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, 2025 has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report which is presented in this Annual Report on Form 10-K.
Changes in Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information.
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, 2025.
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 2026 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 2026 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 2026 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 2026 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 2026 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, 2025 and 2024
Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2025, 2024 and 2023
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023
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)
4.5
Second Supplemental Indenture, dated as of August 21, 2025, 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 August 21, 2025)
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. (Incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K filed on February 12, 2025)
10.9*
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
10.10
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)
10.11
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)
112
Exhibit
Number Description
10.12
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)
10.13*
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
10.14†
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)
10.15†
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 Definitive Proxy Statement on Schedule 14A filed on April 4, 2023)
10.16
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)
10.17†
Employment Agreement, effective as of January 1, 2022, by and between Essential Properties Realty Trust, Inc. and Peter M. Mavoides (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 6, 2022)
10.18†
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)
10.19 †
Employment Agreement between Essential Properties Realty Trust, Inc. and R. Max Jenkins, effective as of March 24, 2025. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 28, 2025)
10.20 †
Employment Agreement between Essential Properties Realty Trust, Inc. 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)
10.21*†
Form of Time-Based Restricted Stock Unit Award under the Essential Properties Realty Trust, Inc. 2023 Incentive Plan
10.22*†
Form of Performance-Based Restricted Stock Unit Award under the Essential Properties Realty Trust, Inc. 2023 Incentive Plan
10.23*†
Form of Time-Based LTIP Unit Award under the Essential Properties Realty Trust, Inc. 2023 Incentive Plan
10.24*†
Form of Performance-Based LTIP Unit Award under the Essential Properties Realty Trust, Inc. 2023 Incentive Plan
10.25*†
Alignment of Interest Program under the Essential Properties Realty Trust, Inc. 2023 Incentive Plan
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
113
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.
114
Item 16. Form 10-K Summary
None.
115
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 11, 2026 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 Robert W. 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.
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.
116
Name Title Date
/s/ Peter M. Mavoides Director, President and Chief Executive Officer February 11, 2026
Peter M. Mavoides (Principal Executive Officer)
/s/ Robert W. Salisbury Executive Vice President, Chief Financial Officer and Secretary February 11, 2026
Robert W. Salisbury (Principal Financial Officer)
/s/ Timothy J. Earnshaw Senior Vice President, Chief Accounting Officer, Treasurer and Assistant Secretary February 11, 2026
Timothy J. Earnshaw (Principal Accounting Officer)
/s/ Joyce DeLucca Director February 11, 2026
Joyce DeLucca
/s/ Scott A. Estes Director February 11, 2026
Scott A. Estes
/s/ Lawrence J. Minich Director February 11, 2026
Lawrence J. Minich
/s/ Heather L. Neary Director February 11, 2026
Heather Leed Neary
/s/ Stephen D. Sautel Director February 11, 2026
Stephen D. Sautel
/s/ Janaki Sivanesan Director February 11, 2026
Janaki Sivanesan
/s/ Kristin L. Smallwood Director February 11, 2026
Kristin L. Smallwood
117
ESSENTIAL PROPERTIES REALTY TRUST, INC.
Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2025
(Dollar amounts in thousands)
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 5 $ 2,453 $ 5,182 $ — $ — $ 2,453 $ 5,182 $ 7,635 $ ( 295 ) 1988 - 2022 2019 - 2025
