Essential Properties Realty Trust

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024 
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to
Commission File Number 001-38530
Essential Properties Realty Trust, Inc.
(Exact name of Registrant as specified in its Charter)
Maryland
82-4005693
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
902 Carnegie Center Blvd., Suite 520
Princeton, New Jersey
08540
(Address of Principal Executive Offices)
(Zip Code)
Registrants telephone number, including area code: (609) 436-0619
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which
Registered
Common Stock, $0.01 par value
 
EPRT
 
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☒  No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of 
Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an 
emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company, “and "emerging growth company" 
in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
☒
  
Accelerated filer
 
☐
Non-accelerated filer
 
☐
  
Smaller reporting company
 
☐
 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new 
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal 
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared 
or issued its audit report.  Yes ☒ No ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of June 28, 2024 (the last business day of the registrant's most recently completed second fiscal quarter), the aggregate market value of the registrant's 
shares of common stock, $0.01 par value, held by non-affiliates of the registrant, was $4.8 billion based on the last reported sale price of $27.71 per share 
on the New York Stock Exchange on June 28, 2024.
The number of shares of the registrant's Common Stock outstanding as of February 12, 2025 was 187,691,457.
Documents Incorporated by Reference
Portions of the Definitive Proxy Statement for the registrant's 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this report. 
The registrant expects to file such proxy statement within 120 days after the end of its fiscal year.  

Table of Contents
 
 
 
Page
PART I
 
 
Item 1.
Business
4
Item 1A.
Risk Factors
16
Item 1B.
Unresolved Staff Comments
35
Item 1C.
Cybersecurity
35
Item 2.
Properties
37
Item 3.
Legal Proceedings
43
Item 4.
Mine Safety Disclosures
43
 
 
 
PART II
 
 
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer 
Purchases of Equity Securities
44
Item 6.
[Reserved]
45
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
46
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
64
Item 8.
Financial Statements and Supplementary Data
65
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
108
Item 9A.
Controls and Procedures
108
Item 9B.
Other Information
109
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
109
 
 
 
PART III
 
 
Item 10.
Directors, Executive Officers and Corporate Governance
110
Item 11.
Executive Compensation
110
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related 
Stockholder Matters
110
Item 13.
Certain Relationships and Related Transactions, and Director Independence
110
Item 14.
Principal Accounting Fees and Services
110
 
 
 
PART IV
 
 
Item 15.
Exhibits, Financial Statement Schedules
111
Item 16.
Form 10-K Summary
113
Signatures
114
Schedules
F-1
2

PART I
In this Annual Report, we refer to Essential Properties Realty Trust, Inc., a Maryland corporation, together 
with its consolidated subsidiaries, including, Essential Properties, L.P., a Delaware limited partnership and its 
operating partnership (the "Operating Partnership"), as "we," "us," "our" or "the Company" unless we specifically 
state otherwise or the context otherwise requires.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 
1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the 
"Exchange Act"). In particular, statements pertaining to our business and growth strategies, investment, financing 
and leasing activities and trends in our business, including trends in the market for long-term, net leases of 
freestanding, single-tenant properties, contain forward-looking statements. When used in this report, the words 
"estimate," "anticipate," "expect," "believe," "intend," "may," "will," "should," "seek," "approximately" and "plan," and 
variations of such words, and similar words or phrases, that are predictions of future events or trends and that do 
not relate solely to historical matters, are intended to identify forward-looking statements. You can also identify 
forward-looking statements by discussions of strategy, plans, beliefs or intentions of management.
Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual 
results, performance or achievements to be materially different from the results of operations or plans expressed or 
implied by such forward-looking statements; accordingly, you should not rely on forward-looking statements as 
predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be 
incorrect or imprecise, and may not be realized. We do not guarantee that the transactions and events described 
will happen as described (or that they will happen at all). The following factors, among others, could cause actual 
results and future events to differ materially from those set forth or contemplated in the forward-looking statements:
•
general business and economic conditions;
•
risks inherent in the real estate business, including tenant defaults or bankruptcies, illiquidity of real estate 
investments, fluctuations in real estate values and the general economic climate in local markets, 
competition for tenants in such markets, potential liability relating to environmental matters and potential 
damages from natural disasters;
•
the performance and financial condition of our tenants;
•
the availability of suitable properties to acquire and our ability to acquire and lease those properties on 
favorable terms;
•
our ability to renew leases, lease vacant space or re-lease space as existing leases expire or are 
terminated;
•
volatility and uncertainty in financial markets, in particular the equity and credit markets, fluctuations in the 
Consumer Price Index ("CPI"), and the impact of inflation on us and our tenants;
•
the degree and nature of our competition;
•
our failure to generate sufficient cash flows to service our outstanding indebtedness;
•
our ability to access debt and equity capital on attractive terms;
•
fluctuating interest rates;
•
availability of qualified personnel and our ability to retain our key management personnel;
•
changes in, or the failure or inability to comply with, applicable law or regulation;
•
our failure to continue to qualify for taxation as a real estate investment trust ("REIT");
•
changes in the U.S. tax law and other U.S. laws, whether or not specific to REITs; and
3

•
additional factors discussed in the sections entitled "Business," "Risk Factors" and "Management's 
Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the 
date of this report. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future 
events or of our performance. We disclaim any obligation to publicly update or revise any forward-looking statement 
to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other 
changes, except as required by law.
Because we operate in a highly competitive and rapidly changing environment, new risks emerge from time 
to time, and it is not possible for management to predict all such risks, nor can management assess the impact of all 
such risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ 
materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors 
should not place undue reliance on forward-looking statements as a prediction of actual events or results.
Summary Risk Factors
Our business is subject to a number of risks that could materially and adversely impact our financial 
condition, results of operations, cash flows and liquidity, prospects, the market price of our common stock and our 
ability to, among other things, service our debt and to make distributions to our stockholders. The following risks, 
which, together with other material risks that are discussed more fully herein under “Risk Factors,” are the principal 
factors that make an investment in our company speculative or risky:
•
adverse changes in the U.S., global and local markets and related economic conditions;
•
the failure of our tenants to successfully operate their businesses, or tenant defaults, bankruptcies or 
insolvencies;
•
defaults by borrowers on our mortgage loans receivable;
•
an inability to identify and complete investments in suitable properties or yield the returns we seek with 
future investments;
•
an inability to access debt and equity capital on commercially acceptable terms or at all;
•
a decline in the fair value of our real estate assets;
•
geographic, industry and tenant concentrations that reduce the diversity of our portfolio;
•
a reduction in the willingness or ability of consumers to physically patronize or use their discretionary 
income in the businesses of our tenants and potential tenants;
•
our significant indebtedness, which requires substantial cash flow to service, subjects us to covenants and 
exposes us to refinancing risk and the risk of default; and
•
failure to continue to qualify for taxation as a REIT.
Item 1. Business.
We are an internally managed real estate company that acquires, owns and manages primarily single-
tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or 
experience-based businesses. We have assembled a diversified portfolio using a disciplined strategy that focuses 
on properties leased to tenants in businesses including, but not limited to,:
•
Car washes, 
•
Medical and dental services,
•
Early childhood education,
4

•
Quick service restaurants,
•
Entertainment,
•
Automotive services,
•
Casual dining restaurants, 
•
Convenience stores,
•
Equipment rental and sales,
•
Health and fitness, and
•
Grocery.
We believe that, in general, properties leased to tenants in these industries and similar businesses are 
essential to the generation of the tenants' sales and profits. We also believe that these businesses have favorable 
growth potential and, because of their nature, they are more insulated from the competitive pressures presented 
by e-commerce than many other businesses.
We completed our initial public offering in June 2018 and we qualified to be taxed as a REIT beginning with 
our taxable year ended December 31, 2018. As of December 31, 2024, 93.2% of our total annualized base rent of 
$460.6 million was attributable to properties operated by tenants in service-oriented and experience-based 
businesses. "Annualized base rent" means annualized contractually specified cash base rent in effect on 
December 31, 2024 for all of our leases (including those accounted for as loans or direct financing leases) 
commenced as of that date and annualized cash interest on our mortgage loans receivable as of that date.
Our primary business objective is to maximize stockholder value by generating attractive risk-adjusted 
returns through owning, managing and growing a diversified portfolio of commercially desirable properties. We have 
grown significantly since commencing our operations and investment activities in June 2016. As of December 31, 
2024, our portfolio consisted of 2,104 properties, inclusive of 150 properties which secure our investments in 
mortgage loans receivable. Our portfolio was built based on the following core investment attributes:
Diversified Portfolio.   Our goal is that, over time, no more than 5% of our annualized base rent will be 
derived from any single-tenant or more than 1% from any single property. As of December 31, 2024, our portfolio 
was 99.7% occupied by 413 tenants operating 592 different concepts (i.e., generally brands) in 16 industries across 
49 states, with none of our tenants contributing more than 4.2% of our annualized base rent. 
Long Lease Term.    Our properties generally are subject to long-term net leases that we believe provide 
us a stable base of revenue from which to grow our portfolio. As of December 31, 2024, our leases had a weighted 
average remaining lease term of 14.0 years (based on annualized base rent), with only 5.8% of our annualized base 
rent attributable to leases expiring prior to January 1, 2030. 
Significant Use of Sale-Leaseback Structure. Because the focus of our investment strategy is on middle-
market and select smaller operators, our investment in their real estate operating assets is typically either the first 
time the real estate has transacted, or we are the capital provider for a portion of a merger/acquisition transaction 
with another operator involving the real estate. The structure of these transactions, which represent a significant 
majority of our investment activity, involves our acquisition of a property and the substantially concurrent leasing of 
the property back to the operator of the real estate (i.e., a sale-leaseback structure). Among the benefits of the sale-
leaseback structure is the use of a standard lease form that we structured, with terms we believe are favorable to 
us,  including the requirement for the lessee/operator to provide us with unit-level and, in some instances, 
corporate-level financial statements on a quarterly basis, in arrears. For the year ended December 31, 2024, 97.2% 
of our investments (weighted by annualized base rent) were through the sale-leaseback structure.
Smaller, Low Basis Single-Tenant Properties. We generally invest in freestanding "small-box" single-
tenant properties. As of December 31, 2024, our average investment per property was $2.9 million (which equals 
our aggregate investment in our properties (including transaction costs, lease incentives and amounts funded for 
construction in progress) divided by the number of properties owned at such date). Investing in smaller, more 
5

granular assets avoids concentrating a large amount of capital in a single asset and mitigates credit, lease and real 
estate risk. Among other things, this limits our exposure to events that may adversely affect a particular property. 
Additionally, smaller assets are often more liquid and can be sold more rapidly than larger assets, and they are 
often fungible, in that they are suitable for a variety of commercial uses. These qualities enhance our ability to sell 
certain properties, which we may choose to do to manage tenant, concept, industry or geographic concentrations, 
or other reasons, and reduce the risk that a particular property may become obsolete. 
Significant Use of Master Leases.   As of December 31, 2024, 66.1% of our annualized base rent was 
attributable to master leases. A master lease is a single lease pursuant to which multiple properties are leased to a 
single operator/tenant on a unitary (i.e., “all or none”) basis. The master lease structure spreads our investment risk 
across multiple properties, and we believe it reduces our exposure to operating and renewal risk at any one 
property, and promotes efficient asset management. We seek to acquire properties owned and operated by middle-
market businesses and lease the properties back to the operators pursuant to our standard lease form. For the year 
ended December 31, 2024, 71% of our investments (weighted by annualized base rent) were in a master lease 
structure.
Contractual Base Rent Escalation. As of December 31, 2024, 98.4% of our leases (based on annualized 
base rent) provided for increases in future base rent at a weighted average rate of 1.7% per year. Fixed rent 
escalation provisions provide contractually-specified incremental increases in the yield on our investments, provide 
a degree of protection from inflation or a rising interest rate environment, and provide our tenants with predictability 
and stability in managing their operating expenses.
Healthy Rent Coverage Ratio and Tenant Financial Reporting.   As of December 31, 2024, our 
portfolio's weighted average rent coverage ratio was 3.5x, and 98.9% of our leases (based on annualized base rent) 
obligate the tenant to periodically provide us with specified unit-level financial reporting. "Rent coverage ratio" 
means, as of a specified date, the ratio of (x) tenant-reported or, when unavailable, management's estimate (based 
on tenant-reported financial information) of annual earnings before interest, taxes, depreciation, amortization and 
cash rent attributable to the leased property (or properties, in the case of a master lease) to (y) the annualized base 
rental obligation. The benefits of receiving periodic unit-level and, in some instances, corporate-level financial 
reporting is that we can assess the ongoing operating effectiveness of a particular property and utilize that 
information to make informed decisions regarding credit risk. In addition, the financial reporting we receive from our 
tenants provides us with an expansive data set from which to underwrite new investments for properties in similar 
industries or operating platforms. 
2024 Financial and Operating Highlights
•
During 2024, we completed $1.2 billion of investments in 297 properties, including $138.5 million in newly 
originated mortgage loans receivable secured by 31 properties.
•
As of December 31, 2024, our total gross investment in real estate, including our investments in mortgage 
loans receivable, was $6.0 billion and we had total debt of $2.1 billion.
•
During 2024, our Board of Directors ("Board") declared quarterly distributions for the year ended 
December 31, 2024 that totaled $1.16 per share of common stock.
•
In March 2024, we completed, on a forward basis, a primary underwritten public follow-on offering of 
10,350,000 shares of our common stock, including 1,350,000 shares of common stock purchased by the 
underwriters pursuant to an option to purchase additional shares, at a public offering price of $24.75 per 
share. All shares were physically settled as of December 31, 2024 and the Company realized net proceeds 
from this offering, after deducting underwriting discounts and commissions and other expenses, of $245.0 
million.
•
During 2024, we sold 19,704,599 shares of our common stock under our ATM Program (as defined herein) 
at a weighted average price per share of $29.52 for gross proceeds of $581.7 million, including 13,119,110 
shares sold on a forward basis that have not been physically settled for cash as of December 31, 2024. 
•
 As of December 31, 2024, our liquidity totaled $1.0 billion, which includes $45.0 million of cash and cash 
equivalents and restricted cash available for future investment, $380.8 million available upon physical 
6

settlement of our outstanding forward equity contracts and $600.0 million of availability under our revolving 
credit facility.
Our Target Market
We are an active investor in single-tenant, net leased commercial real estate. The properties we target for 
investment are generally freestanding commercial real estate facilities in which a single middle-market tenant 
conducts activities that are essential to the generation of its sales and profits. We believe that this market is 
underserved, from a capital perspective, and therefore offers attractive risk-adjusted investment returns.
Within this market, we focus our investment activities on properties leased to tenants engaged in a targeted 
set of service-oriented or experience-based businesses. We believe that operating properties in these industries are 
the essential venues through which these businesses transact with their customers, and therefore that such 
properties and businesses are generally more insulated from the competitive pressure of e-commerce than many 
other businesses where significant activity can take place online.
We define middle-market companies as regional and national operators with between 10 and 250 locations 
and $20 million to $1 billion in annual revenue, and we also opportunistically invest in properties leased to smaller 
companies, which we define as regional or local operators with fewer than 10 locations and less than $20 million in 
annual revenue. Although it is not our primary investment focus, we will opportunistically consider investing in 
properties leased to larger companies. While the creditworthiness of most of our targeted tenants is not rated by a 
nationally recognized statistical rating organization, we seek to invest in properties leased to companies in our 
targeted middle-market that we determine have attractive credit characteristics and stable operating histories.
Despite the size of the overall commercial retail real estate market, the market for single-tenant, net leased 
commercial real estate is highly fragmented. In particular, we believe that there is a limited number of participants 
addressing the long-term capital needs of unrated middle-market and smaller companies. We believe that many 
publicly traded REITs that invest in net leased properties concentrate their investment activity in properties leased to 
tenants whose creditworthiness has been rated by a nationally recognized statistical rating organization, which tend 
to be larger and often publicly traded organizations, with the result that unrated, middle-market and smaller 
companies are relatively underserved and offer us an opportunity to make investments with attractive risk-adjusted 
return potential.
Furthermore, we believe that there is strong demand for our net-lease capital solutions among middle-
market and smaller companies that own commercial real estate, in part, due to the bank regulatory environment, 
which, since the turmoil in the housing and mortgage industries from 2007-2009, has generally been characterized 
by increased scrutiny and regulation. We believe that this environment has made commercial banks less responsive 
to the long-term capital needs of unrated middle-market and smaller companies, many of which have historically 
depended on commercial banks for their financing. Accordingly, we see an attractive opportunity to address capital 
needs of these companies by offering them an efficient alternative for financing their real estate versus accessing 
traditional mortgage or bank debt and/or using their own equity.
As a result, while we believe our net-lease financing solutions may be attractive to a wide variety of 
companies, we believe our most attractive opportunity is owning properties net leased to middle-market and smaller 
companies that are generally unrated and have less access to efficient sources of long-term capital than larger, 
credit-rated companies.
Our Competitive Strengths
We believe the following competitive strengths distinguish us from our competitors and allow us to compete 
effectively in the single-tenant, net-lease market:
•
Carefully Constructed Portfolio of Properties Leased to Service-Oriented or Experience-Based 
Tenants.    We have strategically constructed a portfolio that is diversified by tenant, industry, concept and 
geography and generally avoids exposure to businesses that we believe are subject to pressure from e-
commerce. Our properties are generally subject to long-term net leases that we believe provide us with a 
stable and predictable base of revenue from which to grow our portfolio. As of December 31, 2024, our 
portfolio consisted of 2,104 properties, with total annualized base rent of $460.6 million, which was 
purposefully selected by our management team in accordance with our focused and disciplined investment 
7

strategy. Our diversified portfolio is comprised of 413 tenants operating 592 different concepts across 49 
states and in 16 distinct industries. No single tenant contributed more than 4.2% of our annualized base rent 
as of December 31, 2024, consistent with our strategy of having a scaled portfolio that, over time, allows us 
to derive no more than 5.0% of our annualized base rent from any single-tenant or more than 1.0% from 
any single property.
We believe that our portfolio's diversity and the rigorous underwriting process we utilize decreases the 
impact on us of an adverse event affecting an individual tenant, industry or region. Our focus on leasing to 
tenants in industries where the operator's properties are essential to generating their revenues and profits 
(and that we believe are well-positioned to withstand competition from e-commerce businesses) increases 
the stability and predictability of our rental revenue.
•
Differentiated Investment Strategy.    We seek to acquire and lease freestanding, single-tenant 
commercial real estate properties where a tenant engages with or services its customers and conducts 
activities at the property that are essential to the generation of its sales and profits. We primarily seek to 
invest in properties leased to middle-market companies that we determine have attractive credit 
characteristics and stable operating histories. We believe middle-market companies are underserved from a 
capital perspective and that we can offer them attractive real estate financing solutions while allowing us to 
enter into leases that provide us with stable cash flows and attractive risk-adjusted returns. Furthermore, 
the properties we invest in with middle-market companies typically are smaller assets, in terms of square 
footage. As a result, our average size investment of $2.9 million as of December 31, 2024 provides a level 
of diversity in our portfolio, in that we do not have oversized amounts of capital attributable to any individual 
property. Our differentiated strategy benefits from us maintaining a close relationship with our existing 
tenants, allowing us to source additional investments from these tenants and establishing a position as a 
preferred capital provider, helping our tenants grow their businesses and address their real estate needs. 
•
Disciplined Underwriting Leading to Strong Portfolio Characteristics.    We generally seek to invest in 
single assets or portfolios of assets through transactions which range in aggregate purchase price from 
$2 million to $100 million. Our focus on investing in properties operated by middle market and smaller 
operators provides us with what we believe is a large addressable market of investment opportunities, one 
in which our tenants are largely undeserved from a capital perspective. In addition, because we invest in 
smaller sized, more granular properties, our assets are more fungible in that the properties typically are 
more commercially desirable given their smaller footprint, and as such there are more potential tenants that 
could operate in the property were we to need to re-tenant for any reason. As of December 31, 2024:
•
Our leases had a weighted average remaining lease term (based on annualized base rent) of 14.0 
years, with only 5.8% of our annualized base rent attributable to leases expiring prior to January 1, 
2030;
•
Master leases contributed 66.1% of our annualized base rent;
•
Our portfolio's weighted average rent coverage ratio was 3.5x, with leases contributing 70.4% of our 
annualized base rent having rent coverage ratios in excess of 2.0x (excluding leases that do not report 
unit-level financial information);
•
Our portfolio was 99.7% occupied;
•
Leases contributing 98.4% of our annualized base rent provide for increases in future annual base rent 
that generally range from 1.0% to 4.0% annually, with a weighted average annual escalation equal to 
1.7% of base rent; and
•
Leases contributing 96.6% of annualized base rent were triple-net.
•
Extensive Tenant Financial Reporting Supports Active Asset Management.    We seek to enter into 
leases that obligate our tenants to periodically provide us with corporate and/or unit-level financial reporting, 
which we believe enhances our ability to actively monitor our investments, actively evaluate credit risk, 
negotiate lease renewals and proactively manage our portfolio to protect stockholder value. As of 
December 31, 2024, leases contributing 98.9% of our annualized base rent required tenants to provide us 
with specified unit-level financial information.
8

•
Scalable Platform Allows for Significant Growth.    Building on our senior leadership team's experience 
in net lease real estate investing, we have developed leading origination, underwriting, financing, and 
property management capabilities. We believe our platform is scalable, and we consistently seek to 
leverage our capabilities to improve our efficiency and processes to continue to seek attractive risk-adjusted 
growth. While we expect that our general and administrative expenses could increase as our portfolio 
grows, we expect that such expenses as a percentage of our portfolio and our revenues will decrease over 
time due to efficiencies and economies of scale. During the years ended December 31, 2024, 2023 and 
2022, we completed $1.2 billion, $1.0 billion and $937.4 million of investments, respectively.
•
Growth-Oriented Balance Sheet Scalable Infrastructure.  We believe our financial position, liquidity and 
existing operating infrastructure support our external growth strategy. As of December 31, 2024, our total 
liquidity was $1.0 billion, including $45.0 million of cash and cash equivalents and restricted cash, 
$380.8 million available upon physical settlement of our outstanding forward equity contracts, and $600.0 
million of availability under our revolving credit facility.
As of December 31, 2024, we had $2.1 billion of gross debt outstanding, with a weighted average maturity 
of 4.2 years, and net debt of $2.1 billion. For the year ended December 31, 2024, our net income was 
$203.6 million, our EBITDAre was $410.8 million and our Annualized Adjusted EBITDAre was $451.7 
million. Our ratio of net debt to Annualized Adjusted EBITDAre was 4.6x as of December 31, 2024. Net 
debt, EBITDAre and Annualized Adjusted EBITDAre are non-GAAP financial measures. For definitions of 
net debt, EBITDAre and Annualized Adjusted EBITDAre, reconciliations of these measures to total debt and 
net income, respectively, the most directly comparable financial measures calculated in accordance with 
accounting principles generally accepted in the United States ("GAAP"), and a statement of why our 
management believes the presentation of these non-GAAP financial measures provide useful information to 
investors and a discussion of how management uses these measures, see "Item 7. Management's 
Discussion and Analysis of Financial Condition and Results of Operations'—Non-GAAP Financial 
Measures."
We also maintain an ATM Program and, as of December 31, 2024, we had the ability to sell additional 
common stock thereunder with an aggregate gross sales price of up to $671.1 million. We have 
$380.8 million of equity sold on a forward basis under our ATM program that was unsettled as of 
December 31, 2024. 
•
Experienced and Proven Management Team.  Our senior management has significant experience in the 
net lease industry and a track record of growing net lease businesses to significant scale.
Our senior management team has been responsible for our focused and disciplined investment strategy 
and for developing and implementing our investment sourcing, underwriting, closing and asset management 
infrastructure, which we believe can support significant investment growth without a proportionate increase 
in our operating expenses. During the year ended December 31, 2024, 97.2% of our new investments in 
real estate were attributable to internally originated sale-leaseback transactions and 81.4% of our new 
investments were consummated with parties who had previously engaged in one or more transactions that 
involved a member of our senior management team (including operators and tenants and other participants 
in the net lease industry, such as brokers, intermediaries and financing sources). The substantial 
experience, knowledge and relationships of our senior leadership team provide us with an extensive 
network of contacts that we believe allows us to originate attractive investment opportunities and effectively 
grow our business.
Our Business and Growth Strategies
Our primary business objective is to maximize stockholder value by generating attractive risk-adjusted 
returns through owning, managing and growing a diversified portfolio of commercially desirable net lease properties. 
We intend to pursue our primary business objective through the following business and growth strategies.
•
Structure and Manage Our Diverse Portfolio with Focused and Disciplined Underwriting and Risk 
Management.    We seek to maintain the stability of our rental revenue and maximize the long-term return 
on our investments while continuing our growth by using our focused and disciplined underwriting and risk 
management expertise. When underwriting assets, we focus on commercially desirable properties, with 
9

strong operating performance, healthy rent coverage ratios and tenants with what we believe are attractive 
credit characteristics.
Leasing.    In general, we seek to enter into leases with (i) relatively long contractual terms (typically with 
initial terms of 15 years or more and tenant renewal options); (ii) attractive rent escalation provisions; 
(iii) healthy rent coverage ratios; and (iv) tenant obligations to periodically provide us with financial 
information, which provides us with information about the operating performance of the leased property and/
or tenant and allows us to actively monitor the security of our rent payments under the lease on an ongoing 
basis. We prefer to use master lease structures, pursuant to which we lease multiple properties to a single-
tenant on a unitary (i.e., "all or none") basis. In addition, in the context of our sale-leaseback investments, 
we generally seek to establish contract rents that are at or below prevailing market rents, which we believe 
enhances tenant retention and reduces our releasing risk if a lease is rejected in a bankruptcy proceeding 
or expires.
Diversification.    We monitor and manage the diversification of our portfolio in order to reduce the risks 
associated with adverse developments affecting a particular tenant, property, industry or region. Our 
strategy targets a portfolio that, over time, will (i) derive no more than 5% of its annualized base from any 
single-tenant or more than 1% of its annualized base rent from any single property, (ii) be primarily leased to 
tenants operating in service-oriented or experience-based businesses and (iii) avoid significant geographic 
concentration. While we consider these criteria when making investments, we may be opportunistic in 
managing our business and make investments that do not meet one or more of these criteria if we believe 
the opportunity presents an attractive risk-adjusted return.
Asset Management.    We are an active asset manager and regularly review each of our properties to 
evaluate, various factors, including, but not limited to, changes in the business performance at the property, 
credit of the tenant and local real estate market conditions. Among other things, we use Moody's Analytics 
RiskCalc ("RiskCalc") to proactively detect credit deterioration. RiskCalc is a model for predicting private 
company defaults based on Moody's Analytics Credit Research Database. Additionally, we monitor market 
rents relative to in-place rents and the amount of tenant capital expenditures in order to refine our tenant 
retention and alternative use assumptions. Our management team utilizes our internal credit diligence to 
monitor the credit profile of each of our tenants on an ongoing basis. We believe that this proactive 
approach enables us to identify and address issues in a timely manner and to determine whether there are 
properties in our portfolio that are appropriate for disposition.
In addition, as part of our active portfolio management, we may selectively dispose of assets that we 
conclude do not offer a return commensurate with the investment risk, contribute to unwanted geographic, 
industry or tenant concentrations, or may be sold at a price we determine is attractive. During the year 
ended December 31, 2024, we sold 46 properties for net sales proceeds of $94.2 million, including five 
properties that were vacant. We believe that our underwriting processes and active asset management 
enhance the stability of our rental revenue by reducing default losses and increasing the likelihood of lease 
renewals.
•
Focus on Relationship-Based Sourcing to Grow Our Portfolio by Originating Sale-Leaseback 
Transactions.    We plan to continue our disciplined growth by originating sale-leaseback transactions and 
opportunistically making acquisitions of properties subject to net leases that contribute to our portfolio’s 
tenant, industry and geographic diversification.  During the year ended December 31, 2024, 97.2% of our 
new investments in real estate were attributable to internally originated sale-leaseback transactions and 
81.4% of our new investments were consummated with parties who had previously engaged in one or more 
transactions that involved a member of our senior management team (including operators and tenants and 
other participants in the net lease industry, such as brokers, intermediaries and financing sources). In 
addition, we seek to enhance our relationships with our tenants to facilitate investment opportunities, 
including selectively agreeing to reimburse certain of our tenants for development costs at our properties in 
exchange for contractually specified rent that generally increases proportionally with our funding. We 
believe our senior management team’s reputation, in-depth market knowledge and extensive network of 
long-standing relationships in the net lease industry provide us access to an ongoing pipeline of attractive 
investment opportunities.
•
Focus on Middle-Market Companies in Service-Oriented or Experience-Based Businesses.    We 
primarily focus on investing in properties that we lease on a long-term, triple-net basis to middle-
10

market companies that we determine have attractive credit characteristics and stable operating histories. 
Properties leased to middle-market companies may offer us the opportunity to achieve superior risk-
adjusted returns, as a result of our extensive and disciplined credit and real estate analysis, lease 
structuring and portfolio composition. We believe our capital solutions are attractive to middle-market 
companies as such companies often have limited financing options, as compared to larger, credit rated 
organizations. We also believe that, in many cases, smaller transactions with middle-market companies will 
allow us to maintain and grow our portfolio's diversification. Middle-market companies are often willing to 
enter into leases with structures and terms that we consider attractive (such as master leases and leases 
that require ongoing tenant financial reporting) and believe contribute to the stability of our rental revenue.
In addition, we emphasize investment in properties leased to tenants engaged in service-oriented or 
experience-based businesses, such as restaurants (primarily quick service and casual dining), car washes, 
early childhood education, medical and dental services, convenience stores, automotive services, 
equipment rental, entertainment and health and fitness, as we believe these businesses are generally more 
insulated from e-commerce pressure than many others.
•
Internal Growth Through Long-Term Triple-Net Leases That Provide for Periodic Rent 
Escalations.    We seek to enter into long-term (typically with initial terms of 15 years or more and tenant 
renewal options), triple-net leases that provide for periodic contractual rent escalations. As of December 31, 
2024, our leases had a weighted average remaining lease term of 14.0 years (based on annualized base 
rent), with only 5.8% of our annualized base rent attributable to leases expiring prior to January 1, 2030, 
and 98.4% of our leases (based on annualized base rent) provided for increases in future base rent at a 
weighted average of 1.7% per year.
•
Actively Manage Our Balance Sheet to Maximize Capital Efficiency.    We seek to maintain a prudent 
balance between debt and equity financing and to maintain funding sources that lock in long-term 
investment spreads and limit interest rate sensitivity. As of December 31, 2024, we had $2.1 billion of gross 
debt outstanding and $2.1 billion of net debt outstanding. Our net income for the year ended December 31, 
2024 was $203.6 million, our EBITDAre was $410.8 million, our Annualized Adjusted EBITDAre was $451.7 
million and our ratio of net debt to Annualized Adjusted EBITDAre was 4.6x. Over time, we believe an 
appropriate ceiling for net debt is generally less than six times our Annualized Adjusted EBITDAre. We have 
access to multiple sources of debt capital, including, but not limited to, the investment grade-rated 
unsecured bond market and bank debt, through our revolving credit facility and our unsecured term loan 
facilities. Net debt, EBITDAre and Annualized Adjusted EBITDAre are non-GAAP financial measures. See 
"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-
GAAP Financial Measures."
Competition
We face competition for acquisitions of real property from other investors, including traded and non-
traded public REITs, private equity investors and institutional investment funds. Some of our competitors have 
greater economies of scale, lower costs of capital, access to more sources of capital, a larger base of operating 
resources and greater name recognition than we do, and the ability to accept more risk. We also believe that 
competition for real estate financing comes from middle-market business owners themselves, many of whom have 
had a historic preference to own, rather than lease, the real estate they use in their businesses. This competition 
may increase the demand for the types of properties in which we typically invest and, therefore, may reduce the 
number of suitable investment opportunities available to us and increase the prices paid for such investment 
properties. This competition will increase if investments in real estate become more attractive relative to other forms 
of investment.
As a landlord, we compete in the multi-billion dollar commercial real estate market with numerous 
developers and owners of properties, many of which own properties similar to ours in the same markets in which 
our properties are located. If our competitors offer space at rental rates below current market rates or below the 
rental rates we currently charge our tenants, we may lose our tenants or prospective tenants, and we may be 
pressured to reduce our rental rates or to offer substantial rent abatements, tenant improvement allowances, early 
termination rights or below-market renewal options in order to retain tenants when our leases expire.
11

Employees
As of December 31, 2024, we had 48 full-time employees. Our staff is mostly comprised of professionals 
engaged in originating, underwriting and closing investments; portfolio asset management; portfolio servicing (e.g., 
collections, property tax compliance, etc.); capital markets activity; sustainability initiatives; and accounting, financial 
reporting and cash management. Women comprise 40% of our employee base and hold approximately 46% of our 
management positions, providing significant leadership at our company, and minorities comprise approximately 23% 
of our employee base and 14% of our management positions. Our commitment to diversity also extends to our 
Board, as three of its seven board members, or approximately 43%, are women. Additionally, we have a consistent 
and strong record of hiring veterans of the U.S. military, including our Chief Executive Officer and our Executive Vice 
President of Investments.
We seek to provide a dynamic work environment that promotes the retention and development of our 
employees, and is a differentiating factor in our ability to attract new talent. We strive to offer our employees 
attractive and equitable compensation, regular opportunities to participate in professional development activities, 
outlets for civic engagement and reasonable flexibility to allow a healthy work/life balance. All of our employees are 
eligible to participate in our Equity Incentive Plan through the annual performance review process. As of 
December 31, 2024, 100% of our employees were owners of our common stock.
Our compensation program is designed to attract and retain talent, and align our employees’ efforts with the 
interests of all of our stakeholders. Factors we evaluate in connection with hiring, developing, training, 
compensating and advancing individuals include, but are not limited to, qualification, performance, skill and 
experience. Our employees are fairly compensated based on merit, without regard to color, race, sex, national 
origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression, or any other status 
protected by applicable law. 
We value equal opportunity in the workplace and fair employment practices. We have built an inclusive 
culture that encourages, supports and celebrates our diverse employee population. We endeavor to maintain a 
workplace that is free from discrimination or harassment on the basis of color, race, sex, national origin, ethnicity, 
religion, age, disability, sexual orientation, gender identification or expression, or any other status protected by 
applicable law. We have implemented a Human Rights Policy consistent with these values. We conduct annual 
training in an effort to ensure that all employees remain aware of and help prevent harassment and discrimination. 
Environmental, Social and Governance (ESG)
We believe that responsible and effective corporate governance, a positive corporate culture, good 
corporate citizenship, and the promotion of sustainability initiatives are critical to our ability to create long-term 
stockholder value. EPRT is committed to conducting its business in accordance with the highest ethical standards. 
We take our responsibilities to all of our stakeholders, including our stockholders, creditors, employees, tenants, 
and business relationships, very seriously. We are dedicated to being trusted stewards of our stockholder's capital 
and also providing our employees with a rewarding and dynamic work environment. 
Our Board actively oversees ESG initiatives, with the Nominating and Corporate Governance Committee 
responsible for reviewing and guiding ESG-related policies, risk management and reporting. We integrate ESG 
considerations into our risk management framework, aligning with Task Force on Climate-related Financial 
Disclosures ("TCFD") recommendations to assess climate risks and implement mitigation strategies. Additionally, 
we maintain a robust Code of Business Conduct and Ethics, reinforcing our commitment to transparency, integrity, 
and corporate responsibility. To enhance accountability, we have integrated ESG performance metrics into executive 
compensation to align senior leadership incentives with our long-term sustainability goals.
Overall, our commitment to ESG and our strategy for pursuing the goals we’ve established to demonstrate 
that commitment include the following: 
•
Accountability and Transparency. Our Board and our management team are committed to strong 
corporate governance. As stewards of capital, we are committed to accountability and transparency 
regarding our ESG efforts;
•
Reducing our Carbon Footprint. Implement sustainability upgrades at our corporate offices and our 
income properties to reduce our carbon footprint;
12

•
Expanding our Relationships with our Tenants through Sustainability. Implement sustainability 
upgrades at our properties to positively impact our tenants' operations and prospects for success; and
•
Our People are EPRT. Our diversity is our strength, creating an inclusive work environment is our culture, 
and all of our employees are owners, thus aligned with our fellow stockholders.
Our ESG goals include the following:
•
Oversight. Maintain strong oversight and visibility over our ESG strategy and initiatives led by our 
independent and experienced Board, and specifically our Nominating and Corporate Governance 
Committee;
•
Reporting. Publish our 2024 Corporate Responsibility Report, aligned with the Sustainability Accounting 
Standards Board and The Financial Stability Board Task Force on Climate-related Financial Disclosure 
indices;
•
Measurement. Establish the carbon footprint of our portfolio, specifically our Scope 3 emissions, as we 
have no Scope 1 emissions and no material Scope 2 emissions;
•
Structure. Continue to enhance our cybersecurity risk management program including using third-party 
experts to facilitate our system penetration testing;
•
Implementation. Continue to implement energy efficiency upgrades throughout our income property 
portfolio;
•
Equity. Continue to invest in our employees through our various benefit programs and incentive structures 
that maintain our alignment with our stockholders at an employee level;
•
Diversity. Continue to ensure that diversity is at the forefront of our hiring practices and maintained as a  
key input to our operations; and
•
Inclusion. Maintain our annual employee survey process to ensure consistent engagement with our team 
and promote our understanding of our work environment and opportunities for improvement.
Insurance
Our tenants, pursuant to triple-net leases, are generally contractually required to maintain general liability 
and property insurance coverage for the properties they lease from us. Our leases generally require our tenants to 
name us (and any of our lenders that have a mortgage on the property leased by the tenant) as additional insureds 
on their general liability policies and additional named insured and/or loss payee (or mortgagee, in the case of our 
lenders) on their property policies. Depending on the location of the property, other losses of a catastrophic nature, 
such as those caused by earthquakes and floods, may be covered by insurance policies that are held by our tenant 
with limitations such as large deductibles or co-payments that a tenant may not be able to meet. In addition, other 
losses of a catastrophic nature, such as those caused by wind/hail, wildfires, hurricanes, terrorism or acts of war, 
may be uninsurable or not insurable on economically reasonable terms. If there is damage to our properties that is 
not covered by insurance and such properties are subject to recourse indebtedness, we will continue to be liable for 
the indebtedness, even if these properties are irreparably damaged. See "Item 1A. Risk Factors—Risks Related to 
Our Business and Properties—Insurance on our properties may not adequately cover all losses and uninsured 
losses could materially and adversely affect us."
In addition to being a named insured on our tenants' general liability and property insurance policies, we 
separately maintain commercial insurance policies providing general liability and umbrella coverages associated 
with our portfolio. We also maintain full property coverage on all untenanted properties and other property coverage 
as may be required by our lenders, which are not required to be carried by our tenants under our leases.
Regulation and Requirements
Our properties are subject to various laws, ordinances and regulations, including those relating to fire and 
safety requirements, and affirmative and negative covenants and, in some instances, common area obligations. 
13

Compliance with applicable requirements may require modifications to our properties, and the failure to comply with 
applicable requirements could result in the imposition of fines or an award of damages to private litigants, as well as 
the incurrence of the costs of making modifications to attain compliance.  Our tenants have primary responsibility for 
compliance with these requirements pursuant to our leases. We believe that each of our properties has the 
necessary permits and approvals.
Environmental Matters
Federal, state and local environmental laws and regulations regulate, and impose liability for, releases of 
hazardous or toxic substances, hazardous waste or petroleum products into the environment. Under various of 
these laws and regulations, a current or previous owner, operator or tenant of real estate may be required to 
investigate and clean up hazardous or toxic substances, hazardous wastes or petroleum product releases or threats 
of releases at the property, and may be held liable to a government entity or to third parties for property damage and 
for investigation, clean-up and monitoring costs incurred by those parties in connection with the actual or threatened 
contamination. These laws may impose clean-up responsibility and liability without regard to fault, or whether or not 
the owner, operator or tenant knew of or caused the presence of the contamination. The liability under these laws 
may be joint and several for the full amount of the investigation, clean-up and monitoring costs incurred or to be 
incurred or actions to be undertaken, although a party held jointly and severally liable may seek to obtain 
contributions from other identified, solvent, responsible parties of their fair share toward these costs. These costs 
may be substantial, and can exceed the value of the property. In addition, some environmental laws may create a 
lien on the contaminated site in favor of the government for damages and costs it incurs in connection with the 
contamination. As the owner or operator of real estate, we also may be liable under common law to third parties for 
damages and injuries resulting from environmental contamination present at, or emanating from, the real estate. 
The presence of contamination, or the failure to properly remediate contamination, on a property may adversely 
affect the ability of the owner, operator or tenant to sell or rent that property or to borrow using the property as 
collateral, and may adversely impact our investment in that property.
Some of our properties contain, have contained, or are adjacent to or near other properties that have 
contained or currently contain storage tanks for the storage of petroleum products or other hazardous or toxic 
substances. Similarly, some of our properties were used in the past for commercial or industrial purposes, or are 
currently used for commercial purposes, that involve or involved the use of petroleum products or other hazardous 
or toxic substances, the generation and storage of hazardous waste, or that are adjacent to or near properties that 
have been or are used for similar commercial or industrial purposes. These operations create a potential for the 
release of petroleum products, hazardous waste or other hazardous or toxic substances, and we could potentially 
be required to pay to clean up any contamination. In addition, environmental laws regulate a variety of activities that 
can occur on a property, including the storage of petroleum products, hazardous waste, or other hazardous or toxic 
substances, air emissions, water discharges, hazardous waste generation, and exposure to lead-based paint. Such 
laws may impose fines or penalties for violations, and may require permits or other governmental approvals to be 
obtained for the operation of a business involving such activities. In addition, as an owner or operator of real estate, 
we can be liable under common law to third parties for damages and injuries resulting from the presence or release 
of petroleum products, hazardous waste, or other hazardous or toxic substances present at, or emanating from, the 
real estate.  As a result of the foregoing, we could be materially and adversely affected.  
Environmental laws also govern the presence, maintenance and removal of asbestos-containing material 
("ACM"). Federal regulations require building owners and those exercising control over a building's management to 
identify and warn, through signs and labels, of potential hazards posed by workplace exposure to installed ACM in 
their building. The regulations also have employee training, record keeping and due diligence requirements 
pertaining to ACM. Significant fines can be assessed for violation of these regulations. As a result of these 
regulations, building owners and those exercising control over a building's management may be subject to an 
increased risk of personal injury lawsuits under common law by workers and others exposed to ACM. The 
regulations may affect the value of a building containing ACM in which we have invested. Federal, state and local 
laws and regulations also govern the removal, encapsulation, disturbance, handling and/or disposal of ACM when 
those materials are in poor condition or in the event of construction, remodeling, renovation or demolition of a 
building. These laws may impose liability for improper handling or a release into the environment of ACM and may 
provide for fines to, and for third parties to seek recovery from, owners or operators of real properties for personal 
injury or improper work exposure associated with ACM.
When excessive moisture accumulates in buildings or on building materials, mold growth may occur, 
particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds 
14

may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate ventilation, 
chemical contamination from indoor or outdoor sources, and other biological contaminants such as pollen, viruses 
and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of 
adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant 
mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation 
program to contain or remove the mold or other airborne contaminants from the affected property or increase indoor 
ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability 
from our tenants, employees of our tenants or others if property damage or personal injury occurs.
Before completing any property acquisition, we obtain environmental assessments in order to identify 
potential environmental concerns at the property. These assessments are carried out in accordance with the 
Standard Practice for Environmental Site Assessments (ASTM Practice E 1527-13) as set by ASTM International, 
formerly known as the American Society for Testing and Materials, and generally include a physical site inspection, 
a review of relevant federal, state and local environmental and health agency database records, one or more 
interviews with appropriate site-related personnel, review of the property's chain of title and review of historical 
aerial photographs and other information on past uses of the property. These assessments are limited in scope. If, 
however, recommended in the initial assessments, we may undertake additional assessments such as soil and/or 
groundwater samplings or other limited subsurface investigations and ACM or mold surveys to test for substances 
of concern. A prior owner or operator of a property or historic operations at our properties may have created a 
material environmental condition that is not known to us or the independent consultants preparing the site 
assessments. Material environmental conditions may have arisen after the review was completed or may arise in 
the future, and future laws, ordinances or regulations may impose material additional environmental liability. If 
environmental concerns are not satisfactorily resolved in any initial or additional assessments, we may obtain 
environmental insurance policies to insure against potential environmental risk or loss depending on the type of 
property, the availability and cost of the insurance and various other factors we deem relevant (i.e., an 
environmental occurrence affects one of our properties where our lessee may not have the financial capability to 
honor its indemnification obligations to us). Our ultimate liability for environmental conditions may exceed the policy 
limits on any environmental insurance policies we obtain, if any.
Generally, our leases require the lessee to comply with environmental law and provide that the lessee will 
indemnify us for any loss or expense we incur as a result of lessee's violation of environmental law or the presence, 
use or release of hazardous materials on our property attributable to the lessee. If our lessees do not comply with 
environmental law, or we are unable to enforce the indemnification obligations of our lessees, our results of 
operations would be adversely affected.
We cannot predict what other environmental legislation or regulations will be enacted in the future, how 
existing or future laws or regulations will be administered or interpreted or what environmental conditions may be 
found to exist on the properties in the future. Compliance with existing and new laws and regulations may require us 
or our tenants to spend funds to remedy environmental problems. If we or our tenants were to become subject to 
significant environmental liabilities, we could be materially and adversely affected.
Available Information
Our headquarters are located at 902 Carnegie Center Blvd., Suite 520, Princeton, New Jersey, 08540, 
where we lease approximately 13,453 square feet of office space from an unaffiliated third party. Our telephone 
number is (609) 436-0619 and our website is www.essentialproperties.com. Information contained on or hyperlinked 
from our website is not incorporated by reference into and should not be considered part of this Annual Report or 
our other filings with the SEC.
We electronically file with the Securities and Exchange Commission (“SEC”) our Annual Reports on Form 
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, pursuant to Section 13(a) of the 
Exchange Act. You may obtain these reports and any amendments thereto free of charge on our website as soon as 
reasonably practicable after we file such material with, or furnish it to, the SEC, or by sending an email message to 
info@essentialproperties.com. 
15

Item 1A. Risk Factors.
There are many factors that may adversely affect us, some of which are beyond our control. The 
occurrence of any of the following risks could materially and adversely impact our financial condition, results of 
operations, cash flows and liquidity, prospects, the market price of our common stock, and our ability to, among 
other things, service our debt and to make distributions to our stockholders. Some statements in this report 
including statements in the following risk factors constitute forward-looking statements. See "Special Note 
Regarding Forward-Looking Statements."
Risks Related to Our Business and Properties
We are subject to risks related to the ownership of commercial real estate that could adversely impact the 
value of our properties.
Factors beyond our control can affect the performance and value of our properties. Our performance is 
subject to risks incident to the ownership of commercial real estate, including: the possible inability to collect rents 
from tenants due to financial hardship, including tenant bankruptcies; changes in local real estate conditions and 
tenant demand for our properties; changes in consumer trends and preferences that reduce the demand for 
products and services offered by our tenants; adverse changes in national, regional and local economic conditions; 
inability to re-lease or sell our properties upon expiration or termination of leases; environmental risks; the 
subjectivity and volatility of real estate valuations and the relative illiquidity of real estate investments compared to 
many other financial assets, which may limit our ability to modify our portfolio promptly in response to changes in 
economic or other conditions; changes in laws and governmental regulations, including those governing real estate 
usage and zoning; changes in interest rates and the availability of financing; acts of God, including natural disasters, 
which may result in uninsured losses; and acts of war or terrorism, including terrorist attacks.
Adverse changes in the U.S., global and local markets and related economic and supply chain conditions 
may materially and adversely affect us and the ability of our tenants to make rental payments to us.
Our results of operations, as well as the results of operations of our tenants, are sensitive to changes in 
U.S., global and local regions or markets that impact our tenants’ businesses. Adverse changes or developments in 
U.S., global or regional economic or supply chain conditions may impact our tenants’ financial condition, which may 
adversely impact their ability to make rental payments to us and may also impact their current or future leasing 
practices. During periods of supply chain disruption or economic slowdown and declining demand for real estate, we 
may experience a general decline in rents or increased rates of default under our leases. A lack of demand for rental 
space could adversely affect our ability to maintain our current tenants and attract new tenants, which may affect 
our growth, profitability and ability to pay dividends.
Our business is dependent upon our tenants successfully operating their businesses, and their failure to do 
so could materially and adversely affect us.
 The success of our investments is materially dependent on the financial stability and operating 
performance of our tenants. The success of any one of our tenants is dependent on the location of the leased 
property, its individual business and its industry, which could be adversely affected by poor management, economic 
conditions in general, changes in consumer trends and preferences that decrease demand for a tenant's products 
or services or other factors over which neither they nor we have control. 
At any given time, any tenant may experience a downturn in its business, including as a result of adverse 
economic conditions, that may weaken its operating results or the overall financial condition of individual properties 
or its business as whole. As a result, a tenant may delay lease commencement, fail to make rental payments when 
due, decline to extend a lease upon its expiration, become insolvent or declare bankruptcy. We depend on our 
tenants to operate the properties leased from us in a manner which generates revenues sufficient to allow them to 
meet their obligations to us, including their obligations to pay rent, maintain certain insurance coverage, pay real 
estate taxes and maintain the properties in a manner so as not to jeopardize their operating licenses or regulatory 
status. The ability of our tenants to fulfill their obligations under our leases generally depends, to a significant 
degree, upon the overall profitability of their operations. Cash flow generated by certain tenant businesses may not 
be sufficient for a tenant to meet its obligations to us. We could be materially and adversely affected if a number of 
our tenants are unable to meet their obligations to us. 
16

