What changed in this filing

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Item 9A. Controls and Procedures

2022-02-24 compared with 2021-03-04 · 295 added, 145 removed, 285 unchanged (61% of the section changed)

4 unchanged sentences

Management’s Annual Report on Internal Control Over Financial Reporting.

This annual report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the Company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

The management of the Company 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.

Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of financial statements for external purposes in accordance with U.S.

Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected.

Under the supervision and with the participation of management, including the principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, management has concluded that the Company’s internal control over financial reporting was effective as of December 31, 2021.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2021 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in its report, which is included under Item 8 of this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting.

During the period covered by this report, there have been no changes in our internal control over financial reporting identified in connection with the evaluation described above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the period covered by this report, there have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation described above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Other Information

On March 3, 2021, the Compensation Committee (the “Committee”) of the Board of Directors of the Company adopted an Alignment of Interest Program (the “Program”) pursuant to the NETSTREIT Corp.

2019 Omnibus Incentive Compensation Plan (the “Omnibus Plan”).

The Program allows individuals who are eligible to receive awards under the Omnibus Plan, as selected by the Committee from time to time, to elect to receive restricted stock units (“RSUs”) under the Omnibus Plan in lieu of a specified percentage of cash

compensation.

The amount of compensation that a participant elects to reduce will be applied to the issuance of an award of RSUs under the Omnibus Plan (the “Alignment RSUs”), and the participant will receive an additional award of RSUs under the Omnibus Plan based upon a multiple of the Alignment RSUs (the “Vesting Multiple”) that corresponds to the length of the vesting period selected by the participant (the “Additional RSUs,” and collectively with the Alignment RSUs, the “Awarded RSUs”).

The number of Alignment RSUs will be determined as of the second business day following the release of the Company’s fourth quarter earnings for the most recently completed fiscal year, or, if such date is not a trading day, then the trading day immediately following such date, and the Awarded RSUs will be granted to a participant as soon as administratively feasible following such date.

The Committee will determine the minimum and maximum percentage of each compensation type that may be reduced and applied to Alignment RSUs, the lengths of the vesting periods and the corresponding Vesting Multiples that may apply under the Program.

Currently, participants may elect to receive Alignment RSUs in lieu of 10%, 25% or 50% of short-term incentive compensation that is earned with respect to a fiscal year, with the number of Additional RSUs being determined by application of a Vesting Multiple of 0.25x.

Awarded RSUs will vest over three years, in substantially equal annual installments, generally subject to continued provision of services.

As set forth in the form of RSU agreement governing the Awarded RSUs (the “Form of Alignment of Interest RSU Agreement”), the event of a termination by the Company without “cause” or a resignation for “good reason” (each as defined in the Omnibus Plan), the Awarded RSUs will immediately vest in full.

Mark Manheimer, the Company’s President and Chief Executive Officer, and Andy Blocher, the Company’s Chief Financial Officer and Treasurer, along with certain other selected employees of the Company, are eligible to participate in the Program.

Each of Messrs.

Manheimer and Blocher have elected to receive Alignment RSUs in lieu of 50% of their short-term incentive compensation with respect to the Company’s 2020 fiscal year.

The foregoing descriptions of the Program and the Form of Alignment of Interest RSU Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Program and the Form of Alignment of Interest RSU Agreement, each of which are filed herewith as Exhibits 10.15 and 10.16, respectively.

On February 22, 2022, the Company entered into amended and restated employment agreements (the “Agreements”) with each of Mark Manheimer, the Company’s President and Chief Executive Officer, and Andy Blocher, the Company’s Chief Financial Officer and Treasurer (each, an “Executive”).

Pursuant to their respective Agreements, Mr.

Manheimer is entitled to a base salary of $600,000, and Mr.

Blocher is entitled to a base salary of $375,000.

Each Agreement provides for a three-year term, with automatic one-year renewals thereafter unless either party provides 60 days’ notice of intent not to renew the term.

The Company’s non-renewal of the term will constitute a termination without cause (as defined in each Agreement).

In the event that either Executive’s employment is terminated without cause or for good reason (as defined in each Agreement), he will receive cash severance equal to two times the sum of his base salary and his target bonus opportunity, any earned but unpaid annual bonus with respect to the year prior to the year of the termination, a pro rata bonus for the year of the termination (based on actual performance), accelerated vesting of certain equity awards, and Company payment of the cost of continued health coverage for up to 18 months post-termination.

If the termination without cause or for good reason occurs at the time of or within the 12 months following a change in control (as defined in the Company’s 2019 Omnibus Incentive Plan), each Executive’s cash severance would instead be equal to the sum of three times the sum of his respective base salary and target bonus opportunity.

In the event of a termination due to either Executive’s death or disability (as defined in each Agreement), he will receive a cash payment equal to two months’ base salary, any earned but unpaid annual bonus with respect to the year prior to the year of the termination, a pro rata bonus for the year of the termination (based on actual performance), accelerated vesting of certain equity awards, and Company payment of the cost of continued health coverage for up to 18 months.

In addition, pursuant to the Agreements, each Executive will be subject to certain restrictive covenants relating to non-competition and non-solicitation of customers and employees for up to one year following a termination of employment.

The foregoing description of the Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreements, each of which is filed herewith as Exhibits 10.6 and 10.8, respectively.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Executive Officers and Corporate Governance

The information required by this item will be included in our definitive Proxy Statement for the 2021 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

The information required by this item will be included in the sections entitled “Directors and Management” and “Corporate Governance” of our definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

The Annual Meeting of Stockholders is presently scheduled to be held on May 19, 2022.

Executive Compensation

The information required by this item will be included in the sections entitled “Compensation Discussion and Analysis,” “Executive Compensation,” “Corporate Governance - Director Compensation,” “Corporate Governance - Other Board Information - Compensation Committee Interlocks” and “Compensation Committee Report” of our definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Except as set forth herein, the information required by this item will be included in the section entitled “Corporate Governance - Security Ownership of Certain Beneficial Owners, Directors and Management” of our definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

Equity Compensation Plan Information

Except as set forth herein, the information required by Item 12 is incorporated by reference herein to the Proxy Statement section entitled "Directors and Corporate Governance - Security Ownership of Certain Beneficial Owners, Directors and Management."

The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2021:

8 unchanged sentences

(2) Includes 587,054 shares that employees and non-employee directors have the right to acquire upon the vesting of the equivalent RSUs that they have been awarded under our 2019 Omnibus Incentive Compensation Plan.

The other information required by this item will be included in our definitive Proxy Statement for the 2021 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

Certain Relationships and Related Transactions, and Director Independence

The information required by this item will be included in the sections entitled “Certain Relationships and Related Party Transactions” and “Corporate Governance - Independence of Directors” of our definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

Principal Accountant Fees and Services

Our independent registered public accounting firm is KPMG LLP , Dallas, Texas , Auditor Firm ID:

The information required by this item will be included in the section entitled “Fees of Independent Accountants” of our definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference.

Exhibit and Financial Statement Schedules

15(a)(1) The following documents are filed as a part of this Annual Report on Form 10-K:

Report of Independent Registered Public Accounting Firm

Reports of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of December 31, 202 1 and 20 20

12 unchanged sentences

333-239911) filed on July 17, 2020).

3.3 Articles Supplementary of NETSTREIT Corp.

(incorporated by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form S-11 (File No.

333-239911) filed on July 17, 2020).

3.4 Articles Supplementary of NETSTREIT Corp.

(incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on August 21, 2020).

3.3 Amended and Restated Bylaws of NETSTREIT Corp.

1 unchanged sentence

4.1 Description of NETSTREIT Corp.’s Securities.

(incorporated by reference to Exhibit 4.1 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2020).

4.2 Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement on Form S-11 (File No.

14 unchanged sentences

333-239911) filed on July 17, 2020).

10.6*† Amended and Restated Employment Agreement, dated February 22, 2022, between NETSTREIT Management, LLC and Mark Manheimer.

10.7† Employment Agreement, dated January 6, 2020, between NETSTREIT Management, LLC (f/k/a EBA EverSTAR Management, LLC) and Andrew Blocher (incorporated by reference to Exhibit 10.6 to the Registrant’s Registration Statement on Form S-11 (File No.

333-239911) filed on July 17, 2020).

10.8*† Amended and Restated Employment Agreement, dated February 22, 2022, between NETSTREIT Management, LLC and Andrew Blocher.

10.9† NETSTREIT Corp.

12 unchanged sentences

10.13† Form of NETSTREIT Corp.

2019 Omnibus Incentive Compensation Plan Post-Initial Public Offering Employee Restricted Stock Unit Grant Agreement.

2019 Omnibus Incentive Compensation Plan Post-Initial Public Offering Employee Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.16 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2020).

10.14 Tax Protection Agreement, dated December 23, 2019, by and among NETSTREIT Corp., NETSTREIT, L.P., Hillview Way, LLC and Mayfield Road Group, LLC (incorporated by reference to Exhibit 10.12 to Amendment No.

1 unchanged sentence

333-239911) filed on August 5, 2020).

10.13 Facilities Agreement, dated December 23, 2019, by and between EBA OpCO, LLC and NETSTREIT Corp.

(incorporated by reference to Exhibit 10.11 to the Registrant’s Registration Statement on Form S-11 (File No.

