Item 9A. Controls and Procedures
Item 9A. Controls and Procedures
Disclosure Controls and Procedures.
At the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of its principal executive officer and principal financial officer, of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, the Company’s principal executive officer and principal financial officer concluded that its disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.
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Management’s Annual Report on Internal Control Over Financial Reporting.
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. GAAP. 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 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.
Item 9B. Other Information
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.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
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PART III
Item 10. Directors. Executive Officers and Corporate Governance
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.
Item 11. 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.
Item 12. 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
The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2021:
Plan Category Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
(a) (2)
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
(b) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a))
(c)
Equity compensation plans approved by security holders (1)
587,054 $ — 1,388,532
Equity compensation plans not approved by security holders — — —
Total 587,054 $ — 1,388,532
(1) Relates to restricted stock units (“RSUs”) available for issuance under our 2019 Omnibus Incentive Compensation Plan.
(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.
Item 13. 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.
Item 14. Principal Accountant Fees and Services
Our independent registered public accounting firm is KPMG LLP , Dallas, Texas , Auditor Firm ID: 185 .
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.
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PART IV
Item 15. Exhibit and Financial Statement Schedules
15(a)(1) The following documents are filed as a part of this Annual Report on Form 10-K:
Reports of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 202 1 and 20 20
Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 202 1 , 202 0 and 2019
Consolidated Statements of Changes in Equity for the Years Ended December 31, 20 21 , 20 2 0 and 2019
Consolidated Statements of Cash Flows for the Years Ended December 31, 202 1 , 20 2 0 and 2019
Notes to the Consolidated Financial Statements
15(a)(2) The following is a list of the financial statement schedules required by Item 8:
Schedule III - Real Estate and Accumulated Depreciation
15(a)(3) Exhibits
Exhibit No. Description
3.1 Articles of Amendment and Restatement of NETSTREIT Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
3.2 Articles of Amendment of NETSTREIT Corp. (incorporated by reference to Exhibit 3.3 to the Registrant's Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
3.3 Amended and Restated Bylaws of NETSTREIT Corp. (incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed on August 21, 2020).
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. 333-23991) filed on July 17, 2020.
10.1 Amended and Restated Agreement of Limited Partnership of NETSTREIT, L.P. (incorporated by reference to Exhibit 10.1 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
10.2 Registration Rights Agreement, dated December 23, 2019, by and between NETSTREIT Corp. and Stifel, Nicolaus & Company, Incorporated (incorporated by reference to Exhibit 10.2 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
10.3 Registration Rights Agreement, dated December 23, 2019, by and among NETSTREIT Corp., NETSTREIT, L.P. and the continuing investors party thereto (incorporated by reference to Exhibit 10.3 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
10.4† Form of Indemnification Agreement between NETSTREIT Corp. and each of its directors and executive officers (incorporated by reference to Exhibit 10.4 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
10.5† Employment Agreement, dated December 23, 2019, between NETSTREIT Management, LLC (f/k/a EBA EverSTAR Management, LLC) and Mark Manheimer (incorporated by reference to Exhibit 10.5 to the Registrant’s Registration Statement on Form S-11 (File No. 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. 2019 Omnibus Incentive Compensation Plan (incorporated by reference to Exhibit 10.7 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
10.10† Form of NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan Pre-Initial Public Offering Non-Employee Director Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.8 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
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10.11† Form of NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan Pre-Initial Public Offering Employee Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.9 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
10.12† Form of NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan Post-Initial Public Offering Non-Employee Director Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.10 to Amendment No. 1 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on August 5, 2020).
10.13† Form of NETSTREIT Corp. 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 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on August 5, 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. Bank National Association, PNC Bank, National Association and Regions Bank (incorporated by reference to Exhibit 10.14 to Amendment No. 1 to the Registrant’s Registration Statement on Form S-11 (File No. 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 (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 (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. (incorporated by reference to Exhibit 21.1 to the Registrant’s Registration Statement on Form S-11 (File No. 333-239911) filed on July 17, 2020).
23.1* Consent of KPMG LLP.
24.1* Power of Attorney (included on Signature Page).
31.1* Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*, *** Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*, *** Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS** XBRL Instance Document.
101.SCH** XBRL Taxonomy Extension Schema Document.
101.CAL** XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB** XBRL Taxonomy Extension Label Linkbase Document.
101.PRE** XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF** XBRL Taxonomy Extension Definition Linkbase Document.
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* Filed herewith.
** Submitted electronically with the report.
*** Furnished, not filed.
†
Management contract or compensatory plan or arrangement.
# Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.
Item 16. Form 10-K Summary
None.
