| Schedule III - Real Estate and Accumulated Depreciation |
Schedule III – Real Estate and Accumulated Depreciation
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Initial Costs (1)
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Adjustments Subsequent to Acquisition (2)
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Gross Amount
Carried at
December 31, 2025
(3) (4)
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Accumulated Depreciation (3) (5)
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| Property |
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Encumbrances at
December 31, 2025
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Land |
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Buildings, Fixtures and Improvements |
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Date Acquired |
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Date of Construction |
| Commercial & Professional Services - Brownsville, TX |
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$ |
— |
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$ |
1,740 |
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$ |
11,571 |
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$ |
1,885 |
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$ |
15,196 |
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$ |
(6,122) |
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4/1/2011 |
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2007 |
| Telecommunication Services - Augusta, GA |
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— |
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— |
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11,128 |
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431 |
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11,559 |
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(5,810) |
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4/1/2011 |
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2007 |
| Telecommunication Services - Salem, OR |
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— |
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1,722 |
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10,074 |
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676 |
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12,472 |
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(5,205) |
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6/22/2011 |
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2000 |
| Health Care Equipment & Services - St. Louis, MO |
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12,041 |
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— |
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38,799 |
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363 |
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39,162 |
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(14,459) |
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1/22/2013 |
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2009 |
| Government & Public Services - Brownsville, TX |
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1,345 |
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321 |
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6,803 |
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172 |
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7,296 |
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(2,656) |
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1/22/2013 |
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2008 |
| Government & Public Services - Parkersburg, WV |
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— |
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494 |
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12,902 |
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539 |
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13,935 |
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(4,865) |
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1/22/2013 |
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2009 |
| Government & Public Services - Paris, TX |
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2,292 |
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274 |
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5,392 |
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246 |
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5,912 |
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(2,055) |
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1/22/2013 |
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2010 |
| Government & Public Services - Eagle Pass, TX |
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— |
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146 |
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2,086 |
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398 |
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2,630 |
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(828) |
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1/22/2013 |
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2002 |
| Government & Public Services - Dallas, TX |
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— |
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399 |
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9,748 |
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116 |
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10,263 |
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(3,687) |
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1/22/2013 |
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2011 |
| Government & Public Services - Redding, CA |
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— |
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676 |
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20,553 |
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612 |
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21,841 |
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(7,788) |
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1/22/2013 |
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2003 |
| Government & Public Services - Minneapolis, MN |
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— |
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1,046 |
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8,588 |
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— |
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9,634 |
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(3,180) |
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1/22/2013 |
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2005 |
| Government & Public Services - Malone, NY |
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5,134 |
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824 |
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9,485 |
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169 |
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10,478 |
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(3,641) |
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1/22/2013 |
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2011 |
| Government & Public Services - Sioux City, IA |
