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Item 9A. Controls and Procedures

2025-02-24 compared with 2024-02-14 · 97 added, 606 removed, 217 unchanged (76% of the section changed)

Controls and Procedures

Disclosure Controls and Procedures.

Evaluation of 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.

Based on this evaluation, the Company’s principal executive officer and principal financial officer concluded that its disclosure controls and procedures were effective as of December 31, 2024 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.

6 unchanged sentences

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.

During the period covered by this report, there were no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) identified in connection with the evaluation described above that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Other Information

2 unchanged sentences

Not applicable.

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.

Directors, Executive Officers and Corporate Governance

The information required by this item will be included in the sections entitled “Directors and Management,” “Corporate Governance” and, if required, “Delinquent Section 16(a) Reports” of our definitive Proxy Statement for the 2025 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.

24 unchanged sentences

Consolidated Balance Sheets as of December 31, 2024 and 2023

Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021

Consolidated Statements of Operations and Comprehensive (Loss) Income for the Years Ended December 31, 2024, 2023, and 2022

Consolidated Statements of Changes in Equity for the Years Ended December 31, 2024, 2023, and 2022

20 unchanged sentences

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).

10.4† Employment Agreement, dated March 24, 2023, between NETSTREIT Management, LLC and Daniel P.

4 unchanged sentences

10.6† 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).

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.

19 unchanged sentences

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

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).

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).

Amended and Restated Credit Agreement, dated January 15, 2025, by and among NETSTREIT, L.P., NETSTREIT Corp., the several institutions party thereto, as lenders, and PNC Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 17, 2025).

Second Amended and Restated Credit Agreement, dated January 15, 2025, by and among 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 with the SEC on January 17, 2025).

As-Amended Term Loan Agreement, dated June 3, 2023, by and among NETSTREIT, L.P., NETSTREIT Corp., the several institutions party thereto, as lenders, and Truist Bank, as Administrative Agent (reflecting the amendments set forth in the First Amendment to the Term Loan Agreement, dated January 15, 2025) (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K with the SEC on January 17, 2025).

19 Insider Trading Policy.

21.1 List of Subsidiaries of NETSTREIT Corp.

7 unchanged sentences

32.2*, *** Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Incentive Compensation Recoupment Policy

Incentive Compensation Recoupment Policy (incorporated by reference to Exhibit 97 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023).

101.INS** XBRL Instance Document.

34 unchanged sentences

(Principal Financial Officer)

/s/ PATRICIA GIBBS Date:

/s/ SOFIA CHERNYLO

February 24, 2025

Patricia Gibbs

Sofia Chernylo

Senior Vice President and Chief Accounting Officer

(Principal Accounting Officer)

/s/ TODD MINNIS Date:

/s/ LORI WITTMAN Date:

February 24, 2025

Chairman of the Board of Directors

Chair of the Board of Directors

/s/ MATTHEW TROXELL Date:

1 unchanged sentence

Matthew Troxell

/s/ LORI WITTMAN

/s/ TODD MINNIS Date:

February 24, 2025

12 unchanged sentences

(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

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

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

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

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

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

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

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

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

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

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

Description Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1)

Initial Cost to Company Cost Capitalized Subsequent to Acquisition (1)

Gross Amount as of December 31, 2024 (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)

State Number of Properties Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Accumulated Depreciation (3), (4)

Year of Construction Year 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

Alabama 48 $ — $ 24,347 $ 73,869 $ ( 115 ) $ ( 620 ) $ 24,232 $ 73,249 $ 97,481 $ ( 5,946 ) 1968 – 2024 2019 – 2024 2 to 35 Years

Arizona 4 — 4,848 15,518 ( 619 ) ( 931 ) 4,229 14,587 18,816 ( 1,237 ) 1979 – 2022 2021 – 2024 5 to 35 Years

Arkansas 10 — 7,065 12,812 — 2,477 7,065 15,289 22,354 ( 1,721 ) 1962 – 2024 2019 – 2024 8 to 35 Years

California 7 — 9,437 28,722 — 269 9,437 28,991 38,428 ( 3,893 ) 1968 – 2009 2020 – 2024 3 to 35 Years

