STORE Capital
Annual Report 2019

Plain-text annual report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or For the transition period from to . Commission File Number: 001-36739 STORE CAPITAL CORPORATION (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 45-2280254 (I.R.S. Employer Identification No.) 8377 East Hartford Drive, Suite 100, Scottsdale, Arizona 85255 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (480) 256-1100 Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Common Stock Trading Symbol(s) Name of each exchange on which registered STOR 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 Non-accelerated filer ☒ ☐ 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of June 28, 2019 (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 $7.6 billion based on the last reported sale price of $33.19 per share on the New York Stock Exchange on June 28, 2019. As of February 19, 2020, there were 244,159,240 shares of the registrant’s common stock outstanding. Documents Incorporated by Reference Portions of Part III of this Form 10-K are incorporated by reference from the registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year. TABLE OF CONTENTS Item 1. Item 1A. Item 1B. Item 2. Item 3. Item 4. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures PART I PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Item 6. Item 7. Item 7A. Item 8. Item 9. Item 9A. Item 9B. Item 10. Item 11. Item 12. Item 13. Item 14. Equity Securities Selected Financial Data Management’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information PART III Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accountant Fees and Services Item 15. Item 16. Exhibits and Financial Statement Schedules Form 10-K Summary PART IV Page Number 2 13 32 32 35 35 35 37 38 52 54 84 84 84 84 85 85 85 85 86 90 PART I In this Annual Report on Form 10-K, or this Annual Report, we refer to STORE Capital Corporation, a Maryland corporation, as “we,” “us,” “our,” “the Company,” “S|T|O|R|E” or “STORE Capital,” unless we specifically state otherwise or the context indicates otherwise. Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for long-term, triple-net leases of freestanding, single-tenant properties. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which 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. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this Annual Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. For a further discussion of these and other factors that could impact future results, performance or transactions, see “Item 1A. Risk Factors” elsewhere in this Annual Report. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation: • • • • • • • • • • • the performance and financial condition of our customers; our ability to raise debt and equity capital on attractive terms; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for customers in such markets; potential defaults (including bankruptcy or insolvency) on, or non-renewal of, leases by customers; decreased rental rates or increased vacancy rates; real estate acquisition risks, including our ability to identify and complete acquisitions and/or failure of such acquisitions to perform in accordance with projections; potential natural disasters and other liabilities and costs associated with the impact of climate change; litigation, including costs associated with defending claims against us as a result of incidents on our properties, and any adverse outcomes; potential changes in the law or governmental regulations that affect us and interpretations of those laws and regulations, including changes in real estate and zoning or real estate investment trust tax laws; the impact of changes in the tax code as a result of federal tax legislation and uncertainty as to how such changes may be applied; financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest and that we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms at all; 1 • • • • • lack of or insufficient amounts of insurance; our ability to maintain our qualification as a real estate investment trust; our ability to retain key personnel; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us; and the factors included in this report, including those set forth under the headings “Business,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Annual Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. Item 1. BUSINESS Overview General. S|T|O|R|E is an internally managed net-lease real estate investment trust, or REIT, that is the leader in the acquisition, investment and management of Single Tenant Operational Real Estate, or STORE Properties, which is our target market and the inspiration for our name. A STORE Property is a real property location at which a company operates its business and generates sales and profits, which makes the location a profit center and, therefore, fundamentally important to that business. S|T|O|R|E continues the investment activities of our senior leadership team, which has been investing in single- tenant operational real estate for over 30 years. We are one of the largest and fastest-growing net-lease REITs, and own a well-diversified portfolio that consists of investments in 2,504 property locations operated by 478 customers across 49 states as of December 31, 2019. Our customers operate across a wide variety of industries within the service, retail and manufacturing sectors of the U.S. economy, with restaurants, early childhood education centers, health clubs, furniture stores and automotive repair and maintenance services representing the top industries in our portfolio. 2 The following table depicts the growth in our investment portfolio since our inception in 2011. Our Total Investment Portfolio at Period End Status as a REIT. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to as the Code, commencing with our initial taxable year ended December 31, 2011. To continue to qualify as a REIT, we must continue to meet certain tests which, among other things, require that our assets consist primarily of real estate assets, our income be derived primarily from real estate assets, and that we distribute at least 90% of our REIT taxable income (other than our net capital gains) to our stockholders annually. The Net-Lease Model. S|T|O|R|E is a net-lease REIT. Accordingly, we acquire STORE Properties from business owners, and then lease the properties back to the business owners under net-leases, substantially all of which are triple-net. Under a triple-net lease, our customer (the tenant) is solely responsible for operating the business conducted at the property subject to the lease, keeping property and improvements in good order and repair, remodeling and updating the building as it deems appropriate to maximize business value, and paying the insurance, property taxes and other property-related expenses. Under the triple-net lease model, therefore, S|T|O|R|E is not a real estate operator; rather, we provide real estate financing solutions to customers seeking a long-term, lower-cost alternative to real estate ownership. Following our acquisition of a property, it is our customer, and not S|T|O|R|E, that controls the property, including with respect to decisions as to when and how to implement environmentally sustainable practices at a given property. Our Corporate Responsibility. S|T|O|R|E’s beginning was inspired by our belief that we could make a positive difference for real estate intensive businesses across the U.S. by delivering innovative and superior real estate capital solutions. That belief has guided our efforts to bring much needed capital and liquidity opportunities to middle market businesses which, in turn, have brought value creation and growth to our most integral stakeholders: our customers, stockholders and employees. While we do not control the business operations at our properties, as the property owner, we nevertheless recognize that the operation of commercial real estate assets can have a meaningful impact on the environment – particularly with respect to resource consumption and waste generation – and on the health of building occupants. We believe that being conscious of, and seeking to address, environmental impacts within our control, and supporting our customers to do the same in their businesses, plays a role in building and sustaining successful enterprises and, thus, is material to the success of our own business. In addition, we are committed to operating our business responsibly, guarding our valuable reputation and creating long-term and sustainable value for our company through a robust business model and attentiveness to our many stakeholders. S|T|O|R|E is committed to playing an important role for middle market and larger companies across the U.S. in order to help them succeed, while making a positive impact on our collective communities, both today and for future generations. 2019 Highlights • During the year ended December 31, 2019, we invested approximately $1.7 billion in 350 property locations. 3 • As of December 31, 2019, our total gross investment in real estate had reached approximately $8.8 billion, of which $5.3 billion was unencumbered. Our long-term outstanding debt totaled $3.6 billion at December 31, 2019, and, at that date, approximately $2.4 billion of our total long-term debt was secured debt and approximately $3.5 billion of our investment portfolio served as collateral for these outstanding borrowings. • For the year ended December 31, 2019, we declared dividends totaling $1.36 per share of common stock to our stockholders. In the third quarter of 2019, we raised our quarterly dividend 6.1% from our previous quarterly dividend amount. • During 2019, we raised aggregate net proceeds of $650.5 million from sales of shares under our “at the market”, or ATM, equity offering program. As of December 31, 2019, we had the ability to offer and sell up to an additional $700.0 million of our shares of common stock under our $900.0 million ATM authorization established in November 2019. • • • In February 2019, we completed our second public debt offering, issuing $350.0 million in aggregate principal amount of unsecured, investment-grade rated 4.625% Senior Notes, due in March 2029. In November 2019, we marked our ninth issuance of net-lease mortgage notes under our STORE Master Funding debt program; we issued a total of $508.0 million of net-lease mortgage notes, of which $326.0 million are rated AAA with the remainder rated A+. Of the $508.0 million issued, $380.0 million has a 15-year term. The weighted average coupon rate of the AAA rated notes is 3.44% and the weighted average coupon rate of the A+ rated notes is 4.19%. In the fourth quarter of 2019, in conjunction with the $508.0 million STORE Master Funding debt issuance, we prepaid, without penalty, STORE Master Funding notes with an aggregate balance of approximately $186.1 million at the time of prepayment; these notes were scheduled to mature in 2020 or 2021 and bore a weighted average coupon rate of 4.22%. Our Target Market We are the leader in providing real estate financing solutions principally to middle-market and larger businesses that own STORE Properties and operate within the broad-based service, retail and manufacturing sectors of the U.S. economy. We have designed our net-lease solutions to provide a long-term, lower-cost way to improve our customers’ capital structures and, thus, be a preferred alternative to real estate ownership. We estimate the market for STORE Properties to exceed $3.4 trillion in market value and to include more than 2.0 million properties. We define middle-market companies as those having approximate annual gross revenues of between $10 million and $1.0 billion, although approximately 20% of our customers have annual revenues in excess of $1.0 billion. The median annual revenues of our 478 customers was approximately $55 million and, on a weighted average basis, our average customer has revenues of approximately $853 million. Most of our customers do not have credit ratings, while some have ratings from rating agencies that service insurance companies or fixed-income investors. Most of these non-rated companies either prefer to be unrated or are simply too small to issue debt rated by a nationally recognized rating agency in a cost-efficient manner. The financing marketplace for STORE Properties is highly fragmented, with few participants addressing the long- term capital needs of middle-market and larger non-rated companies. While we believe our net-lease financing solutions can add value to a wide variety of companies, we believe the largest underserved market and, therefore, our greatest opportunity is non-rated, bank-dependent, middle-market and larger companies that generally have less access to efficient sources of long-term capital. Our customers typically have the choice either to own or to lease the real estate they use in their daily businesses. They choose to lease for various reasons, including the potential to lower their cost of capital, as leasing supplants traditional financing options that tie up equity in the real estate. Leasing is also viewed as an attractive alternative to our customers because it generally locks in scheduled payments, at lower levels and for longer periods, than traditional financing options; these factors are viewed favorably relative to the amounts funded. 4 Whether companies elect to rent or own the real estate they use in their businesses is most often a financial decision. For the few highly capitalized large companies that possess investment-grade credit ratings, real estate leasing tends to be viewed as a substitute for corporate borrowings that they could otherwise access (so long as they remain highly rated and equitized). With real estate leases often bearing rental costs that exceed corporate term borrowing costs, such companies elect to rent for strategic reasons. Such reasons may include the long-term flexibility to vacate properties that are no longer strategic, the permanence of lease capital which lessens potential refinancing risk should corporate credit ratings deteriorate, the lack of corporate financial covenants associated with leasing and the ability to harness developers to effectively outsource their real estate development needs. The primary motivations for S|T|O|R|E’s middle market and larger customers tend to be different. For such companies, real estate leasing solutions offer the potential to lower their cost of capital. In addition to these primary economic motivations, real estate leasing offers the potential for greater corporate flexibility, which is a hallmark of S|T|O|R|E’s approach and which offers the potential for further tenant wealth creation. Important tenant concerns include lease assignability, property substitution rights, property closure rights and the ability of S|T|O|R|E to assist with property expansion and lease contract modification. We believe that our customers select us as their landlord of choice principally as a result of our service, comparative business flexibility and the tailored net-lease solutions we provide. We believe the demand for our net-lease solutions has grown as a result of the current bank regulatory environment. In our view, the increased scrutiny and regulation of the banking industry in response to the collapse of the housing and mortgage industries from 2007 to 2009, particularly with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, and the Basel Accords issued by the Basel Committee on Banking Supervision, have constrained real estate lending practices and limited desirable term debt real estate borrowing options. Real estate leasing today represents a highly desirable component of corporate capitalization strategies due, in part, to the unavailability of long-term, fixed rate commercial real estate mortgage financing with important features such as affordable prepayment and modification options or loan assignability. S|T|O|R|E was formed to capitalize on a large market opportunity resulting from the widespread need amongst middle market and larger companies for efficient corporate real estate capital solutions. We believe our opportunities include both gaining market share from the fragmented network of net-lease capital providers and growing the market by creating demand for our net-lease solutions that meet the long-term real estate capital needs of these companies. The estimated $3.4 trillion market of STORE Properties is divided into three primary industry sectors and various industry sub-sectors. The primary sectors and their proportion of this $3.4 trillion market of STORE Properties are service at 42%, retail at 46% and manufacturing at 12%. The sub-sectors included within each primary sector are summarized in the table below. Service Restaurants Education Fitness centers Transportation Automotive services Family entertainment Retail Big box retail Specialty retail Grocery Drug stores Automotive (new and used) Manufacturing Industrial profit-centers Light manufacturing 5 Within the sub-sectors, the market for STORE Properties is further subdivided into a wide variety of industries within the service, retail and manufacturing sectors, such as: Automotive parts stores Cold storage facilities Department stores Discount stores Early childhood education Family entertainment facilities Fast food restaurants Full service restaurants Furniture stores Movie theaters Office supplies retailers Pet care facilities Rental centers Secondary education Supermarkets Truck stops Wholesale clubs Although many of these industries are represented within our diverse property portfolio, S|T|O|R|E primarily targets service sector properties that represent a broad array of everyday services (such as restaurants and health clubs), are located near customers targeted by the business operating on the property and are for services not readily available online. Although not our primary focus, the retail sector assets we target are primarily located in retail corridors, tend to be internet resistant and include a high experiential component, such as furniture and hunting and fishing stores. In the manufacturing sector we typically target properties across a broad array of industries that are located in industrial parks near customers and suppliers, and that are operated by businesses that produce everyday necessities. As of December 31, 2019, our portfolio of investments in STORE Properties was diversified across more than 100 industries, of which 65% was in the service sector, 19% was in the retail sector and 16% was in the manufacturing sector, based on annualized revenue. Our Asset Class: STORE Properties STORE Properties are a unique asset class that inspired the formation of S|T|O|R|E and our company name. STORE (Single Tenant Operational Real Estate) Properties are profit-center real estate locations on which our customers conduct their businesses and generate revenues and profits. The defining characteristic of STORE Properties is the number of payment sources: STORE Properties have the following three payment sources, whereas all other commercial real estate assets have just two. • Unit-Level Profitability. STORE Properties are distinguished by the primary source of their rent payment, which comes directly from the profits produced by the business operations at the real estate locations we own, which we refer to as unit-level profitability. While it is a common perception that the tenant under a lease is the primary source of the rent payment (as distinguished from the business unit operating at the leased site), we have observed a historic pattern in which tenants in corporate insolvencies seek to vacate unprofitable locations while retaining profitable ones, which indicates that the profitability of the location is the main indicator of a tenant’s long-term ability to pay. Because insolvent tenants historically retain profitable locations while seeking to vacate unprofitable ones, it is fundamentally important for S|T|O|R|E to collect and review the unit-level financial statements of the businesses our customers operate at our real estate locations, which is a key component of our business model. As of December 31, 2019, approximately 98% of the properties in our portfolio are subject to unit-level financial reporting requirements. Without access to unit- level financial reporting for the business activities conducted on the properties we own, it is difficult to accurately assess our customer’s business and, thus, the quality of the most important, and primary, source for our rent payments. • Customer Credit Quality. In addition to the unit-level profitability of the business on the real estate we own, our customers’ overall financial health, or credit quality, serves as a secondary source of payment. Our customer’s credit can become the primary payment source if our unit is not profitable and our customer is required to divert cash flows from its other profitable locations or utilize other resources to pay our rents. However, we have seen that customer credit quality tends to be subject to greater volatility over time than unit-level profitability, because customer credit quality is not only a function of the unit-level profitability of the operations at our locations, but of the profitability of potentially many other existing and new assets owned and operated by our customer. Corporate financial health is also a function of many other decisions, 6 such as optional changes in capital structure or growth strategies, as well as conditions in the marketplace for our customers’ products and services, that can change over time and that may have profound impacts on customer creditworthiness. • Real Estate Residual Value. The final payment source that is common to all real estate investments is the residual value of the underlying real estate, which gives us the opportunity to receive rents from substitute tenants in the event our property becomes vacant. For S|T|O|R|E, this means more than just looking at comparable lease rates and transactions. Studies we have completed underscore the importance of investing in properties at or below their as-new replacement costs. We also review the local markets in which our properties are located and seek to have rents that are at or below prevailing market rents on a per square foot basis for comparable properties. Taking these steps protects S|T|O|R|E and our customers by making it easier for us to assign, sell or sublease properties that our customers may want to sell, reposition or vacate as part of their capital efficiency strategies. Creating Investment-Grade Contracts From our inception in 2011, based upon the experiences gained by our founding leadership team over more than 30 years and two prior successful public companies, we have emphasized and uniquely disclosed information regarding the net-lease contracts we create with our tenants. We believe that our net-lease contracts, and not simply tenant or real estate quality, are central to our potential to deliver superior long-term risk-adjusted rates of return to our stockholders. Contract quality embodies tenant and real estate characteristics, together with other investment attributes we believe are highly material. Contract attributes include the prices we pay for the real estate we own, inclusive of the prices relative to new construction cost. As of December 31, 2019, our average investment approximated 81% of replacement cost, a statistic that has been relatively stable since 2015. Other important contract attributes include the ability to receive unit- level financial statements, which allows us to evaluate unit-level cash flows relative to the rents we receive. As of December 31, 2019, the median ability of the properties we own to cover our rents, inclusive of an allowance for indirect costs, approximated 2.2:1, which has also held fairly stable since 2015. Likewise, over many years of providing real estate net-lease capital, we have determined that tenant alignments of interest are highly important. Such alignments of interest can include full parent company recourse, credit enhancements in the form of guarantees, cross default provisions and the use of master leases. Master leases are individual lease contracts that bind multiple properties and offer landlords greater security in the event of tenant insolvency and bankruptcy. Whereas individual property leases provide tenants with the opportunity to evaluate the desirability and viability of each individual property they rent in the event of a bankruptcy, master leases bind multiple properties, permitting landlords to benefit from aggregate property performance and limiting tenants’ ability to pick and choose which leases to retain. As of December 31, 2019, 92% of our multi-property net-lease contracts were in the form of master leases. Contract economic terms are also highly important because they can enhance margins of safety. During 2019, our weighted average initial lease rate was 7.8%, with annual contractual lease escalations averaging an added 1.9% of contract rents. We believe that our initial yields, on average, range from 10% to 15% above those expected by investors seeking real estate investment opportunities through the broker auction market, which provides us greater flexibility to preserve and enhance returns. Other important tenant contract considerations include indemnification provisions, lease renewal rights, and the ability to sublease and assign leases, as well as qualitative considerations, such as alternative real estate use assessment and the composition of a tenant’s capitalization structure. Since our November 2014 initial public offering, S|T|O|R|E’s extensive contract attribute disclosure has uniquely included a tenant credit quality distribution chart, employing computed implied credit ratings applied to regularly received tenant financial statements using Moody’s Analytics RiskCalc. Since tenant credit ratings are merely one component of contract risk, we developed a means to deliver a base quantitative contract quality estimate. Our approach was to modify risk of tenant insolvency, as estimated by the Moody’s algorithm, by our own estimate of the likelihood of property closure, based on the regularly monitored profitability of the properties bound by each lease contract we create. To accomplish this, we established a simple range of property closure likelihood ranging from 10% to 100% based upon property profitability ranges from breakeven to a computed ability to cover our rents twice over. Multiplying tenant estimated insolvency probability (Moody’s Analytics RiskCalc) by our estimate of the probability of property closure results in a contract risk measurement that we call the STORE Score and which we regularly and uniquely disclose. 7 Our Competitive Strengths We have a market-leading platform for the acquisition, investment in and management of STORE Properties that simultaneously creates value for stockholders and customers through our five corporate competencies. • • Investment Origination. S|T|O|R|E was formed to fill a need for efficient long-term real estate capital for middle-market and larger customers. We do this principally through a solutions-oriented approach that includes the use of lease contracts that address our customers’ needs and that strive to provide superior value for our customers over other financial options they may have to capitalize their businesses. A S|T|O|R|E hallmark is our ability to directly market our real estate lease solutions to middle market and larger companies nation-wide, harnessing a geographically focused team of experienced relationship managers at our home office. Approximately 80% of our investments, by dollar volume, have been originated by our internal origination team through direct new customer solicitations and a strong level of repeat business from existing customers. By creating demand for our services, we maintain a large pipeline of investment opportunities, which we estimate to be $12.1 billion as of December 31, 2019. Our objective is to be both highly selective and achieve higher rates of return than our stockholders could achieve if they sought to acquire profit-center real estate on their own. Investment Underwriting. Our senior leadership team has developed our methods of risk evaluation over more than 30 years and across investments of more than $19.0 billion in approximately 10,000 STORE Properties. Our investment underwriting approach centers on evaluations of unit-level and corporate-level financial performance, together with detailed real estate valuation assessments, which is reflective of the characteristics of the STORE Property asset class. We have combined our underwriting approach with our portfolio management systems to capture and track computed customer credit ratings as well as the performance of the businesses conducted at the properties we own (unit-level performance). Our focus on STORE Properties, which are profit-centers for our tenants, enables us to create lease contracts having payment performance characteristics that are generally materially superior to the implied credit ratings of our diverse tenant base. Through our underwriting and portfolio management approach, we track, measure and report investment performance, with the investment underwriting goal to create a diverse portfolio centered on investment-grade quality contracts. As of December 31, 2019, we estimate that the net portfolio losses we have experienced due to credit events experienced by our customers have averaged 0.2% per year of the total investments we have made since we began in 2011 based on average annual credit events of 1.0% and average annual net credit losses of 0.3% offset by average annual gains on property sales of 0.1%, which is reflective of our underwriting and portfolio management guidelines. 