 2004 2018
5 unchanged sentences
Colorado 2 2,706 3,861 — — 2,706 3,861 6,567 ( 323 ) 1993 - 2002 2016 - 2024
+Added: Florida 3 10,707 1,838 — — 10,707 1,838 12,545 ( 154 ) 1993 - 2006 2025
Georgia 7 3,731 9,626 — — 3,731 9,626 13,357 ( 1,460 ) 1895 - 1998 2018 - 2025
−Removed: Indiana 9 5,228 22,374 — — 5,228 22,374 27,602 ( 176 ) N/A 2024
+Added: Illinois 1 3,083 98 — — 3,083 98 3,181 ( 125 ) 1987 2022
+Added: Indiana 9 5,228 22,374 — — 5,228 22,374 27,602 ( 880 ) 1891 - 2020 2024
Kentucky 2 1,503 4,613 — — 1,503 4,613 6,116 ( 854 ) 1882 - 1999 2018 - 2022
2 unchanged sentences
Oklahoma 1 2,257 2,073 — — 2,257 2,073 4,330 ( 499 ) 2006 2021
−Removed: Description (a) Initial Cost to Company Cost Capitalized Subsequent
−Removed: to Acquisition (b) Gross Amount at
−Removed: December 31, 2024 (c)(d)
−Removed: Accumulated Depreciation
−Removed: (e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total
Pennsylvania 2 3,879 1,921 — — 3,879 1,921 5,800 ( 108 ) 2024 2023 - 2024
3 unchanged sentences
Virginia 1 1,259 1,786 — — 1,259 1,786 3,045 ( 531 ) 1991 2018
+Added: Washington 1 4,383 110 — — 4,383 110 4,493 ( 140 ) 2019 2023
Wisconsin 3 1,723 6,017 — — 1,723 6,017 7,740 ( 180 ) 1997 - 2011 2023
2 unchanged sentences
Arkansas 3 2,741 10,657 — 250 2,741 10,907 13,648 ( 1,123 ) 1979 - 2023 2017 - 2023
−Removed: Arizona 2 2,386 2,589 13 1,575 2,399 4,164 6,563 ( 691 ) 1990-2008 2018
−Removed: California 1 4,598 2,504 — — 4,598 2,504 7,102 ( 38 ) N/A 2024
+Added: California 1 4,598 2,504 — — 4,598 2,504 7,102 ( 104 ) 1961 2024
Florida 3 3,968 7,844 — — 3,968 7,844 11,812 ( 1,182 ) 2005 - 2023 2018 - 2021
3 unchanged sentences
Louisiana 1 485 701 — 183 485 884 1,369 ( 188 ) 2007 2019
−Removed: Maryland 1 586 1,881 16 34 602 1,915 2,517 ( 255 ) 1988 2020
Missouri 1 537 752 — — 537 752 1,289 ( 180 ) 1986 2019
1 unchanged sentence
Nebraska 1 381 332 — — 381 332 713 ( 144 ) 1967 2019
−Removed: New York 1 327 697 — — 327 697 1,024 ( 47 ) N/A 2023
+Added: New York 1 327 697 — — 327 697 1,024 ( 70 ) 1953 2023
Oklahoma 1 225 283 — — 225 283 508 ( 123 ) 1993 2019
3 unchanged sentences
Restaurants - Casual Dining
+Added: Description (a) Initial Cost to Company Cost Capitalized Subsequent
+Added: to Acquisition (b) Gross Amount at
+Added: December 31, 2025 (c)(d)
+Added: Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
Alabama 6 $ 3,139 $ 7,607 $ — $ — $ 3,139 $ 7,607 $ 10,746 $ ( 2,224 ) 1977 - 2007 2016 - 2017
1 unchanged sentence
Arizona 2 2,415 2,163 — — 2,415 2,163 4,578 ( 176 ) 1994 - 2002 2024
−Removed: California 1 1,044 1,386 — — 1,044 1,386 2,430 ( 39 ) N/A 2024
+Added: California 1 1,044 1,386 — — 1,044 1,386 2,430 ( 82 ) 1992 2024
Colorado 6 7,983 13,278 — — 7,983 13,278 21,261 ( 1,289 ) 1993 - 2017 2016 - 2025
9 unchanged sentences
Maryland 3 4,440 4,991 — — 4,440 4,991 9,431 ( 963 ) 2003 - 2005 2017 - 2023
−Removed: Description (a) Initial Cost to Company Cost Capitalized Subsequent
−Removed: to Acquisition (b) Gross Amount at
−Removed: December 31, 2024 (c)(d)
−Removed: Accumulated Depreciation
−Removed: (e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: 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 ( 3,088 ) 1906 - 2003 2019 - 2022
3 unchanged sentences
North Carolina 1 594 2,391 — — 594 2,391 2,985 ( 168 ) 2020 2023
−Removed: Nebraska 1 545 1,905 — — 545 1,905 2,450 ( 138 ) N/A 2023