Colorado 3 — 1,097 3,698 — 225 1,097 3,923 5,020 ( 582 ) 1978 – 2024 2019 – 2024 10 to 35 Years

Connecticut 2 — 1,978 3,407 — — 1,978 3,407 5,385 ( 483 ) 1972 – 2012 2021 – 2021 6 to 35 Years

Florida 21 — 15,694 39,090 — 43 15,694 39,133 54,827 ( 4,275 ) 1948 – 2023 2019 – 2024 5 to 35 Years

Georgia 34 — 35,673 101,322 — ( 136 ) 35,673 101,186 136,859 ( 10,098 ) 1968 – 2024 2019 – 2024 0 to 35 Years

Idaho 1 — 177 856 — — 177 856 1,033 ( 204 ) 2007 – 2007 2019 – 2019 6 to 26 Years

Illinois 43 — 73,364 139,328 ( 169 ) 393 73,195 139,721 212,916 ( 12,853 ) 1944 – 2024 2020 – 2024 0 to 35 Years

Indiana 20 — 21,839 54,944 — 233 21,839 55,177 77,016 ( 6,730 ) 1961 – 2021 2019 – 2024 3 to 35 Years

Iowa 13 — 3,543 18,398 — 562 3,543 18,960 22,503 ( 2,442 ) 1975 – 2024 2019 – 2024 3 to 35 Years

Kansas 4 — 2,183 10,055 — 35 2,183 10,090 12,273 ( 1,169 ) 1973 – 2014 2019 – 2023 4 to 33 Years

Kentucky 5 — 12,014 9,542 ( 358 ) ( 1,102 ) 11,656 8,440 20,096 ( 523 ) 1985 – 2024 2020 – 2024 0 to 35 Years

Louisiana 16 8,205 21,935 47,919 — 199 21,935 48,118 70,053 ( 4,973 ) 1986 – 2024 2020 – 2024 6 to 35 Years

Maryland 4 — 3,012 8,504 ( 317 ) ( 935 ) 2,695 7,569 10,264 ( 741 ) 1945 – 2016 2020 – 2021 5 to 35 Years

Massachusetts 4 — 8,509 2,158 ( 396 ) ( 364 ) 8,113 1,794 9,907 ( 197 ) 2002 – 2013 2020 – 2023 0 to 35 Years

Michigan 15 — 11,545 41,763 ( 30 ) ( 27 ) 11,515 41,736 53,251 ( 4,235 ) 1956 – 2024 2019 – 2024 4 to 35 Years

Minnesota 8 — 4,329 19,056 ( 504 ) ( 1,743 ) 3,825 17,313 21,138 ( 1,086 ) 1981 – 2024 2019 – 2024 4 to 35 Years

Mississippi 16 — 13,057 35,189 — 459 13,057 35,648 48,705 ( 6,565 ) 1978 – 2023 2019 – 2023 6 to 35 Years

Missouri 7 — 2,313 10,232 — 16 2,313 10,248 12,561 ( 601 ) 1971 – 2024 2019 – 2024 5 to 35 Years

Montana 2 — 3,056 14,112 — — 3,056 14,112 17,168 ( 497 ) 2007 – 2024 2023 – 2023 5 to 35 Years

Nebraska 2 — 1,896 7,200 — 260 1,896 7,460 9,356 ( 1,073 ) 1990 – 2010 2021 – 2022 7 to 35 Years

Nevada 5 — 5,286 11,798 — 55 5,286 11,853 17,139 ( 1,582 ) 1980 – 2014 2022 – 2022 5 to 35 Years

New Hampshire 4 — 676 2,635 — 55 676 2,690 3,366 ( 481 ) 1970 – 2016 2020 – 2023 5 to 35 Years

New Jersey 6 — 6,929 18,391 ( 591 ) ( 1,034 ) 6,338 17,357 23,695 ( 935 ) 1920 – 2016 2019 – 2024 5 to 35 Years

New Mexico 8 — 4,281 11,888 — 211 4,281 12,099 16,380 ( 770 ) 2000 – 2024 2021 – 2024 3 to 35 Years