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— |
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77 |
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4,761 |
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536 |
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5,374 |
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(1,926) |
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1/22/2013 |
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2011 |
| Government & Public Services - Knoxville, TN |
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— |
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761 |
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9,041 |
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432 |
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10,234 |
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(3,535) |
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1/22/2013 |
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2011 |
| Health Care Equipment & Services - Bedford, TX |
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34,167 |
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1,608 |
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56,219 |
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— |
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57,827 |
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(20,814) |
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1/22/2013 |
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2010 |
| Government & Public Services - Eagle Pass, TX |
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— |
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68 |
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811 |
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113 |
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992 |
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(309) |
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1/22/2013 |
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2002 |
| Transportation - Memphis, TN |
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17,114 |
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3,570 |
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16,601 |
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1,086 |
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21,257 |
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(6,329) |
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2/27/2013 |
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1999 |
| Transportation - Columbus, OH |
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16,014 |
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— |
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19,637 |
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— |
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19,637 |
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(7,037) |
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6/19/2013 |
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2012 |
| Vacant - Deerfield, IL |
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— |
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4,093 |
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11,511 |
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(13,564) |
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2,040 |
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— |
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8/27/2013 |
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1984 |
| Vacant - Deerfield, IL |
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— |
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4,262 |
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11,988 |
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(14,125) |
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2,125 |
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— |
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8/27/2013 |
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1984 |
| Vacant - Deerfield, IL |
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— |
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4,082 |
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11,484 |
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(13,531) |
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2,035 |
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— |
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8/27/2013 |
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1984 |
| Vacant - Deerfield, IL |
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— |
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4,089 |
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11,503 |
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(13,553) |
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2,039 |
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— |
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8/27/2013 |
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1984 |
| Vacant - Deerfield, IL |
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— |
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2,586 |
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7,275 |
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(8,572) |
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1,289 |
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— |
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8/27/2013 |
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1976 |
| Vacant - Deerfield, IL |
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— |
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3,181 |
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8,947 |
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(10,543) |
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1,585 |
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— |
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8/27/2013 |
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1976 |
| Capital Goods - Cedar Rapids, IA |
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7,000 |
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1,000 |
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12,981 |
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— |
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13,981 |
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(4,528) |
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10/10/2013 |
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2013 |
| Health Care Equipment & Services - Providence, RI |
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— |
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2,550 |
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21,779 |
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— |
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24,329 |
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(7,452) |
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1/31/2014 |
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1985 |
| Materials - East Windsor, NJ |
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10,391 |
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240 |