333-239911) filed on July 17, 2020).

10.15# Conformed Credit Agreement, dated December 23, 2019, by and among NETSTREIT, L.P., NETSTREIT Corp., the financial institutions party thereto, Wells Fargo Bank, National Association, KeyBank National Association and Capital One, National Association, Trust Bank, Bank of Montreal, U.S.

2 unchanged sentences

333-239911) filed on August 5, 2020).

10.16 Amendment No.

4 to Credit Agreement, dated August 2, 2021, to Credit Agreement, dated December 23, 2019, by and among NETSTREIT, L.P., NETSTREIT Corp.

and the financial institutions party thereto (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).

10.17 Amendment No.

5 to Credit Agreement, dated August 30, 2021, to Credit Agreement, dated December 23, 2019, by and among NETSTREIT, L.P., NETSTREIT Corp.

and the financial institutions party thereto (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).

10.18† NETSTREIT Corp.

Alignment of Interest Program under the 2019 Omnibus Incentive Compensation Plan.

Alignment of Interest Program under the 2019 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.15 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2020).

10.19† Form of NETSTREIT Corp.

2019 Omnibus Incentive Compensation Plan (Alignment of Interest Program) Restricted Stock Unit Grant Agreement.

2019 Omnibus Incentive Compensation Plan (Alignment of Interest Program) Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.11 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2020).

10.20† Form of 2021 Performance Stock Unit Agreement under the NETSTREIT Corp.

2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021).

10.21*† Form of Performance Stock Unit Agreement under the NETSTREIT Corp.

2019 Omnibus Incentive Plan .

21.1 List of Subsidiaries of NETSTREIT Corp.

15 unchanged sentences

** Submitted electronically with the report.

*** Furnished, not filed.

Management contract or compensatory plan or arrangement.

6 unchanged sentences

/s/ MARK MANHEIMER Date:

March 4, 2021

February 24, 2022

Mark Manheimer

5 unchanged sentences

/s/ MARK MANHEIMER Date:

March 4, 2021

February 24, 2022

Mark Manheimer

2 unchanged sentences

/s/ ANDREW BLOCHER Date:

March 4, 2021

February 24, 2022

Andrew Blocher

2 unchanged sentences

/s/ PATRICIA MCBRATNEY Date:

March 4, 2021

February 24, 2022

Patricia McBratney

2 unchanged sentences

/s/ TODD MINNIS Date:

March 4, 2021

February 24, 2022

Chairman of the Board of Directors

/s/ MATTHEW TROXELL Date:

March 4, 2021

February 24, 2022

Matthew Troxell

/s/ LORI WITTMAN Date:

March 4, 2021

February 24, 2022

/s/ ROBIN ZEIGLER Date:

March 4, 2021

February 24, 2022

Robin Zeigler

/s/ HEIDI EVERETT Date:

March 4, 2021

February 24, 2022

Heidi Everett

/s/ MICHAEL CHRISTODOLOU Date:

March 4, 2021

February 24, 2022

Michael Christodolou

8 unchanged sentences

Apparel Indianola IA $ — $ 312 $ 686 $ — $ 312 $ 686 $ 998 $ ( 63 ) 2013 12/23/2019 6 to 31 Years

Apparel Rio Grande City TX — 640 831 — 640 831 1,471 ( 77 ) 2005 12/23/2019 6 to 28 Years

Apparel Laredo TX — 590 1,207 — 590 1,207 1,797 ( 102 ) 2010 12/23/2019 6 to 32 Years

Apparel Odessa TX — 599 1,086 — 599 1,086 1,686 ( 89 ) 2012 12/23/2019 6 to 32 Years

Apparel Rio Grande City TX — 640 831 — 640 831 1,471 ( 39 ) 2005 12/23/2019 6 to 28 Years

Auto Parts Harrisonville MO — 412 1,118 — 412 1,118 1,530 ( 41 ) 2013 12/23/2019 9 to 32 Years

Auto Parts New Richmond WI — 67 1,191 — 67 1,191 1,258 ( 85 ) 2013 12/23/2019 9 to 32 Years

Automotive Services Colorado Springs CO — 429 1,056 — 429 1,056 1,485 ( 61 ) 1978 12/23/2019 10 to 19 Years

Banking Atco NJ — 780 570 — 780 570 1,350 ( 33 ) 1990 12/23/2019 9 to 18 Years

Auto Parts Harrisonville MO — 412 1,118 — 412 1,118 1,530 ( 81 ) 2013 12/23/2019 9 to 32 Years

Automotive Service Colorado Springs CO — 429 1,056 — 429 1,056 1,485 ( 120 ) 1978 12/23/2019 10 to 19 Years

Banking Elizabethtown PA — 1,264 1,486 — 1,264 1,486 2,750 ( 141 ) 1916 12/23/2019 9 to 22 Years

Banking Atco NJ — 686 1,941 — 686 1,941 2,627 ( 182 ) 1920 12/23/2019 9 to 22 Years

Banking Richwood NJ — 787 766 — 787 766 1,553 ( 37 ) 1970 12/23/2019 9 to 22 Years

Banking Vineland NJ — 620 270 — 620 270 890 ( 43 ) 1973 12/23/2019 9 to 15 Years

Banking Elizabethtown PA — 1,264 1,486 — 1,264 1,486 2,750 ( 71 ) 1916 12/23/2019 9 to 22 Years

Casual Dining Greensburg IN — 924 1,521 — 924 1,521 2,445 ( 112 ) 2007 12/23/2019 8 to 32 Years

Casual Dining Wichita KS — 1,013 1,152 — 1,013 1,152 2,165 ( 43 ) 2016 12/23/2019 12 to 32 Years

Casual Dining Marquette MI — 163 931 — 163 931 1,095 ( 39 ) 2010 12/23/2019 5 to 30 Years

Discount Retail Holland MI — 1,865 4,833 — 1,865 4,833 6,698 ( 223 ) 1994 12/23/2019 6 to 26 Years

Discount Retail St.

Joseph MO — 1,956 5,494 — 1,956 5,494 7,450 ( 508 ) 2005 12/23/2019 6 to 26 Years

Dollar Stores Deltona FL — 335 937 — 335 937 1,272 ( 36 ) 2011 12/23/2019 8 to 33 Years

Dollar Stores Lake City IA — 250 848 — 250 848 1,099 ( 33 ) 2016 12/23/2019 12 to 32 Years

Dollar Stores Strawberry Point IA — 304 852 — 304 852 1,156 ( 33 ) 2016 12/23/2019 12 to 32 Years

Discount Retail Holland MI — 1,865 4,833 — 1,865 4,833 6,698 ( 441 ) 1994 12/23/2019 6 to 26 Years

Dollar Stores Houston TX — 567 735 — 567 735 1,302 ( 63 ) 2012 12/23/2019 4 to 33 Years

Dollar Stores Indianapolis IN — 392 611 — 392 611 1,003 ( 65 ) 2013 12/23/2019 4 to 26 Years

Dollar Stores Deltona FL — 335 937 — 335 937 1,272 ( 72 ) 2011 12/23/2019 8 to 33 Years

Dollar Stores Norman OK — 417 836 — 417 836 1,252 ( 65 ) 2013 12/23/2019 9 to 33 Years

Dollar Stores Houston TX — 278 534 — 278 534 812 ( 63 ) 2004 12/23/2019 4 to 23 Years

Dollar Stores Windham OH — 332 834 — 332 834 1,166 ( 66 ) 2013 12/23/2019 9 to 31 Years

Dollar Stores McComb OH — 209 868 — 209 868 1,078 ( 67 ) 2013 12/23/2019 9 to 32 Years

Dollar Stores Birmingham OH — 210 939 — 210 939 1,149 ( 72 ) 2013 12/23/2019 9 to 32 Years

Dollar Stores Brookfield MA — 468 1,149 — 468 1,149 1,617 ( 84 ) 2014 12/23/2019 9 to 33 Years

Dollar Stores Friedens PA — 311 931 — 311 931 1,242 ( 74 ) 2014 12/23/2019 10 to 30 Years

Dollar Stores Strawberry Point IA — 304 852 — 304 852 1,156 ( 65 ) 2016 12/23/2019 12 to 32 Years

Dollar Stores Belgrade MN — 414 746 — 414 746 1,159 ( 67 ) 2016 12/23/2019 12 to 27 Years

Dollar Stores Lake City IA — 250 848 — 250 848 1,099 ( 65 ) 2016 12/23/2019 12 to 32 Years

Dollar Stores Bogue Chitto MS — 105 963 — 105 963 1,068 ( 72 ) 2013 12/23/2019 9 to 33 Years

Dollar Stores Buckatunna MS — 136 938 — 136 938 1,074 ( 35 ) 2014 12/23/2019 10 to 33 Years

Dollar Stores Hurley MS — 246 1,249 — 246 1,249 1,495 ( 94 ) 2013 12/23/2019 9 to 33 Years

Dollar Stores Meridian MS — 287 940 — 287 940 1,228 ( 69 ) 2014 12/23/2019 10 to 33 Years

Dollar Stores Birmingham OH — 210 939 — 210 939 1,149 ( 37 ) 2013 12/23/2019 9 to 32 Years