8 • Investment Documentation. Because we believe purchase and lease contracts are the principal determinants of investment risk, we have always emphasized the importance of our investment documentation. The purchase documentation process includes the validation of investment underwriting through our due diligence process, which includes our initiation and receipt of third-party real estate valuations, title insurance, property condition assessments and environmental reports. When we are satisfied with the results and outcome of our pre-acquisition due diligence process, we enter into a lease with the seller. Our lease documents incorporate lessons learned over decades to forge balanced contracts characterized by important alignments of interest, including strong enforcement provisions. Altogether, our documentation process, like our approach to investment underwriting, is integral to investment quality and designed to offer our investors a value that most could not create for themselves. • Portfolio Management. Net-lease real estate investment portfolios require active management to realize superior risk-adjusted rates of return. S|T|O|R|E represents our senior leadership team’s third, and most highly developed and scalable, servicing platform. We are virtually paperless and can access detailed information on our large diversified portfolio from practically anywhere and at any time. For over 30 years, our senior leadership team has learned how to monitor unit-level profit and loss statements, customer corporate financial statements and the timely payment of property taxes and insurance in order to gauge portfolio quality. Having such systems is central to our ability to effectively monitor and reduce customer credit risk at the property level, which, in turn, allows us to place greater focus on effectively managing the minority of investments that may have higher risks. We believe these systems, when combined with our high degree of financial and operating flexibility, allow us to realize better stockholder risk-adjusted rates of return on our invested capital. • Financial Reporting and Treasury. We consider and evaluate our corporate financing strategies with the same emphasis as our real estate investment strategies. Under our financing strategy, borrowings must: prudently improve stockholder returns; be structured to provide portfolio flexibility and minimize our exposure to changes in long-term interest rates; be structured to optimize our cost of financing in a way that will enhance investor rates of return; and contribute to corporate governance by enhancing corporate flexibility. Our senior leadership team has extensive experience with diverse liability strategies. Today, we are one of the few REITs able to employ our own AAA rated borrowing source, while simultaneously maintaining investment- grade corporate credit ratings. We have designed and implemented strategies that add value to our investors by offering a more efficient means to finance real estate than they could otherwise do on their own. At the same time, the flexibility we derive from our liability strategies can also result in important flexibility for our customers. Our Business and Growth Strategies Our objective is to continue to create stockholder value through sustained investment and management activities designed to increase distributable cash flows and deliver attractive risk-adjusted rates of return from a growing, diverse portfolio of STORE Properties. To accomplish this, our principal business and growth strategies are as follows: • Focus on Middle-Market and Larger Companies Operating STORE Properties. We believe we have selected the most attractive investment opportunity within the net-lease market, STORE Properties, and targeted the most attractive customer type within that market, middle-market and larger non-investment- grade-rated companies. We focus on this market given its strong fundamentals and the limited long-term financing solutions available to the companies in it. Within the net-lease market for STORE Properties, our value proposition is most compelling to middle-market and larger, bank-dependent companies, most of which are not rated by any nationally recognized rating agency due to their size or capital markets preferences, but who have strong credit metrics and operate within broad-based industries having the potential for sustained relevance. • Realize Stable Income and Internal Growth. We seek to make investments that generate strong and stable current income as a result of the difference, or spread, between the rate we earn on our assets (primarily our lease revenues) and the rate we pay on our liabilities (primarily our long-term debt). We augment that income with internal growth. We seek to realize superior internal growth through a combination of (1) a target 9 dividend payout ratio that permits a meaningful level of free cash flow reinvestment and (2) cash generated from the estimated 1.8% weighted average annual escalation of base rent and interest in our portfolio (as of December 31, 2019, as if the escalations in all of our leases were expressed on an annual basis). We benefit from contractual rent escalations, as approximately 99% of our leases and loans (as of December 31, 2019, by annualized base rent and interest) have escalations that are either fixed (14% of our leases and loans) or based on the Consumer Price Index, or CPI (85% of our leases and loans). A final means of internal growth is the accretive redeployment of cash realized from the occasional sale of real estate. During 2019, we divested $428.9 million of real estate at a net gain of $18.8 million over our initial cost which we were able to redeploy. We believe these three means of internal growth will enable strong cash flow growth without relying exclusively on future common stock issuances to fund new portfolio investments. • Capitalize on Direct Origination Capabilities for External Growth. As the market leader in STORE Property investment originations, we plan to complement our internal growth with external growth driven by continued new investments funded through future equity issuances and borrowings to expand our platform and raise investor cash flows. • Actively Manage our Balance Sheet to Maximize Capital Efficiency. We seek funding sources that enable us to lock in long-term investment spreads and limit interest rate sensitivity. We also seek to maintain a prudent balance between the use of debt (which includes our own STORE Master Funding program, unsecured term notes, commercial mortgage-backed securities borrowings, insurance borrowings, bank borrowings and possibly preferred stock issuances) and equity financing. During 2017, we received a rating of Baa2, stable outlook, from Moody’s Investors Service and received a credit rating upgrade to BBB, stable outlook, from both S&P Global Ratings and Fitch Ratings. As of December 31, 2019, our secured and unsecured long-term debt had an aggregate outstanding principal balance of $3.6 billion, a weighted average maturity of approximately seven years and a weighted average interest rate of 4.3%. • Increase our portfolio diversity. As of December 31, 2019, we had invested approximately $8.8 billion in 2,504 property locations, substantially all of which are profit centers for our customers. Our portfolio is highly diversified; built on an average transaction size of just over $9.0 million, we now have over 475 customers (having added an average of approximately 14 net new customers quarterly since inception) operating across more than 700 different brand names, or business concepts, across 49 states and over 100 industry groups. Our largest customer represented 2.8% of our portfolio as of December 31, 2019, based on annualized base rent and interest. Our portfolio’s diversity decreases the impact on us of an adverse event affecting a specific customer, industry or region, thereby increasing the stability of our cash flows. We expect that additional acquisitions in the future will further increase the diversity of our portfolio and, from time to time, we may sell properties in our portfolio to improve overall portfolio credit quality or diversity. • Engage with our tenants. In 2019, we initiated a tenant outreach program designed to gauge our tenants’ current sustainability practices, provide them with sustainability education and support resources, and encourage them to engage in sustainable practices, including reducing power usage, saving water, assessing building equipment, and implementing other energy-efficiency upgrades. We believe that effective encouragement of sustainability initiatives, particularly related to energy, water and indoor environmental quality, can lead to the adoption of practices that can drive business and real estate value appreciation, decrease operating costs and mitigate regulatory risks. Environmental Risk Management We are committed to environmental sustainability and the mitigation of environmental risks in connection with the development of our property portfolio. This commitment reflects the fact that the properties we acquire are subject to both state and federal environmental regulations, but, more importantly, it aligns with our belief that being conscious of, and seeking to address and manage environmental risks within our control, and supporting our customers to do the same in their businesses, plays a role in building and sustaining successful enterprises; and, thus, is material to the success of our own business. 10 Our commitment to environmental sustainability begins before we acquire a real estate asset and is evident through each stage of the acquisition process. • When assessing a target company, we engage a nationally recognized and insured environmental engineer to perform a Phase I environmental site assessment against current industry standards and evaluate any recognized environmental conditions (RECs) identified in the assessment. We also conduct a separate, property-level sustainability assessment through an independent third party. • When we identify a REC, we take appropriate mitigating action, which may include conducting a Phase II environmental assessment, submitting the property into a voluntary clean-up program, purchasing an environmental insurance policy, and remediating the REC in accordance with regulatory requirements, • When we are satisfied with the results and outcome of our pre-acquisition due diligence process, we enter into a lease with the seller pursuant to which the seller agrees to certain covenants and indemnities that typically require the seller to comply with applicable environmental laws and remediate or take other corrective action should any environmental issues arise. We may take additional actions in situations where a target property may be subject to risks associated with climate change, particularly as a result of being located in a geographic area susceptible to floods, hurricanes, tornados, earthquakes or other climate-related occurrences. These additional steps and actions may include: maintaining comprehensive environmental insurance coverage for specified properties in our portfolio to ensure that there are financial resources available to conduct safe and timely remediation in the event of an unforeseen environmental issue; and preparing for climate-related natural disasters by requiring our tenants to carry insurance, including fire, wind/hail, earthquake, flood and other extended coverage where appropriate given the relative risk of loss, geographic location and industry best practices. Competition We face competition in the acquisition and financing of STORE Properties from numerous investors, including, but not limited to, traded and non-traded public REITs, private equity investors and other institutional investment funds, as well as private wealth management advisory firms that serve high net worth investors (also known as family offices), some of which have greater financial resources than we do, a greater ability to borrow funds to acquire properties and the willingness to accept more risk. We also believe that competition for real estate financing comes from middle-market business owners themselves, many of whom maintain a preference to own, rather than lease, the real estate they use in their businesses. The competition we face may increase the demand for STORE Properties and, therefore, reduce the number of suitable acquisition opportunities available to us or increase the price we must pay to acquire STORE Properties. This competition will increase if investments in real estate become more attractive relative to other forms of investment. Human Capital We believe that to continue to deliver strong financial results, we must provide and maintain a work environment that: attracts, develops, and retains top talent; affords our employees an engaging work experience that allows for career development and opportunities for meaningful civic involvement; and enables every employee at every level to be treated with dignity and respect, to be free from discrimination and harassment, and to devote their full attention and best efforts to performing their job to the best of their respective abilities. We have adopted a companywide Policy Statement on Human Rights that underscores our commitment to these principles. As part of our commitment: • We seek to foster a diverse and vibrant workplace of individuals who possess a broad range of experiences, backgrounds and skills, starting at the top. At the executive level, three of our nine directors, two of our five executive officers, and eight of our fourteen officers at the level of senior vice president and above are women, and overall, we have a deep bench of men and women who are collectively fully capable of professionally operating the business and fulfilling the S|T|O|R|E vision. 11 • We empower our employees through employee-run engagement committees that develop and influence new employee onboarding, personal growth and professional development programs, company social and team- building events, and health and wellness programs. • We actively support charitable organizations that promote education and social well-being and we encourage our employees to personally volunteer with organizations that are meaningful to them. For example, we proudly sponsor local charities such as the Juvenile Diabetes Research Foundation and our employees volunteer in local charitable organizations such as Arizona Helping Hands and the Society of St. Vincent de Paul. As of December 31, 2019, we had 97 full-time employees, an increase of 7.8% over the total at December 31, 2018, all of whom are located in our single office in Scottsdale, Arizona. None of our employees are subject to a collective bargaining agreement. We consider our employee relations to be good. Insurance Our leases and loan agreements typically require our customers to maintain insurance of the types and in the amounts that are usual and customary for similar commercial properties, including commercial general liability, fire and extended loss insurance provided by reputable companies, with commercially reasonable exclusions, deductibles and limits, all as verified by our independent insurance consultant. Separately, we purchase contingent liability insurance, in excess of our customers’ liability coverage, to provide us with additional security in the event of a catastrophic claim. Regulations and Requirements Our properties are subject to various laws and regulations, including regulations relating to fire and safety requirements, as well as affirmative and negative contractual covenants and, in some instances, common area obligations. Our customers have primary responsibility for complying with these regulations and other requirements pursuant to our lease and loan agreements. We believe that each of our customers has the necessary permits and approvals to operate and conduct their businesses on our properties. About Us & Available Information We were incorporated under the laws of Maryland on May 17, 2011. Since our initial public offering in November 2014, shares of our common stock have traded under the ticker symbol “STOR” on the New York Stock Exchange, or NYSE. Our offices are located at 8377 E. Hartford Drive, Suite 100, Scottsdale, Arizona 85255. We currently lease approximately 27,800 square feet of office space from an unaffiliated third party. Our telephone number is (480) 256- 1100 and our website is www.storecapital.com. We electronically file with the Securities and Exchange Commission, or the 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 a free copy of our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports, on the day of filing with the SEC on our website, or by sending an email message to info@storecapital.com. 12 Item 1A. RISK FACTORS There are many factors that affect our business, financial condition, operating results, cash flows and distributions, as well as the market prices for our securities. The following is a description of important factors that may cause our actual results of operations in future periods to differ materially from those currently expected or discussed in forward-looking statements set forth in this Annual Report. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties not presently known to us or that we may currently deem immaterial also may impair our business operations. Forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Annual Report, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law. See “Forward-Looking Statements.” Risks Related to Our Business and Operations The success of our business depends upon the success of our customers’ businesses. We lease substantially all of our properties to customers who generate sales and profits from businesses operated at the leased properties. We underwrite and evaluate investment risk based on our belief that our customers’ most important, and primary, source of payment for our leases and loans is the profitability of the businesses operated at the leased properties, which we refer to as “unit-level profitability.” While a customer may have other sources of payment to meet its lease or loan obligations to us, we believe the success of our investments materially depends upon whether our customers successfully operate their businesses and maintain financial stability, and thus generate unit-level profitability, at the location or locations we acquire and lease back or finance. The financial failure of, or other default by, one of our customers under its lease is likely to cause a significant or complete reduction in the operating cash flow generated by the property leased to that customer and might decrease the value of that property and result in a non-cash impairment charge. Changes in macroeconomic trends may adversely affect our customers. The success of most of the businesses represented in our portfolio depends on the willingness of consumers to use discretionary income to purchase their products or services. Currently, we believe that many of the businesses operated by our customers are favorably impacted by current macroeconomic trends that support consumer spending, such as generally declining unemployment and positive consumer sentiment. Economic conditions are cyclical, and developments that discourage consumer spending, such as increasing unemployment, wage stagnation, decreases in the value of real estate and/or financial assets, inflation or increasing interest rates, or a downturn in the national economy or the regional and local economies where our properties are located, could adversely affect our customers, impair their ability to meet their lease obligations to us and materially and adversely affect us. The value of our real estate is subject to fluctuation. We are subject to all of the general risks associated with the ownership of real estate. While the revenues from our leases are not directly dependent upon the value of the real estate owned, significant declines in real estate values could adversely affect us in many ways, including a decline in the residual values of properties at lease expiration, possible lease abandonments by our customers, and a decline in the attractiveness of triple-net lease transactions to potential sellers. Some service and retail customers may be susceptible to e-commerce pressures. Most of our portfolio is leased to or financed with customers operating service or retail businesses on our property locations. Restaurants, early childhood education centers, health clubs, furniture stores, and automotive repair and maintenance services represent the largest industries in our portfolio; Fleet Farm, Ashley Furniture HomeStore, Art Van Furniture, Cabela’s and AMC Theaters represent the largest concepts in our portfolio. Service and retail businesses using physical outlets face increasing competition from alternate methods of purchasing goods and services, including online service providers and retailers. While we believe the businesses in our portfolio are generally more insulated from e- commerce pressure than many others, businesses previously thought to be internet resistant, such as the retail grocery industry, have proven to be susceptible to competition from online providers. Technology and business conditions, particularly in the retail industry, are rapidly changing, and our customers may be adversely affected by technological 13 innovation, changing consumer preferences and competition from non-traditional sources. To the extent our customers face increased competition from non-traditional competitors, such as online vendors, some of which may have different business models and larger profit margins, their businesses could suffer. There can be no assurance that our customers will be successful in meeting any new competition, and a deterioration in our customers’ businesses could impair their ability to meet their lease obligations to us and materially and adversely affect us. Default by one or more of our customers could materially and adversely affect us, and bankruptcy laws will limit our remedies. Any of our customers may experience a downturn in its business at any time that may significantly weaken its financial condition or cause its failure. As a result, such customer may decline to extend or renew its lease upon expiration, fail to make rental payments when due or declare bankruptcy. Any claims against bankrupt customers for unpaid future rent would be subject to statutory limitations that would likely result in our receipt of rental revenues, if any, that are substantially less than the contractually specified rent we are owed under their leases. While we are generally subject to this risk because our triple-net leases generally involve a single tenant, this risk is magnified in situations where we lease multiple properties to a single customer under a master lease, as a customer failure or default under a master lease could reduce or eliminate rental revenue from multiple properties. In addition, any claim we have for unpaid past rent will most likely not be paid in full. If a customer becomes bankrupt or insolvent, federal law may prohibit us from evicting such customer based solely upon such bankruptcy or insolvency, and we may face issues recovering the premises from the tenant promptly or from a trustee or debtor-in-possession in any bankruptcy proceeding relating to the tenant. We may also be unable to re-lease a terminated or rejected space, on comparable terms or at all, or sell a vacant space. Following a vacancy at a property, we will be responsible for all of the operating costs at such property until it can be sold or re-let, if at all. Our investments are concentrated in the middle-market sector, and we would be adversely affected by an economic downturn or an excess of STORE Properties for rent in that sector. Our target market is middle-market companies that operate their businesses out of one or more locations that generate unit-level profitability for the business. Historically, many companies prefer to own, rather than lease, the real estate they use in their businesses. A failure to increase demand for our products by, among other ways, failing to convince middle-market companies to sell and lease back their STORE Properties, a decrease in the demand of middle-market companies to rent STORE Properties, or an increase in the availability of STORE Properties for rent could materially and adversely affect us. Adverse economic conditions could harm our returns and profitability. Our operating results may be affected by market and economic challenges and uncertainties, which may result from a continued or exacerbated general economic slowdown experienced by the nation as a whole, by the local economies where our properties are located or our customers conduct business, or by the real estate industry in particular. These economic challenges and uncertainties may result in: • • customer defaults or non-renewals under leases, including as a result of constricted access to credit; reduced demand for our net-lease solutions, forcing us to offer concessions or reduced rental rates when re-leasing properties; and • adverse capital and credit market conditions that may restrict our operating activities. Also, to the extent we purchase real estate in an unstable market, we are subject to the risk that if the real estate market ceases to attract the same level of capital investment in the future that it attracts at the time of our purchases, or the number of companies seeking to acquire properties decreases, the value of our investments may not appreciate or may decrease significantly below the amount we paid. The length and severity of any economic slowdown or downturn cannot be predicted. Our operations could be negatively affected to the extent that an economic slowdown or downturn is prolonged or becomes more severe. 14 In addition, the U.S. government, beginning in early 2018, has imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Global trade disruption, including as a result of the United Kingdom’s decision to leave the European Union, significant introductions of trade barriers and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect our customers’ business and, consequently, impact their ability to satisfy their financial obligations to us. Geographic or industry concentrations lessen the diversity of our portfolio and may negatively affect our financial results. Our operating performance is impacted by the economic conditions affecting the specific markets and industries in which we have concentrations of properties. As of December 31, 2019, the five states from which we derived the largest amount of our annualized base rent and interest were Texas (10.7%), Illinois (6.4%), Florida (5.4%), Georgia (5.2%) and Ohio (5.2%). In addition, as of December 31, 2019, 14.5% of the dollar amount of our investment portfolio was represented by properties dedicated to, and also 14.5% of our annualized base rent and interest was derived from customers operating in, the restaurant industry and, in the future, it is likely we will acquire additional restaurant properties. As a result of these concentrations, local economic and industry conditions, changes in state or local governmental rules and regulations, acts of nature and other factors in these states could result in a decrease in consumer demand for the products and services offered by our customers operating in those states or industries, which would have an adverse effect on our customers’ revenues, costs and results of operations, thereby adversely affecting their ability to meet their obligations to us. Because the restaurant industry represents a significant portion of our portfolio, a downturn in the restaurant industry may have a material adverse effect on us. As we continue to acquire properties, our portfolio may become more concentrated by customer, industry or geographic area. Such decreased diversity in our portfolio could cause us to be more sensitive to the bankruptcy or insolvency of fewer customers, to changes in consumer trends of a particular industry and to a general economic downturn in a particular geographic area. In addition, ongoing consolidation in the restaurant and retail industries could reduce the demand for our triple-net leases. Failure of our underwriting and risk-management procedures to accurately evaluate a potential customer’s credit risk could materially and adversely affect our operating results and financial position. Our success depends in part on the creditworthiness of our customers, which, since they are mostly middle-market companies, are not rated by any nationally recognized rating agency. We analyze the creditworthiness of our customers using Moody’s Analytics RiskCalc, our methodology of estimating probability of lease rejection and the STORE Score, each of which may be faulty, deficient, inaccurate or incomplete, or which otherwise may fail to adequately assess default risk. An expected default frequency (“EDF”) score from Moody’s Analytics RiskCalc is not the same as a published credit rating and lacks the extensive company participation that is typically involved when a rating agency publishes a rating; accordingly, an EDF score may not be as indicative of creditworthiness as a rating published by Moody’s Investors Services, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global, Inc. (“S&P”), or another nationally recognized statistical rating organization. Substantially all of our customers are required to provide corporate-level financial information to us periodically or, in some instances, at our request. EDF scores and the financial ratios we calculate are based on financial information provided to us by our customers and prospective customers without independent verification by us, may reflect only a limited operating history of the customer and require us to assume the appropriateness of estimates and judgments that were made by the party preparing the financial information. The probability of lease rejection we assign an investment may be inaccurate. Moreover, the risks we have identified as our principal risks may fail to incorporate significant risks of which we are unaware. If our underwriting procedures fail to properly assess the unit-level profitability, customer or corporate credit risk or real estate value of potential investments, then we may invest in properties and lease them to customers who ultimately default, and we may be unable to recover our investment by re-leasing or selling the related property, which could materially and adversely affect our operating results and financial position. In addition, we use a proprietary information technology (“IT”) platform, which we developed to proactively manage our investment portfolio. Our IT platform offers customer relationship management and general ledger and servicing system integration, and includes the STORE Universal Database System (“SUDS”), which provides our management with access to lease abstracts, customer information, document scans, property data and servicing 15 information. Our IT platform and SUDS may not capture all of the information needed to effectively mitigate the risk of customer default. We have now, and may have in the future, exposure to contingent rent escalators, which may expose us to inflation risk and can hinder our growth and profitability. A substantial portion of our leases contain rent escalators, pursuant to which the base rent payable by the customer under the lease is periodically increased. Our leases that have contingent rent escalators indexed to future increases in the Consumer Price Index, or CPI, primarily adjust over a one-year period but may adjust over multiple-year periods. Generally, these escalators increase rent at the lesser of (i) 1 to 1.25 times the change in the CPI over a specified period or (ii) a fixed percentage. Under this formula, during periods of deflation or low inflation, 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 solely on fixed, rather than variable, rates. Conversely, in periods when inflation is higher, contingent rent increases may not keep up with the rate of inflation. In either event, our growth and profitability may be adversely affected. Higher inflation may also have an adverse impact on our customers if increases in their operating expenses exceed increases in revenue, which may adversely affect our customers’ ability to satisfy their financial obligations to us. We depend on key personnel; the loss of their full service could impair our ability to operate successfully. As an internally managed company, we rely on the experience, efforts and abilities of our senior leadership team and other key personnel. We cannot guarantee the continued employment of any of the members of our senior leadership team, each of whom could be difficult to replace, given their extensive market knowledge and the extent of the relationships they have developed with real estate professionals and financial institutions. The loss of services of one or more members of our senior leadership team, or our inability to attract and retain highly qualified personnel, could adversely affect our business and be negatively perceived in the capital markets, diminish our investment opportunities and weaken our relationships with lenders, business partners, and customers, all of which could materially and adversely affect us. We may be unable to identify and complete acquisitions of suitable properties, which may impede our growth. We acquire and intend to continue to acquire STORE Properties. Our ability to continue to acquire properties we believe to be suitable and compatible with our growth strategy may be constrained by numerous factors, including the following: • 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 customer, in which case our ability to profitably grow our company will decrease. • Because many customers we approach have historically preferred to own, rather than lease, their real estate, our ability to grow requires that we overcome those preferences and convince customers that it is in their best interests to lease, rather than own, their STORE Properties, and we may be unable to do so. • After beginning to negotiate the terms of a transaction and during our real property, legal and financial due-diligence review with respect to a transaction, we may be unable to reach an agreement with the customer or discover previously unknown matters, conditions or liabilities and may be forced to abandon the opportunity after incurring significant costs and diverting management’s attention. • We may fail to obtain sufficient equity, adequate capital resources or other financing available to complete acquisitions on favorable terms or at all. We typically acquire only a small percentage (approximately 7%) of all properties that we evaluate (which we refer to as our “pipeline”). To the extent any of the foregoing decreases our pipeline or otherwise impacts our ability to continue to acquire suitable properties, our ability to grow our business will be adversely affected. 