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
California 4 4,502 8,499 — — 4,502 8,499 13,001 ( 1,110 ) 1953 - 1991 2021 - 2022
Colorado 7 6,027 11,544 — 170 6,027 11,714 17,741 ( 1,687 ) 1982 - 2014 2021 - 2022
Connecticut 5 4,340 11,068 — — 4,340 11,068 15,408 ( 560 ) 1949 - 2003 2023 - 2025
Florida 5 4,015 7,123 — 196 4,015 7,320 11,335 ( 558 ) 1974 - 2025 2017 - 2025
Georgia 26 13,064 29,895 — 1,583 13,064 31,478 44,542 ( 3,075 ) 1942 - 2025 2017 - 2024
Iowa 3 1,486 4,324 — 245 1,486 4,568 6,054 ( 200 ) 1946 - 1999 2023 - 2025
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
Indiana 11 4,354 10,167 555 302 4,910 10,469 15,379 ( 719 ) 1950 - 2024 2022 - 2025
Kansas 7 3,009 4,366 — — 3,009 4,366 7,375 ( 632 ) 1981 - 2018 2021
Kentucky 8 6,125 7,539 — — 6,125 7,539 13,664 ( 468 ) 1968 - 2006 2023 - 2024
Louisiana 2 970 2,787 — — 970 2,787 3,757 ( 86 ) 1987 - 2005 2024 - 2025
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
Maine 3 1,633 4,920 — — 1,633 4,920 6,553 ( 388 ) 1985 - 1990 2023 - 2024
Michigan 14 7,598 14,549 223 412 7,821 14,961 22,782 ( 2,300 ) 1955 - 2014 2017 - 2025
Minnesota 6 4,177 7,910 201 77 4,378 7,987 12,365 ( 1,944 ) 1973 - 1999 2016 - 2021
Missouri 25 13,048 41,523 233 1,297 13,281 42,820 56,101 ( 1,837 ) 1937 - 2025 2021 - 2025
Mississippi 8 3,636 6,779 — — 3,636 6,779 10,415 ( 839 ) 1988 - 2002 2021 - 2024
North Carolina 10 4,499 4,231 — — 4,499 4,231 8,730 ( 982 ) 1990 - 2024 2018 - 2024
Nebraska 1 1,177 479 — — 1,177 479 1,656 ( 102 ) 1995 2021
New Jersey 17 21,247 25,609 — — 21,247 25,609 46,856 ( 4,121 ) 1928 - 2000 2020 - 2025
New Mexico 2 432 1,264 — 50 432 1,314 1,746 ( 197 ) 1989 - 1994 2021 - 2022
New York 9 4,025 10,443 — — 4,025 10,443 14,468 ( 1,919 ) 1970 - 2019 2016 - 2024
Ohio 9 3,959 8,898 — 742 3,959 9,640 13,599 ( 928 ) 1960 - 2025 2018 - 2024
Oklahoma 26 11,556 34,338 — 50 11,556 34,388 45,944 ( 4,966 ) 1967 - 2020 2018 - 2025
Oregon 2 1,076 1,104 — — 1,076 1,104 2,180 ( 178 ) 1967 - 1984 2022
Pennsylvania 7 6,178 10,205 — — 6,178 10,205 16,383 ( 1,587 ) 1942 - 2012 2017 - 2024
Rhode Island 1 1,834 2,178 — — 1,834 2,178 4,012 ( 255 ) 2001 2023
South Carolina 7 3,864 4,973 — 580 3,864 5,553 9,417 ( 425 ) 1989 - 2024 2020 - 2024
Tennessee 4 2,328 3,388 — — 2,328 3,388 5,716 ( 556 ) 1990 - 2016 2017 - 2024
Texas 18 14,178 27,311 — 1,100 14,178 28,411 42,589 ( 5,062 ) 1970 - 2017 2016 - 2025
Virginia 3 1,197 1,750 — — 1,197 1,750 2,947 ( 188 ) 1983 - 2006 2020 - 2024
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
F-1
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(e)(f) Year Constructed (Range) Year Acquired (Range)
West Virginia 6 1,985 4,519 — — 1,985 4,519 6,504 ( 724 ) 1983 - 2007 2020 - 2022
Building Materials
Alabama 2 $ 2,049 $ 3,640 $ — $ — $ 2,049 $ 3,640 $ 5,689 $ ( 1,106 ) 1975 - 2002 2017
Colorado 1 760 403 — — 760 403 1,163 ( 122 ) 1983 2017
Florida 1 934 638 — — 934 638 1,572 ( 194 ) 2003 2017
Georgia 2 2,338 4,165 — — 2,338 4,165 6,503 ( 1,265 ) 2003 - 2004 2017
Indiana 2 1,072 1,619 — — 1,072 1,619 2,691 ( 436 ) 1979 - 1989 2020
Kentucky 1 414 200 — — 414 200 614 ( 61 ) 1984 2017
Michigan 3 4,438 8,425 — — 4,438 8,425 12,863 ( 2,029 ) 1973 - 1995 2020
Ohio 6 3,011 4,573 — — 3,011 4,573 7,584 ( 1,390 ) 1953 - 1996 2017
South Carolina 1 1,097 172 — — 1,097 172 1,269 ( 52 ) 1983 2017
Texas 5 7,784 9,551 — — 7,784 9,551 17,335 ( 1,199 ) 1972 - 1985 2017 - 2025
Car Washes
Alabama 6 $ 10,778 $ 16,750 $ — $ — $ 10,778 $ 16,750 $ 27,528 $ ( 1,491 ) 2012 - 2024 2020 - 2025
Arkansas 1 1,217 4,776 — — 1,217 4,776 5,993 ( 773 ) 2019 2019
Arizona 15 27,391 37,916 — — 27,391 37,916 65,307 ( 5,308 ) 1988 - 2025 2016 - 2024
California 8 20,574 22,257 — — 20,574 22,257 42,831 ( 1,403 ) 2004 - 2024 2023 - 2025
Colorado 6 12,680 13,789 — — 12,680 13,789 26,469 ( 1,985 ) 2007 - 2025 2017 - 2025
Florida 9 15,535 33,348 — 283 15,535 33,631 49,166 ( 3,997 ) 2017 - 2023 2019 - 2025
Georgia 19 27,133 59,153 — 2,055 27,133 61,208 88,341 ( 11,283 ) 2002 - 2024 2016 - 2023
Iowa 2 5,930 4,573 — — 5,930 4,573 10,503 ( 622 ) 2019 - 2021 2019 - 2022
Illinois 5 9,306 14,105 — — 9,306 14,105 23,411 ( 1,395 ) 2017 - 2019 2020 - 2024
Indiana 6 6,012 22,491 — — 6,012 22,491 28,503 ( 1,309 ) 1979 - 2025 2022 - 2025
Kentucky 4 3,581 13,415 — — 3,581 13,415 16,996 ( 408 ) 2003 - 2024 2024 - 2025
Louisiana 8 10,433 20,621 — 425 10,433 21,046 31,479 ( 2,033 ) 2012 - 2024 2020 - 2025
Michigan 1 1,773 4,622 — — 1,773 4,622 6,395 ( 158 ) 2024 2022
Missouri 2 4,216 8,117 — — 4,216 8,117 12,333 ( 382 ) 2024 2023