Dollar Stores McComb OH — 209 868 — 209 868 1,078 ( 34 ) 2013 12/23/2019 9 to 32 Years

Dollar Stores Windham OH — 332 834 — 332 834 1,166 ( 34 ) 2013 12/23/2019 9 to 31 Years

Dollar Stores Norman OK — 417 836 — 417 836 1,252 ( 33 ) 2013 12/23/2019 9 to 33 Years

Dollar Stores Friedens PA — 311 931 — 311 931 1,242 ( 37 ) 2014 12/23/2019 10 to 30 Years

Dollar Stores Buckatunna MS — 136 938 — 136 938 1,074 ( 69 ) 2014 12/23/2019 10 to 33 Years

Dollar Stores Cleveland TX — 209 809 — 209 809 1,017 ( 62 ) 2014 12/23/2019 10 to 33 Years

Dollar Stores Houston TX — 567 735 — 567 735 1,302 ( 32 ) 2012 12/23/2019 4 to 33 Years

Dollar Stores Houston TX — 278 534 — 278 534 812 ( 32 ) 2004 12/23/2019 4 to 23 Years

Dollar Stores Fox Lake WI — 212 882 — 212 882 1,094 ( 64 ) 2018 12/23/2019 14 to 34 Years

Drug Stores & Pharmacies Fredericksburg VA — 3,551 2,951 — 3,551 2,951 6,502 ( 193 ) 2008 12/23/2019 14 to 33 Years

Drug Stores & Pharmacies Indianapolis IN — 2,410 2,377 — 2,410 2,377 4,787 ( 181 ) 2003 12/23/2019 9 to 29 Years

Drug Stores & Pharmacies Amelia OH — 1,170 1,517 — 1,170 1,517 2,687 ( 140 ) 1999 12/23/2019 10 to 23 Years

Drug Stores & Pharmacies Clanton AL — 630 1,604 — 630 1,604 2,234 ( 116 ) 2004 12/23/2019 10 to 31 Years

Drug Stores & Pharmacies Franklin TN — 2,164 1,848 — 2,164 1,848 4,013 ( 131 ) 2004 12/23/2019 10 to 31 Years

Drug Stores & Pharmacies Hanover IN — 727 1,076 — 727 1,076 1,803 ( 103 ) 2004 12/23/2019 15 to 22 Years

Drug Stores & Pharmacies Hurricane WV — 956 1,139 — 956 1,139 2,095 ( 108 ) 2004 12/23/2019 15 to 22 Years

Drug Stores & Pharmacies Montgomery AL — 1,150 1,932 — 1,150 1,932 3,081 ( 136 ) 2004 12/23/2019 15 to 31 Years

Drug Stores & Pharmacies Warrior AL — 369 1,640 — 369 1,640 2,009 ( 116 ) 2004 12/23/2019 15 to 31 Years

Drug Stores & Pharmacies Canton GA — 658 1,789 — 658 1,789 2,447 ( 71 ) 2004 12/23/2019 15 to 27 Years

Drug Stores & Pharmacies Savannah GA — 1,746 1,651 — 1,746 1,651 3,397 ( 58 ) 1998 12/23/2019 14 to 31 Years

Drug Stores & Pharmacies Hanover IN — 727 1,076 — 727 1,076 1,803 ( 52 ) 2004 12/23/2019 15 to 22 Years

Drug Stores & Pharmacies Indianapolis IN — 2,410 2,377 — 2,410 2,377 4,787 ( 91 ) 2003 12/23/2019 9 to 29 Years

Drug Stores & Pharmacies Waterford Charter Township MI — 3,256 2,152 — 3,256 2,152 5,408 ( 168 ) 2004 12/23/2019 15 to 27 Years

Drug Stores & Pharmacies Canton GA — 658 1,789 — 658 1,789 2,447 ( 139 ) 2004 12/23/2019 15 to 27 Years

Drug Stores & Pharmacies Austin MN — 1,121 2,451 — 1,121 2,451 3,572 ( 195 ) 1989 12/23/2019 10 to 27 Years

Drug Stores & Pharmacies Albuquerque NM — 3,744 3,019 — 3,744 3,019 6,763 ( 200 ) 2010 12/23/2019 15 to 33 Years

Drug Stores & Pharmacies Amelia OH — 1,170 1,517 — 1,170 1,517 2,687 ( 71 ) 1999 12/23/2019 10 to 23 Years

Drug Stores & Pharmacies Franklin TN — 2,164 1,848 — 2,164 1,848 4,013 ( 66 ) 2004 12/23/2019 10 to 31 Years

Drug Stores & Pharmacies Savannah GA — 1,746 1,651 — 1,746 1,651 3,397 ( 115 ) 1998 12/23/2019 14 to 31 Years

Equipment Rental and Leasing Idaho Falls ID — 177 856 — 177 856 1,033 ( 82 ) 2007 12/23/2019 6 to 26 Years

Farm Supplies Llano TX — 634 1,389 — 634 1,389 2,024 ( 144 ) 2012 12/23/2019 6 to 28 Years

Description Initial Cost to Company Gross Amount as of December 31, 2021 (1), (4), (5)

2 unchanged sentences

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Drug Stores & Pharmacies Fredericksburg VA — 3,551 2,951 — 3,551 2,951 6,502 ( 98 ) 2008 12/23/2019 14 to 33 Years

Drug Stores & Pharmacies Hurricane WV — 956 1,139 — 956 1,139 2,095 ( 55 ) 2004 12/23/2019 15 to 22 Years

Equipment Rental and Leasing Idaho Falls ID — 177 856 — 177 856 1,033 ( 42 ) 2007 12/23/2019 6 to 26 Years

Farm Supplies Ottawa OH — 409 2,031 — 409 2,031 2,440 ( 77 ) 2017 12/23/2019 13 to 34 Years

Farm Supplies Wellington OH — 308 1,986 — 308 1,986 2,294 ( 75 ) 2017 12/23/2019 13 to 34 Years

Farm Supplies Llano TX — 634 1,389 — 634 1,389 2,024 ( 73 ) 2012 12/23/2019 6 to 28 Years

Farm Supplies Ballard UT — 519 2,609 — 519 2,609 3,128 ( 199 ) 2015 12/23/2019 10 to 32 Years

Furniture Stores Jacksonville FL — 1,087 2,723 — 1,087 2,723 3,810 ( 97 ) 1995 12/23/2019 9 to 32 Years

Farm Supplies Wellington OH — 308 1,986 10 308 1,996 2,304 ( 149 ) 2017 12/23/2019 13 to 34 Years

Farm Supplies Ottawa OH — 409 2,031 — 409 2,031 2,440 ( 152 ) 2017 12/23/2019 13 to 34 Years

Furniture Stores College Station TX — 1,561 4,626 — 1,561 4,626 6,188 ( 339 ) 2006 12/23/2019 9 to 31 Years

Furniture Stores Jacksonville FL — 1,087 2,723 — 1,087 2,723 3,810 ( 192 ) 1995 12/23/2019 9 to 32 Years

Gift, Novelty, and Souvenir Shops Little Rock AR — 560 1,788 — 560 1,788 2,348 ( 117 ) 2012 12/23/2019 11 to 34 Years

2 unchanged sentences

Home Improvement Pagosa Springs CO — 324 1,364 — 324 1,364 1,688 ( 92 ) 2009 12/23/2019 4 to 33 Years

Home Improvement Macon GA — 1,861 8,377 — 1,861 8,377 10,238 ( 388 ) 1997 12/23/2019 7 to 25 Years

Home Improvement Lexington NC — 2,991 4,172 — 2,991 4,172 7,163 ( 308 ) 1997 12/23/2019 6 to 15 Years

Home Improvement Aiken SC — 908 2,083 — 908 2,083 2,991 ( 79 ) 2016 12/23/2019 7 to 33 Years

Home Improvement Indian Land SC — 468 695 — 468 695 1,163 ( 27 ) 2007 12/23/2019 6 to 31 Years

Home Improvement Spartanburg SC — 329 464 — 329 464 793 ( 21 ) 1994 12/23/2019 6 to 26 Years

Home Improvement Chattanooga TN — 1,789 2,007 — 1,789 2,007 3,796 ( 179 ) 2000 12/23/2019 7 to 28 Years

Home Improvement Franklin VA — 250 732 20 250 753 1,003 ( 76 ) 1998 12/23/2019 6 to 22 Years

Quick Service Restaurants Birmingham AL — 686 996 — 686 996 1,682 ( 37 ) 1992 12/23/2019 15 to 30 Years

Quick Service Restaurants Hueytown AL — 1,019 1,011 — 1,019 1,011 2,030 ( 37 ) 2007 12/23/2019 15 to 30 Years

Home Improvement Spartanburg SC — 329 464 — 329 464 793 ( 41 ) 1994 12/23/2019 6 to 26 Years

Home Improvement Indian Land SC — 468 705 — 468 705 1,172 ( 54 ) 2007 12/23/2019 6 to 31 Years

Home Improvement Lexington NC — 2,991 4,172 — 2,991 4,172 7,163 ( 611 ) 1997 12/23/2019 6 to 15 Years