Our assessment that certain businesses are more insulated from e-commerce pressure than many others 
may prove to be incorrect, and changes in macroeconomic trends may adversely affect our tenants, either 
of which could impair our tenants' ability to make rental payments to us and materially and adversely affect 
us.
We primarily invest in properties leased to tenants in industries where a physical location is critical to the 
generation of sales and profits. Such tenants are particularly focused in service-oriented and experienced-based 
businesses, such as car washes, early childhood education centers, medical/dental offices, quick service 
restaurants, automotive service facilities, equipment rental locations and convenience stores. We believe these 
businesses have characteristics that make them e-commerce resistant and resilient through economic cycles.While 
we believe this to be the case, businesses previously thought to be internet resistant, such as the retail grocery 
industry, have proven to be susceptible to competition from e-commerce. Technology and business conditions, 
particularly in the retail industry, are rapidly changing, and our tenants may be adversely affected by technological 
innovation, changing consumer preferences and competition from non-traditional sources. To the extent our tenants 
face increased competition from non-traditional competitors, such as internet vendors, some of which may have 
different business models and larger profit margins, their businesses could suffer. There can be no assurance that 
our tenants will be successful in meeting any new competition, and a deterioration in our tenants’ businesses could 
impair their ability to meet their lease obligations to us and materially and adversely affect us.
Properties occupied by a single-tenant pursuant to a single-tenant lease subject us to significant risk of 
tenant default.
Our strategy focuses primarily on investing in single-tenant triple-net leased properties throughout the 
United States. The financial failure of, or default in payment by, a single-tenant under its lease is likely to cause a 
significant or complete reduction in our rental revenue from that property and a reduction in the value of the 
property. We may also experience difficulty or a significant delay in re-leasing or selling such property. This risk is 
magnified in situations where we lease multiple properties to a single-tenant under a master lease. The default of a 
tenant that leases multiple properties from us or its decision not to renew its master lease upon expiration could 
materially and adversely affect us.
Periodically, we have experienced, and we may experience in the future, a decline in the fair value of our 
real estate assets, resulting in impairment charges that impact our financial condition and results of 
operations.
A decline in the fair market value of our long-lived assets may require us to recognize an impairment 
against such assets (as defined by the Financial Accounting Standards Board (“FASB”)) if certain conditions or 
circumstances related to an asset were to change and we were to determine that, with respect to any such asset, 
the cash flows no longer support the carrying value of the asset. The fair value of our long-lived assets depends on 
market conditions, including estimates of future demand for these assets, and the revenues that can be generated 
from such assets. When such a determination is made, we recognize the estimated unrealized losses through 
earnings and write down the depreciated cost of such assets to a new cost basis, based on the fair value of such 
assets on the date they are considered to be impaired. Such impairment charges reflect non-cash losses at the time 
of recognition, and subsequent dispositions or sales of such assets could further affect our future losses or gains, as 
they are based on the difference between the sales price received and the adjusted depreciated cost of such assets 
at the time of sale.
Geographic, industry and tenant concentrations reduce the diversity of our portfolio and make us more 
susceptible to adverse economic or regulatory developments in those areas or industries.
Geographic, industry and tenant concentrations expose us to greater economic or regulatory risks than if 
we owned a more diverse portfolio. Our business includes substantial holdings in the following states as of 
December 31, 2024 (based on annualized base rent): Texas (12.6%), Georgia (7.3%), Florida (6.4%), Ohio (5.7%) 
and Wisconsin (5.0%). We are susceptible to adverse developments in the economic or regulatory environments of 
the geographic areas in which we own substantial assets (or in which we may develop a substantial concentration 
of assets in the future), such as business layoffs or downsizing, industry slowdowns, relocations of businesses, 
severe weather events, public health crises, increases in real estate and other taxes or costs of complying with 
governmental regulations. 
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As of December 31, 2024, our five largest tenants contributed 10.7% of our annualized base rent, and our 
ten largest tenants contributed 17.6% of our annualized base rent. If one of these tenants, or another tenant that 
occupies a significant portion of our properties or whose lease payments represent a significant portion of our rental 
revenue, were to experience financial weakness or file for bankruptcy, it could have a material adverse effect on our 
business, financial condition, results of operations, cash flows and liquidity, and prospects. 
As we continue to acquire properties, our portfolio may become more concentrated by geographic area, 
industry or tenant. If our portfolio becomes less diverse, our business will be more sensitive to a general economic 
downturn in a particular geographic area, to changes in trends affecting a particular industry and to the financial 
weakness, bankruptcy or insolvency of fewer tenants. 
The vast majority of our properties are leased to unrated tenants whose credit is evaluated through our 
internal underwriting and credit analysis. However, the tools and methods we use, such as property-level 
rent coverage ratio, may not accurately assess the investment related credit risk.
The vast majority of our properties are leased to unrated tenants whose credit is evaluated through our 
internal underwriting and credit analysis. Substantially all of our tenants are required to provide financial information 
to us periodically or, in some instances, at our request that we use in evaluating their creditworthiness. We analyze 
the creditworthiness of our tenants using Moody’s Analytics RiskCalc, which provides an estimated default 
frequency (“EDF”) and a “shadow rating,” and a lease's property-level rent coverage ratio. Our methods may not 
adequately assess the risk of an investment. An EDF score and a shadow rating are not the same as, and may not 
be as indicative of creditworthiness as, a rating published by a nationally recognized statistical rating organization. 
Our calculations of EDFs, shadow ratings and rent coverage ratios are unaudited and are based on financial 
information provided to us by our tenants and prospective tenants without independent verification on our part, and 
we assume the appropriateness of estimates and judgments that were made by the party preparing the financial 
information. If our assessment of credit quality proves to be inaccurate, we may be subject to defaults, and our cash 
flows may be less stable. The ability of an unrated tenant to meet its obligations to us may be more speculative than 
that of a rated tenant.
We may be unable to renew expiring leases with existing tenants or re-lease spaces to new tenants on 
favorable terms or at all.
Our results of operations depend to a significant degree on our ability to continue to lease our properties, 
including renewing expiring leases, leasing vacant space and re-leasing space in properties where leases are 
expiring. As of December 31, 2024, our occupancy was 99.7% and leases representing approximately 5.8% of our 
annualized base rent as of such date will expire prior to 2030. Current tenants may decline to renew leases and we 
may not be able to find replacement tenants. We cannot guarantee that leases that are renewed or new leases will 
have terms that are as economically favorable to us as the expiring leases, or that substantial rent abatements, 
tenant improvement allowances, early termination rights or below-market renewal options will not be offered to 
retain tenants or attract new tenants or that we will be able to lease a property at all. We may experience significant 
costs in connection with re-leasing a significant number of our properties, which could materially and adversely 
affect us.
The tenants that occupy our properties compete in industries that depend upon discretionary spending by 
consumers. A reduction in the willingness or ability of consumers to physically patronize and use their 
discretionary income in the businesses of our tenants and potential tenants could adversely impact our 
tenants’ business and thereby adversely impact our ability to collect rents and reduce the demand for our 
properties.
Most of our portfolio is leased to tenants operating service-oriented or experience-based businesses at our 
properties. As of December 31, 2024, the largest industries in our portfolio were restaurants (including quick service, 
casual dining and family dining), car washes, early childhood education, medical and dental services, entertainment 
(including movie theaters), automotive service, equipment rental and sales, and convenience stores. As of 
December 31, 2024, tenants operating in those industries represented approximately 84.3% of our annualized base 
rent. EquipmentShare, Crunch Fitness, Chicken N Pickle, YesWay, Captain D's, Super Star Car Wash, Pops Mart, 
Tidal Wave Auto Spa, Festival Foods, and Red Robin Gourmet Burgers & Brews represent the largest concepts in 
our portfolio. These types of businesses depend on the willingness of consumers to physically patronize their 
businesses and use discretionary income to purchase their products or services. To the extent that consumer 
behavior changes in a manner that reduces patronage of service-based and/or experience-based businesses, for 
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example due to public health concerns, many of our tenants would be adversely affected and their ability to meet 
their obligations to us could be impaired. Additional adverse economic conditions and other developments that 
discourage consumer spending, such as high unemployment levels, wage stagnation, interest rates, inflation, tax 
rates and fuel and energy costs, may have an adverse impact on the results of operations and financial conditions 
of our tenants and their ability to pay rent to us.
Our ability to realize future rent increases on some of our leases may vary depending on changes in the 
CPI.
The vast majority of our leases provide for periodic contractual rent escalations. As of December 31, 2024, 
leases contributing 98.4% of our annualized base rent provided for increases in future annual base rent, generally 
ranging from 1.0% to 4.0% annually, with a weighted average annual escalation equal to 1.7% of base rent. 
Although many of our rent escalators increase rent at a fixed amount on fixed dates, approximately 1.9% of our rent 
escalators relate to an increase in the CPI over a specified period. During periods of low inflation or deflation, small 
increases or decreases in the CPI will subject us to the risk of receiving lower rental revenue than we otherwise 
would have been entitled to receive if our rent escalators were based on higher fixed percentages or amounts.  
Conversely, during periods of relatively high inflation, fixed rate rent increases may be lower than the rate of 
inflation, resulting in a deterioration of the real return on our assets. Recently, numerous measures of inflation have 
been relatively high, and our fixed rent escalators have not resulted in increases that equal or exceed the rate of 
inflation. Similarly, to the extent our tenants are unable to increase the prices they charge to their customers in 
response to any rent increases, their ability to meet their rental payment and other obligations to us could be 
reduced.
Inflation may materially and adversely affect us and our tenants.
While our tenants are generally obligated to pay property-level expenses relating to the properties they 
lease from us (e.g., maintenance, insurance and property taxes), we incur other expenses, such as general and 
administrative expense, interest expense relating to our debt (some of which bears interest at floating rates) and 
carrying costs for vacant properties. These expenses have generally increased in the current inflationary 
environment, and such increases have, in some instances, exceeded any increase in revenue we receive under our 
leases.  Additionally, increased inflation may have an adverse impact on our tenants if increases in their operating 
expenses exceed increases in their revenue, which may adversely affect the tenants' ability to pay rent owed to us 
and meet other lease obligations, such as paying property taxes and insurance and maintenance costs.
Some of our tenants operate under franchise or license agreements, and, if they are terminated or not 
renewed prior to the expiration of their leases with us, that would likely impair their ability to pay us rent.
As of December 31, 2024, tenants contributing 16.4% of our annualized base rent operated under franchise 
or license agreements. Often, our tenants’ franchise or license agreements have terms that end prior to the 
expiration dates of the properties they lease from us. In addition, a tenant's rights as a franchisee or licensee 
typically may be terminated and the tenant may be precluded from competing with the franchisor or licensor upon 
termination. Usually, we have no notice or cure rights with respect to such a termination and have no rights to 
assignment of any such franchise agreement. This may have an adverse effect on our ability to mitigate losses 
arising from a default on any of our leases. A franchisor's or licensor's termination or refusal to renew a franchise or 
license agreement would likely have a material adverse effect on the ability of the tenant to make payments under 
its lease, which could materially and adversely affect us.
The bankruptcy or insolvency of a tenant could result in the termination or modification of such tenant's 
lease and material losses to us.
The occurrence of a tenant bankruptcy or insolvency could diminish the income we receive from that 
tenant's lease or leases or force us to “take back” a property as a result of a default or a rejection of a lease by a 
tenant in bankruptcy. Bankruptcy risk is more acute in situations where we lease multiple properties to a tenant 
pursuant to a master lease. If a tenant becomes bankrupt, the automatic stay created by the bankruptcy will prohibit 
us from collecting pre-bankruptcy debts from that tenant, or from its property, or evicting such tenant based solely 
upon such bankruptcy or insolvency, unless we obtain an order permitting us to do so from the bankruptcy court. In 
addition, a bankrupt or insolvent tenant may be authorized to reject and terminate its lease or leases with us. Any 
claims against such bankrupt tenant for unpaid future rent would be subject to statutory limitations that would likely 
result in our receipt of rental revenues that are substantially less than the contractually specified rent we are owed 
19

under the lease or leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full. We 
may also be unable to re-lease a property whose lease is terminated or rejected in a bankruptcy proceeding on 
comparable terms (or at all) or to sell any such property. As a result, a significant number of tenant bankruptcies 
may materially and adversely affect us.
Tenants who are considering filing for bankruptcy protection may request that we agree to amendments of 
their master leases to remove certain of the properties they lease from us under such master leases. We cannot 
guarantee that we will be able to sell or re-lease properties that we agree to release from tenants' leases in the 
future or that lease termination fees, if any, will be sufficient to make up for the rental revenues lost as a result of 
lease amendments. 
Property vacancies could result in us having to incur significant capital expenditures to re-tenant the 
properties.
Many of our leases relate to properties that have been designed or physically modified for a particular 
tenant. If such a lease is terminated or not renewed, we may be required to renovate the property at substantial 
costs, decrease the rent we charge or provide other concessions in order to lease the property to another tenant. In 
addition, if we determine to sell the property, we may have difficulty selling it to a party other than the current tenant 
due to the special purpose for which the property may have been designed or modified. This potential illiquidity may 
limit our ability to quickly modify our portfolio in response to changes in economic or other conditions, including 
tenant demand.
Defaults by borrowers on loans we hold could lead to losses.
We make mortgage and other loans, which may be unsecured, to extend financing to tenants at certain of 
our properties. A default by a borrower on its loan payments to us that would prevent us from earning interest or 
receiving a return of the principal of our loan could materially and adversely affect us. In the event of a default, we 
may also experience delays in enforcing our rights as lender and may incur substantial costs in collecting the 
amounts owed to us and in liquidating any collateral. Where collateral is available, foreclosure and other similar 
proceedings used to enforce payment of real estate loans are generally subject to principles of equity, which are 
designed to relieve the indebted party from the legal effect of that party's default. In the event we have to foreclose 
on a property, the amount we receive from the foreclosure sale of the property may be inadequate to fully pay the 
amounts owed to us by the borrower and our costs incurred to foreclose, repossess and sell the property. 
Real estate lending has several risks that need to be considered. There is the potential for changes in local 
real estate conditions and subjectivity of real estate valuations. In addition, overall economic conditions may impact 
the borrowers’ financial condition. Adverse economic conditions such as high unemployment levels, interest rates, 
tax rates and fuel and energy costs may have an impact on the results of operations and financial conditions of 
borrowers.
We may be unable to identify and complete acquisitions of suitable properties, which may impede our 
growth, and our future acquisitions may not yield the returns we seek.
Growth through property acquisitions is a primary element of our strategy.  Our ability to expand through 
acquisitions requires us to identify, finance and complete acquisitions or investment opportunities that are 
compatible with our growth strategy and to successfully finance and integrate newly acquired properties into our 
portfolio, which may be constrained by the following significant risks: we face competition from other real estate 
investors, some of which have greater economies of scale, lower costs of capital, access to more financial 
resources, greater name recognition than we do, and a greater ability to borrow funds and the ability to accept more 
risk than we can prudently manage, which may significantly reduce our acquisition volume or increase the purchase 
price for property we acquire, which could reduce our growth prospects; we may be unable to locate properties that 
will produce a sufficient spread between our cost of capital and the lease rate we can obtain from a tenant, in which 
case our ability to profitably grow our company will decrease; we may fail to have sufficient capital resources to 
complete acquisitions or our cost of capital could increase; we may incur significant costs and divert management 
attention in connection with evaluating and negotiating potential acquisitions, including ones that we are 
subsequently unable to complete; we may acquire properties that are not accretive to our results upon acquisition; 
our cash flow from an acquired property may be insufficient to meet our required principal and interest payments 
with respect to debt used to finance the acquisition of such property; we may discover unexpected items, such as 
unknown liabilities, during our due diligence investigation of a potential acquisition or other customary closing 
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conditions may not be satisfied, causing us to abandon an investment opportunity after incurring expenses related 
thereto; we may spend more than budgeted amounts to make necessary improvements or renovations to acquired 
properties; we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, 
with respect to unknown liabilities, such as liabilities for clean-up of undisclosed environmental contamination, 
claims by tenants, vendors or other persons dealing with the former owners of the properties, liabilities incurred in 
the ordinary course of business and claims for indemnification by general partners, directors, officers and others 
indemnified by the former owners of the properties; and we may obtain only limited warranties when we acquire a 
property, including properties purchased in “as is” condition on a “where is” basis and “with all faults,” without 
warranties of merchantability or fitness for a  particular purpose and pursuant to purchase agreements that contain 
only limited warranties, representations and indemnifications that survive for only a limited period after the closing. If 
any of these risks are realized, we may be materially and adversely affected.
Our real estate investments are generally illiquid which could significantly impede our ability to respond to 
market conditions or adverse changes in the performance of our tenants or our properties and which would 
harm our financial condition.
Our investments are relatively difficult to sell quickly. As a result of this illiquidity, our ability to promptly sell 
one or more properties in our portfolio in response to changing economic, financial or investment conditions is 
limited. Return of capital and realization of gains, if any, from an investment generally will occur upon disposition or 
refinancing of the underlying property. We may be unable to realize our investment objective by sale, other 
disposition or refinancing at attractive prices within any given period of time or may otherwise be unable to complete 
any exit strategy. In particular, these risks could arise from weakness in or even the lack of an established market 
for a property, changes adversely affecting the tenant of a property, changes adversely affecting the area in which a 
particular property is located, adverse changes in the financial condition or prospects of prospective purchasers and 
changes in local, national or international economic conditions.
In addition, the Internal Revenue Code of 1986, as amended (the “Code”), imposes restrictions on a REIT's 
ability to dispose of properties that are not applicable to other types of real estate companies. In particular, the tax 
laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale 
in the ordinary course of business, which may cause us to forgo or defer sales of properties that otherwise would be 
in our best interest. Therefore, we may not be able to vary our portfolio in response to economic or other conditions 
promptly or on favorable terms.
Our growth depends on third-party sources of capital that are outside of our control and may not be 
available to us on commercially reasonable terms or at all.
In order to qualify as a REIT, we are required under the Code, among other things, to distribute annually at 
least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding 
any net capital gain. In addition, we will be subject to income tax at the corporate rate to the extent that we distribute 
less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and 
including any net capital gain. Accordingly, we will not be able to fund all of our future capital needs, including any 
necessary acquisition financing, from operating cash flow. Consequently, we rely on other sources of capital, 
including net proceeds from asset sales and external third-party sources to fund a portion of our capital needs. Our 
access to debt and equity capital, and the cost thereof, depends on many factors, including general market 
conditions, interest rates, inflation, the market's perception of our growth potential, our debt levels, our credit rating, 
our current and expected future earnings, our cash flow and cash distributions, and the market price of our common 
stock. In particular, the market price of our common stock on the New York Stock Exchange (“NYSE”) has 
experienced significant volatility. Similarly, the availability and pricing of debt and equity capital has been volatile 
and, in many instances, more expensive. Accordingly, we could experience difficulty accessing debt and equity 
capital on attractive terms, or at all, which would adversely affect our ability to grow our business, conduct our 
operations or address maturing liabilities. Similarly, a deterioration in access to capital or an increase in cost may 
adversely affect our tenants' abilities to finance their businesses and reduce their liquidity, which could reduce their 
ability to meet their obligations to us.
An important aspect of our business is capturing a positive “spread” between the cost at which we raise 
capital and the returns that we receive on our investments. To the extent our weighted average cost of capital 
increases without a corresponding increase in the returns that we receive on our investments, this spread will be 
reduced or eliminated, and our ability to grow through accretive acquisitions will be reduced or even eliminated. If 
we cannot obtain capital from third-party sources, or if our cost of capital increases materially, we may not be able to 
21

acquire properties when strategic opportunities exist, meet the capital and operating needs of our existing 
properties, satisfy our debt service obligations or make the cash distributions to our stockholders necessary to 
qualify as a REIT.
Loss of senior executives with long-standing business relationships could materially impair our ability to 
operate successfully.
Our ability to operate our business and grow our portfolio depend, in large part, upon the efforts of our 
senior executive team. Several of our executives have extensive experience and strong reputations in the real 
estate industry and have been important in setting our strategic direction, operating our business, assembling and 
growing our portfolio, identifying, recruiting and training key personnel, and arranging necessary financing. In 
particular, relationships that these individuals have with financial institutions and existing and prospective tenants 
are important to our growth and the success of our business. The loss of services of one or more members of our 
senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our 
business, diminish our investment opportunities and weaken our relationships with lenders, business partners, 
existing and prospective tenants and industry personnel, which could materially and adversely affect us.
Risks Related to Environmental Matters, Related Compliance and Climate Change
The costs of compliance with or liabilities related to environmental laws may materially and adversely affect 
us.
The properties we own or have owned in the past may subject us to known and unknown environmental 
liabilities. We obtain Phase I environmental site assessments on all properties we finance or acquire. However, the 
Phase I environmental site assessments are limited in scope and therefore may not reveal all environmental 
conditions affecting a property. Under various federal, state and local laws and regulations relating to the 
environment, as a current or former owner or operator of real property, we may be liable for costs and damages 
resulting from environmental matters, including the presence or discharge of hazardous or toxic substances, waste 
or petroleum products at, on, in, under or migrating from such property, including costs to investigate or clean up 
such contamination and liability for personal injury, property damage or harm to natural resources. If environmental 
contamination exists on our properties, we could be subject to strict, joint and/or several liability for the 
contamination by virtue of our ownership interest; we may face liability regardless of our knowledge of the 
contamination, the timing of the contamination, the cause of the contamination, or the party responsible for the 
contamination of the property. 
If our environmental liability insurance is inadequate, we may become subject to material losses for 
environmental liabilities. Although our leases generally require our tenants to operate in compliance with all 
applicable laws and to indemnify us against any environmental liabilities arising from a tenant's activities on the 
property, we could be subject to strict liability by virtue of our ownership interest. We cannot be sure that our tenants 
will, or will be able to, satisfy their indemnification obligations, if any, under our leases. Furthermore, the discovery of 
environmental liabilities on any of our properties could lead to significant remediation costs or to other liabilities or 
obligations attributable to the tenant of that property or could result in material interference with the ability of our 
tenants to operate their businesses as currently operated. Noncompliance with environmental laws or discovery of 
environmental liabilities could each individually or collectively affect such tenant's ability to make payments to us, 
including rental payments and, where applicable, indemnification payments. Additionally, the known or potential 
presence of hazardous substances on a property may adversely affect our ability to sell, lease or improve the 
property or to borrow using the property as collateral. Environmental laws may also create liens on contaminated 
properties in favor of the government for damages and costs it incurs to address such contamination. Moreover, if 
contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which 
they may be used, and these restrictions may require substantial expenditures.
Insurance on our properties may not adequately cover all losses and uninsured losses could materially and 
adversely affect us.
Our tenants are required to maintain liability and property insurance coverage for the properties they lease 
from us pursuant to triple-net leases. Pursuant to such leases, our tenants are required to name us (and any of our 
lenders that have a mortgage on the property leased by the tenant) as additional insureds on their liability policies 
and additional named insured and/or loss payee (or mortgagee, in the case of our lenders) on their property 
policies. All tenants are required to maintain casualty coverage. Depending on the location of the property, losses of 
22

a catastrophic nature, such as those caused by earthquakes and floods, may be covered by insurance policies that 
are held by our tenant with limitations such as large deductibles or co-payments that a tenant may not be able to 
meet. In addition, losses of a catastrophic nature, such as those caused by wind/hail, wildfires, hurricanes, terrorism 
or acts of war, may be uninsurable or not economically insurable. If there is damage to our properties that is not 
covered by insurance and such properties are subject to recourse indebtedness, we will continue to be liable for the 
indebtedness, even if these properties are irreparably damaged. In addition, even if some or all of certain losses are 
covered by insurance, drawing on such insurance may cause our premiums and other insurance costs to increase 
or result in certain types of policies becoming unavailable in the future.
Inflation, changes in building codes and ordinances, environmental considerations and other factors, 
including terrorism or acts of war, may make any insurance proceeds we receive insufficient to repair or replace a 
property if it is damaged or destroyed. In that situation, the insurance proceeds received may not be adequate to 
restore our economic position with respect to the affected real property.  Furthermore, if we experience a substantial 
or comprehensive loss of one of our properties, we may not be able to rebuild such property to its existing 
specifications without significant capital expenditures which may exceed any amounts received pursuant to 
insurance policies, as reconstruction or improvement of such a property would likely require significant upgrades to 
meet zoning and building code requirements. The loss of our capital investment in or anticipated future returns from 
our properties due to material uninsured losses could materially and adversely affect us.
Compliance with the Americans with Disability Act of 1990 (the “ADA”), fire and safety regulations, and 
other regulations may require us to make unanticipated expenditures.
Our properties are subject to the ADA, fire and safety regulations, building codes and other regulations. 
Failure to comply with these laws and regulations could result in imposition of fines by the government or an award 
of damages to private litigants, or both. While our tenants are obligated by law to comply with the ADA and typically 
obligated under our leases to cover costs associated with compliance with the ADA and other property regulations, if 
required changes involve greater expenditures than anticipated or if the changes must be made on a more 
accelerated basis than anticipated, the ability of our tenants to cover costs could be adversely affected, and we 
could be required to expend our own funds to comply with applicable law and regulation.
Our business is subject to risks associated with climate change and our sustainability strategies.
Our business is subject to risks associated with the effects of climate change, and a resulting shift to a lower 
carbon economy, and may be subject to further risks in the future. Climate change could adversely affect our 
business through both chronic and acute perils including, but not limited to, extreme weather, fires, wind, changes in 
precipitation and temperature, and rising sea levels, all of which may result in physical damage to, or a decrease in 
demand for, our properties located in the areas affected by these conditions, and may adversely impact consumer 
behaviors, preferences and spending at our properties, which may impact our tenants’ ability to fulfill their 
obligations under our leases, or our ability to re-lease the properties in the future. In addition, should the impact of 
climate change be severe or occur for lengthy periods of time, connectivity, labor and supply chain issues could 
impact business continuity for ourselves and our tenants. Chronic climate change may lead to increased costs for 
us and our tenants to reduce carbon footprints, including with respect to heating, cooling or electricity costs, 
retrofitting properties to be more energy efficient or comply with new rules or regulations, or other unforeseen costs. 
These risks could adversely affect our reputation, financial condition or results of operations.
We seek to promote effective energy efficiency and other sustainability strategies and compliance with 
federal, state and other applicable laws and regulations related to climate change, both internally and with our 
tenants. Our sustainability strategies and efforts to comply with changes in federal, state and other applicable laws 
and regulations on climate change could result in significant capital expenditures to improve our existing properties 
or properties we may acquire. Any changes to such laws and regulations could also result in increased operating 
costs or capital expenditures at our properties. If we are unable to comply with laws and regulations on climate 
change or implement effective sustainability strategies, our reputation among our tenants and investors may be 
damaged and we may incur fines and/or penalties. Moreover, there can be no assurance that any of our 
sustainability strategies will result in reduced operating costs, higher occupancy or higher rental rates or deter our 
existing tenants from relocating to properties owned by our competitors.
In addition, tenants at our net-leased properties are generally responsible for maintenance and other day-
to-day management of the properties. Though many of our leases obligate our tenants to provide us with certain 
23

information relating to environmental matters, this lack of control over our net-leased properties makes it difficult for 
us to collect property-level environmental metrics and to enforce sustainability initiatives, which may impact our 
ability to comply with certain regulatory disclosure requirements to which we are subject or comply effectively with 
established Environmental, Social and Governance ("ESG") frameworks and standards, such as the Global Real 
Estate Sustainability Benchmarks, Task Force for Climate-Related Financial Disclosures (“TCFD”) and the 
Sustainability Accounting Standards Board. If we are unable to successfully collect the data necessary to comply 
with these disclosure requirements, we may be subject to increased regulatory risk and if such data is incomplete or 
unfavorable, our relationship with our investors, our stock price, and our access to capital may be negatively 
impacted.
Risks Related to Our Indebtedness
As of December 31, 2024, we had $2.1 billion of indebtedness outstanding, which requires substantial cash 
flow to service, subjects us to covenants and refinancing risk and the risk of default.
As of December 31, 2024, we had $2.1 billion of indebtedness outstanding. This indebtedness consisted of 
$1.7 billion of combined borrowings under our term loans and $400.0 million outstanding principal amount of senior 
unsecured notes. We had no indebtedness outstanding under our Revolving Credit Facility as of December 31, 
2024, but we may borrow from this facility in the future. Payments of principal and interest on indebtedness may 
leave us with insufficient cash resources to meet our cash needs, including funding our investment program, or to 
make the distributions to our common stockholders currently contemplated or necessary to continue to qualify as a 
REIT. Our indebtedness and the limitations imposed on us by our debt agreements could have significant adverse 
consequences, including the following: our cash flow may be insufficient to make our required principal and interest 
payments; cash interest expense and financial covenants relating to our indebtedness may limit or eliminate our 
ability to make distributions to our common stockholders; we may be unable to borrow additional funds as needed 
or on favorable terms, which could, among other things, adversely affect our ability to consummate investment 
opportunities or meet operational needs; we may be unable to refinance our indebtedness at maturity, or the 
refinancing terms may be less favorable than the terms of the debt being refinanced; because a portion of our debt 
bears interest at variable rates, increases in interest rates could increase our interest expense; we may be unable to 
hedge floating rate debt, counterparties may fail to honor their obligations under our hedge agreements, such 
agreements may not effectively hedge interest rate fluctuation risk, and, upon the expiration of our hedge 
agreements, we will be exposed to then-existing market rates of interest and future interest rate volatility; we may 
be forced to dispose of properties, possibly on unfavorable terms or in violation of certain covenants to which we 
may be subject; we may default on our obligations; we may violate restrictive covenants in our loan documents, 
which would entitle the lenders to accelerate our debt obligations; and our default under any loan with cross-default 
provisions could result in a default on other indebtedness. The occurrence of any of these events could materially 
and adversely affect us.
Our business plan depends on external sources of capital, including debt financings, and market 
conditions could adversely affect our ability to refinance existing indebtedness or obtain additional 
financing for growth on commercially acceptable terms or at all.
Credit markets have recently experienced significant price volatility, interest rate fluctuations, displacement 
and liquidity disruptions. In particular, credit spreads in certain credit markets have recently been wider relative to 
historical levels. Such circumstances could materially impact liquidity in the financial markets, making financing 
terms for borrowers less attractive, and potentially result in the unavailability of various types of debt financing. As a 
result, we may be unable to obtain debt financing on favorable terms or at all or fully refinance maturing 
indebtedness with new indebtedness. A deterioration in our credit or credit rating, reductions in our available 
borrowing capacity or our inability to obtain credit when required or when business conditions warrant could 
materially and adversely affect us.
If prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon 
refinancing, then the interest expense relating to that refinanced indebtedness would increase. Higher interest rates 
on newly incurred debt may negatively impact us as well. If interest rates increase, our interest costs and overall 
costs of capital will increase, which could materially and adversely affect us and our ability to invest accretively or 
make distributions to our stockholders.
Though we currently do not have any secured debt, we have raised capital through secured debt financing 
in the past, and we may do so again in the future. Secured debt subjects us to certain risks, including the potential 
24

loss of the property securing such debt through foreclosure or otherwise and the possible inability to refinance any 
such debt at maturity at a similar loan-to-value ratio. 
A downgrade in our credit ratings could have a material adverse effect on our business and financial 
condition.
The credit ratings assigned to us and our debt, which are subject to ongoing evaluation by the rating 
agencies who have published them, could change based upon, among other things, our historical and projected 
business, prospects, liquidity, results of operations and financial condition, or the real estate industry generally. If 
any credit rating agency downgrades or lowers our credit rating, places any such rating on a so-called “watch list” 
for a possible downgrading or lowering or otherwise publishes a negative outlook for that rating, it could materially 
adversely affect the market price of our debt securities and possibly our common stock, and generally the cost and 
availability of our capital.
We have engaged in hedging transactions and may engage in additional hedging transactions in the future; 
such transactions may materially and adversely affect our results of operations and cash flows.
We use hedging strategies, in a manner consistent with the REIT qualification requirements, in an effort to 
reduce our exposure to changes in interest rates. As of December 31, 2024, we were party to 39 interest rate swap 
agreements with third-party financial institutions having an aggregate notional amount of $1.7 billion that are 
designated as cash flow hedges and designed to effectively fix the Secured Overnight Financing Rate (“SOFR”) 
component of the interest rate on the debt outstanding under our term loans. Unanticipated changes in interest 
rates may result in poorer overall investment performance than if we had not engaged in any such hedging 
transactions and may materially and adversely affect our business by increasing our cost of capital and reducing the 
net returns we earn on our portfolio.
Our debt financing agreements contain restrictions and covenants which may limit our ability to enter into, 
or obtain funding for, certain transactions, operate our business or make distributions to our common 
stockholders.
Our debt financing agreements contain financial and other covenants with which we are required to comply 
and that limit our ability to operate our business. These covenants, as well as any additional covenants to which we 
may be subject in the future because of additional or replacement debt financing, could cause us to have to forego 
investment opportunities, reduce or eliminate distributions to our common stockholders or obtain financing that is 
more expensive than financing we could obtain if we were not subject to the covenants. The covenants impose 
limitations on, among other things, our ability to incur additional indebtedness, encumber assets and pay 
distributions to our stockholders under certain circumstances (subject to certain exceptions relating to our 
qualification as a REIT under the Code). In addition, these agreements have cross-default provisions that generally 
result in an event of default if we default under other material indebtedness.
The covenants and other restrictions under our debt agreements may affect, among other things, our ability 
to: incur indebtedness; create liens on assets; cause our subsidiaries to distribute cash to us to fund distributions to 
stockholders or to otherwise use in our business; sell or substitute assets; modify certain terms of our leases; 
manage our cash flows; and make distributions to equity holders, including our common stockholders.
Additionally, these restrictions may adversely affect our operating and financial flexibility and may limit our 
ability to respond to changes in our business or competitive environment, all of which may materially and adversely 
affect us.
Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our 
investment in any property subject to mortgage debt.
Future borrowings may be secured by mortgages on our properties. Incurring mortgage and other secured 
debt obligations increases our risk of losses because defaults on secured indebtedness may result in foreclosure 
actions initiated by lenders and ultimately our loss of the properties securing any loans for which we are in default. If 
we are in default under a cross-defaulted mortgage loan, we could lose multiple properties to foreclosure. For tax 
purposes, a foreclosure of any of our properties would be treated as a sale of the property for a purchase price 
equal to the outstanding balance of the debt secured by the mortgage. If the outstanding balance of the debt 
secured by the mortgage exceeds our tax basis in the property, we would recognize taxable income on foreclosure, 
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but would not receive any cash proceeds, which could hinder our ability to meet the REIT distribution requirements. 
As we execute our business plan, we may assume or incur new mortgage indebtedness on our properties. Any 
default under any mortgage debt obligation we incur may increase the risk of our default on our other indebtedness.
Risks Related to Our Organizational Structure
Our charter and bylaws and Maryland law contain provisions that may delay, defer or prevent a change of 
control transaction, even if such a change in control may be in your interest, and as a result may depress 
the market price of our common stock. Our charter contains certain restrictions on ownership and transfer 
of our stock.
Our charter contains various provisions that are intended to, among other things, assist us in maintaining 
our qualification for taxation as a REIT and, subject to certain exceptions, authorizes our directors to take such 
actions as are necessary or appropriate to cause us to continue to qualify as a REIT. For example, our charter 
prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or in number of 
shares, whichever is more restrictive, of the outstanding shares of our common stock or more than 9.8% in value of 
the aggregate of the outstanding shares of all classes and series of our stock.
Our Board, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from 
these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock 
may, among other things: discourage a tender offer or other transaction or a change in management or of control 
that might involve a premium price for our common stock or that our stockholders otherwise believe to be in their 
best interests; or result in the transfer of shares acquired in excess of the restrictions to a trust for the benefit of one 
or more charitable beneficiaries and, as a result, the forfeiture by the acquirer of the benefits of owning the 
additional shares.
We could increase or decrease the number of authorized shares of stock, classify and reclassify unissued 
stock and issue stock without stockholder approval.
Our Board, without stockholder approval, has the power under our charter to amend our charter to increase 
or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we 
are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred 
stock and to classify or reclassify any unissued shares of our common stock or preferred stock into one or more 
classes or series of stock and to set the terms of such newly classified or reclassified shares. As a result, we may 
issue one or more classes or series of common stock or preferred stock with preferences, conversion or other 
rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or 
conditions of redemption that are senior to, or otherwise conflict with, the rights of our common stockholders. Our 
Board could establish a class or series of common stock or preferred stock that could, depending on the terms of 
such class or series, delay, defer or prevent a transaction or a change of control that might involve a premium price 
for our common stock or otherwise be in the best interest of our stockholders.
Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for 
certain types of actions and proceedings that may be initiated by our stockholders, which could limit 
stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or 
employees and could discourage lawsuits against us and our directors, officers and employees.
Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit 
Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the 
District of Maryland, Baltimore Division, will be the sole and exclusive forum for (a) any Internal Corporate Claim, as 
such term is defined in the Maryland General Corporation Law (“MGCL”), (b) any derivative action or proceeding 
brought on our behalf, (c) any action asserting a claim of breach of any duty owed by any of our directors, officers or 
other employees to us or to our stockholders, (d) any action asserting a claim against us or any of our directors, 
officers or other employees arising pursuant to any provision of the MGCL or our charter or bylaws or (e) any other 
action asserting a claim against us or any of our directors, officers or other employees that is governed by the 
internal affairs doctrine. These choice of forum provisions will not apply to suits brought to enforce a duty or liability 
created by the Securities Act, the Exchange Act, or any other claim for which federal courts have exclusive 
jurisdiction. 
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These exclusive forum provisions may limit the ability of our stockholders to bring a claim in a judicial forum 
that such stockholders find favorable for disputes with us or our directors, officers, or employees, which may 
discourage such lawsuits against us and our directors, officers, and employees. Alternatively, if a court were to find 
the choice of forum provisions contained in our bylaws to be inapplicable or unenforceable in an action, we may 
incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely 
affect our business, financial condition, and operating results. 
Our Board may change our investment and financing policies without stockholder approval, including 
those with respect to borrowing, and we may become more highly leveraged, which may increase our risk 
of default under our debt obligations.
Our investment and financing policies are exclusively determined by our Board. Accordingly, our 
stockholders do not control these policies. Further, our organizational documents do not limit the amount or 
percentage of indebtedness, funded or otherwise, that we may incur. Although we are not required by our 
organizational documents to maintain a particular leverage ratio and may not be able to do so, we generally intend 
to target a level of net debt (which includes recourse and non-recourse borrowings and any outstanding preferred 
stock issuance less unrestricted cash and cash equivalents) that, over time, is less than six times our Annualized 
Adjusted EBITDAre. However, from time to time, our ratio of net debt to our Annualized Adjusted EBITDAre may 
equal or exceed six times. Our Board may alter or eliminate our current policy on borrowing at any time without 
stockholder approval. If this policy changed, we could become more highly leveraged, which could result in an 
increase in our debt service and the risk of default on our obligations. In addition, a change in our investment 
policies, including the manner in which we allocate our resources across our portfolio or the types of assets in which 
we seek to invest, may increase our exposure to interest rate risk, real estate market fluctuations and liquidity risk. 
Changes to our policies with regard to the foregoing could materially and adversely affect us.
Our rights and the rights of our stockholders to take action against our directors and officers are limited.
As permitted by Maryland law, our charter limits the liability of our directors and officers to us and our 
stockholders for money damages to the maximum extent permitted by Maryland law. Therefore, our directors and 
officers are subject to monetary liability resulting only from: actual receipt of an improper benefit or profit in money, 
property or services; or active and deliberate dishonesty by the director or officer that was established by a final 
judgment as being material to the cause of action adjudicated.
As a result, we and our stockholders have rights against our directors and officers that are more limited than 
might otherwise exist. Accordingly, if actions taken by any of our directors or officers impede the performance of our 
company, your and our ability to recover damages from such director or officer will be limited. In addition, our charter 
requires us to indemnify our directors and officers for actions taken by them in those and certain other capacities to 
the maximum extent permitted by Maryland law.
We are a holding company with no direct operations and rely on funds received from our Operating 
Partnership to make any distributions to stockholders and to pay liabilities.
We are a holding company and conduct substantially all of our operations through our Operating 
Partnership. We do not have any independent operations, and our only material asset is our interest in our 
Operating Partnership. As a result, we rely on distributions from our Operating Partnership to pay any distributions 
our Board declares on shares of our common stock. We also rely on distributions from our Operating Partnership to 
meet any of our obligations, including any tax liability on taxable income allocated to us from our Operating 
Partnership. In addition, because we are a holding company, claims by our stockholders will be structurally 
subordinated to all existing and future liabilities and obligations (whether or not for borrowed money) of our 
Operating Partnership and its subsidiaries. Therefore, in the event of our bankruptcy, liquidation or reorganization, 
our assets and those of our Operating Partnership and its subsidiaries will be able to satisfy the claims of our 
stockholders only after all of our and our Operating Partnership's and its subsidiaries' liabilities and obligations have 
been paid in full.
In connection with our future acquisition of properties or otherwise, we may issue units of our Operating 
Partnership to third parties. Such issuances would reduce our ownership in our Operating Partnership. If you do not 
directly own units of our Operating Partnership, you will not have any voting rights with respect to any such 
issuances or other partnership level activities of our Operating Partnership.
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Conflicts of interest could arise in the future between the interests of our stockholders and the interests of 
holders of units in our Operating Partnership, which may impede business decisions that could benefit our 
stockholders.
Conflicts of interest could arise in the future as a result of the relationships between us and our 
stockholders, on the one hand, and our Operating Partnership and its limited partners, on the other. Under the terms 
of the partnership agreement of our Operating Partnership, if there is a conflict between the interests of our 
stockholders, on one hand, and any limited partners, on the other, we will endeavor in good faith to resolve the 
conflict in a manner not adverse to either our stockholders or any limited partners; provided, however, that so long 
as we own a controlling economic interest in our Operating Partnership, any conflict that cannot be resolved in a 
manner not adverse to either our stockholders or any limited partners shall be resolved in favor of our stockholders.
Certain mergers, consolidations and other transactions require the approval of a majority in interest of the 
outside limited partners in our Operating Partnership (which excludes us and our subsidiaries), which 
could prevent certain transactions that may result in our stockholders receiving a premium for their shares 
or otherwise be in their best interest.
The partnership agreement requires the general partner or us, as the parent of the general partner, to 
obtain the approval of a majority in interest of the outside limited partners in our Operating Partnership (which 
excludes us and our subsidiaries) in connection with certain mergers, consolidations or other combinations of us, or 
a sale of all or substantially all of our assets. This approval right could prevent a transaction that might be in the best 
interests of our stockholders.
Risks Related to Our Status as a REIT
Failure to continue to qualify as a REIT would materially and adversely affect us and the value of our 
common stock, and even if we continue to qualify as a REIT, we may be subject to certain additional taxes.
We elected to be taxed as a REIT for federal income tax purposes beginning with our taxable year ended 
December 31, 2018, and we believe that our current organization and operations have allowed and will continue to 
allow us to qualify as a REIT. We have not requested and do not plan to request a ruling from the Internal Revenue 
Service, or IRS, that we qualify as a REIT, and the statements in this Annual Report are not binding on the IRS or 
any court. Therefore, we cannot assure you that we will remain qualified as a REIT in the future. If we lose our REIT 
status, we will face significant tax consequences that would substantially reduce our cash available for distribution 
to our stockholders for each of the years involved because: we would not be allowed a deduction for distributions to 
stockholders in computing our taxable income and would be subject to federal income tax at the corporate rate; we 
also could be subject to increased state and local taxes; and unless we are entitled to relief under applicable 
statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which 
we were disqualified.
Any such corporate tax liability could be substantial and would reduce our cash available for, among other 
things, our operations and distributions to stockholders. In addition, if we fail to remain qualified as a REIT, we will 
not be required to make distributions to our stockholders. As a result of all these factors, our failure to remain 
qualified as a REIT also could impair our ability to expand our business and raise capital and could materially and 
adversely affect the trading price of our common stock.
Qualification as a REIT involves the application of highly technical and complex Code provisions for which 
there are only limited judicial and administrative interpretations. The determination of various factual matters and 
circumstances not entirely within our control may affect our ability to continue to qualify as a REIT. In order to 
continue to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the 
ownership of our stock, requirements regarding the composition of our assets and a requirement that at least 95% 
of our gross income in any year must be derived from qualifying sources, such as “rents from real property.” Also, 
we must make distributions to stockholders aggregating annually at least 90% of our REIT taxable income, 
determined without regard to the dividends paid deduction and excluding any net capital gains. In addition, 
legislation, new regulations, administrative interpretations or court decisions may materially and adversely affect our 
investors, our ability to continue to qualify as a REIT for federal income tax purposes or the desirability of an 
investment in a REIT relative to other investments.
Even if we continue to qualify as a REIT for federal income tax purposes, we may be subject to some 
federal, state and local income, property and excise taxes on our income or property and, in certain cases, a 100% 
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penalty tax, in the event we sell property as a dealer. In addition, any taxable REIT subsidiaries will be subject to tax 
as regular corporations in the jurisdictions in which they operate.
If our Operating Partnership fails to qualify as a partnership for federal income tax purposes, we will cease 
to qualify as a REIT and suffer other adverse consequences.
We believe that our Operating Partnership will be treated as a partnership for federal income tax purposes 
and, as a result, will generally not be subject to federal income tax on its income. Instead, for federal income tax 
purposes each of the partners of the Operating Partnership, including us, will be allocated, and may be required to 
pay tax with respect to, such partner's share of its income. Our Operating Partnership will generally be required to 
determine and pay an imputed underpayment of tax (plus interest and penalties) resulting from an adjustment of the 
Operating Partnership's items of income, gain, loss, deduction or credit at the partnership level. We cannot assure 
you that the IRS will not challenge the tax classification of our Operating Partnership or any other subsidiary 
partnership in which we own an interest, or that a court will not sustain such a challenge. If the IRS were successful 
in treating our Operating Partnership or any such other subsidiary partnership as an entity taxable as a corporation 
for federal income tax purposes, we will fail to meet the gross income tests and certain of the asset tests applicable 
to REITs and, accordingly, we will likely cease to qualify as a REIT. Also, the failure of our Operating Partnership or 
any subsidiary partnerships to qualify as a disregarded entity or partnership could cause it to become subject to 
federal and state corporate income tax, which will reduce significantly the amount of cash available for debt service 
and for distribution to its partners, including us.
To maintain our REIT status, we may be forced to borrow funds during unfavorable market conditions, and 
the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail 
our investment activities and/or to dispose of assets at inopportune times.
To continue to qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT 
taxable income each year, determined without regard to the dividends-paid deduction and excluding any net capital 
gains, and we will be subject to corporate income tax on our undistributed taxable income to the extent that we 
distribute less than 100% of our REIT taxable income, determined without regard to the dividends-paid deduction 
and including any net capital gains, each year. In addition, we will be subject to a 4% nondeductible excise tax on 
the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our 
ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years.
In order to maintain our REIT status and avoid the payment of income and excise taxes, we may need to 
borrow funds to meet the REIT distribution requirements even if market conditions are not favorable for these 
borrowings.   We cannot assure you that we will have access to such capital on favorable terms at the desired 
times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune 
times, and could materially and adversely affect us and the per share trading price of our common stock.
Our ability to provide certain services to our tenants may be limited by the REIT rules or may have to be 
provided through a taxable REIT subsidiary.
As a REIT, we generally cannot provide services to our tenants other than those that are customarily 
provided by landlords, nor can we derive income from a third party that provides such services. If we forego 
providing such services to our tenants, we may be at a disadvantage to competitors that are not subject to the same 
restrictions. However, we can provide such non-customary services to our tenants and receive our share in the 
revenue from such services if we do so through a taxable REIT subsidiary (“TRS”), though income earned by such 
TRS will be subject to U.S. federal and state corporate income tax.
The IRS may treat sale-leaseback transactions as loans, which could jeopardize our REIT status or require 
us to make an unexpected distribution.
A significant portion of our investments were obtained through sale-leaseback transactions, where we 
purchase owner-occupied real estate and lease it back to the seller. We expect that a majority of our future 
investments will be obtained this way. The IRS may take the position that specific sale-leaseback transactions that 
we treat as leases are not true leases for federal income tax purposes but, instead, should be re-characterized as 
financing arrangements or loans.
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If a sale-leaseback transaction were so re-characterized, we might fail to satisfy the REIT asset tests, the 
income tests or distribution requirements and consequently lose our REIT status effective with the year of re-
characterization unless we elect to make an additional distribution to maintain our REIT status. The primary risk 
relates to our loss of previously incurred depreciation expenses, which could affect the calculation of our REIT 
taxable income and could cause us to fail the REIT distribution test that requires a REIT to distribute at least 90% of 
its REIT taxable income, determined without regard to the dividends-paid deduction and excluding any net capital 
gain. In this circumstance, we may elect to distribute an additional dividend of the increased taxable income so as 
not to fail the REIT distribution test. This distribution would be paid to all stockholders at the time of declaration 
rather than the stockholders existing in the taxable year affected by the re-characterization.
Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum tax rate applicable to income from "qualified dividends" payable to U.S. stockholders that are 
individuals, trusts and estates is 20%. Dividends payable by REITs, however, generally are not eligible for the 20% 
rate except to the extent the REIT dividends are attributable to "qualified dividends" received by the REIT itself. 
However, for non-corporate U.S. stockholders, dividends payable by REITs that are not designated as capital gain 
dividends or otherwise treated as "qualified dividends" generally are eligible for a deduction of 20% of the amount of 
such dividends, for taxable years beginning before January 1, 2026. More favorable rates will nevertheless continue 
to apply for regular corporate "qualified dividends."  Although these rules do not adversely affect the taxation of 
REITs or dividends payable by REITs, if the 20% rate continues to apply to regular corporate qualified dividends, 
investors who are individuals, trusts and estates may regard investments in REITs to be relatively less attractive 
than investments in the stocks of non-REIT corporations.
The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in 
transactions which would be treated as sales for federal income tax purposes.
A REIT's net income from “prohibited transactions” is subject to a 100% penalty tax. In general, prohibited 
transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to 
customers in the ordinary course of business. Although we do not intend to hold any properties that would be 
characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition 
qualifies under certain statutory safe harbors, no guarantee can be given that the IRS would agree with our 
characterization of our properties or that we will always be able to make use of the available safe harbors.
Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax 
liabilities.
The REIT provisions of the Code substantially limit our ability to hedge our assets and liabilities. Any income 
from a hedging transaction that we enter into to manage the risk of interest rate changes with respect to borrowings 
made or to be made to acquire or carry real estate assets, or from certain terminations of such hedging positions, 
does not constitute “gross income” for purposes of the 75% or 95% gross income tests that apply to REITs, provided 
that certain identification requirements are met. To the extent that we enter into other types of hedging transactions 
or fail to properly identify such transaction as a hedge, the income is likely to be treated as non-qualifying income for 
purposes of both of the gross income tests. As a result of these rules, we may be required to limit our use of 
advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our 
hedging activities because any TRS in which we own an interest may be subject to tax on gains or expose us to 
greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in 
any TRS in which we own an interest will generally not provide any tax benefit, except that such losses could 
theoretically be carried forward against future taxable income in such TRS.
Complying with REIT requirements may affect our profitability and may force us to liquidate or forgo 
otherwise attractive investments.
To qualify as a REIT, we must continually satisfy tests concerning, among other things, the nature and 
diversification of our assets, the sources of our income and the amounts we distribute to our stockholders. We may 
be required to liquidate or forgo otherwise attractive investments in order to satisfy the asset and income tests or to 
qualify under certain statutory relief provisions. We also may be required to make distributions to stockholders at 
disadvantageous times or when we do not have funds readily available for distribution. As a result, having to comply 
with the distribution requirement could cause us to: (i) sell assets in adverse market conditions; (ii) borrow on 
unfavorable terms; or (iii) distribute amounts that would otherwise be invested in future acquisitions, capital 
30