Mississippi 7 5,989 21,499 — 567 5,989 22,066 28,055 ( 1,813 ) 2008 - 2023 2020 - 2025
North Carolina 10 17,465 18,445 — — 17,465 18,445 35,910 ( 2,291 ) 2003 - 2022 2019 - 2025
Nebraska 1 597 2,569 — — 597 2,569 3,166 ( 426 ) 2021 2019
New Mexico 4 2,461 12,216 — — 2,461 12,216 14,677 ( 3,265 ) 1982 - 2013 2017
Nevada 5 12,651 14,768 — — 12,651 14,768 27,419 ( 946 ) 2022 - 2025 2023 - 2024
New York 8 6,538 24,076 — — 6,538 24,076 30,614 ( 2,726 ) 1984 - 2022 2022 - 2023
Ohio 10 11,867 36,007 — — 11,867 36,007 47,874 ( 3,272 ) 1990 - 2024 2021 - 2025
Oklahoma 2 2,921 5,517 — — 2,921 5,517 8,438 ( 635 ) 2016 - 2024 2021 - 2022
South Carolina 6 11,021 15,465 — — 11,021 15,465 26,486 ( 1,669 ) 2007 - 2021 2017 - 2025
South Dakota 6 5,890 14,859 — 1,225 5,890 16,084 21,974 ( 3,011 ) 1987 - 2017 2019
Tennessee 6 7,072 19,545 — — 7,072 19,545 26,617 ( 779 ) 2016 - 2024 2022 - 2025
Texas 12 22,922 42,168 — 425 22,922 42,593 65,515 ( 3,821 ) 1987 - 2025 2020 - 2024
Virginia 21 29,823 64,995 298 259 30,121 65,254 95,375 ( 4,289 ) 1967 - 2025 2022 - 2025
Wisconsin 8 11,158 25,139 220 — 11,378 25,139 36,517 ( 1,582 ) 1966 - 2025 2023 - 2025
F-1
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(e)(f) Year Constructed (Range) Year Acquired (Range)
West Virginia 1 947 3,074 — — 947 3,074 4,021 ( 80 ) 2020 2025
Convenience Stores
Arkansas 7 $ 4,275 $ 6,867 $ — $ 50 $ 4,275 $ 6,917 $ 11,192 $ ( 2,323 ) 1979 - 2012 7/11/1905
Arizona 2 1,858 827 — — 1,858 827 2,685 ( 353 ) 1985 - 2002 2018
Colorado 2 1,680 2,725 — — 1,680 2,725 4,405 ( 333 ) 1983 - 1995 2017 - 2025
Iowa 4 11,614 8,155 — — 11,614 8,155 19,769 ( 719 ) 1927 - 2006 2022 - 2025
Illinois 4 3,786 3,067 — — 3,786 3,067 6,853 ( 494 ) 1969 - 2000 2019 - 2024
Indiana 1 840 838 — — 840 838 1,678 ( 380 ) 1999 2019
Kentucky 12 13,708 8,187 — — 13,708 8,187 21,895 ( 2,869 ) 1992 - 1999 2019 - 2024
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
Missouri 1 663 327 — — 663 327 990 ( 266 ) 1999 2019
North Carolina 4 3,206 2,637 — — 3,206 2,637 5,843 ( 413 ) 1985 - 2002 2023 - 2024
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
New York 16 5,881 20,342 — — 5,881 20,342 26,223 ( 7,550 ) 1970 - 2010 2016
Ohio 21 15,191 13,382 — — 15,191 13,382 28,573 ( 5,921 ) 1996 - 2001 2019
Oklahoma 3 17,450 22,550 — — 17,450 22,550 40,000 ( 793 ) 1967 - 2024 2024 - 2025
Pennsylvania 1 467 383 — — 467 383 850 ( 202 ) 1996 2019
South Carolina 14 18,096 16,656 — — 18,096 16,656 34,752 ( 2,347 ) 1970 - 2011 2023 - 2024
Texas 7 13,783 28,613 — 531 13,783 29,144 42,927 ( 1,854 ) 1980 - 2025 2017 - 2024
Washington 1 568 508 — — 568 508 1,076 ( 205 ) 1976 2018
Wisconsin 40 42,367 44,949 — — 42,367 44,949 87,316 ( 12,213 ) 1940 - 2018 2017 - 2025
Early Childhood Education
Arizona 17 $ 11,256 $ 16,171 $ — $ 21 $ 11,256 $ 16,192 $ 27,448 $ ( 3,103 ) 1932 - 2021 2018 - 2024
Colorado 2 2,867 5,617 — 98 2,867 5,714 8,581 ( 610 ) 1988 - 2001 2019 - 2023
Connecticut 7 4,659 9,506 — 2,404 4,659 11,910 16,569 ( 2,953 ) 1947 - 2018 2018 - 2024
Florida 15 22,022 41,963 — — 22,022 41,963 63,985 ( 5,097 ) 1973 - 2020 2017 - 2025
Georgia 19 18,542 40,633 — 700 18,542 41,333 59,875 ( 5,445 ) 1987 - 2016 2016 - 2025
Iowa 1 636 2,199 — — 636 2,199 2,835 ( 317 ) 2005 2021
Illinois 14 12,178 34,649 — 391 12,178 35,040 47,218 ( 3,864 ) 1962 - 2021 2019 - 2025
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
Kentucky 4 1,888 5,255 — — 1,888 5,255 7,143 ( 521 ) 1963 - 2003 2019 - 2025
Massachusetts 4 5,177 6,327 — — 5,177 6,327 11,504 ( 538 ) 1880 - 1996 2020 - 2025
Michigan 5 1,850 5,450 — — 1,850 5,450 7,300 ( 1,017 ) 1987 - 2012 2018 - 2022
Minnesota 5 5,521 10,997 — — 5,521 10,997 16,518 ( 835 ) 1984 - 2025 2021 - 2023
Missouri 8 4,239 14,583 19 81 4,258 14,664 18,922 ( 1,795 ) 1986 - 2009 2021 - 2022
Mississippi 2 2,085 2,547 — 124 2,085 2,671 4,756 ( 821 ) 2002 - 2008 2017 - 2018
North Carolina 22 20,463 35,245 — 100 20,463 35,345 55,808 ( 5,251 ) 1954 - 2018 2020 - 2023
Nebraska 1 224 813 — — 224 813 1,037 ( 75 ) 2006 2022
F-2
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(e)(f) Year Constructed (Range) Year Acquired (Range)
New Hampshire 1 711 1,733 — — 711 1,733 2,444 ( 119 ) 1970 2023
New Jersey 4 3,019 8,834 — — 3,019 8,834 11,853 ( 919 ) 1986 - 2010 2018 - 2025
Nevada 2 2,480 3,451 — — 2,480 3,451 5,931 ( 576 ) 1998 - 2006 2021
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
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
South Carolina 1 1,323 5,218 — — 1,323 5,218 6,541 ( 341 ) 2007 2023