Home Improvement Aiken SC — 908 2,083 — 908 2,083 2,991 ( 156 ) 2016 12/23/2019 7 to 33 Years

Home Improvement Macon GA — 1,861 8,377 — 1,861 8,377 10,238 ( 768 ) 1997 12/23/2019 7 to 25 Years

Quick Service Restaurants Junction City KS — 473 840 — 473 840 1,313 ( 71 ) 1986 12/23/2019 15 to 25 Years

Quick Service Restaurants Jackson MS — 728 577 — 728 577 1,305 ( 49 ) 1978 12/23/2019 15 to 25 Years

Quick Service Restaurants Phenix City AL — 727 800 — 727 800 1,528 ( 53 ) 2017 12/23/2019 15 to 34 Years

Quick Service Restaurants Red Bay AL — 931 1,154 — 931 1,154 2,085 ( 40 ) 2012 12/23/2019 15 to 33 Years

Quick Service Restaurants Snead AL — 1,271 781 — 1,271 781 2,052 ( 32 ) 1997 12/23/2019 15 to 26 Years

Quick Service Restaurants Grovetown GA — 1,005 1,232 — 1,005 1,232 2,236 ( 84 ) 2013 12/23/2019 14 to 32 Years

Quick Service Restaurants Junction City KS — 473 840 — 473 840 1,313 ( 36 ) 1986 12/23/2019 15 to 25 Years

Quick Service Restaurants Marshall MN — 440 908 — 440 908 1,349 ( 64 ) 2016 12/23/2019 6 to 33 Years

Quick Service Restaurants Snead AL — 1,271 781 — 1,271 781 2,052 ( 64 ) 1997 12/23/2019 15 to 26 Years

Quick Service Restaurants Red Bay AL — 931 1,154 — 931 1,154 2,085 ( 80 ) 2012 12/23/2019 15 to 33 Years

Quick Service Restaurants Hueytown AL — 1,019 1,011 — 1,019 1,011 2,030 ( 74 ) 2007 12/23/2019 15 to 30 Years

Quick Service Restaurants Sedalia MO — 750 774 — 750 774 1,523 ( 56 ) 2007 12/23/2019 7 to 30 Years

Quick Service Restaurants Jackson MS — 728 577 — 728 577 1,305 ( 25 ) 1978 12/23/2019 15 to 25 Years

Quick Service Restaurants Shawnee OK — 712 684 — 712 684 1,396 ( 50 ) 2006 12/23/2019 7 to 30 Years

1 unchanged sentence

Discount Retail Flint MI — 554 4,982 — 554 4,982 5,536 ( 290 ) 1996 1/7/2020 8 to 35 Years

Convenience Stores Little Rock AR — 705 174 1,590 705 1,764 2,470 ( 2 ) 1962 1/14/2020 15 to 35 Years

Convenience Stores North Little Rock AR — 705 174 1,590 705 1,764 2,470 ( 66 ) 1962 1/14/2020 4 to 35 Years

Quick Service Restaurants Wood River IL — 1,707 — — 1,707 — 1,707 — 2006 1/24/2020

Arts & Crafts Hamilton OH — 1,571 5,005 — 1,571 5,005 6,576 ( 143 ) 2015 1/27/2020 11 to 35 Years

Arts & Crafts Fairfield OH — 1,571 5,005 — 1,571 5,005 6,576 ( 293 ) 2015 1/27/2020 11 to 35 Years

Quick Service Restaurants Fort Smith AR — 1,989 2,345 — 1,989 2,345 4,334 ( 161 ) 2019 1/31/2020 14 to 34 Years

Automotive Services Oswego IL — 2,417 1,209 — 2,417 1,209 3,626 ( 46 ) 2008 2/3/2020 7 to 35 Years

Automotive Service Oswego IL — 2,417 1,209 — 2,417 1,209 3,626 ( 99 ) 2008 2/3/2020 7 to 35 Years

Grocery Meyersdale PA — 1,449 3,348 — 1,449 3,348 4,798 ( 258 ) 2010 2/4/2020 10 to 30 Years

1 unchanged sentence

Casual Dining Brandon MS — 903 1,793 — 903 1,793 2,696 ( 137 ) 1997 2/5/2020 9 to 35 Years

Automotive Services Prattville AL — 305 352 — 305 352 657 ( 16 ) 1998 2/10/2020 6 to 25 Years

Automotive Services Crawfordville FL — 322 537 — 322 537 860 ( 18 ) 1998 2/10/2020 10 to 34 Years

Automotive Services Live Oak FL — 474 589 — 474 589 1,063 ( 19 ) 2000 2/10/2020 14 to 35 Years

Automotive Services Quincy FL — 419 587 — 419 587 1,006 ( 19 ) 1989 2/10/2020 11 to 34 Years

Automotive Services Merrill WI — 189 307 — 189 307 496 ( 14 ) 1992 2/10/2020 9 to 22 Years

Automotive Services New London WI — 301 448 — 301 448 750 ( 22 ) 1998 2/10/2020 6 to 20 Years

Automotive Services Wisconsin Rapids WI — 488 488 — 488 488 976 ( 14 ) 1985 2/10/2020 13 to 35 Years

Automotive Service Merrill WI — 189 307 — 189 307 496 ( 30 ) 1992 2/10/2020 9 to 22 Years

Automotive Service Prattville AL — 305 352 — 305 352 657 ( 34 ) 1998 2/10/2020 6 to 25 Years

Automotive Service New London WI — 301 448 — 301 448 750 ( 48 ) 1998 2/10/2020 6 to 20 Years

Automotive Service Crawfordville FL — 322 537 — 322 537 860 ( 38 ) 1998 2/10/2020

Automotive Service Quincy FL — 419 587 — 419 587 1,006 ( 40 ) 1989 2/10/2020 11 to 34 Years

Automotive Service Live Oak FL — 474 589 — 474 589 1,063 ( 40 ) 2000 2/10/2020 14 to 35 Years

Automotive Service Wisconsin Rapids WI — 488 488 — 488 488 976 ( 30 ) 1985 2/10/2020 13 to 35 Years

Quick Service Restaurants McKinney TX — 1,573 1,941 — 1,573 1,941 3,514 ( 133 ) 2017 3/19/2020 14 to 33 Years

Home Improvement Buckhannon WV — 358 1,262 — 358 1,262 1,619 ( 95 ) 2018 3/23/2020 8 to 35 Years

Discount Retail Tucson AZ — 2,784 2,664 — 2,784 2,664 5,448 ( 118 ) 1987 3/26/2020 11 to 20 Years

Discount Retail Longview TX — 703 2,490 — 703 2,490 3,193 ( 178 ) 1994 3/26/2020 10 to 30 Years

Discount Retail Mishawaka IN — 382 4,697 — 382 4,697 5,079 ( 249 ) 1985 3/26/2020 10 to 35 Years

Discount Retail Augusta GA — 1,569 2,202 29 1,569 2,231 3,800 ( 214 ) 1985 3/26/2020 10 to 20 Years

Discount Retail Tucson AZ — 2,784 2,664 — 2,784 2,664 5,448 ( 268 ) 1987 3/26/2020 11 to 20 Years

Convenience Stores North Little Rock AR — 1,283 1,043 835 1,283 1,878 3,161 ( 134 ) 1989 4/3/2020 3 to 35 Years

Discount Retail Tupelo MS — 992 1,986 — 992 1,986 2,979 ( 175 ) 1994 4/3/2020 4 to 30 Years

Auto Parts Roswell NM — 151 1,136 — 151 1,136 1,287 ( 66 ) 1960 4/13/2020 8 to 35 Years

Description Initial Cost to Company Gross Amount as of December 31, 2021 (1), (4), (5)

2 unchanged sentences

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Discount Retail Mishawaka IN — 382 4,697 — 382 4,697 5,079 ( 110 ) 1985 3/26/2020 10 to 35 Years

Discount Retail Longview TX — 703 2,490 — 703 2,490 3,193 ( 79 ) 1994 3/26/2020 10 to 30 Years

Convenience Stores North Little Rock AR — 1,283 1,043 835 1,283 1,878 3,161 ( 42 ) 1989 4/3/2020 3 to 35 Years

Discount Retail Tupelo MS — 992 1,986 — 992 1,986 2,979 ( 73 ) 1994 4/3/2020 4 to 30 Years

Auto Parts Roswell NM — 151 1,136 — 151 1,136 1,287 ( 27 ) 1960 4/13/2020 8 to 35 Years

Discount Retail Waco TX — 1,403 2,613 — 1,403 2,613 4,016 ( 203 ) 1986 4/17/2020 4 to 30 Years

4 unchanged sentences

Discount Retail College Station TX — 819 1,756 — 819 1,756 2,575 ( 173 ) 1993 6/8/2020 8 to 23 Years

Convenience Stores Brownsboro TX — 1,170 2,020 — 1,170 2,020 3,190 ( 39 ) 1999 6/15/2020 15 to 35 Years

Convenience Stores Chandler TX — 1,732 4,813 — 1,732 4,813 6,545 ( 99 ) 2013 6/15/2020 8 to 35 Years

Convenience Stores Chandler TX — 1,176 2,216 — 1,176 2,216 3,391 ( 52 ) 1993 6/15/2020 6 to 35 Years