expenditures or repayment of debt. Accordingly, satisfying the REIT requirements could materially and adversely 
affect us. Moreover, if we are compelled to liquidate our investments to meet any of these asset, income or 
distribution tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the 
requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales are prohibited 
transactions.
There is a risk of changes in the tax law applicable to REITs.
Because the IRS, the United States Treasury Department and Congress frequently review federal income 
tax legislation, we cannot predict whether, when or to what extent new federal tax laws, regulations, interpretations 
or rulings will be adopted. Any of such legislative actions may prospectively or retroactively modify our tax treatment 
and, therefore, may adversely affect taxation of us and/or our investors. For example, the Tax Cuts and Jobs Act of 
2017 (the “TCJA”) has significantly changed the U.S. federal income taxation of U.S. businesses and their owners, 
including REITs and their stockholders. You are urged to consult with your tax advisor with respect to the status of 
legislative, regulatory, judicial or administrative developments and proposals and their potential effect on an 
investment in our securities.
Risks Related to the Ownership of Our Common Stock
Changes in market conditions and volatility of stock prices could adversely affect the market price of our 
common stock.
The market price of our common stock on the NYSE has experienced significant volatility. The market price 
of our common stock will fluctuate, and such fluctuations could be significant and frequent; accordingly, our common 
stockholders may experience a significant decrease in the value of their shares, including decreases that may be 
related to technical market factors and may be unrelated to our operating performance or prospects. Similarly, the 
trading volume of our common stock may decline, and our common stockholders could experience a decrease in 
liquidity. A number of factors could negatively affect the price per share of our common stock, including: actual or 
anticipated variations in our quarterly operating results or distributions; changes in our funds from operations 
(“FFO”), core FFO (“Core FFO”), adjusted FFO (“AFFO”) or guidance; changes in our net investment activity; 
difficulties or inability to access equity or debt capital on attractive terms or extend or refinance existing debt; 
increases in our leverage; changes in our management or business strategy; failure to comply with the NYSE listing 
requirements or other regulatory requirements; and the other factors described in this Risk Factors section. Many of 
these factors are beyond our control. These factors may cause the market price of shares of our common stock to 
decline significantly, regardless of our financial condition, results of operations, business or our prospects.
Increases in market interest rates may result in a decrease in the value of shares of our common stock.
One of the factors that may influence the price of shares of our common stock is the distribution yield on 
shares of our common stock (as a percentage of the price of shares of our common stock) relative to market 
interest rates. An increase in market interest rates may lead prospective purchasers of shares of our common stock 
to expect a higher distribution yield. Additionally, higher interest rates would likely increase our borrowing costs and 
potentially decrease funds available for distribution. Thus, higher market interest rates could cause the per share 
trading price of our common stock to decrease. Higher borrowing costs and a reduced trading price of our common 
stock would increase our overall cost of capital and adversely affect our ability to make accretive acquisitions.
We may be unable to continue to make distributions at our current distribution level, and our Board may 
change our distribution policy in the future.
While we expect to continue to make regular quarterly distributions to the holders of our common stock, if 
sufficient cash is not available for distribution from our operations, we may have to fund distributions from working 
capital or net proceeds from asset sales, borrow to provide funds for such distributions, or reduce the amount of 
such distributions. To the extent we borrow to fund distributions, our future interest costs would increase, thereby 
reducing our earnings and cash available for distribution from what they otherwise would have been. If cash 
available for distribution generated by our assets is less than expected, or if such cash available for distribution 
decreases in future periods from expected levels, our inability to make distributions could result in a decrease in the 
market price of our common stock.
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The decision to declare and pay distributions on our common stock, as well as the form, timing and amount 
of any such future distributions, is at the sole discretion of our Board and depends upon a number of factors, 
including our actual and projected results of operations, FFO, Core FFO, AFFO, liquidity, cash flows and financial 
condition, the revenue we actually receive from our properties, our operating expenses, our debt service 
requirements, our capital expenditures, prohibitions and other limitations under our financing arrangements, our 
REIT taxable income, the annual REIT distribution requirements, applicable law and such other factors as our Board 
deems relevant. We may not be able to make distributions in the future, and our inability to make distributions, or to 
make distributions at expected levels, could have a material adverse effect on the market price of our common 
stock.
The incurrence of additional debt, which would be senior to shares of our common stock upon liquidation, 
and/or preferred equity securities that may be senior to shares of our common stock for purposes of 
distributions or upon liquidation, may materially and adversely affect the market price of shares of our 
common stock.
In the future, we may attempt to increase our capital resources by making additional offerings of debt or 
preferred equity securities, including by causing our Operating Partnership or its subsidiaries to issue additional 
debt securities, or by otherwise incurring additional indebtedness. Upon liquidation, holders of our debt securities, 
other lenders and creditors, and any holders of preferred stock with a liquidation preference will receive distributions 
of our available assets prior to our stockholders. Additionally, any convertible or exchangeable securities that we 
issue in the future may have rights, preferences and privileges more favorable than those of our common stock and 
may result in dilution to owners of our common stock. Our stockholders are not entitled to preemptive rights or other 
protections against dilution. Our preferred stock, if issued, could have a preference on liquidating distributions or a 
preference on distribution payments that could limit our right to make distributions to our stockholders. Because our 
decision to issue securities in any future offering will depend on market conditions and other factors beyond our 
control, we cannot predict or estimate the amount, timing or nature of our future offerings. Our stockholders bear the 
risk of our future offerings reducing per share trading price of our common stock.
Sales of substantial amounts of our common stock or securities convertible into or exercisable or 
exchangeable therefor, or the perception that such sales might occur, could reduce the price of our 
common stock and may dilute your voting power and your ownership interest in us.
Sales of substantial amounts of our common stock or securities convertible into or exercisable or 
exchangeable therefor (such as OP Units), or the perception that such sales might occur, could adversely affect the 
market price of our common stock. OP Units (“OP Units”) are limited partnership interests in the Operating 
Partnership. Generally, beginning on and after the date that is 12 months after the issuance of OP Units, each 
limited partner of the Operating Partnership has the right to require the Operating Partnership to redeem part or all 
of its OP Units for cash, based upon the value of an equivalent number of shares of our common stock at the time 
of the redemption, or, at our election, shares of common stock on a one-for-one basis, subject to certain 
adjustments and the restrictions on ownership and transfer of our stock.  Additionally, such sales would dilute the 
voting power and ownership interest of existing common stockholders. Our charter provides that we may issue up to 
500,000,000 shares of common stock, and a majority of our entire Board has the power to amend our charter to 
increase the aggregate number of shares of stock or the number of shares of stock of any class or series that we 
are authorized to issue without stockholder approval. As of December 31, 2024, we had 187,537,592 shares of 
common stock outstanding and 553,847 OP Units outstanding (excluding OP Units held directly or indirectly by us). 
Any exchange of OP Units for common stock may result in stockholder dilution. In the future we may acquire 
properties through tax deferred contribution transactions in exchange for OP Units. This acquisition structure may 
have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of 
the acquired properties, and may require that we agree to protect the contributors' ability to defer recognition of 
taxable gain through restrictions on our ability to dispose of the acquired properties and/or the allocation of 
partnership debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell an 
asset at a time, or on terms, that would be favorable absent such restrictions.  As of December 31, 2024, 3,915,711 
shares remain available for issuance under our 2023 Incentive Plan.
32

General Risk Factors
We may be vulnerable to security breaches or cyber attacks which could disrupt our operations and have a 
material adverse effect on our financial condition and operating results.
We rely on information systems across our operations and corporate functions, including finance and 
accounting, and depend on such systems to ensure payment of obligations, collection of cash, data warehousing to 
support analytics, and other various processes and procedures. Our ability to efficiently manage our business 
depends significantly on the reliability and capacity of these systems. Security breaches, cyber attacks, or 
disruption, of our or our third-party service providers’ physical or information technology infrastructure, networks and 
related management systems could result in, among other things, a breach of our networks and information 
technology infrastructure, the misappropriation of our or our tenants’ proprietary or confidential information, 
interruptions or malfunctions in our or our tenants’ operations, misstated financial reports, violations of loan 
covenants, an inability to monitor compliance with REIT qualification requirements, breach of our legal, regulatory or 
contractual obligations, our inability to access or rely upon critical business records, unauthorized access to our 
facilities or other disruptions in our operations. Numerous sources can cause these types of incidents, including 
physical or electronic security breaches; viruses, ransomware or other malware; hardware vulnerabilities; accident 
or human error by our own personnel or third parties; criminal activity or malfeasance (including by our own 
personnel); fraud or impersonation scams perpetrated against us or our partners or tenants; or security events 
impacting our third-party service providers or our partners or tenants.
We recognize the increasing volume of cyber attacks and employ commercially reasonable efforts to 
provide reasonable assurance such attacks are appropriately mitigated. We may be required to expend significant 
financial resources and management time to protect against or respond to such breaches. Techniques used to 
breach security change frequently and are generally not recognized until launched against a target, so we may not 
be able to promptly detect that a security breach or unauthorized access has occurred. We also may not be able to 
implement security measures in a timely manner or, if and when implemented, we may not be able to determine the 
extent to which these measures could be circumvented. If an actual or perceived security breach occurs, the 
market’s perception of our security measures could be harmed and we could lose current and potential tenants, and 
such a breach could be harmful to our brand and reputation. Any breaches that may occur could expose us to 
increased risk of lawsuits, material monetary damages, potential violations of applicable privacy and other laws, 
penalties and fines, harm to our reputation and increases in our security and insurance costs. In the event of a 
breach resulting in loss of data, such as personally identifiable information or other such data protected by data 
privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory 
frameworks despite not handling the data. We cannot guarantee that any backup systems, regular data backups, 
security protocols, network protection mechanisms and other procedures currently in place, or that may be in place 
in the future, will be adequate to prevent network and service interruption, system failure, damage to one or more of 
our systems or data loss in the event of a security breach or attack.
In addition, the regulatory framework around data custody, data privacy and breaches varies by jurisdiction 
and is an evolving area of law with increasingly complex and rigorous regulatory standards enacted to protect 
business and personal data in the United States. We may not be able to limit our liability or damages in the event of 
such a loss. Data protection legislation is becoming increasingly common in the United States at both the federal 
and state level and may require us to further modify our data processing practices and policies. Compliance with 
existing, proposed and recently enacted laws and regulations can be costly; any failure to comply with these 
regulatory standards could subject us to legal and reputational risks. Misuse of or failure to secure personal 
information could also result in violation of data privacy laws and regulations, proceedings against the Company by 
governmental entities or others, fines and penalties, or damage to our reputation and credibility with regulators, 
tenants and investors.
An epidemic or pandemic (such as the outbreak and worldwide spread of a novel strain of coronavirus, and 
its variants ("COVID-19")), and the measures that international, federal, state and local governments, 
agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially 
exacerbate one or more of the other risks, and may significantly disrupt our tenants' ability to operate their 
businesses and/or pay rent to us or prevent us from operating its business in the ordinary course for an 
extended period.
An epidemic or pandemic could have a material and adverse effect on or cause disruption to our business 
or financial condition, results of operations, cash flows and the market value and trading price of our securities due 
to, among other factors:
33

•  
A complete or partial closure of, or other operational issues with, our properties as a result of government or 
tenant action;
•  
The declines in or instability of the economy or financial markets may result in a recession or negatively 
impact consumer discretionary spending, which could adversely affect our tenants and consumers;
•  
The reduction of economic activity may severely impact our tenants' business operations, financial 
condition, liquidity and access to capital resources and may cause one or more of our tenants to be unable 
to meet their obligations to us in full, or at all, to default on their lease, or to otherwise seek modifications of 
such obligations; 
• 
The inability to access debt and equity capital on favorable terms, if at all, or a severe disruption and 
instability in the global financial markets or deteriorations in credit and financing conditions may affect our 
access to capital necessary to fund business operations, pursue acquisition and investment opportunities, 
refinance existing debt, reduce our ability to make cash distributions to our stockholders and increase our 
future interest expense;
•  
A general decline in business activity and demand for real estate transactions would adversely affect our 
ability to successfully execute our investment strategy and grow our business;
• 
 A significant reduction in our cash flows could impact our ability to continue paying cash dividends to our 
stockholders at expected levels or at all;
• 
 The financial impact could negatively affect our future compliance with financial and other covenants under 
agreements relating to our indebtedness, and the failure to comply with such covenants could result in a 
default that accelerates the payment of such debt; and 
•  
The potential negative impact on the health of our officers, other employees and members of our Board, 
particularly if a significant number are impacted, or the impact of government actions or restrictions, 
including stay-at-home orders, restricting access to our headquarters, could result in a deterioration in our 
ability to ensure business continuity during a disruption.
A prolonged continuation of or repeated temporary business closures, reduced capacity at businesses or 
other social-distancing practices, and quarantine orders may adversely impact our tenants' ability to generate 
sufficient revenues to meet financial obligations, and could force tenants to default on their leases, or result in the 
bankruptcy of tenants, which would diminish the rental revenue we receive under our leases. Additionally, an 
increase in the number of vacant properties would increase our real estate expenses, including expenses 
associated with ongoing maintenance and repairs, utilities, real estate taxes and assessments, and property and 
liability insurance.
The rapid development and fluidity of an epidemic or pandemic precludes any prediction as to the ultimate 
adverse impact on us. Nevertheless, an epidemic or pandemic would present a material uncertainty and risk with 
respect to our performance, business or financial condition, results of operations and cash flows. While our leases 
generally do not allow tenants to withhold rent if the tenants are not operating at the property leased from us, some 
tenants may pay rent under protest, not pay rent at all, request rent deferrals, and assert legal or equitable claims in 
the courts that such tenants are not obligated to pay rent while closed or while operating at reduced capacity, 
because of an epidemic or pandemic.
We may become subject to litigation, which could materially and adversely affect us.
From time to time, we may become party to various lawsuits, claims and other legal proceedings. These 
matters may involve significant expense and may result in judgments or settlements, which may be significant. 
There can be no assurance that insurance will be available to cover losses related to legal proceedings or that our 
tenants will meet any indemnification obligations that they have to us. Litigation may result in significant defense 
costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. 
Resolution of these types of matters against us may result in our having to pay significant fines, judgments or 
settlements, which, if uninsured, or if the fines, judgments, and settlements exceed insured levels, could materially 
and adversely affect us.
34

We depend on key personnel.
We depend on the efforts of our executive officers and key employees. The loss of the services of our 
executive officers and key employees could have a material adverse effect on our results of operations or financial 
condition and on our ability to pay the principal and interest on our debt securities and other indebtedness and to 
make distributions to our stockholders. It is possible that we will not be able to recruit additional personnel with 
equivalent experience in the net lease industry or retain employees to the same extent as in the past.
Material weaknesses in or a failure to maintain an effective system of internal control over financial 
reporting or disclosure controls could prevent us from accurately and timely reporting our financial results, 
which could materially and adversely affect us.
Effective internal controls over financial reporting are necessary for us to provide reliable financial reports, 
effectively prevent fraud and operate successfully as a public company. If we cannot provide reliable financial 
reports or prevent fraud, our reputation and operating results would be harmed. We are required to perform system 
and process evaluation and testing of our internal control over financial reporting to allow management to report on, 
and our independent registered public accounting firm to attest to, the effectiveness of our internal control over 
financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002. Designing and implementing an 
effective system of internal control over financial reporting and disclosure controls and procedures is a continuous 
effort that requires significant resources, including the expenditure of a significant amount of time by senior 
members of our management team.
In connection with our ongoing monitoring of our internal control over financial reporting or audits of our 
financial statements, we or our auditors may identify deficiencies in our internal control over financial reporting that 
may be significant or rise to the level of material weaknesses. Any failure to maintain effective internal control over 
financial reporting or disclosure controls and procedures or to timely effect any necessary improvements to such 
controls, could harm our operating results or cause us to fail to meet our reporting obligations (which could affect 
the listing of our common stock on the NYSE). Additionally, ineffective internal control over financial reporting or 
disclosure controls and procedures could also adversely affect our ability to prevent or detect fraud, harm our 
reputation and cause investors to lose confidence in our reported financial information, which would likely have a 
negative effect on the trading price of our common stock.
Changes in accounting standards may materially and adversely affect us.
From time to time FASB and the SEC, who create and interpret accounting standards, may change the 
financial accounting and reporting standards or their interpretation and application of these standards that will 
govern the preparation of our financial statements. These changes could materially and adversely affect our 
reported financial condition and results of operations, and, under certain circumstances, may cause us to fail to 
comply with financial covenants contained in agreements relating to our indebtedness. In some cases, we could be 
required to apply a new or revised standard retroactively, resulting in restating prior period financial statements. 
Similarly, these changes could materially and adversely affect our tenants’ reported financial condition or results of 
operations and affect their preferences regarding leasing real estate.
Item 1B. Unresolved Staff Comments.
None.
Item 1C. Cybersecurity.
Cyber criminals are becoming more sophisticated and effective every day, and all companies utilizing 
technology are subject to threats of breaches of their cybersecurity programs. To mitigate the threat to our business, 
we take a comprehensive approach to cybersecurity risk management and make securing our systems and data a 
top priority. Our Board and our management are actively involved in our overall enterprise risk management 
program, of which cybersecurity represents an important component. As described in more detail below, we have 
established policies, procedures and processes for assessing, identifying, and managing material risks from 
cybersecurity threats. There can be no guarantee that our policies, procedures and processes will be properly 
followed in every instance or that those policies, procedures and processes will be effective. We are not aware of 
any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have 
35

materially affected or are reasonably likely to materially affect us, including our business strategy, results of 
operations or financial condition. However, we can provide no assurance that there will not be incidents in the future 
or that they will not materially affect us. For more information about risks relating to cybersecurity matters see “Item 
1A. Risk-Factors—General Risk Factors—We may be vulnerable to security breaches or cyber attacks which could 
disrupt our operations and have a material adverse effect on our financial condition and operating results.”
Risk Management and Strategy
Our policies, procedures and processes for assessing, identifying, and managing material risks from 
cybersecurity threats are integrated into our overall enterprise risk management program. Our cybersecurity 
program in particular focuses on the following key areas:
Collaboration
Our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. 
Personnel primarily responsible for security, risk and compliance matters meet periodically to develop strategies for 
preserving the confidentiality, integrity and availability of Company and tenant information, identifying, preventing 
and mitigating cybersecurity threats, and responding to any cybersecurity incidents. We maintain controls and 
procedures that are designed to ensure prompt escalation of material cybersecurity incidents so that decisions 
regarding public disclosure and reporting of such incidents can be made by management and the Board in a timely 
manner.
Risk Assessment
At least annually, we, with the assistance of an external cybersecurity consultant, conduct a cybersecurity 
risk assessment that takes into account information from internal personnel, known potential information security 
vulnerabilities and information from external sources (e.g., reported security incidents that have impacted other 
companies, industry trends, and evaluations by third parties and consultants). The results of the assessment are 
used to drive alignment on, and prioritization of, initiatives to enhance our security controls, make recommendations 
to improve processes, and inform a broader enterprise-level risk assessment that is presented to our Board, its 
Nominating and Corporate Governance Committee, and members of management.
Technical Safeguards
We periodically assess and deploy technical safeguards designed to protect our information systems from 
cybersecurity threats. Such safeguards are periodically evaluated and improved based on vulnerability 
assessments, cybersecurity threat intelligence and incident response experience.
Incident Response and Recovery Planning
We have established comprehensive incident response and recovery plans and continue to periodically test 
and evaluate the effectiveness of those plans. Our incident response and recovery plans address—and guide our 
employees, management and the Board on—our response to a cybersecurity incident.
Third-Party Risk Management
We have implemented controls designed to identify and mitigate cybersecurity threats associated with our 
use of third-party service providers. Such providers are subject to security risk assessments at the time of 
engagement, contract renewal and upon detection of an increase in risk profile. We use a variety of inputs in such 
risk assessments, including information supplied by providers and third parties, and investigate security incidents 
that have impacted our third-party providers, as appropriate.
Education and Awareness
Each of our employees is required to comply with our cybersecurity policies. We regularly remind 
employees of the importance of handling and protecting our data, including through annual privacy and security 
training to enhance employee awareness of how to detect and respond to cybersecurity threats.
External Assessments
Our cybersecurity policies and procedures are periodically assessed by our external cybersecurity 
consultant. These assessments include a variety of activities including information security maturity assessments, 
36

penetration tests, and independent reviews of our information security control environment and operating 
effectiveness. The results of significant assessments are reported to management, the Board and its Nominating 
and Corporate Governance Committee. Cybersecurity processes are adjusted based on the information provided 
from these assessments.
Governance
Board Oversight
Our Board, in coordination with its Nominating and Corporate Governance Committee, oversees our 
management of cybersecurity risk. They receive periodic reports from management and our external cybersecurity 
consultant about the identification, prevention, detection, mitigation and remediation of cybersecurity incidents, 
including material security risks and information security vulnerabilities. Our Nominating and Corporate Governance 
Committee oversees risks arising from our cybersecurity program. The Nominating and Corporate Governance 
Committee receives periodic updates from management and our external cybersecurity consultant on cybersecurity 
risk resulting from risk assessments, progress of risk reduction initiatives, external auditor feedback, control maturity 
assessments, and relevant internal and industry cybersecurity incidents.
Management’s Role
Our Chief Financial Officer has primary responsibility for assessing and managing material risks from 
cybersecurity threats. The Chief Financial Officer meets periodically with our external cybersecurity consultant to 
review security performance metrics and identify security risks. The Chief Financial Officer and our external 
cybersecurity consultant also consider and make recommendations on security policies and procedures, security 
service requirements and risk mitigation strategies to the Nominating and Corporate Governance Committee.
Item 2. Properties.
Our Real Estate Investment Portfolio
As of December 31, 2024, we had a portfolio of 2,104 properties, inclusive of 150 properties that secure our 
investments in mortgage loans receivable, that was diversified by tenant, concept, industry and geography and had 
annualized base rent of $460.6 million. Our 413 tenants operate 592 different concepts in 16 industries across 49 
states. None of our tenants represented more than 4.2% of our portfolio at December 31, 2024 and our top ten 
largest tenants represented 17.6% of our annualized base rent as of that date.
37

Diversification by Tenant
As of December 31, 2024, our top ten tenants included ten different concepts. The following table details 
information about our tenants and the related concepts they operate as of December 31, 2024 (dollars in 
thousands): 
Tenant (1)
Concept
Number of
Properties (2)
Annualized
Base Rent 
% of
Annualized
Base Rent
EquipmentShare.com Inc.
EquipmentShare
 
59 $ 
19,210 
 4.2% 
CNP Holdings, LLC
Chicken N Pickle
 
8  
8,492 
 1.9% 
BW Ultimate Parent, LLC
YesWay
 
13  
7,472 
 1.6% 
Busy Bees US Holdings Limited
Various
 
32  
7,215 
 1.6% 
Undefeated Tribe Operating 
Company, LLC
Crunch Fitness
 
12  
6,740 
 1.5% 
Denali Midco 2, LLC
Super Star Car Wash
 
20  
6,627 
 1.4% 
Pops Mart Holdings, LLC and Pops 
Mart Fuels, LLC
Various
 
26  
6,601 
 1.4% 
New Potato Creek Holdings, LLC
Tidal Wave Auto Spa
 
16  
6,546 
 1.4% 
Mdsfest, Inc.
Festival Foods
 
7  
6,104 
 1.3% 
Alimentation Couche Tard Inc. 
Circle K
 
40  
6,000 
 1.3% 
Top 10 Subtotal
 
233  
81,007 
 17.6% 
Other  
 
1,864  
379,564 
 82.4% 
Total
 
2,097 $ 
460,571 
 100.0% 
 __________________________________________
(1)
Represents tenant, guarantor or parent company.
(2)
Excludes seven vacant properties.
As of December 31, 2024, our five largest tenants, who contributed 10.7% of our annualized base rent, had 
a rent coverage ratio of 6.4x while our ten largest tenants, who contributed 17.6% of our annualized base rent, had 
a rent coverage ratio of 5.2x.
As of December 31, 2024, 96.6% of our leases (based on annualized base rent) were triple-net, where the 
tenant is typically responsible for all improvements and is contractually obligated to pay all operating expenses, 
such as maintenance, insurance, utility and tax expense, related to the leased property. Due to the triple-
net structure of our leases, we do not expect to incur significant capital expenditures relating to our triple-net leased 
properties, and the potential impact of inflation on our operating expenses is reduced.
38

Diversification by Concept
Our tenants operate their businesses across 592 concepts (i.e., generally brands). The following table 
provides information about the top ten concepts in our portfolio as of December 31, 2024 (dollars in thousands):
Concept
Type of
Business
Annualized
Base Rent
% of
Annualized
Base Rent
Number of
Properties (1)
Building
(Sq. Ft.) (1)
EquipmentShare
Service
$ 
19,210 
 4.2%  
59  1,132,619 
Crunch Fitness
Experience
 
13,645 
 3.0%  
26  1,013,523 
Chicken N Pickle
Experience
 
8,492 
 1.9%  
8  
279,483 
YesWay
Service
 
7,472 
 1.6%  
13  
75,429 
Captain D's
Service
 
6,762 
 1.5%  
87  
225,956 
Super Star Car Wash
Service
 
6,627 
 1.4%  
20  
98,234 
Pops Mart
Service
 
6,601 
 1.4%  
26  
130,893 
Tidal Wave Auto Spa
Service
 
6,546 
 1.4%  
16  
58,154 
Festival Foods
Retail
 
6,104 
 1.3%  
7  
520,475 
Red Robin Gourmet Burgers & Brews
Service
 
5,984 
 1.3%  
28  
188,041 
Top 10 Subtotal
 
87,443 
 19.0%  
290  3,722,807 
Other
 
373,128 
 81.0%  
1,807  18,637,908 
Total
$ 
460,571 
 100.0%  
2,097  22,360,715 
 ______________________________________
(1)
Excludes seven vacant properties.
39

Diversification by Industry
Our tenants' business concepts are diversified across various industries. The following table summarizes 
those industries as of December 31, 2024 (dollars in thousands except per sq. ft amounts): 
Tenant Industry
Type of
Business
Annualized
Base Rent
% of
Annualized
Base Rent
Number of
Properties (1)
Building
(Sq. Ft.) (1)
Rent Per
Sq. Ft. (2)
Car Washes
Service
$ 
65,352 
 14.2 %  
195  
993,402 $ 
64.32 
Medical / Dental
Service
 
54,162 
 11.8 %  
233  1,955,274  
26.35 
Early Childhood Education
Service
 
54,093 
 11.7 %  
230  2,459,190  
21.50 
Quick Service
Service
 
42,115 
 9.1 %  
428  1,135,522  
37.07 
Automotive Service
Service
 
36,035 
 7.8 %  
265  1,956,478  
18.16 
Casual Dining
Service
 
34,695 
 7.5 %  
145  1,006,976  
31.93 
Convenience Stores
Service
 
29,867 
 6.5 %  
169  
699,890  
38.38 
Equipment Rental and Sales
Service
 
24,723 
 5.4 %  
86  1,675,003  
14.76 
Other Services
Service
 
12,360 
 2.7 %  
59  
763,088  
16.29 
Pet Care Services
Service
 
6,953 
 1.5 %  
39  
335,760  
20.15 
Family Dining
Service
 
6,666 
 1.5 %  
29  
221,953  
30.03 
Service Subtotal 
 
367,021 
 79.7 %  
1,878  13,202,536  
26.92 
Entertainment
Experience
 
36,122 
 7.8 %  
62  2,247,463  
15.21 
Health and Fitness
Experience
 
21,670 
 4.7 %  
46  1,788,976  
10.78 
Movie Theatres
Experience
 
4,404 
 1.0 %  
6  
293,206  
15.02 
Experience Subtotal
 
62,196 
 13.5 %  
114  4,329,645  
13.38 
Grocery
Retail 
 
13,677 
 3.0 %  
40  1,604,320  
8.53 
Home Furnishings
Retail 
 
1,530 
 0.3 %  
3  
176,809  
8.65 
Retail Subtotal
 
15,207 
 3.3 %  
43  1,781,129  
8.54 
Other Industrial
Industrial
 
12,181 
 2.6 %  
39  1,790,388  
6.49 
Building Materials
Industrial
 
3,966 
 0.9 %  
23  1,257,017  
3.16 
Industrial Subtotal
 
16,147 
 3.5 %  
62  3,047,405  
5.11 
Total/Weighted Average
$ 460,571 
 100.0 %  
2,097  22,360,715 $ 
19.88 
 ____________________________________________________
(1)
Excludes seven vacant properties.
(2)
Excludes properties with no annualized base rent and properties under construction.
As of December 31, 2024, our tenants operating service-oriented businesses had a weighted average rent 
coverage ratio of 3.5x, our tenants operating experience-based businesses had a weighted average rent coverage 
ratio of 2.7x, our tenants operating retail businesses had a weighted average rent coverage ratio of 4.1x and our 
tenants operating other types of businesses had a weighted average rent coverage ratio of 8.8x.
Diversification by Geography
Our 2,104 properties locations are located in 49 states. The following table details the geographical 
locations of our properties as of December 31, 2024 (dollars in thousands): 
40

State
Annualized 
Base Rent
% of Annualized 
Base Rent
Number of 
Properties
Building (Sq. Ft.)
Texas
$ 
58,094 
 12.6% 
 
232 
 
2,688,743 
Georgia
 
33,687 
 7.3% 
 
159 
 
1,170,288 
Florida
 
29,609 
 6.4% 
 
102 
 
1,009,063 
Ohio
 
26,224 
 5.7% 
 
141 
 
1,558,468 
Wisconsin
 
23,063 
 5.0% 
 
89 
 
1,203,062 
North Carolina
 
18,040 
 3.9% 
 
86 
 
823,149 
Arizona
 
15,975 
 3.5% 
 
65 
 
687,393 
Oklahoma
 
15,603 
 3.4% 
 
70 
 
961,748 
Missouri
 
15,174 
 3.3% 
 
72 
 
900,451 
Illinois
 
13,925 
 3.0% 
 
63 
 
603,709 
South Carolina
 
12,663 
 2.7% 
 
66 
 
542,546 
Indiana
 
12,092 
 2.6% 
 
64 
 
652,790 
Michigan
 
12,062 
 2.6% 
 
62 
 
1,135,416 
Minnesota
 
11,099 
 2.4% 
 
44 
 
628,174 
New Jersey
 
10,728 
 2.3% 
 
31 
 
429,474 
Alabama
 
10,383 
 2.3% 
 
57 
 
548,645 
New York
 
9,528 
 2.1% 
 
61 
 
390,778 
Virginia
 
9,496 
 2.1% 
 
30 
 
367,074 
Arkansas
 
9,474 
 2.1% 
 
62 
 
509,900 
Tennessee
 
8,989 
 2.0% 
 
52 
 
361,919 
Pennsylvania
 
8,039 
 1.7% 
 
42 
 
419,149 
Mississippi
 
7,975 
 1.7% 
 
59 
 
371,968 
New Mexico
 
7,653 
 1.7% 
 
29 
 
194,880 
Colorado
 
7,465 
 1.6% 
 
30 
 
353,655 
Connecticut
 
7,174 
 1.6% 
 
23 
 
579,458 
Kentucky
 
6,410 
 1.4% 
 
48 
 
310,474 
Massachusetts
 
6,255 
 1.4% 
 
32 
 
439,465 
California
 
5,679 
 1.2% 
 
19 
 
149,755 
Louisiana
 
5,651 
 1.2% 
 
29 
 
172,990 
Iowa
 
5,650 
 1.2% 
 
32 
 
363,483 
Nevada
 
5,155 
 1.1% 
 
15 
 
114,488 
Kansas
 
4,683 
 1.0% 
 
18 
 
201,900 
Utah
 
4,426 
 1.0% 
 
5 
 
321,256 
New Hampshire
 
3,638 
 0.8% 
 
14 
 
279,182 
South Dakota
 
2,727 
 0.6% 
 
9 
 
130,153 
Maryland
 
2,411 
 0.5% 
 
9 
 
75,410 
Oregon
 
2,320 
 0.5% 
 
8 
 
131,957 
Washington
 
2,267 
 0.5% 
 
12 
 
94,427 
West Virginia
 
2,045 
 0.4% 
 
24 
 
84,684 
Nebraska
 
1,750 
 0.4% 
 
11 
 
138,797 
Maine
 
1,147 
 0.2% 
 
4 
 
71,000 
Vermont
 
1,006 
 0.2% 
 
9 
 
64,622 
North Dakota
 
876 
 0.2% 
 
5 
 
72,400 
Idaho
 
659 
 0.1% 
 
2 
 
41,146 
Rhode Island
 
473 
 0.1% 
 
2 
 
22,865 
Delaware
 
408 
 0.1% 
 
1 
 
4,186 
Wyoming
 
289 
 0.1% 
 
2 
 
14,001 
Alaska
 
253 
 0.1% 
 
2 
 
6,630 
Montana
 
179 
 0.1% 
 
1 
 
3,400 
Total
$ 
460,571 
 100.0% 
 
2,104 
 
22,400,571 
41

Lease Expirations
As of December 31, 2024, the weighted average remaining term of our leases was 14.0 years (based on 
annualized base rent), with only 5.8% of our annualized base rent attributable to leases expiring prior to January 1, 
2030. The following table sets forth our lease expirations for leases in place as of December 31, 2024 (dollars in 
thousands): 
Lease Expiration Year (1)
Annualized
Base Rent
% of
Annualized
Base Rent
Number of
Properties (2)
Weighted
Average Rent
Coverage Ratio (3)
2025
$ 
2,535 
 0.6%  
17  
3.0x 
2026
 
3,476 
 0.8%  
24  
3.2x 
2027
 
5,741 
 1.2%  
43  
3.5x 
2028
 
4,378 
 1.0%  
16  
2.6x 
2029
 
10,479 
 2.3%  
119  
4.9x 
2030
 
4,129 
 0.9%  
45  
3.8x 
2031
 
12,401 
 2.7%  
66  
3.0x 
2032
 
12,835 
 2.8%  
43  
4.1x 
2033
 
7,984 
 1.7%  
30  
2.7x 
2034
 
30,100 
 6.5%  
201  
6.4x 
2035
 
16,260 
 3.5%  
104  
4.1x 
2036
 
40,300 
 8.8%  
159  
4.1x 
2037
 
24,005 
 5.2%  
126  
4.1x 
2038
 
53,264 
 11.6%  
206  
3.6x 
2039
 
39,941 
 8.7%  
159  
3.6x 
2040
 
22,551 
 4.9%  
104  
2.3x 
2041
 
19,399 
 4.2%  
92  
2.9x 
2042
 
33,408 
 7.3%  
149  
2.7x 
2043
 
48,689 
 10.6%  
178  
2.5x 
2044
 
54,227 
 11.7%  
178  
3.3x 
Thereafter
 
14,469 
 3.0%  
38  
2.9x 
Total/Weighted Average
$ 
460,571 
 100.0%  
2,097  
3.5x 
 _______________________________________________________________
(1)
Expiration year of contracts in place as of December 31, 2024, excluding any tenant option renewal periods 
that have not been exercised.
(2)
Excludes seven vacant properties.
(3)
Weighted by annualized base rent.
Unit Level Rent Coverage
Generally, we seek to acquire investments with healthy rent coverage ratios, and as of December 31, 2024, 
the weighted average rent coverage ratio of our portfolio was 3.5x. Our portfolio’s unit-level rent coverage ratios (by 
annualized base rent and excluding leases that do not report unit-level financial information) as of December 31, 
2024 are displayed below:
Unit Level Coverage Ratio
% of Total 
≥ 2.00x
 70.4% 
1.50x to 1.99x
 15.1% 
1.00x to 1.49x
 10.3% 
< 1.00x
 3.1% 
Not reported
 1.1% 
 100.0% 
42

Implied Tenant Credit Ratings
Tenant financial distress is typically caused by consistently poor or deteriorating operating performance, 
near-term liquidity issues or unexpected liabilities. To assess the probability of tenant insolvency, we utilize Moody’s 
Analytics RiskCalc, which is a model for predicting private company defaults based on Moody’s Analytics Credit 
Research Database, which incorporates both market and company-specific risk factors. The following table 
illustrates the portions of our annualized base rent as of December 31, 2024 attributable to leases with tenants 
having specified implied credit ratings based on their Moody’s RiskCalc scores: 
Credit Rating
NR
< 1.00x
1.00 to 1.49x
1.50 to 1.99x
≥ 2.00x
CCC+
 —% 
 0.6% 
 0.9% 
 0.4% 
 2.0% 
B-
 —% 
 0.4% 
 0.1% 
 1.1% 
 5.4% 
B
 0.1% 
 0.2% 
 1.4% 
 2.3% 
 8.3% 
B+
 —% 
 0.5% 
 2.1% 
 2.5% 
 12.4% 
BB-
 —% 
 0.4% 
 1.6% 
 2.3% 
 9.8% 
BB
 —% 
 0.5% 
 2.3% 
 2.3% 
 9.4% 
BB+
 0.2% 
 0.1% 
 0.1% 
 1.7% 
 6.3% 
BBB-
 0.2% 
 0.2% 
 1.4% 
 0.6% 
 6.7% 
BBB
 —% 
 —% 
 0.5% 
 1.5% 
 2.2% 
BBB+
 —% 
 0.1% 
 —% 
 0.1% 
 2.7% 
A-
 —% 
 —% 
 —% 
 —% 
 1.9% 
A
 —% 
 —% 
 —% 
 —% 
 0.6% 
A+
 —% 
 —% 
 —% 
 —% 
 0.5% 
AA-
 —% 
 —% 
 —% 
 —% 
 —% 
_____________________________________
NR 
Not reported
Item 3. Legal Proceedings.
We are subject to various lawsuits, claims and other legal proceedings. Management does not believe that 
the resolution of any of these matters either individually or in the aggregate will have a material adverse effect on 
our business, financial condition, results of operations or liquidity. Further, from time to time, we are party to various 
lawsuits, claims and other legal proceedings for which third parties, such as our tenants, are contractually obligated 
to indemnify, defend and hold us harmless. In some of these matters, the indemnitors have insurance for the 
potential damages. In other matters, we are being defended by tenants who may not have sufficient insurance, 
assets, income or resources to satisfy their defense and indemnification obligations to us. The unfavorable 
resolution of such legal proceedings could, individually or in the aggregate, materially adversely affect the 
indemnitors' ability to satisfy their respective obligations to us, which, in turn, could have a material adverse effect 
on our business, financial condition, results of operations or liquidity. It is management's opinion that there are 
currently no such legal proceedings pending that will, individually or in the aggregate, have such a material adverse 
effect. Despite management's view of the ultimate resolution of these legal proceedings, we may have significant 
legal expenses and costs associated with the defense of such matters. Further, management cannot predict the 
outcome of these legal proceedings and if management's expectation regarding such matters is not correct, such 
proceedings could have a material adverse effect on our business, financial condition, results of operations or 
liquidity.
Item 4. Mine Safety Disclosures.
Not applicable.
43

PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities.
Our common stock is listed on the NYSE under the symbol "EPRT". As of February 7, 2025, there were 207 
holders of record of the 187,691,457 outstanding shares of our common stock. Because many of our shares of 
common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the 
total number of stockholders represented by these record holders.
Distributions
We have made and intend to continue to make quarterly cash distributions to our common stockholders. In 
particular, in order to maintain our qualification for taxation as a REIT, we intend to make annual distributions to our 
stockholders of at least 90% of our REIT taxable income, determined without regard to the deduction for dividends 
paid and excluding any net capital gain. However, any future distributions will be at the sole discretion of our Board, 
and their form, timing and amount, if any, will depend upon a number of factors, including our actual and projected 
results of operations, FFO, Core FFO, AFFO, liquidity, cash flows and financial condition, the revenue we actually 
receive from our properties, our operating expenses, our debt service requirements, our capital expenditures, 
prohibitions and other limitations under our financing arrangements, our REIT taxable income, the annual REIT 
distribution requirements, applicable law and such other factors as our Board deems relevant. To the extent that our 
cash available for distribution is less than 90% of our REIT taxable income, we may consider various means to 
cover any such shortfall, including borrowing under our Revolving Credit Facility or other loans, selling certain of our 
assets, or using a portion of the net proceeds we receive from offerings of equity, equity-related or debt securities or 
declaring taxable share dividends. Agreements relating to our indebtedness, including our revolving and term loan 
credit facilities, limit and, under certain circumstances, could eliminate our ability to make distributions.  See "Item 7. 
Management's Discussion and Analysis of Financial Condition and Results of Operations—Description of Certain 
Debt."
We have determined that, for federal income tax purposes, approximately 92.7% of the distributions paid for 
the 2024 tax year represented taxable income and 7.3% represented a return of capital.
Issuer Purchases of Equity Securities
During the three months ended December 31, 2024, the Company did not repurchase any of its equity 
securities.
Stock Performance Graph
The following performance graph and related table compare, for the five year period ended December 31, 
2024, the cumulative total stockholder return on our common stock with that of the Standard & Poor's 500 
Composite Stock Index ("S&P 500") and the FTSE NAREIT All Equity REITs index ("FNER"). The graph and related 
table assume $100.00 was invested on January 1, 2020 and assumes the reinvestment of all dividends. The 
historical stock price performance reflected in the graph and related table is not necessarily indicative of future stock 
price performance.
44

 
Total Return Performance
EPRT
S&P 500
FNER
1/1/2020
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
75.00
100.00
125.00
150.00
175.00
200.00
 
Ticker / Index
1/1/2020
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
EPRT
100.00
89.62
125.86
107.97
123.23
153.71
S&P 500
100.00
116.28
147.98
118.93
147.78
182.26
FNER
100.00
93.09
127.76
92.94
99.37
100.40
 The performance graph and the related table are being furnished solely to accompany this Annual Report 
on Form 10-K pursuant to Item 201(e) of Regulation S-K, and are not being filed for purposes of Section 18 of the 
Exchange Act and are not to be incorporated by reference into any filing of ours, whether made before or after the 
date hereof, regardless of any general incorporation language in such filing.
Equity Compensation Plan Information
The information concerning our Equity Compensation Plan will be included in the Proxy Statement to be 
filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference.
Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 6. [Reserved]
45

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read 
together with our consolidated financial statements and the related notes included elsewhere in this report, as well 
as the "Business" section of this report. Some of the information contained in this discussion and analysis or set 
forth elsewhere in this report, including information with respect to our plans and strategies for our business, 
includes forward-looking statements that involve risks and uncertainties. You should read "Item 1A. Risk Factors" 
and the "Special Note Regarding Forward-Looking Statements" sections of this report for a discussion of important 
factors that could cause actual results to differ materially from the results described in or implied by these 
forward-looking statements.
Overview
We are an internally managed real estate company that acquires, owns and manages primarily single-
tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or 
experience-based businesses. We generally invest in and lease freestanding, single-tenant commercial real estate 
facilities where a tenant services its customers and conducts activities that are essential to the generation of the 
tenant’s sales and profits. As of December 31, 2024, 93.2% of our $460.6 million of annualized base rent was 
attributable to properties operated by tenants in service-oriented and experience-based businesses. "Annualized 
base rent" means annualized contractually specified cash base rent in effect on December 31, 2024 for all of our 
leases (including those accounted for as loans or direct financing leases) commenced as of that date and 
annualized cash interest on our mortgage loans receivable as of that date. 
We were organized on January 12, 2018 as a Maryland corporation. We elected to be taxed as a REIT for 
federal income tax purposes beginning with the year ended December 31, 2018, and we believe that our current 
organization, operations and intended distributions will allow us to continue to so qualify. Our common stock is listed 
on the New York Stock Exchange under the symbol “EPRT”.
Our primary business objective is to maximize stockholder value by generating attractive risk-adjusted 
returns through owning, managing and growing a diversified portfolio of commercially desirable properties. As of 
December 31, 2024, we had a portfolio of 2,104 properties (inclusive of 150 properties which secure our 
investments in mortgage loans receivable) that was diversified by tenant, industry, concept and geography, had 
annualized base rent of $460.6 million and was 99.7% occupied. Our portfolio is built based on the following core 
investment attributes:
Diversification. As of December 31, 2024, our portfolio was 99.7% occupied by 413 tenants operating 592 
different brands, or concepts, in 16 industries across 49 states, with none of our tenants contributing more than 
4.2% of our annualized base rent. Our goal is that, over time, no more than 5% of our annualized base rent will be 
derived from any single-tenant or more than 1% from any single property.
Long Lease Term. As of December 31, 2024, our leases had a weighted average remaining lease term of 
14.0 years (based on annualized base rent), with 5.8% of our annualized base rent attributable to leases expiring 
prior to January 1, 2030. Our properties generally are subject to long-term net leases that we believe provide us a 
stable base of revenue from which to grow our portfolio.
Significant Use of Sale-Leaseback Investments. We seek to acquire properties owned and operated by 
middle-market businesses and lease the properties back to the operators pursuant to our standard lease form. 
During the year ended December 31, 2024, approximately 97.2% of our investments were sale-leaseback 
transactions.
Significant Use of Master Leases. As of December 31, 2024, 66.1% of our annualized base rent was 
attributable to master leases.
Contractual Base Rent Escalation. As of December 31, 2024, 98.4% of our leases (based on annualized 
base rent) provided for increases in future base rent at a weighted average rate of 1.7% per year.
Smaller, Low Basis Single-Tenant Properties. We generally invest in freestanding “small-box” single- 
tenant properties. As of December 31, 2024, our average investment per property was $2.9 million (which equals 
46

our aggregate investment in our properties (including transaction costs, lease incentives and amounts funded for 
construction in progress) divided by the number of properties owned at such date), and we believe investments of 
similar size allow us to grow our portfolio without concentrating a large amount of capital in individual properties and 
limit our exposure to events that may adversely affect a particular property. Additionally, we believe that many of our 
properties are generally fungible and appropriate for multiple commercial uses, which reduces the risk that a 
particular property may become obsolete and enhances our ability to sell a property if we choose to do so.
Healthy Rent Coverage Ratio and Tenant Financial Reporting. As of December 31, 2024, our portfolio’s 
weighted average rent coverage ratio was 3.5x, and 98.9% of our leases (based on annualized base rent) obligate 
the tenant to periodically provide us with specified unit-level financial reporting. "Rent coverage ratio" means, as of a 
specified date, the ratio of (x) tenant-reported or, when unavailable, management's estimate (based on tenant-
reported financial information) of annual earnings before interest, taxes, depreciation, amortization and cash rent 
attributable to the leased property (or properties, in the case of a master lease) to (y) the annualized base rental 
obligation.
Historical Investment and Disposition Activity
The following table sets forth select information about our investment activity for the previous eight quarters 
beginning with the quarter ended March 31, 2023 through the quarter ended December 31, 2024 (dollars in 
thousands): 
Three Months Ended
March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
Investment activity
$ 
248,770 $ 
333,910 $ 
307,615 $ 
333,435 
Number of transactions
36
35
37
37
Property count
79
83
57
78
Avg. investment per unit
$ 
2,767 $ 
3,393 $ 
4,102 $ 
3,281 
Cash cap rate 1 
8.1%
8.0%
8.1%
8.0%
GAAP cap rate 2   
9.3%
9.1%
9.1%
9.2%
Master lease percentage 3,4
82%
76%
57%
69%
Sale-leaseback percentage 3,5
100%
100%
89%
100%
Existing relationship percentage
87%
82%
79%
79%
Percentage of financial reporting3
100%
100%
100%
100%
Rent coverage ratio
2.7x
3.0x
4.7x
3.4x
Lease term (years)
17.2
17.8
17.2
17.7
Three Months Ended
March 31, 2023
June 30, 2023
September 30, 2023
December 31, 2023
Investment activity
$ 
207,147 $ 
277,361 $ 
213,327 $ 
314,865 
Number of transactions
24
29
30
43
Property count
57
78
65
93
Avg. investment per unit
$ 
3,401 $ 
3,350 $ 
2,812 $ 
3,008 
Cash cap rate 1 
7.6%
7.4%
7.6%
7.9%
GAAP cap rate 2   
9.0%
8.7%
8.7%
9.1%
Master lease percentage 3,4
86%
57%
60%
72%
Sale-leaseback percentage 3,5
100%
99%
100%
97%
Existing relationship percentage
94%
66%
86%
96%
Percentage of financial reporting3
100%
100%
100%
100%
Rent coverage ratio
3.3x
3.9x
3.3x
3.3x
Lease term (years)
19.0
19.3
17.6
17.6
_____________________________________
(1) 
Cash annualized base rent for the first full month after the investment divided by the gross investment in the 
property plus transaction costs.
47

(2) 
GAAP rent and interest income for the first twelve months after the investment divided by the gross 
investment in the property plus transaction costs.
(3) 
As a percentage of annualized base rent.
(4) 
Includes investments in mortgage loans receivable collateralized by more than one property.
(5) 
Includes investments in mortgage loans receivable made in support of sale-leaseback transactions.
The following table sets forth select information about our disposition activity for the previous eight quarters 
beginning with the quarter ended March 31, 2023 through the quarter ended December 31, 2024 (dollars in 
thousands):
Three Months Ended
March 31, 2024
June 30, 2024
September 30, 2024
December 31, 2024
Disposition volume1
$ 
11,949 $ 
4,783 $ 
16,973 $ 
60,449 
Cash cap rate on leased assets 2
6.5%
7.3%
6.8%
7.0%
Leased properties sold 3
 
6  
4  
7  
24 
Vacant properties sold 3
 
1  
2  
2  
— 
Three Months Ended
March 31, 2023
June 30, 2023
September 30, 2023
December 31, 2023
Disposition volume1
$ 
37,161 $ 
41,736 $ 
28,496 $ 
30,602 
Cash cap rate on leased assets 2
6.1%
6.2%
6.5%
6.6%
Leased properties sold 3
 