Tennessee 3 1,947 3,377 — — 1,947 3,377 5,324 ( 277 ) 1982 - 2002 2020 - 2025
Texas 20 17,451 43,853 — 529 17,451 44,382 61,833 ( 4,926 ) 1955 - 2024 2017 - 2025
Virginia 2 3,799 6,385 — — 3,799 6,385 10,184 ( 1,186 ) 2006 - 2018 2017 - 2021
Washington 5 2,235 5,154 — — 2,235 5,154 7,389 ( 1,085 ) 1924 - 2002 2019
Wisconsin 9 6,979 25,474 — — 6,979 25,474 32,453 ( 4,056 ) 1992 - 2007 2020 - 2024
Entertainment
Alabama 3 $ 11,072 $ 26,148 $ — $ — $ 11,072 $ 26,148 $ 37,220 $ ( 2,497 ) 2002 - 2024 2017 - 2025
Arizona 5 4,903 21,304 — — 4,903 21,304 26,207 ( 1,776 ) 1954 - 2006 2022 - 2023
California 1 1,320 2,320 — — 1,320 2,320 3,640 ( 687 ) 1977 2017
Connecticut 3 4,681 15,584 — — 4,681 15,584 20,265 ( 2,051 ) 1960 - 2019 2021 - 2023
Florida 2 6,456 6,815 — 4,587 6,456 11,402 17,858 ( 2,492 ) 1989 - 2007 2017 - 2022
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
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
Louisiana 3 8,857 21,866 — — 8,857 21,866 30,723 ( 1,562 ) 1989 - 2023 2018 - 2025
Maine 1 2,052 4,924 — — 2,052 4,924 6,976 ( 624 ) 1989 2021
Michigan 2 1,376 25,114 — 1,887 1,376 27,001 28,377 ( 2,192 ) 1995 - 2024 2017 - 2025
Minnesota 10 10,877 20,806 — — 10,877 20,806 31,683 ( 4,829 ) 1950 - 2009 2018 - 2023
Missouri 5 20,925 13,731 — — 20,925 13,731 34,656 ( 4,806 ) 1990 - 2016 2022
North Carolina 3 11,014 21,176 — — 11,014 21,176 32,190 ( 4,757 ) 1988 - 1996 2019 - 2022
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
Pennsylvania 2 3,849 16,849 — — 3,849 16,849 20,698 ( 938 ) 2016 - 2024 2019 - 2025
Tennessee 3 22,097 21,839 — — 22,097 21,839 43,936 ( 1,430 ) 1940 - 2023 2022 - 2025
Texas 8 28,529 56,160 — — 28,529 56,160 84,689 ( 5,320 ) 1980 - 2025 2022 - 2025
Utah 3 9,612 26,923 — — 9,612 26,923 36,535 ( 854 ) 2008 - 2023 2024 - 2025
Virginia 1 4,821 7,264 — — 4,821 7,264 12,085 ( 820 ) 1997 2023
Equipment Rental and Sales
Alabama 4 $ 5,499 $ 6,985 $ 12 $ 864 $ 5,510 $ 7,849 $ 13,359 $ ( 1,138 ) 1974 - 2023 2020 - 2023
Arkansas 3 4,276 1,547 246 2,334 4,523 3,882 8,405 ( 523 ) 1982 - 1992 2019 - 2024
California 1 2,467 2,429 — — 2,467 2,429 4,896 ( 223 ) 1992 2023
F-3
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(e)(f) Year Constructed (Range) Year Acquired (Range)
Colorado 2 6,120 3,825 5 1,021 6,124 4,846 10,970 ( 1,258 ) 1990 - 2021 2020 - 2022
Connecticut 3 3,710 8,719 — — 3,710 8,719 12,429 ( 604 ) 2002 - 2024 2020 - 2021
Delaware 1 3,542 720 — 1,127 3,542 1,847 5,389 ( 101 ) 1977 2024
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
Idaho 1 1,796 1,265 — — 1,796 1,265 3,061 ( 233 ) 1992 2023
Louisiana 1 1,006 227 16 1,164 1,022 1,390 2,412 ( 400 ) 2012 2020
Massachusetts 2 1,756 2,904 197 347 1,954 3,251 5,205 ( 542 ) 1971 - 2024 2020
Michigan 3 8,721 10,804 — 1,753 8,721 12,557 21,278 ( 2,474 ) 1987 - 2020 2017 - 2024
Minnesota 1 2,630 2,882 — 690 2,630 3,572 6,202 ( 312 ) 2023 2024
Missouri 4 4,547 5,762 21 1,536 4,567 7,298 11,865 ( 1,379 ) 1995 - 2015 2019 - 2022
North Carolina 1 1,488 649 — 1,451 1,488 2,100 3,588 ( 161 ) 1955 2023
North Dakota 2 2,278 2,124 — 2,127 2,278 4,251 6,529 ( 452 ) 2012 2022 - 2024
New Hampshire 4 6,052 8,077 — 982 6,052 9,059 15,111 ( 541 ) 1880 - 2024 2020 - 2024
New Mexico 1 1,686 286 25 1,862 1,711 2,148 3,859 ( 540 ) 1970 2020
New York 13 13,359 24,269 — 971 13,359 25,240 38,599 ( 1,559 ) 1954 - 2024 2020 - 2025
Oklahoma 3 2,819 5,127 — 1,144 2,819 6,271 9,090 ( 591 ) 1997 - 2024 2021 - 2023
Pennsylvania 1 751 1,678 — — 751 1,678 2,429 ( 428 ) 1987 2020
South Carolina 1 1,777 582 — 616 1,777 1,198 2,975 ( 209 ) 1974 2023
Tennessee 2 3,511 3,713 816 1,734 4,327 5,448 9,775 ( 1,228 ) 1985 - 2018 2019 - 2022
Texas 15 20,637 20,711 — 7,608 20,637 28,319 48,956 ( 3,477 ) 1950 - 2024 2020 - 2024
Utah 2 6,262 5,937 — 2,746 6,262 8,682 14,944 ( 1,109 ) 1942 - 1979 2019 - 2024
Virginia 1 2,076 199 — 581 2,076 780 2,856 ( 143 ) 1986 2023
Vermont 2 2,192 1,088 — — 2,192 1,088 3,280 ( 29 ) 1970 - 2024 2022 - 2024
Washington 3 7,456 2,786 492 4,659 7,948 7,445 15,393 ( 1,023 ) 1959 - 2022 2019 - 2024
West Virginia 1 992 3,313 — 1,075 992 4,388 5,380 ( 211 ) 1962 2024
Grocery
Arkansas 6 $ 5,704 $ 12,942 $ — $ 1,425 $ 5,704 $ 14,367 $ 20,071 $ ( 2,607 ) 1986 - 2020 2020 - 2021
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
Michigan 2 4,638 12,813 16 — 4,654 12,813 17,467 ( 1,624 ) 1969 - 2011 2021 - 2024
Missouri 10 5,661 16,938 — — 5,661 16,938 22,599 ( 3,521 ) 1970 - 2013 2020 - 2021
North Carolina 1 762 1,300 — 2 762 1,303 2,065 ( 355 ) 1992 2018
Oklahoma 3 1,606 8,726 — — 1,606 8,726 10,332 ( 1,716 ) 1987 - 1993 2019 - 2020