New York 36 — 43,447 116,738 ( 506 ) ( 554 ) 42,941 116,184 159,125 ( 10,799 ) 1896 – 2024 2020 – 2024 3 to 35 Years

North Carolina 21 — 14,631 32,617 ( 493 ) ( 772 ) 14,138 31,845 45,983 ( 4,067 ) 1956 – 2024 2019 – 2024 0 to 35 Years

North Dakota 5 — 3,309 9,181 — — 3,309 9,181 12,490 ( 633 ) 2009 – 2024 2020 – 2024 9 to 35 Years

Ohio 40 — 18,307 61,636 ( 29 ) 612 18,278 62,248 80,526 ( 8,865 ) 1922 – 2024 2019 – 2024 3 to 35 Years

Oklahoma 10 — 5,120 10,401 — 171 5,120 10,572 15,692 ( 1,019 ) 1998 – 2024 2019 – 2024 0 to 35 Years

Oregon 2 — 3,991 — — — 3,991 — 3,991 — 2000 – 2003 2023 – 2023 0 to 0 Years

Pennsylvania 29 — 20,318 58,365 ( 598 ) ( 120 ) 19,720 58,245 77,965 ( 5,907 ) 1916 – 2024 2019 – 2024 0 to 35 Years

South Carolina 10 — 4,798 18,795 — 399 4,798 19,194 23,992 ( 2,003 ) 1967 – 2023 2019 – 2024 5 to 35 Years

South Dakota 1 — 848 4,083 — — 848 4,083 4,931 ( 421 ) 2022 – 2022 2021 – 2021 12 to 35 Years

Tennessee 6 — 8,818 9,790 ( 90 ) ( 474 ) 8,728 9,316 18,044 ( 1,866 ) 1963 – 2024 2019 – 2024 7 to 35 Years

Texas 65 — 90,386 162,362 — 187 90,386 162,549 252,935 ( 12,719 ) 1962 – 2024 2019 – 2024 4 to 35 Years

Utah 1 — 519 2,609 — — 519 2,609 3,128 ( 493 ) 2015 – 2015 2019 – 2019 10 to 32 Years

Vermont 10 — 1,473 6,181 ( 84 ) 230 1,389 6,411 7,800 ( 1,106 ) 1890 – 1999 2020 – 2022 4 to 31 Years

Virginia 10 — 27,989 42,637 — 538 27,989 43,175 71,164 ( 5,151 ) 1978 – 2024 2019 – 2024 3 to 35 Years

Washington 5 — 6,357 16,446 — 44 6,357 16,490 22,847 ( 2,364 ) 1978 – 2023 2020 – 2023 5 to 35 Years

West Virginia 4 — 1,384 4,402 — 157 1,384 4,559 5,943 ( 757 ) 1996 – 2017 2019 – 2022 4 to 26 Years

Wisconsin 21 — 25,343 103,965 ( 950 ) ( 1,239 ) 24,393 102,726 127,119 ( 9,360 ) 1970 – 2022 2019 – 2023 5 to 35 Years

588 $ 8,205 $ 577,121 $ 1,402,614 $ ( 5,849 ) $ ( 2,221 ) $ 571,272 $ 1,400,393 $ 1,971,665 $ ( 143,422 )

11 unchanged sentences

Property under development completed and placed in service 50,541 64,711 22,510

Reclasses to held for investment 23,980 — —

Reclasses to held for sale ( 133,088 ) ( 66,762 ) ( 37,880 )

Provisions for impairment ( 26,797 ) ( 3,509 ) ( 1,067 )

Involuntary conversion of assets (1)

Involuntary conversion of assets and other adjustments ( 1,722 ) — —

Dispositions — ( 2,627 ) ( 2,285 )

Balance, end of year $ 1,971,665 $ 1,610,705 $ 1,308,230

(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):

5 unchanged sentences

Provisions for impairment ( 5,323 ) ( 63 ) —

Involuntary conversion of assets (1)

Involuntary conversion of assets and other adjustments ( 193 ) — —

Dispositions — ( 203 ) ( 117 )

Balance, end of year $ 143,422 $ 101,210 $ 62,526

(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.