16 We face significant competition for customers and the acquisition of STORE Properties, which may decrease or prevent increases in the occupancy and rental rates of our properties, and may reduce the number of acquisitions we are able to complete or may increase the cost of these acquisitions. We compete with numerous developers, owners and operators of properties, many of which own properties similar to ours in the same markets in which our properties are located. If our competitors rent properties at rates below that which we currently charge our customers, we may be pressured to reduce our rental rates or to offer more substantial rent abatements, customer improvements, early termination rights, below-market renewal options or other lease incentive payments in order to retain customers when our leases expire or obtain new customers. Competition for customers could negatively impact the occupancy and rental rates of our properties, which could materially and adversely affect us. We also face competition for acquisitions of real property from investors, including traded and non-traded public REITs, private equity investors and other institutional investment funds, as well as private wealth management advisory firms that serve high net worth investors (also known as family offices), some of which have greater financial resources than we do, a greater ability to borrow funds to acquire properties, the ability to offer more attractive terms to prospective customers and the willingness to accept greater risk or lower returns than we can prudently manage. This competition may increase the demand for the types of properties in which we typically invest and, therefore, reduce the number of suitable acquisition opportunities available to us and increase the prices we must pay for such acquisition properties. This competition will increase if investments in real estate become more attractive relative to other types of investment. Accordingly, competition for the acquisition of real property could materially and adversely affect us. Some of our customers rely on government funding, and their failure to continue to qualify for such funding could adversely impact their ability to make timely lease payments to us. Some of our customers operate businesses that depend, to various extents, on government funding or reimbursements. For example, customers operating in the education industry often rely extensively on local, state and federal government funding for their students’ tuition payments. In addition, customers in the healthcare and childcare-related industries typically receive local, state or federal funding, subsidies or reimbursements. The amount and timing of these government payments depend on various factors beyond our or our customers’ control, including government budgets and policies and political issues. Some of these customers also must satisfy certain licensure or certification requirements in order to qualify for government funding, subsidies or reimbursements. As we continue to grow our investment portfolio, we likely will continue to invest in properties leased by customers operating in these industries and expand our business into other industries that rely significantly on payments from government payors. If these customers fail to receive government funding, when and as needed, including as a result of tightened government budgets, revised funding policies or otherwise, or fail to comply with related regulations, their cash flow could be materially affected leading them to default on their leases and causing an adverse impact on our business. Some of our customers operate under franchise or license agreements, which, if terminated or not renewed prior to the expiration of their leases with us, would likely impair their ability to pay us rent. We frequently invest in properties operated by our customers under franchise or license agreements. Generally, franchise agreements have terms that end earlier than the respective expiration dates of the related leases. In addition, a customer’s rights as a franchisee or licensee typically may be terminated and the customer may be precluded from competing with the franchisor or licensor upon termination. 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 customer to make payments under its lease or loan with us, which could materially and adversely affect us. In addition, we usually 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 by a terminated franchisee on any of our leases or loans. If a customer defaults under either the ground lease or mortgage loan of a hybrid lease, we may be required to undertake foreclosure proceedings on the mortgage before we can re-lease or sell the property. In certain circumstances, we may enter into hybrid leases with customers. A hybrid lease is a modified sale-leaseback transaction, where the customer sells us land and then we lease the land back to the customer under a 17 ground lease and simultaneously make a mortgage loan to the customer secured by the improvements the customer continues to own. If a customer defaults under a hybrid lease, we may: (i) evict the customer under the ground lease and assume ownership of the improvements; or (ii) if required by a court, foreclose on the mortgage loan that is secured by the improvements. Under a ground lease, we as ground lessor generally become the owner of the improvements on the land at lease maturity or if the customer defaults. If, upon default, a court requires us to foreclose on the mortgage rather than evicting the customer, we might encounter delays and expenses in obtaining possession of the improvements, which in turn could delay our ability to sell or re-lease the property in a prompt manner, which could materially and adversely affect us. As leases expire, we may be unable to renew those leases or re-lease the space on favorable terms or at all. As of December 31, 2019, leases and loans representing approximately 19.0% of our annualized base rent and interest will expire prior to 2030. We cannot guarantee that we will be able to renew leases or re-lease space without an interruption in the rental revenue from those properties, at or above our current rental rates or without having to offer substantial rent abatements, customer improvement allowances, early termination rights or below-market renewal options, and the terms of renewal, extension or re-lease may be less favorable to us than the prior lease. The difficulty, delay and cost of renewing leases, re-leasing space and leasing vacant space could materially and adversely affect us, and the terms of any new or renewed leases, and the related costs, will depend on prevailing market conditions at that time. In addition, some of our properties are designed for the particular needs of a customer and have been designed or physically modified for a particular customer’s business; thus, we may be required to renovate or decrease the rent we charge or provide other concessions in order to lease the property to another prospective customer. If we need to sell such properties, we may have difficulty selling it to a third party due to the property’s unique design. Real estate investments are generally less liquid than many other financial assets, which may limit our ability to quickly adjust our portfolio in response to changes in economic or other conditions. Defaults by customers on mortgages we hold could lead to losses on our investments. From time to time, we make or assume commercial mortgage loans. We have also made a limited amount of investments on properties we own or finance in the form of loans secured by equipment or other fixtures owned by our customers. A default by a customer 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. 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. Foreclosure and other similar laws may limit our right to obtain a deficiency judgment against the defaulting party after a foreclosure or sale. The application of any of these principles may lead to a loss or delay in the payment on loans we hold. Further, 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 customer and our costs incurred to foreclose, repossess and sell the property. Any of such events could materially and adversely affect us. We are subject to litigation in the ordinary course of our business, which could materially and adversely affect us. From time to time, we are subject to litigation in connection with the ordinary course operation of our business, including instances in which we are named as defendants in lawsuits arising out of accidents causing personal injuries or other events that occur on the properties operated by our customers. We generally seek to have our customers defend, and assume liability for, the matters involving their properties. In other cases, we may defend ourselves, invoke our insurance coverage or the coverage of our customers, and/or pursue our rights to indemnification that we include in our leases. Resolution of these types of matters against us may result in our incurrence of significant legal fees and/or require us to pay significant fines, judgments or settlements, which, to the extent uninsured or in excess of insured limits, or not subject to indemnification, could adversely impact our earnings and cash flows, thereby materially and adversely affecting us. We also may become subject to litigation relating to our financing and other transactions. Certain types of litigation, if determined adversely to us, may affect the availability or cost of some of our insurance coverage, which could materially and adversely impact us, expose us to increased risks that would be uninsured and materially and adversely impact our ability to attract directors and officers. 18 Construction and renovation risks could adversely affect our profitability. In certain instances, we provide financing to our customers for the construction and/or renovation of their properties. We are therefore subject to the risks that this construction or renovation may not be completed. Construction and renovation costs for a property may exceed a customer’s original estimates due to increased costs for materials or labor or other costs that are unexpected. A customer may also be unable to complete construction or renovation of a property on schedule, which could result in increased debt service expense or construction costs. These additional expenses may affect the ability of the customer to make payments to us. We face risks associated with security breaches through cyber-attacks, cyber intrusions or otherwise, as well as other significant disruptions of our IT networks and related systems. We face risks associated with security breaches, through cyber-attacks or cyber intrusions over the internet, malware, computer viruses or other malicious codes, attachments to e-mails, ransomware, unauthorized access attempts, denial of service attacks, phishing, social engineering, persons inside our organization or persons with access to systems inside our organization, and other significant disruptions of our IT networks and related systems, many of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting our business. The risk of a security breach or disruption, particularly through advanced persistent cyber-attack or cyber intrusion, including by computer hackers, foreign governments, criminal organizations or cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems are essential to the operation of our business, the availability and integrity of our data, and our ability to perform day-to-day operations and, in some cases, may be critical to the operations of certain of our customers. 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. Although we are continually increasing our efforts and investments to maintain the ongoing security and integrity of our IT networks and related systems, and we have implemented various measures to manage the risk of a security breach or disruption, including ongoing monitoring and updating of networks and systems, increasing specialized information security skills, deploying employee security training, and updating our security policies and procedures, there can be no assurance that our security efforts and measures will be effective or that attempted security breaches or disruptions would not be successful or damaging. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques, tools and tactics used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers, disaster recovery or other preventative or corrective measures, and thus it is impossible for us to entirely counteract this risk or fully mitigate the harms after such an attack, although we have seen no material impact on our business or operations from these attacks to date. And as we periodically must upgrade our IT systems or adopt new technologies, we face the risk that such a new system or technology may not function properly and expose us to increased cybersecurity breaches and failures, which would expose us to reputational, competitive, operational, financial and business harm as well as litigation and regulatory action. Our systems are also vulnerable to employee error, system error and faulty password management. A security breach or other significant disruption involving our IT networks and related systems, or those of our third-party providers that we rely on, could disrupt the proper functioning of our networks and systems; result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines; result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT; result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; require significant management attention and resources to remedy any damages that result; subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or damage our reputation among our customers and investors generally. We rely on third-party vendors to assist us with our network and information technology requirements. While we carefully select these third-party vendors, we cannot control their actions. Any problems caused by these third parties, including those resulting from breakdowns or other disruptions in communication services provided by a vendor, failure of 19 a vendor to handle current or higher volumes, cyber attacks and security breaches at a vendor could adversely affect our operations. Our ability to fully control the maintenance of our net-leased properties may be limited. Our customers are the tenants of our net-leased properties and are thus responsible for maintenance and other day- to-day management of our properties. If a property is not adequately maintained in accordance with the terms of the applicable lease, we may incur expenses for deferred maintenance or other liabilities once the property is no longer leased. We visit our properties periodically, but these visits are not comprehensive inspections and deferred maintenance items may go unnoticed. While our leases generally provide for recourse against a customer in these instances, a bankrupt or financially-troubled customer may be more likely to defer maintenance, and it may be more difficult to enforce remedies against such a customer. Although we endeavor to monitor compliance by our customers with their lease obligations and other factors that could affect the financial performance of our properties on an ongoing basis, we may not always be able to ascertain or forestall deterioration in the condition of a property or the financial circumstances of a given customer. Risks Related to the Financing of Our Business Our growth depends on external sources of capital, which are outside of our control and affect our ability to seize strategic opportunities, satisfy debt obligations and make distributions to our stockholders. We rely on third-party sources to fund our capital needs. Our access to third-party sources of capital depends, in part, on: • • • • • • general market conditions; the market’s perception of our growth potential; our current debt levels; our current and expected future earnings; our cash flows and cash distributions; and the market price per share of our common stock. In addition, in order to maintain our qualification as a REIT, we are generally required under the Code to, among other things, distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, and we will be subject to income tax at the regular 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. Because of these distribution requirements, without access to third-party sources of capital, we may not be able to 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 maintain our qualification as a REIT. Our operating results and financial condition could be adversely affected if we are unable to make required payments on our debt. Our charter and bylaws do not limit the amount or percentage of indebtedness that we may incur, and we are subject to risks normally associated with debt financing, including the risk that our cash flows will be insufficient to meet required payments of principal and interest. If we are unable to make our debt service payments as required on loans secured by properties we own, a lender could foreclose on the property or properties securing its debt. This could cause us to lose part or all of our investment. Failure of our subsidiaries to make required payments on borrowings secured by a significant portion of our assets could materially and adversely affect us. 20 A significant portion of our investment portfolio consists of assets owned by our consolidated, bankruptcy remote, special purpose entity subsidiaries that have been pledged to secure the long-term borrowings of those subsidiaries. As of December 31, 2019, the total outstanding principal balance of non-recourse debt obligations of our consolidated special purpose entity subsidiaries was $2.4 billion and approximately $3.5 billion in assets held by those subsidiaries had been pledged to secure such borrowings. We or our other consolidated subsidiaries are the equity owners of these special purpose entities, meaning we are entitled to the excess cash flows after debt service and all other required payments are made on the debt of these entities. If our subsidiaries fail to make the required payments on such indebtedness or fail to maintain the required debt service coverage ratios, distributions of excess cash flows to us may be reduced or suspended and the indebtedness may become immediately due and payable. If the subsidiaries are unable to pay the accelerated indebtedness, the pledged assets could be foreclosed upon and distributions of excess cash flows to us may be suspended or terminated, which could reduce the value of our portfolio and revenues available for distribution to our stockholders, and have a material adverse impact on us. Current market conditions, including increases in interest rates, could adversely affect our ability to refinance existing indebtedness or obtain additional financing for growth on acceptable terms or at all. In the recent past, the credit markets have experienced significant price volatility, displacement and liquidity disruptions, including the bankruptcy, insolvency or restructuring of certain financial institutions. These circumstances have materially impacted liquidity in the financial markets, making financing terms for customers less attractive, and in certain cases, have resulted 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 (including indebtedness that requires us to make a lump-sum or “balloon” payment at maturity). Reductions in our available borrowing capacity or inability to obtain credit when required or when business conditions warrant could materially and adversely affect us. Furthermore, 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. The agreements governing some of our indebtedness 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. The agreements governing some of our indebtedness contain restrictions and covenants, including financial covenants, that limit or will 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 indebtedness, could cause us 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. In addition, the agreements may have cross default provisions, which provide that a default under one of our financing agreements would lead to a default on some or all of our debt financing agreements. The covenants and other restrictions under our debt agreements may affect, among other things, our ability to: • • • incur indebtedness; create liens on assets; sell or substitute assets; • modify certain terms of our leases; • prepay debt with higher interest rates; • manage our cash flows; and • make distributions to equity holders. 21 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. Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on an investment in our company. We attempt to mitigate our exposure to interest rate risk by entering into long-term fixed-rate financing through the combination of periodic debt offerings under our unsecured debt program and STORE Master Funding program, our asset-backed securities conduit, through discrete non-recourse secured borrowings, through insurance company and bank borrowings, by laddering our borrowing maturities and by using leases that generally provide for rent escalations during the term of the lease. However, the weighted average term of our borrowings does not match the weighted average term of our investments, and the methods we employ to mitigate our exposure to changes in interest rates involve risks, including the risk that the debt markets are volatile and tend to reflect the conditions of the then-current economic climate. Our efforts may not be effective in reducing our exposure to interest rate changes. Failure to effectively mitigate our exposure to changes in interest rates may materially and adversely affect us by increasing our cost of capital and reducing the net returns we earn on our portfolio. We depend on the asset-backed securities (“ABS”) and the commercial mortgage-backed securities (“CMBS”) markets for a substantial portion of our long-term debt financing. Historically, we have raised a significant amount of debt capital through our STORE Master Funding program, which accesses the ABS market, and, to a lesser extent, through our access to the CMBS market. A substantial portion of the long-term debt on our balance sheet has been obtained from debt offerings in the ABS and CMBS markets. This ABS debt is issued by bankruptcy remote, special purpose entities that we or our subsidiaries own. These special purpose entities issue multiple series of investment-grade ABS notes from time to time as additional collateral is added to the collateral pool. Our CMBS debt is generally in the form of first mortgage debt incurred by other special purpose entities that we or our subsidiaries own. Our ABS and CMBS debt is generally non-recourse. However, there are customary limited exceptions to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. We have generally used the proceeds from these ABS and CMBS financings to repay debt and fund real estate acquisitions. Through December 31, 2019, we had issued nine series of notes under our STORE Master Funding program; an aggregate principal balance of $2.2 billion is outstanding as of December 31, 2019 representing eight series of notes. Collectively these notes are referred to as the “Master Trust Notes” and had a weighted average maturity of seven years, as of December 31, 2019. In addition, we had CMBS and other mortgage loans with an aggregate outstanding principal balance of $195 million and an average maturity of six years, as of December 31, 2019. Our obligations under these loans are generally secured by liens on certain of our properties. In the case of our STORE Master Funding program, subject to certain conditions and limitations, we may substitute real estate collateral for assets in the collateral pool from time to time. No assurance can be given that the ABS or the CMBS markets will be available to us in the future, whether to refinance existing debt or to raise additional debt capital. Moreover, we view our ability to substitute collateral under our STORE Master Funding program favorably, and no assurance can be given that financing facilities offering similar flexibility will be available to us in the future. In the event of a disruption in the financial markets for ABS or CMBS debt, our ability to obtain long-term debt may be materially and adversely affected. As a result, we may acquire real estate assets at a lower than anticipated growth rate, or we may be unable to acquire additional real estate assets. In addition, this disruption may affect our return on equity as a result of the decrease in the availability of long-term debt or leverage for us. Furthermore, a reduction in the difference, or spread, between the rate we earn on our assets and the rate we pay on our liabilities (primarily our long-term debt), which would occur if the interest rates available to us on future debt issuances increase faster than the lease rates we can charge our customers on STORE Properties we acquire and lease back to them, could have a material and adverse effect on our financial condition. A downgrade in our credit ratings could have a material adverse effect on our business and financial condition. 22 The credit ratings assigned to us and our debt 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. These ratings are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any rating will not be changed or withdrawn by a rating agency in the future if, in the applicable rating agency’s judgment, circumstances warrant. Moreover, these credit ratings do not apply to our common stock and are not recommendations to buy, sell or hold any other securities. Any downgrade of us or our debt could have a material adverse effect on the market price of our debt securities and our common stock. If any credit rating agency that has rated us or our debt downgrades or lowers its credit rating, or if any credit rating agency indicates that it has placed any such rating on a so-called “watch list” for a possible downgrading or lowering or otherwise indicates that its outlook for that rating is negative, it could also have a material adverse effect on our costs and availability of capital, which could in turn have a material adverse effect on our financial condition, results of operations, cash flows and our ability to satisfy our debt service obligations and to make dividends and distributions on our common shares. General Real Estate Risks Real estate investments are relatively illiquid. We may desire to sell a property in the future because of changes in market conditions, poor customer performance or default under any mortgage we hold, or to avail ourselves of other opportunities. We may also be required to sell a property in the future to meet debt obligations or avoid a default. Certain types of real estate assets, such as movie theaters, cannot always be sold quickly, and we cannot assure you that we could always obtain a favorable price. 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 addition, as a REIT, the Code limits our ability to dispose of properties in ways 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. We may be required to invest in the restoration or modification of a property before we can sell it. The inability to respond promptly to changes in the performance of our property portfolio could adversely affect our financial condition and ability to service our debt and pay dividends to our stockholders. Property vacancies could result in significant capital expenditures. The loss of a customer, either through lease expiration or customer bankruptcy or insolvency, may require us to spend significant amounts of capital to renovate the property before it is suitable for a new customer and cause us to incur significant costs in the form of ongoing expenses for property maintenance, taxes, insurance and other expenses. Uninsured losses relating to real property may adversely affect our returns. Our leases and loan agreements typically require that our customers maintain insurance of the types and in the amounts that are usual and customary for similar types of commercial property, as reviewed by our independent insurance consultant. Under certain circumstances, however, we may permit certain customers to self-insure. Depending on the location of the property or nature of its use, losses of a catastrophic nature, such as those caused by climate change, earthquakes, floods, riots, acts of war or other accidents may be covered by insurance policies that are held by our customers with limitations, such as large deductibles or co-payments that a customer may not be able to meet. In addition, factors such as inflation, changes in building codes and ordinances, environmental considerations and others, including active shooter situations, terrorism, acts of war or other public safety threats, 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 we receive may not be adequate to restore our economic position with respect to the affected real property. In the event we experience a substantial or comprehensive loss of any 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 under 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. Certain provisions of our leases or loan agreements may be unenforceable, which could adversely impact us. 23 Our rights and obligations with respect to our leases, mortgage loans or other loans are governed by written agreements. A court could determine that one or more provisions of such an agreement are unenforceable, such as a particular remedy (including rights to indemnification), a loan prepayment provision or a provision governing our security interest in the underlying collateral of a customer. We could be adversely impacted if, for example, this were to happen with respect to a master lease governing our rights relating to multiple properties. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make significant unanticipated expenditures that could materially and adversely affect us. Our properties are subject to the Americans with Disabilities Act (“ADA”). Under the ADA, all public accommodations must meet federal requirements related to access and use by disabled persons. Compliance with the ADA could require us to modify the properties we own or may purchase to remove architectural and communication barriers in order to make our properties readily accessible to and usable by disabled individuals, and may restrict renovations on our properties. Failure to comply with the ADA 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. Future legislation could impose additional obligations or restrictions on our properties. Our customers are generally responsible to maintain and repair our properties pursuant to our lease and loan agreements, including compliance with the ADA and other similar laws and regulations, but we could be held liable as the owner of the property for their failure to comply with the ADA or other similar laws and regulations. Any required changes could involve greater expenditures than anticipated or the changes might be made on a more accelerated basis than anticipated, either of which could adversely affect the ability of our customers to cover such costs. If we are subject to liability under the ADA or similar laws and regulations as an owner and our customers are unable to cover the cost of compliance or if we are required to expend our own funds to comply with the ADA or similar laws and regulations, we could be materially and adversely affected. In addition, our properties are subject to various laws and regulations relating to fire, safety and other regulations, and in some instances, common-area obligations. Our customers have primary responsibility for compliance with these requirements pursuant to our lease and loan agreements. Our customers may not have the financial ability to fully comply with these regulations. If our customers are unable to comply with these regulations, they may be unable to pay rent on time or may default, or we may have to make substantial capital expenditures to comply with these regulations, which we may not be able to recoup from our customers. We may also face owner liability for failure to comply with these regulations, which may lead to the imposition of fines or an award of damages to private litigants. Therefore, the failure of our customers to comply with these regulations could materially and adversely affect us. Environmentally hazardous conditions may adversely affect our operating results. Our properties may be subject to known and unknown environmental liabilities under various federal, state and local laws and regulations relating to human health and the environment. Certain of these laws and regulations may impose joint and several liability on certain statutory classes of persons, including owners or operators, for the costs of investigation or remediation of contaminated properties. These laws and regulations apply to past and present business operations on the properties, and the use, storage, handling and recycling or disposal of hazardous substances or wastes. 