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13,446 |
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205 |
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13,891 |
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(4,526) |
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4/30/2014 |
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2008 |
| Media & Entertainment - East Syracuse, NY |
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11,002 |
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|
880 |
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15,817 |
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|
— |
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16,697 |
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(5,291) |
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4/30/2014 |
|
2000 |
| Government & Public Services - Cocoa, FL |
|
— |
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|
450 |
|
|
949 |
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|
79 |
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|
1,478 |
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(141) |
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11/1/2021 |
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2009 |
| Government & Public Services - Grangeville, ID |
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— |
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|
1,385 |
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|
3,436 |
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|
338 |
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5,159 |
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(657) |
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11/1/2021 |
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2007 |
| Government & Public Services - Fort Worth, TX |
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— |
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572 |
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3,985 |
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(2,718) |
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1,839 |
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(14) |
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11/1/2021 |
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2010 |
| Government & Public Services - Plattsburgh, NY |
|
— |
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1,136 |
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2,486 |
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158 |
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3,780 |
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(363) |
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11/1/2021 |
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2008 |
| Capital Goods - Longmont, CO |
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— |
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|
2,106 |
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12,543 |
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|
707 |
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15,356 |
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(1,646) |
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11/1/2021 |
|
1993 |
| Telecommunication Services - Richardson, TX |
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— |
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1,187 |
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21,037 |
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(9,808) |
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12,416 |
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(95) |
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11/1/2021 |
|
1986 |
| Health Care Equipment & Services - San Antonio, TX |
|
— |
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|
2,125 |
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15,425 |
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|
471 |
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18,021 |
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(2,004) |
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11/1/2021 |
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2008 |
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Initial Costs (1)
|
|
Adjustments Subsequent to Acquisition (2)
|
|
Gross Amount
Carried at
December 31, 2025
(3) (4)
|
|
Accumulated Depreciation (3) (5)
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|
|
|
|
| Property |
|
Encumbrances at
December 31, 2025
|
|
Land |
|
Buildings, Fixtures and Improvements |
|
Adjustments Subsequent to Acquisition (2)
|
|
Gross Amount
Carried at
December 31, 2025
(3) (4)
|
|
Accumulated Depreciation (3) (5)
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|
Date Acquired |
|
Date of Construction |
| Restaurant - Tulsa, OK |
|
$ |
— |
|
|
$ |
6,865 |
|
|
$ |
34,716 |
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|
$ |
75 |
|
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$ |
41,656 |
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$ |
(4,143) |
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11/1/2021 |
|
1995 |
| Consumer Durables & Apparel - Denver, CO |
|
— |
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|
3,386 |
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|
19,727 |
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|
2,137 |
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|
25,250 |
|
|
(2,627) |
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11/1/2021 |
|
2001 |
| Vacant - Richardson, TX |
|
— |
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|
2,047 |
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|
12,733 |
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|
(10,791) |
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|
3,989 |
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(31) |
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11/1/2021 |
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2008 |
| Commercial & Professional Services - Lawrence, KS |
|
— |
|
|
3,576 |
|
|
2,996 |
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|
862 |
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7,434 |
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(504) |
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11/1/2021 |
|
1997 |
| Materials - The Woodlands, TX |
|
— |
|
|
5,772 |
|
|
14,236 |
|
|
3,746 |
|
|
23,754 |
|
|
(2,313) |
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11/1/2021 |
|
2009 |
| Vacant - Englewood, CO |
|
20,537 |
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|
3,354 |
|
|
14,714 |
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|
553 |
|
|
18,621 |
|
|
(1,997) |
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11/1/2021 |
|
2009 |
| Media & Entertainment - Milwaukee, WI |
|
— |
|
|
2,727 |
|
|
18,083 |
|
|
77 |
|
|
20,887 |
|
|
(2,171) |
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11/1/2021 |
|
2001 |
| Telecommunication Services - Nashville, TN |
|
9,291 |
|
|
2,588 |
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|
9,587 |
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|
1,273 |
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|
13,448 |
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|