Convenience Stores Chandler TX — 1,839 1,771 — 1,839 1,771 3,610 ( 40 ) 1987 6/15/2020 7 to 35 Years

Convenience Stores Grand Saline TX — 829 1,807 — 829 1,807 2,637 ( 34 ) 1990 6/15/2020 15 to 35 Years

Convenience Stores Lindale TX — 1,343 3,018 — 1,343 3,018 4,362 ( 164 ) 2011 6/15/2020 15 to 35 Years

Convenience Stores Lindale TX — 1,875 3,176 — 1,875 3,176 5,051 ( 174 ) 2005 6/15/2020 15 to 35 Years

Convenience Stores Mineola TX — 679 1,399 — 679 1,399 2,078 ( 30 ) 1995 6/15/2020 15 to 35 Years

Convenience Stores Tyler TX — 2,646 3,218 — 2,646 3,218 5,864 ( 180 ) 2009 6/15/2020 15 to 35 Years

3 unchanged sentences

Convenience Stores Tyler TX — 3,415 1,647 — 3,415 1,647 5,062 ( 96 ) 1984 6/15/2020 15 to 35 Years

Convenience Stores Tyler TX — 3,415 1,647 — 3,415 1,647 5,062 ( 34 ) 1984 6/15/2020 15 to 35 Years

Convenience Stores Brownsboro TX — 1,170 2,020 — 1,170 2,020 3,190 ( 110 ) 1999 6/15/2020 15 to 35 Years

Convenience Stores Chandler TX — 1,732 4,813 — 1,732 4,813 6,545 ( 282 ) 2013 6/15/2020 8 to 35 Years

Convenience Stores Chandler TX — 1,176 2,216 — 1,176 2,216 3,391 ( 148 ) 1993 6/15/2020 6 to 35 Years

Convenience Stores Chandler TX — 1,839 1,771 — 1,839 1,771 3,610 ( 114 ) 1987 6/15/2020 7 to 35 Years

Convenience Stores Grand Saline TX — 829 1,807 — 829 1,807 2,637 ( 97 ) 1990 6/15/2020 15 to 35 Years

Convenience Stores Mineola TX — 679 1,399 — 679 1,399 2,078 ( 86 ) 1995 6/15/2020 15 to 35 Years

Convenience Stores Whitehouse TX — 556 1,342 — 556 1,342 1,898 ( 94 ) 1989 6/15/2020 7 to 35 Years

2 unchanged sentences

Home Improvement La Quinta CA — 2,616 5,785 — 2,616 5,785 8,401 ( 554 ) 2005 6/19/2020 10 to 20 Years

Auto Parts West Peoria IL — 179 711 — 179 711 890 ( 53 ) 1995 6/29/2020 6 to 31 Years

Auto Parts Penn Hills PA — 297 631 — 297 631 927 ( 54 ) 1995 6/29/2020 8 to 29 Years

Auto Parts St.

Louis MO — 271 970 — 271 970 1,241 ( 66 ) 1998 6/29/2020 9 to 35 Years

Auto Parts Breckenridge Hills MO — 94 878 — 94 878 972 ( 46 ) 1999 6/29/2020 9 to 35 Years

Auto Parts Brunswick GA — 540 848 — 540 848 1,389 ( 58 ) 2000 6/29/2020 9 to 35 Years

Auto Parts Fort Pierce FL — 217 934 — 217 934 1,151 ( 61 ) 1997 6/29/2020 10 to 35 Years

2 unchanged sentences

Auto Parts Titusville FL — 990 586 — 990 586 1,576 ( 44 ) 1998 6/29/2020 9 to 35 Years

Auto Parts Brunswick GA — 540 848 — 540 848 1,389 ( 20 ) 2000 6/29/2020 9 to 35 Years

Auto Parts Claxton GA — 95 877 — 95 877 972 ( 48 ) 1999 6/29/2020 10 to 35 Years

Auto Parts Griffin GA — 255 851 — 255 851 1,106 ( 54 ) 1999 6/29/2020 9 to 35 Years

Auto Parts West Peoria IL — 179 711 — 179 711 890 ( 19 ) 1995 6/29/2020 6 to 31 Years

Auto Parts Gonzales LA — 557 698 — 557 698 1,255 ( 42 ) 2000 6/29/2020 7 to 35 Years

Auto Parts Breckenridge Hills MO — 94 878 — 94 878 972 ( 16 ) 1999 6/29/2020 9 to 35 Years

Auto Parts St.

Louis MO — 271 970 — 271 970 1,241 ( 23 ) 1998 6/29/2020 9 to 35 Years

Auto Parts Bay St.

2 unchanged sentences

Auto Parts Laurel MS — 147 1,026 — 147 1,026 1,173 ( 55 ) 1998 6/29/2020 9 to 35 Years

Auto Parts Penn Hills PA — 297 631 — 297 631 927 ( 19 ) 1995 6/29/2020 8 to 29 Years

General Retail Tupelo MS — 2,817 7,341 — 2,817 7,341 10,158 ( 747 ) 1992 7/2/2020 6 to 20 Years

Grocery Tupelo MS — 2,233 4,460 — 2,233 4,460 6,692 ( 137 ) 1992 7/2/2020 6 to 20 Years

Home Improvement Orland Park IL — 6,155 8,729 — 6,155 8,729 14,884 ( 712 ) 1993 7/2/2020 6 to 21 Years

Wholesale Warehouse Club Tupelo MS — 2,233 4,460 253 2,233 4,713 6,945 ( 445 ) 1992 7/2/2020 6 to 20 Years

Auto Parts Barton VT — 111 395 — 111 395 506 ( 35 ) 1890 8/28/2020 6 to 20 Years

Automotive Services Colebrook NH — 193 524 — 193 524 717 ( 12 ) 1984 8/28/2020 7 to 21 Years

Automotive Services Lancaster NH — 159 334 — 159 334 493 ( 8 ) 1970 8/28/2020 6 to 20 Years

Automotive Services Newport NH — 141 431 — 141 431 572 ( 13 ) 1979 8/28/2020 5 to 17 Years

Automotive Services Bradford VT — 114 373 — 114 373 486 ( 9 ) 1973 8/28/2020 8 to 20 Years

Description Initial Cost to Company Gross Amount as of December 31, 2020 1, 4, 5

Industry City State Encumbrances Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation 2, 6

Date of Construction Date Acquired 3

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Automotive Services Morristown VT — 187 661 — 187 661 848 ( 12 ) 1962 8/28/2020 6 to 25 Years

Automotive Services St.

Auto Parts Newport NH — 141 431 39 141 470 611 ( 46 ) 1979 8/28/2020 5 to 17 Years

Auto Parts St.

Albans VT — 161 459 — 161 459 620 ( 37 ) 1999 8/28/2020 7 to 24 Years

Auto Parts Colebrook NH — 193 524 — 193 524 717 ( 44 ) 1984 8/28/2020 7 to 21 Years

Auto Parts Lancaster NH — 159 334 — 159 334 493 ( 30 ) 1970 8/28/2020 6 to 20 Years

Auto Parts Morristown VT — 187 661 — 187 661 848 ( 46 ) 1962 8/28/2020 6 to 25 Years

Auto Parts Bradford VT — 114 373 — 114 373 486 ( 33 ) 1973 8/28/2020 8 to 20 Years

Home Improvement Salem VA — 4,615 16,885 — 4,615 16,885 21,500 ( 873 ) 2010 9/14/2020 11 to 33 Years

1 unchanged sentence

Dollar Stores Little Rock AR — 269 775 — 269 775 1,044 ( 44 ) 2009 9/28/2020 9 to 35 Years

Auto Parts Belpre OH — 375 924 — 375 924 1,298 ( 50 ) 2014 9/30/2020 8 to 35 Years

Description Initial Cost to Company Gross Amount as of December 31, 2021 (1), (4), (5)

Industry City State Encumbrances Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation (2), (4), (6)

Date of Construction Date Acquired (3)

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Auto Parts Middle River MD — 608 1,430 — 608 1,430 2,039 ( 71 ) 2016 9/30/2020 9 to 35 Years

Auto Parts Egg Harbor Township NJ — 514 1,970 — 514 1,970 2,484 ( 22 ) 2014 9/30/2020 9 to 35 Years

Auto Parts Ledgewood NJ — 703 1,433 — 703 1,433 2,136 ( 70 ) 2016 9/30/2020 11 to 35 Years

Auto Parts Egg Harbor Township NJ — 514 1,970 — 514 1,970 2,484 ( 96 ) 2014 9/30/2020 9 to 35 Years

Auto Parts Ballston Spa NY — 207 1,272 — 207 1,272 1,479 ( 64 ) 2014 9/30/2020 9 to 35 Years

Auto Parts Belpre OH — 375 924 — 375 924 1,298 ( 11 ) 2014 9/30/2020 8 to 35 Years

Auto Parts Springfield OH — 241 751 — 241 751 992 ( 46 ) 1997 9/30/2020 5 to 32 Years

Auto Parts Ebensburg PA — 281 615 — 281 615 896 ( 46 ) 1997 9/30/2020 6 to 27 Years

