NETSTREIT Corp. 10-K

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. 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. 82 Table of Contents 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, 2023. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2023 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 Not applicable. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 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 2024 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. Our written code of business conduct and ethics, the Code of Business Conduct and Ethics, applies to all of our employees, officers and directors, including our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Business Conduct and Ethics is available on our corporate website at https://www.netstreit.com/ in the Investor Relations section under “Governance – Corporate Policies and Governance Documents.” We intend to promptly disclose on our website or in a Current Report on Form 8-K in the future (i) the date and nature of any amendment (other than technical, administrative or other non-substantive amendments) to the Code of Business Conduct and Ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions and relates to any element of the code of ethics definition enumerated in Item 406(b) of Regulation S-K and (ii) the nature of any waiver, including an implicit waiver, from a provision of the Code of Business Conduct and Ethics that is granted to one of these specified individuals that relates to one or more of the elements of the code of ethics definition enumerated in Item 406(b) of Regulation S-K, the name of such person who is granted the waiver and the date of the waiver. Item 11. Executive Compensation The information required by this item will be included in the sections entitled “Compensation Discussion and Analysis,” “Executive Compensation,” “Pay Ratio,” “Corporate Governance - Director Compensation,” “Corporate Governance - Other Board Information - Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report” of our definitive Proxy Statement for the 2024 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 2024 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. 83 Table of Contents Equity Compensation Plan Information The following table summarizes the equity compensation plan under which our common stock may be issued as of December 31, 2023: 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) 587,045 $ — 1,014,906 Equity compensation plans not approved by security holders — — — Total 587,045 $ — 1,014,906 (1) Relates to restricted stock units (“RSUs”) available for issuance under our 2019 Omnibus Incentive Compensation Plan. (2) Includes 587,045 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 2024 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 , Chicago, Illinois 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 2024 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A, and is incorporated herein by reference. 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, 2023 and 2022 Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021 Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021 Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 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 Schedule IV - Mortgage Loans on Real Estate 15(a)(3) Exhibits Exhibit No. Description 3.1 Conformed Articles of Amendment and Restatement of NETSTREIT Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2022). 84 Table of Contents 3.2 Amended and Restated Bylaws of NETSTREIT Corp. (incorporated by reference to Exhibit 3.2 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2022). 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† 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). 10.3† Amended and Restated Employment Agreement, dated February 22, 2022, between NETSTREIT Management, LLC and Mark Manheimer (incorporated by reference to Exhibit 10.6 the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021). 10.4† Offer Letter, dated November 6, 2022, between NETSTREIT Management, LLC and Lori Wittman (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 7, 2022). 10.5† Employment Agreement, dated March 24, 2023, between NETSTREIT Management, LLC and Daniel P. Donlan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on April 3, 2023). 10.6† 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). 10.7† 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). 10.8† 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). 10.9† 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). 10.10† Form of NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan 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). 10.11† Form of NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan Employee Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). 10.12† 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). 10.13† Form of Performance Stock Unit Agreement under the NETSTREIT Corp. 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.21 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2021). 10.14† 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). 10.15† Form of NETSTREIT Corp. 2019 Omnibus Incentive Compensation Plan (Alignment of Interest Program) Restricted Stock Unit Grant Agreement (incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). 10.16 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). 85 Table of Contents 10.17# Credit Agreement, dated as of August 11, 2022, by and between NETSTREIT Corp., NETSTREIT, L.P., the several financial institutions party thereto, PNC Bank, National Association, Wells Fargo Bank, National Association and U.S. Bank, National Association, Capital One, National Association, The Huntington National Bank, Regions Bank, The Bank of Nova Scotia, TD Bank, N.A., and Truist Bank, PNC Capital Markets LLC, U.S. Bank, National Association and Wells Fargo Securities, LLC, and PNC Capital Markets LLC (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 16, 2022). 10.18*# Amended and Restated Credit Agreement, dated as of June 15, 2023, between NETSTREIT, L.P., NETSTREIT Corp., the several institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on June 20, 2023). 10.19 Term Loan Agreement, dated as of July 3, 2023, between NETSTREIT, L.P., NETSTREIT Corp., the several financial institutions party thereto and Truist Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the SEC on July 7, 2023). 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. 97*† Incentive Compensation Recoupment Policy 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. * 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. The agreements and other documents filed as exhibits to this Annual Report on Form 10-K are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time. Item 16. Form 10-K Summary None. 86 Table of Contents 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 14, 2024 Mark Manheimer President, Chief Executive Officer, Secretary and Director (Principal Executive Officer) 87 Table of Contents POWER OF ATTORNEY Each person whose signature appears below constitutes and appoints each of Mark Manheimer and Daniel Donlan, 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. /s/ MARK MANHEIMER Date: February 14, 2024 Mark Manheimer President, Chief Executive Officer, Secretary and Director (Principal Executive Officer) /s/ DANIEL DONLAN Date: February 14, 2024 Daniel Donlan Chief Financial Officer and Treasurer (Principal Financial Officer) /s/ PATRICIA GIBBS Date: February 14, 2024 Patricia Gibbs Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) /s/ TODD MINNIS Date: February 14, 2024 Todd Minnis Chairman of the Board of Directors /s/ MATTHEW TROXELL Date: February 14, 2024 Matthew Troxell Director /s/ LORI WITTMAN Date: February 14, 2024 Lori Wittman Director /s/ ROBIN ZEIGLER Date: February 14, 2024 Robin Zeigler Director /s/ HEIDI EVERETT Date: February 14, 2024 Heidi Everett Director /s/ MICHAEL CHRISTODOLOU Date: February 14, 2024 Michael Christodolou Director 88 Table of Contents NETSTREIT Corp. Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 (Dollars in thousands) Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Apparel Indianola IA $ — $ 312 $ 686 $ — $ — $ 312 $ 686 $ 998 $ ( 124 ) 2013 12/23/2019 6 to 31 Years Apparel Rio Grande City TX — 640 831 — — 640 831 1,471 ( 154 ) 2005 12/23/2019 6 to 28 Years Apparel Laredo TX — 590 1,207 — — 590 1,207 1,797 ( 202 ) 2010 12/23/2019 6 to 32 Years Apparel Odessa TX — 599 1,086 — — 599 1,086 1,685 ( 177 ) 2012 12/23/2019 6 to 32 Years Auto Parts New Richmond WI — 67 1,191 — — 67 1,191 1,258 ( 169 ) 2013 12/23/2019 9 to 32 Years Automotive Service Colorado Springs CO — 429 1,056 — 196 429 1,252 1,681 ( 253 ) 1978 12/23/2019 10 to 19 Years Banking Elizabethtown PA — 1,264 1,486 — — 1,264 1,486 2,750 ( 280 ) 1916 12/23/2019 9 to 22 Years Banking Atco NJ — 686 1,941 — — 686 1,941 2,627 ( 362 ) 1920 12/23/2019 9 to 22 Years Banking Vineland NJ — 620 270 — — 620 270 890 ( 85 ) 1973 12/23/2019 9 to 15 Years Casual Dining Greensburg IN — 924 1,521 — — 924 1,521 2,445 ( 223 ) 2007 12/23/2019 8 to 32 Years Discount Retail Holland MI — 1,865 4,833 — — 1,865 4,833 6,698 ( 878 ) 1994 12/23/2019 6 to 26 Years Dollar Stores Norman OK — 417 836 — — 417 836 1,253 ( 129 ) 2013 12/23/2019 9 to 33 Years Dollar Stores Windham OH — 332 834 — — 332 834 1,166 ( 132 ) 2013 12/23/2019 9 to 31 Years Dollar Stores McComb OH — 209 868 — — 209 868 1,077 ( 134 ) 2013 12/23/2019 9 to 32 Years Dollar Stores Birmingham OH — 210 939 — — 210 939 1,149 ( 144 ) 2013 12/23/2019 9 to 32 Years Dollar Stores Brookfield MA — 468 1,149 — — 468 1,149 1,617 ( 168 ) 2014 12/23/2019 9 to 33 Years Dollar Stores Friedens PA — 311 931 — — 311 931 1,242 ( 148 ) 2014 12/23/2019 10 to 30 Years Dollar Stores Strawberry Point IA — 304 852 — — 304 852 1,156 ( 129 ) 2016 12/23/2019 12 to 32 Years Dollar Stores Belgrade MN — 414 746 — — 414 746 1,160 ( 134 ) 2016 12/23/2019 12 to 27 Years Dollar Stores Lake City IA — 250 848 — — 250 848 1,098 ( 129 ) 2016 12/23/2019 12 to 32 Years Dollar Stores Bogue Chitto MS — 105 963 — — 105 963 1,068 ( 143 ) 2013 12/23/2019 9 to 33 Years Dollar Stores Hurley MS — 246 1,249 — — 246 1,249 1,495 ( 187 ) 2013 12/23/2019 9 to 33 Years Dollar Stores Meridian MS — 287 940 — — 287 940 1,227 ( 138 ) 2014 12/23/2019 10 to 33 Years Dollar Stores Buckatunna MS — 136 938 — — 136 938 1,074 ( 138 ) 2014 12/23/2019 10 to 33 Years Dollar Stores Cleveland TX — 209 809 — — 209 809 1,018 ( 123 ) 2014 12/23/2019 10 to 33 Years Dollar Stores Fox Lake WI — 212 882 — — 212 882 1,094 ( 126 ) 2018 12/23/2019 14 to 34 Years Drug Stores & Pharmacies Fredericksburg VA — 3,551 2,951 — — 3,551 2,951 6,502 ( 384 ) 2008 12/23/2019 14 to 33 Years Drug Stores & Pharmacies Indianapolis IN — 2,410 2,377 — — 2,410 2,377 4,787 ( 359 ) 2003 12/23/2019 9 to 29 Years Drug Stores & Pharmacies Amelia OH — 1,170 1,517 — — 1,170 1,517 2,687 ( 278 ) 1999 12/23/2019 10 to 23 Years Drug Stores & Pharmacies Clanton AL — 630 1,604 — — 630 1,604 2,234 ( 231 ) 2004 12/23/2019 10 to 31 Years Drug Stores & Pharmacies Franklin TN — 2,164 1,848 — — 2,164 1,848 4,012 ( 261 ) 2004 12/23/2019 10 to 31 Years Drug Stores & Pharmacies Hanover IN — 727 1,076 — — 727 1,076 1,803 ( 206 ) 2004 12/23/2019 15 to 22 Years Drug Stores & Pharmacies Hurricane WV — 956 1,139 — — 956 1,139 2,095 ( 215 ) 2004 12/23/2019 15 to 22 Years Drug Stores & Pharmacies Montgomery AL — 1,150 1,932 — — 1,150 1,932 3,082 ( 270 ) 2004 12/23/2019 15 to 31 Years Drug Stores & Pharmacies Warrior AL — 369 1,640 — — 369 1,640 2,009 ( 231 ) 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 ( 334 ) 2004 12/23/2019 15 to 27 Years Drug Stores & Pharmacies Canton GA — 658 1,789 — — 658 1,789 2,447 ( 277 ) 2004 12/23/2019 15 to 27 Years Drug Stores & Pharmacies Austin MN — 1,121 2,451 — — 1,121 2,451 3,572 ( 388 ) 1989 12/23/2019 10 to 27 Years Drug Stores & Pharmacies Albuquerque NM — 3,744 3,019 — — 3,744 3,019 6,763 ( 397 ) 2010 12/23/2019 15 to 33 Years Drug Stores & Pharmacies Savannah GA — 1,746 1,651 — — 1,746 1,651 3,397 ( 229 ) 1998 12/23/2019 14 to 31 Years Equipment Rental and Leasing Idaho Falls ID — 177 856 — — 177 856 1,033 ( 164 ) 2007 12/23/2019 6 to 26 Years Farm Supplies Llano TX — 634 1,389 — — 634 1,389 2,023 ( 287 ) 2012 12/23/2019 6 to 28 Years Farm Supplies Ballard UT — 519 2,609 — — 519 2,609 3,128 ( 395 ) 2015 12/23/2019 10 to 32 Years Farm Supplies Wellington OH — 308 1,986 — 10 308 1,996 2,304 ( 299 ) 2017 12/23/2019 13 to 34 Years Farm Supplies Ottawa OH — 409 2,031 — — 409 2,031 2,440 ( 302 ) 2017 12/23/2019 13 to 34 Years Furniture Stores College Station TX — 1,561 4,626 — — 1,561 4,626 6,187 ( 675 ) 2006 12/23/2019 9 to 31 Years Furniture Stores Jacksonville FL — 1,087 2,723 — — 1,087 2,723 3,810 ( 382 ) 1995 12/23/2019 9 to 32 Years Gift, Novelty, and Souvenir Shops Little Rock AR — 560 1,788 — — 560 1,788 2,348 ( 232 ) 2012 12/23/2019 11 to 34 Years 89 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Grocery Memphis TN — 1,864 2,958 — — 1,864 2,958 4,822 ( 712 ) 1987 12/23/2019 8 to 18 Years Home Furnishings Smyrna TN — 454 1,029 — — 454 1,029 1,483 ( 140 ) 2011 12/23/2019 9 to 34 Years Home Improvement Pagosa Springs CO — 324 1,364 — — 324 1,364 1,688 ( 183 ) 2009 12/23/2019 4 to 33 Years Home Improvement Chattanooga TN — 1,789 2,007 — — 1,789 2,007 3,796 ( 356 ) 2000 12/23/2019 7 to 28 Years Home Improvement Spartanburg SC — 329 464 — 34 329 498 827 ( 83 ) 1994 12/23/2019 6 to 26 Years Home Improvement Indian Land SC — 468 705 — 16 468 721 1,189 ( 110 ) 2007 12/23/2019 6 to 31 Years Home Improvement Lexington NC — 2,991 4,172 — — 2,991 4,172 7,163 ( 1,215 ) 1997 12/23/2019 6 to 15 Years Home Improvement Macon GA — 1,861 8,377 — 16 1,861 8,393 10,254 ( 1,528 ) 1997 12/23/2019 7 to 25 Years Quick Service Restaurants Junction City KS — 473 840 — — 473 840 1,313 ( 140 ) 1986 12/23/2019 15 to 25 Years Quick Service Restaurants Jackson MS — 728 577 — — 728 577 1,305 ( 98 ) 1978 12/23/2019 15 to 25 Years Quick Service Restaurants Phenix City AL — 727 800 — — 727 800 1,527 ( 105 ) 2017 12/23/2019 15 to 34 Years Quick Service Restaurants Grovetown GA — 1,005 1,232 — — 1,005 1,232 2,237 ( 166 ) 2013 12/23/2019 14 to 32 Years Quick Service Restaurants Snead AL — 1,271 781 — — 1,271 781 2,052 ( 126 ) 1997 12/23/2019 15 to 26 Years Quick Service Restaurants Red Bay AL — 931 1,154 — — 931 1,154 2,085 ( 158 ) 2012 12/23/2019 15 to 33 Years Quick Service Restaurants Hueytown AL — 1,019 1,011 — — 1,019 1,011 2,030 ( 147 ) 2007 12/23/2019 15 to 30 Years Quick Service Restaurants Sedalia MO — 750 774 — 16 750 790 1,540 ( 113 ) 2007 12/23/2019 7 to 30 Years Quick Service Restaurants Shawnee OK — 712 684 — 122 712 806 1,518 ( 102 ) 2006 12/23/2019 7 to 30 Years Home Improvement Sioux City IA — 253 796 — — 253 796 1,049 ( 135 ) 2000 12/31/2019 15 to 24 Years Discount Retail Flint MI — 554 4,982 — — 554 4,982 5,536 ( 586 ) 1996 1/7/2020 8 to 35 Years Convenience Stores North Little Rock AR — 705 174 — 1,590 705 1,764 2,469 ( 193 ) 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 ( 592 ) 2015 1/27/2020 11 to 35 Years Quick Service Restaurants Fort Smith AR — 1,989 2,345 — — 1,989 2,345 4,334 ( 325 ) 2019 1/31/2020 14 to 34 Years Automotive Service Oswego IL — 2,417 1,209 — — 2,417 1,209 3,626 ( 205 ) 2008 2/3/2020 7 to 35 Years Grocery Meyersdale PA — 1,449 3,348 — 41 1,449 3,389 4,838 ( 535 ) 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 ( 283 ) 1997 2/5/2020 9 to 35 Years Automotive Service Merrill WI — 189 307 — — 189 307 496 ( 61 ) 1992 2/10/2020 9 