17  
14  
9  
9 
Vacant properties sold 3
 
—  
2  
1  
— 
_____________________________________
(1)  
Net of transaction costs.
(2)  
Annualized base rent at time of sale divided by the gross sale price (excluding transaction costs) for the 
property.
(3)   
Property count excludes dispositions of undeveloped land parcels or dispositions where only a portion of 
the owned parcel was sold. 
Liquidity and Capital Resources
As of December 31, 2024, the net investment value of our income property portfolio totaled $5.6 billion, 
consisting of investments in 2,104 properties (inclusive of 150 properties which secure our investments in mortgage 
loans receivable), with annualized base rent of $460.6 million. Substantially all of our cash from operations is 
generated by our investment portfolio.
The liquidity requirements for operating our Company consist primarily of funding our investment activities, 
servicing our outstanding indebtedness and paying our general and administrative expenses and dividends as 
declared by our Board. The occupancy level of our portfolio is high (99.7% as of December 31, 2024) and, because 
substantially all of our leases are triple-net (whereby our tenants are generally responsible for all maintenance, 
costs for operating the property, and insurance and property taxes associated with the leased properties), our 
liquidity requirements are not significantly impacted by property costs. When a property becomes vacant, we are 
required to pay the property costs not paid by a tenant, as well as those property costs accruing during the time it 
takes to locate a new tenant or to sell the property. As of December 31, 2024, seven of our investment properties 
were vacant, significantly less than 1% of our portfolio, and all remaining properties were subject to a lease or 
mortgage loan receivable. We expect to incur property costs from time to time in periods during which properties 
that become vacant are being marketed for lease or sale. In addition, we may recognize an expense for certain 
property costs, such as real estate taxes billed in arrears, if we believe the tenant is likely to vacate the property 
before making payment on those obligations. The amount of such property costs can vary quarter-to-quarter based 
on the timing of property vacancies and the level of underperforming properties; however, we do not expect that 
such costs will be significant to our operations.
We intend to continue to grow through additional investments in stand-alone single-tenant properties. To 
accomplish this objective, we seek to invest in real estate utilizing a combination of debt and equity capital and with 
cash from operations that we do not distribute to our stockholders. When we sell properties, we generally reinvest 
the cash proceeds from our sales in new single-tenant properties. Our short-term liquidity requirements also include 
the funding needs associated with 104 properties where we have agreed to reimburse the tenant for certain 
48

development, construction, or renovation costs or to provide construction financing in exchange for contractual 
payments of interest or increased rent that generally increases in proportion with our level of funding. As of 
December 31, 2024, we agreed to provide construction financing or reimburse the tenant for certain development, 
construction and renovation costs in an aggregate amount of $627.3 million, and, as of such date, we have funded 
$472.5 million of this commitment. We expect to fund the remaining commitment totaling approximately $154.8 
million by December 31, 2025.
Additionally, as of February 7, 2025, we were under contract to acquire 13 properties with an aggregate 
purchase price of $41.9 million, subject to completion of our due diligence procedures and satisfaction of customary 
closing conditions. We expect to meet our short-term liquidity requirements, including our construction financing and 
tenant reimbursement obligations and potential investment in future single-tenant properties, primarily with our cash 
and cash equivalents, net cash from operating activities, issuance of common stock subject to outstanding forward 
purchase commitments, borrowings under the Revolving Credit Facility and potentially through proceeds generated 
from asset sales and our October 2024 ATM Program, under which we may issue common stock with an aggregate 
gross sales price of up to $671.1 million as of February 7, 2025.
Our long-term liquidity requirements consist primarily of the funds necessary to make additional investments 
and repay indebtedness. We expect to meet our long-term liquidity requirements through various sources of capital, 
including net cash from operating activities, borrowings under our Revolving Credit Facility, future debt financings, 
proceeds from the sale of our common stock and proceeds from the sale of selected properties in our portfolio. 
However, at any point in time, there may be a number of factors that could have a material and adverse effect on 
our ability to access these capital sources, including unfavorable conditions in the overall equity and credit markets, 
our level of leverage, the portion of our portfolio that is unencumbered, our credit ratings, borrowing restrictions 
imposed by our existing debt agreements, general market conditions for real estate and potentially REITs 
specifically, our operating performance, our liquidity and general market perceptions about us. The success of our 
business strategy will depend, to a significant degree, on our ability to access these various capital sources to fund 
our future investments and thereby grow our cash flows.
An additional liquidity need is funding the required level of distributions, generally 90% of our REIT taxable 
income (determined without regard to the dividends paid deduction and excluding any net capital gain), that are 
among the requirements for us to continue to qualify for taxation as a REIT. Holders of OP Units are entitled to 
distributions per unit equivalent to those paid by us per share of common stock. During the year ended 
December 31, 2024, our Board declared total cash distributions of $1.16 per share of common stock/OP Unit 
totaling $208.1 million and $55.6 million is payable as of December 31, 2024. To continue to qualify for taxation as a 
REIT, we must make distributions to our stockholders aggregating annually at least 90% of our REIT taxable 
income, determined without regard to the dividends paid deduction and excluding any net capital gain. As a result of 
this requirement, we cannot rely on retained earnings to fund our business needs to the same extent as other 
entities that are not REITs. If we do not have sufficient funds available to us from our operations to fund our 
business needs, we will need to find alternative ways to fund those needs. Such alternatives may include, among 
other things, selling properties (whether or not the sales price is optimal or otherwise meets our strategic long-term 
objectives), incurring additional indebtedness or issuing equity securities in public or private transactions. The 
availability and attractiveness of the terms of these potential sources of financing cannot be assured.
Generally, our short-term debt capital needs are provided through the use of our Revolving Credit Facility. 
We manage our long-term leverage position through the issuance of long-term fixed-rate debt on an unsecured or 
secured basis. Generally, we will seek to issue long-term debt on an unsecured basis as we believe this facilitates 
greater flexibility in the management of our portfolio and our ability to retain optionality in our overall financing and 
growth strategy. By seeking to match the expected cash inflows from our long-term income producing investments 
with the expected cash outflows for our long-term debt, we seek to "lock in," for as long as is economically feasible, 
the expected positive spread between our scheduled cash inflows from our investments and the cash outflows on 
our debt obligations. In this way, we seek to reduce the risk that increases in interest rates would adversely impact 
our cash flows and results of operations. Our ability to execute leases that contain annual rent escalations also 
contributes to our ability to manage the risk of a rising interest rate environment. We use various financial 
instruments designed to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including 
hedging strategies such as interest rate swaps and caps, depending on our analysis of the interest rate environment 
and the costs and risks of such strategies. Although we are not required to maintain a particular leverage ratio and 
may not be able to do so, we generally consider that, over time, a level of net debt (which includes recourse and 
non-recourse borrowings and any outstanding preferred stock less cash and cash equivalents and restricted cash 
49

available for future investment) that is less than six times our annualized adjusted EBITDAre is prudent for a real 
estate company like ours.
As of December 31, 2024, all of our long-term debt was fixed-rate debt or was effectively converted to a 
fixed-rate for the term of the debt though hedging strategies and our weighted average debt maturity was 4.2 years. 
As we continue to invest in real estate properties and grow our real estate portfolio, we intend to manage our long-
term debt maturities to reduce the risk that a significant amount of our debt will mature in any single year in the 
future.
Future sources of debt capital may include public issuances of senior unsecured notes, term loan 
borrowings, mortgage financing of a single-asset or a portfolio of assets and CMBS borrowings. These sources of 
debt capital may offer us the opportunity to lower our cost of funding and further diversify our sources of debt 
capital. Over time, we may choose to issue preferred equity as a part of our overall strategy for funding our 
business. As our outstanding debt matures, we may refinance it as it comes due or choose to repay it using cash 
and cash equivalents or borrowings under our Revolving Credit Facility. We believe that the cash generated by our 
operations, together with our cash and cash equivalents at December 31, 2024, our borrowing availability under the 
Revolving Credit Facility, issuance of common stock subject to outstanding forward purchase commitments, and our 
potential access to additional sources of capital, will be sufficient to fund our operations for the next 12 months, 
including investing in the real estate for which we currently have commitments, and the longer term period 
thereafter.
Supplemental Guarantor Information
The Company and the Operating Partnership have filed a registration statement on Form S-3 with the SEC 
registering, among other securities, debt securities of the Operating Partnership, which, unless otherwise specified, 
will be fully and unconditionally guaranteed by the Company. At December 31, 2024, the Operating Partnership had 
issued and outstanding $400.0 million of senior notes. The obligations of the Operating Partnership under the senior 
notes are guaranteed on a senior basis by the Company. The guarantee is full and unconditional, and the Operating 
Partnership is a consolidated subsidiary of the Company.
Pursuant to Rule 3-10 of Regulation S-X, subsidiary issuers of obligations guaranteed by the parent are not 
required to provide separate financial statements, provided that the subsidiary obligor is consolidated into the parent 
company’s consolidated financial statements, the parent guarantee is “full and unconditional” and, subject to certain 
exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative 
disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the 
Operating Partnership have not been presented. Furthermore, as permitted under Rule 13-01(a)(4)(vi), the 
Company has excluded the summarized financial information for the Operating Partnership as the assets, liabilities 
and results of operations of the Company and the Operating Partnership are not materially different than the 
corresponding amounts presented in the consolidated financial statements of the Company, and management 
believes such summarized financial information would be repetitive and not provide incremental value to investors.
50

Description of Certain Debt
The following table summarizes our outstanding indebtedness as of December 31, 2024 and 2023:
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)
Maturity Date
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Unsecured term loans:
2027 Term Loan
February 2027
$ 
430,000 $ 
430,000 
2.5%
2.4%
2028 Term Loan
January 2028
 
400,000  
400,000 
4.7%
4.6%
2029 Term Loan
February 2029 (2)
 
450,000  
450,000 
5.4%
4.3%
2030 Term Loan
January 2030 (2)
 
450,000  
— 
4.9%
—%
Senior unsecured notes
July 2031
 
400,000  
400,000 
3.1%
3.1%
Revolving Credit Facility 
February 2026
 
—  
— 
—%
—%
Total principal outstanding 
$ 2,130,000 $ 1,680,000 
4.1%
3.6%
_______________________________________________________________
(1)
Interest rates are presented after giving effect to our interest rate swap and lock agreements, where 
applicable.
(2)
After giving effect to extension options exercisable at the Operating Partnership's election. 
Revolving Credit Facility and Credit Facility Term Loans
Through our Operating Partnership, we are party to an Amended and Restated Credit Agreement with a 
group of lenders, which was most recently amended on February 6, 2025 (the "Credit Agreement") and provides for 
revolving loans of up to $1.0 billion (the "Revolving Credit Facility") and an additional $1.3 billion of term loans, 
consisting of a $400.0 million term loan (the "2028 Term Loan"), a $450.0 million term loan (the “2029 Term Loan”) 
and a $450.0 million term loan (the "2030 Term Loan" and, together with the 2028 Term Loan and 2029 Term Loan, 
the “CF Term Loans”). All principal amounts available under the CF Term Loans were drawn prior to December 31, 
2024. 
The Revolving Credit Facility has a fully-extended maturity date of February 6, 2030, after giving effect to 
two extension options of six months each, exercisable by the Operating Partnership, subject to the satisfaction of 
certain conditions. The 2028 Term Loan matures on January 25, 2028, the 2029 Term Loan has an original maturity 
of three years, plus extension options at the Operating Partnership's election, which can extend the maturity to 
February 24, 2029 and the 2030 Term Loan has an original maturity of three years, plus extension options at the 
Operating Partnership's election, which can extend the maturity to January 11, 2030. The loans under each of the 
Revolving Credit Facility and the CF Term Loans initially bear interest at an annual rate of applicable Adjusted Term 
SOFR (as defined in the Credit Agreement) plus an applicable margin (which applicable margin varies between the 
Revolving Credit Facility and the CF Term Loans). The Adjusted Term SOFR is a rate with a term equivalent to the 
interest period applicable to the relevant borrowing. In addition, the Operating Partnership is required to pay a 
revolving facility fee throughout the term of the Revolving Credit Facility. The applicable margin and the revolving 
facility fee rate are a spread and rate, as applicable, set according to the credit ratings provided by S&P, Moody's 
and/or Fitch. 
Each of the Revolving Credit Facility and the CF Term Loans is freely pre-payable at any time. Outstanding 
credit extensions under the Revolving Credit Facility are mandatorily payable if the amount of such credit extensions 
exceeds the revolving facility limit. The Operating Partnership may re-borrow amounts paid down on the Revolving 
Credit Facility prior to its maturity. Loans repaid under the CF Term Loans cannot be reborrowed. The Credit 
Agreement has an accordion feature to increase, subject to certain conditions, the maximum availability of credit 
(either through increased revolving commitments or additional term loans) by up to $1.0 billion.
The Operating Partnership is the borrower under the Credit Agreement, and we and certain of the 
subsidiaries of the Operating Partnership that own a direct or indirect interest in an eligible real property asset are 
guarantors under the Credit Agreement. Under the terms of the Credit Agreement, we are subject to customary 
restrictive financial and nonfinancial covenants which, among other things, require us to maintain certain leverage 
ratios, cash flow and debt service coverage ratios and secured borrowing ratios. As of December 31, 2024, we were 
in compliance with these covenants.
51

The Credit Agreement also restricts our ability to pay distributions to our stockholders under certain 
circumstances. However, we may make distributions to the extent necessary to maintain our qualification as a REIT 
under the Code. In addition to the financial covenants described above, the Credit Agreement contains customary 
affirmative and negative covenants that, among other things and subject to exceptions, limit or restrict our ability to 
incur indebtedness and liens, consummate mergers or other fundamental changes, dispose of assets, make certain 
restricted payments, make certain investments, modify our organizational documents, transact with affiliates, 
change our fiscal periods, provide negative pledge clauses, make subsidiary distributions, enter into certain new 
lines of business or engage in certain activities, and fail to meet the requirements for taxation as a REIT.
2027 Term Loan
On February 18, 2022, we, through our Operating Partnership, amended our existing $430.0 million term 
loan credit facility (the "2027 Term Loan") to, among other things, reduce the Applicable Margin, extend the maturity 
date to February 18, 2027 and make certain other changes consistent with market terms and conditions. In August 
2022, the 2027 Term Loan was further amended to revise the applicable margin grid such that the applicable pricing 
is based on the credit rating of the Company’s long-term senior unsecured non-credit enhanced debt for borrowed 
money (subject to a single step-down in the applicable pricing if the Company achieves a consolidated leverage 
ratio that is less than 0.35 to 1:00 while maintaining a credit rating of BBB/Baa2 provided by S&P, Moody's and/or 
Fitch). 
The borrowings under the 2027 Term Loan, as amended, bear interest at an annual rate of applicable 
Adjusted Term SOFR (as defined in the Credit Agreement) plus an applicable margin. The Adjusted Term SOFR is a 
rate with a term equivalent to the interest period applicable to the relevant borrowing. The applicable margin was 
initially a spread set according to a leverage-based pricing grid. In May 2022, the Operating Partnership made an 
irrevocable election to have the applicable margin be a spread set according to the Company’s corporate credit 
ratings provided by S&P, Moody’s and/or Fitch. The 2027 Term Loan is pre-payable at any time by the Operating 
Partnership without penalty. The 2027 Term Loan has an accordion feature to increase, subject to certain 
conditions, the maximum availability of the facility up to an aggregate of $500.0 million.
The Operating Partnership is the borrower under the 2027 Term Loan, and we and certain of the 
subsidiaries of the Operating Partnership that own a direct or indirect interest in an eligible real property asset are 
guarantors under the facility. Under the terms of the 2027 Term Loan, we are subject to customary restrictive 
financial and nonfinancial covenants which, among other things, require us to maintain certain leverage ratios, cash 
flow and debt service coverage ratios, and secured borrowing ratios. As of December 31, 2024, we were in 
compliance with these covenants.
The 2027 Term Loan restricts our ability to pay distributions to our stockholders under certain 
circumstances. However, we may make distributions to the extent necessary to maintain our qualification as a REIT 
under the Code. The 2027 Term Loan contains certain additional covenants that, subject to exceptions, limit or 
restrict our incurrence of indebtedness and liens, disposition of assets, transactions with affiliates, mergers and 
fundamental changes, modification of organizational documents, changes to fiscal periods, making of investments, 
negative pledge clauses and lines of business and REIT qualification. 
Senior Unsecured Notes
On June 22, 2021, the Operating Partnership issued $400.0 million aggregate principal amount of 2.950% 
Senior Notes due 2031 (the "2031 Notes"), resulting in net proceeds of $396.6 million. The 2031 Notes were issued 
by the Operating Partnership and the obligations of the Operating Partnership under the 2031 Notes are fully and 
unconditionally guaranteed on a senior basis by the Company.
The indenture and supplemental indenture creating the 2031 Notes contain customary restrictive 
covenants, including limitations on our ability to incur additional secured and unsecured indebtedness. As of 
December 31, 2024, we were in compliance with these covenants.
52

Cash Flows
Comparison of the years ended December 31, 2024 and 2023
As of December 31, 2024, we had $40.7 million of cash and cash equivalents and $4.3 million of restricted 
cash, as compared to $39.8 million of cash and cash equivalents and $9.2 million of restricted cash as of 
December 31, 2023.
Cash Flows for the year ended December 31, 2024
During the year ended December 31, 2024, net cash provided by operating activities was $308.5 million 
and our net income was $203.6 million. Our cash flows from operating activities are primarily dependent upon the 
occupancy of our portfolio, the rental rates specified in our leases, the interest on our loans and direct financing 
lease receivables, the collectability of rent and interest, and the level of our operating expenses and general and 
administrative costs. Our cash inflows from operating activities reflect adjustments to net income for non-cash items 
of $111.0 million, including i) depreciation and amortization of tangible, intangible and right-of-use real estate assets, 
and amortization of deferred financing costs and other non-cash interest expense of $129.3 million, ii) our provision 
for impairment of real estate of $14.8 million, iii) the change in our provision for credit losses of $0.2 million, iv) non-
cash equity-based compensation expense of $10.8 million and v) adjustment to rental revenue for tenant credit of 
$0.6 million, reduced by i) our $6.0 million gain on dispositions of real estate, net and ii) $38.9 million related to the 
recognition of straight-line rent receivables. An additional inflow was our increase in accrued liabilities and other 
payables of $1.1 million, offset by the outflow caused by the increase in our rent receivables, prepaid expenses and 
other assets of $7.3 million.
Net cash used in investing activities during the year ended December 31, 2024 was $1.1 billion. Our net 
cash used in investing activities generally reflects our investment in real estate, including capital expenditures, 
construction in progress and lease incentives, and in mortgage loans receivable, which totaled $1.2 billion in the 
aggregate for the year ended December 31, 2024. These cash outflows were partially offset by $96.9 million of 
proceeds from sales of investments, net of disposition costs, and $10.0 million of principal collections on our loans 
and direct financing lease receivables.
Net cash provided by financing activities of $810.7 million during the year ended December 31, 2024 
reflected net cash inflows of $570.2 million from the issuance of common stock, $174.6 million of borrowings under 
the 2030 Term Loan and $490.0 million of borrowings under the Revolving Credit Facility. These cash inflows were 
partially offset by the payment of $199.7 million in dividends, $1.0 million of offering costs paid related to our follow-
on offerings and our ATM Program, repayment of $220.0 million of borrowings under the Revolving Credit Facility, 
the payment of deferred financing costs of $0.1 million, and the payment of $3.3 million in taxes related to the net 
settlement of equity awards. 
Cash Flows for the year ended December 31, 2023
During the year ended December 31, 2023, net cash provided by operating activities was $254.6 million 
and our net income was $191.4 million. Our cash flows from operating activities are primarily dependent upon the 
occupancy of our portfolio, the rental rates specified in our leases, the interest on our loans and direct financing 
lease receivables, the collectability of rent and interest, and the level of our operating expenses and general and 
administrative costs. Our cash inflows from operating activities reflect adjustments to net income for non-cash items 
of $68.3 million, including i) depreciation and amortization of tangible, intangible and right-of-use real estate assets, 
and amortization of deferred financing costs and other non-cash interest expense of $107.6 million, ii) loss on debt 
extinguishment of $0.1 million, iii) our provision for impairment of real estate of $3.5 million, iv) adjustment to rental 
revenue for tenant credit of $0.6 million, and v) non-cash equity-based compensation expense of $9.0 million, 
reduced by i) our $24.2 million gain on dispositions of real estate, net, ii) $28.3 million related to the recognition of 
straight-line rent receivables, and iii) the subtraction of the change in our provision for credit losses of $0.1 million. 
An additional inflow was our increase in accrued liabilities and other payables of $0.8 million, offset by the outflow 
caused by the increase in our rent receivables, prepaid expenses and other assets of $6.0 million.
Net cash used in investing activities during the year ended December 31, 2023 was $857.1 million. Our net 
cash used in investing activities generally reflects our investment in real estate, including capital expenditures, 
construction in progress and lease incentives, and in mortgage loans receivable, which totaled $1.0 billion in the 
aggregate for the year ended December 31, 2023. These cash outflows were partially offset by $128.6 million of 
53

proceeds from sales of investments, net of disposition costs, and $27.9 million of principal collections on our loans 
and direct financing lease receivables. 
Net cash provided by financing activities of $580.0 million during the year ended December 31, 2023 
reflected net cash inflows of $507.3 million from the issuance of common stock, $248.0 million from new borrowings 
under the 2029 Term Loan and $70.0 million of borrowings under the Revolving Credit Facility. These cash inflows 
were partially offset by the payment of $168.2 million in dividends, $0.9 million of offering costs paid related to our 
follow-on offerings and the ATM program, repayment of $70.0 million of borrowings under the Revolving Credit 
Facility, the payment of deferred financing costs of $2.4 million, and the payment of $3.7 million in taxes related to 
the net settlement of equity awards. 
Off-Balance Sheet Arrangements
We had no off-balance sheet arrangements as of December 31, 2024.
Contractual Obligations
The following table provides information with respect to our contractual obligations as of December 31, 
2024: 
 
Payment due by period
(in thousands)
Total
2025
2026-2027
2028-2029
Thereafter
Unsecured Term Loans
$ 1,730,000 $ 
— $ 
430,000 $ 
850,000 $ 
450,000 
Senior unsecured notes
 
400,000  
—  
—  
—  
400,000 
Revolving Credit Facility
 
—  
—  
—  
—  
— 
Tenant Construction Financing and 
Reimbursement Obligations (1)
 
154,809  
154,809  
—  
—  
— 
Operating Lease Obligations (2) 
 
22,434  
1,420  
1,821  
1,736  
17,457 
Total
$ 2,307,243 $ 
156,229 $ 
431,821 $ 
851,736 $ 
867,457 
_____________________________________ 
(1)
Includes obligations to reimburse certain of our tenants for development, construction and renovation costs 
that they incur related to properties leased from the Company in exchange for contractual payments of 
interest or increased rent that generally increases proportionally with our funding.
(2)
Includes $21.0 million of rental payments due under ground lease arrangements where our tenants are 
directly responsible for payment.
Additionally, we may enter into commitments to purchase goods and services in connection with the 
operation of our business. These commitments generally have terms of one-year or less and reflect expenditure 
levels comparable to our historical expenditures, as adjusted for growth.
Critical Accounting Estimates
Our accounting policies are determined in accordance with GAAP. The preparation of our financial 
statements requires us to make estimates and assumptions that are subjective in nature and, as a result, our actual 
results could differ materially from our estimates. Estimates and assumptions include, among other things, 
subjective judgments regarding the fair values and useful lives of our properties for depreciation and lease 
classification purposes, the collectability of receivables and asset impairment analysis. Set forth below are the more 
critical accounting policies that require management judgment and estimates in the preparation of our consolidated 
financial statements.
Real Estate Investments
Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. 
The cost of investments in real estate reflects their purchase price or development cost and, in the case of asset 
acquisitions, transaction costs related to the acquisition.
We allocate the purchase price (plus transaction costs) of acquired properties accounted for as asset 
acquisitions to tangible and identifiable intangible assets or liabilities based on their relative fair values. Tangible 
54

assets may include land, site improvements and buildings. Intangible assets may include the value of in-place 
leases and above- and below-market leases and other identifiable intangible assets or liabilities based on lease or 
property specific characteristics.
The fair value of the tangible assets of an acquired property with an in-place operating lease is determined 
by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to the tangible assets 
based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering 
estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to 
execute similar leases based on the specific characteristics of each tenant's lease. We estimate the cost to execute 
leases with terms similar to the remaining lease terms of the in-place leases, including leasing commissions, legal 
and other related expenses. Factors we consider in this analysis include an estimate of the carrying costs during the 
expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating 
carrying costs, we include real estate taxes, insurance and other operating expenses, and estimates of lost rentals 
at market rates during the expected lease-up periods, which primarily range from six to 12 months. The fair value of 
above- or below-market leases is recorded based on the net present value (using a discount rate that reflects the 
risks associated with the leases acquired) of the difference between the contractual amount to be paid pursuant to 
the in-place lease and our estimate of the fair market lease rate for the corresponding in-place lease, measured 
over the remaining non-cancelable term of the lease including any below-market fixed rate renewal options for 
below-market leases.
In making estimates of fair values for purposes of allocating purchase price, we use a number of sources, 
including real estate valuations prepared by independent valuation firms. We also consider information and other 
factors including market conditions, the industry that the tenant operates in, characteristics of the real estate, e.g., 
location, size, demographics, value and comparative rental rates, tenant credit profile and the importance of the 
location of the real estate to the operations of the tenant's business. Additionally, we consider information obtained 
about each property as a result of our pre-acquisition due diligence, marketing and leasing activities in estimating 
the fair value of the tangible and intangible assets acquired. We use the information obtained as a result of our pre-
acquisition due diligence as part of our consideration of the accounting standard governing asset retirement 
obligations and, when necessary, will record an asset retirement obligation as part of the purchase price allocation.
Allowance for Credit Losses
Under ASC Topic 326, Financial Instruments - Credit Losses, we use a real estate loss estimate model 
(“RELEM”) which estimates losses on our loans and direct financing lease receivable portfolio, for purposes of 
calculating allowances for credit losses. The RELEM allows us to refine (on an ongoing basis) the expected loss 
estimate by incorporating asset-specific assumptions as necessary, such as anticipated funding, interest payments, 
estimated extensions and estimated loan repayment/refinancing at maturity to estimate cash flows over the life of 
the loan or direct financing lease receivable. The model also incorporates assumptions related to underlying 
collateral values, various loss scenarios, and predicted losses to estimate expected losses. Our specific asset-level 
inputs include loan-to-stabilized-value (“LTV”), principal balance, property type, location, coupon, origination year, 
term, subordination, expected repayment date and future funding. We categorize the results by LTV range, which 
we consider the most significant indicator of credit quality for our loans and direct financing lease receivables. A 
lower LTV ratio typically indicates a lower credit loss risk.
 We also evaluate each loan and direct financing lease receivable measured at amortized cost for credit 
deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that we will not be able to 
collect all amounts due according to the contractual terms of the loan or direct financing lease receivable.
Our allowance for credit losses is adjusted to reflect our estimation of the current and future economic 
conditions that impact the performance of the real estate assets securing our loans. These estimations include 
various macroeconomic factors impacting the likelihood and magnitude of potential credit losses for our loans and 
direct financing lease receivables during their anticipated term. Changes in our allowance for credit losses are 
presented within change in provision for credit losses in the accompanying statements of operations. 
Impairment of Long-Lived Assets
If circumstances indicate that the carrying value of a property may not be recoverable, we review the asset 
for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest 
charges, expected to result from the property's use and eventual disposition. These estimates consider factors such 
55

as expected future operating income, market and other applicable trends and residual value, as well as the effects 
of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying 
value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair 
value of the property for properties to be held and used. For properties held for sale, the impairment loss is the 
adjustment to fair value less estimated cost to dispose of the asset. Impairment assessments have a direct impact 
on the consolidated statements of operations, because recording an impairment loss results in an immediate 
negative adjustment to the consolidated statements of operations.
Adjustment to Rental Revenue for Tenant Credit
We continually review receivables related to rent and unbilled rent receivables and determine collectability 
by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in 
the industry in which the tenant operates and economic conditions in the area in which the property is located. 
If the assessment of the collectability of substantially all payments due under a lease changes from 
probable to not probable, any difference between the rental revenue recognized to date and the lease payments 
that have been collected is recognized as a current period reduction of rental revenue in our consolidated 
statements of operations.
Derivative Instruments
In the normal course of business, we use derivative financial instruments, which may include interest rate 
swaps, caps, options, floors and other interest rate derivative contracts, to protect us against adverse fluctuations in 
interest rates by reducing our exposure to variability in cash flows on a portion of our floating-rate debt. Instruments 
that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract. We 
record all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value 
of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a 
hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria 
necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to 
variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. 
Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging 
instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to 
the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow 
hedge. We may also enter into derivative contracts that are intended to economically hedge certain risk, even 
though hedge accounting does not apply or we elect not to apply hedge accounting.
The accounting for subsequent changes in the fair value of these derivatives depends on whether each has 
been designated and qualifies for hedge accounting treatment. If a derivative is designated and qualifies for cash 
flow hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other 
comprehensive income (loss) in the consolidated statements of comprehensive income to the extent that it is 
effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. If we elect 
not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any change in the fair 
value of these derivative instruments is recognized immediately in gains (losses) on derivative instruments in the 
consolidated statements of operations. We do not intend to use derivative instruments for trading or speculative 
purposes.
Equity-Based Compensation  
We grant shares of restricted common stock ("RSAs") and restricted stock units ("RSUs") to our directors, 
executive officers and other employees that vest over multiple periods, subject to the recipient's continued service. 
We also grant performance-based RSUs to our executive officers, the final number of which is determined based on 
objective and subjective performance conditions and which vest over a multi-year period, subject to the recipient's 
continued service. We account for RSAs and RSUs in accordance with ASC 718, Compensation – Stock 
Compensation, which requires that such compensation be recognized in the financial statements based on its 
estimated grant-date fair value. The value of such awards is recognized as compensation expense in general and 
administrative expenses in the accompanying consolidated statements of operations over the applicable  service 
periods. 
56

We recognize compensation expense for equity-based compensation using the straight-line method based 
on the fair value of the award on the grant date. Forfeitures of equity-based compensation awards, if any, are 
recognized when they occur.
Results of Operations
The following discusses our results of operations for the year ended December 31, 2024 as compared to the 
year ended December 31, 2023. A discussion of our results of operations for the year ended December 31, 2023, as 
compared to the year ended December 31, 2022, has been omitted from this Annual Report but may be found in 
"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of 
Operations—Comparison of the years ended December 31, 2023 and 2022" in our Annual Report on Form 10-K for 
the year ended December 31, 2022.
Comparison of the years ended December 31, 2024 and 2023 
 
Year ended December 31,
 
 
(dollar amounts in thousands)
2024
2023
Change
%
Revenues:
 
 
Rental revenue
$ 
425,749 $ 
339,897 $ 
85,852 
 25.3 %
Interest income on loans and direct financing 
lease receivables
 
23,409  
18,128  
5,281 
 29.1 %
Other revenue, net
 
452  
1,570  
(1,118) 
 (71.2) %
Total revenues
 
449,610  
359,595  
90,015 
Expenses:
 
 
General and administrative
 
35,161  
30,678  
4,483 
 14.6 %
Property expenses
 
4,997  
4,663  
334 
 7.2 %
Depreciation and amortization
 
122,161  
102,219  
19,942 
 19.5 %
Provision for impairment of real estate
 
14,845  
3,548  
11,297 
 318.4 %
Change in provision for credit losses
 
230  
(99)  
329 
 332.3 %
Total expenses
 
177,394  
141,009  
36,385 
Other operating income:
 
 
Gain on dispositions of real estate, net
 
5,977  
24,167  
(18,190) 
 (75.3) %
Income from operations
 
278,193  
242,753  
35,440 
Other (expense)/income:
 
Loss on debt extinguishment
 
—  
(116)  
116 
 100.0 %
Interest expense
 
(78,544)  
(52,597)  
(25,947) 
 49.3 %
Interest income
 
3,069  
2,011  
1,058 
 52.6 %
Other income
 
1,548  
—  
1,548 
 100.0 %
Income before income tax expense
 
204,266  
192,051  
12,215 
Income tax expense
 
628  
636  
(8) 
 (1.3) %
Net income
 
203,638  
191,415  
12,223 
Net income attributable to non-controlling 
interests
 
(634)  
(708)  
74 
 10.5 %
Net income attributable to stockholders
$ 
203,004 $ 
190,707 $ 
12,297 
Revenues:
Rental revenue. Rental revenue increased by $85.9 million for the year ended December 31, 2024, as 
compared to the year ended December 31, 2023. The increase in rental revenue was driven primarily by the growth 
in our real estate investment portfolio which grew by 217 rental properties, or 12%, since December 31, 2023. A 
portion of our real estate investments were acquired throughout the periods presented and were not all owned by us 
for the entirety of the applicable periods; accordingly, a significant portion of the increase in rental revenue between 
periods is related to recognizing revenue in 2024 from acquisitions that were made during 2023 and 2024.
57

Interest on loans and direct financing lease receivables. Interest on loans and direct financing lease 
receivables increased by $5.3 million during the year ended December 31, 2024, as compared to the year ended 
December 31, 2023, primarily due to the increase in our mortgage loans receivable portfolio during 2024, which led 
to a higher average daily balance of loans receivable outstanding during the year ended December 31, 2024.
Other revenue, net. Other revenue for the year ended December 31, 2024 decreased by $1.1 million, as 
compared to the year ended December 31, 2023, primarily due to the receipt of insurance claim proceeds and 
higher loan prepayment fees received during the year ended December 31, 2023. 
Expenses:
General and administrative. General and administrative expense increased by $4.5 million for the year 
ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to an increase in 
non-cash share-based compensation, salary expense and professional fees during the year ended December 31, 
2024.
Property expenses. Property expenses increased by $0.3 million for the year ended December 31, 2024, as 
compared to the year ended December 31, 2023. The increase in property expenses was primarily due to increased 
reimbursable property taxes and property-related operational costs during the year ended December 31, 2024.
Depreciation and amortization. Depreciation and amortization expense increased by $19.9 million for the 
year ended December 31, 2024, as compared to the year ended December 31, 2023. Depreciation and 
amortization expense increased in proportion to the general increase in the size of our real estate investment 
portfolio during the year ended December 31, 2024.     
Provision for impairment of real estate. Impairment charges on real estate investments were $14.8 million 
and $3.5 million for the years ended December 31, 2024 and 2023, respectively. During the years ended 
December 31, 2024 and 2023, we recorded a provision for impairment of real estate on 22 and eight of our real 
estate investments, respectively. 
Change in provision for credit losses. During the year ended December 31, 2024, our provision for credit 
losses increased by $0.2 million, compared to a $0.1 million decrease in our provision for credit losses during the 
year ended December 31, 2023. Under ASC 326, we are required to re-evaluate the expected loss on our portfolio 
of loans and direct financing lease receivables at each balance sheet date. Changes in our provision for credit 
losses are driven by revisions to global and asset-specific assumptions in our credit loss model and by changes in 
the size of our loan and direct financing lease portfolio.
Other operating income:
Gain on dispositions of real estate, net. Gain on dispositions of real estate, net, decreased by $18.2 million 
for the year ended December 31, 2024, as compared to the year ended December 31, 2023. We disposed of 46 
real estate properties during the year ended December 31, 2024, compared to 52 real estate properties during the 
year ended December 31, 2023. Overall, our 2024 dispositions had a lower sales price in relation to their net book 
value as compared to our 2023 dispositions. 
Other (expense)/income: 
Loss on debt extinguishment. The loss on debt extinguishment of $0.1 million during the year ended 
December 31, 2023 relates to the write-off of deferred financing costs in conjunction with the full repayment of our 
2024 Term Loan in August 2023. 
Interest expense. Interest expense increased by $25.9 million for the year ended December 31, 2024, as 
compared to the year ended December 31, 2023. This increase in interest expense was primarily due to an 
increase in our outstanding debt balance and increased interest rates during the year ended December 31, 2024 
compared to the year ended December 31, 2023.  
Interest income. Interest income increased by $1.1 million for the year ended December 31, 2024, as 
compared to the year ended December 31, 2023. The increase in interest income was primarily due to an increase 
58

in interest rates on our short-term investments during the year ended December 31, 2024 as compared to the year 
ended December 31, 2023.
Other income. During the year ended December 31, 2024, we recorded $1.5 million of other income related 
to the settlement of litigation with a former tenant. Substantially all of this amount relates to proceeds received to 
recoup legal fees and other related expenses previously incurred associated with enforcing our rights under the 
leases with the former tenant.
Income tax expense. Income tax expense decreased by approximately $8,000 for the year ended 
December 31, 2024, as compared to the year ended December 31, 2023. We are organized and operate as a REIT 
and are generally not subject to U.S. federal corporate income taxes on our REIT taxable income that is currently 
distributed to our stockholders. However, the Operating Partnership is subject to taxation in certain state and local 
jurisdictions that impose income taxes on a partnership.
Non-GAAP Financial Measures
Our reported results are presented in accordance with GAAP. We also disclose the following non-GAAP 
financial measures: funds from operations ("FFO"), core funds from operations ("Core FFO"), adjusted funds from 
operations ("AFFO"), earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA further 
adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses 
("EBITDAre"), adjusted EBITDAre, annualized adjusted EBITDAre, net debt, net operating income ("NOI") and cash 
NOI ("Cash NOI"). We believe these non-GAAP financial measures are industry measures used by analysts and 
investors to compare the operating performance of REITs.
We compute FFO in accordance with the definition adopted by the Board of Governors of the National 
Association of Real Estate Investment Trusts ("NAREIT"). NAREIT defines FFO as GAAP net income or loss 
adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate 
assets, impairment write-downs associated with depreciable real estate assets and real estate-related depreciation 
and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), 
including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO is used by management, and 
may be useful to investors and analysts, to facilitate meaningful comparisons of operating performance between 
periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization 
and net gains and losses on sales (which are dependent on historical costs and implicitly assume that the value of 
real estate diminishes predictably over time, rather than fluctuating based on existing market conditions).
We compute Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and 
expense amounts that we believe are infrequent and unusual in nature and/or not related to our core real estate 
operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and 
management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of 
our operating performance across multiple periods and in comparison to the operating performance of our peers, 
because it removes the effect of unusual items that are not expected to impact our operating performance on an 
ongoing basis. Core FFO is used by management in evaluating the performance of our core business operations. 
Items included in calculating FFO that may be excluded in calculating Core FFO include certain transaction related 
gains, losses, income or expenses or other non-core amounts as they occur.
To derive AFFO, we modify our computation of Core FFO to include other adjustments to GAAP net income 
related to certain items that we believe are not indicative of our operating performance, including straight-line rental 
revenue, non-cash interest expense, non-cash compensation expense, other amortization expense, other non-cash 
charges and capitalized interest expense. Such items may cause short-term fluctuations in net income but have no 
impact on operating cash flows or long-term operating performance. We believe that AFFO is an additional useful 
supplemental measure for investors to consider when assessing our operating performance without the distortions 
created by non-cash items and certain other revenues and expenses.
FFO, Core FFO and AFFO do not include all items of revenue and expense included in net income, they do 
not represent cash generated from operating activities and they are not necessarily indicative of cash available to 
fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance 
measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in 
lieu of, GAAP financial measures. Additionally, our computation of FFO, Core FFO and AFFO may differ from the 
59

methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to 
similarly titled measures reported by other equity REITs.
The following table reconciles net income (which is the most comparable GAAP measure) to FFO, Core 
FFO and AFFO attributable to stockholders and non-controlling interests:
Year ended December 31,
(in thousands)
2024
2023
2022
Net income
$ 
203,638 $ 
191,415 $ 
134,742 
Depreciation and amortization of real estate
 
121,997  
102,103  
88,459 
Provision for impairment of real estate
 
14,845  
3,548  
20,164 
Gain on dispositions of real estate, net 
 
(5,977)  
(24,167)  
(30,647) 
FFO attributable to stockholders and non-controlling 
interests
 
334,503  
272,899  
212,718 
Non-core (income) expense (1)(2)
 
—  
(510)  
2,388 
Core FFO attributable to stockholders and non-controlling 
interests
 
334,503  
272,389  
215,106 
Adjustments:
Straight-line rental revenue, net
 
(38,661)  
(30,375)  
(20,615) 
Non-cash interest 
 
4,086  
3,187  
2,616 
Non-cash compensation expense
 
10,827  
9,192  
9,489 
Other amortization expense
 
1,802  
1,507  
2,912 
Other non-cash adjustments
 
1,075  
(73)  
74 
Capitalized interest expense
 
(5,760)  
(2,430)  
(757) 
AFFO attributable to stockholders and non-controlling 
interests
$ 
307,872 $ 
253,397 $ 
208,825 
_____________________________________
(1)
Includes $0.1 million loss on debt extinguishment, $0.9 million of insurance recovery income and 
$0.4 million of cash and non-cash separation costs with the departures of a junior executive and a Board 
member during the year ended December 31, 2023. 
(2)
Includes $0.2 million of fees incurred in conjunction with the August 2022 amendment to our 2027 Term 
Loan and our $2.1 million loss on debt extinguishment during the year ended December 31, 2022.
We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. In 2017, 
NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. We 
compute EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA 
(as defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment 
losses. We present EBITDA and EBITDAre as they are measures commonly used in our industry. We believe that 
these measures are useful to investors and analysts because they provide supplemental information concerning our 
operating performance, exclusive of certain non-cash items and other costs. We use EBITDA and EBITDAre as 
measures of our operating performance and not as measures of liquidity.
EBITDA and EBITDAre do not include all items of revenue and expense included in net income, they do not 
represent cash generated from operating activities and they are not necessarily indicative of cash available to fund 
cash requirements; accordingly, they should not be considered alternatives to net income as a performance 
measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in 
lieu of, GAAP financial measures. Additionally, our computation of EBITDA and EBITDAre may differ from the 
methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to 
similarly titled measures reported by other equity REITs.
60

The following table reconciles net income (which is the most comparable GAAP measure) to EBITDA and 
EBITDAre attributable to stockholders and non-controlling interests:
Year ended December 31,
(in thousands)
2024
2023
2022
Net income
$ 
203,638 $ 
191,415 $ 
134,742 
Depreciation and amortization
 
122,161  
102,219  
88,562 
Interest expense
 
78,544  
52,597  
40,370 
Interest income
 
(3,069)  
(2,011)  
(2,825) 
Income tax expense
 
628  
636  
998 
EBITDA attributable to stockholders and non-controlling 
interests
 
401,902  
344,856  
261,847 
Provision for impairment of real estate
 
14,845  
3,548  
20,164 
Gain on dispositions of real estate, net
 
(5,977)  
(24,167)  
(30,647) 
EBITDAre attributable to stockholders and non-controlling 
interests
$ 
410,770 $ 
324,237 $ 
251,364 
We further adjust EBITDAre for the most recently completed quarter i) based on an estimate calculated as if 
all re-leasing, investment and disposition activity that took place during the quarter had been made on the first day 
of the quarter, ii) to exclude certain GAAP income and expense amounts that we believe are infrequent and unusual 
in nature and iii) to eliminate the impact of lease termination fees and contingent rental revenue from certain of our 
tenants, which is subject to sales thresholds specified in the applicable leases ("Adjusted EBITDAre"). We then 
annualize quarterly Adjusted EBITDAre by multiplying it by four ("Annualized Adjusted EBITDAre"), which we 
believe provides a meaningful estimate of our current run rate for all of our investments as of the end of the most 
recently completed quarter. You should not unduly rely on this measure, as it is based on assumptions and 
estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly 
less than our current Annualized Adjusted EBITDAre.
61

The following table reconciles net income (which is the most comparable GAAP measure) to Annualized 
Adjusted EBITDAre attributable to stockholders and non-controlling interests for the three months ended 
December 31, 2024: 
(in thousands)
Three months 
ended 
December 31, 
2024
Net income
$ 
55,548 
Depreciation and amortization
 
32,829 
Interest expense
 
23,958 
Interest income
 
(559) 
Income tax expense
 
157 
EBITDA attributable to stockholders and non-controlling interests
 
111,933 
Provision for impairment of real estate
 
2,587 
Gain on dispositions of real estate, net 
 
(4,575) 
EBITDAre attributable to stockholders and non-controlling interests
 
109,945 
Adjustment for current quarter re-leasing, acquisition and disposition activity (1)
 
3,856 
Adjustment to exclude other non-core or non-recurring activity (2)
 
(784) 
Adjustment to exclude termination/prepayment fees and certain percentage rent (3)
 
(93) 
Adjusted EBITDAre attributable to stockholders and non-controlling interests
$ 
112,924 
Annualized Adjusted EBITDAre attributable to stockholders and non-controlling interests
$ 
451,696 
_____________________________________
(1)
Adjustment assumes all re-leasing activity, investments in and dispositions of real estate and loan 
repayments completed during the three months ended December 31, 2024 had occurred on October 1, 
2024.
(2)
Adjustment is made to i) exclude non-core adjustments made in computing Core FFO, ii) exclude changes 
in our provision for credit losses and iii) eliminate the impact of seasonal fluctuation in certain non-cash 
compensation expense recorded in the period.
(3)
Adjustment excludes lease termination or loan prepayment fees and contingent rent (based on a 
percentage of the tenant's gross sales at the leased property) where payment is subject to exceeding a 
sales threshold specified in the lease, if any.
We calculate our net debt as our gross debt (defined as total debt plus net deferred financing costs on our 
secured borrowings) less cash and cash equivalents and restricted cash available for future investment. We believe 
excluding cash and cash equivalents and restricted cash available for future investment from gross debt, all of 
which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be 
repaid, which we believe is a beneficial disclosure to investors and analysts.
The following table reconciles total debt (which is the most comparable GAAP measure) to net debt:  
December 31,
(in thousands)
2024
2023
Unsecured term loan, net of deferred financing costs
$ 
1,721,114 $ 
1,272,772 
Revolving credit facility
 
—  
— 
Senior unsecured notes
 
396,403  
395,846 
Total debt 
 
2,117,517  
1,668,618 
Deferred financing costs and original issue discount, net
 
12,483  
11,382 
Gross debt 
 
2,130,000  
1,680,000 
Cash and cash equivalents
 
(40,713)  
(39,807) 
Restricted cash available for future investment
 
(4,265)  
(9,156) 
Net debt
$ 
2,085,022 $ 
1,631,037 
 We compute NOI as total revenues less property expenses. NOI excludes all other items of expense and 
income included in the financial statements in calculating net income or loss in accordance with GAAP. Cash NOI 
further excludes non-cash items included in total revenues and property expenses, such as straight-line rental 
62

revenue and other amortization and non-cash charges. We believe NOI and Cash NOI provide useful and relevant 
information because they reflect only those revenue and expense items that are incurred at the property level and 
present such items on an unlevered basis.
NOI and Cash NOI are not measures of financial performance under GAAP. You should not consider our 
NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance 
with GAAP. Additionally, our computation of NOI and Cash NOI may differ from the methodology for calculating 
these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures 
reported by other equity REITs.
The following table reconciles net income (which is the most comparable GAAP measure) to NOI and Cash 
NOI attributable to stockholders and non-controlling interests: 
Year ended December 31,
(in thousands)
2024
2023
2022
Net income
$ 
203,638 $ 
191,415 $ 
134,742 
General and administrative expense
 
35,161  
30,678  
29,464 
Depreciation and amortization
 
122,161  
102,219  
88,562 
Provision for impairment of real estate
 
14,845  
3,548  
20,164 
Change in provision for credit losses
 
230  
(99)  
88 
Gain on dispositions of real estate, net 
 
(5,977)  
(24,167)  
(30,647) 
Loss on debt extinguishment
 
—  
116  
2,138 
Interest expense
 
78,544  
52,597  
40,370 
Interest income
 
(3,069)  
(2,011)  
(2,825) 
Other income
 
(1,548)  
—  
— 
Income tax expense
 
628  
636  
998 
NOI attributable to stockholders and non-controlling 
interests
 
444,613  
354,932  
283,054 
Straight-line rental revenue, net
 
(38,661)  
(30,375)  
(20,615) 
Other amortization and non-cash adjustments
 
2,877  
1,507  
2,912 
Cash NOI attributable to stockholders and non-controlling 
interests
$ 
408,829 $ 
326,064 $ 
265,351 
63

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Over time, we generally seek to match the expected cash inflows from our long-term leases and loans 
receivable with the expected cash outflows for our long-term debt. To seek to achieve this objective, we issue senior 
unsecured notes and borrow under our Revolving Credit Facility and through term loans. 
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)
Maturity Date
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Unsecured term loans:
2027 Term Loan
February 2027
$ 
430,000 $ 
430,000 
2.5%
2.4%
2028 Term Loan
January 2028
 
400,000  
400,000 
4.7%
4.6%
2029 Term Loan
February 2029 (2)
 
450,000  
450,000 
5.4%
4.3%
2030 Term Loan
January 2030 (2)
 