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. Our leases and loans typically impose obligations on our customers to indemnify us from all or most compliance costs we may experience as a result of the environmental conditions on our properties, but if a customer fails to, or cannot, comply, we may be required to pay such costs. We cannot predict whether in the future, new or more stringent environmental laws will be enacted or how such laws will impact the operations of businesses on our properties. Costs associated with an adverse environmental event could be substantial, and the potential liability as to any of our properties is generally not limited under such laws and regulations and could significantly exceed the value of such property. In acquiring properties, we conduct environmental due diligence, but there can be no assurance that our environmental due diligence will reveal all environmental conditions at the properties in which we have an interest. Under the laws of many states, contamination on a site may give rise to a lien on the site for clean-up costs. In several states, such a lien has priority over all existing liens, including those of existing mortgages. In these states, a lien of a mortgage may lose its priority to such a “super lien.” If any of the properties on which we have a mortgage are or 24 become contaminated and subject to a super lien, we may not be able to recover the full value of our investment and may be materially and adversely affected. Certain federal, state and local laws, regulations and ordinances govern the use, removal and/or replacement of underground storage tanks in the event of a release on, or an upgrade or redevelopment of, certain properties. Such laws, as well as common-law standards, may impose liability for any releases of hazardous substances associated with the underground storage tanks and may provide for third parties to seek recovery from owners or operators of such properties for damages associated with such releases. If hazardous substances are released from any underground storage tanks on any of our properties, we may be materially and adversely affected. In a few states, transfers of some types of sites are conditioned upon cleanup of contamination prior to transfer, including in cases where a lender has become the owner of the site through a foreclosure, deed in lieu of foreclosure or otherwise. If any of our properties are subject to such contamination, we may be subject to substantial clean-up costs before we are able to sell or otherwise transfer the property. Certain federal, state and local laws, regulations and ordinances govern the removal, encapsulation or disturbance of asbestos-containing materials (“ACMs”) in the event of the remodeling, renovation or demolition of a building. Such laws, as well as common-law standards, may impose liability for releases of ACMs and may impose fines and penalties against us or our customers for failure to comply with these requirements or provide for third parties to seek recovery from us or our customers. In addition, our properties may contain or develop harmful mold. Exposure to mold may cause a variety of adverse health effects and symptoms, including allergic or other reactions. If our customers or their employees or customers are exposed to mold at any of our properties, we could be required to undertake a costly remediation program to contain or remove the mold from the affected property. In addition, exposure to mold by our customers or others could subject us to liability if property damage or health concerns arise. If we or our customers become subject to any of the above-mentioned environmental risks, we may be materially and adversely affected. We may be subject to liabilities and costs associated with the impacts of climate change. The potential physical impacts of climate change on our properties or operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate, including Florida, Georgia and Texas, although we have investments in 2,504 property locations across the United States. Such impacts may result from increased frequency of natural disasters, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, rising energy and environmental costs, and changing temperatures. These impacts may adversely impact our business, results of operations and financial condition, including our or our tenants’ ability to obtain property insurance on acceptable terms. While 99% of our leases are triple-net, meaning that our tenants are generally responsible for the property-level operating costs such as taxes, insurance and maintenance, and our customers under our triple-net leases generally indemnify, defend and hold us harmless for the foregoing environmental liabilities arising under federal, state and local laws, regulations and ordinances, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease should the impacts of climate change adversely impact a particular property. 25 Risks Related to Our Tax Status and Other Tax Related Matters Failure to qualify as a REIT would reduce our net earnings available for investment or distribution. We have elected to be taxed as a REIT under the Code. Our qualification as a REIT requires us to satisfy numerous requirements, some on an annual and quarterly basis, established under highly technical and complex Code provisions for which there are only limited judicial or administrative interpretations, and which involves the determination of various factual matters and circumstances not entirely within our control. We expect that our current organization and methods of operation will enable us to continue to qualify as a REIT, but we may not so qualify or we may not be able to remain so qualified in the future. If we fail to qualify as a REIT in any taxable year, we would be subject to federal income tax (including any applicable alternative minimum tax for taxable years ending prior to January 1, 2019), and increased state and local taxes, on our taxable income at the regular corporate rate, and would not be allowed to deduct dividends paid to our stockholders in computing our taxable income. Also, unless the Internal Revenue Service, or the IRS, granted us relief under certain statutory provisions, we could not re-elect REIT status until the fifth calendar year after the year in which we first failed to qualify as a REIT. The additional tax liability from the failure to qualify as a REIT would reduce or eliminate the amount of cash available for investment or distribution to our stockholders. This would likely have a significant adverse effect on the value of our securities and our ability to raise additional capital. In addition, we would no longer be required to make distributions to our stockholders. Even if we continue to qualify as a REIT, we will continue to be subject to certain federal, state and local taxes on our income and property. Changes to tax law could affect our ability to qualify as a REIT and could adversely affect our stockholders. U.S. federal income tax laws governing REITs and other corporations and the administrative interpretations of those laws may be amended at any time, potentially with retroactive effect, and we cannot predict whether, when or to what extent new federal tax laws, regulations, interpretations or rulings will be adopted. For example, the latest tax reform bill, informally known as the Tax Cuts and Jobs Act (“TCJA”), made significant changes to the U.S. federal income tax laws applicable to individuals and corporations, including REITs and their shareholders. While we believe our analysis and computations of the tax effects of the TCJA (including issued guidance) are properly reflected in our financial statements, future technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA may increase the uncertainty as to the long-term effect of the TCJA on us. Any similar future legislation, new regulations, administrative interpretations or court decisions could adversely affect our ability to qualify as a REIT or adversely affect our stockholders. Even if we qualify as a REIT for purposes of the Code, we may be subject to other tax liabilities that reduce our cash flow and our ability to make distributions to our stockholders. As a REIT, we are subject to annual distribution requirements, which limit the amount of cash we retain for other business purposes, including amounts to fund our growth. We generally must distribute annually at least 90% of our net REIT taxable income to our stockholders, excluding any net capital gain, in order for our distributed earnings to not be subject to corporate income tax. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay 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. If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we must pay a tax on that income at the corporate income tax rate. Further, if we sell an asset, other than foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% “prohibited transaction” tax unless such sale were made by our TRS, or if we qualify for a safe harbor from tax. We do not intend to engage in prohibited transactions. We cannot assure you, however, that we will only make sales that satisfy the requirements of the safe harbors or that the IRS will not successfully assert that one or more of such sales are prohibited transactions, as this determination is generally a question of the facts and circumstances regarding a particular transaction, and we have not sought, and do not intend to seek, a ruling from the IRS regarding any dispositions. 26 We intend to make distributions to our stockholders to comply with the requirements of the Code. However, differences in timing between the recognition of taxable income and the actual receipt of cash could require us to sell assets or borrow funds on a short-term or long-term basis to meet the 90% distribution requirement of the Code, even if the prevailing market conditions are not favorable for these borrowings. Dividends paid by REITs generally do not qualify for reduced tax rates. In general, the maximum U.S. federal income tax rate for dividends that constitute “qualified dividend income” paid to individuals, trusts and estates is 20%. Unlike dividends received from a corporation that is not a REIT, our distributions generally are not eligible for the reduced rates, unless the distributions are attributable to dividends received by the REIT from other corporations that would otherwise be eligible for the reduced rate. Beginning in 2018 and for taxable years prior to 2026, non-corporate stockholders are generally allowed to deduct up to 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations, which would reduce the maximum marginal effective tax rate for individuals on the receipt of such ordinary dividends to 29.6%. Although these rules do not adversely affect the taxation of REITs or dividends payable by REITs, investors who are individuals, trusts and estates may perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could materially and adversely affect the value of the shares of REITs, including the per share trading price of our common stock. Recharacterization of sale-leaseback transactions may cause us to lose our REIT status. 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 are, instead, financing arrangements or loans. 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. Alternatively, the amount of our REIT taxable income could be recalculated which might also cause us to fail to meet the distribution requirement for a taxable year. As a result of acquiring C corporations in carry-over basis transactions, we may inherit material tax liabilities and other tax attributes from such acquired corporations, and we may be required to distribute earnings and profits. From time to time, we have and may continue to acquire C corporations in transactions in which the basis of the corporations’ assets in our hands is determined by reference to the basis of the assets in the hands of the acquired corporations, or carry-over basis transactions. If we acquire any asset from a corporation that is or has been a C corporation in a carry-over basis transaction, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we will be required to pay tax on such a built-in gain at the regular corporate tax rate on this gain to the extent of the excess of (1) the fair market value of the asset over (2) our adjusted basis in the asset, in each case determined as of the date on which we acquired the asset. Any taxes we pay as a result of such gain would reduce the amount available for distribution to our stockholders. The imposition of such tax may require us to forgo an otherwise attractive disposition of any assets we acquire from a C corporation in a carry-over basis transaction, and as a result may reduce the liquidity of our portfolio of investments. In addition, in such a carry-over basis transaction, we will succeed to any tax liabilities and earnings and profits of the acquired C corporation. To qualify as a REIT, we must distribute any non- REIT earnings and profits accumulated by the C corporation prior to the acquisition by the close of the taxable year in which we acquire the corporation. We could face possible state and local tax audits and adverse changes in state and local tax laws. As discussed in the risk factors above, because we are organized and qualify as a REIT, we are generally not subject to federal income taxes, but we are subject to certain state and local taxes. From time to time, changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in which we own properties may lead to an increase in the frequency and size of such changes. If such changes occur, we may be required to pay additional state and local taxes. These increased tax costs could adversely affect our financial condition and the amount of cash available for the payment of distributions to our 27 stockholders. In the normal course of business, entities through which we own real estate may also become subject to tax audits. If such entities become subject to state or local tax audits, the ultimate result of such audits could have an adverse effect on our financial condition. Risks Related to Our Organization and Structure Our board of directors may change our investment strategy, financing strategy or leverage policies without stockholder consent. Our board of directors has overall authority to oversee our operations and determine our major corporate policies. This authority includes significant flexibility. For example, our board of directors can do the following: • • change any of our strategies, policies or procedures with respect to property acquisitions and divestitures; amend our policies with respect to asset allocation, growth, operations, indebtedness, financing and distributions; • within the limits provided in our charter, prevent the ownership, transfer and/or accumulation of shares in order to protect our status as a REIT or for any other reason deemed to be in the best interests of us and our stockholders; • • employ and compensate affiliates; change creditworthiness standards with respect to customers; • make amendments to our equity incentive plans; • • direct our resources toward investments that do not ultimately appreciate over time; and determine that it is no longer in our best interests to continue to qualify as a REIT. Any of these actions could increase our operating expenses, impact our ability to make distributions or reduce the value of our assets without giving our stockholders the right to vote. Our board of directors’ power to increase or decrease the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval may negatively impact our existing stockholders. Our charter authorizes us to issue up to 375,000,000 shares of common stock, and up to 125,000,000 shares of preferred stock, $0.01 par value per share. Our charter authorizes our board of directors, with the approval of a majority of the board of directors and without stockholder approval, to amend our charter to increase or decrease the aggregate number of shares of stock or the number of shares of any class or series of stock that we are authorized to issue, to authorize us to issue authorized but unissued shares of our common stock or preferred stock, 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. Accordingly, our board of directors could authorize the issuance of shares of common stock or another class or series of stock, including a class or series of preferred stock, that could have the effect of delaying, deferring or preventing a change in control of us that our existing stockholders may view as favorable, 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. In addition, our board of directors may increase our authorized stock in order to issue additional shares in connection with future financings and other transactions. These additional issuances could dilute the ownership interests of our existing stockholders. Limitations on share ownership and limitations on the ability of our stockholders to effect a change in control of us restrict the transferability of our stock and may prevent takeovers that are beneficial to our stockholders. One of the requirements for maintenance of our qualification as a REIT for U.S. federal income tax purposes is that no more than 50% in value of our outstanding capital stock may be owned by five or fewer individuals, including entities specified in the Code, during the last half of any taxable year, and this capital stock must be beneficially owned by 28 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. Our charter contains ownership and transfer restrictions relating to our stock to assist us in complying with this and other REIT ownership requirements, among other purposes. However, the restrictions may have the effect of preventing a change of control that does not threaten REIT status. These restrictions include a provision in our charter that generally limits ownership by any person of more than 9.8% of the value of our outstanding stock or 9.8% (in value or by number of shares, whichever is more restrictive) of our outstanding common stock, unless our board of directors exempts the person from such ownership limitation. Absent such an exemption from our board of directors, the transfer of our stock to any person in excess of the applicable ownership limit, or any transfer of shares of such stock in violation of the ownership requirements of the Code for REITs, may be void under certain circumstances, and the intended transferee of such stock will acquire no rights in such shares. These provisions of our charter may have the effect of delaying, deferring or preventing someone from taking control of us, even though a change of control might involve a premium price for our stockholders or might otherwise be in our stockholders’ best interests. 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 stockholders for money damages, except for liability resulting 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, in the event that actions taken in good faith by any of our directors or officers impede the performance of our company, our ability and the ability of our stockholders to recover damages from such director or officer will be limited. In addition, our charter authorizes us to obligate our company, and our bylaws require 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 will continue to incur significant expenses as a result of being a public company, which will negatively impact our financial performance. We incur, and will continue to incur, significant legal, accounting, insurance and other expenses as a result of being a public company. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, and the Sarbanes-Oxley Act, as well as related rules implemented by the SEC and the NYSE, have required changes in corporate governance practices of public companies. In addition, rules that the SEC is implementing or is required to implement pursuant to the Dodd-Frank Act are expected to require additional changes. We expect that compliance with these and other similar laws, rules and regulations, including compliance with Section 404 of the Sarbanes-Oxley Act, will substantially increase our expenses, including our legal and accounting costs, and make some activities more time-consuming and costly. We also expect these laws, rules and regulations to make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage, which may make it more difficult for us to attract and retain qualified persons to serve on our board of directors or as officers. Risks Related to 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 stock markets, including the NYSE, on which our common stock is listed, have experienced significant price and volume fluctuations. As a result, the market price of our common stock could be similarly volatile, and investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. In addition to the risks discussed or referred to in this “Risk Factors” section, a number of factors could negatively affect the price per share of our common stock, including: 29 • • • • • • • • • • • • • • • • • • • • general market and economic conditions; actual or anticipated variations in our quarterly operating results or dividends or our payment of dividends in shares of our common stock, or those of our competitors; changes in our funds from operations, adjusted funds from operations or earnings estimates; difficulties or inability to access capital or extend or refinance existing debt; changes in market valuations of similar companies; publication of research reports about us, our competitors, our customers or the real estate industry; the general reputation of REITs and the attractiveness of their equity securities in comparison to other equity securities; general stock and bond market conditions, including changes in interest rates on fixed income securities, that may lead prospective purchasers of our stock to demand a higher annual yield from future dividends; a change in ratings issued by any analyst following us or any nationally recognized statistical rating organization; additions or departures of key management personnel; adverse market reaction to any additional debt we may incur or equity-related securities we issue in the future; speculation in the press or investment community; terrorist activity which may adversely affect the markets in which our securities trade, possibly increasing market volatility and causing further erosion of business and consumer confidence and spending; failure to continue to qualify as a REIT; strategic decisions by us or our competitors, such as acquisitions, divestments, spin-offs, joint ventures, strategic investments or changes in business strategy; failure to satisfy listing requirements of the NYSE; the financial condition, liquidity, results of operations, and prospects of our tenants; changes in our credit ratings; governmental regulatory action and changes in tax laws; and the issuance of additional shares of our common stock, or the perception that such sales might occur. Many of the factors listed above are beyond our control. These factors may cause the market price of shares of our common stock to decline, regardless of our financial condition, results of operations, business or our prospects. Furthermore, in recent years, the stock markets have experienced significant price and volume fluctuations. This volatility has had a significant impact on the market price of securities issued by many companies, including companies in our industry. The changes frequently appear to occur without regard to the operating performance of the affected companies. Hence, the price of our common stock could fluctuate based upon factors that have little or nothing to do with us in particular, and these fluctuations could materially reduce the price of our common stock and materially affect the value of an investment in us. 30 Increases in market interest rates may have an adverse effect on the value of our common stock if prospective purchasers of our common stock expect a higher dividend yield and increased borrowing costs may decrease our funds available for distribution. The market price of our common stock will generally be influenced by the dividend yield on our common stock (as a percentage of the price of our common stock) relative to market interest rates. An increase in market interest rates, which are currently at low levels relative to historical rates, may lead prospective purchasers of shares of our common stock to expect a higher dividend yield. However, higher market interest rates would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our common stock to decrease. Future offerings of debt, which would be senior to our common stock upon liquidation, or preferred equity securities, which may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock. In the future, we may issue debt or preferred equity securities. Upon liquidation, holders of our debt securities and shares of preferred stock with a liquidation preference, and lenders with respect to other borrowings will receive distributions of our available assets prior to the holders of our common stock. Additional equity offerings, including convertible preferred stock, may dilute the holdings of our existing stockholders or otherwise reduce the market price of our common stock, or both. Holders of our common stock 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 ability to make distributions to holders of our common stock. 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. Thus, our stockholders bear the risk that future offerings may reduce the market price of our common stock and dilute their stock holdings in us. A substantial portion of our total outstanding common stock may be sold into the market at any time, which could cause the market price of our common stock to drop significantly, even if our business is doing well, and make it difficult for us to sell equity securities in the future. The market price of our common stock could decline as a result of sales of a large number of shares of our common stock or the perception that such sales could occur. These sales, or the possibility that these sales may occur, also might make it difficult for us to sell equity securities in the future at times or prices that we deem appropriate. We filed a registration statement on Form S-8 under the Securities Act to register the offer and sale of up to 7,314,221 shares of our common stock or securities convertible into or exchangeable for shares of our common stock that may be issued pursuant to our 2012 Long Term Incentive Plan and our 2015 Omnibus Equity Incentive Plan. Such Form S-8 registration statement automatically became effective upon filing. Accordingly, recipients of shares issued pursuant to such registration statement may generally freely resell those shares in the open market, subject to limitations in the case of any such recipients who are our affiliates. In addition, we issue, and intend to continue to issue, additional equity securities periodically to finance our growth, including through our existing and any future “at the market” offering program. When we raise additional capital through the issuance of new equity securities, such issuances will dilute the interests of our existing stockholders and could adversely affect the value of their investments. If our performance or prospects decline and we are unable to access the equity markets when needed in the future, our ability to grow our business will be adversely impacted. We may change the dividend policy for our common stock in the future. The decision to declare and pay dividends on our common stock, as well as the form, timing and amount of any such future dividends, is at the sole discretion of our board of directors and will depend on our earnings, cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our indebtedness, the annual distribution requirements under the REIT provisions of the Code, state law and such other factors as our board of directors considers relevant. Any change in our dividend policy could have a material adverse effect on the market price of our common stock. 31 Item 1B. UNRESOLVED STAFF COMMENTS None. Item 2. PROPERTIES As of December 31, 2019, our total investment in real estate and loans approximated $8.8 billion, representing investments in 2,504 property locations, substantially all of which are profit centers for our customers. These investments generate cash flows from approximately 725 contracts predominantly structured as net leases. The weighted average non-cancelable remaining term of our leases was approximately 14 years. Our real estate portfolio is highly diversified. As of December 31, 2019, our 2,504 property locations were operated by 478 customers across 49 states. Our largest customer represented approximately 2.8% of our portfolio at December 31, 2019, and our top ten largest customers represented 17.9% of annualized base rent and interest. Our customers operate their businesses across more than 700 brand names or business concepts in over 100 industries. The following tables summarize the diversification of our real estate portfolio based on the percentage of base rent and interest, annualized based on rates in effect on December 31, 2019, for all of our leases, loans and direct financing receivables in place as of that date. Diversification by Customer As of December 31, 2019, our 2,504 property locations were operated by 478 customers and the following table identifies our ten largest customers: % of Annualized Base Rent and Interest Number of Properties 10 23 10 49 20 19 14 21 42 48 2,248 2,504 2.8 % 2.5 1.9 1.8 1.7 1.6 1.5 1.4 1.4 1.3 82.1 100.0 % Customer Fleet Farm Group LLC AVF Parent, LLC (Art Van Furniture) Bass Pro Group, LLC (Cabela's) Cadence Education, Inc. (Early childhood/elementary education) CWGS Group, LLC (Camping World/Gander Outdoors) Spring Education Group Inc. (Stratford School/Nobel Learning Communities) American Multi-Cinema, Inc. (AMC/Carmike/Starplex) Dufresne Spencer Group Holdings, LLC (Ashley Furniture HomeStore) Zips Holdings, LLC US LBM Holdings, LLC (Building materials distribution) All other (468 customers) Total 32 Diversification by Concept As of December 31, 2019, our customers operated their businesses across more than 700 concepts and the following table identifies the top ten concepts: Customer Business Concept Fleet Farm Ashley Furniture HomeStore Art Van Furniture Cabela's AMC Theaters Big R Stores Zips Car Wash Stratford School At Home America's Auto Auction All other (698 concepts) Total Diversification by Industry % of Annualized Base Rent and Interest Number of Properties 10 31 16 8 14 26 42 6 9 7 2,335 2,504 2.8 % 2.2 1.8 1.7 1.5 1.4 1.4 1.2 1.2 1.1 83.7 100.0 % As of December 31, 2019, our customers’ business concepts were diversified across more than 100 industries within the service, retail and manufacturing sectors of the U.S. economy. The following table summarizes those industries into 75 industry groups: Customer Industry Group Service: Restaurants—full service Restaurants—limited service Early childhood education centers Health clubs Automotive repair and maintenance Movie theaters Family entertainment centers All other service (29 industry groups) Total service Retail: Furniture stores Farm and ranch supply stores All other retail (15 industry groups) Total retail Manufacturing: Metal fabrication All other manufacturing (21 industry groups) Total manufacturing Total 33 % of Annualized Base Rent and Interest Number of Properties Building Square Footage (in thousands) 9.4 % 5.1 5.7 5.7 4.8 4.0 3.8 26.4 64.9 395 393 213 90 173 38 39 708 2,049 5.4 4.5 9.3 19.2 62 43 130 235 4.3 11.6 15.9 100.0 % 74 146 220 2,504 2,712 1,065 2,329 3,157 888 1,916 1,380 25,140 38,587 3,900 4,004 5,465 13,369 9,204 17,817 27,021 78,977 Diversification by Geography Our portfolio is also highly diversified by geography, as we own properties in every state except Hawaii. The following table details the top ten geographical locations of the properties as of December 31, 2019: State Texas Illinois Florida Georgia Ohio California Wisconsin Arizona Michigan Tennessee All other (39 states) (1) Total % of Annualized Base Rent and Interest Number of Properties 261 159 148 145 133 52 58 84 89 111 1,264 2,504 10.7 % 6.4 5.4 5.2 5.2 5.1 4.6 4.4 4.2 3.8 45.0 100.0 % (1) Includes one property in Ontario, Canada which represents 0.3% of annualized base rent and interest. Contract Expirations The following table sets forth the schedule of our lease, loan and direct financing receivable expirations as of December 31, 2019: Year of Lease Expiration or Loan Maturity (1) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter Total % of Annualized Base Rent and Interest Number of Properties (2) 20 7 4 21 20 27 49 57 75 179 2,033 2,492 0.7 % 0.6 0.3 0.7 0.8 1.5 1.6 2.6 3.9 6.4 80.9 100.0 % (1) (2) Expiration year of contracts in place as of December 31, 2019, excluding any tenant option renewal periods. Excludes twelve properties which were vacant and not subject to a lease as of December 31, 2019. 