to 22 Years Automotive Service Prattville AL — 305 352 — — 305 352 657 ( 70 ) 1998 2/10/2020 6 to 25 Years Automotive Service New London WI — 301 448 — — 301 448 749 ( 98 ) 1998 2/10/2020 6 to 20 Years Automotive Service Crawfordville FL — 322 537 — — 322 537 859 ( 78 ) 1998 2/10/2020 10 to 34 Years Automotive Service Quincy FL — 419 587 — — 419 587 1,006 ( 83 ) 1989 2/10/2020 11 to 34 Years Automotive Service Live Oak FL — 474 589 — — 474 589 1,063 ( 82 ) 2000 2/10/2020 14 to 35 Years Automotive Service Wisconsin Rapids WI — 488 488 — — 488 488 976 ( 62 ) 1985 2/10/2020 13 to 35 Years Discount Retail Longview TX — 703 2,490 — — 703 2,490 3,193 ( 376 ) 1994 3/26/2020 10 to 30 Years Discount Retail Mishawaka IN — 382 4,697 — — 382 4,697 5,079 ( 527 ) 1985 3/26/2020 10 to 35 Years Discount Retail Augusta GA — 1,569 2,202 — 211 1,569 2,413 3,982 ( 469 ) 1985 3/26/2020 10 to 20 Years Convenience Stores North Little Rock AR — 1,283 1,043 — 835 1,283 1,878 3,161 ( 303 ) 1989 4/3/2020 20 to 35 Years Discount Retail Tupelo MS — 992 1,986 — — 992 1,986 2,978 ( 381 ) 1994 4/3/2020 4 to 30 Years Auto Parts Roswell NM — 151 1,136 — — 151 1,136 1,287 ( 143 ) 1960 4/13/2020 8 to 35 Years Discount Retail Waco TX — 1,403 2,613 — — 1,403 2,613 4,016 ( 440 ) 1986 4/17/2020 4 to 30 Years Dollar Stores Baltimore MD — 380 1,746 — — 380 1,746 2,126 ( 212 ) 1945 5/6/2020 10 to 35 Years General Retail Newark NY — 593 7,635 — 134 593 7,769 8,362 ( 2,065 ) 1991 5/6/2020 10 to 20 Years General Retail Riverdale GA — 2,564 10,179 — — 2,564 10,179 12,743 ( 2,111 ) 1995 5/8/2020 6 to 21 Years Dollar Stores Chicago IL — 424 982 — — 424 982 1,406 ( 130 ) 1944 5/20/2020 7 to 30 Years Discount Retail College Station TX — 819 1,756 — — 819 1,756 2,575 ( 397 ) 1993 6/8/2020 8 to 23 Years Convenience Stores Lindale TX — 1,343 3,018 — — 1,343 3,018 4,361 ( 378 ) 2011 6/15/2020 15 to 35 Years Convenience Stores Lindale TX — 1,875 3,176 — — 1,875 3,176 5,051 ( 400 ) 2005 6/15/2020 15 to 35 Years Convenience Stores Tyler TX — 2,646 3,218 — — 2,646 3,218 5,864 ( 413 ) 2009 6/15/2020 15 to 35 Years Convenience Stores Tyler TX — 798 1,283 — — 798 1,283 2,081 ( 165 ) 1990 6/15/2020 15 to 35 Years Convenience Stores Tyler TX — 550 1,186 — — 550 1,186 1,736 ( 147 ) 1994 6/15/2020 15 to 35 Years Convenience Stores Tyler TX — 3,415 1,647 — — 3,415 1,647 5,062 ( 219 ) 1984 6/15/2020 15 to 35 Years 90 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Convenience Stores Brownsboro TX — 1,170 2,020 — — 1,170 2,020 3,190 ( 253 ) 1999 6/15/2020 15 to 35 Years Convenience Stores Chandler TX — 1,732 4,813 — — 1,732 4,813 6,545 ( 648 ) 2013 6/15/2020 8 to 35 Years Convenience Stores Chandler TX — 1,176 2,216 — — 1,176 2,216 3,392 ( 339 ) 1993 6/15/2020 6 to 35 Years Convenience Stores Chandler TX — 1,839 1,771 — — 1,839 1,771 3,610 ( 262 ) 1987 6/15/2020 7 to 35 Years Healthcare Jacksonville FL — 1,175 2,666 — 34 1,175 2,700 3,875 ( 375 ) 2016 6/19/2020 10 to 35 Years Healthcare Jacksonville FL — 1,427 3,504 — — 1,427 3,504 4,931 ( 469 ) 2016 6/19/2020 10 to 35 Years Home Improvement La Quinta CA — 2,616 5,785 — 27 2,616 5,812 8,428 ( 1,273 ) 2005 6/19/2020 10 to 20 Years Auto Parts West Peoria IL — 179 711 — — 179 711 890 ( 123 ) 1995 6/29/2020 6 to 31 Years Auto Parts Penn Hills PA — 297 631 — — 297 631 928 ( 123 ) 1995 6/29/2020 8 to 29 Years Auto Parts St. Louis MO — 271 970 — — 271 970 1,241 ( 152 ) 1998 6/29/2020 9 to 35 Years Auto Parts Breckenridge Hills MO — 94 878 — — 94 878 972 ( 107 ) 1999 6/29/2020 9 to 35 Years Auto Parts Brunswick GA — 540 848 — — 540 848 1,388 ( 133 ) 2000 6/29/2020 9 to 35 Years Auto Parts Fort Pierce FL — 217 934 — — 217 934 1,151 ( 140 ) 1997 6/29/2020 10 to 35 Years Auto Parts Lakeland FL — 408 1,005 — — 408 1,005 1,413 ( 144 ) 1999 6/29/2020 10 to 35 Years Auto Parts Orlando FL — 746 672 — — 746 672 1,418 ( 115 ) 1999 6/29/2020 9 to 33 Years Auto Parts Titusville FL — 990 586 — — 990 586 1,576 ( 102 ) 1998 6/29/2020 9 to 35 Years Auto Parts Claxton GA — 95 877 — — 95 877 972 ( 110 ) 1999 6/29/2020 10 to 35 Years Auto Parts Griffin GA — 255 851 — — 255 851 1,106 ( 123 ) 1999 6/29/2020 9 to 35 Years Auto Parts Gonzales LA — 557 698 — — 557 698 1,255 ( 96 ) 2000 6/29/2020 7 to 35 Years Auto Parts Bay St. Louis MS — 376 684 — — 376 684 1,060 ( 107 ) 1999 6/29/2020 8 to 35 Years Auto Parts Brookhaven MS — 143 893 — — 143 893 1,036 ( 109 ) 1998 6/29/2020 9 to 35 Years Auto Parts Laurel MS — 147 1,026 — — 147 1,026 1,173 ( 127 ) 1998 6/29/2020 9 to 35 Years General Retail Tupelo MS — 2,817 7,341 — — 2,817 7,341 10,158 ( 1,770 ) 1992 7/2/2020 6 to 20 Years Home Improvement Orland Park IL — 6,155 8,729 — 15 6,155 8,744 14,899 ( 1,690 ) 1993 7/2/2020 7 to 21 Years Wholesale Warehouse Club Tupelo MS — 2,233 4,460 — 342 2,233 4,802 7,035 ( 1,088 ) 1992 7/2/2020 6 to 20 Years Auto Parts Barton VT — 111 395 — 11 111 406 517 ( 86 ) 1890 8/28/2020 6 to 20 Years Auto Parts Newport NH — 141 431 — 39 141 470 611 ( 121 ) 1979 8/28/2020 5 to 17 Years Auto Parts St. Albans VT — 161 459 — — 161 459 620 ( 90 ) 1999 8/28/2020 7 to 24 Years Auto Parts Colebrook NH — 193 524 — — 193 524 717 ( 107 ) 1984 8/28/2020 7 to 21 Years Auto Parts Lancaster NH — 159 334 — — 159 334 493 ( 73 ) 1970 8/28/2020 6 to 20 Years Auto Parts Morristown VT — 187 661 — — 187 661 848 ( 112 ) 1962 8/28/2020 6 to 25 Years Auto Parts Bradford VT — 114 373 — 35 114 408 522 ( 84 ) 1973 8/28/2020 8 to 20 Years Home Improvement Salem VA — 4,615 16,885 — — 4,615 16,885 21,500 ( 2,225 ) 2010 9/14/2020 10 to 33 Years Dollar Stores Little Rock AR — 269 775 — 43 269 818 1,087 ( 113 ) 2009 9/28/2020 9 to 35 Years Auto Parts Belpre OH — 375 924 — — 375 924 1,299 ( 127 ) 2014 9/30/2020 8 to 35 Years Auto Parts Springfield OH — 241 751 — — 241 751 992 ( 118 ) 1997 9/30/2020 5 to 32 Years Auto Parts Milwaukee (Fond du Lac Ave) WI — 485 1,101 — — 485 1,101 1,586 ( 136 ) 2004 9/30/2020 6 to 35 Years Auto Parts Wisconsin Rapids WI — 400 988 — — 400 988 1,388 ( 130 ) 2004 9/30/2020 6 to 35 Years Auto Parts Ebensburg PA — 281 615 — 57 281 672 953 ( 119 ) 1997 9/30/2020 6 to 27 Years Auto Parts Lewistown PA — 182 835 — — 182 835 1,017 ( 112 ) 1997 9/30/2020 8 to 35 Years Auto Parts Ledgewood NJ — 703 1,433 — — 703 1,433 2,136 ( 178 ) 2016 9/30/2020 11 to 35 Years Auto Parts Egg Harbor Township NJ — 514 1,970 — — 514 1,970 2,484 ( 244 ) 2014 9/30/2020 9 to 35 Years Auto Parts Quarryville PA — 613 1,561 — — 613 1,561 2,174 ( 184 ) 2017 9/30/2020 10 to 35 Years Auto Parts Ballston Spa NY — 207 1,272 — — 207 1,272 1,479 ( 163 ) 2014 9/30/2020 9 to 35 Years Auto Parts Manchester PA — 558 1,047 — — 558 1,047 1,605 ( 152 ) 2014 9/30/2020 9 to 35 Years Auto Parts Myerstown PA — 392 1,219 — 9 392 1,228 1,620 ( 161 ) 2015 9/30/2020 9 to 35 Years Auto Parts Gettysburg PA — 492 1,353 — — 492 1,353 1,845 ( 178 ) 2016 9/30/2020 10 to 35 Years Auto Parts Middle River MD — 608 1,430 — — 608 1,430 2,038 ( 182 ) 2016 9/30/2020 9 to 35 Years Dollar Stores Petersburg VA — 349 1,311 — — 349 1,311 1,660 ( 163 ) 2019 9/30/2020 10 to 35 Years Dollar Stores Queensbury NY — 234 1,381 — — 234 1,381 1,615 ( 177 ) 2015 9/30/2020 10 to 35 Years Home Improvement Fargo ND — 524 787 — — 524 787 1,311 ( 113 ) 2014 9/30/2020 4 to 35 Years Auto Parts Odessa TX — 219 732 — — 219 732 951 ( 95 ) 2005 10/1/2020 10 to 35 Years 91 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Auto Parts Demoote IN — 391 942 — — 391 942 1,333 ( 121 ) 2008 10/1/2020 11 to 35 Years Auto Parts Greenwood SC — 189 405 — 191 189 596 785 ( 110 ) 1967 10/1/2020 6 to 20 Years Farm Supplies Weatherford OK — 1,198 2,033 — — 1,198 2,033 3,231 ( 362 ) 2008 10/13/2020 10 to 29 Years Auto Parts Marianna FL — 302 1,677 — — 302 1,677 1,979 ( 193 ) 2020 10/14/2020 10 to 35 Years Auto Parts Warner Robins GA — 500 1,247 — — 500 1,247 1,747 ( 149 ) 2006 10/30/2020 