+Added: Nebraska 1 545 1,905 — — 545 1,905 2,450 ( 206 ) 2004 2023
New Hampshire 1 1,978 2,127 — — 1,978 2,127 4,105 ( 270 ) 1974 2021
9 unchanged sentences
Virginia 4 5,421 7,302 — — 5,421 7,302 12,723 ( 822 ) 1995 - 2005 2019 - 2024
−Removed: Wisconsin 8 6,711 14,511 — — 6,711 14,511 21,222 ( 48 ) 2000-2001 2024
+Added: Washington 1 503 1,156 — 49 503 1,205 1,708 ( 401 ) 1982 2019
West Virginia 2 953 3,180 — — 953 3,180 4,133 ( 419 ) 1997 - 2006 2022
Restaurants - Family Dining
−Removed: Florida 1 $ 467 $ 421 $ — $ 150 $ 467 $ 571 $ 1,038 $ ( 408 ) 1997 2016
Georgia 10 $ 8,999 $ 21,334 $ — $ 1,984 $ 8,999 $ 23,318 $ 32,317 $ ( 2,539 ) 1968 - 2019 2018 - 2023
5 unchanged sentences
Pennsylvania 1 784 756 6 61 790 817 1,607 ( 313 ) 1995 2017
+Added: Description (a) Initial Cost to Company Cost Capitalized Subsequent
+Added: to Acquisition (b) Gross Amount at
+Added: December 31, 2025 (c)(d)
+Added: Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
South Carolina 2 1,930 2,111 — 278 1,930 2,390 4,320 ( 467 ) 1978 - 2008 2020
11 unchanged sentences
Indiana 18 13,936 17,707 — — 13,936 17,707 31,643 ( 1,692 ) 2003 - 2023 2019 - 2025
−Removed: Description (a) Initial Cost to Company Cost Capitalized Subsequent
−Removed: to Acquisition (b) Gross Amount at
−Removed: December 31, 2024 (c)(d)
−Removed: Accumulated Depreciation
−Removed: (e)(f) Year Constructed (Range) Year Acquired (Range)
−Removed: 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 ( 212 ) 1971 2017
6 unchanged sentences
Mississippi 50 25,333 42,676 — 390 25,333 43,066 68,399 ( 5,592 ) 1968 - 2025 2016 - 2025
−Removed: Montana 1 806 735 — — 806 735 1,541 ( 83 ) 2023 2022
North Carolina 11 11,952 10,642 — 54 11,952 10,697 22,649 ( 856 ) 2012 - 2024 2021 - 2025
10 unchanged sentences
West Virginia 6 1,286 3,137 — — 1,286 3,137 4,423 ( 997 ) 1976 - 1994 2016
−Removed: Vacant Properties
−Removed: Georgia 1 $ 256 $ 362 $ — $ 83 $ 256 $ 445 $ 701 $ ( 137 ) 1978 2017
−Removed: Illinois 1 472 1,376 — — 472 1,376 1,848 ( 309 ) 1991 2019
−Removed: Louisiana 1 634 1,556 — — 634 1,556 2,190 ( 537 ) 1993 2017
+Added: Vacant Properties and Undeveloped Land
+Added: Arizona 2 $ 2,386 $ 2,589 $ 13 $ 1,575 $ 2,399 $ 4,164 $ 6,563 $ ( 818 ) 1990 - 2008 2018
+Added: Michigan 1 1,512 9,964 25 1,426 1,537 11,390 12,927 ( 2,923 ) 1992 2018
South Carolina 1 678 3,123 — — 678 3,123 3,801 ( 470 ) 1978 2021
−Removed: Washington 2 1,176 2,542 — — 1,176 2,542 3,718 ( 762 ) 1982-1999 2019
+Added: Tennessee 1 1,326 1,945 — — 1,326 1,945 3,271 ( 588 ) 1989 2019
Wyoming 1 424 930 — — 424 930 1,354 ( 301 ) 1982 2019
+Added: North Carolina 1 84 — — — 84 — 84 — 1986 2016
+Added: Description (a) Initial Cost to Company Cost Capitalized Subsequent
+Added: to Acquisition (b) Gross Amount at
+Added: December 31, 2025 (c)(d)
+Added: Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
+Added: Tenant Industry & State # of Properties Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation
+Added: (e)(f) Year Constructed (Range) Year Acquired (Range)
Grand Total 2,141 $ 2,193,883 $ 4,268,603 $ 6,954 $ 120,379 $ 2,200,837 $ 4,388,985 $ 6,589,822 $ ( 556,530 )
1 unchanged sentence
(a) As of December 31, 2025, the Company had investments in 2,300 single-tenant real estate property locations including 2,140 owned properties, 10 ground lease interests and 150 properties securing mortgage notes receivable.