Vermont 6 3,008 6,264 — — 3,008 6,264 9,272 ( 288 ) 1960 - 2008 2024
Wisconsin 9 21,526 83,676 250 — 21,776 83,676 105,452 ( 10,165 ) 1978 - 2017 2021 - 2024
Health and Fitness
Alabama 1 $ 1,102 $ 2,412 $ — $ 600 $ 1,102 $ 3,012 $ 4,114 $ ( 701 ) 2007 2017
Arizona 1 4,109 4,264 — — 4,109 4,264 8,373 ( 703 ) 2021 2018
Colorado 1 1,484 4,491 — — 1,484 4,491 5,975 ( 1,105 ) 1989 2017
Florida 2 4,227 9,116 — 2,572 4,227 11,688 15,915 ( 954 ) 1983 - 2024 2019 - 2023
F-4
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(e)(f) Year Constructed (Range) Year Acquired (Range)
Georgia 2 5,848 7,093 — 600 5,848 7,693 13,541 ( 1,116 ) 2005 - 2019 2017 - 2023
Iowa 1 2,594 5,071 — — 2,594 5,071 7,665 ( 171 ) 2024 2023
Illinois 1 1,133 2,226 — 2,150 1,133 4,376 5,509 ( 801 ) 1986 2019
Indiana 2 4,204 12,151 — — 4,204 12,151 16,355 ( 471 ) 2024 - 2025 2023 - 2024
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
Minnesota 1 886 4,746 — — 886 4,746 5,632 ( 234 ) 2024 2024
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
Nebraska 1 1,315 5,883 — — 1,315 5,883 7,198 ( 76 ) 1970 2024
New Mexico 1 938 1,503 — — 938 1,503 2,441 ( 456 ) 2016 2017
Nevada 1 491 2,543 — — 491 2,543 3,034 ( 501 ) 1970 2019
Oklahoma 6 10,617 30,011 — 559 10,617 30,570 41,187 ( 2,835 ) 1979 - 2024 2018 - 2024
Oregon 1 2,024 2,468 — 2,380 2,024 4,848 6,872 ( 801 ) 1999 2018
South Carolina 5 4,516 9,463 — 330 4,516 9,793 14,309 ( 2,180 ) 1993 - 2010 2018 - 2019
Texas 10 22,123 42,945 — 470 22,123 43,415 65,538 ( 3,074 ) 1974 - 2025 2019 - 2025
Utah 1 1,937 4,209 — — 1,937 4,209 6,146 ( 1,086 ) 1984 2016
Home Furnishings
Michigan 1 $ 1,858 $ 14,463 $ 44 $ 1,693 $ 1,901 $ 16,156 $ 18,057 $ ( 3,665 ) 1987 2017
Missouri 1 273 4,683 — — 273 4,683 4,956 ( 896 ) 2007 2018
Industrial
Alabama 2 $ 3,275 $ 15,698 $ — $ — $ 3,275 $ 15,698 $ 18,973 $ ( 381 ) 1985 - 2002 2025
Arizona 1 138 3,484 — — 138 3,484 3,622 ( 56 ) 1976 2025
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
Indiana 5 1,789 6,261 — 225 1,789 6,486 8,275 ( 703 ) 2000 - 2022 2022
Louisiana 1 490 761 — 1,783 490 2,544 3,034 ( 226 ) 1972 2022
Massachusetts 2 1,615 4,074 — 1,525 1,615 5,599 7,214 ( 159 ) 1930 - 2016 2023 - 2025
Maryland 1 3,227 11,876 — — 3,227 11,876 15,103 ( 229 ) 1950 2025
Michigan 1 562 2,320 — — 562 2,320 2,882 ( 8 ) 2017 2025
Missouri 2 2,273 6,396 — — 2,273 6,396 8,669 ( 219 ) 1985 - 2020 2025
Mississippi 1 2,198 3,351 — — 2,198 3,351 5,549 ( 411 ) 1978 2022
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
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
Oklahoma 1 922 5,548 — — 922 5,548 6,470 ( 450 ) 2016 2023
Oregon 1 1,242 91 — — 1,242 91 1,333 ( 2 ) 2025 2025
F-5
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(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
South Dakota 1 1,250 2,950 — — 1,250 2,950 4,200 ( 395 ) 1992 2021
Tennessee 3 1,210 2,174 — — 1,210 2,174 3,384 ( 198 ) 1997 - 2016 2022 - 2025
Texas 11 31,083 41,718 — — 31,083 41,718 72,801 ( 2,546 ) 1983 - 2024 2021 - 2025
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
Wisconsin 2 1,945 13,766 — — 1,945 13,766 15,711 ( 285 ) 1971 - 1999 2024 - 2025
Medical / Dental
Alabama 6 $ 1,713 $ 9,755 $ — $ — $ 1,713 $ 9,755 $ 11,468 $ ( 1,811 ) 1979 - 2012 2016 - 2024
Arkansas 18 5,034 12,692 — 578 5,034 13,271 18,305 ( 2,790 ) 1950 - 2017 2018 - 2025
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
Florida 36 43,884 116,104 — 200 43,884 116,304 160,188 ( 6,900 ) 1934 - 2021 2016 - 2025
Georgia 10 14,376 39,063 — — 14,376 39,063 53,439 ( 3,223 ) 1960 - 2024 2016 - 2024
Iowa 4 2,275 10,359 — — 2,275 10,359 12,634 ( 225 ) 1963 - 2000 2022 - 2025
Illinois 11 4,816 14,474 — — 4,816 14,474 19,290 ( 2,235 ) 1967 - 2008 2016 - 2023
Indiana 4 2,408 9,193 — — 2,408 9,193 11,601 ( 829 ) 1976 - 1998 2016 - 2024
Kentucky 1 199 474 — — 199 474 673 ( 144 ) 2000 2017
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
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
Missouri 12 4,597 12,534 — 775 4,597 13,309 17,906 ( 1,685 ) 1979 - 2023 2016 - 2024
Mississippi 4 1,302 13,437 — — 1,302 13,437 14,739 ( 2,156 ) 1970 - 2006 2016 - 2021
North Carolina 8 4,066 12,764 — — 4,066 12,764 16,830 ( 1,248 ) 1996 - 2019 2021 - 2024
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
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
Ohio 23 14,589 37,458 — 1,831 14,589 39,289 53,878 ( 4,280 ) 1944 - 2025 2017 - 2025
Oklahoma 8 2,006 6,767 — — 2,006 6,767 8,773 ( 991 ) 1964 - 2018 2021 - 2025