10 to 35 Years Dollar Stores Pittsburgh PA — 729 1,291 — — 729 1,291 2,020 ( 172 ) 2017 10/30/2020 10 to 35 Years Consumer Electronics Reynoldsburg OH — 1,683 4,873 — 14 1,683 4,887 6,570 ( 654 ) 2004 11/9/2020 7 to 35 Years Healthcare Allen TX — 453 1,525 — 15 453 1,540 1,993 ( 214 ) 2008 11/24/2020 10 to 33 Years Discount Retail Spokane Valley WA — 1,494 4,067 — — 1,494 4,067 5,561 ( 525 ) 1997 12/1/2020 6 to 30 Years Equipment Rental and Leasing LeGrange GA — 669 970 — — 669 970 1,639 ( 126 ) 2018 12/3/2020 8 to 33 Years Auto Parts Little Rock AR — 286 873 — — 286 873 1,159 ( 96 ) 2002 12/9/2020 9 to 35 Years Drug Stores & Pharmacies Semmes AL — 737 818 — — 737 818 1,555 ( 125 ) 1999 12/11/2020 7 to 25 Years Grocery Beekman NY — 3,785 7,139 — — 3,785 7,139 10,924 ( 821 ) 1996 12/16/2020 5 to 33 Years Dollar Stores Johnstown PA — 153 1,234 — — 153 1,234 1,387 ( 139 ) 2016 12/18/2020 9 to 35 Years Auto Parts Bellows Falls VT — 55 817 — 27 55 844 899 ( 99 ) 1949 12/21/2020 8 to 30 Years Auto Parts Enosburg Falls VT — 138 802 — — 138 802 940 ( 116 ) 1895 12/21/2020 11 to 24 Years Auto Parts South Barre VT — 295 566 — — 295 566 861 ( 87 ) 1965 12/21/2020 8 to 31 Years Consumer Electronics Heath OH — 1,205 2,348 — 53 1,205 2,401 3,606 ( 360 ) 1998 12/21/2020 4 to 30 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 ( 428 ) 1989 12/28/2020 6 to 22 Years Grocery Rowlett TX — 1,654 2,882 — — 1,654 2,882 4,536 ( 344 ) 1997 12/28/2020 8 to 35 Years Grocery Dallas TX — 1,611 2,123 — — 1,611 2,123 3,734 ( 225 ) 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 ( 188 ) 1996 12/31/2020 5 to 22 Years Home Improvement Benton Harbor MI — 170 1,338 — — 170 1,338 1,508 ( 163 ) 2020 1/13/2021 10 to 35 Years Healthcare Schnecksville PA — 195 3,111 — 27 195 3,138 3,333 ( 295 ) 2018 1/29/2021 9 to 35 Years Discount Retail Yuma AZ — 1,032 2,983 — 17 1,032 3,000 4,032 ( 198 ) 2022 2/8/2021 6 to 33 Years Convenience Stores Palm Coast FL — 1,485 2,356 — — 1,485 2,356 3,841 ( 253 ) 2020 2/12/2021 11 to 35 Years Dollar Stores Birmingham AL — 189 1,031 — — 189 1,031 1,220 ( 125 ) 2013 2/12/2021 7 to 35 Years Dollar Stores Waycross GA — 170 1,172 — — 170 1,172 1,342 ( 143 ) 2013 2/12/2021 6 to 35 Years Dollar Stores Ocoee FL — 336 1,145 — — 336 1,145 1,481 ( 135 ) 2013 2/12/2021 7 to 35 Years Auto Parts Bridgeport CT — 291 1,080 — — 291 1,080 1,371 ( 102 ) 1972 2/22/2021 6 to 35 Years Dollar Stores Thomasville NC — 381 795 — — 381 795 1,176 ( 138 ) 1956 3/24/2021 8 to 24 Years Dollar Stores Pertersburg VA — 235 1,137 — — 235 1,137 1,372 ( 127 ) 1997 3/24/2021 8 to 35 Years Equipment Rental and Leasing Hilliard OH — 839 1,148 — — 839 1,148 1,987 ( 153 ) 2014 3/25/2021 9 to 35 Years Auto Parts Utica NY — 372 1,177 — — 372 1,177 1,549 ( 130 ) 1996 3/26/2021 8 to 34 Years Automotive Service Wichita KS — 990 959 — — 990 959 1,949 ( 101 ) 2000 3/26/2021 6 to 33 Years Auto Parts Bellingham MA — 1,457 970 — — 1,457 970 2,427 ( 107 ) 2008 3/30/2021 7 to 35 Years General Retail Greece NY — 1,751 6,212 — 73 1,751 6,285 8,036 ( 1,249 ) 1991 3/30/2021 9 to 17 Years Arts & Crafts Olympia WA — 2,025 4,763 — — 2,025 4,763 6,788 ( 628 ) 1978 3/31/2021 6 to 26 Years Arts & Crafts Springfield IL — 886 3,685 — 34 886 3,719 4,605 ( 747 ) 1989 3/31/2021 10 to 20 Years Arts & Crafts Fort Dodge IA — 532 2,062 — 304 532 2,366 2,898 ( 493 ) 1985 3/31/2021 8 to 15 Years Auto Parts Bethel VT — 67 278 — 17 67 295 362 ( 48 ) 1948 3/31/2021 5 to 20 Years Auto Parts Springfield VT — 193 779 — 151 193 930 1,123 ( 112 ) 1975 3/31/2021 8 to 29 Years Discount Retail Fort Dodge IA — 224 857 — 81 224 938 1,162 ( 219 ) 1985 3/31/2021 4 to 15 Years Dollar Stores Toledo OH — 174 961 — — 174 961 1,135 ( 144 ) 1972 3/31/2021 6 to 30 Years Dollar Stores Franklin OH — 159 535 — — 159 535 694 ( 107 ) 2005 3/31/2021 3 to 25 Years Drug Stores & Pharmacies Spencer IN — 1,648 2,433 — — 1,648 2,433 4,081 ( 263 ) 2010 3/31/2021 8 to 35 Years Drug Stores & Pharmacies Indianapolis IN — 371 2,056 — — 371 2,056 2,427 ( 195 ) 1997 3/31/2021 6 to 35 Years Farm Supplies Olympia WA — 2,140 3,491 — — 2,140 3,491 5,631 ( 489 ) 1978 3/31/2021 5 to 30 Years Grocery Mt. Gilead OH — 688 2,316 — — 688 2,316 3,004 ( 536 ) 1988 3/31/2021 6 to 16 Years Grocery Rio Rancho NM — 1,759 3,055 — — 1,759 3,055 4,814 ( 314 ) 2020 3/31/2021 11 to 35 Years 92 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Home Improvement Merrillville IN — 378 2,743 — — 378 2,743 3,121 ( 283 ) 2007 3/31/2021 9 to 35 Years Drug Stores & Pharmacies Hemingway SC — 97 1,337 — 22 97 1,359 1,456 ( 155 ) 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 3,273 4,432 ( 357 ) 1985 4/30/2021 7 to 28 Years Convenience Stores Georgetown SC — 294 1,485 — — 294 1,485 1,779 ( 166 ) 1996 5/6/2021 7 to 30 Years Convenience Stores Portola CA — 1,897 2,199 — — 1,897 2,199 4,096 ( 230 ) 1993 5/7/2021 10 to 33 Years Convenience Stores Jamestown CA — 1,373 1,753 — — 1,373 1,753 3,126 ( 212 ) 1977 5/11/2021 12 to 27 Years Convenience Stores Auburn CA — 415 785 — — 415 785 1,200 ( 91 ) 1962 5/12/2021 15 to 27 Years Convenience Stores Wallace CA — 1,412 1,729 — — 1,412 1,729 3,141 ( 212 ) 1979 5/13/2021 10 to 27 Years Convenience Stores Colfax CA — 896 1,527 — — 896 1,527 2,423 ( 183 ) 1968 5/14/2021 12 to 27 Years Arts & Crafts Fond Du Lac WI — 1,600 1,860 — 15 1,600 1,875 3,475 ( 104 ) 2022 5/18/2021 10 to 35 Years Discount Retail Fond Du Lac WI — 1,400 1,457 — 11 1,400 1,468 2,868 ( 104 ) 2021 5/18/2021 10 to 35 Years Arts & Crafts Heath OH — 383 3,603 — 53 383 3,656 4,039 ( 427 ) 1998 6/17/2021 7 to 29 Years Grocery Monroe WI — 848 7,535 — 21 848 7,556 8,404 ( 757 ) 2004 6/22/2021 8 to 30 Years Quick Service Restaurants Bardstown KY — 926 1,291 — — 926 1,291 2,217 ( 140 ) 1985 6/23/2021 9 to 30 Years Consumer Electronics Brownsville TX — 1,596 5,146 — — 1,596 5,146 6,742 ( 492 ) 2001 6/25/2021 5 to 35 Years Consumer Electronics Toledo OH — 766 3,535 — 24 766 3,559 4,325 ( 427 ) 1992 6/25/2021 5 to 27 Years Dollar Stores Dayton OH — 285 1,154 — — 285 1,154 1,439 ( 116 ) 2000 6/28/2021 8 to 35 Years Dollar Stores Schenectady NY — 249 1,451 — — 249 1,451 1,700 ( 130 ) 1997 6/28/2021 9 to 35 Years Dollar Stores Dryden NY — 286 1,109 — — 286 1,109 1,395 ( 127 ) 2013 6/28/2021 7 to 35 Years Dollar Stores Prattsburgh NY — 124 1,364 — — 124 1,364 1,488 ( 160 ) 2014 6/28/2021 8 to 35 Years Dollar Stores Germantown NY — 241 1,620 — — 241 1,620 1,861 ( 157 ) 2020 6/28/2021 10 to 35 Years Dollar Stores Lanesborough MA — 373 1,188 — — 373 1,188 1,561 ( 141 ) 2013 6/28/2021 8 to 35 Years Dollar Stores Mayfield NY — 260 1,206 — — 260 1,206 1,466 ( 134 ) 2015 6/28/2021 9 to 35 Years Dollar Stores Ballston Spa NY — 231 1,242 — — 231 1,242 1,473 ( 128 ) 2015 6/28/2021 9 to 35 Years Dollar Stores Trotwood OH — 361 768 — — 361 768 1,129 ( 105 ) 2012 6/28/2021 6 to 35 Years Consumer Electronics Burbank IL — 3,116 6,171 — — 3,116 6,171 9,287 ( 804 ) 1997 6/29/2021 6 to 30 Years Dollar Stores Oklahoma City OK — 531 1,158 — — 531 1,158 1,689 ( 128 ) 1981 6/29/2021 8 to 29 Years Home Improvement Alsip IL — 353 1,092 — — 353 1,092 1,445 ( 103 ) 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 ( 453 ) 2014 6/30/2021 6 to 34 Years Home Improvement Sioux Falls SD — 848 4,083 — — 848 4,083 4,931 ( 270 ) 2022 7/8/2021 12 to 35 Years Auto Parts Houma LA — 181 1,257 — — 181 1,257 1,438 ( 103 ) 2009 8/10/2021 10 to 35 Years Arts & Crafts Sumter SC — 1,614 2,576 — 67 1,614 2,643 4,257 ( 416 ) 1975 8/23/2021 6 to 22 Years Discount Retail Sumter SC — 959 1,519 — 24 959 1,543 2,502 ( 249 ) 1975 8/23/2021 7 to 22 Years Discount Retail California MD — 241 1,984 — — 241 1,984 2,225 ( 146 ) 2001 9/8/2021 5 to 35 Years Quick Service Restaurants Danville IN — 830 1,132 — — 830 1,132 1,962 ( 127 ) 2021 9/13/2021 10 to 30 Years Healthcare Houston TX — 798 3,318 — — 798 3,318 4,116 ( 269 ) 1993 9/14/2021 8 to 35 Years Dollar Stores Iva SC — 105 880 — — 105 880 985 ( 81 ) 2005 9/20/2021 5 to 35 Years Discount Retail Dunbar WV — 318 1,982 — 24 318 2,006 2,324 ( 210 ) 2017 9/30/2021 6 to 26 Years Dollar Stores Akron OH — 130 691 — 12 130 703 833 ( 75 ) 1946 9/30/2021 7 to 28 Years Drug Stores & Pharmacies Cottonwood AZ — 2,158 2,681 — — 2,158 2,681 4,839 ( 219 ) 1999 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Louisville KY — 904 2,489 — — 904 2,489 3,393 ( 209 ) 1998 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Rio Rancho NM — 2,278 2,377 — — 2,278 2,377 4,655 ( 208 ) 2000 9/30/2021 5 to 33 Years Drug Stores & Pharmacies Mentor OH — 1,348 2,647 ( 200 ) ( 394 ) 1,148 2,253 3,401 ( 197 ) 1997 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Moline IL — 1,915 2,860 — — 1,915 2,860 4,775 ( 233 ) 2000 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Decatur IL — 702 2,878 — — 702 2,878 3,580 ( 226 ) 1999 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Hammond IN — 1,073 3,207 — — 1,073 3,207 4,280 ( 260 ) 2000 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Edinburg TX — 1,544 2,108 — — 1,544 2,108 3,652 ( 172 ) 2000 9/30/2021 5 to 35 Years Drug Stores & Pharmacies Rockford IL — 295 1,735 — — 295 1,735 2,030 ( 179 ) 1991 9/30/2021 8 to 28 Years Drug Stores & Pharmacies Chicago IL — 1,788 2,720 — — 1,788 2,720 4,508 ( 259 ) 1997 9/30/2021 7 to 30 Years Drug Stores & Pharmacies Jerseyville IL — 1,981 3,282 — — 1,981 3,282 5,263 ( 267 ) 2014 9/30/2021 10 to 35 Years 93 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Healthcare Rantoul IL — 92 1,671 — — 92 1,671 1,763 ( 162 ) 2011 9/30/2021 10 to 35 Years Healthcare Danville IL — 130 1,584 — — 130 1,584 1,714 ( 133 ) 2020 9/30/2021 10 to 35 Years Healthcare Urbana IL — 674 1,294 ( 169 ) ( 324 ) 505 970 1,475 ( 85 ) 2018 9/30/2021 8 to 35 Years Grocery Slidell LA — 1,159 3,444 — — 1,159 3,444 4,603 ( 469 ) 1995 10/13/2021 6 to 22 Years Grocery Slidell LA — 1,723 3,305 — — 1,723 3,305 5,028 ( 506 ) 1999 10/13/2021 6 to 20 Years Discount Retail Oakwood OH — 283 2,035 — 32 283 2,067 2,350 ( 291 ) 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 — 29 3,947 10,427 14,374 ( 715 ) 1984 10/25/2021 12 to 35 Years Home Improvement Avondale IL — 9,146 13,194 — 72 9,146 13,266 22,412 ( 983 ) 1984 10/25/2021 12 to 35 Years Home Improvement Racine WI — 1,898 7,247 — 21 1,898 7,268 9,166 ( 1,114 ) 1991 10/27/2021 15 to 18 Years Arts & Crafts Flagstaff AZ — 988 7,797 — 15 988 7,812 8,800 ( 609 ) 1979 10/28/2021 7 to 35 Years Discount Retail Oroville CA — 405 3,123 — 8 405 3,131 3,536 ( 294 ) 1999 10/28/2021 7 to 33 Years Equipment Rental and Leasing Warner Robins GA — 425 1,820 — — 425 1,820 2,245 ( 193 ) 2021 10/28/2021 10 to 35 Years Home Improvement Green Bay WI — 292 1,070 — — 292 1,070 1,362 ( 160 ) 1992 10/28/2021 7 to 20 Years Dollar Stores Woodland AL — 345 1,230 — — 345 1,230 1,575 ( 72 ) 2022 11/12/2021 15 to 35 Years Equipment Rental and Leasing Cortland OH — 199 1,913 — — 199 1,913 2,112 ( 157 ) 2015 11/15/2021 8 to 35 Years Consumer Electronics Baton Rouge LA — 5,057 3,647 — 15 5,057 3,662 8,719 ( 446 ) 1997 11/24/2021 6 to 26 Years Dollar Stores Springfield OH — 435 154 — 105 435 259 694 ( 63 ) 1950 11/24/2021 2 to 15 Years Arts & Crafts Sheboygan WI — 1,893 2,030 — — 1,893 2,030 3,923 ( 70 ) 2022 12/3/2021 9 to 35 Years Discount Retail Sheboygan WI — 2,049 2,056 — — 2,049 2,056 4,105 ( 74 ) 2022 12/3/2021 10 to 35 Years Dollar Stores Oklahoma City OK — 295 664 — 53 295 717 1,012 ( 78 ) 2006 12/8/2021 5 to 23 Years Dollar Stores Harper Woods MI — 627 1,165 — 10 627 1,175 1,802 ( 100 ) 1972 12/9/2021 10 to 30 Years Automotive Service Middletown OH — 342 632 — — 342 632 974 ( 69 ) 1974 12/10/2021 6 to 25 Years Automotive Service Hamilton OH — 321 1,122 — 201 321 1,323 1,644 ( 101 ) 1922 12/10/2021 7 to 25 Years Automotive Service Hamilton OH — 393 1,003 — — 393 1,003 1,396 ( 106 ) 1964 12/10/2021 7 to 23 Years Dollar Stores Columbus GA — 173 967 — — 173 967 1,140 ( 82 ) 2003 12/13/2021 6 to 31 Years Dollar Stores Phenix City AL — 176 980 — — 176 980 1,156 ( 82 ) 2005 12/13/2021 4 to 35 Years Drug Stores & Pharmacies Gales Ferry CT — 1,687 2,326 — — 1,687 2,326 4,013 ( 232 ) 2012 12/21/2021 6 to 31 Years Drug Stores & Pharmacies St. Joseph MI — 2,494 2,671 — — 2,494 2,671 5,165 ( 219 ) 2015 12/21/2021 6 to 35 Years Drug Stores & Pharmacies El Centro CA — 890 4,656 — — 890 4,656 5,546 ( 325 ) 2002 12/21/2021 6 to 35 Years Drug Stores & Pharmacies Groton CT — 1,195 3,833 — — 1,195 3,833 5,028 ( 271 ) 2004 12/21/2021 6 to 35 Years Discount Retail Grand Island NE — 337 2,333 — — 337 2,333 2,670 ( 156 ) 1990 12/23/2021 6 to 35 Years Arts & Crafts D'Iberville MS — 1,036 5,970 — — 1,036 5,970 7,006 ( 181 ) 2023 12/29/2021 12 to 35 Years Auto Parts Syracuse NY — 486 1,316 — — 486 1,316 1,802 ( 114 ) 2004 12/29/2021 7 to 35 Years Arts & Crafts Winder GA — 1,217 5,919 — — 1,217 5,919 7,136 ( 173 ) 2023 12/30/2021 9 to 35 Years Auto Parts Golden CO — 594 974 — 10 594 984 1,578 ( 78 ) 2009 12/30/2021 3 to 35 Years Auto Parts Lithonia GA — 605 1,422 — — 605 1,422 2,027 ( 109 ) 1996 12/30/2021 3 to 35 Years Grocery Omaha NE — 1,559 4,866 — 260 1,559 5,126 6,685 ( 556 ) 2010 1/19/2022 8 to 25 Years Arts & Crafts Douglas GA — 465 4,317 — 18 465 4,335 4,800 ( 325 ) 2021 1/21/2022 10 to 35 Years Healthcare Denton TX — 554 2,623 — — 554 2,623 3,177 ( 212 ) 1982 1/28/2022 6 to 29 Years Auto Parts Decatur GA — 257 840 — 15 257 855 1,112 ( 65 ) 1999 2/11/2022 5 to 35 Years Dollar Stores Fair Haven VT — 151 1,051 — — 151 1,051 1,202 ( 95 ) 1960 2/17/2022 4 to 28 Years Dollar Stores Morehead City NC — 563 1,131 — — 563 1,131 1,694 ( 92 ) 2002 2/18/2022 4 to 35 Years Home Improvement Litchfield IL — 138 1,328 — 104 138 1,432 1,570 ( 144 ) 2022 3/4/2022 10 to 25 Years Drug Stores & Pharmacies Mobile AL — 954 2,570 — — 954 2,570 3,524 ( 173 ) 2003 3/10/2022 7 to 35 Years Dollar Stores Monticello GA — 346 1,323 — — 346 1,323 1,669 ( 118 ) 2016 3/14/2022 8 to 35 Years Dollar Stores Overton NV — 85 1,228 — — 85 1,228 1,313 ( 83 ) 2012 3/15/2022 5 to 35 Years Dollar Stores Naturita CO — 100 935 — — 100 935 1,035 ( 69 ) 2014 3/15/2022 7 to 34 Years Dollar Stores Milford UT — 62 1,075 — — 62 1,075 1,137 ( 68 ) 2015 3/15/2022 8 to 35 Years 94 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Home Improvement Edgewood NM — 426 1,066 — 177 426 1,243 1,669 ( 124 ) 2022 3/15/2022 6 to 25 Years Home Improvement Hermitage PA — 585 2,420 — — 585 2,420 3,005 ( 257 ) 2000 3/15/2022 7 to 23 Years Healthcare Houston TX — 455 2,092 — — 455 2,092 2,547 ( 133 ) 2014 3/24/2022 7 to 35 Years Healthcare Amarillo TX — 413 1,815 — — 413 1,815 2,228 ( 138 ) 2012 3/24/2022 6 to 30 Years Healthcare Kaufman TX — 268 1,677 — 15 268 1,692 1,960 ( 101 ) 2008 3/24/2022 7 to 35 Years Dollar Stores Ely NV — 134 1,136 — — 134 1,136 1,270 ( 76 ) 2014 3/25/2022 8 to 35 Years Arts & Crafts Dothan AL — 1,410 5,101 — 28 1,410 5,129 6,539 ( 521 ) 1970 3/30/2022 4 to 20 Years Casual Dining Dothan AL — 564 586 — — 564 586 1,150 ( 84 ) 2003 3/30/2022 6 to 16 Years Discount Retail Alpena MI — 697 3,825 — — 697 3,825 4,522 ( 46 ) 2023 3/30/2022 9 to 35 Years Grocery Dothan AL — 1,155 5,178 — 64 1,155 5,242 6,397 ( 340 ) 1968 3/30/2022 7 to 32 Years Quick Service Restaurants Dothan AL — 427 1,275 — — 427 1,275 1,702 ( 95 ) 2011 3/30/2022 4 to 29 Years Dollar Stores Livonia MI — 96 1,292 — 534 96 1,826 1,922 ( 102 ) 1956 3/31/2022 4 to 28 Years Dollar Stores Lewistown PA — 220 1,795 — — 220 1,795 2,015 ( 124 ) 2019 3/31/2022 7 to 35 Years Dollar Stores Orrstown PA — 193 1,377 — — 193 1,377 1,570 ( 137 ) 2019 3/31/2022 7 to 35 Years General Retail Kansas City KS — 600 7,312 — — 600 7,312 7,912 ( 497 ) 2014 3/31/2022 7 to 33 Years Drug Stores & Pharmacies