34 Item 3. LEGAL PROCEEDINGS We are subject to various legal proceedings and claims that arise in the ordinary course of our business, including instances in which we are named as defendants in lawsuits arising out of accidents causing personal injuries or other events that occur on the properties operated by our customers. These matters are generally covered by insurance and/or by our customers pursuant to our contractual indemnification rights that we include in our leases. Management believes that the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or liquidity. Item 4. MINE SAFETY DISCLOSURES Not Applicable. PART II Item 5. MARKET FOR REGISTRANT’S COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is listed on the NYSE under the symbol “STOR”. On February 19, 2020, there were 55 holders of record of the 244,159,240 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. We have determined that, for federal income tax purposes, approximately 99.75% of distributions paid in 2019 represented taxable income and 0.25% represented a return of capital. Distributions The Company pays regular quarterly distributions to holders of its common stock. Future distributions will be at the discretion of our Board of Directors and will depend on our actual funds from operations, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors. Issuer Purchases of Equity Securities During the three months ended December 31, 2019, the Company did not repurchase any of its equity securities. 35 Stock Performance Graph The following performance chart compares, for the five-year period commencing December 31, 2014 and ending December 31, 2019, the cumulative total stockholder return on our common stock with that of the Standard & Poor’s 500 Composite Stock Index, or the S&P 500, and the MSCI U.S. REIT Index. The chart assumes $100.00 was invested on December 31, 2014 and assumes the reinvestment of any dividends. The historical stock price performance reflected in the following graph is not necessarily indicative of future stock price performance. Index STORE Capital Corporation S&P 500 MSCI US REIT (RMS) Period Ending 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 215.48 173.86 140.48 157.63 132.23 111.64 112.57 101.38 102.52 138.30 138.29 116.98 124.98 113.51 111.34 100 100 100 The performance graph and the related chart and text 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. 36 Item 6. SELECTED FINANCIAL DATA The following tables set forth selected consolidated financial and other information of the Company as of and for each of the years ended December 31, 2019, 2018, 2017, 2016 and 2015. The table should be read in conjunction with the Company’s consolidated financial statements and the notes thereto and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this Annual Report on Form 10-K. (Dollars in thousands, except per share data) Statement of Operations Data: Total revenues Expenses: Interest Transaction costs Property costs General and administrative Selling stockholder costs Depreciation and amortization Provisions for impairment Total expenses Net gain on dispositions of real estate Income from operations before income taxes Income tax expense Net income Per Common Share Data: Net income —basic and diluted Cash dividends declared Balance Sheet Data (at period end): Total real estate investments, at cost(1) Carrying amount of loans and financing receivables Operating ground lease assets Total investment portfolio, gross(1) Less accumulated depreciation and amortization(1) Net investments Cash and cash equivalents Total assets Credit facility Senior unsecured notes and term loans payable, net Non-recourse debt obligations of consolidated special purpose entities, net Total liabilities Total stockholders’ equity Other Data: 2019 Year ended December 31, 2017 2018 2016 2015 $ 665,714 $ 540,756 $ 452,847 $ 376,343 $ 284,762 158,381 — 10,793 54,274 — 221,975 18,751 464,174 84,142 285,682 707 284,975 1.24 1.36 $ $ 129,061 — 4,250 45,725 — 181,826 7,810 368,672 45,528 217,612 642 216,970 1.06 1.28 $ $ 120,478 — 4,773 40,990 — 150,279 13,440 329,960 39,609 162,496 458 162,038 0.90 1.20 $ $ 105,180 523 4,067 33,972 800 119,618 1,720 265,880 13,296 123,759 434 123,325 0.82 1.12 81,782 1,156 1,515 27,972 — 88,615 1,000 202,040 1,322 84,044 274 83,770 0.68 1.04 $ $ $ $ $ 8,248,400 582,267 24,254 8,854,921 (740,124) 8,114,797 99,753 8,296,526 — 1,262,553 $ 7,253,868 351,202 — 7,605,070 (585,913) 7,019,157 27,511 7,113,971 135,000 916,720 $ 5,962,457 271,453 — 6,233,910 (428,900) 5,805,010 42,937 5,899,777 290,000 570,595 $ 4,855,306 269,210 — 5,124,516 (298,984) 4,825,532 54,200 4,941,668 48,000 470,190 $ 3,766,600 213,342 — 3,979,942 (184,182) 3,795,760 67,115 3,911,388 — 172,442 2,328,489 3,811,141 4,485,385 2,008,592 3,250,470 3,863,501 1,736,306 2,728,835 3,170,942 1,833,481 2,458,413 2,483,255 1,597,505 1,851,595 2,059,793 Funds from Operations(2) Adjusted Funds from Operations(2) Number of investment property locations (at period end) % of owned properties subject to a lease contract (at period end) $ $ 441,249 458,075 2,504 $ $ 357,625 377,869 2,255 $ $ 283,930 306,077 1,921 $ $ 230,904 245,829 1,660 $ $ 171,705 183,475 1,325 99.5 % 99.6 % 99.6 % 99.5 % 99.8 % (1) Includes the dollar amount of investments ($18.7 million) and the accumulated depreciation and amortization ($2.0 million) related to real estate investments held for sale at December 31, 2017. (2) For definitions and reconciliations of Funds from Operations and Adjusted Funds from Operations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures.” 37 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 the “Selected Consolidated Financial Data” and “Business” sections, as well as the consolidated financial statements and related notes in Part II, Item 8 in this Annual Report on Form 10-K. 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 “Forward-Looking Statements” sections of this Annual Report on Form 10-K 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 were formed in 2011 to invest in and manage Single Tenant Operational Real Estate, or STORE Property, which is our target market and the inspiration for our name. A STORE Property is a property location at which a company operates its business and generates sales and profits, which makes the location a profit center and, therefore, fundamentally important to that business. Due to the long-term nature of our leases, we focus our acquisition activity on properties that operate in industries we believe have long-term relevance, the majority of which are service industries. Examples of single- tenant operational real estate in the service industry sector include restaurants, early childhood education centers, health clubs and movie theaters. By acquiring the real estate from the operators and then leasing the real estate back to them, the operators become our long-term tenants, and we refer to them as our customers. Through the execution of these sale- leaseback transactions, we fill a need for our customers by providing them a source of long-term capital that enables them to avoid the need to incur debt and/or employ equity in order to finance the real estate that is essential to their business. We are a Maryland corporation organized as an internally managed real estate investment trust, or REIT. As a REIT, we will generally not be subject to federal income tax to the extent that we distribute all of our taxable income to our stockholders and meet other requirements. On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA made significant changes to the U.S. federal income tax laws applicable to individuals and corporations and is generally effective for tax years beginning after December 31, 2017. We believe our analysis and computations of the tax effects of the TCJA (including issued guidance) are properly reflected in our financial statements. Future technical corrections or other amendments to the TCJA or administrative guidance interpreting the TCJA may increase the uncertainty as to the long- term effect of the TCJA on us. Our shares of common stock have been listed on the New York Stock Exchange since our initial public offering, or IPO, in November 2014 and trade under the ticker symbol “STOR.” Since our inception in 2011, we have selectively originated over $10.0 billion of real estate investments. As of December 31, 2019, our investment portfolio totaled approximately $8.8 billion, consisting of investments in 2,504 property locations across the United States. All of the real estate we acquire is held by our wholly owned subsidiaries, many of which are special purpose bankruptcy remote entities formed to facilitate the financing of our real estate. We predominantly acquire our single-tenant properties directly from our customers in sale-leaseback transactions where our customers sell us their operating properties and then simultaneously enter into long-term triple-net leases with us to lease the properties back. Accordingly, our properties are fully occupied and under lease from the moment we acquire them. We generate our cash from operations primarily through the monthly lease payments, or “base rent”, we receive from our customers under their long-term leases with us. We also receive interest payments on loans receivable, which are a small part of our portfolio. We refer to the monthly scheduled lease and interest payments due from our customers as “base rent and interest”. Most of our leases contain lease escalations every year or every several years that are based on the lesser of the increase in the Consumer Price Index or a stated percentage (if such contracts are expressed on an annual basis, currently averaging approximately 1.8%), which allows the monthly lease payments we receive to increase somewhat in an inflationary economic environment. As of December 31, 2019, approximately 99% of our leases (based on annualized base rent) were “triple-net” leases, which means that our customers are responsible for all of the operating costs 38 such as maintenance, insurance and property taxes associated with the properties they lease from us, including any increases in those costs that may occur as a result of inflation. The remaining leases have some landlord responsibilities, generally related to maintenance and structural component replacement that may be required on such properties in the future, although we do not currently anticipate incurring significant capital expenditures or property-level operating costs under such leases. Because our properties are single-tenant properties, almost all of which are under long-term leases, it is not necessary for us to perform any significant ongoing leasing activities on our properties. As of December 31, 2019, the weighted average remaining term of our leases (calculated based on annualized base rent) was approximately 14 years, excluding renewal options, which are exercisable at the option of our tenants upon expiration of their base lease term. Leases approximating 99% of our base rent as of that date provide for tenant renewal options (generally two to four five-year options) and leases approximating 11% of our base rent provide our tenants the option, at their election, to purchase the property from us at a specified time or times (generally at the greater of the then-fair market value or our cost, as defined in the lease contracts). We have dedicated an internal team to review and analyze ongoing tenant financial performance, both at the corporate level and at each property we own, in order to identify properties that may no longer be part of our long-term strategic plan. As part of that continuous active-management process, we may decide to sell properties where we believe the property no longer fits within our plan. Because generally we have been able to originate assets at lease rates above the online commercial real estate auction marketplace, we have been able to sell these assets on both opportunistic and strategic bases, typically for a gain. This gain acts to partially offset any possible losses we may experience in the real estate portfolio. Liquidity and Capital Resources At the beginning of 2019, our real estate investment portfolio totaled $7.6 billion, consisting of investments in 2,255 property locations with base rent and interest due from our customers aggregating approximately $51.2 million per month, excluding future rent payment escalations. As of December 31, 2019, our investment portfolio had grown to approximately $8.8 billion, consisting of investments in 2,504 property locations with base rent and interest due from our customers aggregating approximately $59.5 million per month. Substantially all of our cash from operations is generated by our investment portfolio. Our primary cash expenditures are the principal and interest payments we make on the debt we use to finance our real estate investment portfolio and the general and administrative expenses of managing the portfolio and operating our business. Since substantially all of our leases are triple net, our tenants are generally responsible for the maintenance, insurance and property taxes associated with the properties they lease from us. When a property becomes vacant through a tenant default or expiration of the lease term with no tenant renewal, we incur the property costs not paid by the tenant, as well as those property costs accruing during the time it takes to locate a substitute tenant or sell the property. The lease contracts related to just 12 of our properties are due to expire during 2020; 81% of our leases have ten years or more remaining in their base lease term. As of December 31, 2019, 12 of our 2,504 properties were vacant and not subject to a lease, which represents a 99.5% occupancy rate. We expect to incur some property-level operating costs from time to time in periods during which properties that become vacant are being remarketed. 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 anticipate that such costs will be significant to our operations. We intend to continue to grow through additional real estate investments. To accomplish this objective, we must identify real estate acquisitions that are consistent with our underwriting guidelines and raise future additional capital to make such acquisitions. We acquire real estate with a combination of debt and equity capital, proceeds from the sale of properties and cash from operations that is not otherwise distributed to our stockholders in the form of dividends. When we sell properties, we generally reinvest the cash proceeds from those sales in new property acquisitions. We also periodically commit to fund the construction of new properties for our customers or to provide them funds to improve and/or renovate properties we lease to them. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. As of December 31, 2019, we had commitments to our customers to fund improvements to owned or mortgaged real estate properties totaling approximately $119.3 million, the majority of which is expected to be funded in the next twelve months. 39 Financing Strategy Our debt capital is initially provided on a short-term, temporary basis through a multi-year, variable-rate unsecured revolving credit facility with a group of banks. We manage our long-term leverage position through the strategic and economic issuance of long-term fixed-rate debt on both a secured and unsecured basis. By matching the expected cash inflows from our long-term real estate leases with the expected cash outflows of our long-term fixed-rate debt, we “lock in”, for as long as is economically feasible, the expected positive difference between our scheduled cash inflows on the leases and the cash outflows on our debt payments. By locking in this difference, or spread, we seek to reduce the risk that increases in interest rates would adversely impact our profitability. In addition, we may 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. We also ladder our debt maturities in order to minimize the gap between our free cash flow (which we define as our cash from operations less dividends plus proceeds from our sale of properties) and our annual debt maturities. As of December 31, 2019, substantially all our long-term debt was fixed-rate debt or was effectively converted to a fixed-rate for the term of the debt and our weighted average debt maturity was 6.9 years. As part of our long-term debt strategy, we develop and maintain broad access to multiple debt sources. We believe that having access to multiple debt markets increases our financing flexibility because different debt markets may attract different kinds of investors, thus expanding our access to a larger pool of potential debt investors. Also, a particular debt market may be more competitive than another at any particular point in time. The long-term debt we have issued to date is comprised of both secured non-recourse borrowings, the vast majority of which is investment-grade rated, and senior investment-grade unsecured borrowings. We are currently rated Baa2, stable outlook, from Moody’s Investors Service and BBB, stable outlook, by both S&P Global Ratings and Fitch Ratings. In conjunction with our investment-grade debt strategy, we target a level of debt net of cash and cash equivalents that approximates 5½ to 6 times our estimated annualized amount of earnings (excluding gains or losses on sales of real estate and provisions for impairment) before interest, taxes, depreciation and amortization (based on our current investment portfolio). Our secured non-recourse borrowings are obtained through multiple debt markets – primarily the asset-backed securities debt market. The vast majority of our secured non-recourse borrowings were made through an investment-grade- rated debt program we designed, which we call our Master Funding debt program. By design, this program provides flexibility not commonly found in most secured non-recourse debt and which is described in Non-recourse Secured Debt below. To a lesser extent, we may also obtain fixed-rate non-recourse mortgage financing through the commercial mortgage-backed securities debt market or from banks and insurance companies secured by specific properties we pledge as collateral. Our goal is to employ a prudent blend of secured non-recourse debt through our flexible Master Funding debt program, paired with senior unsecured debt that uses our investment grade credit ratings. By balancing the mix of secured and unsecured debt, we can effectively leverage those properties subject to the secured debt in the range of 60%-70% and, at the same time, target a more conservative level of overall corporate leverage by maintaining a large pool of properties that are unencumbered. As of December 31, 2019, our secured non-recourse borrowings had a weighted average loan-to- cost ratio of approximately 68% and approximately 40% of our investment portfolio serves as collateral for this long-term debt. The remaining 60% of our portfolio properties, aggregating approximately $5.3 billion at December 31, 2019, are unencumbered and this unencumbered pool of properties provides us the flexibility to access long-term unsecured borrowings. The result is that our growing unencumbered pool of properties can provide higher levels of debt service coverage on the senior unsecured debt than would be the case if we employed only unsecured debt at our overall corporate leverage level. We believe this debt strategy can lead to a lower cost of capital for the Company, especially now that we can issue AAA rated debt from our Master Funding debt program, as described further below. The availability of debt to finance commercial real estate in the United States can, at times, be impacted by economic and other factors that are beyond our control. An example of adverse economic factors occurred during the recession of 2007 to 2009 when availability of debt capital for commercial real estate was significantly curtailed. We seek to reduce the risk that long-term debt capital may be unavailable to us by maintaining the flexibility to issue long-term debt in multiple debt capital markets, both secured and unsecured, and by limiting the period between the time we acquire our 40 real estate and the time we finance our real estate with long-term debt. In addition, we have arranged our unsecured revolving credit facility to have a multi-year term with extension options in order to reduce the risk that short-term real estate financing would not be available to us. As we grow our real estate portfolio, we also intend to manage our debt maturities to reduce the risk that a significant amount of our debt will mature in any single year in the future. Because our long-term secured debt generally requires monthly payments of principal, in addition to the monthly interest payments, the resulting principal amortization also reduces our refinancing risk upon maturity of the debt. As our outstanding debt matures, we may refinance the maturing debt as it comes due or choose to repay it using cash and cash equivalents or our unsecured revolving credit facility. For example, as part of the STORE Master Funding Series 2018-1 notes issuance in October 2018, we prepaid, without penalty, an aggregate of $233.3 million of STORE Master Funding Series 2013-1 and Series 2013-2 Class A-1 notes that were scheduled to mature in 2020. During 2018, we also repaid two maturing secured notes payable totaling approximately $24.0 million which had a weighted average interest rate of 5.1%. Also, as part of the STORE Master Funding Series 2019-1 notes issuance discussed further below, we prepaid, without penalty, an aggregate of $186.1 million of STORE Master Funding Series 2013-3 and Series 2014-1 Class A-1 notes. Aside from one variable- rate $100 million extendable bank term loan scheduled to mature in March 2020 and an additional $100 million bank term loan scheduled to mature in April 2021, there are now no other significant debt maturities until 2022. Similar to the STORE Master Funding prepayments described above, we may prepay other existing long-term debt in circumstances where we believe it would be economically advantageous to do so. Unsecured Revolving Credit Facility Typically, we use our unsecured revolving credit facility to acquire our real estate properties, until those borrowings are sufficiently large to warrant the economic issuance of long-term fixed-rate debt, the proceeds from which we use to repay the amounts outstanding under our revolving credit facility. At December 31, 2019, we had no amounts outstanding under our unsecured credit facility. Our unsecured credit facility has an immediate availability of $600 million and an accordion feature of $800 million, which gives us a maximum borrowing capacity of $1.4 billion. The facility matures in February 2022 and includes two six-month extension options, subject to certain conditions. Borrowings under the facility require monthly payments of interest at a rate selected by us of either (1) LIBOR plus a credit spread ranging from 0.825% to 1.55%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.55%. The credit spread used is based on our credit rating as defined in the credit agreement. We are also required to pay a facility fee on the total commitment amount ranging from 0.125% to 0.30%. The currently applicable credit spread for LIBOR-based borrowings is 1.00% and the facility fee is 0.20%. Under the terms of the facility, we are subject to various restrictive financial and nonfinancial covenants which, among other things, require us to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth. Certain of these ratios are based on our pool of unencumbered assets, which aggregated approximately $5.3 billion at December 31, 2019. The facility is recourse to us and, as of December 31, 2019, we were in compliance with the financial and nonfinancial covenants under the facility. Senior Unsecured Term Debt In February 2019, we completed our second issuance of underwritten public notes in an aggregate principal amount of $350.0 million. These senior unsecured notes, which were issued at 99.260% of their principal amount, are due in March 2029 and bear a coupon rate of 4.625%; similar to our first issuance of public notes in March 2018, interest on these notes is paid semi-annually in March and September of each year. In December 2018, we entered into two treasury- lock agreements, which limited our exposure to increases in the 10-year treasury rate until the time the notes were issued; we made an aggregate cash payment of $6.7 million to the counterparties upon settlement of the agreements in February 2019, increasing the effective yield on these public notes to just under 5.0%. The net proceeds from the issuance of these notes were primarily used to pay down outstanding balances on our revolving credit facility. The supplemental indentures governing our public notes contain various restrictive covenants, including limitations on our ability to incur additional secured and unsecured indebtedness. As of December 31, 2019, we were in compliance with these covenants. Prior to our inaugural issuance of public debt in March 2018, our unsecured long-term debt had been issued through the private placement of notes to institutional investors and through groups of lenders who also participate in our unsecured revolving 41 credit facility; the financial covenants of the privately placed notes and bank term loans are similar to our unsecured credit facility. In March 2019, we amended the credit agreement related to the $100 million bank term loan (originally issued in March 2017) which lowered the related credit spread by 10 basis points and extended the original term for one year to March 2020, while retaining the three one-year extension options. The interest rate on this loan resets monthly at one- month LIBOR plus a credit rating-based credit spread ranging from 0.90% to 1.75%; the credit spread currently applicable to the Company is 1.00%. The aggregate outstanding principal amount of our unsecured senior notes and term loans payable was $1.3 billion as of December 31, 2019. Non-recourse Secured Debt As of December 31, 2019, approximately 36% of our real estate investment portfolio served as collateral for outstanding borrowings under our STORE Master Funding debt program. We believe our STORE Master Funding program allows for flexibility not commonly found in non-recourse debt, often making it preferable to traditional debt issued in the commercial mortgage-backed securities market. Under the program, STORE serves as both master and special servicer for the collateral pool, allowing for active portfolio monitoring and prompt issue resolution. In addition, features of the program allowing for the sale or substitution of collateral, provided certain criteria are met, facilitate active portfolio management. Through this debt program, we arrange for bankruptcy remote, special purpose entity subsidiaries to issue multiple series of investment-grade asset-backed net-lease mortgage notes, or ABS notes, from time to time as additional collateral is added to the collateral pool and leverage can be added in incremental issuances based on the value of the collateral pool. The ABS notes are generally issued by our wholly owned special purpose entity subsidiaries to institutional investors through the asset-backed securities market. These ABS notes are typically issued in two classes, Class A and Class B. At the time of issuance, the Class A notes represent approximately 70% of the appraised value of the underlying real estate collateral owned by the issuing subsidiaries and are currently rated AAA or A+ by S&P Global Ratings. The Series 2018-1 transaction in October 2018 marked our inaugural issuance of AAA rated notes and we believe it broadens the market for our STORE Master Funding debt program and gives us access to lower cost secured debt. In November 2019, our consolidated special purpose entities issued the ninth series, Series 2019-1, of net-lease mortgage notes under the STORE Master Funding debt program consisting of $508 million of notes issued in four Class A tranches as summarized below: Class Class A-1 Class A-2 Class A-3 Class A-4 Total (a) By S&P Global Ratings. Rating (a) AAA AAA A+ A+ $ $ Amount (in millions) Coupon Rate Maturity Date Nov. 2026 Nov. 2034 Nov. 2026 Nov. 2034 2.82 % 3.65 % 3.32 % 4.49 % 82.0 244.0 46.0 136.0 508.0 The Series 2019-1 transaction marked our inaugural issuance of 15-year notes, included $326 million of AAA rated notes and served to solidify our belief that the market for the STORE Master Funding program is broadening. The net proceeds from the issuance of the Class A notes were primarily used to pay down outstanding balances on our credit facility and to prepay, without penalty, STORE Master Funding Series 2013-3 and Series 2014-1 Class A-1 notes aggregating approximately $186.1 million at the time of prepayment; these notes were scheduled to mature in 2020 and 2021 and bore a weighted average interest rate of 4.2%. The Class B notes, which are subordinated to the Class A notes as to principal repayment, represent approximately 5% of the appraised value of the underlying real estate collateral and are currently rated BBB by S&P Global Ratings. As part of the Series 2019-1 transaction, the Class B notes issued with previous series transactions were cancelled and were reissued under Series 2019-1; as of December 31, 2019, there was an aggregate $155.0 million in principal amount of Class B notes outstanding. We have historically retained these Class B notes and they are held by one of our bankruptcy remote, special purpose entity subsidiaries. The Class B notes are not reflected in our financial statements because they eliminate in consolidation. Since the Class B notes are considered issued and outstanding, they 42 provide us with additional financial flexibility in that we may sell them to a third party in the future or use them as collateral for short-term borrowings as we have done from time to time in the past. The ABS notes outstanding at December 31, 2019 totaled $2.2 billion in Class A principal amount and were supported by a collateral pool of approximately $3.1 billion representing 1,134 property locations operated by 206 customers. The amount of debt that can be issued in any new series is determined by the structure of the transaction and the aggregate amount of collateral in the pool at the time of issuance. In addition, the issuance of each new series of notes is subject to the satisfaction of several conditions, including that there is no event of default on the existing note series and that the issuance will not result in an event of default on, or the credit rating downgrade of, the existing note series. A significant portion of our cash flow is generated by the special purpose entities comprising our STORE Master Funding debt program. For the year ended December 31, 2019, excess cash flow, after payment of debt service and servicing and trustee expenses, totaled $104 million on cash collections of $227 million, which represents an overall ratio of cash collections to debt service, or debt service coverage ratio (as defined in the STORE Master Funding program documents), of greater than 1.8 to 1 on the STORE Master Funding program. If at any time the debt service coverage ratio generated by the collateral pool is less than 1.3 to 1, excess cash flow from the STORE Master Funding entities will be deposited into a reserve account to be used for payments to be made on the net-lease mortgage notes, to the extent there is a shortfall. We anticipate that the debt service coverage ratio for the STORE Master Funding program will remain well above program minimums. To a lesser extent, we also may obtain debt in discrete transactions through other bankruptcy remote, special purpose entity subsidiaries, which debt is solely secured by specific real estate assets and is generally non-recourse to us (subject to certain customary limited exceptions). These discrete borrowings are generally in the form of traditional mortgage notes payable, with principal and interest payments due monthly and balloon payments