What changed in this filing

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Item 2. Properties

2026-02-10 compared with 2025-02-24 · 46 added, 53 removed, 106 unchanged (48% of the section changed)

1 unchanged sentence

As of December 31, 2025, we owned or had investments in 761 properties spanning 45 states, with 129 different tenants represented across 28 retail sectors.

As of December 31, 2024, our portfolio consisted of 12.6 million square feet and was 99.9% occupied.

This includes three property developments where rent has not yet commenced.

As of December 31, 2025, our portfolio consisted of 13.7 million square feet and was 99.9% occupied (excluding three properties under development).

As of December 31, 2025, our portfolio generated ABR of $198.3 million.

1 unchanged sentence

As of December 31, 2025, none of our tenants represented more than 5.0% of our portfolio by ABR, and our top 10 largest tenants represented, in aggregate, 34.5% of our ABR.

Nine of our top 10 tenants are publicly traded companies, or are subsidiaries of publicly traded companies, that have investment grade credit ratings, in addition to Hobby Lobby, an investment grade profile tenant.

Six of our top 10 tenants are publicly traded companies, or are subsidiaries of publicly traded companies, that have investment grade credit ratings, in addition to Hobby Lobby Stores, Inc., an investment grade profile tenant.

Tenant Diversification

1 unchanged sentence

The following table details information about our tenants as of December 31, 2025:

Number of Properties (2)

Number of Investments (2)

% of Annualized Base Rent

Dollar General Corporation 125 9.0 %

CVS Health Corporation 31 4.8 %

Dollar Tree Stores, Inc.

/ Family Dollar Stores, Inc.

The Home Depot, Inc.

Hobby Lobby Stores, Inc.

Dollar General Corporation 78 4.7 %

Koninklijke Ahold Delhaize N.V.

(Food Lion / Stop & Shop) 11 4.3 %

Home Depot U.S.A, Inc.

Hobby Lobby Stores, Inc.

Tractor Supply Company 25 3.5 %

Family Dollar Stores, Inc.

Wal-Mart Stores, Inc.

United Lone Enterprises LLC 13 2.3 %

Speedway, LLC 50 2.3 %

7-Eleven, Inc.

Life Time, Inc.

Best Buy Co., Inc.

MDSFEST, Inc.

(Festival Foods) 3 2.3 %

Advance Stores Company, Inc.

(Advance Auto Parts) 37 2.2 %

Lowe's Companies, Inc.

The Kroger Co.

Academy, Ltd.

Best Buy Stores, L.P.

Subtotal of Tenants with ABR greater than 2.0% 311 43.0 %

2 unchanged sentences

(1) Represents tenant or guarantor.

(2) Excludes one vacant property.

(3) Certain figures in this table may not foot due to rounding.

(2) Excludes one vacant property and three properties under development.

Tenant Industry Diversification

The majority of our portfolio is comprised of properties leased to tenants operating in defensive retail industries, with 87.1% of our ABR as of December 31, 2025 coming from necessity, service-oriented, and/or discount industries.

Necessity-based industries are those that are considered essential by consumers and include sectors such as home improvement, auto parts, drug stores, general retail, and grocers.

Service-oriented industries consist of retailers that provide services rather than goods, including, for example, convenience stores, quick-service and casual dining restaurants, and tire and auto services.

Necessity-based industries are those that are considered essential by consumers and include sectors such as grocers, home improvement, drug stores, general retail, and auto parts.

Service-oriented industries consist of retailers that provide services rather than goods, including, for example, convenience stores, health and fitness, quick-service restaurants, and tire and auto services.

Discount retailers offer a low price point and consist of off-price and dollar stores.

The breakdown of our necessity-based retail, service-oriented, discount-focused, and other, non-defensive retail industries by sector and by percentage of ABR as of December 31, 2025 is set forth below:

Tenant Industry and Sector Number of Leases (1)

Tenant Industry and Sector Number of Investments (1)

% of Total ABR (2)

