Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.22.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III – Real Estate and Accumulated Depreciation
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2021
(3) (4)
Accumulated Depreciation (3) (5)
Property Encumbrances at
December 31, 2021		 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Vacant - El Centro, CA $ —  $ 520  $ 2,186  $ —  $ 2,706  $ (1,068) 9/17/2009 2009
Software & Services - Dublin, OH —  2,400  17,044  —  19,444  (7,311) 3/31/2011 1992
Food, Beverage & Tobacco - St. Charles, MO —  3,675  13,828  —  17,503  (5,885) 4/1/2011 1993
Telecommunication Services - Augusta, GA —  —  11,128  —  11,128  (4,736) 4/1/2011 2007
Telecommunication Services - Brownsville, TX —  1,740  11,570  —  13,311  (4,924) 4/1/2011 2007
Telecommunication Services - Salem, OR —  1,722  10,074  —  11,796  (4,043) 6/22/2011 2000
Insurance - Cedar Falls, IA —  634  6,331  —  6,965  (2,358) 8/28/2012 2012
Financial Institutions - Harleysville, PA —  1,486  16,591  (13,185) 4,892  —  1/22/2013 1929
Financial Institutions - Mount Pleasant, SC —  10,803  25,511  —  36,314  (6,530) 1/22/2013 2003
Government & Public Services - Brownsville, TX —  321  6,803  28  7,152  (1,767) 1/22/2013 2008
Government & Public Services - Caldwell, ID —  666  2,929  (867) 2,728  —  1/22/2013 2011
Government & Public Services - Dallas, TX —  399  9,748  (4) 10,143  (2,513) 1/22/2013 2011
Government & Public Services - Eagle Pass, TX —  146  2,086  (67) 2,165  (576) 1/22/2013 2002
Government & Public Services - Eagle Pass, TX —  68  812  (52) 827  (213) 1/22/2013 2002
Government & Public Services - Knoxville, TN —  761  9,042  130  9,932  (2,322) 1/22/2013 2011
Government & Public Services - Malone, NY —  824  9,486  —  10,309  (2,511) 1/22/2013 2011
Government & Public Services - Minneapolis, MN —  1,046  8,588  —  9,634  (2,198) 1/22/2013 2005
Government & Public Services - New Port Richey, FL —  780  10,111  (175) 10,716  (2,561) 1/22/2013 2000
Government & Public Services - Paris, TX —  274  5,391  (2) 5,664  (1,381) 1/22/2013 2010
Government & Public Services - Parkersburg, WV —  494  12,901  1  13,397  (3,291) 1/22/2013 2009
Government & Public Services - Redding, CA —  676  20,553  (173) 21,056  (5,265) 1/22/2013 2003
Government & Public Services - Sioux City, IA —  77  4,761  (5) 4,833  (1,234) 1/22/2013 2011
Health Care Equipment & Services - Bedford, TX —  1,608  56,219  —  57,827  (14,389) 1/22/2013 2010
Transportation - Uniontown, OH —  2,238  53,114  —  55,352  (13,581) 1/22/2013 2003
Health Care Equipment & Services - St. Louis, MO —  —  38,799  (36) 38,763  (9,906) 1/22/2013 2009
Vacant - Sierra Vista, AZ —  369  9,338  (5,892) 3,815  —  1/22/2013 2001
Vacant - Tucson, AZ —  3,800  6,554  (42) 10,312  (284) 1/22/2013 1999
Transportation - Memphis, TN —  3,570  16,601  —  20,171  (4,301) 2/27/2013 1999
Transportation - Columbus, OH —  —  19,637  —  19,637  (4,792) 6/19/2013 2012
Food & Staples Retailing - Deerfield, IL —  4,093  11,512  (7,752) 7,852  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  4,262  11,988  (8,073) 8,177  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  4,082  11,483  (7,733) 7,833  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  4,089  11,503  (7,746) 7,846  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  2,586  7,274  (4,899) 4,962  —  8/27/2013 1976
Food & Staples Retailing - Deerfield, IL —  3,181  8,947  (6,025) 6,103  —  8/27/2013 1976