Oregon 3 6,280 21,117 — — 6,280 21,117 27,397 ( 606 ) 2000 - 2025 2020 - 2024
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
Texas 50 33,976 135,573 8 1,583 33,984 137,156 171,140 ( 21,125 ) 1940 - 2020 2016 - 2025
Virginia 1 1,172 3,965 — — 1,172 3,965 5,137 ( 163 ) 2017 2024
Vermont 1 357 916 — — 357 916 1,273 ( 130 ) 1980 2021
Wyoming 1 620 2,550 — — 620 2,550 3,170 ( 681 ) 2001 2017
Movie Theaters
Alabama 2 $ 3,011 $ 10,643 $ 303 $ — $ 3,314 $ 10,643 $ 13,957 $ ( 3,086 ) 2001 - 2013 2016 - 2018
F-6
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(e)(f) Year Constructed (Range) Year Acquired (Range)
North Carolina 1 1,826 2,798 — — 1,826 2,798 4,624 ( 773 ) 2004 2018
Ohio 1 2,126 10,097 — — 2,126 10,097 12,223 ( 2,312 ) 1989 2017
South Carolina 1 1,465 7,081 — — 1,465 7,081 8,546 ( 1,670 ) 2006 2017
Wisconsin 1 3,159 3,755 259 — 3,418 3,755 7,173 ( 1,235 ) 1997 2017
Other Services
Alabama 1 $ 312 $ 176 $ — $ — $ 312 $ 176 $ 488 $ ( 96 ) 1978 2016
Colorado 2 2,706 3,861 — — 2,706 3,861 6,567 ( 323 ) 1993 - 2002 2016 - 2024
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
Illinois 1 3,083 98 — — 3,083 98 3,181 ( 125 ) 1987 2022
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
North Carolina 5 6,390 7,954 — — 6,390 7,954 14,344 ( 921 ) 1890 - 2010 2018 - 2024
Ohio 3 246 1,056 — — 246 1,056 1,302 ( 77 ) 1855 - 1887 2023
Oklahoma 1 2,257 2,073 — — 2,257 2,073 4,330 ( 499 ) 2006 2021
Pennsylvania 2 3,879 1,921 — — 3,879 1,921 5,800 ( 108 ) 2024 2023 - 2024
South Carolina 6 3,433 7,728 — — 3,433 7,728 11,161 ( 707 ) 1937 - 2006 2016 - 2025
Tennessee 14 10,757 19,485 — — 10,757 19,485 30,242 ( 3,684 ) 1870 - 2010 2016 - 2022
Texas 9 28,456 36,695 729 — 29,185 36,695 65,880 ( 3,716 ) 2006 - 2022 2021 - 2025
Virginia 1 1,259 1,786 — — 1,259 1,786 3,045 ( 531 ) 1991 2018
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
Pet Care Services
Alabama 2 $ 3,799 $ 4,730 $ — $ — $ 3,799 $ 4,730 $ 8,529 $ ( 492 ) 2023 2021 - 2025
Arkansas 3 2,741 10,657 — 250 2,741 10,907 13,648 ( 1,123 ) 1979 - 2023 2017 - 2023
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
Georgia 5 3,335 3,367 — — 3,335 3,367 6,702 ( 568 ) 1950 - 2007 2019 - 2021
Illinois 3 1,475 1,504 — — 1,475 1,504 2,979 ( 518 ) 1976 - 1995 2019
Indiana 6 2,714 6,782 — — 2,714 6,782 9,496 ( 1,218 ) 1952 - 2024 2017 - 2025
Louisiana 1 485 701 — 183 485 884 1,369 ( 188 ) 2007 2019
Missouri 1 537 752 — — 537 752 1,289 ( 180 ) 1986 2019
North Carolina 1 303 394 — — 303 394 697 ( 134 ) 2014 2019
Nebraska 1 381 332 — — 381 332 713 ( 144 ) 1967 2019
New York 1 327 697 — — 327 697 1,024 ( 70 ) 1953 2023
Oklahoma 1 225 283 — — 225 283 508 ( 123 ) 1993 2019
Oregon 1 192 324 — — 192 324 516 ( 67 ) 1990 2019
South Carolina 2 3,063 5,312 — — 3,063 5,312 8,375 ( 388 ) 1994 - 2025 2019 - 2023
Texas 2 2,923 7,667 — — 2,923 7,667 10,590 ( 751 ) 2006 - 2023 2021 - 2021
Restaurants - Casual Dining
F-7
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(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
Arkansas 1 1,392 1,929 — — 1,392 1,929 3,321 ( 166 ) 2005 2023
Arizona 2 2,415 2,163 — — 2,415 2,163 4,578 ( 176 ) 1994 - 2002 2024
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
Florida 10 9,467 17,052 55 279 9,522 17,332 26,854 ( 3,781 ) 1988 - 2023 2016 - 2024
Georgia 5 4,785 6,048 — 600 4,785 6,648 11,433 ( 2,139 ) 1982 - 1999 2016 - 2017
Iowa 4 2,078 6,311 60 40 2,138 6,351 8,489 ( 1,188 ) 1950 - 2005 2018 - 2022
Illinois 4 4,379 16,155 50 18 4,429 16,173 20,602 ( 482 ) 1993 - 2024 2018 - 2025
Indiana 2 2,387 1,827 — — 2,387 1,827 4,214 ( 170 ) 1999 - 2006 2020 - 2023
Kansas 2 3,045 1,382 — — 3,045 1,382 4,427 ( 342 ) 1991 - 2005 2021 - 2022
Kentucky 3 1,798 3,643 — — 1,798 3,643 5,441 ( 592 ) 2001 - 2010 2019 - 2022
Louisiana 2 1,180 983 — — 1,180 983 2,163 ( 451 ) 1988 - 1994 2016
Massachusetts 10 12,982 14,943 — — 12,982 14,943 27,925 ( 2,703 ) 1985 - 2008 2021
Maryland 3 4,440 4,991 — — 4,440 4,991 9,431 ( 963 ) 2003 - 2005 2017 - 2023
Michigan 10 6,569 14,905 — — 6,569 14,905 21,474 ( 3,088 ) 1906 - 2003 2019 - 2022
Minnesota 2 7,921 14,090 — — 7,921 14,090 22,011 ( 1,235 ) 1905 - 1947 2022
Missouri 6 11,197 18,593 — — 11,197 18,593 29,790 ( 1,655 ) 2001 - 2025 2017 - 2024
Mississippi 2 3,073 3,414 — — 3,073 3,414 6,487 ( 302 ) 2004 - 2025 2017 - 2024
North Carolina 1 594 2,391 — — 594 2,391 2,985 ( 168 ) 2020 2023
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
New Jersey 8 9,625 28,327 — — 9,625 28,327 37,952 ( 3,014 ) 1715 - 2005 2022
Ohio 7 11,752 20,356 — — 11,752 20,356 32,108 ( 2,072 ) 1988 - 2024 2019 - 2024