Auto Parts Gettysburg PA — 492 1,353 — 492 1,353 1,845 ( 16 ) 2016 9/30/2020 10 to 35 Years

Auto Parts Lewistown PA — 182 835 — 182 835 1,017 ( 44 ) 1997 9/30/2020 8 to 35 Years

Auto Parts Quarryville PA — 613 1,561 — 613 1,561 2,174 ( 72 ) 2017 9/30/2020 10 to 35 Years

Auto Parts Manchester PA — 558 1,047 — 558 1,047 1,606 ( 60 ) 2014 9/30/2020 9 to 35 Years

Auto Parts Myerstown PA — 392 1,219 — 392 1,219 1,611 ( 63 ) 2015 9/30/2020 9 to 35 Years

Auto Parts Quarryville PA — 613 1,561 — 613 1,561 2,174 ( 16 ) 2017 9/30/2020 10 to 35 Years

Auto Parts Milwaukee WI — 485 1,101 — 485 1,101 1,586 ( 12 ) 2004 9/30/2020 6 to 35 Years

Auto Parts Gettysburg PA — 492 1,353 — 492 1,353 1,845 ( 70 ) 2016 9/30/2020 10 to 35 Years

Auto Parts Milwaukee (Fond du Lac Ave) WI — 485 1,101 — 485 1,101 1,586 ( 53 ) 2004 9/30/2020 6 to 35 Years

Auto Parts Wisconsin Rapids WI — 400 988 — 400 988 1,388 ( 51 ) 2004 9/30/2020 6 to 35 Years

2 unchanged sentences

Home Improvement Fargo ND — 524 787 — 524 787 1,311 ( 44 ) 2014 9/30/2020 4 to 35 Years

Auto Parts Demotte IN — 391 942 — 391 942 1,333 ( 8 ) 2008 10/1/2020 11 to 35 Years

Auto Parts Demoote IN — 391 942 — 391 942 1,333 ( 46 ) 2008 10/1/2020 11 to 35 Years

Auto Parts Greenwood SC — 189 405 34 189 440 628 ( 34 ) 1967 10/1/2020 6 to 20 Years

7 unchanged sentences

Discount Retail Spokane Valley WA — 1,494 4,067 — 1,494 4,067 5,560 ( 180 ) 1997 12/1/2020 7 to 30 Years

Equipment Rental and Leasing LaGrange GA — 669 970 — 669 970 1,639 ( 2 ) 2018 12/3/2020 8 to 33 Years

Equipment Rental and Leasing LeGrange GA — 669 970 — 669 970 1,639 ( 43 ) 2018 12/3/2020 8 to 33 Years

Auto Parts Little Rock AR — 286 873 — 286 873 1,158 ( 33 ) 2002 12/9/2020 9 to 35 Years

Drug Stores & Pharmacies Semmes AL — 737 818 — 737 818 1,555 ( 43 ) 1999 12/11/2020 7 to 25 Years

Grocery Hopewell Junction NY — 3,785 7,139 — 3,785 7,139 10,924 ( 11 ) 1996 12/16/2020 5 to 33 Years

Grocery Beekman NY — 3,785 7,139 — 3,785 7,139 10,924 ( 281 ) 1996 12/16/2020 5 to 33 Years

Dollar Stores Johnstown PA — 153 1,234 — 153 1,234 1,387 ( 47 ) 2016 12/18/2020 9 to 35 Years

Automotive Services Bellows Falls VT — 55 817 — 55 817 872 ( 1 ) 1949 12/21/2020 8 to 30 Years

Automotive Services Enosburg Falls VT — 138 802 — 138 802 940 ( 2 ) 1895 12/21/2020 11 to 24 Years

Automotive Services South Barre VT — 295 566 — 295 566 861 ( 1 ) 1965 12/21/2020 8 to 31 Years

Auto Parts Bellows Falls VT — 55 817 — 55 817 872 ( 33 ) 1949 12/21/2020 8 to 30 Years

Auto Parts Enosburg Falls VT — 138 802 — 138 802 940 ( 40 ) 1895 12/21/2020 11 to 24 Years

Auto Parts South Barre VT — 295 566 — 295 566 861 ( 30 ) 1965 12/21/2020 8 to 31 Years

Consumer Electronics Heath OH — 1,205 2,348 — 1,205 2,348 3,552 ( 123 ) 1998 12/21/2020 4 to 30 Years

Discount Retail Dothan AL — 987 2,009 — 987 2,009 2,996 ( 142 ) 2004 12/23/2020 6 to 21 Years

Grocery Kingston MA — 3,950 — — 3,950 — 3,950 — 2002 12/23/2020

General Retail Kingston MA — 3,950 — — 3,950 — 3,950 — 2002 12/23/2020

Discount Retail Terre Haute IN — 940 2,525 — 940 2,525 3,465 ( 147 ) 1989 12/28/2020 7 to 22 Years

Wine, Beer, Spirits Rowlett TX — 1,654 2,882 — 1,654 2,882 4,536 ( 5 ) 1997 12/28/2020 8 to 35 Years

Casual Dining Warner Robins GA — 2,279 — — 2,279 — 2,279 — 2020 12/29/2020

Wine, Beer, Spirits Dallas TX — 1,611 2,123 — 1,611 2,123 3,734 ( 3 ) 1987 12/29/2020 11 to 35 Years

Grocery Rowlett TX — 1,654 2,882 — 1,654 2,882 4,536 ( 118 ) 1997 12/28/2020 9 to 35 Years

Grocery Dallas TX — 1,611 2,123 — 1,611 2,123 3,734 ( 77 ) 1987 12/29/2020 10 to 35 Years

Quick Service Restaurants Warner Robins GA — 2,279 — — 2,279 — 2,279 — 2020 12/29/2020

Dollar Stores Chester PA — 697 876 — 697 876 1,573 ( 64 ) 1996 12/31/2020 5 to 22 Years

Home Improvement Benton Harbor MI — 170 1,338 — 170 1,338 1,507 ( 53 ) 2020 1/13/2021

Healthcare Schnecksville PA — 195 3,111 — 195 3,111 3,306 ( 95 ) 2018 1/29/2021 9 to 35 Years

Convenience Stores Palm Coast FL — 1,485 2,356 — 1,485 2,356 3,841 ( 77 ) 2020 2/12/2021 11 to 35 Years

Dollar Stores Birmingham AL — 189 1,031 — 189 1,031 1,220 ( 38 ) 2013 2/12/2021

Dollar Stores Ocoee FL — 336 1,145 — 336 1,145 1,481 ( 41 ) 2013 2/12/2021 7 to 35 Years

Dollar Stores Florida city FL — 588 1,338 — 588 1,338 1,927 ( 44 ) 2012 2/12/2021 6 to 35 Years

Dollar Stores Waycross GA — 170 1,172 — 170 1,172 1,342 ( 43 ) 2013 2/12/2021 6 to 35 Years

Auto Parts Bridgeport CT — 291 1,080 — 291 1,080 1,371 ( 31 ) 1972 2/22/2021 7 to 35 Years

Dollar Stores Thomasville NC — 381 795 — 381 795 1,177 ( 39 ) 1956 3/24/2021 8 to 24 Years

Dollar Stores Pertersburg VA — 235 1,137 — 235 1,137 1,373 ( 36 ) 1997 3/24/2021 8 to 35 Years

Description Initial Cost to Company Gross Amount as of December 31, 2021 (1), (4), (5)

Industry City State Encumbrances Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation (2), (4), (6)

Date of Construction Date Acquired (3)

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Equipment Rental and Leasing Hilliard OH — 839 1,148 — 839 1,148 1,987 ( 43 ) 2014 3/25/2021 9 to 35 Years

Auto Parts Utica NY — 372 1,177 — 372 1,177 1,549 ( 37 ) 1996 3/26/2021 8 to 34 Years

Automotive Service Wichita KS — 990 959 — 990 959 1,949 ( 29 ) 2000 3/26/2021 6 to 33 Years

Discount Retail Brunswick GA — 585 1,731 117 585 1,847 2,432 ( 134 ) 1968 3/26/2021 5 to 15 Years

Discount Retail Houma LA — 306 1,349 154 306 1,503 1,809 ( 43 ) 1998 3/29/2021 7 to 23 Years

Auto Parts Bellingham MA — 1,457 970 — 1,457 970 2,427 ( 30 ) 2008 3/30/2021 7 to 35 Years

General Retail Greece NY — 1,751 6,212 — 1,751 6,212 7,963 ( 352 ) 1991 3/30/2021 9 to 17 Years

Arts & Crafts Olympia WA — 2,025 4,763 — 2,025 4,763 6,788 ( 178 ) 1978 3/31/2021 7 to 26 Years

Arts & Crafts Springfield IL — 886 3,685 — 886 3,685 4,571 ( 211 ) 1989 3/31/2021 8 to 20 Years

Arts & Crafts Fort Dodge IA — 532 2,062 65 532 2,128 2,660 ( 134 ) 1985 3/31/2021 8 to 15 Years

Auto Parts Bethel VT — 67 278 — 67 278 345 ( 13 ) 1948 3/31/2021 5 to 20 Years

Auto Parts Springfield VT — 193 779 — 193 779 972 ( 28 ) 1975 3/31/2021 8 to 29 Years