West Allis WI — 2,690 3,410 — — 2,690 3,410 6,100 ( 199 ) 2008 4/18/2022 7 to 35 Years Dollar Stores Magdelena NM — 65 892 — — 65 892 957 ( 73 ) 2009 4/19/2022 3 to 30 Years Grocery Tonawanda NY — 784 6,998 — — 784 6,998 7,782 ( 515 ) 2001 4/21/2022 5 to 28 Years Dollar Stores Penasco NM — 181 1,030 — — 181 1,030 1,211 ( 81 ) 2009 5/2/2022 3 to 28 Years Automotive Service Mayfield OH — 1,434 1,566 — 19 1,434 1,585 3,019 ( 110 ) 1968 5/13/2022 6 to 25 Years Casual Dining Mayfield OH — 424 338 — 19 424 357 781 ( 39 ) 1968 5/13/2022 5 to 16 Years Grocery La Place LA — 4,359 4,751 — — 4,359 4,751 9,110 ( 447 ) 1997 5/13/2022 6 to 22 Years Grocery Tonawanda NY — 1,207 10,122 — — 1,207 10,122 11,329 ( 637 ) 2001 6/13/2022 4 to 31 Years Auto Parts Sparks NV — 903 2,584 — — 903 2,584 3,487 ( 265 ) 1980 6/24/2022 5 to 22 Years Farm Supplies Sparks NV — 765 1,944 — — 765 1,944 2,709 ( 225 ) 1980 6/24/2022 5 to 19 Years Home Improvement Sparks NV — 355 1,287 — — 355 1,287 1,642 ( 132 ) 1980 6/24/2022 6 to 19 Years Drug Stores & Pharmacies Tulare CA — 1,550 4,156 — — 1,550 4,156 5,706 ( 230 ) 2009 6/28/2022 9 to 35 Years Drug Stores & Pharmacies Fort Wayne IN — 2,751 3,796 — — 2,751 3,796 6,547 ( 203 ) 2010 6/28/2022 9 to 35 Years Drug Stores & Pharmacies Noblesville IN — 2,623 3,915 — — 2,623 3,915 6,538 ( 223 ) 2009 6/28/2022 9 to 35 Years Drug Stores & Pharmacies Jackson MS — 2,286 3,036 — — 2,286 3,036 5,322 ( 165 ) 2009 6/28/2022 9 to 35 Years Drug Stores & Pharmacies Newport News VA — 4,408 3,802 — — 4,408 3,802 8,210 ( 226 ) 2009 6/28/2022 9 to 35 Years Drug Stores & Pharmacies Yorktown VA — 3,996 3,749 — — 3,996 3,749 7,745 ( 211 ) 2009 6/28/2022 8 to 35 Years Grocery Palmdale CA — 2,046 7,504 — 200 2,046 7,704 9,750 ( 386 ) 2000 6/28/2022 6 to 35 Years Specialty Palmdale CA — 1,019 3,935 — — 1,019 3,935 4,954 ( 203 ) 2000 6/28/2022 5 to 35 Years Dollar Stores Springfield IL — 142 990 — — 142 990 1,132 ( 92 ) 1980 6/30/2022 2 to 20 Years Dollar Stores Buffalo NY — 170 1,813 — — 170 1,813 1,983 ( 94 ) 2019 6/30/2022 7 to 35 Years Drug Stores & Pharmacies Athens GA — 2,272 3,919 — — 2,272 3,919 6,191 ( 206 ) 2009 7/1/2022 10 to 35 Years Drug Stores & Pharmacies Rockford IL — 2,285 4,649 — — 2,285 4,649 6,934 ( 238 ) 2009 7/1/2022 9 to 35 Years Drug Stores & Pharmacies New Orleans LA — 2,228 3,699 — — 2,228 3,699 5,927 ( 200 ) 2009 7/1/2022 11 to 35 Years Drug Stores & Pharmacies Bismarck ND — 2,143 3,913 — — 2,143 3,913 6,056 ( 206 ) 2009 7/1/2022 9 to 35 Years Drug Stores & Pharmacies Las Vegas NV — 3,129 4,847 — — 3,129 4,847 7,976 ( 260 ) 2009 7/1/2022 9 to 35 Years Grocery Harrison MI — 564 4,579 — 29 564 4,608 5,172 ( 364 ) 2001 7/26/2022 5 to 29 Years Dollar Stores Oglethorpe GA — 112 802 — — 112 802 914 ( 58 ) 2009 8/3/2022 5 to 27 Years Grocery Janesville WI — 2,039 15,748 — — 2,039 15,748 17,787 ( 751 ) 2015 8/17/2022 7 to 35 Years Auto Parts Marion IN — 469 495 — 33 469 528 997 ( 85 ) 1961 9/8/2022 5 to 9 Years Dollar Stores Marion IN — 469 676 — 94 469 770 1,239 ( 80 ) 1961 9/8/2022 3 to 16 Years Auto Parts Bluefiled WV — 55 673 — 45 55 718 773 ( 52 ) 1996 9/20/2022 6 to 22 Years Discount Retail Forest City NC — 544 968 — — 544 968 1,512 ( 173 ) 1989 9/20/2022 4 to 13 Years Dollar Stores Bluefiled WV — 55 608 — — 55 608 663 ( 50 ) 1996 9/20/2022 4 to 19 Years Drug Stores & Pharmacies Philadelphia PA — 2,888 — — — 2,888 — 2,888 — 1997 9/21/2022 Dollar Stores Lithia Springs GA — 213 1,722 — — 213 1,722 1,935 ( 82 ) 2011 9/23/2022 4 to 35 Years Grocery Orange City IA — 358 4,950 — — 358 4,950 5,308 ( 222 ) 2017 9/23/2022 8 to 35 Years 95 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Drug Stores & Pharmacies Swansea IL — 1,172 1,876 — — 1,172 1,876 3,048 ( 161 ) 1997 9/28/2022 4 to 20 Years Discount Retail Elizabeth City NC — 639 2,226 — — 639 2,226 2,865 ( 180 ) 1993 9/29/2022 3 to 24 Years Drug Stores & Pharmacies Salisbury NC — 2,218 2,953 — — 2,218 2,953 5,171 ( 146 ) 2006 9/29/2022 6 to 33 Years Drug Stores & Pharmacies Statesville NC — 986 2,751 — — 986 2,751 3,737 ( 134 ) 2005 9/29/2022 7 to 32 Years Drug Stores & Pharmacies Farmville VA — 4,155 3,459 — — 4,155 3,459 7,614 ( 145 ) 2015 9/29/2022 9 to 35 Years Grocery Elizabeth City NC — 1,246 1,492 — — 1,246 1,492 2,738 ( 422 ) 1993 9/29/2022 2 to 6 Years Discount Retail Fond du Lac WI — 267 2,775 — — 267 2,775 3,042 ( 133 ) 1973 9/30/2022 8 to 31 Years Dollar Stores Detroit MI — 235 1,132 — — 235 1,132 1,367 ( 54 ) 1960 9/30/2022 2 to 31 Years Grocery Covington LA 8,361 1,989 9,693 — 57 1,989 9,750 11,739 ( 439 ) 2008 9/30/2022 8 to 35 Years Grocery New Haven IN — 987 2,356 — 20 987 2,376 3,363 ( 309 ) 1977 10/3/2022 4 to 12 Years Home Improvement Bossier City LA — 757 5,392 — — 757 5,392 6,149 ( 52 ) 2023 10/24/2022 10 to 35 Years Dollar Stores South Park PA — 188 1,290 — — 188 1,290 1,478 ( 59 ) 2015 10/25/2022 6 to 35 Years Dollar Stores Providence RI — 1,404 664 — 195 1,404 859 2,263 ( 58 ) 1995 11/8/2022 4 to 16 Years Automotive Service Douglas GA — 786 1,793 — — 786 1,793 2,579 ( 69 ) 2022 11/10/2022 9 to 35 Years Sporting Goods Cranberry Township PA — 3,211 13,224 — 6 3,211 13,230 16,441 ( 472 ) 2012 12/15/2022 5 to 35 Years Dollar Stores Baldwin MI — 53 1,198 — — 53 1,198 1,251 ( 43 ) 2022 12/21/2022 12 to 35 Years Dollar Stores Bemidji MN — 71 1,307 — — 71 1,307 1,378 ( 48 ) 2022 12/21/2022 7 to 35 Years Dollar Stores Blanchard MI — 197 1,190 — — 197 1,190 1,387 ( 43 ) 2022 12/21/2022 11 to 35 Years Dollar Stores Crystal MI — 125 1,176 — — 125 1,176 1,301 ( 41 ) 2021 12/21/2022 10 to 35 Years Dollar Stores South Haven MI — 59 1,137 — — 59 1,137 1,196 ( 42 ) 2022 12/21/2022 12 to 35 Years Dollar Stores Three Rivers MI — 106 1,316 — — 106 1,316 1,422 ( 47 ) 2022 12/21/2022 7 to 35 Years Dollar Stores Wabeno WI — 193 1,084 — — 193 1,084 1,277 ( 39 ) 2022 12/21/2022 12 to 35 Years Dollar Stores Walkerville MI — 80 1,195 — — 80 1,195 1,275 ( 42 ) 2022 12/21/2022 12 to 35 Years Specialty Tysons VA — 9,822 9,487 — 384 9,822 9,871 19,693 ( 306 ) 1978 12/28/2022 6 to 35 Years Dollar Stores Chipley FL — 240 1,251 — — 240 1,251 1,491 ( 45 ) 2022 12/29/2022 7 to 35 Years Dollar Stores Alford FL — 138 1,220 — — 138 1,220 1,358 ( 44 ) 2022 12/29/2022 7 to 35 Years Dollar Stores Ennice NC — 89 1,257 — — 89 1,257 1,346 ( 47 ) 2022 12/29/2022 7 to 35 Years Dollar Stores Donalsonville GA — 122 1,224 — — 122 1,224 1,346 ( 44 ) 2022 12/29/2022 7 to 35 Years Grocery Greenfield WI — 2,064 20,089 — — 2,064 20,089 22,153 ( 882 ) 1970 12/29/2022 6 to 29 Years Dollar Stores Alton NH — 183 1,346 — — 183 1,346 1,529 ( 41 ) 2016 2/13/2023 9 to 35 Years Drug Stores & Pharmacies Fort Wayne IN — 1,041 3,562 — — 1,041 3,562 4,603 ( 100 ) 2002 3/14/2023 5 to 35 Years Dollar Stores Shelby OH — 41 1,259 — — 41 1,259 1,300 ( 37 ) 2009 3/17/2023 5 to 34 Years Drug Stores & Pharmacies Warsaw IN — 1,227 2,939 — — 1,227 2,939 4,166 ( 91 ) 2003 3/17/2023 6 to 32 Years Drug Stores & Pharmacies Canal Winchester OH — 1,532 3,330 — — 1,532 3,330 4,862 ( 93 ) 2004 3/17/2023 6 to 35 Years Drug Stores & Pharmacies Irondequoit NY — 2,179 3,037 — — 2,179 3,037 5,216 ( 85 ) 2005 3/21/2023 8 to 35 Years Dollar Stores Ahoskie NC — 70 1,489 — — 70 1,489 1,559 ( 41 ) 2014 3/22/2023 7 to 35 Years Drug Stores & Pharmacies Albertville AL — 1,635 3,536 — — 1,635 3,536 5,171 ( 98 ) 2008 3/22/2023 8 to 35 Years Drug Stores & Pharmacies St. Paul MN — 1,095 3,968 — — 1,095 3,968 5,063 ( 105 ) 2003 3/24/2023 5 to 35 Years Sporting Goods Helena MT — 1,730 6,063 — — 1,730 6,063 7,793 ( 183 ) 2007 3/27/2023 5 to 35 Years Automotive Service Charlotte NC — 604 460 — — 604 460 1,064 ( 29 ) 1994 3/29/2023 5 to 15 Years Dollar Stores Tama IA — 119 1,388 — — 119 1,388 1,507 ( 38 ) 2023 3/30/2023 9 to 35 Years Quick Service Restaurants Indianola MS — 350 1,180 — — 350 1,180 1,530 ( 41 ) 2022 