450,000  
— 
4.9%
—%
Senior unsecured notes
July 2031
 
400,000  
400,000 
3.1%
3.1%
Revolving Credit Facility 
February 2026
 
—  
— 
—%
—%
Total principal outstanding 
$ 2,130,000 $ 1,680,000 
4.1%
3.6%
 _______________________________________________________________
(1)
Interest rates are presented after giving effect to our interest rate swap and lock agreements, where 
applicable.
(2)
After giving effect to extension options exercisable at the Operating Partnership's election. 
While our borrowings under the 2027 Term Loan and the CF Term Loans are variable-rate, we have 
effectively fixed the interest rate under these term loans by entering into interest rate swap agreements where we 
pay a fixed interest rate and receive a floating interest rate equal to the rate we pay on the respective loan. At 
December 31, 2024, our aggregate asset in the event of the early termination of our swaps was $20.1 million. 
Borrowings outstanding under the Revolving Credit Facility from time to time bear interest at a variable rate 
equal to 1-month SOFR plus a leverage-based credit spread. Therefore, an increase or decrease in interest rates 
would result in an increase or decrease to our interest expense related to the Revolving Credit Facility. 
We are exposed to interest rate risk between the time we enter into a sale-leaseback transaction, acquire a 
leased property or invest in a loan receivable and the time we finance the related asset with long-term fixed-rate 
debt. In addition, when our long-term debt matures, we may have to refinance the debt at a higher interest rate. 
Market interest rates are sensitive to many factors that are beyond our control. Our interest rate risk management 
objective is to limit the impact of future interest rate changes on our earnings and cash flows.
In addition to amounts that we borrow under the Revolving Credit Facility, we may incur variable-rate debt in 
the future that we do not choose to hedge. Additionally, decreases in interest rates may lead to increased 
competition for the acquisition of real estate due to a reduction in desirable alternative income-producing 
investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real 
estate we have targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by 
obtaining lower interest costs on our borrowings, our results of operations will be adversely affected. Significant 
increases in interest rates may also have an adverse impact on our earnings if we are unable to acquire real estate 
with rental rates high enough to offset the increase in interest rates on our borrowings.
Fair Value of Fixed-Rate Indebtedness
The estimated fair value of our fixed-rate indebtedness under our senior unsecured notes is calculated 
based on quoted prices in active markets for identical assets. The following table discloses fair value information 
related to our fixed-rate indebtedness as of December 31, 2024:
(in thousands)
Carrying Value (1)
Estimated Fair 
Value
Senior unsecured notes
$ 
400,000 $ 
340,420 
_____________________________________
(1)
Excludes net deferred financing costs of $3.1 million and net discount of $0.5 million.
64

Item 8. Financial Statements and Supplementary Data.
Index to Consolidated Financial Statements
Financial Statements and Supplemental Data
Reports of Independent Registered Public Accounting Firm (PCAOB ID: Number 248)
66
Consolidated Balance Sheets as of December 31, 2024 and 2023
69
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023, and 
2022
70
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2024, 
2023, and 2022
71
Consolidated Statements of Stockholders' Equity for the Years Ended December 31, 2024, 
2023, and 2022
72
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 
2022
73
Notes to Consolidated Financial Statements
75
65

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
Essential Properties Realty Trust, Inc.
Opinion on the financial statements 
We have audited the accompanying consolidated balance sheets of Essential Properties Realty Trust, Inc. (a 
Maryland corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related 
consolidated statements of operations, comprehensive income, stockholders’ equity, and cash flows for each of the 
three years in the period ended December 31, 2024, and the related notes and financial statement schedules 
included under Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the 
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of 
December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the 
period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States 
of America. 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2024, based on 
criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (“COSO”), and our report dated February 12, 2025, expressed an 
unqualified opinion.
Basis for opinion 
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is 
to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public 
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in 
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of 
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that 
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and 
disclosures in the financial statements. Our audits also included evaluating the accounting principles used and 
significant estimates made by management, as well as evaluating the overall presentation of the financial 
statements. We believe that our audits provide a reasonable basis for our opinion.
Critical audit matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial 
statements that was communicated or required to be communicated to the audit committee and that: (1) relates to 
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, 
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion 
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, 
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. 
Evaluation of the measurement of the fair values used in the purchase price allocation of real estate acquisitions
As described further in Notes 2 and 3 to the consolidated financial statements, the acquisition of real estate for 
investment purposes is typically accounted for as an asset acquisition in which the Company allocates the purchase 
price of acquired properties to land, buildings, site improvements and other identified tangible and intangible assets 
and liabilities on a relative fair value basis. The Company acquired approximately $724.3 million of real estate 
investments subject to this allocation process during the year ended December 31, 2024. We identified fair value 
measurements used to allocate the purchase price to the assets acquired and liabilities assumed in the real estate 
acquisitions as a critical audit matter.
66

The principal consideration for our determination that the fair value measurements used to allocate the purchase 
price to the assets acquired and liabilities assumed in the real estate acquisitions is a critical audit matter is the 
degree of estimation uncertainty in determining fair value estimates. Specifically, these fair value measurements 
were sensitive to establishing a range of market assumptions for land values, building replacement values, and 
rental rates. Establishing the market assumptions for land, building, site improvements and rent included identifying 
the relevant properties in the established range that were most comparable to the acquired property. There was a 
high degree of subjective and complex auditor judgment in evaluating significant assumptions used in developing 
the fair value measurements. 
Our audit procedures related to the fair value measurements used to allocate the purchase price to the assets 
acquired and liabilities assumed in the real estate acquisitions included the following, among others:
We obtained an understanding, evaluated the design, and tested the operating effectiveness of relevant 
controls relating to the allocation of the purchase price of real estate acquisitions, including internal controls 
over the selection and review of the significant assumptions to estimate fair value, including those used by 
third-party valuation professionals. 
For a selection of real estate acquisitions, we involved our real estate valuation specialists who assisted in 
evaluating the significant assumptions to the fair value measurements used in the purchase price 
allocations. We read the purchase agreements and tested the completeness and accuracy of underlying 
contractual data used, including rental data where applicable. The evaluation included comparison of the 
Company’s assumptions to independently developed ranges using market data from industry transaction 
databases and published industry reports. We analyzed where the Company’s market rental rates fell within 
our real estate valuation specialists’ independently developed ranges to evaluate if management bias was 
present.
/s/ GRANT THORNTON LLP
We have served as the Company’s auditor since 2021.
New York, New York
February 12, 2025
67

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
Essential Properties Realty Trust, Inc.
Opinion on internal control over financial reporting
We have audited the internal control over financial reporting of Essential Properties Realty Trust, Inc. (a Maryland 
corporation) and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in the 2013 
Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway 
Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control 
over financial reporting as of December 31, 2024, based on criteria established in the 2013 Internal Control—
Integrated Framework issued by COSO.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 
31, 2024, and our report dated February 12, 2025 expressed an unqualified opinion on those financial statements.
Basis for opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for 
its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 
Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on 
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm 
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the 
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission 
and the PCAOB. 
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting 
was maintained in all material respects. Our audit included obtaining an understanding of internal control over 
financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and 
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we 
considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and limitations of internal control over financial reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s 
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may 
become inadequate because of changes in conditions, or that the degree of compliance with the policies or 
procedures may deteriorate.
/s/ GRANT THORNTON LLP
New York, New York
February 12, 2025
68

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets
 
December 31,
(In thousands, except share and per share data)
2024
2023
ASSETS
 
 
Investments:
 
 
Real estate investments, at cost:
 
 
Land and improvements
$ 
1,865,610 
$ 
1,542,302 
Building and improvements
 
3,536,000 
 
2,938,012 
Lease incentives
 
17,903 
 
17,890 
Construction in progress
 
153,789 
 
96,524 
Intangible lease assets
 
94,047 
 
89,209 
Total real estate investments, at cost
 
5,667,349 
 
4,683,937 
Less: accumulated depreciation and amortization
 
(476,827)  
(367,133) 
Total real estate investments, net
 
5,190,522 
 
4,316,804 
Loans and direct financing lease receivables, net
 
352,066 
 
223,854 
Real estate investments held for sale, net
 
10,018 
 
7,455 
Net investments
 
5,552,606 
 
4,548,113 
Cash and cash equivalents
 
40,713 
 
39,807 
Restricted cash
 
4,265 
 
9,156 
Straight-line rent receivable, net
 
143,435 
 
107,545 
Derivative assets
 
27,714 
 
30,980 
Rent receivables, prepaid expenses and other assets, net
 
29,949 
 
32,660 
Total assets(1)
$ 
5,798,682 
$ 
4,768,261 
LIABILITIES AND EQUITY
Unsecured term loans, net of deferred financing costs
$ 
1,721,114 
$ 
1,272,772 
Senior unsecured notes, net
 
396,403 
 
395,846 
Revolving credit facility
 
— 
 
— 
Intangible lease liabilities, net
 
10,700 
 
11,206 
Dividend payable
 
55,608 
 
47,182 
Derivative liabilities
 
7,585 
 
23,005 
Accrued liabilities and other payables
 
35,145 
 
31,248 
Total liabilities(1)
 
2,226,555 
 
1,781,259 
Commitments and contingencies (see Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value; 150,000,000 authorized; none issued and outstanding 
as of December 31, 2024 and 2023
 
— 
 
— 
Common stock, $0.01 par value; 500,000,000 authorized; 187,537,592 and 164,635,150 
issued and outstanding as of December 31, 2024 and 2023, respectively
 
1,875 
 
1,646 
Additional paid-in capital
 
3,658,219 
 
3,078,459 
Distributions in excess of cumulative earnings
 
(113,302)  
(105,545) 
Accumulated other comprehensive income
 
16,886 
 
4,019 
Total stockholders' equity
 
3,563,678 
 
2,978,579 
Non-controlling interests
 
8,449 
 
8,423 
Total equity
 
3,572,127 
 
2,987,002 
Total liabilities and equity
$ 
5,798,682 
$ 
4,768,261 
 _____________________________________
(1)
The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities 
("VIEs"). See Note 2—Summary of Significant Accounting Policies. As of December 31, 2024 and 2023, all of the 
assets and liabilities of the Company were held by its operating partnership, a consolidated VIE, with the exception of 
$55.4 million and $47.0 million, respectively, of dividends payable.
The accompanying notes are an integral part of these consolidated financial statements.
69

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Operations
 
 
Year ended December 31,
(In thousands, except share and per share data)
2024
2023
2022
Revenues:
 
 
 
Rental revenue
$ 
425,749 
$ 
339,897 
$ 
269,827 
Interest on loans and direct financing lease receivables
 
23,409 
 
18,128 
 
15,499 
Other revenue, net
 
452 
 
1,570 
 
1,180 
Total revenues
 
449,610 
 
359,595 
 
286,506 
Expenses:
 
General and administrative
 
35,161 
 
30,678 
 
29,464 
Property expenses
 
4,997 
 
4,663 
 
3,452 
Depreciation and amortization
 
122,161 
 
102,219 
 
88,562 
Provision for impairment of real estate
 
14,845 
 
3,548 
 
20,164 
Change in provision for credit losses
 
230 
 
(99)  
88 
Total expenses
 
177,394 
 
141,009 
 
141,730 
Other operating income:
 
Gain on dispositions of real estate, net
 
5,977 
 
24,167 
 
30,647 
Income from operations
 
278,193 
 
242,753 
 
175,423 
Other (expense)/income:
 
Loss on debt extinguishment
 
— 
 
(116)  
(2,138) 
Interest expense
 
(78,544)  
(52,597)  
(40,370) 
Interest income
 
3,069 
 
2,011 
 
2,825 
Other income
 
1,548  
—  
— 
Income before income tax expense
 
204,266 
 
192,051 
 
135,740 
Income tax expense 
 
628 
 
636 
 
998 
Net income
 
203,638 
 
191,415 
 
134,742 
Net income attributable to non-controlling interests
 
(634)  
(708)  
(612) 
Net income attributable to stockholders
$ 
203,004 
$ 
190,707 
$ 
134,130 
Basic weighted average shares outstanding
 
173,855,427 
 
152,140,735 
 
134,941,188 
Basic net income per share
$ 
1.16 
$ 
1.25 
$ 
0.99 
Diluted weighted average shares outstanding
 
177,115,170 
 
153,521,854 
 
135,855,916 
Diluted net income per share
$ 
1.15 
$ 
1.24 
$ 
0.99 
The accompanying notes are an integral part of these consolidated financial statements.
70

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Comprehensive Income
 
 
Year ended December 31,
(In thousands)
2024
2023
2022
Net income
$ 
203,638 
$ 
191,415 
$ 
134,742 
Other comprehensive income:
Unrealized gain (loss) on cash flow hedges
 
42,210 
 
(9,187)  
56,736 
Cash flow hedge (loss) gain reclassified to interest expense
 
(29,310)  
(27,687)  
26 
Total other comprehensive income (loss)
 
12,900 
 
(36,874)  
56,762 
Comprehensive income
 
216,538 
 
154,541 
 
191,504 
Net income attributable to non-controlling interests
 
(634)  
(708)  
(612) 
Adjustment for other comprehensive (loss) income attributable to 
non-controlling interests
 
(33)  
174 
 
(1,257) 
Comprehensive income attributable to stockholders
$ 
215,871 
$ 
154,007 
$ 
189,635 
The accompanying notes are an integral part of these consolidated financial statements.
71

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Stockholders' Equity 
 
Common Stock
 
 
 
 
 
 
(In thousands, except share data)
Number of
Shares
Par
Value
Additional
Paid-In
Capital
Distributions 
in Excess of 
Cumulative
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total 
Stockholders' 
Equity
Non-
Controlling
Interests
Total
Equity
Balance at December 31, 2021
 124,649,053 
$ 
1,246 
$ 2,151,088 
$ 
(100,982) $ 
(14,786) $ 
2,036,566 
$ 
7,237 
$ 2,043,803 
Common stock issuance
 17,576,684 
 
178 
 
413,667 
 
— 
 
— 
 
413,845 
 
— 
 
413,845 
Common stock withheld related to net share settlement of 
equity awards
 
— 
 
— 
 
— 
 
(2,452)  
— 
 
(2,452)  
— 
 
(2,452) 
Costs related to issuance of common stock
 
— 
 
— 
 
(10,939)  
— 
 
— 
 
(10,939)  
— 
 
(10,939) 
Other comprehensive income
 
— 
 
— 
 
— 
 
— 
 
55,505 
 
55,505 
 
1,257 
 
56,762 
Equity based compensation expense
 
153,918 
 
— 
 
9,489 
 
— 
 
— 
 
9,489 
 
— 
 
9,489 
Dividends declared on common stock and OP Units
 
— 
 
— 
 
— 
 
(147,883)  
— 
 
(147,883)  
(596)  
(148,479) 
Net income
 
— 
 
— 
 
— 
 
134,130 
 
— 
 
134,130 
 
612 
 
134,742 
Balance at December 31, 2022
 142,379,655 
 
1,424 
 
2,563,305 
 
(117,187)  
40,719 
 
2,488,261 
 
8,510 
 
2,496,771 
Common stock issuance
 21,971,744 
 
219 
 
507,161 
 
— 
 
— 
 
507,380 
 
— 
 
507,380 
Common stock withheld related to net share settlement of 
equity awards
 
— 
 
— 
 
— 
 
(3,671)  
— 
 
(3,671)  
— 
 
(3,671) 
Costs related to issuance of common stock
 
— 
 
— 
 
(1,010)  
— 
 
— 
 
(1,010)  
— 
 
(1,010) 
Other comprehensive loss
 
— 
 
— 
 
— 
 
— 
 
(36,700)  
(36,700)  
(174)  
(36,874) 
Equity based compensation expense
 
283,751 
 
3 
 
9,003 
 
— 
 
— 
 
9,006 
 
— 
 
9,006 
Dividends declared on common stock and OP Units
 
— 
 
— 
 
— 
 
(175,394)  
— 
 
(175,394)  
(621)  
(176,015) 
Net income
 
— 
 
— 
 
— 
 
190,707 
 
— 
 
190,707 
 
708 
 
191,415 
Balance at December 31, 2023
 164,635,150 
 
1,646 
 
3,078,459 
 
(105,545)  
4,019 
 
2,978,579 
 
8,423 
 
2,987,002 
Common stock issuance
 22,713,852 
 
227 
 
570,016 
 
— 
 
— 
 
570,243 
 
— 
 
570,243 
Common stock withheld related to net share settlement of 
equity awards
 
— 
 
— 
 
— 
 
(3,313)  
— 
 
(3,313)  
— 
 
(3,313) 
Costs related to issuance of common stock
 
— 
 
— 
 
(1,083)  
— 
 
— 
 
(1,083)  
— 
 
(1,083) 
Other comprehensive income
 
— 
 
— 
 
— 
 
— 
 
12,867 
 
12,867 
 
33 
 
12,900 
Equity based compensation expense
 
188,590 
 
2 
 
10,827 
 
— 
 
— 
 
10,829 
 
— 
 
10,829 
Dividends declared on common stock and OP Units
 
— 
 
— 
 
— 
 
(207,448)  
— 
 
(207,448)  
(641)  
(208,089) 
Net income
 
— 
 
— 
 
— 
 
203,004 
 
— 
 
203,004 
 
634 
 
203,638 
Balance at December 31, 2024
 187,537,592 
$ 
1,875 
$ 3,658,219 
$ 
(113,302) $ 
16,886 
$ 
3,563,678 
$ 
8,449 
$ 3,572,127 
 The accompanying notes are an integral part of these consolidated financial statements.
72

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Cash Flows
 
Year ended December 31,
(In thousands)
2024
2023
2022
Cash flows from operating activities:
 
 
 
Net income
$ 
203,638 
$ 
191,415 
$ 
134,742 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
 
122,161 
 
102,219 
 
88,562 
Amortization of lease incentives
 
2,040 
 
1,782 
 
3,480 
Amortization of above/below market leases and right of use assets, net
 
(238)  
(275)  
(217) 
Amortization of deferred financing costs and other non-cash interest expense
 
5,374 
 
3,863 
 
3,099 
Loss on debt extinguishment
 
— 
 
116 
 
2,138 
Provision for impairment of real estate
 
14,845 
 
3,548 
 
20,164 
Change in provision for credit losses
 
230 
 
(99)  
88 
Gain on dispositions of real estate, net
 
(5,977)  
(24,167)  
(30,647) 
Straight-line rent receivable, net
 
(38,882)  
(28,285)  
(20,811) 
Equity based compensation expense
 
10,829 
 
9,006 
 
9,489 
Adjustment to rental revenue for tenant credit
 
635 
 
640 
 
371 
Changes in other assets and liabilities:
Rent receivables, prepaid expenses and other assets, net
 
(7,258)  
(5,956)  
4,507 
Accrued liabilities and other payables
 
1,087 
 
767 
 
(3,943) 
Net cash provided by operating activities
 
308,484 
 
254,574 
 
211,022 
Cash flows from investing activities:
Proceeds from sales of investments, net
 
96,928 
 
128,598 
 
126,610 
Principal collections on loans and direct financing lease receivables
 
10,022 
 
27,908 
 
70,439 
Investments in loans receivable
 
(136,264)  
(13,091)  
(115,016) 
Deposits for prospective real estate investments
 
(3,880)  
189 
 
(26) 
Investment in real estate, including capital expenditures
 
(825,751)  
(894,550)  
(728,727) 
Investment in construction in progress
 
(263,232)  
(105,075)  
(51,870) 
Lease incentives paid
 
(991)  
(1,104)  
(7,488) 
Net cash used in investing activities
 
(1,123,168)  
(857,125)  
(706,078) 
Cash flows from financing activities:
Borrowings under term loans
 
174,569 
 
247,972 
 
397,523 
Borrowings under revolving credit facility
 
490,000 
 
70,000 
 
299,000 
Repayments under revolving credit facility
 
(220,000)  
(70,000)  
(443,000) 
Payments for taxes related to net settlement of equity awards
 
(3,313)  
(3,671)  
(2,452) 
Payment of debt extinguishment costs
 
— 
 
— 
 
(467) 
Deferred financing costs
 
(115)  
(2,426)  
(4,991) 
Proceeds from issuance of common stock, net
 
570,243 
 
507,318 
 
403,884 
Offering costs
 
(1,022)  
(948)  
(1,008) 
Dividends paid 
 
(199,663)  
(168,231)  
(141,691) 
Net cash provided by financing activities
 
810,699 
 
580,014 
 
506,798 
Net (decrease) increase in cash and cash equivalents and restricted cash
 
(3,985)  
(22,537)  
11,742 
Cash and cash equivalents and restricted cash, beginning of period
 
48,963 
 
71,500 
 
59,758 
Cash and cash equivalents and restricted cash, end of period
$ 
44,978 
$ 
48,963 
$ 
71,500 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents
$ 
40,713 
$ 
39,807 
$ 
62,345 
Restricted cash
 
4,265 
 
9,156 
 
9,155 
Cash and cash equivalents and restricted cash, end of period
$ 
44,978 
$ 
48,963 
$ 
71,500 
The accompanying notes are an integral part of these consolidated financial statements.
73

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Cash Flows (continued)
 
 
Year ended December 31,
(In thousands)
2024
2023
2022
Supplemental disclosure of cash flow information:
 
 
 
Cash paid for interest, net of amounts capitalized 
$ 
73,703 
$ 
49,587 
$ 
36,832 
Cash paid for income taxes
 
902 
 
1,486 
 
1,214 
Non-cash investing and financing activities:
Reclassification from construction in progress upon project completion
$ 
200,566 
$ 
45,518 
$ 
26,948 
Net settlement of proceeds on the sale of investments
 
(2,200)  
(4,625)  
(28,938) 
Non-cash investments in real estate and loan receivable activity 
 
2,200 
 
— 
 
22,679 
Unrealized gain (loss) on cash flow hedges
 
42,210 
 
(9,187)  
(56,615) 
Non-cash debt issuance costs
 
4,647 
 
2,028 
 
— 
Non-cash repayment of term loan facility
 
270,000 
 
200,000 
 
— 
Non-cash borrowing under term loan facility
 
(270,000)  
(202,028)  
— 
Payable and accrued offering costs
 
115 
 
24 
 
30 
Discounts and fees on capital raised through issuance of common stock
 
— 
 
38 
 
9,931 
Discounts and fees on issuance of debt
 
— 
 
— 
 
2,477 
Dividends declared and unpaid
 
55,608 
 
47,182 
 
39,398 
The accompanying notes are an integral part of these consolidated financial statements.
74

ESSENTIAL PROPERTIES REALTY TRUST, INC.
CONSOLIDATED FINANCIAL STATEMENTS
Notes to Consolidated Financial Statements
December 31, 2024
1. Organization
Description of Business 
Essential Properties Realty Trust, Inc. (the “Company”) is an internally managed real estate company that 
acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-
market companies operating service-oriented or experience-based businesses. The Company generally invests in 
and leases freestanding, single-tenant commercial real estate facilities where a tenant services its customers and 
conducts activities that are essential to the generation of the tenant’s sales and profits.
The Company was organized on January 12, 2018 as a Maryland corporation. It elected to be taxed as a 
real estate investment trust (“REIT”) for federal income tax purposes beginning with the year ended December 31, 
2018, and it believes that its current organizational and operational status and intended distributions will allow it to 
continue to so qualify. Substantially all of the Company’s business is conducted directly and indirectly through its 
operating partnership, Essential Properties, L.P. (the “Operating Partnership”).
The common stock of the Company is listed on the New York Stock Exchange under the ticker symbol 
“EPRT”. 
2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying consolidated financial statements of the Company are prepared in accordance with 
accounting principles generally accepted in the United States (“GAAP”) and with the rules and regulations of the 
U.S. Securities and Exchange Commission (the “SEC”).
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and subsidiaries 
in which the Company has a controlling financial interest. All intercompany accounts and transactions have been 
eliminated in consolidation. As of December 31, 2024 and 2023, the Company, directly and indirectly, held a 99.7% 
ownership interest in the Operating Partnership and the consolidated financial statements include the financial 
statements of the Operating Partnership as of these dates. See Note 8—Non-controlling Interests for changes in the 
ownership interest in the Operating Partnership.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to 
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of 
contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of 
revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reportable Segments
ASC Topic 280, Segment Reporting, establishes standards for the manner in which enterprises report 
information about operating segments. Substantially all of the Company’s investments, at acquisition, are comprised 
of real estate owned that is leased to tenants on a long-term basis or real estate that secures the Company's 
investment in loans and direct financing lease receivables. Therefore, the Company aggregates these investments 
for reporting purposes and operates in one reportable segment. The chief operating decision maker ("CODM"), 
which is the Company's Chief Executive Officer, determines resource allocations based on characteristics of 
potential future investments (e.g., return on investment, tenant credit quality, industry type, geographic location) and 
assesses the performance of the Company's existing portfolio based on consolidated net income as presented in 
the accompanying consolidated statements of operations.
75

Real Estate Investments
Investments in real estate are carried at cost less accumulated depreciation and impairment losses. The 
cost of investments in real estate reflects their purchase price or development cost. The Company evaluates each 
acquisition transaction to determine whether the acquired asset meets the definition of a business. Under 
Accounting Standards Update ("ASU") 2017-1, Business Combinations (Topic 805): Clarifying the Definition of a 
Business, an acquisition does not qualify as a business when there is no substantive process acquired or 
substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or 
the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract 
that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are 
asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for 
acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and 
replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs 
of repairs and maintenance are expensed as incurred.
The Company incurs various costs in the leasing and development of its properties. Amounts paid to 
tenants that incentivize them to extend or otherwise amend an existing lease or to sign a new lease agreement are 
capitalized to lease incentives on the Company's consolidated balance sheets. Tenant improvements are capitalized 
to building and improvements within the Company's consolidated balance sheets. Costs incurred which are directly 
related to properties under development, which include pre-construction costs essential to the development of the 
property, development costs, construction costs, interest costs and real estate taxes and insurance, are capitalized 
during the period of development as construction in progress. Determination of when a development project 
commences, and capitalization begins, and when a development project has reached substantial completion, and is 
available for occupancy and capitalization must cease, involves a degree of judgment. The Company does not 
engage in speculative real estate development. The Company does, however, opportunistically agree to reimburse 
certain of its tenants for development costs at its properties in exchange for contractually-specified rent that 
generally increases proportionally with its funding.
The Company allocates the purchase price of acquired properties accounted for as asset acquisitions to 
tangible assets and liabilities and identifiable intangible assets or liabilities, if any, based on their relative fair values. 
Tangible assets may include land, site improvements and buildings. Intangible assets may include the value of in-
place leases and above- and below-market leases and other identifiable intangible assets or liabilities based on 
lease or property specific characteristics.
The fair value of the tangible assets of an acquired property with an in-place operating lease is determined 
by valuing the property as if it were vacant, and the "as-if-vacant" value is then allocated to the tangible assets 
based on the fair value of the tangible assets. The fair value of in-place leases is determined by considering 
estimates of carrying costs during the expected lease-up periods, current market conditions, as well as costs to 
execute similar leases based on the specific characteristics of each tenant's lease. The Company estimates the cost 
to execute leases with terms similar to the remaining lease terms of the in-place leases, including leasing 
commissions, legal and other related expenses. Factors the Company considers in this analysis include an estimate 
of the carrying costs during the expected lease-up periods considering current market conditions and costs to 
execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other 
operating expenses, and estimates of lost rentals at market rates during the expected lease-up periods, which 
primarily range from six to 12 months. The fair value of above- or below-market leases is recorded based on the net 
present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference 
between the contractual amount to be paid pursuant to the in-place lease and the Company's estimate of the fair 
market lease rate for the corresponding in-place lease, measured over the remaining non-cancelable term of the 
lease including any below-market fixed rate renewal options for below-market leases.
In making estimates of fair values for purposes of allocating purchase price, the Company uses a number of 
sources, including real estate valuations prepared by independent valuation firms. The Company also considers 
information and other factors including market conditions, the industry that the tenant operates in, characteristics of 
the real estate (e.g., location, size, demographics, value and comparative rental rates), tenant credit profile and the 
importance of the location of the real estate to the operations of the tenant's business. Additionally, the Company 
considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and 
leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company uses the 
information obtained as a result of its pre-acquisition due diligence as part of its consideration of the accounting 
76

standard governing asset retirement obligations and, when necessary, will record an asset retirement obligation as 
part of the purchase price allocation.
Real estate investments that are intended to be sold are designated as "held for sale" on the consolidated 
balance sheets at the lesser of carrying amount and fair value less estimated selling costs. Real estate investments 
are no longer depreciated when they are classified as held for sale. If the disposal, or intended disposal, of certain 
real estate investments represents a strategic shift that has had or will have a major effect on the Company's 
operations and financial results, the operations of such real estate investments would be presented as discontinued 
operations in the consolidated statements of operations for all applicable periods.
Depreciation and Amortization
Depreciation is computed using the straight-line method over the estimated useful lives of up to 40 years for 
buildings and 15 years for site improvements. The Company recorded the following amounts of depreciation 
expense on its real estate investments during the periods presented:
Year ended December 31,
(in thousands)
2024
2023
2022
Depreciation on real estate investments
$ 
115,371 $ 
95,527 $ 
80,647 
Lease incentives are amortized on a straight-line basis as a reduction of rental revenue over the remaining 
non-cancellable terms of the respective leases. If a tenant terminates its lease, the unamortized portion of the lease 
incentive is charged to rental revenue. Construction in progress is not depreciated until the development has 
reached substantial completion. Tenant improvements are depreciated over the non-cancellable term of the related 
lease or their estimated useful life, whichever is shorter.
Capitalized above-market lease intangibles are amortized on a straight-line basis as a reduction of rental 
revenue over the remaining non-cancellable terms of the respective leases. Capitalized below-market lease 
intangibles are accreted on a straight-line basis as an increase to rental revenue over the remaining non-cancellable 
terms of the respective leases including any below-market fixed rate renewal option periods.
Capitalized above-market ground lease values are accreted as a reduction of property expenses over the 
remaining terms of the respective leases. Capitalized below-market ground lease values are amortized as an 
increase to property expenses over the remaining terms of the respective leases and any expected below-market 
renewal option periods where renewal is considered probable.
The value of in-place leases, exclusive of the value of above-market and below-market lease intangibles, is 
amortized to depreciation and amortization expense on a straight-line basis over the remaining periods of the 
respective leases.
If a tenant terminates its lease, the unamortized portion of each intangible, including in-place lease values, 
is charged to depreciation and amortization expense, while above- and below-market lease adjustments are 
recorded within rental revenue in the consolidated statements of operations.
Loans Receivable
The Company holds its loans receivable for long-term investment. Loans receivable are carried at 
amortized cost, including related unamortized discounts or premiums, if any, less the Company's estimated 
allowance for credit losses. The Company recognizes interest income on loans receivable using the effective-
interest method applied on a loan-by-loan basis. Direct costs associated with originating loans are offset against any 
related fees received and the balance, along with any premium or discount, is deferred and amortized as an 
adjustment to interest on loans and direct financing lease receivables over the term of the related loan receivable 
using the effective-interest method.
Direct Financing Lease Receivables
Certain of the Company’s real estate investment transactions are accounted for as direct financing leases. 
The Company records the direct financing lease receivables at their net investment, determined as the aggregate 
minimum lease payments and the estimated non-guaranteed residual value of the leased property less unearned 
77

income. The unearned income is recognized over the term of the related lease so as to produce a constant rate of 
return on the net investment in the asset. The Company’s investment in direct financing lease receivables is 
reduced over the applicable lease term to its non-guaranteed residual value by the portion of rent allocated to the 
direct financing lease receivables.
Allowance for Credit Losses
Under ASC Topic 326, Financial Instruments - Credit Losses, the Company uses a real estate loss estimate 
model (“RELEM”) which estimates losses on its loans and direct financing lease receivable portfolio, for purposes of 
calculating allowances for credit losses. The RELEM allows the Company to refine (on an ongoing basis) the 
expected loss estimate by incorporating asset-specific assumptions as necessary, such as anticipated funding, 
interest payments, estimated extensions and estimated loan repayment/refinancing at maturity to estimate cash 
flows over the life of the loan or direct financing lease receivable. The model also incorporates assumptions related 
to underlying collateral values, various loss scenarios, and predicted losses to estimate expected losses. The 
Company's specific asset-level inputs include loan-to-stabilized-value (“LTV”), principal balance, property type, 
location, coupon, origination year, term, subordination, expected repayment date and future funding. The Company 
categorizes the results by LTV range, which it considers the most significant indicator of credit quality for its loans 
and direct financing lease receivables. A lower LTV ratio typically indicates a lower credit loss risk.
 The Company also evaluates each loan and direct financing lease receivable measured at amortized cost for 
credit deterioration at least quarterly. Credit deterioration occurs when it is deemed probable that the Company will 
not be able to collect all amounts due according to the contractual terms of the loan or direct financing lease 
receivable.
 The Company's allowance for credit losses is adjusted to reflect its estimation of the current and future 
economic conditions that impact the performance of the real estate assets securing its loans. These estimations 
include various macroeconomic factors impacting the likelihood and magnitude of potential credit losses for the 
Company's loans and direct financing lease receivables during their anticipated term. Changes in the Company's 
allowance for credit losses are presented within change in provision for credit losses in its consolidated statements 
of operations. 
Impairment of Long-Lived Assets
If circumstances indicate that the carrying value of a property may not be recoverable, the Company 
reviews the property for impairment. This review is based on an estimate of the future undiscounted cash flows, 
excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates 
consider factors such as expected future operating income, market and other applicable trends and residual value, 
as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to 
recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value 
exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the 
impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. Impairment losses, if any, 
are recorded directly within our consolidated statements of operations. 
The Company recorded the following provisions for impairment of long lived assets during the periods 
presented:
Year ended December 31,
(in thousands)
2024
2023
2022
Provision for impairment of real estate
$ 
14,845 $ 
3,548 $ 
20,164 
Cash and Cash Equivalents
Cash and cash equivalents includes cash in the Company’s bank accounts. The Company considers all 
cash balances and highly liquid investments with original maturities of three months or less to be cash and cash 
equivalents. The Company deposits cash with high quality financial institutions. These deposits are guaranteed by 
the Federal Deposit Insurance Corporation (“FDIC”) up to an insurance limit.
As of December 31, 2024 and 2023, the Company had cash and cash equivalents of $40.7 million and 
$39.8 million, respectively, of which $40.2 million and $39.6 million, respectively, were not insured by the FDIC. 
78

Although the Company bears risk with respect to amounts not insured by the FDIC, it has not experienced and does 
not anticipate any losses as a result due to the high quality of the financial institutions where balances are held.
Restricted Cash
Restricted cash primarily consists of cash proceeds from the sale of assets held by a qualified intermediary 
to facilitate tax-deferred exchange transactions under Section 1031 of the Internal Revenue Code of 1986, as 
amended (the "Code").
Forward Equity Sales
The Company has and may continue to enter into forward sale agreements relating to shares of its common 
stock, either through its ATM Programs (as defined herein) or through underwritten public offerings. These 
agreements may be physically settled in stock, settled in cash or net share settled at the Company’s election.
 The Company evaluated its forward sale agreements and concluded they meet the conditions to be 
classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted net 
income per share calculations using the treasury stock method. Under this method, the number of shares of the 
Company’s common stock used in calculating diluted net income per share is deemed to be increased by the 
excess, if any, of the number of shares of the Company’s common stock that would be issued upon full physical 
settlement of such forward sale agreement over the number of shares of the Company’s common stock that could 
be purchased by the Company in the market (based on the average market price during the reporting period) using 
the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the 
reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on 
the Company’s net income per share except during periods when the average market price of the Company’s 
common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if 
the Company elects to physically settle or net share settle such forward sale agreement, delivery of the Company’s 
shares will result in dilution to the Company’s net income per share.
Deferred Financing Costs
Financing costs related to establishing the Company’s Revolving Credit Facility (as defined below) were 
deferred and are being amortized as an increase to interest expense in the consolidated statements of operations 
over the term of the facility and are reported as a component of rent receivables, prepaid expenses and other 
assets, net on the consolidated balance sheets.
Financing costs related to the incurrence of borrowings under the Company's unsecured term loans and the 
issuance of senior unsecured notes were deferred and are being amortized as an increase to interest expense in 
the consolidated statements of operations over the term of the related debt instrument and are reported as a 
reduction of the related debt balance on the consolidated balance sheets.
Derivative Instruments
In the normal course of business, the Company uses derivative financial instruments, which may include 
interest rate swaps, caps, options, floors and other interest rate derivative contracts, to protect the Company against 
adverse fluctuations in interest rates by reducing its exposure to variability in cash flows on a portion of the 
Company’s floating-rate debt. Instruments that meet these hedging criteria are formally designated as hedges at the 
inception of the derivative contract. The Company records all derivatives on the consolidated balance sheets at fair 
value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, 
whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting 
and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives 
designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of 
forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of 
the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value 
of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of 
the hedged forecasted transactions in a cash flow hedge. The Company may also enter into derivative contracts 
that are intended to economically hedge certain risk, even though hedge accounting does not apply or the Company 
elects not to apply hedge accounting.
79

The accounting for subsequent changes in the fair value of these derivatives depends on whether each has 
been designed and qualifies for hedge accounting treatment. If a derivative is designated and qualifies for cash flow 
hedge accounting treatment, the change in the estimated fair value of the derivative is recorded in other 
comprehensive income (loss) in the consolidated statements of comprehensive income to the extent that it is 
effective. Any ineffective portion of a change in derivative fair value is immediately recorded in earnings. If the 
Company elects not to apply hedge accounting treatment (or for derivatives that do not qualify as hedges), any 
change in the fair value of such derivative instruments would be recognized immediately as a gain or loss on 
derivative instruments in the consolidated statements of operations.
Fair Value Measurement
The Company estimates the fair value of financial and non-financial assets and liabilities based on the 
framework established in fair value accounting guidance. Fair value is defined as the price that would be received to 
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement 
date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring 
the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use 
of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken 
down into three levels based on the reliability of inputs as follows:
Level 1—Quoted prices in active markets for identical assets and liabilities that the Company has the ability 
to access at the measurement date.
Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset and 
liability or can be corroborated with observable market data for substantially the entire contractual term of the asset 
or liability.
Level 3—Unobservable inputs that reflect the Company's own assumptions that market participants would 
use in the pricing of the asset or liability and are consequently not based on market activity, but rather through 
particular valuation techniques.
Revenue Recognition
The Company’s rental revenue is primarily rent received from tenants. Rent from tenants is recorded in 
accordance with the terms of each lease on a straight-line basis over the non-cancellable initial term of the lease 
from the later of the date of the commencement of the lease and the date of acquisition of the property subject to 
the lease. Rental revenue recognition begins when the tenant controls the space and continues through the term of 
the related lease. Because substantially all of the leases provide for rental increases at specified intervals, the 
Company records a straight-line rent receivable and recognizes revenue on a straight-line basis through the 
expiration of the non-cancelable term of the lease. The Company considers whether the collectability of rents is 
reasonably assured in determining the amount of straight-line rent to record.
Generally, the Company’s leases provide the tenant with one or more multi-year renewal options, subject to 
generally the same terms and conditions provided under the initial lease term, including rent increases. If economic 
incentives make it reasonably certain that an option period to extend the lease will be exercised, the Company will 
include these options in determining the non-cancelable term of the lease.
The Company defers rental revenue related to lease payments received from tenants in advance of their 
due dates. These amounts are presented within accrued liabilities and other payables on the Company’s 
consolidated balance sheets.
Certain properties in the Company’s investment portfolio are subject to leases that provide for contingent 
rent based on a percentage of the tenant’s gross sales. For these leases, the Company recognizes contingent 
rental revenue when the threshold upon which the contingent lease payment is based is actually reached.
80

The Company recorded the following amounts as contingent rent, which are included as a component of 
rental revenue in the Company's consolidated statements of operations, during the periods presented:
Year ended December 31,
(in thousands)
2024
2023
2022
Contingent rent
$ 
863 $ 
743 $ 
682 
Adjustment to Rental Revenue for Tenant Credit
The Company continually reviews receivables related to rent and unbilled rent receivables and determines 
collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business 
conditions in the industry in which the tenant operates and economic conditions in the area in which the property is 
located. 
If the assessment of the collectability of substantially all payments due under a lease changes from 
probable to not probable, any difference between the rental revenue recognized to date and the lease payments 
that have been collected is recognized as a current period reduction of rental revenue in the consolidated 
statements of operations. Conversely, if the assessment of the collectability changes from not probable to probable, 
any difference is recognized as a current period increase of rental revenue in the consolidated statements of 
operations. 
The Company recorded the following adjustments as increases or decreases to rental revenue for tenant 
credit during the periods presented:
Year ended December 31,
(in thousands)
2024
2023
2022
Adjustment to decrease rental revenue for tenant credit
$ 
(635) $ 
(640) $ 
(371) 
Offering Costs
In connection with the completion of equity offerings, the Company incurs legal, accounting and other 
offering-related costs. Such costs are deducted from the gross proceeds of each equity offering when the offering is 
completed. As of December 31, 2024 and 2023, the Company capitalized a total of $92.3 million and $91.3 million, 
respectively, of such costs, which are presented as a reduction of additional paid-in capital in the Company's 
consolidated balance sheets.
Income Taxes
The Company elected and qualified to be taxed as a REIT under sections 856 through 860 of the Code 
commencing with its taxable year ended December 31, 2018. REITs are subject to a number of organizational and 
operational requirements, including a requirement that 90% of ordinary “REIT taxable income” (as determined 
without regard to the dividends paid deduction or net capital gains) be distributed. As a REIT, the Company will 
generally not be subject to U.S. federal income tax to the extent that it meets the organizational and operational 
requirements and its distributions equal or exceed REIT taxable income. For the period subsequent to the effective 
date of its REIT election, the Company continues to meet the organizational and operational requirements and 
expects distributions to exceed REIT taxable income. Accordingly, no provision has been made for U.S. federal 
income taxes. Even though the Company has elected and qualifies for taxation as a REIT, it may be subject to state 
and local income and franchise taxes, and to federal income and excise tax on its undistributed income. Franchise 
taxes and federal excise taxes on the Company’s undistributed income, if any, are included in general and 
administrative expenses on the accompanying consolidated statements of operations. Additionally, taxable income 
from non-REIT activities managed through the Company's taxable REIT subsidiary is subject to federal, state, and 
local taxes.
The Company analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions 
where it is required to file income tax returns, as well as for all open tax years in such jurisdictions. The Company 
follows a two-step process to evaluate uncertain tax positions. Step one, recognition, occurs when an entity 
concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon 
examination. Step two, measurement, determines the amount of benefit that is more-likely-than-not to be realized 
81

upon settlement. Derecognition of a tax position that was previously recognized would occur when the Company 
subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. 
The use of a valuation allowance as a substitute for derecognition of tax positions is prohibited.
As of December 31, 2024 and 2023, the Company had no accruals recorded for uncertain tax positions. 
The Company’s policy is to classify interest expense and penalties relating to taxes in general and administrative 
expense in the consolidated statements of operations. During the years ended December 31, 2024, 2023 and 2022, 
the Company recorded de minimis interest or penalties relating to taxes, and there were no interest or penalties with 
respect to taxes accrued as of December 31, 2024 or 2023. The 2023, 2022, 2021, and 2020 taxable years remain 
open to examination by federal and/or state taxing jurisdictions to which the Company is subject.
Equity-Based Compensation
The Company grants shares of restricted common stock ("RSAs") and restricted stock units (“RSUs”) to its 
directors, executive officers and other employees that vest over specified time periods, subject to the recipient’s 
continued service. The Company also grants performance-based RSUs to executive officers, the final number of 
which is determined based on objective and, with respect to performance-based RSUs issued prior to 2024, 
subjective performance conditions which vest over a multi-year period, subject to the recipient’s continued service. 
The Company accounts for RSAs and RSUs in accordance with ASC 718, Compensation – Stock Compensation, 
which requires that such compensation be recognized in the financial statements based on its estimated grant-date 
fair value. The value of such awards is recognized as compensation expense in general and administrative 
expenses in the accompanying consolidated statements of operations over the applicable service periods.
The Company recognizes compensation expense for equity-based compensation using the straight-line 
method based on the fair value of the award on the grant date. Forfeitures of equity-based compensation awards, if 
any, are recognized when they occur.
Variable Interest Entities
The Financial Accounting Standards Board (“FASB”) provides guidance for determining whether an entity is 
a VIE. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial 
interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated 
financial support. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the 
power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the 
obligation to absorb losses, or the right to receive benefits, of the VIE that could potentially be significant to the VIE.
The Company has concluded that the Operating Partnership is a VIE of which the Company is the primary 
beneficiary, as the Company has the power to direct the activities that most significantly impact the economic 
performance of the Operating Partnership. Substantially all of the Company’s assets and liabilities are held by the 
Operating Partnership. The assets and liabilities of the Operating Partnership are consolidated and reported as 
assets and liabilities on the Company’s consolidated balance sheets as of December 31, 2024 and 2023.
Additionally, the Company has concluded that certain entities to which it has provided mortgage loans are 
VIEs because the entities' equity was not sufficient to finance their activities without additional subordinated financial 
support. The following table presents information about the Company’s mortgage loan-related VIEs as of the dates 
presented:
December 31,
(Dollars in thousands)
2024
2023
Number of VIEs
49
21
Aggregate carrying value
$ 
327,423 $ 
219,449 
 The Company was not the primary beneficiary of any of these entities, because the Company did not have 
the power to direct the activities that most significantly impact the entities’ economic performance as of 
December 31, 2024 and 2023. The Company’s maximum exposure to loss in these entities is limited to the carrying 
amount of its investment. The Company had no liabilities associated with these VIEs as of December 31, 2024 and 
2023. 
82

Recent Accounting Developments
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to 
Reportable Segment Disclosures ("ASU 2023-07"). The guidance in ASU 2023-07 improves reportable segment 
disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 includes 
requirements to disclose the title and position of the CODM along with disclosure of the significant segment 
expenses regularly provided to the CODM, the extension of certain annual disclosures to interim periods, 
requirements that entities that have a single reportable segment must apply ASC 280 in its entirety, and 
requirements that permit more than one measure of segment profit or loss to be reported under certain conditions. 
The Company has adopted this guidance effective January 1, 2024 for annual reporting and the amendments are 
reflected within these consolidated financial statements. The amendments for interim periods will be adopted for the 
Company's fiscal year beginning on January 1, 2025.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the rate 
reconciliation and the provision of additional information for reconciling items that meet a quantitative threshold 
within the rate reconciliation. In addition, ASU 2023-09 requires annual disclosure of income taxes paid 
disaggregated by federal, state and foreign jurisdictions as well as individual jurisdictions in which income taxes 
paid is equal to or greater than 5 percent of total income taxes paid. ASU 2023-09 is effective for annual periods 
beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective application is 
permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements 
and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income 
- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 
2024-09"). ASU 2024-03 requires additional disclosures about a public company’s expenses and addresses 
requests from investors for more detailed information about the types of expenses (e.g., purchases of inventory, 
employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (e.g., 
cost of sales; selling, general, and administrative (SG&A); and research and development (R&D)). All publicly traded 
REITs will be impacted by the ASU, as it applies to all public companies. ASU 2024-09 is effective for annual 
periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The 
Company is currently evaluating the impact of this guidance on its consolidated financial statements and related 
disclosures.
3. Investments
The following table presents information about the number of investments in the Company's real estate 
investment portfolio as of each date presented:
December 31,
2024
2023
Owned properties (1)
1,946
1,726
Properties securing investments in mortgage loans (2)
150
136
Ground lease interests
8
11
Total number of investments
2,104
1,873
_____________________________________
(1)
Includes seven and six properties which are subject to leases accounted for as direct financing leases or 
loans as of December 31, 2024 and 2023, respectively. 
(2)
Properties secure 25 and 20 mortgage loans receivable as of December 31, 2024 and 2023, respectively.
83

The following table presents information about the gross investment value of the Company's real estate 
investment portfolio as of each date presented:
December 31,
(in thousands)
2024
2023
Real estate investments, at cost
$ 
5,667,349 $ 
4,683,937 
Loans and direct financing lease receivables, net
 
352,066  
223,854 
Real estate investments held for sale, net
 
10,018  
7,455 
Total gross investments
$ 
6,029,433 $ 
4,915,246 
Investments in 2024 and 2023
The following table presents information about the Company’s investment activity during the years ended 
December 31, 2024 and 2023: 
Year ended December 31,
(Dollars amounts in thousands)
2024
2023
Ownership type
Fee Interest
(1)
Number of properties
264
291
Investment allocation:
Land and improvements
$ 
333,983 $ 
354,331 
Building and improvements
 
484,417  
539,062 
Intangible lease assets
 
7,319  
2,553 
Intangible lease liabilities
 
(312)  
(181) 
Construction in progress (2)
 
263,232  
105,075 
Total investments (including acquisition costs)
$ 
1,088,639 $ 
1,000,840 
_____________________________________
(1)
During the year ended December 31, 2023, the Company acquired fee interests in 289 properties and 
acquired two properties subject to a ground lease. 
(2)
Represents amounts incurred at and subsequent to initial investment and includes $5.8 million and 
$2.4 million, respectively, of capitalized interest expense during the years ended December 31, 2024 and 
2023. 
During the years ended December 31, 2024 and 2023, the Company did not make any new investments 
that individually represented more than 5% of the Company’s total real estate investment portfolio.
84

Gross Investment Activity
During the years ended December 31, 2024, 2023 and 2022, the Company had the following gross 
investment activity:
(Dollar amounts in thousands)
Number of
Investment
Locations
Dollar
Amount of
Investments
Gross investments, December 31, 2021
 
1,451 
$ 
3,355,561 
Acquisitions of and additions to real estate investments
 
224 
 
810,661 
Sales of investments in real estate
 
(54)  
(138,515) 
Provisions for impairment of real estate (1)
 
— 
 
(20,164) 
Investments in loans receivable
 
75 
 
143,954 
Principal collections on and settlements of loans and direct financing lease receivables
 
(43)  
(93,118) 
Other
 
— 
 
(2,994) 
Gross investments, December 31, 2022
 
1,653 
 
4,055,385 
Acquisitions of and additions to real estate investments
 
291 
 
1,004,075 
Sales of investments in real estate
 
(51)  
(120,809) 
Relinquishment of properties at end of ground lease term
 
(2)  
(1,543) 
Provisions for impairment of real estate (2)
 
— 
 
(3,548) 
Investments in loans receivable
 
2 
 
13,091 
Principal collections on and settlements of loans and direct financing lease receivables
 
(20)  
(27,908) 
Other
 
— 
 
(3,497) 
Gross investments, December 31, 2023
 
1,873 
 
4,915,246 
Acquisitions of and additions to real estate investments
 
264 
 
1,100,712 
Sales of investments in real estate
 
(46)  
(96,774) 
Relinquishment of properties at end of ground lease term
 
(3)  
(1,471) 
Provisions for impairment of real estate (3)
 
— 
 
(14,845) 
Investments in loans receivable
 
33 
 
138,464 
Principal collections on and settlements of loans and direct financing lease receivables
 
(17)  
(10,022) 
Other
 
— 
 
(1,877) 
Gross investments, December 31, 2024
 
2,104 
 
6,029,433 
Less: Accumulated depreciation and amortization (4)
 