12 unchanged sentences

None 4,132 4,067 None

Dollar Stores 9 Florida, Mississippi and Ohio 7.59 % 6/10/2025 I/O Balloon of $ 15.5 million

Dollar Stores 6 Mississippi and Ohio 7.98 % 6/10/2025 I/O Balloon of $ 8.4 million

None 8,408 8,408 None

2 unchanged sentences

None 825 825 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 % 6/18/2025 I/O Balloon of $ 11.7 million

None 11,658 11,657 None

Automotive Service and Quick Service Restaurant 2 Kentucky and Florida 10.25 % 12/22/2024 I/O Balloon of $ 1.9 million

Quick-Service Restaurant 1 Kentucky 10.25 % 6/22/2025 I/O Balloon of $ 1.3 million

None 1,296 1,296 None

Quick-Service Restaurant 1 Florida 10.25 % 4/26/2025 I/O Balloon of $ 2.1 million

None 2,095 2,095 None

Automotive Service 1 Florida 10.25 % 5/15/2025 I/O Balloon of $ 1.9 million

None 1,894 1,894 None

Quick-Service Restaurant 1 Alabama 10.25 % 7/26/2025 I/O Balloon of $ 2.0 million

None 2,029 2,029 None

Automotive Service 1 Tennessee 10.25 % 8/27/2025 I/O Balloon of $ 1.5 million

None 1,539 1,539 None

Drug Stores & Pharmacies 1 Alabama 7.25 % 7/17/2027 P+I Balloon of $ 4.1 million

None 4,076 4,076 None

Drug Stores & Pharmacies 1 New Mexico 7.25 % 7/17/2027 P+I Balloon of $ 5.2 million

None 5,221 5,221 None

Dollar Stores 1 Rhode Island 13.09 % 1/17/2025 I/O Balloon of $ 1.3 million

None 1,299 1,297 None

Dollar Stores 1 Pennsylvania 7.25 % 9/19/2027 P+I Balloon of $ 1.4 million

None 1,434 1,434 None

Drug Stores & Pharmacies 1 Texas 7.00 % 9/30/2029 I/O Balloon of $ 0.6 million

None 636 636 None

Convenience Stores 1 California 6.50 % 12/23/2029 I/O Balloon of $ 3.3 million

None 3,284 3,284 None

Convenience Stores 1 California 6.50 % 12/23/2029 I/O Balloon of $ 4.1 million

None 4,105 4,105 None

$ 139,483 $ 139,409

4 unchanged sentences

Year Ended December 31,

2024 2023 2022

Balance, beginning of year $ 114,472 $ 46,378 $ —

New mortgage loans receivable 29,722 72,399 46,316

Increase in existing mortgage loan receivable in exchange for disposition of real estate 1,970 —

Increase in existing mortgage loan receivable in exchange for settlement of existing mortgage loan 1,327 —

Capitalized loan origination costs 145 150

Increase in mortgage loans receivable in exchange for disposition of real estate 20,101 1,970 —

Increase in existing mortgage loans receivable in exchange for settlement of existing mortgage loan — 1,327 —

Capitalized loan origination costs and fees ( 45 ) 145 150

Discount on new mortgage loan receivable ( 334 ) ( 155 ) —

1 unchanged sentence

Collections of principal ( 24,870 ) ( 1,482 ) —

Mortgage loan receivable settled in exchange for acquisition of real estate ( 4,673 ) —

Mortgage loan receivable settled in refinancing of existing mortgage loan receivable ( 1,327 ) —

Amortization of loan origination costs ( 149 ) ( 88 )

Mortgage loans receivable settled in exchange for acquisition of real estate — ( 4,673 ) —

Mortgage loans receivable settled in refinancing of existing mortgage loans receivable — ( 1,327 ) —

Amortization of loan origination costs and fees 61 ( 149 ) (88)

Balance, end of year $ 139,409 $ 114,472 $ 46,378

1 unchanged sentence

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

What changed 10-K

Item 9A. Controls and Procedures