(1,391) |
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11/1/2021 |
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2002 |
| Commercial & Professional Services - The Woodlands, TX |
|
— |
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|
2,550 |
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|
17,481 |
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|
1,892 |
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|
21,923 |
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(2,317) |
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11/1/2021 |
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2014 |
| Retailing - Santee, CA |
|
— |
|
|
— |
|
|
9,859 |
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|
1,551 |
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|
11,410 |
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(1,427) |
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11/1/2021 |
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2003 |
| Materials - Glen Burnie, MD |
|
— |
|
|
3,095 |
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|
11,466 |
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|
1,513 |
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|
16,074 |
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(1,742) |
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11/1/2021 |
|
1984 |
| Vacant - Irving, TX |
|
— |
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|
9,267 |
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|
19,853 |
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|
1,168 |
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30,288 |
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(2,598) |
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11/1/2021 |
|
1997 |
| Government & Public Services - Covington, KY |
|
— |
|
|
4,087 |
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|
56,991 |
|
|
7,506 |
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|
68,584 |
|
|
(7,682) |
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11/1/2021 |
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2002 |
| Software & Services - Amherst, NY |
|
— |
|
|
2,997 |
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|
2,701 |
|
|
1,304 |
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|
7,002 |
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(569) |
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11/1/2021 |
|
1986 |
| Capital Goods - Sterling, VA |
|
29,094 |
|
|
10,515 |
|
|
25,393 |
|
|
— |
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|
35,908 |
|
|
(3,218) |
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11/1/2021 |
|
2011 |
| Capital Goods - Malvern, PA |
|
11,552 |
|
|
2,607 |
|
|
10,844 |
|
|
18 |
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|
13,469 |
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|
(1,480) |
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11/1/2021 |
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2014 |
| Health Care Equipment & Services - Indianapolis, IN |
|
— |
|
|
1,430 |
|
|
4,386 |
|
|
271 |
|
|
6,087 |
|
|
(615) |
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11/1/2021 |
|
1993 |
| Health Care Equipment & Services - Plano, TX |
|
— |
|
|
9,834 |
|
|
35,893 |
|
|
3,476 |
|
|
49,203 |
|
|
(4,787) |
|
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11/1/2021 |
|
2009 |
| Software & Services - Lincoln, NE |
|
— |
|
|
— |
|
|
6,587 |
|
|
11,969 |
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|
18,556 |
|
|
(1,064) |
|
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11/1/2021 |
|
2009 |
| Software & Services - Buffalo, NY |
|
— |
|
|
4,710 |
|
|
36,740 |
|
|
9,686 |
|
|
51,136 |
|
|
(4,476) |
|
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11/1/2021 |
|
2007 |
| Insurance - Urbana, MD |
|
23,165 |
|
|
4,028 |
|
|
19,888 |
|
|
— |
|
|
23,916 |
|
|
(2,532) |
|
|
11/1/2021 |
|
2011 |
| Health Care Equipment & Services - Nashville, TN |
|
— |
|
|
1,165 |
|
|
11,749 |
|
|
168 |
|
|
13,082 |
|
|
(1,558) |
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11/1/2021 |
|
2010 |
| Retailing - Kennesaw, GA |
|
11,430 |
|
|
— |
|
|
11,141 |
|
|
3,700 |
|
|
14,841 |
|
|
(1,604) |
|
|
11/1/2021 |
|
2012 |
| Capital Goods - Duluth, GA |
|
14,669 |
|
|
3,684 |
|
|
14,786 |
|
|
— |
|
|
18,470 |
|
|
(1,875) |
|
|
11/1/2021 |
|
1999 |
| Commercial & Professional Services - Parsippany, NJ |
|
— |
|
|
9,537 |
|
|
9,174 |
|
|
15,370 |
|
|
34,081 |
|
|
(1,711) |
|
|
11/1/2021 |
|
2009 |
| Financial Institutions - Hopewell, NJ |
|
92,663 |
|
|
19,325 |
|
|
57,846 |
|
|
7,664 |
|
|
84,835 |
|
|
(7,671) |
|
|
11/1/2021 |
|
2001 |
| Vacant - Phoenix, AZ |
|
26,099 |
|
|
4,786 |
|
|
21,346 |
|
|
844 |
|
|
26,976 |
|
|
(2,919) |
|
|
11/1/2021 |
|
2012 |
| Vacant - Amherst, NY |
|
— |
|
|
564 |
|
|
486 |
|
|
— |
|
|
1,050 |
|
|
(91) |
|
|
11/1/2021 |
|
1988 |
| Materials - San Ramon, CA |
|
18,000 |
|
|
12,250 |
|
|
25,269 |
|
|
— |
|
|
37,519 |
|
|
(966) |
|
|
9/11/2024 |
|
1984 |
|
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$ |
373,000 |
|
|
$ |
186,396 |
|
|
$ |
977,462 |
|
|
$ |
(10,650) |
|
|
$ |
1,153,208 |
|
|
$ |
(195,042) |
|
|
|
|
|
____________________________________
(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 $250.2 million and the associated accumulated amortization of $174.3 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, 2025 was approximately $1.7 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 20 years for building fixtures and improvements.
The following is a reconciliation of the gross real estate activity for the periods indicated below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
|
|
|
|
|
|
| Balance, beginning of year |
|
$ |
1,282,452 |
|
|
$ |
1,320,396 |
|
|
$ |
1,366,625 |
|
|
|
|
|
|
|
| Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
| Acquisitions/improvements |
|
50,009 |
|
|
54,405 |
|
|
17,476 |
|
|
|
|
|
|
|
| Deductions/Other |
|
|
|
|
|
|
|
|
|
|
|
|
Sold or disposed of (1)
|
|
(33,807) |
|
|
(20,955) |
|
|
(7,173) |
|
|
|
|
|
|
|
| Impairments |
|
(112,619) |
|
|
(61,723) |
|
|
(41,467) |
|
|
|
|
|
|
|
| Reclassified to real estate assets held for sale, net |
|
(32,827) |
|
|
(9,671) |
|
|
(15,065) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of year |
|
$ |
1,153,208 |
|
|
$ |
1,282,452 |
|
|
$ |
1,320,396 |
|
|
|
|
|
|
|
The following is a reconciliation of the accumulated depreciation for the periods indicated below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
|
|
|
|
|
|
| Balance, beginning of year |
|
$ |
177,906 |
|
|
$ |
158,791 |
|
|
$ |
133,379 |
|
|
|
|
|
|
|
| Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation expense |
|
32,659 |
|
|
49,254 |
|
|
34,037 |
|
|
|
|
|
|
|
| Deductions/Other |
|
|
|
|
|
|
|
|
|
|
|
|
Sold or disposed of (1)
|
|
(890) |
|
|
(15,887) |
|
|
— |
|
|
|
|
|
|
|
| Impairments |
|
(14,480) |
|
|
(14,252) |
|
|
(8,625) |
|
|
|
|
|
|
|
| Reclassified to real estate assets held for sale, net |
|
(153) |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance, end of year |
|
$ |
195,042 |
|
|
$ |
177,906 |
|
|
$ |
158,791 |
|
|
|
|
|
|
|
____________________________________
(1)Includes the full write-off of the buildings and associated accumulated depreciation of the six-property campus in Deerfield, Illinois during the year ended December 31, 2024.
|