3/30/2023 8 to 29 Years Quick Service Restaurants Citonelle AL — 364 1,172 — — 364 1,172 1,536 ( 45 ) 2022 3/30/2023 8 to 29 Years Quick Service Restaurants Vinemont AL — 409 1,125 — — 409 1,125 1,534 ( 41 ) 2022 3/30/2023 8 to 29 Years Quick Service Restaurants Tunica MS — 244 1,295 — — 244 1,295 1,539 ( 49 ) 2022 3/30/2023 8 to 29 Years Quick Service Restaurants Cleveland MS — 248 1,284 — — 248 1,284 1,532 ( 44 ) 2023 3/30/2023 13 to 30 Years Dollar Stores Enfield NC — 64 1,409 — — 64 1,409 1,473 ( 39 ) 2021 3/31/2023 7 to 35 Years Dollar Stores Heath Springs SC — 126 1,438 — — 126 1,438 1,564 ( 37 ) 2023 3/31/2023 9 to 35 Years Grocery North Fort Myers FL — 1,043 5,728 — — 1,043 5,728 6,771 ( 215 ) 1999 3/31/2023 7 to 29 Years Dollar Stores Cherokee IA — 206 1,422 — — 206 1,422 1,628 ( 58 ) 2015 4/26/2023 4 to 22 Years Dollar Stores Ramer AL — 175 1,213 — — 175 1,213 1,388 ( 32 ) 2022 4/26/2023 7 to 35 Years Dollar Stores Russellville AL — 126 1,212 — — 126 1,212 1,338 ( 32 ) 2022 4/26/2023 8 to 35 Years 96 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Dollar Stores Tallassee AL — 228 1,278 — — 228 1,278 1,506 ( 31 ) 2022 4/26/2023 12 to 35 Years Dollar Stores Rainbow City AL — 79 1,361 — — 79 1,361 1,440 ( 37 ) 2022 4/26/2023 9 to 35 Years Dollar Stores Headland AL — 199 1,571 — — 199 1,571 1,770 ( 39 ) 2023 4/26/2023 8 to 35 Years Dollar Stores Killen AL — 131 1,534 — — 131 1,534 1,665 ( 37 ) 2023 4/26/2023 13 to 35 Years Dollar Stores Ozark AL — 296 1,334 — — 296 1,334 1,630 ( 36 ) 2023 4/26/2023 8 to 35 Years Dollar Stores Falkville AL — 327 1,434 — — 327 1,434 1,761 ( 38 ) 2023 4/26/2023 13 to 35 Years Drug Stores & Pharmacies Chelmsford MA — 2,729 — — — 2,729 — 2,729 — 2012 4/26/2023 Drug Stores & Pharmacies Houston TX — 1,209 3,058 — — 1,209 3,058 4,267 ( 75 ) 2004 4/26/2023 7 to 35 Years Drug Stores & Pharmacies Westampton NJ — 1,251 3,225 — — 1,251 3,225 4,476 ( 99 ) 2008 4/26/2023 6 to 30 Years Grocery Park Ridge IL — 3,967 10,810 — — 3,967 10,810 14,777 ( 274 ) 2013 4/26/2023 8 to 35 Years Grocery O'Fallon IL — 2,076 4,936 — — 2,076 4,936 7,012 ( 234 ) 1996 4/26/2023 4 to 20 Years Sporting Goods Frisco TX — 2,409 9,316 — — 2,409 9,316 11,725 ( 240 ) 2012 4/26/2023 10 to 35 Years Dollar Stores Warren OH — 366 1,054 — — 366 1,054 1,420 ( 29 ) 2023 4/28/2023 4 to 34 Years Dollar Stores Alamogordo NM — 483 1,469 — — 483 1,469 1,952 ( 14 ) 2023 5/1/2023 8 to 35 Years Dollar Stores Wise VA — 419 1,163 — — 419 1,163 1,582 ( 29 ) 2023 5/2/2023 3 to 34 Years Dollar Stores Lodi NY — 288 1,173 — — 288 1,173 1,461 ( 7 ) 2023 5/4/2023 8 to 30 Years Dollar Stores Marion LA — 135 1,322 — — 135 1,322 1,457 ( 14 ) 2023 5/12/2023 10 to 35 Years Dollar Stores Eros LA — 215 1,309 — — 215 1,309 1,524 ( 17 ) 2023 5/12/2023 10 to 35 Years Dollar Stores Hackberry LA — 275 1,186 — — 275 1,186 1,461 ( 17 ) 2023 5/12/2023 10 to 35 Years Dollar Stores Summit MS — 292 1,196 — — 292 1,196 1,488 ( 12 ) 2023 5/19/2023 10 to 35 Years Dollar Stores Blossom TX — 166 1,312 — — 166 1,312 1,478 ( 10 ) 2023 5/19/2023 8 to 35 Years Dollar Stores Bellefonte PA — 343 1,313 — — 343 1,313 1,656 ( 7 ) 2023 5/19/2023 8 to 35 Years Dollar Stores Endicott NY — 433 1,148 — — 433 1,148 1,581 ( 8 ) 2023 5/19/2023 8 to 35 Years Dollar Stores Taft TX — 355 1,360 — — 355 1,360 1,715 ( 12 ) 2023 5/26/2023 10 to 35 Years Dollar Stores Lawndale NC — 299 1,732 — — 299 1,732 2,031 ( 37 ) 2023 5/30/2023 8 to 35 Years Dollar Stores Haleyville AL — 158 1,205 — — 158 1,205 1,363 ( 26 ) 2023 5/30/2023 8 to 35 Years Dollar Stores Demopolis AL — 154 1,321 — — 154 1,321 1,475 ( 30 ) 2023 5/30/2023 9 to 35 Years Dollar Stores Moundville AL — 47 1,766 — — 47 1,766 1,813 ( 38 ) 2023 5/30/2023 8 to 35 Years Dollar Stores West Columbia TX — 583 1,194 — — 583 1,194 1,777 ( 9 ) 1975 5/31/2023 10 to 35 Years Dollar Stores Valley View TX — 276 1,187 — — 276 1,187 1,463 ( 15 ) 1981 5/31/2023 10 to 35 Years Grocery Elkhart IN — 662 5,175 — — 662 5,175 5,837 ( 200 ) 2006 6/1/2023 5 to 19 Years Dollar Stores Defuniak Springs FL — 300 983 — — 300 983 1,283 ( 21 ) 1994 6/7/2023 8 to 35 Years Dollar Stores Kenmare ND — 254 1,478 — — 254 1,478 1,732 ( 2 ) 2023 6/7/2023 8 to 35 Years Dollar Stores Boyce LA — 218 1,318 — — 218 1,318 1,536 ( 6 ) 2023 6/13/2023 8 to 35 Years Dollar Stores Gainesville TX — 312 1,476 — — 312 1,476 1,788 ( 11 ) 2023 6/13/2023 9 to 35 Years Dollar Stores Lonoke AR — 163 1,303 — — 163 1,303 1,466 ( 6 ) 2023 6/13/2023 8 to 35 Years Dollar Stores Eden NC — 195 1,036 — — 195 1,036 1,231 ( 22 ) 1995 6/21/2023 9 to 35 Years Dollar Stores Homerville GA — 273 1,204 — — 273 1,204 1,477 ( 25 ) 2023 6/21/2023 9 to 35 Years Dollar Stores Louisville GA — 545 939 — — 545 939 1,484 ( 19 ) 2023 6/21/2023 9 to 35 Years Dollar Stores Reidsville NC — 324 1,030 — — 324 1,030 1,354 ( 22 ) 2023 6/21/2023 9 to 35 Years Dollar Stores Christoval TX — 323 1,537 — — 323 1,537 1,860 ( 10 ) 1973 7/6/2023 12 to 35 Years Dollar Stores Wilkesboro NC — 309 1,120 — — 309 1,120 1,429 ( 20 ) 2023 7/7/2023 9 to 35 Years Automotive Service Dalton GA — 324 2,697 — — 324 2,697 3,021 ( 11 ) 2023 7/10/2023 8 to 35 Years Dollar Stores Mount Orab OH — 227 1,458 — — 227 1,458 1,685 ( 10 ) 1971 7/10/2023 13 to 35 Years Dollar Stores Algona IA — 199 980 — — 199 980 1,179 ( 47 ) 1975 7/14/2023 4 to 13 Years Dollar Stores Ida Grove IA — 55 1,270 — — 55 1,270 1,325 ( 23 ) 1981 7/14/2023 9 to 29 Years Sporting Goods Horseheads NY — 491 5,772 — — 491 5,772 6,263 ( 117 ) 2009 7/18/2023 6 to 32 Years 97 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Dollar Stores Bethune SC — 121 1,136 — — 121 1,136 1,257 ( 22 ) 1994 7/19/2023 7 to 33 Years Dollar Stores Mocksville NC — 210 1,318 — — 210 1,318 1,528 ( 18 ) 2023 8/1/2023 9 to 35 Years Dollar Stores New Lebanon OH — 275 1,340 — — 275 1,340 1,615 ( 5 ) 2023 8/11/2023 12 to 35 Years Dollar Stores Darien NY — 201 1,467 — — 201 1,467 1,668 ( 20 ) 2023 8/14/2023 9 to 35 Years Dollar Stores Ashville AL — 146 1,386 — — 146 1,386 1,532 ( 20 ) 2023 8/14/2023 9 to 35 Years Dollar Stores Hobbs NM — 440 1,499 — — 440 1,499 1,939 ( 2 ) 2023 8/16/2023 9 to 35 Years Grocery Madison WI — 1,162 7,012 — — 1,162 7,012 8,174 ( 123 ) 1999 8/16/2023 5 to 26 Years Dollar Stores George WA — 315 2,060 — — 315 2,060 2,375 ( 3 ) 2023 8/18/2023 12 to 35 Years Dollar Stores Oakwood VA — 189 865 — — 189 865 1,054 ( 23 ) 1995 8/24/2023 4 to 20 Years Dollar Stores Moses Lake WA — 382 2,065 — — 382 2,065 2,447 ( 3 ) 2023 8/28/2023 12 to 35 Years Grocery Somers NY — 11,127 17,038 — — 11,127 17,038 28,165 ( 147 ) 2002 9/13/2023 4 to 35 Years Dollar Stores Canaseraga NY — 225 1,477 — — 225 1,477 1,702 ( 16 ) 2023 9/21/2023 9 to 35 Years Telecommunications Coshocton OH — 634 1,319 — — 634 1,319 1,953 ( 13 ) 2023 9/21/2023 9 to 35 Years Casual Dining Portland OR — 2,030 — — — 2,030 — 2,030 — 2000 9/27/2023 Casual Dining Portland OR — 1,960 — — — 1,960 — 1,960 — 2003 9/27/2023 Home Improvement Great Bend KS — 120 943 — — 120 943 1,063 ( 18 ) 1973 9/27/2023 4 to 19 Years Dollar Stores Marion AL — 157 1,547 — — 157 1,547 1,704 ( 22 ) 2015 9/28/2023 8 to 32 Years Dollar Stores Foley AL — 264 1,609 — — 264 1,609 1,873 ( 20 ) 2023 9/28/2023 10 to 35 Years Dollar Stores Baker FL — 128 1,575 — — 128 1,575 1,703 ( 19 ) 2023 9/28/2023 10 to 35 Years Dollar Stores Gerry NY — 122 1,493 — — 122 1,493 1,615 ( 16 ) 2023 9/28/2023 10 to 35 Years Grocery Verona WI — 2,709 14,479 — — 2,709 14,479 17,188 ( 144 ) 2019 9/28/2023 8 to 35 Years Home Improvement Elk Grove Village IL — 5,783 9,812 — — 5,783 9,812 15,595 ( 131 ) 1995 10/2/2023 6 to 20 Years Dollar Stores Lake Park GA — 406 1,215 — — 406 1,215 1,621 ( 9 ) 2023 10/5/2023 8 to 35 Years Dollar Stores Macon GA — 265 1,392 — — 265 1,392 1,657 ( 10 ) 2023 10/5/2023 9 to 35 Years Dollar Stores Perry GA — 197 1,556 — — 197 1,556 1,753 ( 