— 
 
(476,827) 
Net investments, December 31, 2024
 
2,104 
$ 
5,552,606 
_____________________________________________ 
(1)
During the year ended December 31, 2022, the Company identified and recorded provisions for impairment 
at nine tenanted properties and four vacant properties . 
(2)
During the year ended December 31, 2023, the Company identified and recorded provisions for impairment 
at six tenanted properties and two vacant properties.
(3)
During the year ended December 31, 2024, the Company identified and recorded provisions for impairment 
at 17 tenanted properties and five vacant properties.
(4)
Includes $425.3 million of accumulated depreciation as of December 31, 2024.
Loans and Direct Financing Lease Receivables
As of December 31, 2024 and 2023, the Company had 25 and 20 mortgage loans receivable outstanding, 
respectively, and three and two leases accounted for as loans, respectively, with an aggregate carrying amount of 
$351.6 million and $223.1 million, respectively. The maximum amount of loss due to credit risk is the Company's 
current principal balance of $351.6 million as of December 31, 2024.
85

The Company's loans receivable portfolio as of December 31, 2024 and 2023 is summarized below (dollars 
in thousands): 
Loan Type
Monthly 
Payment (1)
Number of 
Secured 
Properties
Effective 
Interest Rate
Stated 
Interest 
Rate
Maturity 
Date
Principal Balance Outstanding
December 31, 
2024
December 31, 
2023
Mortgage (2)(3)
I/O
2
8.80%
8.00%
2039
$ 
12,000 $ 
12,000 
Mortgage (2)
I/O
2
8.53%
7.75%
2039
 
7,300  
7,300 
Mortgage (2)(3)
I/O
69
7.79%
7.33%
2034
 
51,000  
51,000 
Mortgage (2)
I/O
1
8.42%
7.65%
2040
 
5,300  
5,300 
Mortgage (2)(3)
I/O
1
8.54%
8.50%
2026
 
1,525  
1,785 
Mortgage
I/O
—
7.00%
7.00%
2024
 
—  
500 
Mortgage (2)(3)
I/O
2
8.33%
8.33%
2026
 
994  
994 
Mortgage (2)
I/O
2
6.87%
6.40%
2036
 
2,520  
2,520 
Mortgage (2)
I/O
2
8.33%
8.33%
2026
 
2,389  
2,389 
Mortgage (2)
I/O
1
8.99%
8.09%
2051
 
29,100  
24,100 
Mortgage (2)
I/O
7
7.39%
6.80%
2036
 
35,474  
35,474 
Mortgage (2)
I/O
1
7.73%
7.20%
2036
 
2,470  
2,470 
Mortgage (2)(3)
I/O
1
8.00%
8.00%
2040
 
1,754  
1,754 
Mortgage (2)
I/O
13
7.00%
7.00%
2027
 
10,070  
17,494 
Mortgage (2)
I/O
1
7.73%
7.20%
2037
 
3,600  
3,600 
Mortgage (2)
I/O
1
8.30%
8.25%
2026
 
760  
760 
Mortgage (2)(3)
I/O
4
8.64%
8.05%
2037
 
12,250  
12,250 
Mortgage (2)(3)
I/O
9
8.85%
8.25%
2037
 
25,993  
25,993 
Mortgage (2)
I/O
1
8.84%
8.25%
2038
 
10,200  
10,200 
Mortgage (2)
I/O
1
8.10%
8.10%
2025
 
8,654  
2,891 
Mortgage (2)
I/O
5
10.19%
9.50%
2039
 
16,059  
— 
Mortgage (2)
I/O
14
10.00%
8.65%
2044
 
57,454  
— 
Mortgage (2)(3)
I/O
1
10.20%
9.75%
2034
 
7,560  
— 
Mortgage (2)(3)
I/O
6
10.19%
9.50%
2039
 
17,451  
— 
Mortgage (2)
I/O
1
8.00%
8.00%
2027
 
900  
— 
Mortgage (2)
I/O
2
9.54%
8.25%
2044
 
6,400  
— 
Leasehold interest
P+I
1
2.25%
(4)
2034
 
862  
929 
Leasehold interest
P+I
1
2.41%
(4)
2034
 
1,283  
1,382 
Leasehold interest
P+I
2
4.41%
(4)
2039
 
20,327  
— 
Net investment
 
 
 
 
$ 
351,649 $ 
223,085 
________________________________________________
(1)
I/O: Interest Only; P+I: Principal and Interest 
(2)
Loan requires monthly payments of interest only with a balloon payment due at maturity.
(3)
Loan allows for prepayments in whole or in part without penalty.
(4)
These leasehold interests are accounted for as loans receivable, as the lease for each property contains an 
option for the lessee to repurchase the leased property in the future.
86

Scheduled principal payments due to be received under the Company's loans receivable as of 
December 31, 2024 were as follows:
(in thousands)
Loans Receivable
2025
$ 
9,585 
2026
 
6,680 
2027
 
12,066 
2028
 
1,186 
2029
 
1,280 
Thereafter
 
320,852 
Total
$ 
351,649 
As of December 31, 2024 and 2023, the Company had $1.3 million and $1.4 million, respectively, of net 
investments accounted for as direct financing lease receivables. The components of the investments accounted for 
as direct financing lease receivables were as follows:
 
December 31,
(in thousands)
2024
2023
Minimum lease payments receivable
$ 
1,499 $ 
1,709 
Estimated unguaranteed residual value of leased assets
 
250  
251 
Unearned income from leased assets
 
(436)  
(525) 
Net investment
$ 
1,313 $ 
1,435 
Scheduled future minimum non-cancelable base rental payments due to be received under the direct 
financing lease receivables as of December 31, 2024 were as follows:
(in thousands)
Future Minimum 
Base Rental 
Payments
2025
$ 
178 
2026
 
167 
2027
 
143 
2028
 
145 
2029
 
148 
Thereafter
 
718 
Total
$ 
1,499 
Allowance for Credit Losses
The Company utilizes a real estate loss estimate model (i.e. a RELEM) which estimates losses on loans 
and direct financing lease receivables for purposes of calculating an allowance for credit losses. As of 
December 31, 2024 and 2023, the Company recorded an allowance for credit losses of $0.9 million and 
$0.7 million, respectively, which is recorded within loans and direct financing receivables on the Company's 
consolidated balance sheets. Changes in the Company’s allowance for credit losses are presented within change in 
provision for credit losses in the Company’s consolidated statements of operations.
87

For the years ended December 31, 2024, 2023 and 2022, the changes to the Company's allowance for 
credit losses were as follows:
(in thousands)
Allowance for Credit 
Losses
Balance at December 31, 2021
$ 
814 
Current period provision for expected credit losses (1)
 
88 
Write-offs charged
 
(137) 
Recoveries
 
— 
Balance at December 31, 2022
 
765 
Current period provision for expected credit losses (1)
 
(99) 
Write-offs charged
 
— 
Recoveries
 
— 
Balance at December 31, 2023
 
666 
Current period provision for expected credit losses (1)
230
Write-offs charged
—
Recoveries
—
Balance at December 31, 2024
$ 
896 
_____________________________________
(1)
Changes in expected credit loss were primarily due to overall changes in the size of our loans and direct 
financing lease receivables portfolio.
The Company considers the ratio of loan to value ("LTV") to be a significant credit quality indicator for its 
loans and direct financing lease portfolio. The following table presents information about the LTV of the Company's 
loans and direct financing lease receivables measured at amortized cost as of as of December 31, 2024:
Amortized Cost Basis by Origination Year
Total 
Amortized 
Cost Basis
(in thousands)
2024
2023
2022
2021
Prior to 2021
LTV <60%
$ 
— $ 
— $ 
23,000 $ 
— $ 
28,889 $ 
51,889 
LTV 60%-70%
 
7,560  
—  
—  
28,234  
—  
35,794 
LTV >70%
 
118,589  
18,854  
64,187  
34,953  
28,695  
265,278 
$ 
126,149 $ 
18,854 $ 
87,187 $ 
63,187 $ 
57,584 $ 
352,961 
Real Estate Investments Held for Sale
The Company continually evaluates its portfolio of real estate investments and may elect to dispose of 
investments considering criteria including, but not limited to, tenant concentration, tenant credit quality, tenant 
operation type (e.g., industry, sector or concept), unit-level financial performance, local market conditions and lease 
rates, associated indebtedness and asset location. Real estate investments held for sale are expected to be sold 
within twelve months.
The following table shows the activity in real estate investments held for sale and intangible lease liabilities 
held for sale during the years ended December 31, 2024 and 2023: 
(Dollar amounts in thousands)
Number of
Properties
Real Estate
Investments
Intangible Lease
Liabilities
Net Carrying
Value
Held for sale balance,  December 31, 2022
 
4 $ 
4,780 $ 
— $ 
4,780 
Transfers to held for sale classification
 
10  
19,311  
—  
19,311 
Sales
 
(9)  
(16,067)  
—  
(16,067) 
Transfers to held and used classification
 
(1)  
(569)  
—  
(569) 
Held for sale balance, December 31, 2023
 
4  
7,455  
—  
7,455 
Transfers to held for sale classification
 
16  
25,854  
(76)  
25,778 
Sales
 
(15)  
(23,291)  
76  
(23,215) 
Transfers to held and used classification
 
—  
—  
—  
— 
Held for sale balance, December 31, 2024
 
5 $ 
10,018 $ 
— $ 
10,018 
88

Significant Concentrations
The Company did not have any tenants (including for this purpose, all affiliates of such tenants) whose 
rental revenue for the years ended December 31, 2024, 2023 or 2022 represented 10% or more of total rental 
revenue in the Company's consolidated statements of operations.
The following table lists the state where the rental revenue from the properties in that state during the 
periods presented represented 10% or more of total rental revenue in the Company's consolidated statements of 
operations:
 
Year ended December 31,
State
2024
2023
2022
Texas
13.4%
13.3%
13.5%
Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following as of the dates presented:
 
December 31, 2024
December 31, 2023
(in thousands)
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Intangible assets:
 
 
 
 
 
 
In-place leases
$ 82,926 $ 
40,499 $ 42,427 $ 78,080 $ 
35,896 $ 42,184 
Intangible market lease assets
 
11,121  
5,955  
5,166  
11,129  
5,456  
5,673 
Total intangible assets
$ 94,047 $ 
46,454 $ 47,593 $ 89,209 $ 
41,352 $ 47,857 
Intangible market lease liabilities
$ 15,523 $ 
4,823 $ 10,700 $ 15,505 $ 
4,299 $ 11,206 
 The remaining weighted average amortization period for the Company's intangible assets and liabilities as 
of December 31, 2024, by category and in total, were as follows:
 
Years Remaining
In-place leases
8.8
Intangible market lease assets
9.6
Total intangible assets
8.9
 
Intangible market lease liabilities
7.9
The following table discloses amounts recognized within the consolidated statements of operations related 
to amortization of in-place leases, amortization and accretion of above- and below-market lease assets and 
liabilities, net and the amortization and accretion of above- and below-market ground leases for the periods 
presented:
 
Year ended December 31,
(in thousands)
2024
2023
2022
Amortization of in-place leases (1)
$ 
6,377 $ 
6,408 $ 
7,575 
Amortization (accretion) of market lease intangibles, net (2)
 
(60)  
11  
(217) 
Amortization (accretion) of above- and below-market ground 
lease intangibles, net (3)
 
(178)  
(286)  
(350) 
 ______________________________________________________
(1)
Reflected within depreciation and amortization expense.
(2)
Reflected within rental revenue.
(3)
Reflected within property expenses.
89

The following table provides the estimated amortization of in-place lease assets to be recognized as a 
component of depreciation and amortization expense for the next five years and thereafter: 
(in thousands)
In-Place Lease 
Assets
2025
$ 
5,106 
2026
 
4,730 
2027
 
4,201 
2028
 
3,662 
2029
 
3,567 
Thereafter
 
21,161 
Total
$ 
42,427 
The following table provides the estimated net amortization of above- and below-market lease intangibles to 
be recognized as a component of rental revenue for the next five years and thereafter: 
(in thousands)
Above Market 
Lease Asset
Below Market 
Lease 
Liabilities
Net Adjustment 
to Rental 
Revenue
2025
$ 
(670) $ 
731 $ 
61 
2026
 
(661)  
735  
74 
2027
 
(639)  
759  
120 
2028
 
(397)  
712  
315 
2029
 
(385)  
673  
288 
Thereafter
 
(2,414)  
7,090  
4,676 
Total
$ 
(5,166) $ 
10,700 $ 
5,534 
4. Leases
As Lessor
The Company’s investment properties are leased to tenants under long-term operating leases that typically 
include one or more tenant renewal options. The Company’s leases provide for annual base rental payments 
(generally payable in monthly installments), and generally provide for increases in rent based on fixed contractual 
terms or as a result of increases in the Consumer Price Index.
Substantially all of the leases are triple-net, which means that the lessees are responsible for paying all 
property operating expenses, including maintenance, insurance, utilities, property taxes and, if applicable, ground 
rent expense; therefore, the Company is generally not responsible for repairs or other capital expenditures related 
to the properties while the triple-net leases are in effect and, at the end of the lease term, the lessees are 
responsible for returning the property to the Company in a substantially similar condition as when they took 
possession. Some of the Company’s leases provide that in the event the Company wishes to sell the property 
subject to that lease, it first must offer the lessee the right to purchase the property on the same terms and 
conditions as any offer which it intends to accept for the sale of the property.
90

Scheduled future minimum base rental and interest payments due to be received under the remaining non-
cancelable term of operating leases and direct financing lease receivables in place as of December 31, 2024, and to 
be received under loans receivable through their scheduled maturity dates as of December 31, 2024 were as 
follows:
(in thousands)
Future Minimum Base
Rental Receipts
2025
$ 
464,249 
2026
 
469,399 
2027
 
472,419 
2028
 
475,313 
2029
 
478,204 
Thereafter
 
5,126,612 
Total
$ 
7,486,196 
_____________________________________
(1)
Includes interest payments from loans receivable and base rental payments from direct financing lease 
receivables of $29.2 million for 2025, $28.8 million for 2026, $28.0 million for 2027, $28.1 million for 2028, 
$28.5 million for 2029 and $289.4 million for years thereafter. 
Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future 
minimum base rental payments to be received during the initial non-cancelable lease term only. In addition, the 
future minimum lease payments exclude contingent rent payments, as applicable, that may be collected from 
certain tenants based on provisions related to performance thresholds and exclude increases in annual rent based 
on future changes in the Consumer Price Index, among other items.
The fixed and variable components of lease revenues for the years ended December 31, 2024, 2023, and 
2022 were as follows:
Year ended December 31,
(in thousands)
2024
2023
2022
Fixed lease revenues 
$ 
424,313 $ 
338,720 $ 
270,694 
Variable lease revenues (1)
 
4,051  
3,610  
1,632 
Total lease revenues (2)
$ 
428,364 $ 
342,330 $ 
272,326 
_____________________________________
(1)
Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company 
for which it is reimbursed by its tenants.
(2)
Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities 
and lease incentives and the adjustment to rental revenue for tenant credit.
As Lessee
The Company has a number of ground leases, office leases and other equipment leases which are 
classified as operating leases. As of December 31, 2024, the Company's right of use ("ROU") assets and lease 
liabilities were $8.8 million and $9.5 million, respectively. As of December 31, 2023, the Company's ROU assets and 
lease liabilities were $8.9 million and $9.8 million, respectively. These amounts are included in rent receivables, 
prepaid expenses and other assets, net and accrued liabilities and other payables on the Company's consolidated 
balance sheets. 
The discount rate applied to measure each ROU asset and lease liability is based on the Company's 
incremental borrowing rate ("IBR"). The Company considers the general economic environment and its historical 
borrowing activity and factors in various financing and asset specific adjustments to ensure the IBR is appropriate to 
the intended use of the underlying lease. As the Company did not elect to apply hindsight, lease term assumptions 
determined under ASC 840 were carried forward and applied in calculating the lease liabilities recorded under ASC 
842. Certain of the Company's ground leases offer renewal options which it assesses against relevant economic 
factors to determine whether it is reasonably certain of exercising or not exercising the option. Lease payments 
associated with renewal periods that the Company is reasonably certain will be exercised, if any, are included in the 
measurement of the corresponding lease liability and ROU asset.
91

The following table sets forth information related to the measurement of the Company's lease liabilities as 
of the dates presented:
 
December 31, 2024
December 31, 2023
Weighted average remaining lease term (in years)
23.3
22.8
Weighted average discount rate
6.83%
6.75%
The following table sets forth the details of rent expense for the years ended December 31, 2024, 2023 and 
2022:
Year ended December 31,
(in thousands)
2024
2023
2022
Fixed rent expense - Ground Rent
$ 
761 $ 
970 $ 
981 
Fixed rent expense - Office Rent
 
670  
606  
511 
Variable rent expense
 
—  
—  
— 
Total rent expense
$ 
1,431 $ 
1,576 $ 
1,492 
As of December 31, 2024, future lease payments under office and equipment operating leases to be paid 
by the Company directly and future lease payments under ground leases where the Company’s tenants are directly 
responsible for payment over the next five years and thereafter were as follows:
(in thousands)
Office and 
Equipment 
Leases
Ground Leases
Total Future
Minimum
Base Rental
Payments 
2025
$ 
735 $ 
685 $ 
1,420 
2026
 
219  
686  
905 
2027
 
221  
695  
916 
2028
 
227  
718  
945 
2029
 
59  
732  
791 
Thereafter
 
—  
17,457  
17,457 
Total
$ 
1,461 $ 
20,973  
22,434 
Present value discount
 
(12,959) 
Lease liabilities
$ 
9,475 
The Company has adopted the short-term lease policy election and accordingly, the table above excludes 
future minimum base cash rental payments by the Company or its tenants on leases that have a term of less than 
12 months at lease inception. The total of such future obligations is not material.
5. Long Term Debt
The following table summarizes the Company's outstanding indebtedness as of December 31, 2024 and 
2023:
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)
Maturity Date
December 31, 
2024
December 31, 
2023
December 31, 
2024
December 31, 
2023
Unsecured term loans:
2027 Term Loan
February 2027
$ 
430,000 $ 
430,000 
5.6%
6.3%
2028 Term Loan
January 2028
 
400,000  
400,000 
5.6%
6.3%
2029 Term Loan
February 2029 (2)
 
450,000  
450,000 
5.6%
6.4%
2030 Term Loan
January 2030 (2)
 
450,000  
— 
5.6%
—%
Senior unsecured notes
July 2031
 
400,000  
400,000 
3.0%
3.0%
Revolving Credit Facility
February 2026
 
—  
— 
—%
—%
Total principal outstanding
$ 2,130,000 $ 1,680,000 
5.1%
5.5%
______________________________________________________
(1)
Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's 
interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities).
92

(2)
After giving effect to extension options exercisable at the Operating Partnership's election. 
The following table summarizes the scheduled principal payments on the Company’s outstanding 
indebtedness as of December 31, 2024:
(in thousands)
2027 Term 
Loan
2028 Term 
Loan
2029 Term 
Loan(1)
2030 Term 
Loan(1)
Senior 
Unsecured 
Notes
Revolving 
Credit 
Facility(2)
Total
2025
$ 
— $ 
— $ 
— $ 
— $ 
— $ 
— $ 
— 
2026
 
—  
—  
—  
—  
—  
—  
— 
2027
 430,000  
—  
—  
—  
—  
—  
430,000 
2028
 
—  400,000  
—  
—  
—  
—  
400,000 
2029
 
—  
—  450,000  
—  
—  
—  
450,000 
Thereafter
 
—  
—  
—  450,000  400,000  
—  
850,000 
Total
$ 430,000 $ 400,000 $ 450,000 $ 450,000 $ 400,000 $ 
— $ 2,130,000 
______________________
(1) 
After giving effect to extension options exercisable at the Operating Partnership's election.
(2) 
Any amounts drawn will be due in February 2026. 
The Company was not in default of any provisions under any of its outstanding indebtedness as of 
December 31, 2024 or 2023.
Revolving Credit Facility and Credit Facility Term Loans
Revolving Credit Facility and 2024 Term Loan.  In April 2019, the Company, through the Operating 
Partnership, entered into an amended and restated credit agreement (the “Amended Credit Agreement”) with a 
group of lenders, amending and restating the terms of the Company’s previous $300.0 million revolving credit facility 
to increase the maximum aggregate initial original principal amount of the revolving loans available thereunder up to 
$400.0 million (the “Revolving Credit Facility”) and to permit the incurrence of an additional $200.0 million in term 
loans thereunder (the “2024 Term Loan”). The full amount available under the 2024 Term Loan was borrowed in 
May 2019. 
In February 2022, the Company entered into an amendment to the Amended Credit Agreement (as so 
amended, the "Credit Agreement") and, pursuant to such amendment, among other things, the availability of 
extensions of credit under the Revolving Credit Facility was increased to $600.0 million, the accordion feature was 
increased to $600.0 million, the borrowing base limitation on borrowings thereunder was removed, the leverage-
based margin applicable to borrowings under the Revolving Credit Facility was reduced, the LIBOR reference rate 
was replaced with reference to the Adjusted Term SOFR rate, consistent with market practice, and the composition 
and extent of lender participation under the Revolving Credit Facility was changed. During the year ended 
December 31, 2022, in connection with this amendment, the Company recorded a $0.1 million loss on debt 
extinguishment related to the write-off of certain deferred financing costs on the Revolving Credit Facility.
Prior to the February 2022 amendment, the Revolving Credit Facility had a term of four years beginning on 
April 12, 2019, with an extension option of up to six months exercisable by the Operating Partnership, subject to 
certain conditions, and the 2024 Term Loan was set to mature on April 12, 2024. The loans under each of the 
Revolving Credit Facility and the 2024 Term Loan initially bore interest at an annual rate of applicable LIBOR plus 
the applicable margin (which applicable margin varied between the Revolving Credit Facility and the 2024 Term 
Loan). The applicable LIBOR was the rate with a term equivalent to the interest period applicable to the relevant 
borrowing. The applicable margin was initially a spread set according to a leverage-based pricing grid. 
The Revolving Credit Facility matures on February 10, 2026, with two extension options of six months each, 
exercisable by the Operating Partnership subject to the satisfaction of certain conditions. The loans under each of 
the Revolving Credit Facility and the 2024 Term Loan initially bear interest at an annual rate of applicable Adjusted 
Term SOFR (as defined in the Credit Agreement) plus an applicable margin (which applicable margin varies 
between the Revolving Credit Facility and the 2024 Term Loan). The Adjusted Term SOFR is a rate with a term 
equivalent to the interest period applicable to the relevant borrowing. In addition, the Operating Partnership is 
required to pay a revolving facility fee throughout the term of the Revolving Credit Facility. The applicable margin 
and the revolving facility fee rate are initially a spread and rate, as applicable, set according to a leverage-based 
pricing grid. At the Operating Partnership's election, on and after receipt of an investment grade corporate credit 
93

rating from S&P, Moody's or Fitch, the applicable margin and the revolving facility fee rate will be a spread and rate, 
as applicable, set according to the credit ratings provided by S&P, Moody's and/or Fitch. 
2028 Term Loan.  In July 2022, the Credit Agreement was further amended to provide for an additional 
$400.0 million of second tranche term loans (the “2028 Term Loan”). Loans under the 2028 Term Loan in an 
aggregate principal amount of $250.0 million were drawn in July 2022, concurrently with the closing of such 
amendment, and the remaining $150.0 million was drawn in October 2022. Such amendment also amended the 
applicable margin grid such that the applicable pricing for all borrowings under the Credit Agreement is based on the 
credit rating of the Company’s long-term senior unsecured non-credit enhanced debt for borrowed money (and, 
specific to borrowings under the Revolving Credit Facility and 2028 Term Loan only, subject to a single step-down in 
the applicable pricing if the Company achieves a consolidated leverage ratio that is less than 0.35 to 1:00 while 
maintaining a credit rating of BBB/Baa2 from S&P, Moody's and/or Fitch).
2029 Term Loan.  In August 2023, the Credit Agreement was further amended to provide for an additional 
$450.0 million of term loans (the "2029 Term Loan"). Concurrently with the closing of such amendment, loans under 
the 2029 Term Loan in an aggregate principal amount of $250.0 million were drawn, a portion of which was used to 
pay off the 2024 Term Loan in full. Amounts previously borrowed and repaid under the 2024 Term Loan cannot be 
reborrowed. The Company accounted for the repayment of the 2024 Term Loan as a debt extinguishment and 
recorded a $0.1 million loss on debt extinguishment during the year ended December 31, 2023.
Additional loans under the 2029 Term Loan were drawn in an aggregate principal amount of $125.0 million 
in September 2023 and $75.0 million in October 2023, pursuant to a delayed funding feature. The 2029 Term Loan 
has an original maturity of three years, which may be extended, at the Operating Partnership's election, to February 
2029 by exercising two one-year extension options and a six-month extension option. The 2029 Term Loan bears 
interest at an annual rate of applicable Adjusted Term SOFR plus an applicable margin.
2030 Term Loan.  In July 2024, the Credit Agreement was further amended to provide for an additional 
$450.0 million of term loans (the "2030 Term Loan") and reset the accordion feature to $500.0 million. Concurrently 
with the closing of such amendment, loans under the 2030 Term Loan in an aggregate principal amount of 
$320.0 million were drawn, a portion of which was used to pay off the outstanding balance on the Revolving Credit 
Facility. 
Additional loans under the 2030 Term Loan were drawn in an aggregate principal amount of $130.0 million 
in August 2024, pursuant to a delayed funding feature. The 2030 Term Loan has an original maturity of three years, 
which may be extended, at the Operating Partnership's election, to January 2030 by exercising two one-year 
extension options and a six-month extension option. The 2030 Term Loan bears interest at an annual rate of 
applicable Adjusted Term SOFR plus an applicable margin.
Each of the Revolving Credit Facility, the 2028 Term Loan, the 2029 Term Loan and the 2030 Term Loan is 
freely pre-payable at any time. Outstanding credit extensions under the Revolving Credit Facility are mandatorily 
payable if the amount of such credit extensions exceeds the revolving facility limit. The Operating Partnership may 
re-borrow amounts paid down on the Revolving Credit Facility prior to its maturity. Loans repaid under the 2028 
Term Loan, 2029 Term Loan and 2030 Term Loan cannot be reborrowed. 
The Operating Partnership is the borrower under the Credit Agreement, and the Company and certain of its 
subsidiaries that own direct or indirect interests in an eligible real property assets are guarantors under the Credit 
Agreement.
Under the terms of the Credit Agreement, the Company is subject to various restrictive financial and 
nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash 
flow and debt service coverage ratios and secured borrowing ratios.
The Company was in compliance with all financial covenants and was not in default on any provisions 
under the Credit Agreement as of December 31, 2024 and 2023.
94

The following table presents information about borrowings and repayments under the Revolving Credit 
Facility for the periods presented:
(in thousands)
2024
2023
2022
Balance on January 1,
$ 
— $ 
— $ 
144,000 
Borrowings
 
490,000  
70,000  
299,000 
Repayments
 
(490,000)  
(70,000)  
(443,000) 
Balance on December 31,
$ 
— $ 
— $ 
— 
The following table presents information about interest expense related to the Revolving Credit Facility for 
the periods presented: 
Year ended December 31,
(in thousands)
2024
2023
2022
Interest expense and fees
$ 
4,558 $ 
1,038 $ 
2,807 
Amortization of deferred financing costs
 
1,228  
1,203  
1,217 
Total
$ 
5,786 $ 
2,241 $ 
4,024 
Total deferred financing costs, net, of $1.3 million and $2.5 million related to the Revolving Credit Facility 
are included within rent receivables, prepaid expenses and other assets, net on the Company’s consolidated 
balance sheets as of December 31, 2024 and 2023, respectively. 
As of December 31, 2024 and 2023, the Company had $600.0 million of unused borrowing capacity under 
the Revolving Credit Facility. 
2027 Term Loan
On November 26, 2019, the Company, through the Operating Partnership, entered into a $430 million term 
loan (the “2027 Term Loan”) with a group of lenders. The 2027 Term Loan provides for term loans to be drawn up to 
an aggregate amount of $430 million with an initial maturity of November 26, 2026. The Company borrowed the 
entire $430.0 million available under the 2027 Term Loan in separate draws in December 2019 and March 2020. 
In February 2022, the Company entered into an amendment to the 2027 Term Loan to, among other things, 
reduce the leverage-based margin applicable to borrowings, extend the maturity date of the 2027 Term Loan to 
February 18, 2027, replace the LIBOR reference rate with reference to the Adjusted Term SOFR rate, consistent 
with market practice, and change the composition and extent of lender participation under the 2027 Term Loan. 
During the year ended December 31, 2022, in connection with this amendment, the Company recorded a 
$2.1 million loss on debt extinguishment related to fees and the write-off of certain deferred financing costs on the 
2027 Term Loan.
In August 2022, the Company entered into an amendment to the 2027 Term Loan to make certain changes 
to provisions relating to the rates and other matters to reflect changes in market standards.
Prior to its amendment in February 2022, borrowings under the 2027 Term Loan bore interest at an annual 
rate of applicable LIBOR plus the applicable margin. Following this amendment, the 2027 Term Loan bears interest 
at an annual rate of applicable Adjusted Term SOFR plus the applicable margin. The applicable LIBOR/Adjusted 
Term SOFR is the rate with a term equivalent to the interest period applicable to the relevant borrowing. The 
applicable margin was initially a spread set according to a leverage-based pricing grid. In May 2022, the Operating 
Partnership made an irrevocable election to have the applicable margin be a spread set according to the 
Company’s corporate credit ratings provided by S&P, Moody’s and/or Fitch.
The 2027 Term Loan is pre-payable at any time by the Operating Partnership without penalty. The 
Operating Partnership may not re-borrow amounts paid down on the 2027 Term Loan. The 2027 Term Loan has an 
accordion feature to increase, subject to certain conditions, the maximum availability of the facility up to an 
aggregate of $500 million.
The Operating Partnership is the borrower under the 2027 Term Loan, and the Company and certain of its 
subsidiaries that own direct or indirect interests in eligible real property assets are guarantors under the facility. 
95

Under the terms of the 2027 Term Loan, the Company is subject to various restrictive financial and nonfinancial 
covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt 
service coverage ratios and secured borrowing ratios and a minimum level of tangible net worth.
The Company was in compliance with all financial covenants and was not in default of any provisions under 
the 2027 Term Loan as of December 31, 2024 and 2023. 
The following table presents information about aggregate interest expense related to the 2024 Term Loan, 
2027 Term Loan, 2028 Term Loan, 2029 Term Loan and 2030 Term Loan:
Year ended December 31,
(in thousands)
2024
2023
2022
Interest expense
$ 
92,451 $ 
66,582 $ 
23,967 
Amortization of deferred financing costs
 
3,104  
1,617  
836 
Total
$ 
95,555 $ 
68,199 $ 
24,803 
As of December 31, 2024 and 2023, total deferred financing costs, net, of $8.9 million and $7.2 million, 
respectively, related to the term loan facilities are included as a component of unsecured term loans, net of deferred 
financing costs on the Company’s consolidated balance sheets.
The Company fixed the interest rates on its variable-rate term loan debt through the use of interest rate 
swap agreements. See Note 6—Derivative and Hedging Activities for additional information.
Senior Unsecured Notes
In June 2021, through its Operating Partnership, the Company completed a public offering of $400.0 million 
aggregate principal amount of 2.950% Senior Notes due 2031 (the "2031 Notes"), resulting in net proceeds of 
$396.6 million. The 2031 Notes were issued by the Operating Partnership, and the obligations of the Operating 
Partnership under the 2031 Notes are fully and unconditionally guaranteed on a senior basis by the Company. The 
2031 Notes were issued at 99.8% of their principal amount. In connection with the offering of the 2031 Notes, the 
Operating Partnership incurred $4.7 million in deferred financing costs and an offering discount of $0.8 million. 
The following is a summary of the senior unsecured notes outstanding as of December 31, 2024 and 2023:
(dollars in thousands)
Maturity Date
Interest Payment Dates
Stated Interest 
Rate
Principal 
Outstanding
2031 Notes
July 15, 2031
January 15 and July 15
 2.95 % $ 
400,000 
The Company's senior unsecured notes are redeemable in whole at any time or in part from time to time, at 
the Operating Partnership's option, at a redemption price equal to the sum of: 
•
100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any, up to, 
but not including, the redemption date; and 
•
a make-whole premium calculated in accordance with the indenture governing the notes. 
In addition, if any of the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the 
stated maturity date of such notes), the redemption price will equal 100% of the principal amount of the notes to be 
redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date, without any make-
whole premium.
The following table presents information about interest expense related to the Company's senior unsecured 
notes for the periods presented:
Year ended December 31,
(in thousands)
2024
2023
2022
Interest expense
$ 
11,716 $ 
11,713 $ 
11,711 
Amortization of deferred financing costs and original issue 
discount
 
557  
560  
562 
Total
$ 
12,273 $ 
12,273 $ 
12,273 
96

Total deferred financing costs, net, of $3.1 million and $3.6 million related to the Company's senior 
unsecured notes were included within senior unsecured notes, net on the Company's consolidated balance sheets 
as of December 31, 2024 and 2023, respectively. 
The Company was in compliance with all financial covenants and was not in default of any provisions under 
the 2031 Notes as of December 31, 2024 and 2023.
6. Derivative and Hedging Activities
The Company does not enter into derivative financial instruments for speculative or trading purposes. The 
Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its 
exposure to interest rate movements. To accomplish these objectives, the Company uses interest rate swaps as 
part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the 
receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over 
the life of the agreements without exchange of the underlying notional amount.
These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. 
Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The 
Company recognizes the entire change in the fair value in accumulated other comprehensive income (loss) and the 
change is reflected as derivative changes in fair value in the supplemental disclosures of non-cash financing 
activities in the consolidated statements of cash flows. The amounts recorded in accumulated other comprehensive 
income (loss) will subsequently be reclassified to interest expense as interest payments are made on the 
Company's borrowings under its variable-rate term loan facilities. During the next twelve months, the Company 
estimates that $15.2 million will be reclassified from accumulated other comprehensive income as a decrease to 
interest expense. The Company does not have netting arrangements related to its derivatives.
The use of derivative financial instruments carries certain risks, including the risk that the counterparties to 
these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company 
only enters into derivative financial instruments with counterparties with high credit ratings and with major financial 
institutions with which the Company and its affiliates may also have other financial relationships. The Company 
does not anticipate that any of the counterparties will fail to meet their obligations. As of December 31, 2024 and 
2023, there were no events of default related to the Company's derivative financial instruments. 
The following table summarizes the notional amount at inception and fair value of these instruments on the 
Company's consolidated balance sheets, all of which are interest rates swaps designated as hedges, as of 
December 31, 2024 and 2023 (dollar amounts in thousands):
Fair Value of Asset/(Liability)(2)
Number of 
Swap 
Agreements
Associated Debt 
Instrument
Fixed Rate Paid 
by Company
Maturity Date
Aggregate 
Notional 
Value(1)
December 31, 
2024
December 31, 
2023
5
2027 Term Loan
1.41%
November 2026
 
430,000  
20,759  
27,489 
11
2028 Term Loan
3.66%
January 2028
 
400,000  
3,805  
(1,622) 
8
2029 Term Loan
4.40%
February 2029
 
450,000  
(7,407)  
(17,892) 
15
2030 Term Loan
3.82%
December 2029
 
450,000  
2,972 
$ 1,730,000 $ 
20,129 $ 
7,975 
 _____________________________________
(1)
Notional value indicates the extent of the Company’s involvement in these instruments, but does not 
represent exposure to credit, interest rate or market risks.
(2)
Derivatives in an asset position are included within derivative assets and derivatives in a liability position are 
included within derivative liabilities in the Company's consolidated balance sheets.
The Company has agreements with each of its derivative counterparties that contain a provision where if 
the Company either defaults or is capable of being declared in default on any of its indebtedness, then the 
Company could also be declared in default on its derivative obligations.
97

The following table presents amounts recorded to accumulated other comprehensive income (loss) related 
to derivative and hedging activities for the periods presented: 
Year ended December 31,
(in thousands) 
2024
2023
2022
Other comprehensive (loss) income
$ 
12,900 $ 
(36,874) $ 
56,762 
As of December 31, 2024, the fair value of derivatives in a net asset position including accrued interest but 
excluding any adjustment for nonperformance risk related to these agreements was $27.8 million and the fair value 
of derivatives in a net liability position, including accrued interest but excluding any adjustment for nonperformance 
risk related to these agreements was $7.7 million. 
As of December 31, 2023, the fair value of derivatives in a net asset position, including accrued interest but 
excluding any adjustment for nonperformance risk related to these agreements, was $31.1 million and the fair value 
of derivatives in a net liability position, including accrued interest but excluding an adjustment for nonperformance 
risk related to these agreements, was $23.4 million.
During the years ended December 31, 2024 and 2023, the Company realized a gain on the change in fair 
value of its interest rate swaps of $29.3 million and $27.7 million, respectively, which are included as a reduction of 
interest expense in the Company's consolidated statements of operations. During the year ended December 31, 
2022, the Company realized a loss on the change in fair value of its interest rate swaps of approximately $26,000, 
which was included in interest expense in the Company's consolidated statements of operations. 
As of December 31, 2024 and December 31, 2023, the Company had not posted any collateral related to 
these agreements and was not in breach of any provisions of such agreements. If the Company had breached any 
of these provisions, it could have been required to settle its obligations under the agreements at their aggregate 
termination value, which were a $20.1 million net asset and a $7.7 million net asset as of December 31, 2024 and 
2023, respectively.
7. Equity
Stockholders' Equity
In August 2022, the Company completed a follow-on primary offering of 8,740,000 shares of its common 
stock, including the full exercise of the underwriters' option to purchase up to 1,140,000 additional shares of 
common stock, at a public offering price of $23.00 per share. Net proceeds from this follow-on offering, after 
deducting underwriting discounts and commissions and other expenses, were $192.6 million.  
In February 2023, the Company completed a follow-on primary offering of 8,855,000 shares of its common 
stock, including the full exercise of the underwriters' option to purchase up to 1,155,000 additional shares of 
common stock, at a public offering price of $24.60 per share, and entered into forward sale agreements relating to 
all such shares. All of these forward sale agreements were physically settled as of May 2023 and the Company 
realized net proceeds from this offering, after deducting underwriting discounts and commissions and other 
expenses, of $209.3 million. 
In September 2023, the Company completed a follow-on primary offering of 12,006,000 shares of its 
common stock, including the full exercise of the underwriters' option to purchase up to 1,566,000 additional shares 
of common stock, at a public offering price of $23.00 per share, and entered into forward sale agreements relating 
to all such shares. All of these forward sale agreements were physically settled as of March 2024 and the Company 
realized net proceeds from this offering, after deducting underwriting discounts and commissions and other 
expenses, of $263.4 million. 
In March 2024, the Company completed a follow-on primary offering of 10,350,000 shares of its common 
stock, including the full exercise of the underwriters' option to purchase up to 1,350,000 additional shares of 
common stock, at a public offering price of $24.75 per share, and entered into forward sale agreements relating to 
all such shares. All of these forward sale agreements were physically settled as of December 2024 and the 
Company realized net proceeds from this offering, after deducting underwriting discounts and commissions and 
other expenses, of $245.0 million. 
98

At the Market Program
In May 2022, the Company established a new at the market common equity offering program, pursuant to 
which it could publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales 
price of up to $500 million (the "2022 ATM Program") through the identified sales agents, as its sales agents or, if 
applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by the 
Company of shares to or through the agents, the 2022 ATM Program also permitted the Company to enter into 
separate forward sale agreements with the identified forward purchasers.
In June 2024, the Company established a new at the market common equity offering program, pursuant to 
which it could publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales 
price of up to $500 million (the "June 2024 ATM Program") through the identified sales agents, as its sales agents 
or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and sale by 
the Company of shares to or through the agents, the June 2024 ATM Program also permitted the Company to enter 
into separate forward sale agreements with the identified forward purchasers. In connection with establishing the 
June 2024 ATM Program, the Company terminated the 2022 ATM Program and no additional stock can be sold 
thereunder.
In October 2024, the Company established a new at the market common equity offering program, pursuant 
to which it could publicly offer and sell, from time to time, shares of its common stock with an aggregate gross sales 
price of up to $750 million (the "October 2024 ATM Program") through the identified sales agents, as its sales 
agents or, if applicable, as forward sellers, or directly to such agents as principals. In addition to the issuance and 
sale by the Company of shares to or through the agents, the October 2024 ATM Program also permitted the 
Company to enter into separate forward sale agreements with the identified forward purchasers. In connection with 
establishing the October 2024 ATM Program, the Company terminated the June 2024 ATM Program and no 
additional stock can be sold thereunder.  As context requires, the October 2024 ATM Program, the June 2024 ATM 
Program, the 2022 ATM Program and prior ATM programs are referred herein as the "ATM Programs."
The following table presents information about the ATM Programs (dollar amounts in thousands):
Program Name
Date Established
Date Terminated
Maximum Sales 
Authorization
Gross Sales 
through 
December 31, 2024
2021 ATM Program
July 2021
May 2022
$ 
350,000 $ 
348,140 
2022 ATM Program (1)
May 2022
June 2024
$ 
500,000 $ 
383,426 
June 2024 ATM Program (1)
June 2024
October 2024
$ 
500,000 $ 
339,992 
October 2024 ATM Program (1)
October 2024
$ 
750,000 $ 
78,915 
_____________________________________
(1)
Includes 4,027,834 shares from the 2022 ATM Program, 6,704,172 shares from the June 2024 ATM 
Program and 2,387,104 shares from the October 2024 ATM Program that the Company sold on a forward 
basis and were not physically settled as of December 31, 2024.
The following table details information related to activity under the ATM Program for each period presented: 
Year ended December 31,
(in thousands, except share and per share data)
2024
2023
2022
Shares of common stock sold (1)(2)
 
19,704,599  
5,931,654  
9,794,137 
Weighted average sale price per share
$ 
29.52 $ 
24.48 $ 
24.00 
Gross proceeds
$ 
581,689 $ 
145,224 $ 
235,060 
Net proceeds
$ 
573,343 $ 
142,922 $ 
232,478 
_____________________________________
(1)
Includes 13,119,110 shares that the Company sold on a forward basis during the year ended December 31, 
2024 and were not physically settled as of December 31, 2024.
(2)
During the year ended December 31, 2024, the Company issued an additional 1,937,450 shares of 
common stock which were previously sold on a forward basis under the ATM Program and were unsettled 
as of December 31, 2023. 
99

Dividends on Common Stock
During the years ended December 31, 2024, 2023 and 2022, the Company's board of directors declared the 
following quarterly cash dividends on common stock: 
Date Declared
Record Date
Date Paid
Dividend per 
Share of
Common Stock
Total Dividend 
(dollars in 
thousands)
December 6, 2024
December 31, 2024
January 14, 2025
$ 
0.295 $ 
55,444 
September 5, 2024
September 30, 2024
October 11, 2024
$ 
0.29 $ 
50,964 
May 31, 2024
June 28, 2024
July 12, 2024
$ 
0.29 $ 
50,965 
March 7, 2024
March 29, 2024
April 12, 2024
$ 
0.285 $ 
50,079 
December 1, 2023
December 29, 2023
January 12, 2024
$ 
0.285 $ 
47,024 
September 7, 2023
September 29, 2023
October 13, 2023
$ 
0.28 $ 
43,788 
June 9, 2023
June 30, 2023
July 14, 2023
$ 
0.28 $ 
43,551 
March 7, 2023
March 31, 2023
April 14, 2023
$ 
0.275 $ 
41,031 
November 30, 2022
December 30, 2022
January 13, 2023
$ 
0.275 $ 
39,246 
September 2, 2022
September 30, 2022
October 14, 2022
$ 
0.27 $ 
38,533 
June 2, 2022
June 30, 2022
July 14, 2022
$ 
0.27 $ 
35,916 
March 14, 2022
March 31, 2022
April 13, 2022
$ 
0.26 $ 
34,188 
The Company has determined that, during the years ended December 31, 2024, 2023 and 2022, 
approximately 92.7%, 86.0% and 79.7%, respectively, of the distributions it paid represented taxable income and 
7.3%, 14.0% and 20.3%, respectively, of the distributions it paid represented return of capital for federal income tax 
purposes.
8. Non-controlling Interests
Essential Properties OP G.P., LLC, a wholly owned subsidiary of the Company, is the sole general partner 
of the Operating Partnership and holds a 1.0% general partner interest in the Operating Partnership. The Company 
contributes the net proceeds from issuing shares of common stock to the Operating Partnership in exchange for a 
number of OP Units equal to the number of shares of common stock issued. OP Units ("OP Units") are limited 
partnership interests in the Operating Partnership.
As of December 31, 2024, the Company held 187,537,592 OP Units, representing a 99.7% limited partner 
interest in the Operating Partnership. As of the same date, external parties (the "Non-controlling OP Unit Holders") 
held 553,847 OP Units in the aggregate, representing a 0.3% limited partner interest in the Operating Partnership. 
As of December 31, 2023, the Company held 164,635,150 OP Units, representing a 99.7% limited partner interest 
in the Operating Partnership and the Non-controlling OP Unit Holders held 553,847 OP Units in the aggregate, 
representing a 0.3% limited partner interest in the Operating Partnership. The OP Units held by the Non-controlling 
OP Unit Holders are presented as non-controlling interests in the Company's consolidated financial statements.
A holder of OP Units has the right to distributions per unit equal to dividends per share paid on the 
Company's common stock and has the right to redeem OP Units for cash or, at the Company's election, shares of 
the Company's common stock on a one-for-one basis, provided, however, that such OP Units must have been 
outstanding for at least one year. Distributions to OP Unit holders are declared and paid concurrently with the 
Company's cash dividends to common stockholders. See Note 7—Equity for details.
100

9. Equity Based Compensation
Equity Incentive Plan
In May 2023, the Company’s stockholders approved the Essential Properties Realty Trust, Inc. 2023 
Incentive Plan (the “2023 Equity Incentive Plan”), which replaced the Essential Properties Realty Trust, Inc. 2018 
Incentive Plan (the “2018 Equity Incentive Plan” and, collectively with the 2023 Equity Incentive Plan, the “Equity 
Incentive Plans”). The 2023 Equity Incentive Plan provides for the grant of incentive stock options, nonqualified 
stock options, stock appreciation rights, RSAs, RSUs, other stock awards, performance awards and LTIP units up to 
an aggregate of 4,300,808 shares of the Company’s common stock, subject to certain conditions. Officers, 
employees, non-employee directors, consultants, independent contractors and agents who provide services to the 
Company or to any subsidiary of the Company are eligible to receive such awards. All subsequent awards of equity 
will be granted under the 2023 Equity Incentive Plan, and no further awards will be made under the 2018 Equity 
Incentive Plan. 
The following table presents information about the Company's RSAs and RSUs during the years ended 
December 31, 2024, 2023 and 2022: 
Restricted Stock Awards
Restricted Stock Units
Shares
Wtd. Avg. Grant 
Date Fair Value
Units
Wtd. Avg. Grant 
Date Fair Value
Unvested, January 1, 2022
 
18,904 $ 
14.12  
454,692 $ 
29.39 
Granted
 
—  
—  
607,347  
29.08 
Vested
 
(9,865)  
14.12  
(243,640)  
25.70 
Forfeited
 
—  
—  
(1,019)  
27.25 
Unvested, December 31, 2022
 
9,039 $ 
14.12  
817,380 $ 
30.26 
Unvested, January 1, 2023
 
9,039 $ 
14.12  
817,380 $ 
30.26 
Granted
 
—  
—  
457,859  
31.39 
Vested
 
(9,039)  
14.12  
(436,967)  
26.98 
Forfeited
 
—  
—  
(94,419)  
32.79 
Unvested, December 31, 2023
 
— $ 
—  
743,853 $ 
32.56 
Unvested, January 1, 2024
 
— $ 
—  
743,853 $ 
32.56 
Granted
 
—  
—  
532,311  
33.05 
Vested
 
—  
—  
(322,372)  
32.46 
Forfeited
 
—  
—  
(391)  
24.86 
Unvested, December 31, 2024
 
— $ 
—  
953,401 $ 
32.87 
Restricted Stock Awards
In January 2019, RSAs relating to an aggregate of 46,368 shares of unvested restricted common stock 
were granted to the Company's executive officers, other employees and an external consultant under the Equity 
Incentive Plans. These RSAs vested over periods ranging from one year to four years from the date of grant, 
subject to the individual recipient's continued provision of service to the Company through the applicable vesting 
dates. The Company estimates the grant date fair value of RSAs granted under the Equity Incentive Plans using the 
average market price of the Company's common stock on the date of grant. The final vesting of these RSAs 
occurred in January 2023. 
101

The following table presents information about the Company's RSAs for the periods presented: 
Year ended December 31,
(in thousands)
2024
2023
2022
Compensation cost recognized in general and administrative 
expense
$ 
— $ 
2 $ 
128 
Dividends declared on unvested RSAs and charged directly to 
distributions in excess of cumulative earnings
 
