Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.22.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
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, 2022
(3) (4)
Accumulated Depreciation (3) (5)
Property
Encumbrances at
December 31, 2022
 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Food, Beverage & Tobacco - St. Charles, MO $ —  $ 3,675  $ 13,828  $ —  $ 17,503  $ (6,212) 4/1/2011 1993
Telecommunication Services - Brownsville, TX —  1,740  11,571  —  13,311  (5,198) 4/1/2011 2007
Telecommunication Services - Augusta, GA —  —  11,128  —  11,128  (4,999) 4/1/2011 2007
Telecommunication Services - Salem, OR —  1,722  10,074  —  11,796  (4,300) 6/22/2011 2000
Financial Institutions - Mount Pleasant, SC —  10,803  25,511  —  36,314  (7,259) 1/22/2013 2003
Health Care Equipment & Services - St. Louis, MO 12,041  —  38,799  (36) 38,763  (11,022) 1/22/2013 2009
Transportation - Uniontown, OH —  2,238  53,114  (43,452) 11,900  (111) 1/22/2013 2003
Government & Public Services - Brownsville, TX 1,345  321  6,803  28  7,152  (1,993) 1/22/2013 2008
Government & Public Services - Parkersburg, WV —  494  12,902  1  13,397  (3,672) 1/22/2013 2009
Government & Public Services - Paris, TX 2,292  274  5,392  246  5,912  (1,540) 1/22/2013 2010
Government & Public Services - Eagle Pass, TX —  146  2,086  (8) 2,224  (639) 1/22/2013 2002
Government & Public Services - Dallas, TX —  399  9,748  (4) 10,143  (2,813) 1/22/2013 2011
Government & Public Services - Redding, CA —  676  20,553  (173) 21,056  (5,874) 1/22/2013 2003
Government & Public Services - Minneapolis, MN —  1,046  8,588  —  9,634  (2,443) 1/22/2013 2005
Government & Public Services - Malone, NY 5,134  824  9,485  40  10,349  (2,794) 1/22/2013 2011
Government & Public Services - Sioux City, IA —  77  4,761  (5) 4,833  (1,380) 1/22/2013 2011
Government & Public Services - Knoxville, TN —  761  9,041  154  9,956  (2,611) 1/22/2013 2011
Government & Public Services - New Port Richey, FL —  780  10,111  (5,991) 4,900  —  1/22/2013 2000
Health Care Equipment & Services - Bedford, TX 34,167  1,608  56,219  —  57,827  (15,996) 1/22/2013 2010
Vacant - Tucson, AZ —  3,800  6,554  (42) 10,312  (271) 1/22/2013 1999
Government & Public Services - Eagle Pass, TX —  68  811  (52) 827  (236) 1/22/2013 2002
Transportation - Memphis, TN 17,114  3,570  16,601  276  20,447  (4,798) 2/27/2013 1999
Transportation - Columbus, OH 16,014  —  19,637  —  19,637  (5,353) 6/19/2013 2012
Food & Staples Retailing - Deerfield, IL —  4,093  11,511  (9,362) 6,242  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  4,262  11,988  (9,750) 6,500  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  4,082  11,484  (9,340) 6,226  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  4,089  11,503  (9,355) 6,237  —  8/27/2013 1984
Food & Staples Retailing - Deerfield, IL —  2,586  7,275  (5,917) 3,944  —  8/27/2013 1976
Food & Staples Retailing - Deerfield, IL —  3,181  8,947  (7,277) 4,851  —  8/27/2013 1976
Capital Goods - Cedar Rapids, IA 7,000  1,000  12,981  —  13,981  (3,415) 10/10/2013 2013
Consumer Durables & Apparel - Providence, RI —  2,550  21,779  —  24,329  (5,579) 1/31/2014 1985
Materials - East Windsor, NJ 10,391  240  13,446  (6) 13,680  (3,340) 4/30/2014 2008
Media & Entertainment - East Syracuse, NY 11,002  880  15,817  —  16,697  (3,935) 4/30/2014 2000
Government & Public Services - Cocoa, FL —  450  949  62  1,461  (35) 11/1/2021 2009
Vacant - Berkeley, MO —  —  9,163  4,752  13,915  (375) 11/1/2021 2011
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2022
(3) (4)
Accumulated Depreciation (3) (5)
Property
Encumbrances at
December 31, 2022
 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Government & Public Services - Grangeville, ID $ —  $ 1,385  $ 3,436  $ 22  $ 4,843  $ (165) 11/1/2021 2007
Government & Public Services - Fort Worth, TX —  572  3,985  —  4,557  (139) 11/1/2021 2010
Government & Public Services - Plattsburgh, NY —  1,136  2,486  —  3,622  (99) 11/1/2021 2008
Financial Institutions - Warwick, RI —  1,358  3,982  —  5,340  (142) 11/1/2021 1995
Energy - Longmont, CO —  2,106  12,543  —  14,649  (435) 11/1/2021 1993
Health Care Equipment & Services - Waukegan, IL —  636  4,136  204  4,976  (140) 11/1/2021 1980
Health Care Equipment & Services - Fresno, CA —  4,454  17,292  —  21,746  (599) 11/1/2021 1984
Telecommunication Services - Richardson, TX —  1,187  21,037  28  22,252  (702) 11/1/2021 1986
Health Care Equipment & Services - San Antonio, TX —  2,125  15,425  367  17,917  (543) 11/1/2021 2008
Energy - Tulsa, OK —  6,865  34,716  —  41,581  (1,158) 11/1/2021 1995