Capital Goods - Cedar Rapids, IA —  1,000  12,981  —  13,981  (3,044) 10/10/2013 2013
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2021
(3) (4)
Accumulated Depreciation (3) (5)
Property Encumbrances at
December 31, 2021		 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Consumer Durables & Apparel - Providence, RI $ —  $ 2,550  $ 21,779  $ —  $ 24,329  $ (4,954) 1/31/2014 1985
Vacant - Buffalo Grove, IL —  3,130  17,353  (15,483) 5,000  —  4/1/2014 1989
Materials - East Windsor, NJ —  240  13,446  (6) 13,680  (2,948) 4/30/2014 2008
Media & Entertainment - East Syracuse, NY —  880  15,817  —  16,697  (3,483) 4/30/2014 2000
Commercial & Professional Services - Schaumburg, IL —  3,313  6,532  —  9,845  (36) 11/1/2021 1986
Capital Goods - Blair, NE —  558  1,210  —  1,768  (8) 11/1/2021 2009
Consumer Durables & Apparel - Englewood, CO —  3,354  14,714  —  18,068  (76) 11/1/2021 2009
Financial Institutions - Hopewell, NJ —  19,325  57,846  —  77,171  (282) 11/1/2021 2001
Financial Institutions - Warwick, RI —  1,358  3,983  —  5,340  (20) 11/1/2021 1995
Government & Public Services - Cocoa, FL —  450  949  —  1,399  (5) 11/1/2021 2009
Government & Public Services - Fort Worth, TX —  572  3,985  —  4,557  (20) 11/1/2021 2010
Government & Public Services - Grangeville, ID —  1,385  3,436  —  4,821  (24) 11/1/2021 2007
Government & Public Services - Plattsburgh, NY —  1,136  2,487  —  3,622  (14) 11/1/2021 2008
Government & Public Services - Ponce, PR —  457  2,832  —  3,288  (15) 11/1/2021 1995
Health Care Equipment & Services - Indianapolis, IN —  1,430  4,386  —  5,816  (23) 11/1/2021 1993
Health Care Equipment & Services - Irving, TX —  9,267  19,852  —  29,120  (98) 11/1/2021 1997
Health Care Equipment & Services - Waukegan, IL —  636  4,136  —  4,772  (20) 11/1/2021 1980
Telecommunication Services - Nashville, TN —  2,588  9,587  86  12,261  (48) 11/1/2021 2002
Telecommunication Services - Richardson, TX —  1,187  21,037  —  22,224  (100) 11/1/2021 1986
Insurance - Buffalo, NY —  4,710  36,740  —  41,450  (179) 11/1/2021 2007
Health Care Equipment & Services - Fresno, CA —  4,454  17,292  —  21,746  (86) 11/1/2021 1984
Insurance - Oklahoma City, OK —  3,393  22,998  —  26,391  (117) 11/1/2021 2009
Health Care Equipment & Services - Phoenix, AZ —  4,786  21,346  —  26,132  (110) 11/1/2021 2012
Health Care Equipment & Services - Plano, TX —  9,834  35,893  —  45,727  (178) 11/1/2021 2009
Insurance - Urbana, MD —  4,028  19,888  —  23,916  (101) 11/1/2021 2011
Software & Services - Amherst, NY —  3,561  3,186  —  6,747  (24) 11/1/2021 1986
Retailing - Santee, CA —  —  9,859  —  9,859  (50) 11/1/2021 2003
Capital Goods - Annandale, NJ —  847  3,657  —  4,503  (20) 11/1/2021 1999
Capital Goods - Duluth, GA —  3,684  14,786  —  18,470  (75) 11/1/2021 1999
Materials - Glen Burnie, MD —  3,095  11,465  —  14,561  (56) 11/1/2021 1984
Energy - Longmont, CO —  2,106  12,543  —  14,649  (62) 11/1/2021 1993
Pharmaceuticals, Biotechnology & Life Sciences - Malvern, PA —  3,853  25,296  —  29,149  (128) 11/1/2021 1999
Capital Goods - Malvern, PA —  2,607  10,844  —  13,451  (59) 11/1/2021 2014
Pharmaceuticals, Biotechnology & Life Sciences - Parsippany, NJ —  9,537  9,174  —  18,711  (55) 11/1/2021 2009
Health Care Equipment & Services - San Antonio, TX —  2,125  15,424  —  17,550  (77) 11/1/2021 2008
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2021
(3) (4)
Accumulated Depreciation (3) (5)
Property Encumbrances at