due at their respective maturity dates, which typically range from seven to ten years from the date of issuance. In March 2019, we obtained $41.7 million of discrete mortgage debt secured by approximately $64.3 million of specific properties; this debt carries a fixed rate of 4.80% and is due in March 2029. Our secured borrowings contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Certain of the notes also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the special purpose entity or the tenant. In March 2019, in connection with the pending disposition of a property that served as collateral for a note payable, we entered into an agreement to defease the remaining $6.7 million principal balance of the note payable. As a result of this agreement, we made a $7.4 million defeasance payment (including expenses), the collateral was released, and we were released from all obligations associated with the note payable. Debt Summary As of December 31, 2019, our aggregate secured and unsecured long-term debt had an outstanding principal balance of $3.6 billion, a weighted average maturity of 6.9 years and a weighted average interest rate of 4.3%. The following is a summary of the outstanding balance of our borrowings as well as a summary of the portion of our real estate investment portfolio that is either pledged as collateral for these borrowings or is unencumbered as of December 31, 2019: Gross Investment Portfolio Assets (In millions) STORE Master Funding net-lease mortgage notes payable Other mortgage notes payable Unsecured notes and term loans payable Unsecured credit facility Total debt Unencumbered real estate assets Special Purpose Entity Subsidiaries All Other Subsidiaries 3,154 $ 343 — — 3,497 4,150 7,647 $ — $ — — — — 1,208 1,208 $ Total 3,154 343 — — 3,497 5,358 8,855 Outstanding Borrowings $ 2,164 $ 195 1,275 — 3,634 — 3,634 $ $ 43 Our decision to use either senior unsecured term debt, STORE Master Funding or other non-recourse traditional mortgage loan borrowings depends on our view of the most strategic blend of unsecured versus secured debt that is needed to maintain our targeted level of overall corporate leverage as well as on borrowing costs, debt terms, debt flexibility and the tenant and industry diversification levels of our real estate assets. As we continue to acquire real estate, we expect to balance the overall degree of leverage on our portfolio by growing our pool of portfolio assets that are unencumbered. Our growing pool of unencumbered assets will increase our financial flexibility by providing us with assets that can support senior unsecured financing or that can serve as substitute collateral for existing debt. Should market factors, which are beyond our control, adversely impact our access to these debt sources at economically feasible rates, our ability to grow through additional real estate acquisitions will be limited to any undistributed amounts available from our operations and any additional equity capital raises. Equity We access the equity markets in various ways, such as, in 2017, a follow-on stock offering as well as a private placement of 18.6 million shares of our common stock to a wholly owned subsidiary of Berkshire Hathaway. We also establish “at the market” equity distribution programs, or ATM programs, pursuant to which, from time to time, we may offer and sell registered shares of our common stock through a group of banks acting as our sales agents. Most recently, in November 2019, we established a $900 million ATM program (the 2019 ATM Program) and terminated the prior program (the 2018-2 ATM Program). The following tables outline the common stock issuances under these programs (in millions except share and per share information): Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses Year Ended December 31, 2019 5,026,366 $ 13,448,509 $ 18,474,875 $ 39.79 $ 34.20 35.72 $ 200.0 $ 459.9 659.9 $ (1.9) $ (6.9) (8.8) $ Net Proceeds 197.8 452.7 650.5 (0.3) $ (0.3) (0.6) $ Inception of Program Through December 31, 2019 Shares Sold Weighted Average Price per Share Gross Proceeds Sales Agents' Commissions Other Offering Expenses 5,026,366 $ 21,681,251 $ 26,707,617 $ 39.79 $ 32.52 33.89 $ 200.0 $ 705.1 905.1 $ (1.9) $ (10.6) (12.5) $ Net Proceeds 197.8 693.8 891.6 (0.3) $ (0.7) (1.0) $ ATM Program $900 million 2019 ATM Program $750 million 2018-2 ATM Program Total ATM Program $900 million 2019 ATM Program $750 million 2018-2 ATM Program Total Cash Flows Substantially all of our cash from operations is generated by our investment portfolio. As shown in the following table, net cash provided by operating activities in 2019 increased by $66.7 million over the $391.7 million reported in 2018, which had increased $82.3 million over the $309.4 million reported in 2017, primarily due to the increase in the size of our real estate investment portfolio, which generated additional rental revenue and interest income. Cash flows from operations for 2019 include a $6.7 million payment we made in settlement of two treasury lock agreements; for 2018, cash flows from operations include a $4.3 million payment we received in settlement of a similar agreement. Investment activity in real estate, loans and financing receivables during 2019 was $102.0 million higher than in 2018 which was $232.3 million higher than 2017 and was primarily funded, in all years, with a combination of cash from operations, proceeds from the sale of real estate properties, proceeds from the issuance of long-term debt and proceeds from the issuance of stock. Proceeds received from the sale of real estate properties in 2019 increased $208.1 million over the proceeds received in 2018; during 2019 we sold 95 properties as compared to the sale of 80 properties in 2018. Net cash provided by financing activities was lower for 2019 as compared to 2018 primarily as a result of a lower volume of equity issued under our ATM programs in 2019 versus 2018. In recent years, we have funded a significant portion of our 44 acquisitions with proceeds from equity offerings as compared to debt issuances, net of debt payments, as part of our overall strategy to reduce leverage. During 2019 and 2018, our net proceeds from the issuance of long-term debt were $884.8 million and $924.6 million, respectively. Long-term debt repayments were also very comparable in 2019 and 2018 as repayment activity included prepayments of STORE Master Funding debt in both years as noted earlier. Additionally, we paid dividends to our stockholders totaling $307.2 million in 2019, $255.6 million in 2018 and $209.9 million in 2017. We increased our quarterly dividend in the third quarter of 2019 by 6.1% to an annualized $1.40 per common share; we also increased our quarterly dividend by 6.5% in the third quarter of 2018 to an annualized $1.32 per common share. (In thousands) Net cash provided by operating activities Net cash used in investing activities Net cash provided by financing activities Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Year Ended December 31, 2018 391,678 $ 2019 458,334 $ $ 2017 309,425 (1,249,813) 859,843 68,364 43,017 111,381 $ (1,367,038) 969,199 (6,161) 49,178 43,017 $ (1,100,871) 767,458 (23,988) 73,166 49,178 $ Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents Restricted cash included in other assets Total cash, cash equivalents and restricted cash $ $ 99,753 $ 11,628 111,381 $ 27,511 $ 15,506 43,017 $ 42,937 6,241 49,178 Management believes that the cash generated by our operations, our current borrowing capacity on our revolving credit facility and our access to long-term debt capital, will be sufficient to fund our operations for the foreseeable future and allow us to acquire the real estate for which we currently have made commitments. In order to continue to grow our real estate portfolio in the future beyond the excess cash generated by our operations and our ability to borrow, we intend to raise additional equity capital through the sale of our common stock. Off-Balance Sheet Arrangements We have no off-balance sheet arrangements as of December 31, 2019. 45 Contractual Obligations The following table provides information with respect to our contractual commitments as of December 31, 2019, including any guaranteed or minimum commitments under contractual obligations. (In thousands) Credit facility (1) Long-term debt obligations (secured and unsecured): Principal Interest Commitments to customers (2) Operating ground lease obligations paid by STORE Capital Operating ground lease obligations paid by STORE Capital's tenants (3) Corporate office operating lease obligation Total Payment Due by Period More than Total 1 year (2020) 1 - 3 years 3 - 5 years (2021 - 2022) (2023 - 2024) (after 2024) 5 years $ — $ — $ — $ — $ — 3,634,310 1,060,395 119,285 135,333 154,579 114,322 376,278 294,604 4,963 736,244 248,752 — 2,386,455 362,460 — 3,230 31 62 62 3,075 47,611 6,129 32,597 2,179 $ 4,870,960 $ 407,358 $ 682,122 $ 994,714 $ 2,786,766 4,649 1,566 2,332 761 8,033 1,623 (1) We had no amounts outstanding on our $600 million credit facility as of December 31, 2019; amounts outstanding bear interest at one-month LIBOR plus a credit rating-based credit spread of 1.00%. We also pay a facility fee on the total commitment amount of 0.20%. (2) Represents our commitments to fund improvements to real estate properties previously acquired or mortgaged; these construction improvement commitments are similar to property acquisitions or new loans as they will result in increases to rental revenue or interest income due under the related contracts. (3) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease rent, we would be primarily responsible for the payment, assuming we do not re-tenant the property or sell the leasehold interest. Of the total $47.6 million commitment, $16.5 million is due for periods beyond the current term of our leases with the tenants. Excludes contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales. Recently Issued Accounting Pronouncements See Note 2 to the December 31, 2019 consolidated financial statements. Critical Accounting Policies and Estimates Our discussion and analysis of our historical financial condition and results of operations is based upon our consolidated financial statements, which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ materially from those estimates. The accounting policies discussed below are considered critical because changes to certain judgments and assumptions inherent in these policies could affect the financial statements. For more information on our accounting policies, please refer to the notes to our consolidated financial statements. Accounting for Real Estate Investments Classification and Cost We record the acquisition of real estate properties at cost, including acquisition and closing costs. We allocate the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple 46 sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of our lease contracts allow our tenants the option, at their election, to purchase the leased property from us at a specified time or times (generally at the greater of the then-fair market value or our cost, as defined in the lease contracts). Subsequent to the adoption of Accounting Standards Update (ASU) 2016-02, Leases (Topic 842)(ASC Topic 842) on January 1, 2019, for real estate assets acquired through a sale-leaseback transaction and subject to a lease contract which contains a purchase option, we will account for such acquisition as a financing arrangement and record the investment in loans and financing receivables on the consolidated balance sheet. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Impairment We review our real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Events or changes in circumstances may also include an expectation to sell certain assets in accordance with our long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. An asset is considered impaired if the carrying value of the asset exceeds its estimated undiscounted cash flows and the impairment is calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results. Results of Operations In July 2019, the Financial Accounting Standards Board issued ASU 2019-07, Codification Updates to SEC Sections-Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, which makes a number of changes meant to simplify certain disclosures in financial condition and results of operations, particularly by eliminating year-to-year comparisons between prior periods previously disclosed. In complying with the relevant aspects of the rule covering the current year annual report, we now include disclosures on results of operations for fiscal year 2019 versus 2018 only. For discussion of our fiscal year 2018 compared to our fiscal year 2017 see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report filed with the SEC for the fiscal year ended December 31, 2018. Overview As of December 31, 2019, our real estate investment portfolio had grown to approximately $8.8 billion, consisting of investments in 2,504 property locations in 49 states, operated by over 475 customers in various industries. Approximately 94% of the real estate investment portfolio represents commercial real estate properties subject to long-term leases, 6% represents mortgage loan and financing receivables on commercial real estate properties and a nominal amount represents loans receivable secured by our tenants’ other assets. 47 Year Ended December 31, 2019 Compared to Year Ended December 31, 2018 (In thousands) Total revenues Expenses: Interest Property costs General and administrative Depreciation and amortization Provisions for impairment Total expenses Net gain on dispositions of real estate Income from operations before income taxes Income tax expense Net income Revenues Year Ended December 31, 2019 665,714 $ 2018 540,756 $ $ Increase (Decrease) 124,958 158,381 10,793 54,274 221,975 18,751 464,174 129,061 4,250 45,725 181,826 7,810 368,672 84,142 285,682 707 284,975 $ 45,528 217,612 642 216,970 $ $ 29,320 6,543 8,549 40,149 10,941 95,502 38,614 68,070 65 68,005 The increase in revenues year over year was driven primarily by the growth in the size of our real estate investment portfolio, which generated additional rental revenues and interest income. Our real estate investment portfolio grew from approximately $7.6 billion in gross investment amount representing 2,255 properties at the end of 2018 to approximately $8.8 billion in gross investment amount representing 2,504 properties at December 31, 2019. The weighted average real estate investment amounts outstanding during the years were approximately $8.2 billion in 2019 and $6.8 billion in 2018. Our real estate investments were made throughout the years presented and were not all outstanding for the entire period; accordingly, a portion of the increase in revenues between years is related to recognizing a full year of revenue in 2019 on acquisitions that were made during 2018. Similarly, the full revenue impact of acquisitions made during 2019 will not be seen until 2020. A smaller component of the increase in revenues between years is related to rent escalations recognized on our lease contracts; these rent increases can provide a strong source of revenue growth. Additionally, during 2019, primarily in connection with the sale of certain properties, we collected $4.1 million in early lease termination payments which are included in other income. The initial rental or capitalization rates we achieve on sale-leaseback transactions, calculated as the initial annualized base rent divided by the purchase price of the properties, vary from transaction to transaction based on many factors, such as the terms of the lease, the property type including the property’s real estate fundamentals and the market rents in the area on the various types of properties we target across the United States. The majority of our transactions are sale-leaseback transactions where we acquire the property and simultaneously negotiate a lease directly with the tenant based on the tenant’s business needs. There are also online commercial real estate auction marketplaces for real estate transactions; properties acquired through these online marketplaces are often subject to existing leases and offered by third-party sellers. In general, because we provide tailored customer lease solutions in sale-leaseback transactions, our lease rates historically have been higher and subject to less short-term market influences than what we have seen in the auction marketplace as a whole. In addition, since our real estate lease contracts are a substitute for both borrowings and equity that our customers would otherwise have to commit to their real estate locations, we believe there is a relationship between lease rates and market interest rates and that lease rates are also influenced by overall capital availability. During 2019, the weighted average lease rate attained on our new investments was approximately 0.1% lower as compared to 2018 with the decrease primarily occurring during the latter half of the year. The weighted average initial capitalization rate on the properties we acquired during 2019 and 2018 was approximately 7.8% and 7.9%, respectively. Based on our experience, our expectations for the future include the possibility that we could see similar slight movements in lease rates as market interest rates change. 48 Interest Expense We fund the growth in our real estate investment portfolio with excess cash flow from our operations after dividends and principal payments on debt, net proceeds from periodic sales of real estate, net proceeds from equity issuances and proceeds from issuances of long-term fixed-rate debt. We use our unsecured revolving credit facility to temporarily finance the properties we acquire. The following table summarizes our interest expense. (Dollars in thousands) Interest expense - credit facility Interest expense - credit facility fees Interest expense - long-term debt (secured and unsecured) Capitalized interest Loss (gain) on defeasance/extinguishment of debt Amortization of deferred financing costs and other Total interest expense Credit facility: Average debt outstanding Average interest rate during the period (excluding facility fees) Long-term debt (secured and unsecured): Average debt outstanding Average interest rate during the period For the Year Ended December 31, 2019 2018 2,573 $ 1,217 145,767 (1,600) 735 9,689 158,381 $ 6,009 1,195 115,763 (2,641) (814) 9,549 129,061 74,198 $ 3.5 % 201,677 3.0 % 3,310,378 $ 4.4 % 2,645,152 4.4 % $ $ $ $ The increases in average outstanding long-term debt were the primary driver for the increases in interest expense on long-term debt. Long-term debt added during 2019 primarily consisted of $350 million of 4.625% senior unsecured notes issued in February 2019 and $508 million of STORE Master Funding Series 2019-1 notes issued in November 2019 which bear a weighted average interest rate of 3.71%. As part of the Series 2019-1 note issuance, we prepaid, without penalty, STORE Master Funding Series 2013-3 and Series 2014-1 Class A-1 notes aggregating approximately $186.1 million at the time of prepayment; these notes were scheduled to mature in 2020 and 2021 and bore a weighted average interest rate of 4.2%. As of December 31, 2019, we had $3.6 billion of long-term debt outstanding with a weighted average interest rate of 4.3%. Interest expense for 2019 included a $0.7 million loss incurred in connection with the defeasance of secured debt on a property pending disposition; we made a $7.4 million payment (including expenses) to defease the note payable, which had a remaining outstanding principal balance of $6.7 million. Interest expense for 2018 included a $0.8 million gain on the extinguishment of debt. Interest expense for 2019 and 2018 included $1.1 million and $2.1 million, respectively, in accelerated amortization of deferred financing costs primarily related to the STORE Master Funding prepayments discussed above. We use our revolving credit facility on a short-term, temporary basis to acquire real estate properties until those borrowings are sufficiently large to warrant the economic issuance of long-term fixed-rate debt, the proceeds of which we generally use to pay down the amounts outstanding under our revolving credit facility. Interest expense associated with our revolving credit facility decreased in 2019 as compared to 2018 due to lower average outstanding borrowings. This decrease between years was partially offset by an increase in the weighted average interest rate incurred on our borrowings due to increases in one-month LIBOR. During 2019, the average one-month LIBOR was approximately 0.2% higher than during 2018. The amount and timing of real estate acquisition activity and long-term debt and/or equity transactions will affect the level of borrowing activity on our credit facility. From time to time, we may have construction activities on one or more of our real estate properties. Interest capitalized as a part of those activities represented approximately $1.6 million and $2.6 million in 2019 and 2018, respectively. 49 Property Costs Approximately 99% of our leases are triple net, meaning that our tenants are generally responsible for the property-level operating costs such as taxes, insurance and maintenance. Accordingly, we generally do not expect to incur property-level operating costs or capital expenditures, except during any period when one or more of our properties is no longer under lease. Our need to expend capital on our properties is further reduced due to the fact that some of our tenants will periodically refresh the property at their own expense to meet their business needs or in connection with franchisor requirements. As of December 31, 2019, we owned 12 properties that were vacant and not subject to a lease and the lease contracts related to just 12 owned properties are due to expire during 2020. We expect to incur some property costs related to the vacant properties until such time as those properties are either leased or sold. As of December 31, 2019, we had entered into operating ground leases as part of several real estate investment transactions. As a result of the adoption of ASC Topic 842, the ground lease payments made by our tenants directly to the ground lessors are presented on a gross basis in the condensed consolidated statement of income, both as rental revenues and as property costs. Prior to 2019, the ground lease payments made directly by our tenants to the ground lessor had been presented on a net basis in our consolidated statements of income. Also as a result of the adoption of ASC Topic 842, for the few lease contracts where we collect property taxes from our tenants and remit those taxes to governmental authorities, we now reflect those payments on a gross basis as both rental revenue and as property costs; prior to 2019, those property taxes were presented on a net basis in the consolidated statements of income. The following is a summary of property costs (in thousands): Property-level operating costs (a) Ground lease-related intangibles amortization expense Operating ground lease payments made by STORE Capital Operating ground lease payments made by STORE Capital tenants Operating ground lease straight-line rent expense Property taxes payable from tenant impounds Total property costs Year Ended December 31, 2019 2018 $ $ 5,462 $ 469 29 2,219 56 2,558 10,793 $ 3,752 469 29 — — — 4,250 (a) Property-level operating costs primarily include those expenses associated with vacant or nonperforming properties, property management costs for the few properties that have specific landlord obligations and the cost of performing property site inspections from time to time. General and Administrative Expenses General and administrative expenses include compensation and benefits; professional fees such as portfolio servicing, legal, accounting and rating agency fees; and general office expenses such as insurance, office rent and travel costs. General and administrative costs totaled $54.3 million in 2019 as compared to $45.7 million in 2018 with the increase primarily due to the growth of our portfolio and related staff additions as well as approximately $2.0 million of executive severance costs incurred in the second quarter of 2019. Certain expenses, such as property-related insurance costs and the costs of servicing the properties and loans comprising our real estate portfolio, increase in direct proportion to the increase in the size of the portfolio. During the third quarter of 2018, we transitioned the outsourced administrative portion of our portfolio servicing to a new provider, reducing the base cost for these services. Our employee base grew from 90 employees at December 31, 2018 to 97 employees as of December 31, 2019. We expect that general and administrative expenses will continue to rise in some measure as our real estate investment portfolio grows; however, we expect that such expenses as a percentage of the portfolio will decrease over time due to efficiencies and economies of scale. Depreciation and Amortization Expense Depreciation and amortization expense, which increases in proportion to the increase in the size of our real estate portfolio, rose from $181.8 million in 2018 to $222.0 million in 2019. 50 Provisions for Impairment During 2019, we recognized provisions for impairment of real estate totaling $18.8 million. During 2018, we recognized provisions for impairment aggregating $7.8 million. Of this amount, $5.2 million represented provisions for impairment of real estate and $2.6 million represented provisions for loan losses. Net Gain on Dispositions of Real Estate As part of our ongoing active portfolio management process, we sell properties from time to time in order to enhance the diversity and quality of our real estate portfolio and to take advantage of opportunities to recycle capital. During 2019, we recognized an $84.1 million aggregate net gain on the dispositions of real estate which included an $80.2 million net gain on the sale of 95 properties and a $3.9 million non-cash gain resulting from the substitution of ten properties with a single tenant. Of the 95 properties sold during 2019, 17 properties were sold as part of an actively- managed, tax-deferred exchange program under Section 1031 of the Internal Revenue Code. All proceeds from these sales were used to acquire qualified replacement properties. In comparison, during 2018, we recognized a $45.5 million aggregate net gain on the sale of 80 properties. The net proceeds from the dispositions of real estate during 2019 aggregated $448 million as compared to an aggregate original investment amount of $429 million. As noted earlier, during 2019, we also collected $4.1 million of early lease termination payments in connection with certain property sales. For properties sold during 2018, net proceeds aggregated $252 million as compared to an aggregate original investment amount of $228 million. Net Income For the year ended December 31, 2019, our net income rose to $285.0 million, an increase from $217.0 million in 2018. Our net income rose primarily due to the growth in the size of our real estate investment portfolio, which generated additional rental revenues and interest income, and due to the increase in gains on dispositions of real estate, offset by the impact of impairments and accelerated amortization of lease incentives and deferred financing costs, all as discussed above. Non-GAAP Financial Measures Our reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. We also disclose Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non-GAAP measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and 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 to cash flows from operations as reported on a statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses, and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain revenues and expenses that have no impact on our long-term operating performance, such as straight-line rents, amortization of deferred financing costs and stock-based compensation. In addition, in deriving AFFO, we exclude certain other costs not related to our ongoing operations, such as the amortization of lease-related intangibles. FFO is used by management, 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 on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude certain additional 51 revenues and expenses such as straight-line rents, including construction period rent deferrals, and the amortization of deferred financing costs, stock-based compensation and lease-related intangibles as such items have no impact on long- term operating performance. As a result, we believe AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability. Therefore, we disclose both FFO and AFFO and reconcile them to the most appropriate GAAP performance metric, which is net income. STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies. The following is a reconciliation of net income (which we believe is the most comparable GAAP measure) to FFO and AFFO. (In thousands) Net Income Depreciation and amortization of real estate assets Provision for impairment of real estate Net gain on dispositions of real estate (a) Funds from Operations Adjustments: Straight-line rental revenue: Fixed rent escalations accrued Construction period rent deferrals Amortization of: Equity-based compensation Deferred financing costs and other (b) Lease-related intangibles and costs (c) Provision for loan losses Lease termination fees Capitalized interest Executive severance costs Loss (gain) on defeasance/extinguishment of debt Adjusted Funds from Operations Year Ended December 31, 2018 2017 2019 $ 284,975 221,665 18,751 (84,142) 441,249 $ 216,970 180,851 5,202 (45,398) 357,625 $ 162,038 149,556 11,940 (39,604) 283,930 (6,021) 1,604 (6,121) 6,622 (6,414) 3,056 11,703 9,689 2,856 — (4,096) (1,600) 1,956 735 7,931 9,978 7,043 1,500 — (1,243) 296 — $ 458,075 $ 377,869 $ 306,077 8,608 9,549 2,433 2,608 — (2,641) — (814) (a) For the years ended December 31, 2018 and 2017, includes $130,000 and $5,000, respectively, of income tax expense associated with gains recognized on the dispositions of certain properties. (b) For the years ended December 31, 2019, 2018 and 2017, includes $1.1 million, $2.1 million and $2.0 million, respectively, of accelerated amortization of deferred financing costs primarily related to the prepayment of debt. (c) For the year ended December 31, 2017, includes a $4.6 million charge related to accelerated amortization of lease incentives associated with terminated lease contracts. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Our interest rate risk management objective is to limit the impact of future interest rate changes on our earnings and cash flows. We seek to match the cash inflows from our long-term leases with the expected cash outflows on our long-term debt. To achieve this objective, our consolidated subsidiaries primarily borrow on a fixed-rate basis for longer-term debt issuances. At December 31, 2019, substantially all of our long-term debt carried a fixed interest rate, or was effectively converted to a fixed-rate through the use of interest rate swaps for the term of the debt, and the weighted average debt maturity was approximately 6.9 years. We are exposed to interest rate risk between the time we enter into a sale-leaseback transaction and the time we finance the related real estate with long-term fixed-rate debt. In addition, when that long-term debt matures, we may have to refinance the real estate at a higher interest rate. Market interest rates are sensitive to many factors that are beyond our control. 