—  
—  
8 
Fair value of shares vested during the period
 
—  
128  
139 
Restricted Stock Units
In 2019, 2020, 2021, 2022, 2023 and 2024, the Company issued grants of 119,085, 84,684, 126,353, 
149,699, 147,587 and 149,936 performance-based RSUs at target, respectively, to the Company’s senior 
management team under the Equity Incentive Plans. Of these awards, 75%, in the case of awards issued in 2019, 
2020, 2021, 2022, and 2023, and 100%, in the case of awards issued in 2024, are non-vested RSUs for which 
vesting percentages and the ultimate number of units vesting is calculated based on the total stockholder return 
(“TSR”) of the Company’s common stock as compared to the TSR of peer companies identified in the grant 
agreements over the relevant performance period. The payout schedule can produce vesting percentages ranging 
from 0% to 250% of target. TSR is calculated over the performance period for each award based upon the average 
closing price for the 20-trading day period ending December 31st of the year prior to grant divided by the average 
closing price for the 20-trading day period ending December 31st of the third year following the grant. The target 
number of units is based on achieving a TSR equal to the 50th percentile of the peer group. The Company records 
expense on these TSR RSUs based on achieving the target.
The grant date fair value of the TSR RSUs was measured using a Monte Carlo simulation model based on 
the following assumptions:
Grant Year
2024
2023
2022
Volatility
24%
37%
54%
Risk free rate
4.46%
4.36%
1.68%
The remaining 25% of these performance-based RSUs issued in 2019, 2020, 2021, 2022, and 2023 vest 
based on the Compensation Committee's subjective evaluation of the individual recipient’s achievement of certain 
strategic objectives over the relevant performance period of the award. In January 2022, February 2023 and 
February 2024, the Compensation Committee identified specific performance targets and completed its subjective 
evaluation in relation to the performance-based RSUs issued in 2019, 2020 and 2021 and concluded that 78,801, 
50,598 and 63,448 RSUs, respectively, should be awarded. 50% of these RSUs vested immediately upon the 
Compensation Committee's certification and the remaining 50% vested or will vest on the December 31st following 
the Compensation Committee's certification, subject to the recipient's continued provision of service to the Company 
through such date. The Company began recording compensation expense with respect to these subjective 
performance-based RSUs granted in 2019, 2020 and 2021 after the completion of the Compensation Committee's 
subjective evaluation. 
In April 2023, the Compensation Committee evaluated and awarded 11,334 subjective performance-based 
RSUs to a former member of the Company's senior management team, which vested immediately. During the year 
ended December 31, 2023, the Company recorded $0.3 million of compensation expense related to the subjective 
RSUs awarded to this former employee.
As of December 31, 2024, the Compensation Committee had not identified specific performance targets 
relating to the individual recipients' achievement of strategic objectives for the remainder of the subjective awards 
granted in 2022 and 2023. As such, these awards do not have either a service inception or a grant date for GAAP 
accounting purposes and the Company recorded no compensation expense with respect to this portion of these 
performance-based RSUs during the years ended December 31, 2024, 2023 and 2022.
In 2020, 2021, 2022, 2023 and 2024, the Company issued an aggregate of 184,760, 135,686, 199,793, 
210,406 and 179,187 RSUs, respectively, to the Company’s executive officers, other employees and directors under 
102

the Equity Incentive Plan. These awards vest over a period of up to five years from the date of grant, subject to the 
individual recipient’s continued provision of service to the Company through the applicable vesting dates.
In January 2022, the Company issued 69,372 performance-based RSUs (at target) to an executive officer 
under the Equity Incentive Plans. These RSUs vest based on the compound annual growth rate of the Company's 
adjusted funds from operations ("AFFO CAGR") over a four year performance period, and the payout schedule can 
produce vesting percentages ranging from 0% to 200% of target. To the extent the performance goal is achieved, 
these performance-based RSUs will vest in 50% increments on each of the four-year and five-year anniversary of 
the grant date, subject to the recipient's continued provision of service to the Company through the applicable 
vesting dates. As of December 31, 2024 and 2023, based on its AFFO CAGR forecasts, the Company believed it 
was probable that the maximum performance level will be achieved and recorded compensation expense based off 
of this estimate during the years ended December 31, 2024 and 2023.
A portion of the RSUs that vested in 2024, 2023, and 2022 were net share settled such that the Company 
withheld shares with a value equal to the relevant employee's income and employment tax obligations with respect 
to the vesting and remitted a cash payment to the appropriate taxing authority.
The following table presents information about the Company's RSUs for the periods presented:
Year ended December 31,
(in thousands)
2024
2023
2022
Compensation cost recognized in general and 
administrative expense
$ 
10,829 
$ 
9,002 
$ 
9,361 
Dividend equivalents declared and charged directly to 
distributions in excess of cumulative earnings
 
472 
 
407 
 
366 
Fair value of units vested during the period
 
10,465 
 
11,791 
 
6,262 
The following table presents information about the Company's RSUs as of the dates presented:
December 31,
(Dollars in thousands)
2024
2023
Total unrecognized compensation cost
$ 
13,955 $ 
13,131 
Weighted average period over which compensation cost will be recognized 
(in years)
2.1
2.2
10. Net Income Per Share
The Company computes net income per share pursuant to the guidance in FASB ASC Topic 260, Earnings 
Per Share. The guidance requires the classification of the Company’s unvested restricted common stock and units, 
which contain rights to receive non-forfeitable dividends or dividend equivalents, as participating securities requiring 
the two-class method of computing net income per share. Diluted net income per share of common stock further 
considers the effect of potentially dilutive shares of common stock outstanding during the period, including the 
assumed vesting of RSUs with a market-based or service-based vesting condition, where dilutive. The OP Units 
held by non-controlling interests represent potentially dilutive securities as the OP Units may be redeemed for cash 
or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.
103

The following is a reconciliation of the numerator and denominator used in the computation of basic and 
diluted net income per share (dollars in thousands):
Year ended December 31,
(dollar amounts in thousands)
2024
2023
2022
Numerator for basic and diluted earnings per share:
Net income
$ 
203,638 $ 
191,415 $ 
134,742 
Less: net income attributable to non-controlling interests
 
(634)  
(708)  
(612) 
Less: net income allocated to unvested RSAs and RSUs
 
(472)  
(407)  
(374) 
Net income available for common stockholders: basic
 
202,532  
190,300  
133,756 
Net income attributable to non-controlling interests
 
634  
708  
612 
Net income available for common stockholders: diluted
$ 
203,166 $ 
191,008 $ 
134,368 
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding
 173,855,427  152,140,896  134,950,418 
Less: weighted average number of shares of unvested RSAs
 
—  
(161)  
(9,230) 
Weighted average shares outstanding used in basic net income 
per share
 173,855,427  152,140,735  134,941,188 
Effects of dilutive securities: (1)
OP Units
 
553,847  
553,847  
553,847 
Unvested RSAs and RSUs
 
859,785  
421,292  
356,044 
Forward sales
 
1,846,111  
405,980  
4,837 
Weighted average shares outstanding used in diluted net income 
per share
 177,115,170  153,521,854  135,855,916 
_____________________________________
(1)
Excludes the impact of 7,051, 179,807 and 171,059 unvested RSUs and unsettled forward equity sales for 
the years ended December 31, 2024, 2023 and 2022, respectively, as the effect would have been 
antidilutive.
    11. Commitments and Contingencies
As of December 31, 2024, the Company had remaining future commitments, under mortgage notes, 
reimbursement obligations or similar arrangements, to fund $154.8 million to its tenants for development, 
construction and renovation costs related to properties leased from the Company.
Litigation and Regulatory Matters
In the ordinary course of business, the Company may become subject to litigation, claims and regulatory 
matters. As of December 31, 2024, there are no material legal or regulatory proceedings pending or known to be 
contemplated against the Company or its properties.
Environmental Matters
In connection with the ownership of real estate, the Company may be liable for costs and damages related 
to environmental matters. As of December 31, 2024, the Company had not been notified by any governmental 
authority of any non-compliance, liability or other claim, and is not aware of any other environmental condition that it 
believes will have a material adverse effect on the Company's business, financial condition, results of operations or 
liquidity.
Defined Contribution Retirement Plan
The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Code 
(the "401(k) Plan"). The 401(k) Plan is available to all of the Company's full-time employees. The Company provides 
a matching contribution in cash equal to 100% of the first 6% of eligible compensation contributed by participants, 
which vests immediately.
104

The following table presents the matching contributions made by the Company for the years ended 
December 31, 2024, 2023 and 2022:
Year ended December 31,
(in thousands)
2024
2023
2022
401(k) matching contributions
$ 
480 $ 
331 $ 
318 
Employment Agreements
The Company has employment agreements with certain of its executive officers. These employment 
agreements have an initial term of approximately four years, with automatic one year extensions unless notice of 
non-renewal is provided by either party. These agreements provide for initial annual base salaries and an annual 
performance bonus. If an executive officer's employment terminates under certain circumstances, the Company 
would be liable for any annual performance bonus awarded for the year prior to termination, to the extent unpaid, 
continued payments equal to 12 months of base salary, monthly reimbursement for 12 months of COBRA 
premiums, and under certain situations, a pro rata bonus for the year of termination.
12. Fair Value Measurements
GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in 
measuring financial instruments at fair value. GAAP establishes market-based or observable inputs as the preferred 
source of values, followed by valuation models using management assumptions in the absence of market inputs.
The determination of where an asset or liability falls in the hierarchy requires significant judgment and 
considers factors specific to the asset or liability. In instances where the determination of the fair value 
measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy 
within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair 
value measurement in its entirety. The Company evaluates its hierarchy disclosures regularly and, depending on 
various factors, it is possible that an asset or liability may be classified differently from period to period. However, 
the Company expects that changes in classifications between levels will be rare.
In addition to the disclosures for assets and liabilities required to be measured at fair value at the balance 
sheet date, companies are required to disclose the estimated fair values of all financial instruments, even if they are 
not presented at their fair value on the consolidated balance sheet.The fair values of financial instruments are 
estimates based upon market conditions and perceived risks at December 31, 2024 and 2023. These estimates 
require management's judgment and may not be indicative of the future fair values of the assets and liabilities.
Financial assets and liabilities for which the carrying values approximate their fair values include cash and 
cash equivalents, restricted cash, accounts receivable included within rent receivables, prepaid expenses and other 
assets, net, dividends payable and accrued liabilities and other payables. Generally, these assets and liabilities are 
short term in duration and their carrying value approximates fair value on the consolidated balance sheets.
The estimated fair values of the Company’s fixed-rate loans receivable have been derived based on 
primarily unobservable market inputs such as interest rates and discounted cash flow analyses using estimates of 
the amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as 
Level 3 within the fair value hierarchy. The Company believes the carrying value of its fixed-rate loans receivable 
approximates fair value as of December 31, 2024 and 2023.
The estimated fair values of the Company’s borrowings under the Revolving Credit Facility, the 2027 Term 
Loan, the 2028 Term Loan, the 2029 Term Loan and the 2030 Term Loan have been derived based on primarily 
unobservable market inputs such as interest rates and discounted cash flow analyses using estimates of the 
amount and timing of future cash flows, market rates and credit spreads. These measurements are classified as 
Level 3 within the fair value hierarchy. The Company believes the carrying value of its borrowings under the 
Revolving Credit Facility, the 2027 Term Loan, the 2028 Term Loan, and the 2029 Term Loan as of December 31, 
2024 and 2023, and the carrying value of its borrowings under the 2030 Term Loan as of December 31, 2024, 
approximate fair value.  
105

The Company measures the fair value of its senior unsecured notes and derivative financial instruments on 
a recurring basis. The fair values of these financial assets and liabilities were determined using the following input 
levels as of the dates presented: 
 
Net Carrying 
Value
 
Fair Value Measurements Using Fair
Value Hierarchy
(in thousands)
Fair Value
Level 1
Level 2
Level 3
December 31, 2024
 
 
 
 
 
Financial (liabilities) assets:
 
 
 
 
 
Senior unsecured notes (1)
$ 
(396,403) $ 
(340,420) $ 
(340,420) $ 
— $ 
— 
Interest rate swaps
 
20,129  
20,129  
—  
20,129  
— 
December 31, 2023
Financial (liabilities) assets:
Senior unsecured notes (1)
$ 
(395,846) $ 
(315,336) $ 
(315,336) $ 
— $ 
— 
Interest rate swaps
 
7,975  
7,975  
—  
7,975  
— 
_____________________________________
(1)
Carrying value is net of $3.1 million and $3.6 million of net deferred financing costs and $0.5 million and 
$0.6 million of net discount as of December 31, 2024 and 2023, respectively.
The Company measures its real estate investments at fair value on a nonrecurring basis. The fair values of 
real estate investments that were impaired as of the dates presented were determined using the following input 
levels: 
 
Net Carrying 
Value
 
Fair Value Measurements Using Fair
Value Hierarchy
(in thousands)
Fair Value
Level 1
Level 2
Level 3
December 31, 2024
 
 
 
 
 
Non-financial assets:
 
 
 
 
 
Long-lived assets
$ 
6,612 $ 
6,612 $ 
— $ 
— $ 
6,612 
December 31, 2023
Non-financial assets:
Long-lived assets
$ 
4,510 $ 
4,510 $ 
— $ 
— $ 
4,510 
Long-Lived Assets
The Company reviews its investments in real estate when events or circumstances change indicating that the 
carrying amount of an asset may not be recoverable. In the evaluation of an investment in real estate for 
impairment, many factors are considered, including estimated current and expected operating cash flows from the 
asset during the projected holding period, costs necessary to extend the life or improve the asset, expected 
capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of 
the asset in the ordinary course of business.
106

Quantitative information about Level 3 fair value measurements as of December 31, 2024 is as follows:
(dollar amounts in thousands)
Fair Value
Valuation Techniques
Significant Unobservable
Inputs
Non-financial assets:
 
 
 
 
Long-lived assets
 
 
 
 
Quick Service
$ 1,870 
Sales comparison 
approach
Binding sales 
agreement
$ 1,870 
Casual Dining
 
2,100 
Sales comparison 
approach
Non-binding sales 
agreement
 
2,100 
Pet Care Services
 
267 
sales comparison 
approach
Non-binding sales 
agreement
 
267 
Family Dining
 
1,295 
Discounted cash flow 
approach
Terminal Value: 8.0%
Discount Rate: 8.5%
 
1,295 
Family Dining
 
1,080 
Discounted cash flow 
approach
Terminal Value: 8.0%
Discount Rate: 8.5%
 
1,080 
The fair values of impaired real estate were determined by using the following information, depending on 
availability, in order of preference: (i) signed purchase and sale agreements or letters of intent; (ii) recently quoted 
bid or ask prices; (iii) estimates of future cash flows, which consider, among other things, contractual and forecasted 
rental revenues, leasing assumptions, terminal capitalization rates, discount rates and expenses based upon market 
conditions; or (iv) expectations for the use of the real estate. Based on these inputs, the Company determined that 
its valuation of the impaired real estate falls within Level 3 of the fair value hierarchy.  
13. Subsequent Events
The Company has evaluated all events and transactions that occurred after December 31, 2024 through the 
filing of this Annual Report on Form 10-K and determined that there have been no events that have occurred that 
would require adjustment to disclosures in the consolidated financial statements except as disclosed below.
Credit Facility Amendment
In February 2025, the Company entered into an amendment to the Credit Agreement and, pursuant to such 
amendment, among other things, the availability of extensions of credit under the Revolving Credit Facility was 
increased to $1.0 billion, the accordion feature was increased to $1.0 billion and the Revolving Credit Facility's 
termination date was extended to February 2030, after giving effect to extension options exercisable at the 
Operating Partnership's election.
Subsequent Acquisition and Disposition Activity
Subsequent to December 31, 2024, the Company invested in 9 real estate properties for an aggregate 
investment amount (including acquisition-related costs) of $122.0 million and invested $13.8 million in new and 
ongoing construction in progress and reimbursements to tenants for development, construction and renovation 
costs related to properties leased from the Company. In addition, the Company invested $2.3 million in mortgage 
loans receivable subsequent to December 31, 2024.
Subsequent to December 31, 2024, the Company sold its investment in seven real estate properties for an 
aggregate gross sales price of $19.7 million and incurred $0.8 million of disposition costs related to these 
transactions.
107

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that 
information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, 
processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure 
controls and procedures include, without limitation, controls and procedures designed to ensure that information 
required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and 
communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to 
allow timely decisions regarding required disclosure.
As of the end of the period covered by this Annual Report on Form 10-K, our management evaluated, under 
the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer,  the 
effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 
15d-15(e) under the Exchange Act). Based on this evaluation, our Chief Executive Officer and Chief Financial 
Officer concluded that, as of the end of the period covered by this Annual Report on Form 10-K, our disclosure 
controls and procedures were effective in providing reasonable assurance of compliance.
Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial 
reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control 
system was designed to provide reasonable assurance regarding the reliability of financial reporting and the 
preparation of financial statements for external purposes, in accordance with generally accepted accounting 
principles in the United States. Due to inherent limitations, internal control over financial reporting may not prevent 
or detect misstatements. Also, projections of any evaluation of effectiveness of the internal control over financial 
reporting to future periods are subject to the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with policies and procedures may deteriorate. Our management, under 
the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the 
effectiveness of our internal control over financial reporting as of the end of the period covered by this Annual 
Report on Form 10-K based on the framework in Internal Control-Integrated Framework issued by the Committee of 
Sponsoring Organizations (2013 Framework) (COSO). Based on such evaluation, our management concluded that 
our internal control over financial reporting was effective as of the end of the period covered by this Annual Report 
on Form 10-K.
The effectiveness of our internal control over financial reporting as of December 31, 2024 has been audited 
by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report which is 
presented in this Annual Report on Form 10-K.
Changes in Internal Control Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in 
Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during our most recent fiscal quarter that materially affected, 
or are reasonably likely to materially affect, our internal control over financial reporting.
108

Item 9B. Other Information.
February 2025 Amendment to Credit Agreement
On February 6, 2025, through our Operating Partnership, we entered into an amendment to our Credit 
Agreement with Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto, 
predominantly in relation to the Revolving Credit Facility thereunder. After giving effect to such amendment, the 
Credit Agreement provides for an increase in the commitments under the Revolving Credit Facility from $600.0 
million to $1.0 billion. Among other things, the amendment also: (i) altered the step-down structure applicable to the 
margin grid for the Revolving Credit Facility and term loans under the Credit Agreement, (ii) extended the maturity 
date of the Revolving Credit Facility to February 2029, with the ability to extend for two additional six-month 
extension options at the Operating Partnership's election, (iii) permitted the aggregate positive amount of net cash 
proceeds due to be received from all eligible equity forward contracts which had not yet settled, subject to a 
maximum amount set forth in the Credit Agreement, to be included in the calculation of several financial covenants 
under the Credit Agreement, (iv) reset the accordion feature in the Credit Agreement to permit $1.0 billion of 
availability thereunder, and (v) removed the credit spread adjustment of 10.0 bps from the calculation of interest on 
the Revolving Credit Facility. For more information about our Credit Agreement, see “ "Item 7. Management’s 
Discussion and Analysis of Financial Condition and Results of Operations—Description of Certain Debt—Revolving 
Credit Facility and Credit Facility Term Loans.”
Information About Certain Rule 10b5-1 Trading Arrangements
None of our directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during 
the quarter ended December 31, 2024.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
109

PART III
Item 10. Directors, Executive Officers and Corporate Governance
We have adopted an Amended and Restated Insider Trading and Confidentiality Policy governing the 
purchase and sale of our securities by directors, officers, and employees that is designed to promote compliance 
with insider trading laws, rules and regulations, and applicable listing standards. A copy of our Amended and 
Restated Insider Trading and Confidentiality Policy is filed with this Annual Report on Form 10-K as Exhibit 19.1.
The information concerning our directors and executive officers required by Item 10 will be included in the 
Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by 
reference.
Item 11. Executive Compensation.
The information concerning our executive compensation required by Item 11 will be included in the Proxy 
Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters.
The information concerning our security ownership of certain beneficial owners and management and 
related stockholder matters (including equity compensation plan information) required by Item 12 will be included in 
the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by 
reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information concerning certain relationships, related transactions and director independence required 
by Item 13 will be included in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders 
and is incorporated herein by reference.
Item 14. Principal Accounting Fees and Services.
The information concerning our principal accounting fees and services required by Item 14 will be included 
in the Proxy Statement to be filed relating to our 2025 Annual Meeting of Stockholders and is incorporated herein by 
reference.
110

PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a)
(1) and (2) The following financial statements and financial statement schedules are filed as part of this 
Annual Report on Form 10-K.
Financial Statements. (see Item 8)
Reports of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2024 and 2023
Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022
Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 
2022
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2024, 2023 and 2022
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
Notes to Consolidated Financial Statements
Financial Statement Schedules. (see schedules beginning on page F-1) 
Schedule III - Real Estate and Accumulated Depreciation
Schedule IV - Mortgage Loans on Real Estate
All other schedules are omitted since the required information is not present or is not present in amounts 
sufficient to require submission of the schedule, or because the information required is included in the 
consolidated financial statements and notes thereto.
(b)
Exhibits. The following exhibits are included or incorporated by reference in this Annual Report on Form 10-K 
(and are numbered in accordance with Item 601 of Regulation S-K).
Exhibit
Number
Description
3.1
Articles of Amendment and Restatement of Essential Properties Realty Trust, Inc., dated as of June 
19, 2018 (Incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K filed 
on February 28, 2019)
3.2
Certificate of Correction to the Articles of Amendment and Restatement of Essential Properties Realty 
Trust, Inc., dated as of February 27, 2019 (Incorporated by reference to Exhibit 3.2 to the Company's 
Annual Report on Form 10-K filed on February 28, 2019)
3.3
Certificate of Notice, dated August 8, 2019 (Incorporated by reference to Exhibit 3.1 to the Company's 
Current Report on Form 8-K filed on August 8, 2019)
3.4
Certificate of Notice, dated February 28, 2020 (Incorporated by reference to Exhibit 3.4 to the 
Company's Annual Report on Form 10-K filed on March 2, 2020)
3.5
Amended and Restated Bylaws of Essential Properties Realty Trust, Inc. (Incorporated by reference to 
Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 16, 2020)
4.1
Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 to the Company's 
Registration Statement on Form S-11 filed on May 25, 2018)
4.2
Description of the Company's Common Stock, $0.01 par value (Incorporated by reference to Exhibit 
4.4 to the Company’s Annual Report on Form 10-K filed on February 23, 2021)
4.3
Indenture, dated as of June 28, 2021, among Essential Properties, L.P., Essential Properties Realty 
Trust, Inc. and U.S. Bank National Association, as trustee, including the form of the Guarantee 
(Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 
28, 2021)
111

Exhibit
Number
Description
4.4
First Supplemental Indenture, dated as of June 28, 2021, among Essential Properties, L.P., Essential 
Properties Realty Trust, Inc. and U.S. Bank National Association, as trustee, including the form of the 
Notes (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on 
June 28, 2021)
10.1
Agreement of Limited Partnership of Essential Properties, L.P. (Incorporated by reference to Exhibit 
10.1 to the Company's Current Report on Form 8-K filed on June 26, 2018)
10.2
Amended and Restated Credit Agreement, dated as of April 12, 2019, among the Company, the 
Operating Partnership, the several lenders from time to time parties thereto, Barclays Bank PLC, as 
administrative agent, and Citigroup Global Markets Inc. and Bank of America, N.A., as co-syndication 
agents (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed 
on April 18, 2019)
10.3
First Amendment to Amended and Restated Credit Agreement, dated November 22, 2019, among the 
Company, the Operating Partnership, Barclays Bank PLC, as administrative agent, and the lenders 
party thereto (Incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K 
filed on November 27, 2019)
10.4
Second Amendment to Amended and Restated Credit Agreement, dated February 10, 2022, among 
the Company, the Operating Partnership, Wells Fargo Bank, National Association, as administrative 
agent, Barclays Bank PLC, as existing agent, and the lenders party thereto (Incorporated by reference 
to Exhibit 10.4 to the Company's Annual Report on Form 10-K filed February 16, 2022)
10.5
Third Amendment to Amended and Restated Credit Agreement, dated as of July 25, 2022, by and 
among the Company, the Operating Partnership, as borrower, certain subsidiaries of the Company, as 
subsidiary guarantors, Wells Fargo Bank, National Association, as administrative agent, and the 
lenders party thereto, as lenders (Incorporated by reference to Exhibit 10.2 to the Company's 
Quarterly Report on Form 10-Q filed on July 28, 2022)
10.6
Fourth Amendment to Amended and Restated Credit Agreement, dated as of August 24, 2023, by and
among the Company, the Operating Partnership, as borrower, certain subsidiaries of the Company, as
subsidiary guarantors, Wells Fargo Bank, National Association, as administrative agent, and the
lenders party thereto, as lenders (Incorporated by reference to Exhibit 10.1 to the Company's Current 
Report on Form 8-K filed on August 28, 2023)
10.7
Fifth Amendment to Amended and Restated Credit Agreement, dated as of July 11, 2024, by and
among the Company, the Operating Partnership, as borrower, certain subsidiaries of the Company, as
subsidiary guarantors, Wells Fargo Bank, National Association, as administrative agent, and the
lenders party thereto, as lenders (Incorporated by reference to Exhibit 10.1 to the Company's Current 
Report on Form 8-K filed on July 17, 2024)
10.8*
Sixth Amendment to Amended and Restated Credit Agreement, dated as of February 6, 2025, by and
among the Company, the Operating Partnership, as borrower, certain subsidiaries of the Company, as
subsidiary guarantors, Wells Fargo Bank, National Association, as administrative agent, and the
lenders party thereto, as lenders.
10.9
Credit Agreement, dated as of November 26, 2019, among the Company, the Operating Partnership, 
the several lenders from time to time parties thereto, Capital One, National Association, as 
administrative agent, Suntrust Robinson Humphrey, Inc. and Mizuho Bank Ltd., as co-syndication 
agents, and Chemical Bank, a division of TCF National Bank, as documentation agent (Incorporated 
by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 27, 
2019)
10.10
First Amendment to Credit Agreement, dated as of February 18, 2022, among the Company, the 
Operating Partnership, as borrower, certain subsidiaries of the Company, as subsidiary guarantors, the 
lenders party thereto, as lenders, and Capital One, National Association, as administrative agent 
(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on 
February 22, 2022)
10.11
Second Amendment to Credit Agreement, dated as of August 23, 2022, among the Company, the 
Operating Partnership, as borrower, certain subsidiaries of the Company, as subsidiary guarantors, the 
lenders party thereto, as lenders, and Capital One, National Association, as administrative agent 
(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on 
August 24, 2022)
10.12†
Employment Agreement, effective as of January 1, 2022, by and between Essential Properties Realty 
Trust, Inc. and Peter M. Mavoides (Incorporated by reference to Exhibit 10.1 to the Company's Current 
Report on Form 8-K filed on January 6, 2022)
112

Exhibit
Number
Description
10.13†
Essential Properties Realty Trust, Inc. 2018 Incentive Award Plan, effective as of June 19, 2018 
(Incorporated by reference to Exhibit 10.18 to the Company’s Current Report on Form 8-K filed on 
June 26, 2018)
10.14†
Amended & Restated Employment Agreement between Essential Properties Realty Trust, Inc. and 
Mark E. Patten, effective as of October 3, 2024 (Incorporated by reference to Exhibit 10.1 to the 
Company's Current Report on Form 8-K filed on October 7, 2024)
10.15
Form of Indemnification Agreement between Essential Properties Realty Trust, Inc. and each of its 
directors and executive officers (Incorporated by reference to Exhibit 10.2 to the Company’s Current 
Report on Form 8-K filed on July 7, 2020)
10.16†
Essential Properties Realty Trust, Inc. 2023 Incentive Award Plan, effective as of May 15, 2023 
(Incorporated by reference to Annex B to the Company’s Current Report on Form Schedule 14A filed 
on April 4, 2023)
19.1*
Amended and Restated Insider Trading and Confidentiality Policy
21.1*
Subsidiaries of the Company
22*
List of Guarantors and Subsidiary Issuers of Guaranteed Securities
23.1*
Consent of Grant Thornton LLP
24.1*
Power of Attorney (set forth on the signature page to this Annual Report on Form 10-K)
31.1*
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the 
Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 
2002
31.2*
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the 
Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 
2002
32.1**
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002
32.2**
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002
97.1*
Policy Relating to Recovery of Erroneously Awarded Compensation
101.INS*
XBRL Instance Document
101.SCH*
XBRL Taxonomy Extension Schema Document
101.CAL*
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
*
Filed herewith.
**
Furnished herewith.
†
Indicates management contract or compensatory plan.
Item 16. Form 10-K Summary
None.
113

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant 
has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
ESSENTIAL PROPERTIES REALTY TRUST, INC.
 
 
 
    
Date: February 12, 2025
By:
/s/ Peter M. Mavoides
 
 
 
Peter M. Mavoides
 
 
 
President and Chief Executive Officer
 
 
 
(Principal Executive Officer)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does 
hereby constitute and appoint Peter M. Mavoides and Mark E. Patten, and each of them singly, his or her true and 
lawful attorneys with full power to them, and each of them singly, to sign for each of the undersigned and in his or 
her name in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K, and 
generally to do all such things in our names and in our capacities as officers and directors to enable Essential 
Properties Realty Trust, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and 
all requirements of the Securities and Exchange Commission in connection therewith.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by 
the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
114

Name
 
Title
 
Date
 
 
 
 
 
/s/ Peter M. Mavoides
 Director, President and Chief Executive Officer
 February 12, 2025
Peter M. Mavoides
 (Principal Executive Officer)
  
 
  
  
/s/ Mark E. Patten
 
Executive Vice President, Chief Financial Officer, 
Treasurer and Corporate Secretary
 February 12, 2025
Mark E. Patten
 (Principal Financial Officer)
  
 
  
  
/s/ Timothy J. Earnshaw
  Senior Vice President and Chief Accounting Officer
 February 12, 2025
Timothy J. Earnshaw
 (Principal Accounting Officer)
  
 
  
  
/s/ Joyce DeLucca
 Director
 February 12, 2025
Joyce DeLucca
  
  
 
  
  
/s/ Scott A. Estes
 Director
 February 12, 2025
Scott A. Estes
  
  
 
  
  
/s/ Lawrence J. Minich
 Director
 February 12, 2025
Lawrence J. Minich
  
  
 
  
  
/s/ Heather L. Neary
 Director
 February 12, 2025
Heather Leed Neary
  
  
 
  
  
/s/ Stephen D. Sautel
 Director
 February 12, 2025
Stephen D. Sautel
  
  
 
  
  
/s/ Janaki Sivanesan
 Director
 February 12, 2025
Janaki Sivanesan
  
  
115

ESSENTIAL PROPERTIES REALTY TRUST, INC.
Schedule III - Real Estate and Accumulated Depreciation
As of December 31, 2024 
(Dollar amounts in thousands)
Automotive Service
Alabama
2
$ 
770 
$ 
882 
$ 
— 
$ 
— 
$ 
770 
$ 
882 
$ 
1,652 
$ 
(152) 
1988-1991
2019
Arkansas
1
 
193 
 
258 
 
— 
 
— 
 
193 
 
258 
 
451 
 
(6) 
N/A
2024
Arizona
9
 
10,587 
 
19,611 
 
— 
 
— 
 
10,587 
 
19,611 
 
30,198 
 
(2,378) 
1975-2018
2020-2021
California
4
 
4,502 
 
8,499 
 
— 
 
— 
 
4,502 
 
8,499 
 
13,001 
 
(868) 
1953-1991
2021-2022
Colorado
7
 
6,027 
 
11,544 
 
— 
 
170 
 
6,027 
 
11,714 
 
17,741 
 
(1,294) 
1990-2008
2021-2022
Connecticut
4
 
3,962 
 
9,332 
 
— 
 
— 
 
3,962 
 
9,332 
 
13,294 
 
(276) 
1958-1958
2023-2024
Florida
5
 
3,445 
 
4,686 
 
— 
 
196 
 
3,445 
 
4,882 
 
8,327 
 
(375) 
1974-2000
2017-2024
Georgia
25
 
12,757 
 
27,387 
 
— 
 
— 
 
12,757 
 
27,387 
 
40,144 
 
(2,059) 
1983-2012
2017-2024
Iowa
2
 
747 
 
1,462 
 
— 
 
245 
 
747 
 
1,707 
 
2,454 
 
(75) 
1946
2023
Illinois
8
 
4,032 
 
9,513 
 
— 
 
54 
 
4,032 
 
9,567 
 
13,599 
 
(964) 
1927-1999
2019-2023
Indiana
12
 
4,600 
 
11,106 
 
555 
 
302 
 
5,155 
 
11,408 
 
16,563 
 
(641) 
1950-2024
2018-2024
Kansas
7
 
3,009 
 
4,366 
 
— 
 
— 
 
3,009 
 
4,366 
 
7,375 
 
(489) 
1981-2018
2021
Kentucky
8
 
6,125 
 
7,539 
 
— 
 
— 
 
6,125 
 
7,539 
 
13,664 
 
(201) 
1968-2006
2023-2024
Louisiana
1
 
663 
 
1,365 
 
— 
 
— 
 
663 
 
1,365 
 
2,029 
 
(14) 
2005
2024
Massachusetts
1
 
512 
 
1,804 
 
— 
 
— 
 
512 
 
1,804 
 
2,316 
 
(69) 
N/A
2023-2023
Maryland
4
 
3,973 
 
12,825 
 
— 
 
— 
 
3,973 
 
12,825 
 
16,798 
 
(2,752) 
1952-2016
2017-2018
Maine
3
 
1,633 
 
4,920 
 
— 
 
— 
 
1,633 
 
4,920 
 
6,553 
 
(215) 
1985
2023-2024
Michigan
12
 
5,277 
 
10,807 
 
— 
 
— 
 
5,277 
 
10,807 
 
16,084 
 
(1,847) 
1955-2014
2017-2023
Minnesota
6
 
4,177 
 
7,910 
 
201 
 
70 
 
4,378 
 
7,980 
 
12,358 
 
(1,659) 
1973-1999
2016-2021
Missouri
10
 
4,603 
 
10,515 
 
— 
 
200 
 
4,603 
 
10,715 
 
15,318 
 
(910) 
1960-2015
2021-2024
Mississippi
8
 
3,636 
 
6,779 
 
— 
 
— 
 
3,636 
 
6,779 
 
10,415 
 
(562) 
1988-2002
2021-2024
North Carolina
10
 
4,004 
 
3,624 
 
— 
 
— 
 
4,004 
 
3,624 
 
7,628 
 
(787) 
1990-2008
2018-2024
Nebraska
1
 
1,177 
 
479 
 
— 
 
— 
 
1,177 
 
479 
 
1,656 
 
(80) 
1995
2021
New Jersey
16
 
18,996 
 
22,047 
 
— 
 
— 
 
18,996 
 
22,047 
 
41,043 
 
(3,313) 
1928-1995
2020-2023
New Mexico
3
 
800 
 
3,016 
 
— 
 
50 
 
800 
 
3,066 
 
3,866 
 
(315) 
1989-1994
2021-2022
New York
9
 
4,025 
 
10,443 
 
— 
 
— 
 
4,025 
 
10,443 
 
14,468 
 
(1,584) 
1978-2019
2016-2024
Ohio
9
 
3,754 
 
6,732 
 
— 
 
742 
 
3,754 
 
7,474 
 
11,228 
 
(657) 
1960-2004
2018-2024
Oklahoma
24
 
10,639 
 
32,769 
 
— 
 
— 
 
10,639 
 
32,769 
 
43,408 
 
(3,885) 
1967-2019
2018-2024
Oregon
2
 
1,076 
 
1,104 
 
— 
 
— 
 
1,076 
 
1,104 
 
2,180 
 
(131) 
1984-1984
2022
Pennsylvania
7
 
6,178 
 
10,205 
 
— 
 
— 
 
6,178 
 
10,205 
 
16,383 
 
(1,205) 
1968-2012
2017-2024
Rhode Island
1
 
1,834 
 
2,178 
 
— 
 
— 
 
1,834 
 
2,178 
 
4,012 
 
(142) 
2001
2023
South Carolina
7
 
3,468 
 
4,290 
 
— 
 
580 
 
3,468 
 
4,870 
 
8,338 
 
(221) 
2007-2024
2020-2024
Tennessee
4
 
2,328 
 
3,388 
 
— 
 
— 
 
2,328 
 
3,388 
 
5,716 
 
(436) 
1990-2016
2017-2024
Texas
16
 
11,809 
 
23,908 
 
— 
 
600 
 
11,809 
 
24,508 
 
36,317 
 
(4,128) 
1970-2017
2016-2024
Virginia
2
 
837 
 
1,192 
 
— 
 
— 
 
837 
 
1,192 
 
2,029 
 
(123) 
1983-2006
2020-2024
Wisconsin
9
 
3,175 
 
7,554 
 
— 
 
74 
 
3,175 
 
7,627 
 
10,802 
 
(766) 
1985-1997
2021-2022
West Virginia
6
 
1,985 
 
4,519 
 
— 
 
— 
 
1,985 
 
4,519 
 
6,504 
 
(569) 
1983-2007
2020-2022
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-1

Building Materials 
Alabama
2
$ 
2,060 
$ 
3,640 
$ 
— 
$ 
— 
$ 
2,060 
$ 
3,640 
$ 
5,700 
$ 
(977) 
1975-2002
7/9/1905
Colorado
1
 
760 
 
403 
 
— 
 
— 
 
760 
 
403 
 
1,163 
 
(108) 
1983-1983
2017
Florida
1
 
934 
 
638 
 
— 
 
— 
 
934 
 
638 
 
1,572 
 
(171) 
2003
2017
Georgia
2
 
2,338 
 
4,165 
 
— 
 
— 
 
2,338 
 
4,165 
 
6,503 
 
(1,118) 
2003-2004
2017
Indiana
2
 
1,072 
 
1,619 
 
— 
 
— 
 
1,072 
 
1,619 
 
2,691 
 
(351) 
1979-1989
2020
Kentucky
1
 
414 
 
200 
 
— 
 
— 
 
414 
 
200 
 
614 
 
(54) 
1984-1984
2017
Michigan
3
 
4,438 
 
8,425 
 
— 
 
— 
 
4,438 
 
8,425 
 
12,863 
 
(1,636) 
1973-1995
2020
Ohio
6
 
3,011 
 
4,573 
 
— 
 
— 
 
3,011 
 
4,573 
 
7,584 
 
(1,228) 
1953-1996
2017
South Carolina
1
 
1,097 
 
172 
 
— 
 
— 
 
1,097 
 
172 
 
1,269 
 
(46) 
1983-1983
2017
Texas
4
 
5,228 
 
3,746 
 
— 
 
— 
 
5,228 
 
3,746 
 
8,974 
 
(1,006) 
1972-1985
2017
Car Washes
Alabama
4
$ 
7,009 
$ 
11,318 
$ 
— 
$ 
— 
$ 
7,009 
$ 
11,318 
$ 
18,327 
$ 
(829) 
2019-2024
2020-2023
Arkansas
3
 
2,799 
 
11,394 
 
— 
 
— 
 
2,799 
 
11,394 
 
14,193 
 
(1,361) 
1997-2024
2017-2022
Arizona
15
 
27,046 
 
35,871 
 
— 
 
— 
 
27,046 
 
35,871 
 
62,917 
 
(3,834) 
1988-2024
2016-2024
California
6
 
17,261 
 
16,498 
 
— 
 
— 
 
17,261 
 
16,498 
 
33,759 
 
(625) 
2004-2024
2023-2024
Colorado
5
 
11,343 
 
9,801 
 
— 
 
— 
 
11,343 
 
9,801 
 
21,144 
 
(1,538) 
2008-2024
2017-2024
Florida
8
 
13,302 
 
29,693 
 
— 
 
283 
 
13,302 
 
29,977 
 
43,279 
 
(2,875) 
2017-2021
2019-2024
Georgia
21
 
29,096 
 
64,371 
 
— 
 
2,055 
 
29,096 
 
66,426 
 
95,522 
 
(10,239) 
1967-2024
2016-2023
Iowa
2
 
5,930 
 
4,573 
 
— 
 
— 
 
5,930 
 
4,573 
 
10,503 
 
(473) 
2021-2021
2019-2022
Illinois
5
 
9,306 
 
14,105 
 
— 
 
— 
 
9,306 
 
14,105 
 
23,411 
 
(850) 
2017-2019
2020-2024
Indiana
4
 
2,683 
 
15,713 
 
— 
 
— 
 
2,683 
 
15,713 
 
18,396 
 
(749) 
1979-2024
2022
Kentucky
1
 
761 
 
3,281 
 
— 
 
— 
 
761 
 
3,281 
 
4,042 
 
(65) 
2024
2024
Louisiana
8
 
9,948 
 
19,284 
 
— 
 
425 
 
9,948 
 
19,709 
 
29,657 
 
(1,763) 
2012-2024
2017-2024
Michigan
1
 
1,725 
 
4,185 
 
— 
 
— 
 
1,725 
 
4,185 
 
5,910 
 
— 
2024
2022
Minnesota
1
 
1,430 
 
3,253 
 
— 
 
— 
 
1,430 
 
3,253 
 
4,683 
 
(161) 
2022
2023
Missouri
2
 
4,216 
 
8,117 
 
— 
 
— 
 
4,216 
 
8,117 
 
12,333 
 
(93) 
2024
2023
Mississippi
5
 
3,923 
 
13,810 
 
— 
 
567 
 
3,923 
 
14,376 
 
18,299 
 
(1,057) 
2008-2023
2020-2023
North Carolina
9
 
16,203 
 
15,238 
 
— 
 
— 
 
16,203 
 
15,238 
 
31,441 
 
(1,314) 
2003-2022
2019-2024
Nebraska
1
 
597 
 
2,569 
 
— 
 
— 
 
597 
 
2,569 
 
3,166 
 
(342) 
2021-2021
2019
New Mexico
4
 
2,461 
 
12,216 
 
— 
 
— 
 
2,461 
 
12,216 
 
14,677 
 
(2,884) 
1982-2013
2017
Nevada
5
 
11,776 
 
10,385 
 
— 
 
— 
 
11,776 
 
10,385 
 
22,161 
 
(452) 
2022
2023-2024
New York
8
 
6,538 
 
24,076 
 
— 
 
— 
 
6,538 
 
24,076 
 
30,614 
 
(1,912) 
1985-2022
2022-2023
Ohio
6
 
6,911 
 
18,490 
 
— 
 
— 
 
6,911 
 
18,490 
 
25,401 
 
(2,157) 
1990-2024
2021-2022
Oklahoma
2
 
2,921 
 
5,517 
 
— 
 
— 
 
2,921 
 
5,517 
 
8,438 
 
(434) 
2016-2024
2021-2022
South Carolina
4
 
5,894 
 
9,796 
 
— 
 
— 
 
5,894 
 
9,796 
 
15,690 
 
(1,048) 
2008-2021
2017-2024
South Dakota
6
 
5,890 
 
14,859 
 
— 
 
1,225 
 
5,890 
 
16,084 
 
21,974 
 
(2,524) 
1987-2017
2019
Tennessee
2
 
2,618 
 
2,724 
 
— 
 
— 
 
2,618 
 
2,724 
 
5,342 
 
(159) 
2023-2024
2022-2023
Texas
13
 
22,808 
 
43,623 
 
— 
 
425 
 
22,808 
 
44,048 
 
66,856 
 
(2,481) 
1970-2024
2020-2024
Virginia
15
 
23,330 
 
42,604 
 
298 
 
259 
 
23,628 
 
42,863 
 
66,491 
 
(2,563) 
1981-2024
2022-2024
Wisconsin
7
 
9,653 
 
21,352 
 
220 
 
— 
 
9,873 
 
21,352 
 
31,225 
 
(707) 
1966-2024
2023-2024
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-1

Convenience Stores
Arkansas
7
$ 
4,275 
$ 
6,867 
$ 
— 
$ 
50 
$ 
4,275 
$ 
6,917 
$ 
11,192 
$ 
(1,955) 
1979-2012
7/11/1905
Arizona
2
 
2,085 
 
2,791 
 
— 
 
34 
 
2,085 
 
2,825 
 
4,910 
 
(859) 
1985-2002
2018
Colorado
1
 
272 
 
1,047 
 
— 
 
— 
 
272 
 
1,047 
 
1,319 
 
(260) 
1983-1983
2017
Iowa
3
 
1,362 
 
2,380 
 
— 
 
— 
 
1,362 
 
2,380 
 
3,742 
 
(276) 
1927-1996
2022
Illinois
4
 
3,786 
 
3,067 
 
— 
 
— 
 
3,786 
 
3,067 
 
6,853 
 
(305) 
1977-1999
2019-2024
Indiana
1
 
840 
 
838 
 
— 
 
— 
 
840 
 
838 
 
1,678 
 
(322) 
1999
2019
Kentucky
13
 
14,005 
 
9,211 
 
— 
 
— 
 
14,005 
 
9,211 
 
23,216 
 
(2,492) 
1990-1999
2018-2024
Minnesota
8
 
5,929 
 
9,811 
 
14 
 
104 
 
5,944 
 
9,915 
 
15,859 
 
(3,255) 
1967-2013
2017-2019
Missouri
2
 
1,327 
 
1,654 
 
— 
 
— 
 
1,327 
 
1,654 
 
2,981 
 
(599) 
1999-2003
2019-2019
North Carolina
4
 
3,206 
 
2,637 
 
— 
 
— 
 
3,206 
 
2,637 
 
5,843 
 
(195) 
1986-1991
2023-2024
New Mexico
18
 
16,284 
 
17,873 
 
— 
 
— 
 
16,284 
 
17,873 
 
34,157 
 
(2,600) 
1966-2024
2017-2024
New York
16
 
5,881 
 
20,342 
 
— 
 
— 
 
5,881 
 
20,342 
 
26,223 
 
(6,741) 
1970-2010
2016
Ohio
21
 
15,191 
 
13,382 
 
— 
 
— 
 
15,191 
 
13,382 
 
28,573 
 
(5,021) 
1996-2001
2019
Oklahoma
2
 
5,344 
 
10,943 
 
— 
 
— 
 
5,344 
 
10,943 
 
16,287 
 
(101) 
2024
2024
Pennsylvania
1
 
467 
 
383 
 
— 
 
— 
 
467 
 
383 
 
850 
 
(172) 
1996-1996
2019
South Carolina
14
 
18,096 
 
16,656 
 
— 
 
— 
 
18,096 
 
16,656 
 
34,752 
 
(1,112) 
1970-2011
2023-2024
Texas
8
 
12,411 
 
21,629 
 
— 
 
506 
 
12,411 
 
22,135 
 
34,546 
 
(901) 
1965-2024
2017-2024
Washington
1
 
568 
 
508 
 
— 
 
— 
 
568 
 
508 
 
1,076 
 
(177) 
1976
2018
Wisconsin
34
 
39,200 
 
40,557 
 
— 
 
— 
 
39,200 
 
40,557 
 
79,757 
 
(9,725) 
1950-2018
2017-2024
Early Childhood Education
Arizona
17
$ 
11,256 
$ 
16,171 
$ 
— 
$ 
21 
$ 
11,256 
$ 
16,192 
$ 
27,448 
$ 
(2,533) 
1932-2021
2018-2024
Colorado
2
 
2,867 
 
5,617 
 
— 
 
98 
 
2,867 
 
5,714 
 
8,581 
 
(424) 
1988-1988
2019-2023
Connecticut
7
 
4,659 
 
9,506 
 
— 
 
2,404 
 
4,659 
 
11,910 
 
16,569 
 
(2,440) 
1957-2018
2018-2024
Florida
10
 
11,540 
 
24,460 
 
— 
 
— 
 
11,540 
 
24,460 
 
36,000 
 
(4,118) 
1973-2016
2017-2024
Georgia
11
 
11,490 
 
28,094 
 
— 
 
— 
 
11,490 
 
28,094 
 
39,584 
 
(4,106) 
1988-2016
2016-2024
Iowa
1
 
636 
 
2,199 
 
— 
 
— 
 
636 
 
2,199 
 
2,835 
 
(248) 
2005
2021-2021
Illinois
13
 
8,986 
 
32,499 
 
— 
 
391 
 
8,986 
 
32,890 
 
41,876 
 
(3,004) 
1972-2021
2019-2024
Indiana
1
 
1,229 
 
3,084 
 
— 
 
— 
 
1,229 
 
3,084 
 
4,313 
 
(16) 
N/A
2024
Kansas
2
 
2,056 
 
4,914 
 
— 
 
— 
 
2,056 
 
4,914 
 
6,970 
 
(1,099) 
2007-2017
2017-2019
Kentucky
3
 
1,545 
 
3,916 
 
— 
 
— 
 
1,545 
 
3,916 
 
5,461 
 
(379) 
2002-2003
2019-2024
Massachusetts
2
 
3,677 
 
2,911 
 
— 
 
— 
 
3,677 
 
2,911 
 
6,588 
 
(405) 
1990
2020-2024
Michigan
5
 
1,850 
 
5,450 
 
— 
 
— 
 
1,850 
 
5,450 
 
7,301 
 
(837) 
1987-2012
2018-2022
Minnesota
5
 
5,157 
 
7,591 
 
— 
 
— 
 
5,157 
 
7,591 
 
12,748 
 
(499) 
1984-2017
2021-2023
Missouri
8
 
4,239 
 
14,583 
 
19 
 
81 
 
4,258 
 
14,664 
 
18,922 
 
(1,323) 
1986-2009
2021-2022
Mississippi
2
 
2,085 
 
2,547 
 
— 
 
124 
 
2,085 
 
2,671 
 
4,756 
 
(710) 
2002-2008
2017-2018
North Carolina
22
 
20,463 
 
35,245 
 
— 
 
100 
 
20,463 
 
35,345 
 
55,808 
 
(4,020) 
1954-2018
2020-2023
Nebraska
1
 
224 
 
813 
 
— 
 
— 
 
224 
 
813 
 
1,037 
 
(53) 
2006
2022
New Hampshire
1
 
711 
 
1,733 
 
— 
 
— 
 
711 
 
1,733 
 
2,444 
 
(64) 
N/A
2023
New Jersey
3
 
1,734 
 
4,867 
 
— 
 
— 
 
1,734 
 
4,867 
 
6,601 
 
(748) 
1986-2002
2018-2024
Nevada
2
 
2,480 
 
3,451 
 
— 
 
— 
 
2,480 
 
3,451 
 
5,931 
 
(457) 
1998-2006
2021
New York
7
 
2,868 
 
9,196 
 
— 
 
— 
 
2,868 
 
9,196 
 
12,064 
 
(370) 
1986-2007
2023-2024
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-2

Ohio
30
 
23,197 
 
61,829 
 
31 
 
9,321 
 
23,228 
 
71,150 
 
94,378 
 
(8,315) 
1956-2023
2018-2023
Oklahoma
3
 
1,327 
 
3,860 
 
— 
 
— 
 
1,327 
 
3,860 
 
5,187 
 
(335) 
N/A
2022
Pennsylvania
12
 
10,670 
 
28,267 
 
— 
 
— 
 
10,670 
 
28,267 
 
38,937 
 
(5,964) 
1930-2010
2018-2023
South Carolina
1
 
1,323 
 
5,218 
 
— 
 
— 
 
1,323 
 
5,218 
 
6,541 
 
(177) 
2007
2023
Tennessee
3
 
2,356 
 
4,420 
 
— 
 
— 
 
2,356 
 
4,420 
 
6,776 
 
(668) 
1982-1996
2019-2024
Texas
19
 
16,499 
 
38,912 
 
— 
 
529 
 
16,499 
 
39,441 
 
55,940 
 
(3,468) 
1989-2024
2017-2024
Virginia
2
 
3,799 
 
6,385 
 
— 
 
— 
 
3,799 
 
6,385 
 
10,184 
 
(992) 
2006
2017-2021
Washington
5
 
2,235 
 
5,154 
 
— 
 
— 
 
2,235 
 
5,154 
 
7,389 
 
(918) 
1924-2002
2019
Wisconsin
9
 
6,979 
 
25,474 
 
— 
 
— 
 
6,979 
 
25,474 
 
32,453 
 
(3,290) 
1992-2007
2020-2024
Entertainment
Alabama
2
$ 
5,806 
$ 
8,631 
$ 
— 
$ 
— 
$ 
5,806 
$ 
8,631 
$ 
14,437 
$ 
(1,750) 
2002-2017
2017-2019
Arizona
5
 