Vacant - Englewood, CO —  2,291  2,989  323  5,603  (132) 11/1/2021 2011
Consumer Durables & Apparel - Denver, CO —  5,707  36,047  1,068  42,822  (1,247) 11/1/2021 2001
Vacant - Richardson, TX —  2,047  12,733  7  14,787  (478) 11/1/2021 2008
Commercial & Professional Services - Lawrence, KS —  3,576  2,996  —  6,572  (132) 11/1/2021 1997
Commercial & Professional Services - Lawrence, KS —  3,334  3,449  —  6,783  (149) 11/1/2021 2003
Materials - The Woodlands, TX —  5,772  14,236  2,234  22,242  (562) 11/1/2021 2009
Consumer Durables & Apparel - Englewood, CO 20,537  3,354  14,714  463  18,531  (545) 11/1/2021 2009
Vacant - Malvern, PA —  3,853  25,296  —  29,149  (895) 11/1/2021 1999
Media & Entertainment - Milwaukee, WI —  2,727  18,083  —  20,810  (607) 11/1/2021 2001
Telecommunication Services - Nashville, TN 9,291  2,588  9,587  337  12,512  (358) 11/1/2021 2002
Commercial & Professional Services - The Woodlands, TX —  2,550  17,481  715  20,746  (620) 11/1/2021 2014
Retailing - Santee, CA —  —  9,859  337  10,196  (353) 11/1/2021 2003
Materials - Glen Burnie, MD —  3,095  11,466  611  15,172  (395) 11/1/2021 1984
Health Care Equipment & Services - Irving, TX —  9,267  19,853  —  29,120  (683) 11/1/2021 1997
Capital Goods - Tulsa, OK —  1,904  1,238  —  3,142  (52) 11/1/2021 1982
Government & Public Services - Covington, KY —  4,087  56,991  466  61,544  (1,917) 11/1/2021 2002
Software & Services - Amherst, NY —  3,561  3,186  —  6,747  (165) 11/1/2021 1986
Commercial & Professional Services - Dublin, OH —  1,287  4,688  —  5,975  (169) 11/1/2021 1997
Capital Goods - Sterling, VA 29,094  10,515  25,393  —  35,908  (901) 11/1/2021 2011
Capital Goods - Malvern, PA 11,552  2,607  10,844  —  13,451  (414) 11/1/2021 2014
Health Care Equipment & Services - Indianapolis, IN —  1,430  4,386  80  5,896  (163) 11/1/2021 1993
Health Care Equipment & Services - Plano, TX —  9,834  35,893  45  45,772  (1,249) 11/1/2021 2009
Capital Goods - Blair, NE —  558  1,210  —  1,768  (54) 11/1/2021 2009
Commercial & Professional Services - Schaumburg, IL —  3,313  6,532  —  9,845  (251) 11/1/2021 1986
Insurance - Oklahoma City, OK —  3,393  22,998  —  26,391  (817) 11/1/2021 2009
Software & Services - Lincoln, NE —  —  6,587  —  6,587  (267) 11/1/2021 2009
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2022
(3) (4)
Accumulated Depreciation (3) (5)
Property
Encumbrances at
December 31, 2022
 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Insurance - Buffalo, NY $ —  $ 4,710  $ 36,740  $ —  $ 41,450  $ (1,253) 11/1/2021 2007
Insurance - Urbana, MD 23,165  4,028  19,888  —  23,916  (709) 11/1/2021 2011
Health Care Equipment & Services - Nashville, TN —  1,165  11,749  —  12,914  (415) 11/1/2021 2010
Retailing - Kennesaw, GA 11,430  —  11,141  —  11,141  (431) 11/1/2021 2012
Capital Goods - Duluth, GA 14,669  3,684  14,786  —  18,470  (525) 11/1/2021 1999
Pharmaceuticals, Biotechnology & Life Sciences - Parsippany, NJ —  9,537  9,174  —  18,711  (387) 11/1/2021 2009
Software & Services - Bedford, MA —  22,381  26,029  4  48,414  (1,017) 11/1/2021 2001
Financial Institutions - Hopewell, NJ 92,663  19,325  57,846  524  77,695  (1,977) 11/1/2021 2001
Health Care Equipment & Services - Phoenix, AZ 26,099  4,786  21,346  844  26,976  (775) 11/1/2021 2012
$ 355,000  $ 246,525  $ 1,206,632  $ (86,532) $ 1,366,625  $ (133,379)
____________________________________
(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 $360.7 million and the associated accumulated amortization of $157.9 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, 2022 was approximately $2.2 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, 2022, 2021 and 2020 (in thousands):
Year Ended December 31,
2022 2021 2020
Balance, beginning of year $ 1,481,745  $ 634,019  $ 659,441 
Additions:
Acquisitions/improvements 13,203  927,001  457 
Deductions/Other
Sold or disposed of (18,548) (657) (119)
Impairments (87,834) (77,636) (25,760)
Reclassified to real estate assets held or sale, net (21,941) —  — 
Other —  (982) — 
Balance, end of year $ 1,366,625  $ 1,481,745  $ 634,019 
The following is a reconciliation of the accumulated depreciation for the years ended December 31, 2022, 2021 and 2020 (in thousands):
Year Ended December 31,
2022 2021 2020
Balance, beginning of year $ 128,109  $ 136,143  $ 125,311 
Additions:
Depreciation expense 35,855  20,805  18,040 
Deductions/Other
Sold or disposed of (169) (657) (119)
Impairments (21,757) (27,947) (7,089)
Reclassified to real estate assets held for sale, net (8,659) —  — 
Other —  (235) — 
Balance, end of year $ 133,379  $ 128,109  $ 136,143