−Removed: Three of the Company’s owned properties are subject to leases accounted for as direct financing leases and are excluded from the table above.
−Removed: 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.
+Added: Four of the Company’s owned properties are subject to leases accounted for as direct financing leases and are excluded from the table above.
+Added: Additionally, the table above excludes four owned properties which are accounted for as loans receivable, as the leases contain purchase options, and one owned property which was held for sale as of December 31, 2025.
Initial costs exclude intangible lease assets totaling $ 88.1 million.
40 unchanged sentences
None 51,000 50,995 None
−Removed: Early Childhood Education Center located in Florida 1 8.42 % 2/29/2040 Interest only Balloon - $ 5,300
−Removed: None 5,300 5,243 None
Convenience Store located in Minnesota 1 8.54 % 12/31/2026 Interest only Balloon - $ 1,525
13 unchanged sentences
None 1,754 1,739 None
−Removed: Quick Service Restaurants located in three states
−Removed: 13 7.00 % 2/28/2027 Interest only Balloon - $ 10,070
−Removed: None 10,070 10,016 None
−Removed: Car Wash located in New Jersey 1 7.73 % 3/31/2037 Interest only Balloon - $ 3,600
+Added: Quick Service Restaurants located in Ohio and Indiana 8 7.00 % 2/28/2027 Interest only Balloon - $ 6,275
None 6,275 6,239 None
13 unchanged sentences
None 10,200 10,188 None
−Removed: Fitness Center located in Florida 1 8.10 % 11/30/2025 Interest only Balloon - $ 8,654
+Added: Medical / Dental Facilities located in three states
+Added: 3 10.19 % 1/31/2039 Interest only Balloon - $ 10,300
None 10,300 10,298 None
−Removed: Medical / Dental Facilities located in five states
+Added: 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
+Added: Entertainment Center Located in New Jersey 1 8.60 % 7/31/2034 Interest only Balloon - $ 15,000
+Added: None 15,000 14,871 None
Description # of Properties Interest
5 unchanged sentences
Principal or Interest
+Added: Convenience Store located in Texas 1 8.00 % 8/13/2027 Interest only Balloon - $ 900
+Added: None 900 885 None
+Added: Medical / Dental Facilities located in North Carolina and Georgia 2 10.20 % 10/1/2039 Interest only Balloon - $ 5,900
+Added: None 5,900 5,898 None
Early Childhood Education Centers located in four states
1 unchanged sentence
None 23,649 23,618 None
−Removed: Entertainment Center Located in New Jersey 1 10.20 % 7/31/2034 Interest only Balloon - $ 7,560
+Added: Quick Service Restaurant located in Alaska 1 7.50 % 2/1/2028 Interest only Balloon - $ 1,550
None 1,550 1,540 None
−Removed: Convenience Store located in Texas 1 8.00 % 8/13/2027 Interest only Balloon - $ 900
+Added: Automotive Service Center located in California 1 9.72 % 6/30/2045 Interest only Balloon - $ 19,950
None 19,950 19,931 None
−Removed: Medical / Dental Facilities located in six states
+Added: Industrial Facilities located in Illinois 2 10.93 % 8/31/2045 Interest only Balloon - $ 13,000
+Added: None 13,000 12,988 None
+Added: Casual Dining Restaurant in Florida 1 8.06 % 9/30/2040 Interest only Balloon - $ 8,276
+Added: None 8,276 8,260 None
+Added: Medical / Dental Facilities located in five states
5 9.92 % 10/1/2040 Interest only Balloon - $ 13,650
None 13,650 13,628 None
−Removed: Early Childhood Education Centers located in Arizona 2 8.25 % 9/30/2044 Interest only Balloon - $ 6,400
+Added: Early Childhood Education Center located in Arizona 1 9.54 % 12/31/2045 Interest only Balloon - $ 3,692
None 3,692 3,688 None
11 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.