Discount Retail Fort Dodge IA — 224 857 — 224 857 1,081 ( 60 ) 1985 3/31/2021 4 to 15 Years

Dollar Stores Toledo OH — 174 961 — 174 961 1,135 ( 41 ) 1972 3/31/2021 6 to 30 Years

Dollar Stores Franklin OH — 159 535 — 159 535 694 ( 30 ) 2005 3/31/2021 3 to 25 Years

Drug Stores & Pharmacies Spencer IN — 1,648 2,433 — 1,648 2,433 4,081 ( 75 ) 2010 3/31/2021 8 to 35 Years

Drug Stores & Pharmacies Indianapolis IN — 371 2,056 — 371 2,056 2,426 ( 55 ) 1997 3/31/2021 6 to 35 Years

Farm Supplies Olympia WA — 2,140 3,491 — 2,140 3,491 5,631 ( 139 ) 1978 3/31/2021 5 to 30 Years

Gilead OH — 688 2,316 — 688 2,316 3,004 ( 154 ) 1988 3/31/2021 2 to 16 Years

Grocery Rio Rancho NM — 1,759 3,055 — 1,759 3,055 4,815 ( 89 ) 2020 3/31/2021 11 to 35 Years

Home Improvement Merrillville IN — 378 2,743 — 378 2,743 3,121 ( 80 ) 2007 3/31/2021 9 to 35 Years

Drug Stores & Pharmacies Hemingway SC — 97 1,337 — 97 1,337 1,434 ( 40 ) 1985 4/16/2021 8 to 30 Years

Auto Parts Rocky Mount NC — 711 — — 711 — 711 — 2009 4/23/2021

Drug Stores & Pharmacies Kenosha WI — 1,159 3,231 42 1,159 3,272 4,431 ( 92 ) 1985 4/30/2021 7 to 28 Years

Convenience Stores Georgetown SC — 294 1,485 — 294 1,485 1,779 ( 40 ) 1996 5/6/2021 7 to 30 Years

Convenience Stores Portola CA — 1,897 2,199 — 1,897 2,199 4,097 ( 55 ) 1993 5/7/2021 10 to 33 Years

Convenience Stores Jamestown CA — 1,373 1,753 — 1,373 1,753 3,126 ( 50 ) 1977 5/11/2021 12 to 27 Years

Discount Retail Kingsport TN — 789 1,470 — 789 1,470 2,259 ( 62 ) 1963 5/11/2021 8 to 18 Years

Convenience Stores Auburn CA — 415 785 — 415 785 1,200 ( 22 ) 1962 5/12/2021 15 to 27 Years

Convenience Stores Wallace CA — 1,412 1,729 — 1,412 1,729 3,141 ( 50 ) 1979 5/13/2021 10 to 27 Years

Convenience Stores Colfax CA — 896 1,527 — 896 1,527 2,423 ( 44 ) 1968 5/14/2021 12 to 27 Years

Convenience Stores Penn Valley CA — 2,314 2,609 — 2,314 2,609 4,923 ( 69 ) 1990 5/14/2021 11 to 33 Years

Discount Retail Fond Du Lac WI — 1,400 1,509 — 1,400 1,509 2,909 ( 2 ) 2021 5/18/2021 10 to 35 Years

Convenience Stores Angels Camp CA — 548 1,209 — 548 1,209 1,757 ( 33 ) 1981 5/27/2021 12 to 27 Years

Arts & Crafts Heath OH — 383 3,603 — 383 3,603 3,986 ( 91 ) 1998 6/17/2021 7 to 29 Years

Dollar Stores Indianapolis IN — 226 1,130 — 226 1,130 1,355 ( 23 ) 2021 6/21/2021 10 to 35 Years

Grocery Monroe WI — 848 7,535 21 848 7,556 8,404 ( 161 ) 2004 6/22/2021 8 to 30 Years

Quick Service Restaurants Bardstown KY — 926 1,291 — 926 1,291 2,218 ( 30 ) 1985 6/23/2021 9 to 30 Years

Consumer Electronics Brownsville TX — 1,596 5,146 — 1,596 5,146 6,742 ( 105 ) 2001 6/25/2021 5 to 35 Years

Consumer Electronics Toledo OH — 766 3,535 24 766 3,559 4,325 ( 90 ) 1992 6/25/2021 5 to 27 Years

Dollar Stores Dayton OH — 285 1,154 — 285 1,154 1,439 ( 25 ) 2000 6/28/2021 8 to 35 Years

Dollar Stores Schenectady NY — 249 1,451 — 249 1,451 1,700 ( 28 ) 1997 6/28/2021 9 to 35 Years

Dollar Stores Dryden NY — 286 1,109 — 286 1,109 1,395 ( 27 ) 2013 6/28/2021 7 to 35 Years

Dollar Stores Prattsburgh NY — 124 1,364 — 124 1,364 1,488 ( 34 ) 2014 6/28/2021 8 to 35 Years

Dollar Stores Germantown NY — 241 1,620 — 241 1,620 1,861 ( 33 ) 2020 6/28/2021 10 to 35 Years

Dollar Stores Lanesborough MA — 373 1,188 — 373 1,188 1,561 ( 30 ) 2013 6/28/2021 8 to 35 Years

Dollar Stores Mayfield NY — 260 1,206 — 260 1,206 1,466 ( 29 ) 2015 6/28/2021 9 to 35 Years

Dollar Stores Ballston Spa NY — 231 1,242 — 231 1,242 1,473 ( 27 ) 2015 6/28/2021 9 to 35 Years

Dollar Stores Trotwood OH — 361 768 — 361 768 1,129 ( 22 ) 2012 6/28/2021 6 to 35 Years

Consumer Electronics Burbank IL — 3,116 6,171 — 3,116 6,171 9,286 ( 171 ) 1997 6/29/2021 6 to 30 Years

Discount Retail Southgate MI — 589 2,489 — 589 2,489 3,077 ( 85 ) 1969 6/29/2021 7 to 20 Years

Dollar Stores Oklahoma City OK — 531 1,158 — 531 1,158 1,689 ( 27 ) 1981 6/29/2021 8 to 29 Years

Description Initial Cost to Company Gross Amount as of December 31, 2021 (1), (4), (5)

Industry City State Encumbrances Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation (2), (4), (6)

Date of Construction Date Acquired (3)

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Home Improvement Alsip IL — 353 1,092 — 353 1,092 1,445 ( 22 ) 2015 6/29/2021 4 to 35 Years

Quick Service Restaurants Oklahoma City OK — 740 — — 740 — 740 — 2008 6/29/2021

Arts & Crafts Washington PA — 875 4,924 — 875 4,924 5,799 ( 97 ) 2014 6/30/2021 6 to 34 Years

Discount Retail Bowling Green KY — 1,917 3,629 — 1,917 3,629 5,545 ( 78 ) 1989 6/30/2021 9 to 35 Years

Dollar Stores Columbus OH — 260 1,166 — 260 1,166 1,426 ( 20 ) 2005 7/16/2021 9 to 35 Years

Auto Parts Houma LA — 181 1,257 — 181 1,257 1,438 ( 16 ) 2009 8/10/2021 10 to 35 Years

Arts & Crafts Sumter SC — 1,614 2,576 — 1,614 2,576 4,191 ( 65 ) 1975 8/23/2021 7 to 22 Years

Discount Retail Sumter SC — 959 1,519 — 959 1,519 2,478 ( 39 ) 1975 8/23/2021 7 to 22 Years

Discount Retail California MD — 241 1,984 — 241 1,984 2,225 ( 19 ) 2001 9/8/2021 5 to 35 Years

Quick Service Restaurants Danville IN — 830 1,132 — 830 1,132 1,962 ( 16 ) 2021 9/13/2021 10 to 30 Years

Healthcare Houston TX — 798 3,318 — 798 3,318 4,116 ( 34 ) 1993 9/14/2021 8 to 35 Years

Dollar Stores Iva SC — 105 880 — 105 880 985 ( 10 ) 2005 9/20/2021 5 to 35 Years

Discount Retail Dunbar WV — 318 1,982 — 318 1,982 2,300 ( 27 ) 2017 9/30/2021 6 to 26 Years

Dollar Stores Akron OH — 130 691 — 130 691 821 ( 9 ) 1946 9/30/2021 7 to 28 Years

Drug Stores & Pharmacies Cottonwood AZ — 2,158 2,681 — 2,158 2,681 4,839 ( 28 ) 1999 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Peoria AZ — 988 2,438 — 988 2,438 3,427 ( 28 ) 1999 9/30/2021 5 to 33 Years

Drug Stores & Pharmacies Overland Park KS — 657 2,038 — 657 2,038 2,695 ( 26 ) 1998 9/30/2021 5 to 28 Years

Drug Stores & Pharmacies Louisville KY — 904 2,489 — 904 2,489 3,393 ( 27 ) 1998 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Rio Rancho NM — 2,278 2,377 — 2,278 2,377 4,655 ( 26 ) 2000 9/30/2021 5 to 33 Years