4,903 
 
21,304 
 
— 
 
— 
 
4,903 
 
21,304 
 
26,207 
 
(1,073) 
1954-1981
2022-2023
California
1
 
1,320 
 
2,320 
 
— 
 
— 
 
1,320 
 
2,320 
 
3,640 
 
(606) 
1977
2017
Connecticut
3
 
4,681 
 
15,584 
 
— 
 
— 
 
4,681 
 
15,584 
 
20,265 
 
(1,538) 
1960-2019
2021-2023
Florida
2
 
6,456 
 
6,815 
 
— 
 
4,500 
 
6,456 
 
11,315 
 
17,771 
 
(2,036) 
2007
2017-2022
Iowa
1
 
2,560 
 
6,120 
 
— 
 
— 
 
2,560 
 
6,120 
 
8,680 
 
(684) 
N/A
2021
Idaho
1
 
886 
 
2,768 
 
— 
 
— 
 
886 
 
2,768 
 
3,654 
 
(484) 
2008
2019
Illinois
3
 
3,031 
 
— 
 
— 
 
— 
 
3,031 
 
— 
 
3,031 
 
— 
N/A
2024
Indiana
1
 
414 
 
3,988 
 
— 
 
— 
 
414 
 
3,988 
 
4,402 
 
(89) 
N/A
2024
Kansas
2
 
5,886 
 
21,128 
 
— 
 
— 
 
5,886 
 
21,128 
 
27,014 
 
(1,751) 
2018-2020
2022
Louisiana
2
 
3,403 
 
3,115 
 
— 
 
— 
 
3,403 
 
3,115 
 
6,518 
 
(817) 
2016
2018-2022
Maine
1
 
2,052 
 
4,924 
 
— 
 
— 
 
2,052 
 
4,924 
 
6,974 
 
(488) 
1989-1989
2021-2021
Michigan
1
 
693 
 
4,593 
 
— 
 
2,908 
 
693 
 
7,501 
 
8,194 
 
(1,472) 
1995
2017
Minnesota
10
 
10,877 
 
20,806 
 
— 
 
— 
 
10,877 
 
20,806 
 
31,683 
 
(4,108) 
1950-2009
2018-2023
Missouri
5
 
20,925 
 
13,731 
 
— 
 
— 
 
20,925 
 
13,731 
 
34,656 
 
(3,502) 
1990-2016
2022
North Carolina
3
 
11,014 
 
21,176 
 
— 
 
— 
 
11,014 
 
21,176 
 
32,190 
 
(3,940) 
1988-1996
2019-2022
Ohio
1
 
2,046 
 
— 
 
— 
 
— 
 
2,046 
 
— 
 
2,046 
 
— 
N/A
2024
Oklahoma
2
 
3,937 
 
9,673 
 
— 
 
— 
 
3,937 
 
9,673 
 
13,610 
 
(865) 
2020
2022-2024
Pennsylvania
1
 
823 
 
2,028 
 
— 
 
— 
 
823 
 
2,028 
 
2,851 
 
(458) 
2016
2019
Tennessee
2
 
18,026 
 
1,873 
 
— 
 
— 
 
18,026 
 
1,873 
 
19,899 
 
(693) 
1940-2013
2022
Texas
7
 
22,488 
 
44,160 
 
— 
 
— 
 
22,488 
 
44,160 
 
66,648 
 
(3,264) 
1981-2022
2022-2023
Utah
2
 
6,178 
 
26,923 
 
— 
 
— 
 
6,178 
 
26,923 
 
33,101 
 
(66) 
2023
2024
Virginia
1
 
4,821 
 
7,264 
 
— 
 
— 
 
4,821 
 
7,264 
 
12,085 
 
(513) 
1997
2023
Equipment Rental and Sales
Alabama
4
$ 
5,499 
$ 
6,985 
$ 
12 
$ 
864 
$ 
5,510 
$ 
7,849 
$ 
13,359 
$ 
(790) 
1974-2023
2020-2023
Arkansas
3
 
4,276 
 
1,547 
 
246 
 
2,334 
 
4,523 
 
3,882 
 
8,405 
 
(338) 
1982-1992
2019-2024
California
1
 
2,467 
 
2,429 
 
— 
 
— 
 
2,467 
 
2,429 
 
4,896 
 
(137) 
1992-1992
2023
Colorado
2
 
6,120 
 
3,825 
 
5 
 
1,021 
 
6,124 
 
4,846 
 
10,970 
 
(1,005) 
1990-2021
2020-2022
Connecticut
3
 
3,642 
 
8,140 
 
— 
 
— 
 
3,642 
 
8,140 
 
11,782 
 
(322) 
2002-2024
2020-2021
Delaware
1
 
3,542 
 
720 
 
— 
 
1,127 
 
3,542 
 
1,847 
 
5,389 
 
(37) 
1977-1977
2024
Florida
8
 
14,510 
 
8,957 
 
— 
 
4,327 
 
14,510 
 
13,284 
 
27,794 
 
(940) 
1964-2024
2019-2024
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-3

Georgia
3
 
6,704 
 
4,891 
 
236 
 
3,176 
 
6,940 
 
8,067 
 
15,007 
 
(1,269) 
1964-2019
2019-2023
Idaho
1
 
1,796 
 
1,265 
 
— 
 
— 
 
1,796 
 
1,265 
 
3,061 
 
(143) 
1992-1992
2023
Louisiana
1
 
1,006 
 
227 
 
16 
 
1,164 
 
1,022 
 
1,390 
 
2,412 
 
(317) 
2012-2012
2020
Massachusetts
2
 
1,756 
 
2,904 
 
161 
 
282 
 
1,917 
 
3,186 
 
5,103 
 
(423) 
1971-2024
2020
Michigan
3
 
8,721 
 
10,804 
 
— 
 
1,753 
 
8,721 
 
12,557 
 
21,278 
 
(1,835) 
1987-2020
2017-2024
Minnesota
1
 
2,630 
 
2,882 
 
— 
 
690 
 
2,630 
 
3,572 
 
6,202 
 
(142) 
2023
2024
Missouri
5
 
5,538 
 
6,703 
 
21 
 
1,536 
 
5,558 
 
8,238 
 
13,796 
 
(1,224) 
1995-2015
2019-2022
North Carolina
1
 
1,488 
 
649 
 
— 
 
1,451 
 
1,488 
 
2,100 
 
3,588 
 
(84) 
1955
2023
North Dakota
2
 
2,278 
 
2,124 
 
— 
 
2,127 
 
2,278 
 
4,251 
 
6,529 
 
(269) 
2012
2022-2024
New Hampshire
5
 
6,186 
 
7,901 
 
— 
 
982 
 
6,186 
 
8,882 
 
15,068 
 
(319) 
1982-2024
2020-2024
New Mexico
1
 
1,686 
 
286 
 
25 
 
1,862 
 
1,711 
 
2,148 
 
3,859 
 
(426) 
1970
2020
New York
8
 
10,739 
 
13,956 
 
— 
 
971 
 
10,739 
 
14,927 
 
25,666 
 
(778) 
1965-2024
2020-2024
Oklahoma
3
 
2,819 
 
5,127 
 
— 
 
— 
 
2,819 
 
5,127 
 
7,946 
 
(350) 
1997-2024
2021-2023
Pennsylvania
1
 
751 
 
1,678 
 
— 
 
— 
 
751 
 
1,678 
 
2,429 
 
(356) 
1987
2020
South Carolina
1
 
1,777 
 
582 
 
— 
 
616 
 
1,777 
 
1,198 
 
2,975 
 
(109) 
1974-1974
2023
Tennessee
2
 
3,511 
 
3,713 
 
816 
 
1,734 
 
4,327 
 
5,448 
 
9,775 
 
(942) 
1985-2018
2019-2022
Texas
15
 
20,637 
 
20,711 
 
— 
 
7,318 
 
20,637 
 
28,029 
 
48,666 
 
(2,265) 
1970-2024
2020-2024
Utah
2
 
6,262 
 
5,937 
 
— 
 
2,746 
 
6,262 
 
8,682 
 
14,944 
 
(773) 
1979
2019-2024
Virginia
1
 
2,076 
 
199 
 
— 
 
581 
 
2,076 
 
780 
 
2,856 
 
(74) 
1986
2023
Vermont
2
 
2,072 
 
461 
 
— 
 
— 
 
2,072 
 
461 
 
2,533 
 
(8) 
2024
2022-2024
Washington
3
 
7,456 
 
2,786 
 
492 
 
4,659 
 
7,948 
 
7,445 
 
15,393 
 
(735) 
1959-2022
2019-2024
West Virginia
1
 
992 
 
3,313 
 
— 
 
1,075 
 
992 
 
4,388 
 
5,380 
 
(78) 
1962
2024
Grocery
Arkansas
6
$ 
5,704 
$ 
12,942 
$ 
— 
$ 
1,425 
$ 
5,704 
$ 
14,367 
$ 
20,071 
$ 
(2,061) 
1986-2020
2020-2021
Colorado
3
 
1,524 
 
8,059 
 
— 
 
— 
 
1,524 
 
8,059 
 
9,583 
 
(402) 
2001-2011
2023
Michigan
2
 
4,638 
 
12,813 
 
— 
 
— 
 
4,638 
 
12,813 
 
17,451 
 
(1,045) 
1969
2021-2024
Missouri
10
 
5,661 
 
16,938 
 
— 
 
— 
 
5,661 
 
16,938 
 
22,599 
 
(2,851) 
1970-2013
2020-2021
North Carolina
1
 
762 
 
1,300 
 
— 
 
— 
 
762 
 
1,300 
 
2,062 
 
(309) 
1992
2018
Oklahoma
3
 
1,606 
 
8,726 
 
— 
 
— 
 
1,606 
 
8,726 
 
10,332 
 
(1,428) 
1987-1993
2019-2020
Vermont
6
 
3,008 
 
6,264 
 
— 
 
— 
 
3,008 
 
6,264 
 
9,272 
 
(23) 
1960-2008
2024
Wisconsin
9
 
21,526 
 
83,676 
 
250 
 
— 
 
21,776 
 
83,676 
 
105,452 
 
(7,539) 
1982-2017
2021-2024
Health and Fitness
Alabama
1
$ 
1,102 
$ 
2,412 
$ 
— 
$ 
— 
$ 
1,102 
$ 
2,412 
$ 
3,514 
$ 
(604) 
2007
2017
Arizona
1
 
4,109 
 
4,264 
 
— 
 
— 
 
4,109 
 
4,264 
 
8,373 
 
(587) 
2021
2018
Colorado
1
 
1,484 
 
4,491 
 
— 
 
— 
 
1,484 
 
4,491 
 
5,975 
 
(968) 
1989
2017
Florida
2
 
5,291 
 
5,975 
 
— 
 
2,572 
 
5,291 
 
8,546 
 
13,837 
 
(967) 
1983-2000
2019-2021
Georgia
2
 
5,848 
 
7,093 
 
— 
 
— 
 
5,848 
 
7,093 
 
12,941 
 
(866) 
2005-2019
2017-2023
Iowa
1
 
2,505 
 
4,294 
 
— 
 
— 
 
2,505 
 
4,294 
 
6,799 
 
— 
2024
2023
Illinois
1
 
1,133 
 
2,226 
 
— 
 
2,150 
 
1,133 
 
4,376 
 
5,509 
 
(674) 
1986
2019
Indiana
2
 
3,732 
 
6,298 
 
— 
 
— 
 
3,732 
 
6,298 
 
10,030 
 
(192) 
2024
2023-2024
Kansas
2
 
3,601 
 
4,909 
 
— 
 
— 
 
3,601 
 
4,909 
 
8,510 
 
— 
2024
2023-2024
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-4

Kentucky
1
 
868 
 
2,186 
 
— 
 
— 
 
868 
 
2,186 
 
3,054 
 
(507) 
1994
2017
Massachusetts
3
 
10,541 
 
29,129 
 
316 
 
3,766 
 
10,857 
 
32,896 
 
43,753 
 
(5,289) 
2004-2009
2018
Michigan
1
 
2,509 
 
— 
 
— 
 
— 
 
2,509 
 
— 
 
2,509 
 
— 
1983
2024
Minnesota
1
 
886 
 
4,746 
 
— 
 
— 
 
886 
 
4,746 
 
5,632 
 
(86) 
2024
2024
North Carolina
1
 
912 
 
883 
 
761 
 
1,875 
 
1,674 
 
2,759 
 
4,433 
 
(401) 
1972
2018
Nebraska
1
 
781 
 
— 
 
— 
 
— 
 
781 
 
— 
 
781 
 
— 
1970
2024
New Mexico
1
 
938 
 
1,503 
 
— 
 
— 
 
938 
 
1,503 
 
2,441 
 
(401) 
2016
2017
Nevada
1
 
491 
 
2,543 
 
— 
 
— 
 
491 
 
2,543 
 
3,034 
 
(428) 
1970
2019
Oklahoma
6
 
10,489 
 
28,786 
 
— 
 
559 
 
10,489 
 
29,346 
 
39,835 
 
(1,879) 
1979-2024
2018-2024
Oregon
1
 
2,024 
 
2,468 
 
— 
 
2,300 
 
2,024 
 
4,768 
 
6,792 
 
(643) 
1999
2018
South Carolina
5
 
4,516 
 
9,463 
 
— 
 
330 
 
4,516 
 
9,793 
 
14,309 
 
(1,867) 
1993-2010
2018-2019
Texas
9
 
18,987 
 
29,960 
 
— 
 
440 
 
18,987 
 
30,401 
 
49,388 
 
(1,750) 
1974-2024
2019-2024
Utah
1
 
1,937 
 
4,209 
 
— 
 
— 
 
1,937 
 
4,209 
 
6,146 
 
(965) 
1984
2016
Home Furnishings
Michigan
2
$ 
3,369 
$ 
24,427 
$ 
69 
$ 
3,119 
$ 
3,438 
$ 
27,545 
$ 
30,983 
$ 
(5,858) 
1987-1992
7/9/1905
Missouri
1
 
273 
 
4,683 
 
— 
 
— 
 
273 
 
4,683 
 
4,956 
 
(768) 
2007
2018
Industrial
Connecticut
4
$ 
6,173 
$ 
19,694 
$ 
— 
$ 
— 
$ 
6,173 
$ 
19,694 
$ 
25,867 
$ 
(1,265) 
N/A
7/15/1905
Florida
5
 
10,576 
 
5,299 
 
— 
 
— 
 
10,576 
 
5,299 
 
15,875 
 
(548) 
1960-2003
2020-2023
Iowa
2
 
734 
 
3,261 
 
— 
 
— 
 
734 
 
3,261 
 
3,995 
 
(217) 
1991-1993
2022
Illinois
2
 
3,958 
 
1,744 
 
— 
 
— 
 
3,958 
 
1,744 
 
5,702 
 
(204) 
1951-1987
2022
Indiana
5
 
1,789 
 
6,261 
 
— 
 
— 
 
1,789 
 
6,261 
 
8,050 
 
(474) 
2000-2022
2022
Louisiana
1
 
490 
 
761 
 
— 
 
1,783 
 
490 
 
2,544 
 
3,034 
 
(154) 
N/A
2022
Massachusetts
1
 
272 
 
998 
 
— 
 
— 
 
272 
 
998 
 
1,270 
 
(57) 
N/A
2023
Mississippi
1
 
2,198 
 
3,351 
 
— 
 
— 
 
2,198 
 
3,351 
 
5,549 
 
(306) 
N/A
2022
North Carolina
1
 
909 
 
746 
 
— 
 
— 
 
909 
 
746 
 
1,655 
 
(163) 
N/A
2022
North Dakota
3
 
1,354 
 
2,860 
 
— 
 
— 
 
1,354 
 
2,860 
 
4,214 
 
(130) 
1954-1965
2023
New Mexico
1
 
695 
 
6,332 
 
— 
 
— 
 
695 
 
6,332 
 
7,027 
 
(13) 
2024
2024
Ohio
1
 
902 
 
2,330 
 
— 
 
— 
 
902 
 
2,330 
 
3,232 
 
(197) 
2000
2022
Oklahoma
1
 
922 
 
5,548 
 
— 
 
— 
 
922 
 
5,548 
 
6,470 
 
(276) 
N/A
2023
Pennsylvania
1
 
678 
 
2,922 
 
— 
 
— 
 
678 
 
2,922 
 
3,600 
 
(258) 
1989
2022
South Dakota
1
 
1,250 
 
2,950 
 
— 
 
— 
 
1,250 
 
2,950 
 
4,200 
 
(299) 
1992
2021
Tennessee
2
 
861 
 
2,139 
 
— 
 
— 
 
861 
 
2,139 
 
3,000 
 
(133) 
1997-2008
2022
Texas
2
 
6,234 
 
10,297 
 
— 
 
— 
 
6,234 
 
10,297 
 
16,531 
 
(1,537) 
2004-2008
2021-2024
Virginia
1
 
679 
 
3,839 
 
— 
 
— 
 
679 
 
3,839 
 
4,518 
 
(415) 
1964
2021-2021
Washington
1
 
4,383 
 
110 
 
— 
 
— 
 
4,383 
 
110 
 
4,493 
 
(73) 
2019
2023
Wisconsin
1
 
556 
 
3,634 
 
— 
 
— 
 
556 
 
3,634 
 
4,190 
 
(18) 
N/A
2024
Medical / Dental
Alabama
6
$ 
1,713 
$ 
9,755 
$ 
— 
$ 
— 
$ 
1,713 
$ 
9,755 
$ 
11,468 
$ 
(1,528) 
1990-2012
2016-2024
Arkansas
16
 
4,013 
 
12,692 
 
— 
 
497 
 
4,013 
 
13,189 
 
17,202 
 
(2,372) 
1950-2017
2018-2021
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-5

Arizona
4
 
5,606 
 
6,790 
 
— 
 
1,913 
 
5,606 
 
8,703 
 
14,309 
 
(538) 
1951-1967
2016-2024
California
2
 
1,260 
 
2,863 
 
— 
 
— 
 
1,260 
 
2,863 
 
4,123 
 
(242) 
1989
2021-2024
Connecticut
2
 
1,889 
 
1,675 
 
— 
 
— 
 
1,889 
 
1,675 
 
3,564 
 
(327) 
1840-2009
2021
Florida
16
 
17,314 
 
57,776 
 
— 
 
200 
 
17,314 
 
57,976 
 
75,290 
 
(3,862) 
1934-2019
2016-2024
Georgia
10
 
14,278 
 
38,544 
 
— 
 
— 
 
14,278 
 
38,544 
 
52,822 
 
(1,914) 
1960-2024
2016-2024
Iowa
3
 
1,252 
 
2,085 
 
— 
 
— 
 
1,252 
 
2,085 
 
3,337 
 
(142) 
1963-1990
2022
Illinois
11
 
4,816 
 
14,474 
 
— 
 
— 
 
4,816 
 
14,474 
 
19,290 
 
(1,778) 
1967-2008
2016-2023
Indiana
6
 
7,320 
 
15,391 
 
— 
 
— 
 
7,320 
 
15,391 
 
22,711 
 
(1,519) 
1976-2021
2016-2024
Kentucky
1
 
199 
 
474 
 
— 
 
— 
 
199 
 
474 
 
673 
 
(128) 
2000
2017
Massachusetts
4
 
853 
 
2,784 
 
— 
 
— 
 
853 
 
2,784 
 
3,637 
 
(412) 
1850-2005
2016-2020
Michigan
4
 
2,401 
 
9,443 
 
— 
 
— 
 
2,401 
 
9,443 
 
11,844 
 
(913) 
2007
2019-2021
Missouri
11
 
3,543 
 
9,169 
 
— 
 
775 
 
3,543 
 
9,944 
 
13,487 
 
(1,319) 
1979-2015
2016-2022
Mississippi
4
 
1,302 
 
13,437 
 
— 
 
— 
 
1,302 
 
13,437 
 
14,739 
 
(1,797) 
1970-2006
2016-2021
North Carolina
8
 
4,066 
 
12,764 
 
— 
 
— 
 
4,066 
 
12,764 
 
16,830 
 
(855) 
1996-2019
2021-2024
New Hampshire
7
 
5,304 
 
18,868 
 
— 
 
— 
 
5,304 
 
18,868 
 
24,172 
 
(1,399) 
1890-1984
2016-2023
New Jersey
1
 
1,731 
 
6,560 
 
— 
 
— 
 
1,731 
 
6,560 
 
8,291 
 
(227) 
2010
2023
New York
6
 
1,032 
 
3,736 
 
— 
 
— 
 
1,032 
 
3,736 
 
4,768 
 
(488) 
1940-2010
2016-2023
Ohio
25
 
13,672 
 
34,052 
 
— 
 
189 
 
13,672 
 
34,241 
 
47,913 
 
(3,514) 
1907-2017
2017-2024
Oklahoma
7
 
1,472 
 
6,767 
 
— 
 
— 
 
1,472 
 
6,767 
 
8,239 
 
(773) 
1964-2018
2021-2022
Oregon
3
 
5,256 
 
5,408 
 
— 
 
— 
 
5,256 
 
5,408 
 
10,664 
 
(258) 
2000-2024
2020-2024
Pennsylvania
2
 
505 
 
3,641 
 
— 
 
— 
 
505 
 
3,641 
 
4,146 
 
(318) 
N/A
2022
South Carolina
7
 
4,836 
 
10,564 
 
— 
 
— 
 
4,836 
 
10,564 
 
15,400 
 
(1,542) 
1936-1998
2016-2021
Texas
51
 
33,787 
 
129,359 
 
— 
 
1,680 
 
33,787 
 
131,039 
 
164,826 
 
(18,413) 
1940-2019
2016-2024
Virginia
1
 
1,172 
 
3,965 
 
— 
 
— 
 
1,172 
 
3,965 
 
5,137 
 
(41) 
2017
2024
Vermont
1
 
357 
 
916 
 
— 
 
— 
 
357 
 
916 
 
1,273 
 
(99) 
N/A
2021
Wyoming
1
 
620 
 
2,550 
 
— 
 
— 
 
620 
 
2,550 
 
3,170 
 
(604) 
2001
2017
Movie Theatres
Alabama
2
$ 
3,011 
$ 
10,643 
$ 
218 
$ 
— 
$ 
3,229 
$ 
10,643 
$ 
13,872 
$ 
(2,710) 
2001-2013
2016-2018
North Carolina
1
 
1,826 
 
2,798 
 
— 
 
— 
 
1,826 
 
2,798 
 
4,624 
 
(673) 
2004
2018-2018
Ohio
1
 
2,126 
 
10,097 
 
— 
 
— 
 
2,126 
 
10,097 
 
12,223 
 
(2,026) 
1989
2017
South Carolina
1
 
1,465 
 
7,081 
 
— 
 
— 
 
1,465 
 
7,081 
 
8,546 
 
(1,483) 
2006
2017
Wisconsin
1
 
3,159 
 
3,755 
 
212 
 
— 
 
3,371 
 
3,755 
 
7,126 
 
(1,083) 
1997
2017
Other Services
Alabama
1
$ 
312 
$ 
176 
$ 
— 
$ 
— 
$ 
312 
$ 
176 
$ 
488 
$ 
(86) 
1978
2016
Colorado
2
 
2,706 
 
3,861 
 
— 
 
— 
 
2,706 
 
3,861 
 
6,567 
 
(199) 
2002
2016-2024
Georgia
5
 
2,293 
 
7,204 
 
— 
 
— 
 
2,293 
 
7,204 
 
9,497 
 
(1,172) 
1895-1998
2018-2023
Indiana
9
 
5,228 
 
22,374 
 
— 
 
— 
 
5,228 
 
22,374 
 
27,602 
 
(176) 
N/A
2024
Kentucky
2
 
1,503 
 
4,613 
 
— 
 
— 
 
1,503 
 
4,613 
 
6,116 
 
(701) 
1882-1999
2018-2022
North Carolina
5
 
6,390 
 
7,954 
 
— 
 
— 
 
6,390 
 
7,954 
 
14,344 
 
(625) 
1973
2018-2024
Ohio
3
 
246 
 
1,056 
 
— 
 
— 
 
246 
 
1,056 
 
1,302 
 
(44) 
1855-1863
2023
Oklahoma
1
 
2,257 
 
2,073 
 
— 
 
— 
 
2,257 
 
2,073 
 
4,330 
 
(383) 
2006
2021
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-6

Pennsylvania
2
 
3,771 
 
625 
 
— 
 
— 
 
3,771 
 
625 
 
4,396 
 
(25) 
2024
2023-2024
South Carolina
5
 
3,056 
 
5,810 
 
— 
 
— 
 
3,056 
 
5,810 
 
8,866 
 
(468) 
1937-2006
2016-2023
Tennessee
14
 
10,757 
 
19,485 
 
— 
 
— 
 
10,757 
 
19,485 
 
30,242 
 
(3,001) 
1870-2010
2016-2022
Texas
6
 
15,090 
 
17,940 
 
729 
 
— 
 
15,819 
 
17,940 
 
33,759 
 
(2,757) 
2006-2021
2021-2022
Virginia
1
 
1,259 
 
1,786 
 
— 
 
— 
 
1,259 
 
1,786 
 
3,045 
 
(461) 
1991
2018
Wisconsin
3
 
1,028 
 
1,781 
 
— 
 
— 
 
1,028 
 
1,781 
 
2,809 
 
(69) 
1997-2011
2023
Pet Care Services
Alabama
1
$ 
2,359 
$ 
4,730 
$ 
— 
$ 
— 
$ 
2,359 
$ 
4,730 
$ 
7,089 
$ 
(292) 
2023
2021
Arkansas
3
 
2,741 
 
10,657 
 
— 
 
— 
 
2,741 
 
10,657 
 
13,398 
 
(793) 
1979-2023
2017-2023
Arizona
2
 
2,386 
 
2,589 
 
13 
 
1,575 
 
2,399 
 
4,164 
 
6,563 
 
(691) 
1990-2008
2018
California
1
 
4,598 
 
2,504 
 
— 
 
— 
 
4,598 
 
2,504 
 
7,102 
 
(38) 
N/A
2024
Florida
4
 
2,933 
 
4,718 
 
— 
 
— 
 
2,933 
 
4,718 
 
7,651 
 
(1,074) 
2003-2023
2018-2021
Georgia
4
 
2,544 
 
2,639 
 
— 
 
— 
 
2,544 
 
2,639 
 
5,183 
 
(394) 
1950-2007
2019-2021
Illinois
3
 
1,475 
 
1,504 
 
— 
 
— 
 
1,475 
 
1,504 
 
2,979 
 
(441) 
1976-1995
2019
Indiana
6
 
2,672 
 
6,648 
 
— 
 
— 
 
2,672 
 
6,648 
 
9,320 
 
(1,039) 
1952-2024
2017-2019
Louisiana
1
 
485 
 
701 
 
— 
 
183 
 
485 
 
884 
 
1,369 
 
(157) 
2007
2019
Maryland
1
 
586 
 
1,881 
 
16 
 
34 
 
602 
 
1,915 
 
2,517 
 
(255) 
1988
2020
Missouri
1
 
537 
 
752 
 
— 
 
— 
 
537 
 
752 
 
1,289 
 
(153) 
1986-1986
2019
North Carolina
3
 
1,561 
 
5,909 
 
— 
 
— 
 
1,561 
 
5,909 
 
7,470 
 
(712) 
2014
2019-2021
Nebraska
1
 
381 
 
332 
 
— 
 
— 
 
381 
 
332 
 
713 
 
(123) 
1967
2019
New York
1
 
327 
 
697 
 
— 
 
— 
 
327 
 
697 
 
1,024 
 
(47) 
N/A
2023
Oklahoma
1
 
225 
 
283 
 
— 
 
— 
 
225 
 
283 
 
508 
 
(104) 
1993
2019
Oregon
1
 
192 
 
324 
 
— 
 
— 
 
192 
 
324 
 
516 
 
(57) 
1990-1990
2019
South Carolina
2
 
1,808 
 
1,017 
 
— 
 
— 
 
1,808 
 
1,017 
 
2,825 
 
(199) 
1994
2019-2023
Texas
2
 
2,923 
 
7,667 
 
— 
 
— 
 
2,923 
 
7,667 
 
10,590 
 
(462) 
2023
2021
Restaurants - Casual Dining
Alabama
5
$ 
2,954 
$ 
7,305 
$ 
— 
$ 
— 
$ 
2,954 
$ 
7,305 
$ 
10,259 
$ 
(1,889) 
1977-2007
2016-2017
Arkansas
1
 
1,392 
 
1,929 
 
— 
 
— 
 
1,392 
 
1,929 
 
3,321 
 
(97) 
2005
2023
Arizona
4
 
4,534 
 
6,028 
 
— 
 
— 
 
4,534 
 
6,028 
 
10,562 
 
(283) 
2002
2023-2024
California
1
 
1,044 
 
1,386 
 
— 
 
— 
 
1,044 
 
1,386 
 
2,430 
 
(39) 
N/A
2024
Colorado
5
 
6,278 
 
9,228 
 
— 
 
— 
 
6,278 
 
9,228 
 
15,506 
 
(987) 
1993
2016-2024
Florida
10
 
9,467 
 
17,052 
 
55 
 
279 
 
9,522 
 
17,332 
 
26,854 
 
(3,193) 
1988-2023
2016-2024
Georgia
6
 
5,991 
 
8,193 
 
— 
 
600 
 
5,991 
 
8,793 
 
14,784 
 
(2,025) 
1982-2005
2016-2023
Iowa
4
 
2,078 
 
6,311 
 
— 
 
— 
 
2,078 
 
6,311 
 
8,389 
 
(984) 
1950-2005
2018-2022
Illinois
4
 
4,947 
 
11,178 
 
50 
 
18 
 
4,997 
 
11,195 
 
16,192 
 
(253) 
1993-2019
2018-2024
Indiana
2
 
2,387 
 
1,827 
 
— 
 
— 
 
2,387 
 
1,827 
 
4,214 
 
(100) 
1999-2006
2020-2023
Kansas
2
 
3,045 
 
1,382 
 
— 
 
— 
 
3,045 
 
1,382 
 
4,427 
 
(255) 
2005
2021-2022
Kentucky
3
 
1,798 
 
3,643 
 
— 
 
— 
 
1,798 
 
3,643 
 
5,441 
 
(465) 
2001-2010
2019-2022
Louisiana
8
 
9,528 
 
7,723 
 
— 
 
— 
 
9,528 
 
7,723 
 
17,251 
 
(427) 
1984-2015
2016-2024
Massachusetts
10
 
12,982 
 
14,943 
 
— 
 
— 
 
12,982 
 
14,943 
 
27,925 
 
(2,102) 
1985-2008
2021-2021
Maryland
3
 
4,440 
 
4,991 
 
— 
 
— 
 
4,440 
 
4,991 
 
9,431 
 
(772) 
2003-2005
2017-2023
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-7

Michigan
10
 
6,569 
 
14,905 
 
— 
 
— 
 
6,569 
 
14,905 
 
21,474 
 
(2,587) 
1906-2003
2019-2022
Minnesota
2
 
7,921 
 
14,090 
 
— 
 
— 
 
7,921 
 
14,090 
 
22,011 
 
(882) 
1905-1947
2022
Missouri
6
 
11,010 
 
13,268 
 
— 
 
— 
 
11,010 
 
13,268 
 
24,278 
 
(1,124) 
2001-2023
2017-2024
Mississippi
4
 
5,540 
 
3,043 
 
— 
 
— 
 
5,540 
 
3,043 
 
8,583 
 
(191) 
1978-2014
2017-2024
North Carolina
1
 
594 
 
2,391 
 
— 
 
— 
 
594 
 
2,391 
 
2,985 
 
(103) 
2020
2023
Nebraska
1
 
545 
 
1,905 
 
— 
 
— 
 
545 
 
1,905 
 
2,450 
 
(138) 
N/A
2023
New Hampshire
1
 
1,978 
 
2,127 
 
— 
 
— 
 
1,978 
 
2,127 
 
4,105 
 
(210) 
1974
2021
New Jersey
8
 
9,625 
 
28,327 
 
— 
 
— 
 
9,625 
 
28,327 
 
37,952 
 
(2,084) 
1941-2005
2022
Ohio
7
 
11,701 
 
19,833 
 
— 
 
— 
 
11,701 
 
19,833 
 
31,534 
 
(1,400) 
1988-2004
2019-2024
Oklahoma
1
 
2,039 
 
— 
 
— 
 
— 
 
2,039 
 
— 
 
2,039 
 
— 
2024
2023
Pennsylvania
5
 
6,632 
 
11,046 
 
— 
 
— 
 
6,632 
 
11,046 
 
17,678 
 
(825) 
1880-2003
2022-2023
Rhode Island
1
 
830 
 
1,171 
 
— 
 
— 
 
830 
 
1,171 
 
2,001 
 
(166) 
1996
2021
South Carolina
2
 
2,603 
 
1,768 
 
— 
 
29 
 
2,603 
 
1,797 
 
4,400 
 
(163) 
2002-2003
2017-2023
South Dakota
2
 
3,049 
 
4,190 
 
— 
 
— 
 
3,049 
 
4,190 
 
7,239 
 
(434) 
2000
2021-2023
Tennessee
1
 
683 
 
737 
 
— 
 
— 
 
683 
 
737 
 
1,420 
 
(189) 
2003
2017
Texas
8
 
12,182 
 
14,057 
 
— 
 
— 
 
12,182 
 
14,057 
 
26,239 
 
(1,174) 
1999-2018
2016-2024
Virginia
4
 
5,421 
 
7,302 
 
— 
 
— 
 
5,421 
 
7,302 
 
12,722 
 
(588) 
2000-2005
2019-2024
Wisconsin
8
 
6,711 
 
14,511 
 
— 
 
— 
 
6,711 
 
14,511 
 
21,222 
 
(48) 
2000-2001
2024
West Virginia
2
 
953 
 
3,180 
 
— 
 
— 
 
953 
 
3,180 
 
4,134 
 
(309) 
1997-2006
2022
Restaurants - Family Dining
Florida
1
$ 
467 
$ 
421 
$ 
— 
$ 
150 
$ 
467 
$ 
571 
$ 
1,038 
$ 
(408) 
1997
2016
Georgia
11
 
9,107 
 
21,518 
 
— 
 
1,312 
 
9,107 
 
22,830 
 
31,937 
 
(1,876) 
1968-2019
2017-2023
Iowa
1
 
804 
 
563 
 
— 
 
— 
 
804 
 
563 
 
1,367 
 
(194) 
1994
2016
Illinois
2
 
3,209 
 
7,414 
 
— 
 
— 
 
3,209 
 
7,414 
 
10,623 
 
(226) 
1978
2016-2024
Michigan
3
 
2,148 
 
2,847 
 
— 
 
— 
 
2,148 
 
2,847 
 
4,995 
 
(514) 
1973-2000
2019
Minnesota
4
 
2,433 
 
2,451 
 
— 
 
— 
 
2,433 
 
2,451 
 
4,884 
 
(882) 
1975-1991
2016
Missouri
2
 
1,038 
 
1,153 
 
— 
 
— 
 
1,038 
 
1,153 
 
2,191 
 
(393) 
1978-1979
2016
Pennsylvania
1
 
784 
 
756 
 
6 
 
61 
 
790 
 
817 
 
1,607 
 
(273) 
1995
2017
South Carolina
2
 
1,930 
 
2,111 
 
— 
 
— 
 
1,930 
 
2,111 
 
4,041 
 
(385) 
1978-2008
2020
Wisconsin
2
 
1,967 
 
2,955 
 
— 
 
— 
 
1,967 
 
2,955 
 
4,922 
 
(715) 
1976-2018
2016-2019
Restaurants - Quick Service
Alaska
1
$ 
428 
$ 
1,524 
$ 
— 
$ 
350 
$ 
428 
$ 
1,874 
$ 
2,302 
$ 
(364) 
1972-1972
7/10/1905
Alabama
27
 
7,864 
 
16,276 
 
— 
 
153 
 
7,864 
 
16,429 
 
24,293 
 
(3,630) 
1972-2024
2016-2023
Arkansas
17
 
9,379 
 
16,059 
 
— 
 
15 
 
9,379 
 
16,074 
 
25,453 
 
(2,601) 
1977-2019
2016-2024
California
1
 
467 
 
533 
 
— 
 
— 
 
467 
 
533 
 
1,000 
 
(169) 
1993
2016
Colorado
1
 
698 
 
1,036 
 
— 
 
— 
 
698 
 
1,036 
 
1,734 
 
(246) 
1999
2018
Florida
18
 
14,341 
 
20,085 
 
— 
 
— 
 
14,341 
 
20,085 
 
34,426 
 
(2,454) 
1976-2024
2016-2024
Georgia
49
 
23,088 
 
35,566 
 
— 
 
— 
 
23,088 
 
35,566 
 
58,654 
 
(6,868) 
1975-2024
2016-2024
Iowa
7
 
2,268 
 
6,367 
 
— 
 
75 
 
2,268 
 
6,442 
 
8,710 
 
(1,819) 
1950-2004
2016-2019
Illinois
4
 
2,133 
 
7,361 
 
— 
 
— 
 
2,133 
 
7,361 
 
9,494 
 
(462) 
1950-2013
2016-2024
Indiana
12
 
8,647 
 
12,622 
 
— 
 
— 
 
8,647 
 
12,622 
 
21,269 
 
(1,040) 
2003-2023
2019-2023
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
F-8

Kansas
1
 
194 
 
777 
 
— 
 
— 
 
194 
 
777 
 
971 
 
(186) 
1971
2017
Kentucky
12
 
5,408 
 
8,327 
 
— 
 
402 
 
5,408 
 
8,730 
 
14,138 
 
(1,555) 
1969-2020
2016-2022
Louisiana
6
 
4,808 
 
4,697 
 
— 
 
— 
 
4,808 
 
4,697 
 
9,505 
 
(767) 
1983-2023
2019-2023
Massachusetts
9
 
5,251 
 
5,131 
 
— 
 
— 
 
5,251 
 
5,131 
 
10,382 
 
(1,009) 
1965-1987
2020
Maryland
1
 
338 
 
624 
 
— 
 
— 
 
338 
 
624 
 
962 
 
(123) 
2002-2002
2019
Michigan
11
 
3,579 
 
8,554 
 
— 
 
— 
 
3,579 
 
8,554 
 
12,133 
 
(1,900) 
1969-2015
2016-2024
Missouri
5
 
3,067 
 
4,650 
 
— 
 
— 
 
3,067 
 
4,650 
 
7,717 
 
(542) 
1987-2004
2016-2023
Mississippi
35
 
15,545 
 
23,124 
 
— 
 
390 
 
15,545 
 
23,515 
 
39,060 
 
(4,064) 
1968-2023
2016-2023
Montana
1
 
806 
 
735 
 
— 
 
— 
 
806 
 
735 
 
1,541 
 
(83) 
2023
2022
North Carolina
11
 
11,121 
 
10,700 
 
— 
 
411 
 
11,121 
 
11,111 
 
22,232 
 
(507) 
1986-2024
2016-2024
Nebraska
1
 
304 
 
1,301 
 
— 
 
— 
 
304 
 
1,301 
 
1,605 
 
(384) 
1998-1998
2016
New York
3
 
3,765 
 
3,405 
 
— 
 
400 
 
3,765 
 
3,805 
 
7,570 
 
(1,127) 
1968-2000
2016-2019
Ohio
9
 
3,710 
 
10,833 
 
— 
 
— 
 
3,710 
 
10,833 
 
14,543 
 
(1,510) 
1964-2024
2016-2022
Oklahoma
13
 
12,422 
 
13,653 
 
— 
 
— 
 
12,422 
 
13,653 
 
26,075 
 
(1,417) 
1965-2024
2020-2024
Oregon
1
 
252 
 
131 
 
— 
 
— 
 
252 
 
131 
 
383 
 
(54) 
2015
2016
Pennsylvania
3
 
1,369 
 
1,710 
 
— 
 
— 
 
1,369 
 
1,710 
 
3,079 
 
(543) 
1963-1994
2016-2019
South Carolina
8
 
5,453 
 
8,515 
 
— 
 
— 
 
5,453 
 
8,515 
 
13,968 
 
(661) 
1977-2009
2016-2024
Tennessee
20
 
11,922 
 
16,126 
 
— 
 
354 
 
11,922 
 
16,480 
 
28,402 
 
(3,361) 
1974-2023
2016-2023
Texas
43
 
32,873 
 
35,803 
 
— 
 
1,501 
 
32,873 
 
37,304 
 
70,177 
 
(5,416) 
1970-2020
2016-2024
Wisconsin
5
 
1,260 
 
3,849 
 
— 
 
85 
 
1,260 
 
3,934 
 
5,194 
 
(306) 
1981-2006
2016-2024
West Virginia
6
 
1,293 
 
3,137 
 
— 
 
— 
 
1,293 
 
3,137 
 
4,430 
 
(892) 
1976-1994
2016
Vacant Properties
Georgia
1
$ 
256 
$ 
362 
$ 
— 
$ 
83 
$ 
256 
$ 
445 
$ 
701 
$ 
(137) 
1978
2017
Illinois
1
 
472 
 
1,376 
 
— 
 
— 
 
472 
 
1,376 
 
1,848 
 
(309) 
1991
2019
Louisiana
1
 
634 
 
1,556 
 
— 
 
— 
 
634 
 
1,556 
 
2,190 
 
(537) 
1993
2017
South Carolina
1
 
167 
 
394 
 
— 
 
17 
 
167 
 
411 
 
578 
 
(104) 
2014
2020
Washington
2
 
1,176 
 
2,542 
 
— 
 
— 
 
1,176 
 
2,542 
 
3,718 
 
(762) 
1982-1999
2019
Wyoming
1
 
424 
 
930 
 
— 
 
— 
 
424 
 
930 
 
1,354 
 
(274) 
1982-1982
2019
Grand Total
1,942
$ 
1,859,547 
$ 
3,427,861 
$ 
6,063 
$ 
108,139 
$ 
1,865,610 
$ 
3,536,000 
$ 
5,401,610 
$ 
(425,190) 
Description (a)
Initial Cost to Company
Cost Capitalized Subsequent
to Acquisition (b)
Gross Amount at
December 31, 2024 (c)(d)
Accumulated 
Depreciation
(e)(f)
Year 
Constructed 
(Range)
Year  
Acquired 
(Range)
Tenant Industry & State
# of 
Properties
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Land & 
Improvements
Building & 
Improvements
Total
_____________________________________
(a)
As of December 31, 2024, the Company had investments in 2,104 single-tenant real estate property locations including 1,946 owned properties, 8 
ground lease interests and 150 properties securing mortgage notes receivable. Three of the Company’s owned properties are subject to leases 
accounted for as direct financing leases and are excluded from the table above. Additionally, the table above excludes four owned properties which are 
accounted for as loans receivable, as the leases contain purchase options, and five owned properties which are held for sale as of December 31, 
2024. Initial costs exclude intangible lease assets totaling $82.9 million.
(b)
Amounts shown as reductions to cost capitalized subsequent to acquisition represent provisions recorded for impairment of real estate or partial land 
dispositions.
(c)
The aggregate cost for federal income tax purposes is $5.0 billion.
F-9

(d)
The following is a reconciliation of carrying value for land and improvements and building and improvements for the periods presented: 
Year ended December 31,
(in thousands) 
2024
2023
2022
Balance, beginning of period
$ 
4,480,314 
$ 
3,669,317 
$ 
3,040,073 
Additions
Acquisitions
 
818,088 
 
887,407 
 
751,610 
Improvements
 
217,314 
 
51,323 
 
27,609 
Deductions
Provisions for impairment of real estate
 
(14,845)  
(3,548)  
(20,164) 
Real estate investments held for sale
 
(10,018)  
(7,455)  
(4,780) 
Cost of real estate sold
 
(89,319)  
(116,029)  
(123,081) 
Other
 
76 
 
(701)  
(1,949) 
Balance, end of period
$ 
5,401,610 
$ 
4,480,314 
$ 
3,669,317 
(e)
The following is a reconciliation of accumulated depreciation for the periods presented:
Year ended December 31,
(in thousands) 
2024
2023
2022
Balance, beginning of period
$ 
321,944 
$ 
238,022 
$ 
169,126 
Additions
Depreciation expense
 
115,371 
 
95,527 
 
80,647 
Deductions
Accumulated depreciation associated with real estate investments sold and held for sale
 
(12,125)  
(11,605)  
(11,751) 
Balance, end of period
$ 
425,190 
$ 
321,944 
$ 
238,022 
(f)
Depreciation is calculated using the straight-line method over the estimated useful lives of the properties, which is up to 40 years for buildings and 
improvements and 15 years for land improvements.
See accompanying report of independent registered public accounting firm.
F-10

ESSENTIAL PROPERTIES REALTY TRUST, INC.
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2024 
(Dollar amounts in thousands)
Description
# of 
Properties
Interest
Rate
Final
Maturity
Date
Periodic
Payment
Terms
Final
Payment
Terms
Prior
Liens
Face
Amount of
Mortgages
Carrying
Amount of
Mortgages
Principal Amount
of Loans Subject
to Delinquent
Principal or Interest
First mortgage loans:
 
 
 
 
 
 
 
 
Early Childhood Education Centers 
located in Florida
2
8.80%
5/9/2039
Interest only
Balloon - $12,000
None
$ 
12,000 
$ 
11,864 
None
Early Childhood Education Centers 
located in Florida
2
8.53%
7/17/2039
Interest only
Balloon - $7,300
None
 
7,300 
 
7,213 
None
Quick Service Restaurants located 
in fifteen states
69
7.79%
8/31/2034
Interest only
Balloon - $51,000
None
 
51,000 
 
50,995 
None
Early Childhood Education Center 
located in Florida
1
8.42%
2/29/2040
Interest only
Balloon - $5,300
None
 
5,300 
 
5,243 
None
Convenience Store located in 
Minnesota
1
8.54%
12/31/2026
Interest only
Balloon - $1,525
None
 
1,525 
 
1,501 
None
Convenience Stores located in 
Wisconsin and Iowa
2
8.33%
12/31/2026
Interest only
Balloon - $994
None
 
994 
 
974 
None
Casual Dining Restaurants located 
in Kentucky and Ohio
2
6.87%
5/31/2036
Interest only
Balloon - $2,520
None
 
2,520 
 
2,520 
None
Convenience Stores located in 
Iowa
2
8.33%
12/31/2026
Interest only
Balloon - $2,389
None
 
2,389 
 
2,332 
None
Entertainment Center located in 
New Jersey
1
8.99%
9/30/2051
Principal + 
Interest
Fully amortizing
None
 
29,100 
 
29,088 
None
Car Washes located in Nevada
5
7.30%
12/31/2036
Interest only
Balloon - $25,714
None
 
25,714 
 
25,711 
None
Car Wash located in Florida
1
7.73%
12/29/2036
Interest only
Balloon - $2,470
None
 
2,470 
 
2,464 
None
Casual Dining Restaurant located 
in Michigan
1
9.63%
1/31/2040
Interest only
Balloon - $1,754
None
 
1,754 
 
1,740 
None
Quick Service Restaurants located 
in three states
13
7.00%
2/28/2027
Interest only
Balloon - $10,070
None
 
10,070 
 
10,016 
None
Car Wash located in New Jersey
1
7.73%
3/31/2037
Interest only
Balloon - $3,600
None
 
3,600 
 
3,591 
None
Convenience Store located in 
Minnesota
1
8.29%
12/31/2026
Interest only
Balloon - $760
None
 
760 
 
738 
None
Car Wash located in Nevada
1
7.33%
12/31/2036
Interest only
Balloon - $4,960
None
 
4,960 
 
4,946 
None
Car Wash located in Nevada
1
7.43%
12/31/2036
Interest only
Balloon - $4,800
None
 
4,800 
 
4,787 
None
Car Washes located in three states
4
8.64%
12/31/2037
Interest only
Balloon - $12,250
None
 
12,250 
 
12,246 
None
Car Washes located in five states
9
8.85%
12/31/2037
Interest only
Balloon - $25,993
None
 
25,993 
 
25,938 
None
Entertainment Center located in 
Missouri
1
8.84%
1/13/2038
Interest only
Balloon - $10,200
None
 
10,200 
 
10,189 
None
Fitness Center located in Florida
1
8.10%
11/30/2025
Interest only
Balloon - $8,654
None
 
8,654 
 
8,632 
None
Medical / Dental Facilities located 
in five states
5
10.19%
1/31/2039
Interest only
Balloon - $16,059
None
 
16,059 
 
16,057 
None
F-11

Description
# of 
Properties
Interest
Rate
Final
Maturity
Date
Periodic
Payment
Terms
Final
Payment
Terms
Prior
Liens
Face
Amount of
Mortgages
Carrying
Amount of
Mortgages
Principal Amount
of Loans Subject
to Delinquent
Principal or Interest
Early Childhood Education Centers 
located in four states
14
10.00%
6/30/2044
Interest only
Balloon - $57,454
None
 
57,454 
 
57,450 
None
Entertainment Center Located in 
New Jersey
1
10.20%
7/31/2034
Interest only
Balloon - $7,560
None
 
7,560 
 
7,559 
None
Convenience Store located in 
Texas
1
8.00%
8/13/2027
Interest only
Balloon - $900
None
 
900 
 
886 
None
Medical / Dental Facilities located 
in six states
6
10.18%
10/1/2039
Interest only
Balloon - $17,450
None
 
17,450 
 
17,441 
None
Early Childhood Education Centers 
located in Arizona
2
8.25%
9/30/2044
Interest only
Balloon - $6,400
None
 
6,400 
 
6,392 
None
 
 
 
 
 
$ 329,176 
$ 328,513 
 
The following table shows changes in carrying amounts of mortgage loans receivable during the years ended December 31, 2024, 2023 and 2022 (in 
thousands):
 
Year ended December 31,
 
2024
2023
2022
Balance, beginning of period
$ 
220,121 $ 
233,978 $ 
181,419 
Additions:
New mortgage loans
 
100,427  
13,091  
126,784 
Subsequent funding on existing mortgage loans
 
17,459  
—  
17,236 
Deductions:
Collections of principal
 
(9,485)  
(27,029)  
(91,488) 
Provision for credit losses
 
(9)  
81  
27 
Balance, end of period
$ 
328,513 $ 
220,121 $ 
233,978 
See accompanying report of independent registered public accounting firm.
F-12