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.
NETSTREIT Corp.
Signature and Title Date
/s/ MARK MANHEIMER Date: February 24, 2022
Mark Manheimer
President, Chief Executive Officer and Director
(Principal Executive Officer)
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints each of Mark Manheimer and Andrew Blocher, acting alone or together with another attorney-in-fact, as his or her true and lawful attorney-in- fact and agent, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any or all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
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.
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/s/ MARK MANHEIMER Date: February 24, 2022
Mark Manheimer
President, Chief Executive Officer and Director
(Principal Executive Officer)
/s/ ANDREW BLOCHER Date: February 24, 2022
Andrew Blocher
Chief Financial Officer, Treasurer and Secretary
(Principal Financial Officer)
/s/ PATRICIA MCBRATNEY Date: February 24, 2022
Patricia McBratney
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
/s/ TODD MINNIS Date: February 24, 2022
Todd Minnis
Chairman of the Board of Directors
/s/ MATTHEW TROXELL Date: February 24, 2022
Matthew Troxell
Director
/s/ LORI WITTMAN Date: February 24, 2022
Lori Wittman
Director
/s/ ROBIN ZEIGLER Date: February 24, 2022
Robin Zeigler
Director
/s/ HEIDI EVERETT Date: February 24, 2022
Heidi Everett
Director
/s/ MICHAEL CHRISTODOLOU Date: February 24, 2022
Michael Christodolou
Director
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NETSREIT Corp.
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2021
(Dollars in thousands)
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
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
Auto Parts New Richmond WI — 67 1,191 — 67 1,191 1,258 ( 85 ) 2013 12/23/2019 9 to 32 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 Vineland NJ — 620 270 — 620 270 890 ( 43 ) 1973 12/23/2019 9 to 15 Years
Casual Dining Greensburg IN — 924 1,521 — 924 1,521 2,445 ( 112 ) 2007 12/23/2019 8 to 32 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
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 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 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 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 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 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
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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
Farm Supplies Ballard UT — 519 2,609 — 519 2,609 3,128 ( 199 ) 2015 12/23/2019 10 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
Grocery Memphis TN — 1,864 2,958 — 1,864 2,958 4,822 ( 358 ) 1987 12/23/2019 8 to 18 Years
Home Furnishings Smyrna TN — 454 1,029 — 454 1,029 1,483 ( 70 ) 2011 12/23/2019 9 to 34 Years
Home Improvement Pagosa Springs CO — 324 1,364 — 324 1,364 1,688 ( 92 ) 2009 12/23/2019 4 to 33 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
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 Grovetown GA — 1,005 1,232 — 1,005 1,232 2,236 ( 84 ) 2013 12/23/2019 14 to 32 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 Shawnee OK — 712 684 — 712 684 1,396 ( 50 ) 2006 12/23/2019 7 to 30 Years
Home Improvement Sioux City IA — 253 796 — 253 796 1,048 ( 68 ) 2000 12/31/2019 15 to 25 Years
Discount Retail Flint MI — 554 4,982 — 554 4,982 5,536 ( 290 ) 1996 1/7/2020 8 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 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 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
Home Improvement Paintsville KY — 7,712 — — 7,712 — 7,712 — 1992 2/4/2020
Casual Dining Brandon MS — 903 1,793 — 903 1,793 2,696 ( 137 ) 1997 2/5/2020 9 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 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
82
Table of Contents
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
Discount Retail Waco TX — 1,403 2,613 — 1,403 2,613 4,016 ( 203 ) 1986 4/17/2020 4 to 30 Years
Dollar Stores Baltimore MD — 380 1,746 — 380 1,746 2,127 ( 95 ) 1945 5/6/2020 10 to 35 Years
General Retail Newark NY — 593 7,635 — 593 7,635 8,227 ( 958 ) 1991 5/6/2020 3 to 20 Years
General Retail Riverdale GA — 2,601 10,179 — 2,601 10,179 12,780 ( 946 ) 1995 5/8/2020 6 to 21 Years
Dollar Stores Chicago IL — 424 982 — 424 982 1,406 ( 58 ) 1944 5/20/2020 7 to 30 Years
Discount Retail College Station TX — 819 1,756 — 819 1,756 2,575 ( 173 ) 1993 6/8/2020 8 to 23 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 Tyler TX — 2,646 3,218 — 2,646 3,218 5,864 ( 180 ) 2009 6/15/2020 15 to 35 Years
Convenience Stores Tyler TX — 798 1,283 — 798 1,283 2,081 ( 72 ) 1990 6/15/2020 15 to 35 Years