Oklahoma 1 3,514 5,448 — — 3,514 5,448 8,962 ( 193 ) 2024 2023
Pennsylvania 5 6,632 11,046 — — 6,632 11,046 17,678 ( 1,248 ) 1880 - 2003 2022 - 2023
Rhode Island 1 830 1,171 — — 830 1,171 2,001 ( 214 ) 1996 2021
South Carolina 2 2,603 1,768 — 66 2,603 1,833 4,436 ( 215 ) 2002 - 2003 2017 - 2023
South Dakota 2 3,049 4,190 — — 3,049 4,190 7,239 ( 597 ) 2000 - 2013 2021 - 2023
Tennessee 1 683 737 — — 683 737 1,420 ( 216 ) 2003 2017
Texas 10 16,348 21,742 — — 16,348 21,742 38,090 ( 1,931 ) 1995 - 2025 2016 - 2025
Virginia 4 5,421 7,302 — — 5,421 7,302 12,723 ( 822 ) 1995 - 2005 2019 - 2024
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
Georgia 10 $ 8,999 $ 21,334 $ — $ 1,984 $ 8,999 $ 23,318 $ 32,317 $ ( 2,539 ) 1968 - 2019 2018 - 2023
Iowa 1 804 563 — — 804 563 1,367 ( 217 ) 1994 2016
Illinois 1 2,283 7,060 — — 2,283 7,060 9,343 ( 252 ) 2017 2024
Michigan 3 2,148 2,847 — — 2,148 2,847 4,995 ( 610 ) 1973 - 2000 2019
Minnesota 4 2,433 2,451 — — 2,433 2,451 4,884 ( 986 ) 1975 - 1991 2016
Missouri 2 1,038 1,153 — — 1,038 1,153 2,191 ( 439 ) 1978 - 1979 2016
Pennsylvania 1 784 756 6 61 790 817 1,607 ( 313 ) 1995 2017
F-8
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(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
Wisconsin 2 1,967 2,955 — — 1,967 2,955 4,922 ( 831 ) 1976 - 2018 2016 - 2019
Restaurants - Quick Service
Alaska 1 $ 428 $ 1,524 $ — $ 350 $ 428 $ 1,874 $ 2,302 $ ( 428 ) 1972 2018
Alabama 25 7,555 15,782 — 153 7,555 15,935 23,490 ( 4,067 ) 1972 - 2024 2016 - 2023
Arkansas 21 11,317 21,191 — 15 11,317 21,206 32,523 ( 3,387 ) 1977 - 2020 2016 - 2025
California 1 467 533 — — 467 533 1,000 ( 189 ) 1993 2016
Colorado 1 698 1,036 — — 698 1,036 1,734 ( 285 ) 1999 2018
Florida 18 14,341 20,085 — 543 14,341 20,627 34,968 ( 3,226 ) 1976 - 2024 2016 - 2024
Georgia 52 27,974 39,981 — 253 27,974 40,234 68,208 ( 8,202 ) 1975 - 2024 2016 - 2025
Iowa 7 2,268 6,367 — 95 2,268 6,462 8,730 ( 2,053 ) 1950 - 2004 2016 - 2019
Illinois 4 2,133 7,361 — — 2,133 7,361 9,494 ( 672 ) 1950 - 2013 2016 - 2024
Indiana 18 13,936 17,707 — — 13,936 17,707 31,643 ( 1,692 ) 2003 - 2023 2019 - 2025
Kansas 1 194 777 — — 194 777 971 ( 212 ) 1971 2017
Kentucky 12 5,519 8,668 — 402 5,519 9,071 14,590 ( 2,048 ) 1969 - 2020 2016 - 2022
Louisiana 13 14,524 14,657 — 54 14,524 14,711 29,235 ( 1,891 ) 1981 - 2025 2017 - 2024
Massachusetts 9 5,251 5,131 — — 5,251 5,131 10,382 ( 1,211 ) 1965 - 1987 2020
Maryland 1 338 624 — — 338 624 962 ( 146 ) 2002 2019
Michigan 11 3,579 8,554 — — 3,579 8,554 12,133 ( 2,190 ) 1969 - 2015 2016 - 2024
Missouri 5 3,067 4,650 — — 3,067 4,650 7,717 ( 763 ) 1987 - 2009 2016 - 2023
Mississippi 50 25,333 42,676 — 390 25,333 43,066 68,399 ( 5,592 ) 1968 - 2025 2016 - 2025
North Carolina 11 11,952 10,642 — 54 11,952 10,697 22,649 ( 856 ) 2012 - 2024 2021 - 2025
Nebraska 1 304 1,301 — — 304 1,301 1,605 ( 431 ) 1998 2016
New York 3 3,765 3,405 — 400 3,765 3,805 7,570 ( 1,243 ) 1968 - 2000 2016 - 2019
Ohio 9 3,710 10,833 — — 3,710 10,833 14,543 ( 1,875 ) 1964 - 2024 2016 - 2022
Oklahoma 11 11,155 11,480 — — 11,155 11,480 22,635 ( 1,543 ) 1965 - 2024 2020 - 2025
Oregon 1 252 131 — — 252 131 383 ( 61 ) 2015 2016
Pennsylvania 3 1,369 1,710 — — 1,369 1,710 3,079 ( 616 ) 1963 - 1994 2016 - 2019
South Carolina 7 4,834 8,515 — — 4,834 8,515 13,349 ( 961 ) 1977 - 2009 2016 - 2024
Tennessee 22 13,585 16,758 — 354 13,585 17,112 30,697 ( 3,957 ) 1974 - 2026 2016 - 2025
Texas 43 32,968 37,160 — 1,882 32,968 39,042 72,010 ( 6,716 ) 1970 - 2020 2016 - 2025
Wisconsin 13 7,971 18,360 — 85 7,971 18,445 26,416 ( 1,007 ) 1981 - 2015 2016 - 2024
West Virginia 6 1,286 3,137 — — 1,286 3,137 4,423 ( 997 ) 1976 - 1994 2016
Vacant Properties and Undeveloped Land
Arizona 2 $ 2,386 $ 2,589 $ 13 $ 1,575 $ 2,399 $ 4,164 $ 6,563 $ ( 818 ) 1990 - 2008 2018
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
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
North Carolina 1 84 — — — 84 — 84 — 1986 2016
F-9
Description (a) Initial Cost to Company Cost Capitalized Subsequent
to Acquisition (b) Gross Amount at
December 31, 2025 (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 Accumulated Depreciation
(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 )
_____________________________________
(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. Four 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 one owned property which was held for sale as of December 31, 2025. Initial costs exclude intangible lease assets totaling $ 88.1 million.