December 31, 2021		 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Software & Services - Bedford, MA —  22,381  26,029  4  48,414  (145) 11/1/2021 2001
Commercial & Professional Services - Dublin, OH —  1,287  4,688  —  5,975  (24) 11/1/2021 1997
Commercial & Professional Services - Lawrence, KS $ —  $ 3,576  $ 2,996  $ —  $ 6,572  $ (19) 11/1/2021 1997
Commercial & Professional Services - Lawrence, KS —  3,334  3,450  —  6,783  (21) 11/1/2021 2003
Software & Services - Lincoln, NE —  —  6,587  —  6,587  (38) 11/1/2021 2009
Media & Entertainment - Milwaukee, WI —  2,727  18,083  —  20,810  (87) 11/1/2021 2001
Health Care Equipment & Services - Nashville, TN —  1,165  11,749  —  12,914  (59) 11/1/2021 2010
Capital Goods - Sterling, VA —  10,515  25,393  —  35,908  (129) 11/1/2021 2011
Capital Goods - Tulsa, OK —  1,904  1,238  —  3,142  (7) 11/1/2021 1982
Consumer Services - Tulsa, OK —  6,865  34,716  —  41,581  (165) 11/1/2021 1995
Health Care Equipment & Services - Berkeley, MO —  —  9,163  —  9,163  (54) 11/1/2021 2011
Retailing - Kennesaw, GA —  —  11,141  —  11,141  (62) 11/1/2021 2012
Health Care Equipment & Services - Northbrook, IL —  3,529  10,909  —  14,439  (56) 11/1/2021 1980
Retailing - The Woodlands, TX —  2,550  17,481  —  20,031  (87) 11/1/2021 2014
General Service Administration - Covington, KY —  4,087  56,990  3  61,081  (272) 11/1/2021 2002
Consumer Durables & Apparel - Denver, CO —  5,707  36,047  602  42,356  (177) 11/1/2021 2001
Vacant - Englewood, CO —  2,291  2,989  16  5,296  (18) 11/1/2021 2011
Vacant - Richardson, TX —  2,047  12,733  —  14,780  (68) 11/1/2021 2008
Vacant - Ridley Park, PA —  —  143  —  143  (2) 11/1/2021 1976
Vacant - Schaumburg, IL —  1,573  787  —  2,360  (5) 11/1/2021 1989
Materials - The Woodlands, TX —  5,776  14,234  225  20,233  (79) 11/1/2021 2009
$ —  $ 262,140  $ 1,296,728  $ (77,122) $ 1,481,745  $ (128,109)
_______________________________________________

(1)Initial costs exclude subsequent impairment charges.
(2)Consists of capital expenditures and real estate development costs, net of condemnations, easements, impairment charges and other adjustments.
(3)Gross intangible lease assets of $370.0 million and the associated accumulated amortization of $71.9 million are not reflected in the table above.
(4)The aggregate cost for Federal income tax purposes of land, buildings, fixtures and improvements as of December 31, 2021 was approximately $2.3 billion.
(5)Depreciation is computed using the straight-line method over the estimated useful lives of up to 35 years for buildings and five to 15 years for building fixtures and improvements.
The following is a reconciliation of the gross real estate activity for the years ended December 31, 2021, 2020 and 2019 (in thousands):
Year Ended December 31,
2021 2020 2019
Balance, beginning of year $ 634,019  $ 659,441  $ 664,548 
Additions:
Acquisitions/improvements 927,001  457  466 
Deductions/Other
Sold or disposed of (657) (119) — 
Impairments (77,636) (25,760) — 
Other (982) —  (5,573)
Balance, end of year $ 1,481,745  $ 634,019  $ 659,441 
The following is a reconciliation of the accumulated depreciation for the years ended December 31, 2021, 2020 and 2019 (in thousands):
Year Ended December 31,
2021 2020 2019
Balance, beginning of year $ 136,143  $ 125,311  $ 107,081 
Additions:
Depreciation expense 20,805  18,040  18,230 
Deductions/Other
Sold or disposed of (657) (119) — 
Impairments (27,947) (7,089) — 
Other (235) —  — 
Balance, end of year $ 128,109  $ 136,143  $ 125,311