12 ) 2023 10/5/2023 8 to 35 Years Dollar Stores Salisbury NC — 365 1,142 — — 365 1,142 1,507 ( 10 ) 2023 10/5/2023 9 to 35 Years Dollar Stores Sylvania GA — 461 1,269 — — 461 1,269 1,730 ( 10 ) 2023 10/5/2023 9 to 35 Years Dollar Stores Graceville FL — 195 1,695 — — 195 1,695 1,890 ( 12 ) 2023 10/26/2023 8 to 35 Years Dollar Stores Centre AL — 107 1,402 — — 107 1,402 1,509 ( 10 ) 2023 10/31/2023 12 to 35 Years Dollar Stores Vernon AL — 214 1,516 — — 214 1,516 1,730 ( 11 ) 2023 10/31/2023 12 to 35 Years Dollar Stores Addison AL — 177 1,684 — — 177 1,684 1,861 ( 12 ) 2023 10/31/2023 12 to 35 Years Dollar Stores Highland Home (Lapine) AL — 197 1,947 — — 197 1,947 2,144 ( 15 ) 2023 10/31/2023 8 to 35 Years Dollar Stores Jasper AL — 245 1,738 — — 245 1,738 1,983 ( 8 ) 2023 11/1/2023 13 to 35 Years Telecommunications Meadville PA — 756 1,247 — — 756 1,247 2,003 ( 6 ) 2023 11/15/2023 9 to 35 Years Dollar Stores Pulaski NY — 183 1,317 — — 183 1,317 1,500 ( 8 ) 1997 11/21/2023 5 to 25 Years Dollar Stores Harlan IA — 452 873 — — 452 873 1,325 ( 7 ) 2022 11/29/2023 4 to 21 Years Dollar Stores Phenix City AL — 253 1,833 — — 253 1,833 2,086 ( 3 ) 2023 12/1/2023 13 to 35 Years Grocery Manitowoc WI — 1,550 9,348 — — 1,550 9,348 10,898 ( 16 ) 2008 12/11/2023 5 to 31 Years Dollar Stores Baker FL — 253 1,619 — — 253 1,619 1,872 ( 2 ) 2023 12/12/2023 8 to 35 Years Dollar Stores Lehighton PA — 181 973 — — 181 973 1,154 ( 2 ) 2019 12/21/2023 7 to 35 Years Dollar Stores Shohola PA — 256 918 — — 256 918 1,174 ( 2 ) 2018 12/21/2023 8 to 35 Years Dollar Stores Fenton LA — 112 846 — — 112 846 958 ( 1 ) 2022 12/21/2023 12 to 35 Years Dollar Stores Salem OH — 183 892 — — 183 892 1,075 ( 2 ) 2020 12/21/2023 8 to 35 Years Dollar Stores Medina OH — 215 948 — — 215 948 1,163 ( 2 ) 2020 12/21/2023 8 to 35 Years Dollar Stores Mansfield OH — 133 1,027 — — 133 1,027 1,160 ( 2 ) 2020 12/21/2023 8 to 35 Years Dollar Stores Konowa OK — 109 1,249 — — 109 1,249 1,358 ( 2 ) 2023 12/21/2023 10 to 35 Years Dollar Stores Cookville TX — 243 1,066 — — 243 1,066 1,309 ( 2 ) 2023 12/21/2023 10 to 35 Years 98 Table of Contents Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1) Gross Amount as of December 31, 2023 (2), (3) Industry City State Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4) Date of Construction Date Acquired (5) Life on Which Depreciation in Statements of Operations and Comprehensive Income is Computed Dollar Stores Cordele GA — 190 1,217 — — 190 1,217 1,407 ( 2 ) 2023 12/21/2023 10 to 35 Years Dollar Stores DeBerry TX — 239 1,108 — — 239 1,108 1,347 ( 2 ) 2023 12/21/2023 10 to 35 Years Dollar Stores Lavaca AR — 128 1,082 — — 128 1,082 1,210 ( 2 ) 2006 12/21/2023 9 to 31 Years Dollar Stores Wetumpka AL — 112 1,328 — — 112 1,328 1,440 ( 2 ) 2023 12/28/2023 9 to 35 Years Dollar Stores Livingston AL — 181 1,378 — — 181 1,378 1,559 ( 2 ) 2023 12/28/2023 12 to 35 Years Dollar Stores Warrior AL — 208 1,174 — — 208 1,174 1,382 ( 2 ) 2023 12/28/2023 12 to 35 Years Dollar Stores Andrews NC — 220 1,792 — — 220 1,792 2,012 ( 3 ) 2023 12/28/2023 8 to 35 Years Dollar Stores Blakeslee PA — 191 1,056 — — 191 1,056 1,247 — 2020 12/29/2023 7 to 35 Years $ 8,361 $ 461,265 $ 1,142,488 $ ( 369 ) $ 7,321 $ 460,896 $ 1,149,809 $ 1,610,705 $ ( 101,210 ) (1) Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate. (2) The aggregate cost for federal income tax purposes is $ 1.6 billion (unaudited). (3) 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. (4) 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. (5) The acquisition dates for properties acquired prior to December 23, 2019 are stated at the Company’s Private Offering and formation transactions date of December 23, 2019. The following is a reconciliation of carrying value for land and building and improvements for the periods presented (in thousands): Year Ended December 31, 2023 2022 2021 Balance, beginning of year $ 1,308,230 $ 926,392 $ 547,733 Additions Acquisitions 306,564 398,177 393,147 Improvements 4,098 2,383 1,227 Property under development completed and placed in service 64,711 22,510 2,909 Deductions Reclasses to held for sale ( 66,762 ) ( 37,880 ) ( 1,990 ) Provisions for impairment ( 3,509 ) ( 1,067 ) — Involuntary conversion of assets (1) — — ( 502 ) Dispositions ( 2,627 ) ( 2,285 ) ( 16,132 ) Balance, end of year $ 1,610,705 $ 1,308,230 $ 926,392 (1) The Company incurred significant damage to a property in Houma, Louisiana as a result of Hurricane Ida making landfall in August 2021. For the year ended December 31, 2022, 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): Year Ended December 31, 2023 2022 2021 Balance, beginning of year $ 62,526 $ 30,669 $ 10,111 Additions Depreciation expense 44,104 33,584 21,049 Deductions Reclasses to held for sale ( 5,154 ) ( 1,610 ) ( 35 ) Provisions for impairment ( 63 ) — — Involuntary conversion of assets (1) — — ( 12 ) Dispositions ( 203 ) ( 117 ) ( 444 ) Balance, end of year $ 101,210 $ 62,526 $ 30,669 (1) The Company incurred significant damage to a property in Houma, Louisiana as a result of Hurricane Ida making landfall in August 2021. As of December 31, 2023, the Company recorded a loss based on estimated damages of $ 0.5 million in the accompanying consolidated statements of operations and comprehensive income (loss). See report of independent registered public accounting firm. 99 Table of Contents NETSTREIT Corp. Schedule IV - Mortgage Loans on Real Estate As of December 31, 2023 (Dollars in thousands) Description and Industry Number of Secured Properties State Interest Rate Final Maturity Date Periodic Payment Terms (1) Final Payment Terms Prior Liens Outstanding Face Amount of Mortgages Carrying Amount of Mortgages Principal amount of loans subject to delinquent principal or interest Fully collateralized mortgage loans: None Home Improvement 1 Oregon 7.00 % 4/8/2024 I/O Balloon of $ 43.6 million None $ 43,612 $ 43,581 None Convenience Stores 46 North Carolina 9.55 % 3/10/2026 I/O Balloon of $ 41.9 million None 41,940 41,940 None Convenience Stores 3 North Carolina 6.89 % 4/10/2026 I/O Balloon of $ 4.1 million None 4,132 4,132 None Dollar Stores 9 Florida, Mississippi and Ohio 7.59 % 6/10/2025 I/O Balloon of $ 15.5 million None 14,024 14,024 None Discount Retail 1 Wisconsin 8.50 % 12/29/2024 None (2) Interest + Balloon of $ 0.7 million None 660 660 None Discount Retail 1 Idaho 7.50 % 3/8/2024 P+I Balloon of $ 3.2 million None 3,246 3,219 None Dollar Stores 7 Florida 10.25 % 12/5/2024 I/O Balloon of $ 5.0 million None 5,007 5,007 None Automotive Service and Quick Service Restaurant 2 Kentucky and Florida 10.25 % 12/22/2024 I/O Balloon of $ 1.9 million None 1,909 1,909 None $ 114,530 $ 114,472 (1) I/O: Interest Only; P+I: Principal and Interest. (2) Payments of both interest and principal are due at maturity. The following shows changes in carrying amounts of mortgage loans receivable, net during the years ended December 31, 2023 and 2022 (in thousands): Year Ended December 31, 2023 2022 Balance, beginning of year $ 46,378 $ — Additions: New mortgage loans receivable 72,399 46,316 Other: Increase in existing mortgage loan receivable in exchange for disposition of real estate 1,970 — Other: Increase in existing mortgage loan receivable in exchange for settlement of existing mortgage loan 1,327 — Capitalized loan origination costs 145 150 Discount on new mortgage loan receivable ( 155 ) — Amortization of discount 39 — Deductions: Collections of principal ( 1,482 ) — Other: Mortgage loan receivable settled in exchange for acquisition of real estate ( 4,673 ) — Other: Mortgage loan receivable settled in refinancing of existing mortgage loan receivable ( 1,327 ) — Amortization of loan origination costs ( 149 ) ( 88 ) Balance, end of year $ 114,472 $ 46,378 See report of independent registered public accounting firm. 100