Drug Stores & Pharmacies Mentor OH — 1,348 2,647 — 1,348 2,647 3,996 ( 29 ) 1997 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Moline IL — 1,915 2,860 — 1,915 2,860 4,775 ( 30 ) 2000 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Decatur IL — 702 2,878 — 702 2,878 3,581 ( 29 ) 1999 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Hammond IN — 1,073 3,207 — 1,073 3,207 4,280 ( 33 ) 2000 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Edinburg TX — 1,544 2,108 — 1,544 2,108 3,653 ( 22 ) 2000 9/30/2021 5 to 35 Years

Drug Stores & Pharmacies Rockford IL — 295 1,735 — 295 1,735 2,030 ( 23 ) 1991 9/30/2021 8 to 28 Years

Drug Stores & Pharmacies Chicago IL — 1,788 2,720 — 1,788 2,720 4,508 ( 33 ) 1997 9/30/2021 7 to 30 Years

Drug Stores & Pharmacies Jerseyville IL — 1,981 3,282 — 1,981 3,282 5,263 ( 34 ) 2014 9/30/2021 10 to 35 Years

Healthcare Rantoul IL — 92 1,671 — 92 1,671 1,763 ( 21 ) 2011 9/30/2021 10 to 35 Years

Healthcare Danville IL — 130 1,584 — 130 1,584 1,714 ( 17 ) 2020 9/30/2021 10 to 35 Years

Healthcare Urbana IL — 674 1,294 — 674 1,294 1,968 ( 14 ) 2018 9/30/2021 8 to 35 Years

Grocery Slidell LA — 1,159 3,444 — 1,159 3,444 4,603 ( 44 ) 1995 10/13/2021 6 to 22 Years

Grocery Slidell LA — 1,723 3,305 — 1,723 3,305 5,027 ( 48 ) 1999 10/13/2021 6 to 20 Years

Discount Retail Oakwood OH — 283 2,035 — 283 2,035 2,318 ( 29 ) 1991 10/20/2021 7 to 17 Years

Casual Dining Avondale IL — 3,073 — — 3,073 — 3,073 — 2014 10/25/2021

Health and Fitness Avondale IL — 3,947 10,398 — 3,947 10,398 14,345 — 1984 10/25/2021 12 to 35 Years

Home Improvement Avondale IL — 9,146 13,194 — 9,146 13,194 22,340 ( 94 ) 1984 10/25/2021 12 to 35 Years

Home Improvement Racine WI — 1,898 7,247 — 1,898 7,247 9,145 ( 104 ) 1991 10/27/2021 2 to 18 Years

Arts & Crafts Flagstaff AZ — 988 7,797 — 988 7,797 8,785 ( 58 ) 1979 10/28/2021 7 to 35 Years

Discount Retail Oroville CA — 405 3,123 — 405 3,123 3,528 ( 27 ) 1999 10/28/2021 7 to 33 Years

Equipment Rental and Leasing Warner Robins GA — 425 1,820 — 425 1,820 2,245 ( 18 ) 2021 10/28/2021 10 to 35 Years

Home Improvement Germantown WI — 671 1,549 — 671 1,549 2,219 ( 29 ) 1995 10/28/2021 6 to 20 Years

Home Improvement Green Bay WI — 292 1,070 — 292 1,070 1,362 ( 15 ) 1992 10/28/2021 7 to 20 Years

Equipment Rental and Leasing Cortland OH — 199 1,913 — 199 1,913 2,111 ( 9 ) 2015 11/15/2021 9 to 35 Years

Consumer Electronics Baton Rouge LA — 5,057 3,647 — 5,057 3,647 8,704 ( 27 ) 1997 11/24/2021 1 to 26 Years

Dollar Stores Springfield OH — 435 206 52 435 258 693 ( 4 ) 1950 11/24/2021 2 to 8 Years

Dollar Stores Oklahoma City OK — 295 664 — 295 664 960 ( 2 ) 2006 12/8/2021 5 to 23 Years

Dollar Stores Harper Woods MI — 627 1,165 — 627 1,165 1,792 ( 2 ) 1972 12/9/2021 4 to 30 Years

Automotive Service Middletown OH — 342 632 — 342 632 974 ( 1 ) 1974 12/10/2021 6 to 25 Years

Automotive Service Hamilton OH — 321 1,122 — 321 1,122 1,442 ( 2 ) 1922 12/10/2021 7 to 25 Years

Description Initial Cost to Company Gross Amount as of December 31, 2021 (1), (4), (5)

Industry City State Encumbrances Land Building and Improvements Cost Capitalized Subsequent to Acquisition Land Building and Improvements Total Accumulated Depreciation (2), (4), (6)

Date of Construction Date Acquired (3)

Life on Which Depreciation in Statements of Operations and Comprehensive Income (Loss) is Computed

Automotive Service Hamilton OH — 393 1,003 — 393 1,003 1,395 ( 2 ) 1964 12/10/2021 7 to 23 Years

Dollar Stores Columbus GA — 173 967 — 173 967 1,140 ( 2 ) 2003 12/13/2021 6 to 31 Years

Dollar Stores Phenix City AL — 176 980 — 176 980 1,156 ( 2 ) 2005 12/13/2021 4 to 35 Years

Drug Stores & Pharmacies Gales Ferry CT — 1,687 2,326 — 1,687 2,326 4,013 ( 5 ) 2012 12/21/2021 6 to 31 Years

Drug Stores & Pharmacies St.

Joseph MI — 2,494 2,671 — 2,494 2,671 5,165 ( 4 ) 2015 12/21/2021 7 to 35 Years

Drug Stores & Pharmacies El Centro CA — 890 4,656 — 890 4,656 5,546 ( 7 ) 2002 12/21/2021 6 to 35 Years

Drug Stores & Pharmacies Groton CT — 1,195 3,833 — 1,195 3,833 5,028 ( 6 ) 2004 12/21/2021 7 to 35 Years

Discount Retail Bowie MD — 1,782 3,344 — 1,782 3,344 5,126 ( 6 ) 1996 12/22/2021 6 to 32 Years

Discount Retail Grand Island NE — 337 2,333 — 337 2,333 2,670 ( 3 ) 1990 12/23/2021 7 to 35 Years

Auto Parts Syracuse NY — 486 1,316 — 486 1,316 1,802 ( 2 ) 2004 12/29/2021 7 to 35 Years

Auto Parts Golden CO — 594 974 — 594 974 1,568 ( 2 ) 2009 12/30/2021 3 to 35 Years

Auto Parts Lithonia GA — 605 1,422 — 605 1,422 2,027 ( 2 ) 1996 12/30/2021 3 to 35 Years

Dollar Stores Charlotte NC — 359 1,008 — 359 1,008 1,367 ( 2 ) 2012 12/30/2021 6 to 33 Years

$ — $ 299,935 $ 623,148 $ 3,309 $ 299,935 $ 626,457 $ 926,392 $ ( 30,669 )

1 The aggregate cost for federal income tax purposes is $ 619,066 thousand.

(1) The aggregate cost for federal income tax purposes is $ 937.7 million (unaudited).

(2) Depreciation is calculated using the straight-line method over the estimated useful life of the asset, which is up to 35 years for buildings and up to 15 years for building improvements.

(3) The acquisition dates for properties acquired prior to December 23, 2019 are stated at the date the Successor acquired the property.

4 Properties with no land value represent a property for which the Company owns only the land, therefore depreciation and estimated life for depreciation are not applicable.

(4) Properties with no building value represent a property for which the Company owns only the land, therefore depreciation and estimated life for depreciation are not applicable.

The following is a reconciliation of carrying value for land and building and improvements for the periods presented (in thousands):

1 unchanged sentence

December 23 to December 31,

2021 2020 2019

Balance, beginning of period $ 547,733 $ 224,053 $ 223,005

1 unchanged sentence

Improvements 1,227 2,408 —

Property under development completed and placed in service 2,909

Reclasses to held for sale ( 1,990 ) ( 28,591 ) —

Involuntary conversion of assets (1)

Dispositions ( 16,132 ) ( 15,356 ) —

Balance, end of period $ 926,392 $ 547,733 $ 224,053

(1) The Company incurred significant damages to a property in Houma, Louisiana as a result of Hurricane Ida making landfall in August 2021.

As of December 31, 2021, the Company recorded a loss based on estimated damages of $ 0.5 million in the accompanying consolidated statements of operations and comprehensive income (loss).

The following is a reconciliation of accumulated depreciation for the periods presented (in thousands):

1 unchanged sentence

December 23 to December 31,

2021 2020 2019

Balance, beginning of period $ 10,111 $ 132 $ —

1 unchanged sentence

Reclasses to held for sale ( 35 ) ( 518 ) —

Involuntary conversion of assets (1)

Dispositions ( 444 ) ( 206 ) —

Balance, end of period $ 30,669 $ 10,111 $ 132

(1) The Company incurred significant damages to a property in Houma, Louisiana as a result of Hurricane Ida making landfall in August 2021.

As of December 31, 2021, the Company recorded a loss based on estimated damages of $ 0.5 million in the accompanying consolidated statements of operations and comprehensive income (loss).

The change in real estate investments for the Predecessor have not been presented as the land, building and related improvements were recorded by the Predecessor at the pre-acquisition basis.

1 unchanged sentence

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

What changed 10-K

Item 9A. Controls and Procedures