6 unchanged sentences

Farm Supplies 28 4.6 % 5.6 %

Auto Parts 59 3.2 % 3.7 %

Medical & Dental 32 4.5 % 2.2 %

General Retail 7 2.5 % 7.5 %

Healthcare 14 2.0 % 0.9 %

Wholesale Warehouse Club 1 0.3 % 0.9 %

Auto Parts 53 2.3 % 3.1 %

Banking 2 0.2 % 0.1 %

Wholesale Warehouse Club 1 0.2 % 0.8 %

Pet Supplies 1 0.1 % 0.1 %

Total Necessity-Based Retail 253 44.5 % 52.9 %

1 unchanged sentence

Convenience Stores 134 13.7 % 3.2 %

Automotive Service 42 3.7 % 2.3 %

Health and Fitness 10 5.4 % 3.8 %

Quick Service Restaurants 65 5.2 % 0.9 %

Automotive Service 56 4.4 % 2.6 %

Casual Dining 6 0.5 % 0.3 %

7 unchanged sentences

Other, Non-Defensive Industries

Arts & Crafts 16 4.2 % 7.0 %

Sporting Goods 10 4.8 % 4.7 %

Arts & Crafts 16 3.5 % 6.4 %

Consumer Electronics 7 2.0 % 2.5 %

Specialty 2 1.0 % 0.4 %

Apparel 6 0.8 % 1.4 %

Specialty 2 0.5 % 0.5 %

Furniture Stores 2 0.5 % 0.3 %

Telecommunications 4 0.4 % 0.2 %

Beauty Supplies 1 0.1 % 0.1 %

Gift, Novelty, and Souvenir Shops 1 0.1 % 0.1 %

2 unchanged sentences

Total, All Industries 757 100.0 % 100.0 %

(1) Excludes one vacant property.

(1) Excludes one vacant property and three properties under development.

(2) Certain figures in this table may not foot due to rounding.

3 unchanged sentences

The following table presents ABR by state for our portfolio as of December 31, 2025:

Tenant State Number of Leases (1)

% of Total ABR % of Total Gross Leasable Area (2)

Tenant State Number of Investments (1)

% of Total ABR (2)

% of Total Gross Leasable Area (2) (3)

Texas 102 17.3 % 10.4 %

5 unchanged sentences

Alabama 50 3.9 % 3.7 %

Indiana 30 3.9 % 3.5 %

Florida 24 3.9 % 2.7 %

Ohio 37 3.8 % 5.2 %

1 unchanged sentence

Virginia 16 3.4 % 2.2 %

Indiana 20 3.6 % 3.6 %

Florida 30 3.4 % 2.6 %

Louisiana 18 3.1 % 3.9 %

Michigan 18 2.5 % 3.4 %

Mississippi 21 2.4 % 4.0 %

California 12 2.6 % 2.0 %

Oregon 3 2.0 % 1.2 %

Mississippi 19 2.1 % 3.8 %

Michigan 16 2.0 % 3.0 %

South Carolina 17 1.8 % 2.7 %

New Jersey 6 1.2 % 0.7 %

Washington 5 1.1 % 1.1 %

Arizona 7 1.5 % 1.1 %

Oklahoma 14 1.4 % 1.4 %

Missouri 13 1.3 % 0.5 %

138 15.5 % 17.8 %

Total 757 100.0 % 100.0 %

(1) Excludes one vacant property.

(1) Excludes one vacant property and three properties under development.

(2) Certain figures in this table may not foot due to rounding.

(3) Square feet.

25 unchanged sentences

Total 676 $ 186,427 100.0 % 13,291,810 100.0 %

(1) Excludes one vacant property and 76 investments that secure mortgage loans receivable.

(1) Excludes one vacant property, three properties under development, and 81 investments that secure mortgage loans receivable.

(2) Certain figures in this table may not foot due to rounding.

During 2024, rent commenced on 23 completed property developments.

As of December 31, 2024, we had five property developments with rent expected to commence at various dates throughout 2025.

During 2025, rent commenced on three completed property developments.

As of December 31, 2025, we had three property developments under construction, with rent expected to commence at various dates throughout 2026.

The following table illustrates actual and anticipated rent commencement of those developments.

Tenant Industry Location Lease Term (Years) Actual or Anticipated Rent Commencement

Dollar Stores (multiple programs) Various (9 completed) 10 to 15 Commenced 1Q'24

Farm Supplies Malakoff, TX 20 Commenced 1Q'24

Dollar Stores (multiple programs) Various (5 completed) 15 Commenced 2Q'24

Automotive Service (multiple locations) Various (1 completed) 10 to 15 Commenced 2Q'24

Home Improvement Butte, MT 15 Commenced 3Q'24

Dollar Stores (multiple programs) Various (2 completed) 15 Commenced 3Q'24

Automotive Service (multiple locations) Various (1 completed) 15 Commenced 3Q'24

Dollar Stores (multiple programs) Various (2 completed) 10 to 15 Commenced 4Q'24

Automotive Service (multiple locations) Various (1 completed) 15 Commenced 4Q'24

Dollar Stores (multiple programs) Various (1 in progress) 10 1Q'25 to 2Q'25

Automotive Service (multiple locations) Various (3 in progress) 15 1Q'25 to 2Q'25

Pet Supplies Sumter, SC 10 1Q'25

Automotive Service Mobile, AL 15 Commenced 1Q'25

Pet Supplies Sumter, SC 10 Commenced 2Q'25

Automotive Service Cedar Rapids, IA 15 Commenced 2Q'25

Automotive Service Whitestown, IN 15 2Q'26

Automotive Service Goldsboro, NC 15 3Q'26

Health and Fitness Fort Worth, TX 20 4Q'26

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

What changed 10-K

Item 2. Properties