Convenience Stores Tyler TX — 887 1,361 — 887 1,361 2,247 ( 72 ) 1990 6/15/2020 15 to 35 Years
Convenience Stores Tyler TX — 550 1,186 — 550 1,186 1,736 ( 64 ) 1994 6/15/2020 15 to 35 Years
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 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
Healthcare Jacksonville FL — 1,175 2,666 9 1,175 2,675 3,850 ( 162 ) 2016 6/19/2020 10 to 35 Years
Healthcare Jacksonville FL — 1,427 3,504 — 1,427 3,504 4,931 ( 204 ) 2016 6/19/2020 10 to 35 Years
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
Auto Parts Lakeland FL — 408 1,005 — 408 1,005 1,412 ( 63 ) 1999 6/29/2020 10 to 35 Years
Auto Parts Orlando FL — 746 672 — 746 672 1,419 ( 50 ) 1999 6/29/2020 9 to 33 Years
Auto Parts Titusville FL — 990 586 — 990 586 1,576 ( 44 ) 1998 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 Gonzales LA — 557 698 — 557 698 1,255 ( 42 ) 2000 6/29/2020 7 to 35 Years
Auto Parts Bay St. Louis MS — 376 684 — 376 684 1,060 ( 47 ) 1999 6/29/2020 8 to 35 Years
Auto Parts Brookhaven MS — 143 893 — 143 893 1,036 ( 47 ) 1998 6/29/2020 9 to 35 Years
Auto Parts Laurel MS — 147 1,026 — 147 1,026 1,173 ( 55 ) 1998 6/29/2020 9 to 35 Years
General Retail Tupelo MS — 2,817 7,341 — 2,817 7,341 10,158 ( 747 ) 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
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
Dollar Stores Little Rock AR — 391 740 — 391 740 1,130 ( 44 ) 2019 9/25/2020 9 to 35 Years
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
83
Table of Contents
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 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 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 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 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
Dollar Stores Queensbury NY — 234 1,381 — 234 1,381 1,616 ( 69 ) 2015 9/30/2020 10 to 35 Years
Dollar Stores Petersburg VA — 349 1,311 — 349 1,311 1,660 ( 64 ) 2019 9/30/2020 10 to 35 Years
Home Improvement Fargo ND — 524 787 — 524 787 1,311 ( 44 ) 2014 9/30/2020 4 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
Auto Parts Odessa TX — 219 732 — 219 732 951 ( 36 ) 2005 10/1/2020 10 to 35 Years
Farm Supplies Weatherford OK — 1,198 2,033 — 1,198 2,033 3,232 ( 136 ) 2008 10/13/2020 10 to 29 Years
Auto Parts Marianna FL — 302 1,677 — 302 1,677 1,979 ( 73 ) 2020 10/14/2020 10 to 35 Years
Auto Parts Warner Robins GA — 500 1,247 — 500 1,247 1,746 ( 56 ) 2006 10/30/2020 10 to 35 Years
Dollar Stores Pittsburgh PA — 729 1,291 — 729 1,291 2,020 ( 65 ) 2017 10/30/2020 10 to 35 Years
Consumer Electronics Reynoldsburg OH — 1,683 4,873 — 1,683 4,873 6,557 ( 235 ) 2004 11/9/2020 7 to 35 Years
Healthcare Allen TX — 453 1,525 15 453 1,540 1,993 ( 76 ) 2008 11/24/2020 10 to 33 Years
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 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 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
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
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
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
84
Table of Contents
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
Grocery Mt. 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
85
Table of Contents
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
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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 $ 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 building value represent a property for which the Company owns only the land, therefore depreciation and estimated life for depreciation are not applicable.
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The following is a reconciliation of carrying value for land and building and improvements for the periods presented (in thousands):
Successor
Year Ended December 31, For the Period from
December 23 to December 31,
2021 2020 2019
Balance, beginning of period $ 547,733 $ 224,053 $ 223,005
Additions
Acquisitions 393,147 365,219 1,048
Improvements 1,227 2,408 —
Property under development completed and placed in service 2,909
Deductions
Reclasses to held for sale ( 1,990 ) ( 28,591 ) —
Involuntary conversion of assets (1)
( 502 )
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):
Successor
Year Ended December 31, For the Period from
December 23 to December 31,
2021 2020 2019
Balance, beginning of period $ 10,111 $ 132 $ —
Additions
Depreciation expense 21,049 10,703 132
Deductions
Reclasses to held for sale ( 35 ) ( 518 ) —
Involuntary conversion of assets (1)
( 12 ) — —
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.
See report of independent registered public accounting firm.
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