(b) Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate or partial land dispositions.
(c) The aggregate cost for federal income tax purposes is $ 6.6 billion.
(d) The following is a reconciliation of carrying value for land and improvements and building and improvements for the periods presented:
Year ended December 31,
(in thousands) 2025 2024 2023
Balance, beginning of period $ 5,401,610 $ 4,480,314 $ 3,669,317
Additions
Acquisitions 1,110,280 818,088 887,407
Improvements 212,755 217,314 51,323
Deductions
Provisions for impairment of real estate ( 11,997 ) ( 14,845 ) ( 3,548 )
Real estate investments held for sale ( 2,635 ) ( 10,018 ) ( 7,455 )
Cost of real estate sold ( 117,553 ) ( 89,319 ) ( 116,029 )
Other ( 2,638 ) 76 ( 701 )
Balance, end of period $ 6,589,822 $ 5,401,610 $ 4,480,314
(e) The following is a reconciliation of accumulated depreciation for the periods presented:
Year ended December 31,
(in thousands) 2025 2024 2023
Balance, beginning of period $ 425,190 $ 321,944 $ 238,022
Additions
Depreciation expense 147,645 115,371 95,527
Deductions
Accumulated depreciation associated with real estate investments sold and held for sale ( 16,305 ) ( 12,125 ) ( 11,605 )
Balance, end of period $ 556,530 $ 425,190 $ 321,944
(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, 2025
(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 $ 11,853 None
Early Childhood Education Centers located in Florida 1 8.53 % 7/17/2039 Interest only Balloon - $ 2,500
None 2,500 2,468 None
Quick Service Restaurants located in fifteen states
69 7.82 % 8/31/2034 Interest only Balloon - $ 51,000
None 51,000 50,995 None
Convenience Store located in Minnesota 1 8.54 % 12/31/2026 Interest only Balloon - $ 1,525
None 1,525 1,499 None
Convenience Stores located in Wisconsin and Iowa 2 8.33 % 12/31/2026 Interest only Balloon - $ 994
None 994 972 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 2,327 None
Entertainment Center located in New Jersey 1 8.99 % 9/30/2051 Principal + Interest Fully amortizing None 35,000 34,907 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 2,463 None
Casual Dining Restaurant located in Michigan 1 9.63 % 1/31/2040 Interest only Balloon - $ 1,754
None 1,754 1,739 None
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
Convenience Store located in Minnesota 1 8.29 % 12/31/2026 Interest only Balloon - $ 760
None 760 740 None
Car Wash located in Nevada 1 7.33 % 12/31/2036 Interest only Balloon - $ 4,960
None 4,960 4,945 None
Car Wash located in Nevada 1 7.43 % 12/31/2036 Interest only Balloon - $ 4,800
None 4,800 4,786 None
Car Washes located in three states
4 8.64 % 12/31/2037 Interest only Balloon - $ 12,250
None 12,250 12,245 None
Car Washes located in five states
9 8.85 % 12/31/2037 Interest only Balloon - $ 25,993
None 25,993 25,933 None
Entertainment Center located in Missouri 1 8.84 % 1/13/2038 Interest only Balloon - $ 10,200
None 10,200 10,188 None
Medical / Dental Facilities located in three states
3 10.19 % 1/31/2039 Interest only Balloon - $ 10,300
None 10,300 10,298 None
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 8.60 % 7/31/2034 Interest only Balloon - $ 15,000
None 15,000 14,871 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
Convenience Store located in Texas 1 8.00 % 8/13/2027 Interest only Balloon - $ 900
None 900 885 None
Medical / Dental Facilities located in North Carolina and Georgia 2 10.20 % 10/1/2039 Interest only Balloon - $ 5,900
None 5,900 5,898 None
Early Childhood Education Centers located in four states
6 9.58 % 9/30/2044 Interest only Balloon - $ 23,649
None 23,649 23,618 None
Quick Service Restaurant located in Alaska 1 7.50 % 2/1/2028 Interest only Balloon - $ 1,550
None 1,550 1,540 None
Automotive Service Center located in California 1 9.72 % 6/30/2045 Interest only Balloon - $ 19,950
None 19,950 19,931 None
Industrial Facilities located in Illinois 2 10.93 % 8/31/2045 Interest only Balloon - $ 13,000
None 13,000 12,988 None
Casual Dining Restaurant in Florida 1 8.06 % 9/30/2040 Interest only Balloon - $ 8,276
None 8,276 8,260 None
Medical / Dental Facilities located in five states
5 9.92 % 10/1/2040 Interest only Balloon - $ 13,650
None 13,650 13,628 None
Early Childhood Education Center located in Arizona 1 9.54 % 12/31/2045 Interest only Balloon - $ 3,692
None 3,692 3,688 None
$ 376,425 $ 375,585
The following table shows changes in carrying amounts of mortgage loans receivable during the years ended December 31, 2025, 2024 and 2023 (in thousands):
Year ended December 31,
2025 2024 2023
Balance, beginning of period $ 328,513 $ 220,121 $ 233,978
Additions:
New mortgage loans 77,466 100,427 13,091
Subsequent funding on existing mortgage loans 17,251 17,459 —
Deductions:
Collections of principal ( 47,470 ) ( 9,485 ) ( 27,029 )
Provision for credit losses ( 175 ) ( 9 ) 81
Balance, end of period $ 375,585 $ 328,513 $ 220,121
See accompanying report of independent registered public accounting firm.
F-12