52 We address interest rate risk by employing the following strategies to help insulate us from any adverse impact of rising interest rates: • We seek to minimize the time period between acquisition of our real estate and the ultimate financing of that real estate with long-term fixed-rate debt. • By using serial issuances of long-term debt, we intend to ladder out our debt maturities to avoid a significant amount of debt maturing during any single period and to minimize the gap between free cash flow and annual debt maturities; free cash flow includes cash from operations less dividends plus proceeds from our sales of properties. • Our secured long-term debt generally provides for some amortization of the principal balance over the term of the debt, which serves to reduce the amount of refinancing risk at debt maturity to the extent that we can refinance the reduced debt balance over a revised long-term amortization schedule. • We seek to maintain a large pool of unencumbered real estate assets to give us the flexibility to choose among various secured and unsecured debt markets when we are seeking to issue new long-term debt. • We may also use derivative instruments, primarily cash flow hedges such as interest rate swaps, caps and treasury lock agreements, to limit our exposure to interest rate movements with respect to various debt instruments. Although substantially all of our long-term debt carries a fixed rate, we often temporarily fund our property acquisitions with our revolving credit facility, which carries a variable rate. During the year ended December 31, 2019, we had average daily outstanding borrowings of $74.2 million on our variable-rate credit facility, which primarily bears interest based on one-month LIBOR, plus a credit spread of 1.0% based on our current credit rating. We monitor our market interest rate risk exposures using a sensitivity analysis. Our sensitivity analysis estimates the exposure to market risk sensitive instruments assuming a hypothetical adverse change in interest rates. Based on the results of our sensitivity analysis, which assumes a 1% adverse change in interest rates, the estimated market risk exposure for our variable-rate debt was approximately $0.7 million, or approximately 0.2% of net cash provided by operating activities for the year ended December 31, 2019. In addition, we may use various financial instruments designed to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. We do not use derivative instruments for trading or speculative purposes. See Note 2 to our Consolidated Financial Statements for further information on derivatives. In July 2017, the Financial Conduct Authority, or FCA (the authority that regulates LIBOR), announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee, or ARRC, has identified the Secured Overnight Financing Rate, or SOFR, as the preferred alternative to LIBOR for use in derivatives and other financial contracts that are currently indexed to LIBOR. We are not able to predict when LIBOR will cease to be available or when there will be sufficient liquidity in the SOFR markets. Any changes adopted by the FCA or other governing bodies in the method used for determining LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR. If that were to occur, our interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form. At December 31, 2019, the Company does have contracts that are indexed to LIBOR and continues to monitor and evaluate the related risks, including future negotiations with lenders and other counterparties; the $600 million unsecured revolving credit facility, which matures in February 2022, is the Company’s only contract indexed to LIBOR with a maturity date beyond 2021. While we expect LIBOR to be available in substantially its current form until the end of 2021, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the transition to an alternative reference rate could be accelerated. 53 Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of STORE Capital Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of STORE Capital Corporation (the Company) as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2019, the related notes and financial statement schedules listed in the Index at 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 at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles. 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, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework and our report dated February 21, 2020 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s 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 Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate 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 consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Description of the Matter As described in Notes 2 and 3 to the financial statements, the Company recorded $1.3 billion in Acquisition of real estate investments acquisitions to real estate during 2019. Auditing the Company’s accounting for the 2019 acquisitions was complex and required specialized skills and knowledge due to the estimation involved in the allocation of the purchase price to the assets acquired, including land, buildings, improvements and intangible lease assets. The Company utilized multiple sources to estimate such values including third party appraisers and other data such as market rents and comparables. 54 How We Addressed the Matter in Our Audit We obtained an understanding and tested the design and operating effectiveness of controls over the accounting for acquisitions, including controls over the initiation and approval of purchases, inputs and assumptions used in the valuation estimates, and allocation of value among the assets acquired. For a sample of acquisitions, we read the purchase agreements, evaluated the significant assumptions and methods used in developing the allocation estimates, and tested the recording of the assets acquired. Our audit procedures included evaluating whether any intangible assets were properly identified and the appropriateness of market data and other significant assumptions, including land comparables and replacement costs. We reviewed the valuations completed by third party appraisers including a review of the underlying market data utilized. We further compared the allocations to those historically recognized by the Company and reviewed for any allocation outliers in the population. We involved valuation specialists to assist in the evaluation of significant assumptions used and the appropriateness of the approach selected and the qualifications of the third-party appraisers. Description of the Matter The Company reviews its real estate investments for impairment whenever events or changes in Real estate impairment circumstances indicate that the carrying amount of an asset group may not be recoverable. As more fully described in Note 2 to the financial statements, during 2019, the Company recorded impairment losses on certain real estate assets. Based on the factors impacting a property’s value, such as vacancy, undiscounted cash flows from the lease, and market trends as well as hold versus sale scenarios, the Company evaluated certain properties for recoverability and determined that specific assets were impaired. As a result, the Company recognized $18.8 million in impairment losses, which represented the amount by which the carrying values exceeded the estimated fair values of these assets. Auditing the Company's identification and measurement of impairment was complex as estimates underlying the determination of recoverability and fair value involved a high degree of subjectivity. Significant assumptions used in the Company’s fair value estimates were market comparable values, bona fide purchase offers on the properties, market rents, and terminal values. We obtained an understanding and tested the design and operating effectiveness of controls over the Company’s processes to identify indicators of impairment and measure the fair value of the real estate assets that were impaired. Our audit procedures also included, among others, evaluating the significant assumptions used to estimate the undiscounted cash flows, including market rents and comparables, tenant conditions and hold or sell strategies. For assets that the book value was greater than the estimated undiscounted cash flows, we tested the fair value measurement through comparison of market transactions, purchase agreements, appraisals, considering market rents, and capitalization rates. We also involved a valuation specialist to assist in our evaluation of certain assumptions, such as market rents or comparable market property values without an active purchase agreement. How We Addressed the Matter in Our Audit /s/ Ernst & Young LLP We have served as the Company’s auditor since 2011. Phoenix, Arizona February 21, 2020 55 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of STORE Capital Corporation Opinion on Internal Control Over Financial Reporting We have audited STORE Capital Corporation’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, STORE Capital Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2019, the related notes and the financial statement schedules listed in the Index at Item 15(a) and our report dated February 21, 2020 expressed an unqualified opinion thereon. 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/ Ernst & Young LLP Phoenix, Arizona February 21, 2020 56 STORE Capital Corporation Consolidated Balance Sheets (In thousands, except share and per share data) December 31, 2019 2018 73,366 (740,124) $ 2,634,285 $ 2,280,280 5,540,749 4,888,440 85,148 8,248,400 7,253,868 (585,913) 7,508,276 6,667,955 — 351,202 8,114,797 7,019,157 27,511 67,303 $ 8,296,526 $ 7,113,971 24,254 582,267 99,753 81,976 $ — $ 135,000 916,720 1,262,553 2,328,489 2,008,592 72,954 — 117,204 3,811,141 3,250,470 83,938 29,347 106,814 2,398 2,211 4,787,932 4,129,082 (267,651) (141) 4,485,385 3,863,501 $ 8,296,526 $ 7,113,971 (302,609) (2,336) Assets Investments: Real estate investments: Land and improvements Buildings and improvements Intangible lease assets Total real estate investments Less accumulated depreciation and amortization Operating ground lease assets Loans and financing receivables Net investments Cash and cash equivalents Other assets, net Total assets Liabilities and stockholders’ equity Liabilities: Credit facility Unsecured notes and term loans payable, net Non-recourse debt obligations of consolidated special purpose entities, net Dividends payable Operating lease liabilities Accrued expenses, deferred revenue and other liabilities Total liabilities Stockholders’ equity: Common stock, $0.01 par value per share, 375,000,000 shares authorized, 239,822,900 and 221,071,838 shares issued and outstanding, respectively Capital in excess of par value Distributions in excess of retained earnings Accumulated other comprehensive loss Total stockholders’ equity Total liabilities and stockholders’ equity See accompanying notes. 57 STORE Capital Corporation Consolidated Statements of Income (In thousands, except share and per share data) Year Ended December 31, 2019 2018 2017 Revenues: Rental revenues Interest income on loans and financing receivables Other income Total revenues Expenses: Interest Property costs General and administrative Depreciation and amortization Provisions for impairment Total expenses Net gain on dispositions of real estate Income from operations before income taxes Income tax expense Net income Net income per share of common stock—basic and diluted Weighted average common shares outstanding: Basic Diluted $ 625,415 $ 33,826 6,473 665,714 513,302 $ 25,741 1,713 540,756 158,381 10,793 54,274 221,975 18,751 464,174 129,061 4,250 45,725 181,826 7,810 368,672 84,142 285,682 707 284,975 $ 45,528 217,612 642 216,970 $ 427,943 22,565 2,339 452,847 120,478 4,773 40,990 150,279 13,440 329,960 39,609 162,496 458 162,038 $ $ 1.24 $ 1.06 $ 0.90 229,734,497 230,289,541 204,322,298 178,586,266 204,933,292 178,656,676 See accompanying notes. 58 STORE Capital Corporation Consolidated Statements of Comprehensive Income (In thousands) Year Ended December 31, 2018 $ 284,975 $ 216,970 $ 162,038 2019 2017 (1,142) (1,053) (2,195) 720 630 1,350 $ 282,780 $ 214,070 $ 163,388 (1,353) (1,547) (2,900) Net income Other comprehensive (loss) income: Unrealized (losses) gains on cash flow hedges Cash flow hedge (gains) losses reclassified to interest expense Total other comprehensive (loss) income Total comprehensive income See accompanying notes. 59 STORE Capital Corporation Consolidated Statements of Stockholders’ Equity For the Years Ended December 31, 2019, 2018 and 2017 (In thousands, except share data) Distributions Accumulated in Excess of Capital in Retained Excess of Par Value Par Value Earnings Other Comprehensive Stockholders’ Income (Loss) Equity Total Common Stock Shares 159,341,955 $ Balance at December 31, 2016 Net income Other comprehensive income Issuance of common stock, net of costs of $11,766 Equity-based compensation Shares repurchased under stock compensation plan Common dividends declared ($1.20 per common share) and dividend equivalents on restricted stock units Balance at December 31, 2017 Net income Other comprehensive loss Issuance of common stock, net of costs of $12,253 Equity-based compensation Shares repurchased under stock compensation plan Common dividends declared ($1.28 per common share) and dividend equivalents on restricted stock units Balance at December 31, 2018 Net income Other comprehensive loss Issuance of common stock, net of costs of $9,422 Equity-based compensation Shares repurchased under stock compensation plan Common dividends declared ($1.36 per common share) and dividend equivalents on restricted stock units — — 34,323,728 157,268 (56,097) — 193,766,854 — — 27,125,559 293,373 (113,948) — 221,071,838 — — 18,474,875 443,330 (167,143) 1,593 $ 2,631,845 $ — — 343 2 — — — 742,247 7,931 (933) (151,592) $ 162,038 — — 12 (413) 1,409 $ 2,483,255 162,038 1,350 742,590 7,945 (1,346) — 1,350 — — — — — — — 1,938 3,381,090 — — 741,394 8,606 (2,008) 271 3 (1) — — — — 2,211 4,129,082 — — 650,336 11,698 (3,184) 185 4 (2) (224,890) (214,845) 216,970 — — 31 (826) (268,981) (267,651) 284,975 — — 27 (1,846) — 2,759 — (2,900) — — — (224,890) 3,170,942 216,970 (2,900) 741,665 8,640 (2,835) — (141) — (2,195) — — — (268,981) 3,863,501 284,975 (2,195) 650,521 11,729 (5,032) — — — (318,114) (302,609) $ — (318,114) (2,336) $ 4,485,385 Balance at December 31, 2019 239,822,900 $ 2,398 $ 4,787,932 $ See accompanying notes. 60 STORE Capital Corporation Consolidated Statements of Cash Flows (In thousands) Operating activities Net income Adjustments to net income: Depreciation and amortization Amortization of deferred financing costs and other noncash interest expense Amortization of equity-based compensation Provisions for impairment Net gain on dispositions of real estate Loss (gain) on defeasance/extinguishment of debt Noncash revenue and other Payments (made) received in settlement of cash flow hedges Changes in operating assets and liabilities: Other assets Accrued expenses, deferred revenue and other liabilities Net cash provided by operating activities Investing activities Acquisition of and additions to real estate Investment in loans and financing receivables Collections of principal on loans and financing receivables Proceeds from dispositions of real estate Net cash used in investing activities Financing activities Borrowings under credit facility Repayments under credit facility Borrowings under unsecured notes and term loans payable Borrowings under non-recourse debt obligations of consolidated special purpose entities Repayments under non-recourse debt obligations of consolidated special purpose entities Financing and defeasance costs paid Proceeds from the issuance of common stock Stock issuance costs paid Shares repurchased under stock compensation plans Dividends paid Net cash provided by financing activities Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents Restricted cash included in other assets Total cash, cash equivalents and restricted cash Supplemental disclosure of noncash investing and financing activities: Accrued tenant improvements included in real estate investments Net real estate assets surrendered to lender Seller financing provided to purchasers of real estate sold Acquisition of collateral property securing a mortgage note receivable Non-recourse debt obligation assumed by purchaser of real estate Non-recourse debt forgiven by lender in exchange for collateral assets Accrued financing and stock issuance costs Supplemental disclosure of cash flow information: Cash paid during the period for interest, net of amounts capitalized Cash paid during the period for income and franchise taxes Year Ended December 31, 2018 2017 2019 $ 284,975 $ 216,970 $ 162,038 221,975 9,689 11,703 18,751 (84,142) 735 (1,865) (6,735) (5,608) 8,856 458,334 181,826 9,549 8,608 7,810 (45,528) (814) 2,291 4,288 (4,926) 11,604 391,678 150,279 9,978 7,931 13,440 (39,609) — 3,733 — (4,126) 5,761 309,425 (1,451,269) (253,552) 16,377 438,631 (1,249,813) (1,514,718) (88,088) 5,205 230,563 (1,367,038) (1,335,305) (35,229) 29,770 239,893 (1,100,871) 822,100 (957,100) 347,410 549,596 (228,252) (12,206) 659,943 (9,459) (5,032) (307,157) 859,843 68,364 43,017 111,381 $ 988,000 (1,143,000) 348,303 591,843 (283,770) (15,521) 753,918 (12,167) (2,835) (255,572) 969,199 (6,161) 49,178 43,017 $ 642,000 (400,000) 100,000 134,961 (237,998) (2,764) 754,357 (11,834) (1,346) (209,918) 767,458 (23,988) 73,166 49,178 99,753 $ 11,628 111,381 $ 27,511 $ 15,506 43,017 $ 42,937 6,241 49,178 17,464 $ — 9,000 13,574 — — 80 34,769 $ 12,573 — — 20,845 12,874 211 25,884 — — 2,000 — — 101 $ $ $ $ $ 142,933 $ 2,362 115,425 $ 1,930 109,898 1,666 See accompanying notes. 61 STORE Capital Corporation Notes to Consolidated Financial Statements December 31, 2019 1. Organization STORE Capital Corporation (STORE Capital or the Company) was incorporated under the laws of Maryland on May 17, 2011 to acquire single-tenant operational real estate to be leased on a long-term, net basis to companies that operate across a wide variety of industries within the service, retail and manufacturing sectors of the United States economy. From time to time, it also provides mortgage financing to its customers. On November 21, 2014, the Company completed the initial public offering (IPO) of its common stock. The shares began trading on the New York Stock Exchange on November 18, 2014 under the ticker symbol “STOR”. STORE Capital has made an election to qualify, and believes it is operating in a manner to continue to qualify, as a real estate investment trust (REIT) for federal income tax purposes beginning with its initial taxable year ended December 31, 2011. As a REIT, it will generally not be subject to federal income taxes to the extent that it distributes all of its taxable income to its stockholders and meets other specific requirements. 2. Summary of Significant Accounting Principles Basis of Accounting and Principles of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These consolidated statements include the accounts of STORE Capital and its subsidiaries which are wholly owned and controlled by the Company through its voting interest. One of the Company’s wholly owned subsidiaries, STORE Capital Advisors, LLC, provides all of the general and administrative services for the day-to-day operations of the consolidated group, including property acquisition and lease origination, real estate portfolio management and marketing, accounting and treasury services. The remaining subsidiaries were formed to acquire and hold real estate investments or to facilitate non-recourse secured borrowing activities. Generally, the initial operations of the real estate subsidiaries are funded by an interest-bearing intercompany loan from STORE Capital, and such intercompany loan is repaid when the subsidiary issues long-term debt secured by its properties. All intercompany account balances and transactions have been eliminated in consolidation. Certain of the Company’s wholly owned consolidated subsidiaries were formed as special purpose entities. Each special purpose entity is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the special purpose entities are not available to pay or otherwise satisfy obligations to the creditors of any owner or affiliate of the special purpose entity. At December 31, 2019 and 2018, these special purpose entities held assets totaling $7.0 billion and $6.1 billion, respectively, and had third-party liabilities totaling $2.4 billion and $2.1 billion, respectively. These assets and liabilities are included in the accompanying consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 280, Segment Reporting, established standards for the manner in which enterprises report information about operating segments. The Company views its operations as one reportable segment. 62 Investment Portfolio STORE Capital invests in real estate assets through three primary transaction types as summarized below. Effective January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842)(ASC Topic 842) which had an impact on certain accounting related to the Company’s investment portfolio. • Real Estate Investments – investments are generally made through sale-leaseback transactions in which the Company acquires the real estate from the owner-operators and then leases the real estate back to them through long-term leases which are generally classified as operating leases; the operators become the Company’s long-term tenants (its customers). Certain of the lease contracts that are associated with a sale-leaseback transaction may contain terms, such as a tenant purchase option, which will result in the transaction being accounted for as a financing arrangement due to the adoption of ASC Topic 842 rather than as an investment in real estate subject to an operating lease. • Mortgage Loans Receivable – investments are made by issuing mortgage loans to the owner-operators of the real estate that serve as the collateral for the loans and the operators become long-term borrowers and customers of the Company. On occasion, the Company may also make other types of loans to its customers, such as equipment loans. • Hybrid Real Estate Investments – investments are made through modified sale-leaseback transactions, where the Company acquires land from the owner-operators, leases the land back through long-term leases and simultaneously issues mortgage loans to the operators secured by the buildings and improvements on the land. Prior to 2019, these hybrid real estate investment transactions were generally accounted for as direct financing leases. Subsequent to the adoption of ASC Topic 842, new or modified hybrid real estate transactions are expected to be accounted for as operating leases of the land and mortgage loans on the buildings and improvements. Accounting for Real Estate Investments Classification and Cost STORE Capital records the acquisition of real estate properties at cost, including acquisition and closing costs. The Company allocates the cost of real estate properties to the tangible and intangible assets and liabilities acquired based on their estimated relative fair values. Intangible assets and liabilities acquired may include the value of existing in-place leases, above-market or below-market lease value of in-place leases and ground lease-related intangibles, as applicable. Management uses multiple sources to estimate fair value, including independent appraisals and information obtained about each property as a result of its pre-acquisition due diligence and its marketing and leasing activities. Certain of the Company’s lease contracts allow its tenants the option, at their election, to purchase the leased property from the Company at a specified time or times (generally at the greater of the then-fair market value or the Company’s cost, as defined in the lease contracts). Subsequent to the adoption of ASC Topic 842, for real estate assets acquired through a sale- leaseback transaction and subject to a lease contract which contains a purchase option, the Company will account for such acquisition as a financing arrangement and record the investment in loans and financing receivables on the consolidated balance sheet; should the purchase option later expire or be removed from the lease contract, the Company would derecognize the asset accounted for as a financing arrangement and recognize the transferred leased asset in real estate investments. In-place lease intangibles are valued based on management’s estimates of lost rent and carrying costs during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense typically over the remaining term of the related leases. The fair value of any above-market or below-market lease is estimated based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining term of the lease. Capitalized above-market lease intangibles are amortized over the remaining term of the respective leases as a decrease to rental revenue. Below-market lease intangibles are amortized as an increase in rental revenue over the remaining term of the respective leases plus the fixed-rate renewal periods on those leases, if any. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized in operations. 63 The Company’s real estate portfolio is depreciated using the straight-line method over the estimated remaining useful life of the properties, which generally ranges from 30 to 40 years for buildings and is generally 15 years for land improvements. Properties classified as held for sale are recorded at the lower of their carrying value or their fair value, less anticipated closing costs. Any properties classified as held for sale are not depreciated. Revenue Recognition STORE Capital leases real estate to its tenants under long-term net leases that are predominantly classified as operating leases. The Company’s leases generally provide for rent escalations throughout the lease terms. For leases that provide for specific contractual escalations, rental revenue is recognized on a straight-line basis so as to produce a constant periodic rent over the term of the lease. Accordingly, straight-line operating lease receivables, calculated as the aggregate difference between the rental revenue recognized on a straight-line basis and scheduled rents, represent unbilled rent receivables that the Company will receive only if the tenants make all rent payments required through the expiration of the leases; these receivables are included in other assets, net on the consolidated balance sheets. Prior to 2019, the Company provided for an estimated reserve for uncollectible straight-line operating lease receivables based on management’s assessment of the risks inherent in those lease contracts, giving consideration to industry default rates for long-term receivables. At December 31, 2018, there was $25.7 million of straight-line operating lease receivables, net of an allowance of $4.3 million. Subsequent to the adoption of ASC Topic 842 in 2019, the Company reviews its straight-line operating lease receivables for collectibility on a contract by contract basis and any amounts not considered substantially collectible are written off against rental revenues. The Company had $28.3 million of straight-line operating lease receivables at December 31, 2019. Leases that have contingent rent escalators indexed to future increases in the Consumer Price Index (CPI) may adjust over a one-year period or over multiple-year periods. Generally, these escalators increase rent at the lesser of (a) 1 to 1.25 times the increase in the CPI over a specified period or (b) a fixed percentage. Because of the volatility and uncertainty with respect to future changes in the CPI, the Company’s inability to determine the extent to which any specific future change in the CPI is probable at each rent adjustment date during the entire term of these leases and the Company’s view that the multiplier does not represent a significant leverage factor, increases in rental revenue from leases with this type of escalator are recognized only after the changes in the rental rates have actually occurred. In addition to base rental revenue, certain leases also have contingent rentals that are based on a percentage of the tenant’s gross sales; the Company recognizes contingent rental revenue when the threshold upon which the contingent lease payment is based is actually reached. Approximately 2.7% of the Company’s investment portfolio is subject to leases that provide for contingent rent based on a percentage of the tenant’s gross sales; historically, contingent rent recognized has generally been less than 0.1% of rental revenues. The Company reviews its operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as 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 where the property is located. In the event that the collectibility of a receivable with respect to any tenant is not probable, a direct write-off of the receivable is made and any future rental revenue is recognized only when the tenant makes a rental payment. Direct costs incremental to successful lease origination, offset by any lease origination fees received, are deferred and amortized over the related lease term as an adjustment to rental revenue. The Company periodically commits to fund the construction of new properties for its customers; rental revenue collected during the construction period is deferred and amortized over the remaining lease term when the construction project is complete. Substantially all of the Company’s leases are triple net, which means that the lessees are directly responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance. For a few lease contracts, the Company collects property taxes from its customers and remits those taxes to governmental authorities. Subsequent to the adoption of ASC Topic 842, these property tax payments are presented on a gross basis as part of both rental revenues and property costs in the consolidated statements of income. Impairment STORE Capital reviews its real estate investments and related lease intangibles periodically for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations. Events or changes in circumstances may also include an expectation to sell certain assets in accordance with the Company’s long-term strategic plans. Management considers factors such as expected future undiscounted cash flows, estimated residual value, market trends (such as the effects of leasing demand and competition) and other factors including bona fide purchase offers received from third parties in making this assessment. These factors are classified as Level 3 inputs within the fair value hierarchy, discussed in Fair Value Measurement below. An asset is considered impaired if the carrying value of the asset exceeds its estimated undiscounted cash flows and the impairment is 64 calculated as the amount by which the carrying value of the asset exceeds its estimated fair value. Estimating future cash flows is highly subjective and such estimates could differ materially from actual results. During the year ended December 31, 2019, the Company recognized an aggregate provision for impairment of real estate of $18.8 million; the estimated fair value of the impaired real estate assets at the time of impairment aggregated $32.2 million. The Company recognized aggregate provisions for the impairment of real estate of $5.2 million and $11.9 million during the years ended December 31, 2018 and 2017, respectively. Accounting for Loans Receivable Classification and Cost STORE Capital holds its loans receivable, which are primarily mortgage loans secured by real estate, for long-term investment. Loans receivable are carried at amortized cost, including related unamortized discounts or premiums, if any. Revenue Recognition 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 income over the term of the related loan receivable using the effective interest method. A loan receivable is placed on nonaccrual status when the loan has become more than 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on nonaccrual status, interest income is recognized only when received. As of December 31, 2019 and 2018, the Company had loans receivable with an aggregate outstanding principal balance of $15.6 million and $8.5 million, respectively, on nonaccrual status. Impairment and Provision for Loan Losses The Company periodically evaluates the collectibility of its loans receivable, including accrued interest, by analyzing the underlying property-level economics and trends, collateral value and quality and other relevant factors in determining the adequacy of its allowance for loan losses. A loan is determined to be impaired when, in management’s judgment based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Specific allowances for loan losses are provided for impaired loans on an individual loan basis in the amount by which the carrying value exceeds the estimated fair value of the underlying collateral less disposition costs. At both December 31, 2019 and 2018, there was $2.5 million of allowances for loan losses. Accounting for Direct Financing Receivables Direct financing receivables include hybrid real estate investment transactions completed prior to 2019. The Company recorded the direct financing receivables at their net investment, determined as the aggregate minimum lease payments and the estimated residual value of the leased property less unearned income. The unearned income is recognized over the life of the related contracts so as to produce a constant rate of return on the net investment in the asset. Subsequent to the adoption of ASC Topic 842, existing direct financing receivables will continue to be accounted for in the same manner, unless the underlying contracts are modified. Accounting for Operating Ground Lease Assets As part of certain real estate investment transactions, the Company may enter into long-term operating ground leases as a lessee. As a result of the adoption of ASC Topic 842, the Company is required to recognize an operating ground lease (or right-of-use) asset and related operating lease liability for each of these operating ground leases. Operating ground lease assets and operating lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. Many of these operating lease contracts include options for the Company to extend the lease; the option periods are included in the minimum lease term only if it is reasonably likely the Company will exercise the option(s). Rental expense for the operating ground lease contracts is recognized in property costs on a straight-line basis over the lease term. Some of the contracts have contingent rent 65 escalators indexed to future increases in the CPI and a few contracts have contingent rentals that are based on a percentage of the gross sales of the property; these payments are recognized in expense as incurred. The payment obligations under these contracts are typically the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with the respective tenants. As a result, the Company also recognizes sublease rental revenue on a straight-line basis over the term of the Company’s sublease with the tenant; the sublease income is included in rental revenues. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money-market funds of a major financial institution, consisting predominantly of U.S. Government obligations. Restricted Cash Restricted cash may include reserve account deposits held by lenders, including deposits required to be used for future investment in real estate assets, escrow deposits and 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. The Company had $11.6 million and $15.5 million of restricted cash at December 31, 2019 and 2018 respectively, which were included in other assets, net, on the consolidated balance sheets. Deferred Costs Financing costs related to the issuance of the Company’s long-term debt are deferred and amortized as an increase to interest expense over the term of the related debt instrument using the effective-interest method and are reported as a reduction of the related debt balance on the consolidated balance sheets. Deferred financing costs related to the establishment of the Company's credit facility are deferred and amortized to interest expense over the term of the credit facility and are included in other assets, net, on the consolidated balance sheets. Derivative Instruments and Hedging Activities The Company may enter into derivative contracts as part of its overall financing strategy to manage the Company’s exposure to changes in interest rates associated with current and/or future debt issuances. The Company does not use derivatives for trading or speculative purposes. 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 enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions with which the Company may also have other financial relationships. The Company does not anticipate that any of the counterparties will fail to meet their obligations. The Company records its derivatives on the balance sheet at fair value. All derivatives subject to a master netting arrangement in accordance with the associated master International Swap and Derivatives Association agreement have been presented on a net basis by counterparty portfolio for purposes of balance sheet presentation and related disclosures. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives 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 earnings effect of the hedged forecasted transactions in a cash flow hedge. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedges are reclassified to operations as an adjustment to interest expense as interest payments are made on the hedged debt transaction. As of December 31, 2019, the Company had one interest rate floor and two interest rate swap agreements in place. The two interest rate swaps and related interest rate floor transaction have an aggregate notional amount of $100 million and were designated as a cash flow hedge of the Company’s $100 million variable-rate bank term loan due in 2021 (Note 4). In December 2018, the Company entered into two treasury lock agreements which were designated as cash flow hedges associated with the expected public offering of the senior unsecured notes issued by the Company at the end of February 2019 (Note 4). The agreements were settled in accordance with their terms in February 2019 and the Company made an aggregate payment of $6.7 million to the counterparties which was recognized as a deferred loss in accumulated other comprehensive loss. 66 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 market prices in active markets for identical assets and liabilities that the Company has the ability to access. • Level 2—Significant inputs that are observable, either directly or indirectly. These types of inputs would include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets in inactive markets and market-corroborated inputs. • Level 3—Inputs that are unobservable and significant to the overall fair value measurement of the assets or liabilities. These types of inputs include the Company’s own assumptions. Share-based Compensation Directors and key employees of the Company have been granted long-term incentive awards, including restricted stock awards (RSAs) and restricted stock unit awards (RSUs), which provide such directors and employees with equity interests as an incentive to remain in the Company’s service and to align their interests with those of the Company’s stockholders. The Company estimates the fair value of RSAs based on the closing price per share of the common stock on the date of grant and recognizes that amount in general and administrative expense ratably over the vesting period at the greater of the amount amortized on a straight-line basis or the amount vested. The Company’s RSUs granted in 2015 through 2017 contain both a market condition and a service condition and RSUs granted in 2018 and 2019 contain both a market condition and a performance condition as well as a service condition. The Company values the RSUs with a market condition using a Monte Carlo simulation model and values the RSUs with a performance condition based on the fair value of the awards expected to be earned and recognizes those amounts in general and administrative expense on a tranche by tranche basis ratably over the vesting periods. Income Taxes As a REIT, the Company generally will not be subject to federal income tax. It is still subject, however, to state and local income taxes and to federal income and excise tax on its undistributed income. STORE Investment Corporation is the Company’s wholly owned taxable REIT subsidiary (TRS) created to engage in non-qualifying REIT activities. The TRS is subject to federal, state and local income taxes. Net Income Per Common Share Net income per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares, which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per common share. The 67 following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per common share (dollars in thousands): Numerator: Net income Less: earnings attributable to unvested restricted shares Net income used in basic and diluted income per share Denominator: Weighted average common shares outstanding Less: Weighted average number of shares of unvested restricted stock Weighted average shares outstanding used in basic income per share Effects of dilutive securities: Add: Treasury stock method impact of potentially dilutive 2019 Year Ended December 31, 2018 2017 $ $ 284,975 $ (403) 284,572 $ 216,970 $ (398) 216,572 $ 162,038 (445) 161,593 230,030,535 204,666,034 178,958,667 (296,038) 229,734,497 (343,736) 204,322,298 (372,401) 178,586,266 securities (a) 555,044 610,994 70,410 Weighted average shares outstanding used in diluted income per share 230,289,541 204,933,292 178,656,676 (a) For the years ended December 31, 2019, 2018 and 2017, excludes 122,224 shares, 113,895 shares and 118,443 shares, respectively, related to unvested restricted shares as the effect would have been antidilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or the SEC. The Company adopts the new pronouncements as of the specified effective date. When permitted, the Company may elect to early adopt the new pronouncements. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and, therefore, will have minimal, if any, impact on the Company’s financial position, results of operations or cash flows upon adoption. In February 2016, the FASB issued ASC Topic 842 to amend the accounting for leases. The new standard requires lessees and lessors to classify leases as either finance or operating leases and for lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. The standard also eliminates current real estate-specific provisions and changes the guidance on sale-leaseback transactions, initial direct costs, lease modifications, recognition of a lease-related receivables allowance and lease executory costs for all entities. The Company adopted ASC Topic 842 on January 1, 2019, using the modified retrospective approach in accordance with the provisions of ASU 2018-11, Leases (Topic 842), Targeted Improvements. As such, the Company’s financial statements only reflect the impact of ASC Topic 842 for the current reporting period. There was no impact to beginning retained earnings at the time of adoption and, therefore, no cumulative-effect adjustment was recorded. Upon adoption the Company elected to use certain practical expedients including: • • a package of practical expedients allowing the Company to not reassess the classification of existing lease contracts, whether existing or expired contracts contain a lease or whether a portion of initial direct costs for existing leases should have been expensed. a practical expedient allowing the Company to not evaluate land easements that existed prior to or at the time of adoption, as leases in accordance with Topic 842. The new standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in obtaining a lease. Although there have been changes in the manner in which initial direct costs are recorded, the amount recorded has remained materially consistent. While primarily a lessor, the Company is also a lessee under several operating ground lease contracts and under its corporate office lease. Upon adoption of ASC Topic 842, the Company recorded a right-of-use asset and a lease liability of approximately $24.9 million and $25.5 million, respectively, in relation to these leases. For most of the operating ground leases, the 68 sublessees, or the Company’s tenants, are responsible for making payment directly to the ground lessors. Prior to the new standard, these amounts were presented on a net basis; however, such amounts are now presented on a gross basis in the consolidated statements of income as both rental revenue and property costs. ASC Topic 842 also requires the Company to assess the probability of collecting substantially all of its rental revenue and make direct adjustments to rental revenue for operating lease receivables that are not believed to be collectible. As such, the Company will no longer recognize an allowance for doubtful accounts. The new standard had no impact on the Company’s cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes how entities measure credit losses for most financial assets. This guidance requires an entity, at each reporting date, to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected. Under this new standard, the Company will record allowances that were not previously required under legacy GAAP. The guidance does not prescribe how such allowances should be calculated; in-scope assets should be evaluated collectively, based on similar risk characteristics. The Company’s approach utilizes the borrower’s credit rating before considering the term to maturity and collateral value, if any, to determine the expected credit loss. The standard was effective for the Company on January 1, 2020 and was adopted retrospectively as of the beginning of the period of adoption. As a result, the Company’s investments in loans, certain leases that are accounted for as loans and financing receivables are directly impacted, requiring a cumulative-effect adjustment to retained earnings. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, which clarified that receivables arising from operating leases are within the scope of the leasing standard (ASC Topic 842) discussed above. The adoption will not materially impact the Company’s consolidated financial statements with an adjustment to beginning retained earnings of less than 0.25% of total assets. Additionally, the adoption had no material impact on the Company’s internal control framework. 69 3. Investments At December 31, 2019, STORE Capital had investments in 2,504 property locations representing 2,452 owned properties (of which 43 are accounted for as financing arrangements and 57 are accounted for as direct financing receivables), 21 properties where all the related land is subject to an operating ground lease and 31 properties which secure mortgage loans. The gross investment portfolio totaled $8.85 billion at December 31, 2019 and consisted of the gross acquisition cost of the real estate investments totaling $8.25 billion, loans and financing receivables with an aggregate carrying amount of $582.3 million and operating ground lease assets totaling $24.3 million. As of December 31, 2019, approximately 40% of these investments are assets of consolidated special purpose entity subsidiaries and are pledged as collateral under the non-recourse obligations of these special purpose entities (Note 4). The gross dollar amount of the Company’s investments includes the investment in land, buildings, improvements and lease intangibles related to real estate investments as well as the carrying amount of the loans and financing receivables and operating ground lease assets. During 2017, 2018 and 2019, the Company had the following gross real estate and other investment activity (dollars in thousands): Gross investments, December 31, 2016 Acquisition of and additions to real estate (a)(b)(c) Investment in loans and direct financing receivables Sales of real estate Principal collections on loans and direct financing receivables (c) Provisions for impairment Other Gross investments, December 31, 2017 Acquisition of and additions to real estate (a)(d) Investment in loans and direct financing receivables Sales of real estate Principal collections on loans and direct financing receivables Provisions for impairment Other (e) Gross investments, December 31, 2018 Acquisition of and additions to real estate (a)(f)(g) Investment in loans and direct financing receivables (h) Sales of real estate Principal collections on loans and direct financing receivables (i) Operating ground lease assets, net (j) Provisions for impairment Other Gross investments, December 31, 2019 Less accumulated depreciation and amortization Net investments, December 31, 2019 Number of Investment Locations Dollar Amount of Investments 1,660 $ 313 5 (55) (2) 1,921 389 29 (80) (2) (2) 2,255 305 48 (95) (9) 2,504 $ 5,124,516 1,339,682 35,229 (219,640) (31,770) (13,440) (667) 6,233,910 1,538,015 88,088 (227,135) (5,205) (7,810) (14,793) 7,605,070 1,440,399 262,552 (415,736) (29,952) 24,254 (18,751) (12,915) 8,854,921 (740,124) 8,114,797 (a) Includes $1.2 million during 2017, $2.6 million during 2018 and $1.6 million during 2019 of interest capitalized to properties under construction. (b) Excludes $23.5 million of tenant improvement advances disbursed in 2017 which were accrued as of December 31, 2016. (c) One loan receivable was repaid in full through a $2.0 million non-cash transaction in which the Company acquired the underlying mortgaged property and leased it back to the borrower. (d) Excludes $14.4 million of tenant improvement advances disbursed in 2018 which were accrued as of December 31, 2017. (e) Includes $14.3 million representing the gross carrying amount of two real estate properties surrendered to the lender in exchange for the release of the related indebtedness (Note 4). (f) Excludes $36.5 million of tenant improvement advances disbursed in 2019 which were accrued as of December 31, 2018. (g) During the year ended December 31, 2019, the Company completed a $21.2 million substitution transaction in which ten properties the Company owned and leased to a single tenant were substituted for ten other properties the tenant previously owned and are now leased to that same tenant; the Company recognized a $3.9 million non-cash gain on this transaction which is included in net gain on dispositions of real estate in the consolidated statement of income. (h) Includes $9.0 million related to a mortgage loan made to the purchaser of a real estate property sold. 70 (i) (j) Includes $13.6 million of non-cash principal collections primarily related to loans receivable transactions in which the Company acquired three underlying mortgaged properties and leased them back to the borrowers. Includes $20.0 million of operating ground lease (or right-of-use) assets recognized upon initial adoption of ASC Topic 842 and $4.3 million of activity (new operating ground lease assets recognized net of asset amortization) during the year ended December 31, 2019. The following table summarizes the revenues the Company recognized from its investment portfolio (in thousands): Rental revenues: Operating leases (a) Sublease income - operating ground leases (b) Amortization of lease related intangibles and costs Total rental revenues Interest income on loans and financing receivables: Mortgage and other loans receivable Sale-leaseback transactions accounted for as financing arrangements Direct financing receivables Total interest income on loans and financing receivables Year Ended December 31, 2018 2017 2019 $ $ 625,477 $ 2,227 (2,289) 625,415 $ 515,299 $ — (1,997) 513,302 $ 434,764 — (6,821) 427,943 $ $ 13,866 $ 5,785 14,175 33,826 $ 12,339 $ — 13,402 25,741 $ 12,432 — 10,133 22,565 (a) For the year ended December 31, 2019, includes $2.6 million of property tax tenant reimbursement revenue and includes variable lease revenue of $123,000, $450,000 and $183,000 for the years ended December 31, 2019, 2018 and 2017, respectively. (b) Represents total revenue recognized for the sublease of properties subject to operating ground leases to the related tenants; includes both payments made by the tenants to the ground lessors and straight-line revenue recognized for scheduled increases in the sublease rental payments. In connection with the adoption of ASC Topic 842 in 2019, the Company elected to combine qualifying lease and nonlease components and will not allocate the consideration in its lease contracts to the lease and nonlease components; it will instead account for them as a single component if the timing and pattern of transfer for the separate components are the same and, if accounted for separately, the lease component would classify as an operating lease. Significant Credit and Revenue Concentration STORE Capital’s real estate investments are leased or financed to approximately 480 customers geographically dispersed throughout 49 states. Only one state, Texas (11%), accounted for 10% or more of the total dollar amount of STORE Capital’s investment portfolio at December 31, 2019. None of the Company’s customers represented more than 10% of the Company’s real estate investment portfolio at December 31, 2019, with the largest customer representing 2.8% of the total investment portfolio. On an annualized basis, the largest customer also represented 2.8% of the Company’s total annualized investment portfolio revenues as of December 31, 2019. The Company’s customers operate their businesses across more than 700 concepts and the largest of these concepts represented 2.8% of the Company’s total annualized investment portfolio revenues as of December 31, 2019. 71 The following table shows information regarding the diversification of the Company’s total investment portfolio among the different industries in which its tenants and borrowers operate as of December 31, 2019 (dollars in thousands): Restaurants Health clubs Early childhood education centers Furniture stores Automotive repair and maintenance Farm and ranch supply stores Metal fabrication All other service industries All other retail industries All other manufacturing industries Total Real Estate Investments Number of Investment Locations Dollar Amount of Investments Percentage of Total Dollar Amount of Investments 788 $ 90 213 62 173 43 74 785 130 146 2,504 $ 1,290,225 497,035 489,097 481,621 433,391 410,933 371,182 2,984,508 880,356 1,016,573 8,854,921 14 % 6 5 5 5 5 4 34 10 12 100 % The weighted average remaining noncancelable lease term of the Company’s operating leases with its tenants at December 31, 2019 was approximately 14 years. Substantially all of the leases are triple-net, which means that the lessees are responsible for the payment of all property operating expenses, including property taxes, maintenance and insurance; 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. At December 31, 2019, 12 of the Company’s properties were vacant and not subject to a lease. Scheduled future minimum rentals to be received under the remaining noncancelable term of the operating leases in place as of December 31, 2019, are as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Total future minimum rentals (a) $ $ 668,805 668,159 668,839 667,094 664,047 6,180,491 9,517,435 (a) Excludes future minimum rentals to be received under lease contracts associated with sale-leaseback transactions accounted for as financing arrangements. See Loans and Financing Receivables section below. Substantially all the Company’s leases include one or more renewal options (generally two to four five-year options). Since lease renewal periods are exercisable at the option of the lessee, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum lease payments presented above do not include any contingent rentals such as lease escalations based on future changes in CPI. 72 Intangible Lease Assets The following details intangible lease assets and related accumulated amortization at December 31 (in thousands): In-place lease assets Ground lease-related intangibles Above-market lease assets Total intangible lease assets Accumulated amortization Net intangible lease assets $ $ 2019 44,425 19,449 9,492 73,366 (28,948) 44,418 $ $ 2018 54,293 21,363 9,492 85,148 (29,223) 55,925 Aggregate lease intangible amortization included in expense was $5.4 million, $5.8 million and $6.3 million during the years ended December 31, 2019, 2018 and 2017, respectively. The amount amortized as a decrease to rental revenue for capitalized above-market lease intangibles was $1.1 million for each of the three years ended December 31, 2019. Based on the balance of the intangible assets as of December 31, 2019, the aggregate amortization expense is expected to be $4.1 million in 2020, $3.9 million in 2021, $3.8 million in 2022, $3.3 million in 2023 and $2.8 million in 2024; the amount expected to be amortized as a decrease to rental revenue is $1.1 million in 2020, $0.6 million in 2021 and $0.4 million in each of the years 2022 through 2024. The weighted average remaining amortization period is approximately eight years for the in-place lease intangibles, approximately 44 years for the amortizing ground lease interests and approximately six years for the above-market lease intangibles. Operating Ground Lease Assets As of December 31, 2019, STORE Capital had operating ground lease assets aggregating $24.3 million. Typically, the lease payment obligations for these leases are the responsibility of the tenants operating on the properties, in accordance with the Company’s leases with those respective tenants. The Company recognized total lease cost for these operating ground lease assets of $2.3 million, $29,000 and $29,000 during the years ended December 31, 2019, 2018 and 2017, respectively. For the year ended December 31, 2019, the Company also recognized in rental revenues $2.2 million of sublease revenue associated with its operating ground leases. The Company’s ground leases have remaining terms ranging from one year to 92 years, some of which have one or more options to extend the lease for terms ranging from three years to ten years. The weighted average remaining non-cancelable lease term for the ground leases was 23 years at December 31, 2019. The weighted average discount rate used in calculating the operating lease liabilities was 6.0%. The future minimum lease payments to be paid under the operating ground leases as of December 31, 2019 were as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Total lease payments Less imputed interest Total operating lease liabilities - ground leases Ground Leases Paid by STORE Capital Ground Leases Paid by STORE Capital's Tenants (a) $ $ 31 $ 31 31 31 31 3,075 3,230 (2,617) 613 $ 2,332 $ 2,347 2,302 6,052 1,981 32,597 47,611 (23,914) 23,697 $ Total 2,363 2,378 2,333 6,083 2,012 35,672 50,841 (26,531) 24,310 (a) STORE Capital’s tenants, who are generally sub-tenants under the ground leases, are responsible for paying the rent under these ground leases. In the event the tenant fails to pay the ground lease payments, the Company would be primarily responsible for the payment, assuming the Company does not re-tenant the property or sell the leasehold interest. Of the total $47.6 million commitment, $16.5 million is due for periods 73 beyond the current term of the Company’s leases with the tenants. Amounts exclude contingent rent due under three leases where the ground lease payment, or a portion thereof, is based on the level of the tenant’s sales. Loans and Financing Receivables The Company’s loans and financing receivables are summarized below (dollars in thousands): Type Five mortgage loans receivable Five mortgage loans receivable Eleven mortgage loans receivable (b) Total mortgage loans receivable Equipment and other loans receivable Interest Rate (a) Maturity Date 8.13 % 8.43 % 8.51 % 2020 - 2022 $ 2032 - 2038 2051 - 2059 8.47 % 2020 - 2026 Total principal amount outstanding—loans receivable Unamortized loan origination costs Allowance for loan losses Sale-leaseback transactions accounted for as financing arrangements (c) Direct financing receivables Total loans and financing receivables 7.81 % 2034 - 2043 $ December 31, 2019 33,073 $ 18,760 149,766 201,599 25,066 226,665 1,197 (2,538) 186,614 170,329 582,267 $ 2018 49,934 17,666 88,019 155,619 12,013 167,632 1,249 (2,538) — 184,859 351,202 (a) Represents the weighted average interest rate as of the balance sheet date. (b) Four of these mortgage loans allow for prepayment in whole, but not in part, with penalties ranging from 20% to 70% depending on the timing of the prepayment. (c) In accordance with ASC Topic 842, represents transactions accounted for as financing arrangements rather than as investments in real estate subject to operating leases. Interest rate shown is the weighted average initial rental or capitalization rate on the leases; the leases mature between 2034 and 2043 and the purchase options expire between 2024 and 2039. Loans Receivable At December 31, 2019, the Company held 47 loans receivable with an aggregate carrying amount of $225.3 million. Twenty-one of the loans are mortgage loans secured by land and/or buildings and improvements on the mortgaged property; the interest rates on 11 of the mortgage loans are subject to increases over the term of the loans. Five of the mortgage loans are shorter-term loans (maturing prior to 2023) that generally require monthly interest-only payments for an established period and then monthly principal and interest payments with a balloon payment at maturity. The remaining mortgage loans receivable generally require the borrowers to make monthly principal and interest payments based on a 40-year amortization period with balloon payments, if any, at maturity or earlier upon the occurrence of certain other events. The equipment and other loans generally require the borrower to make monthly interest-only payments with a balloon payment at maturity. 74 The long-term mortgage loans receivable generally allow for prepayments in whole, but not in part, without penalty or with penalties ranging from 1% to 20%, depending on the timing of the prepayment, except as noted in the table above. All other loans receivable allow for prepayments in whole or in part without penalty. Absent prepayments, scheduled maturities are expected to be as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Total principal payments Scheduled Principal Payments $ $ 3,464 $ 1,919 3,210 3,422 3,771 145,484 161,270 $ Balloon Payments Total Payments 25,279 $ 12,722 6,974 1,203 — 19,217 65,395 $ 28,743 14,641 10,184 4,625 3,771 164,701 226,665 Sale-Leaseback Transactions Accounted for as Financing Arrangements As of December 31, 2019, the Company had $186.6 million of investments acquired through sale-leaseback transactions accounted for as financing arrangements rather than as investments in real estate subject to an operating lease; revenue from these arrangements is recognized in interest income rather than as rental revenue. The scheduled future payments (excluding any contingent payments) to be received under these agreements as of December 31, 2019, were as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter Total future scheduled payments Direct Financing Receivables $ $ 14,546 14,613 14,684 14,761 14,896 224,812 298,312 As of December 31, 2019 and 2018, the Company had $170.3 million and $184.9 million, respectively, of investments accounted for as direct financing leases under previous accounting guidance; the components of these investments were as follows (in thousands): Minimum lease payments receivable Estimated residual value of leased assets Unearned income Net investment $ $ 2019 378,659 $ 22,610 (230,940) 170,329 $ 2018 424,305 24,053 (263,499) 184,859 As of December 31, 2019, the future minimum lease payments to be received under the direct financing lease receivables is expected to average approximately $16.8 million for each of the next five years. 4. Debt Credit Facility The Company has an unsecured revolving credit facility with a group of lenders that is used to partially fund real estate acquisitions pending the issuance of long-term, fixed-rate debt. The credit facility has immediate availability of $600 million and an accordion feature of $800 million, which allows the size of the facility to be increased up to $1.4 billion. The amended facility matures in February 2022 and includes two six-month extension options, subject to certain conditions and the payment of a 0.075% extension fee. At December 31, 2019, the Company had no borrowings outstanding on the facility. 75 Borrowings under the facility require monthly payments of interest at a rate selected by the Company of either (1) LIBOR plus a credit spread ranging from 0.825% to 1.55%, or (2) the Base Rate, as defined in the credit agreement, plus a credit spread ranging from 0.00% to 0.55%. The credit spread used is based on the Company’s credit rating as defined in the credit agreement. The Company is required to pay a facility fee on the total commitment amount ranging from 0.125% to 0.30%. Currently, the applicable credit spread for LIBOR-based borrowings is 1.00% and the facility fee is 0.20%. Under the terms of the amended facility, 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, secured borrowing ratios and a minimum level of tangible net worth. Certain of these ratios are based on the Company’s pool of unencumbered assets, which aggregated approximately $5.3 billion at December 31, 2019. The facility is recourse to the Company and, as of December 31, 2019, the Company was in compliance with the covenants under the facility. At December 31, 2019 and 2018, unamortized financing costs related to the Company’s credit facility totaled $2.1 million and $3.1 million, respectively, and are included in other assets, net, on the consolidated balance sheets. Unsecured Notes and Term Loans Payable, net In both March 2018 and February 2019, the Company completed public offerings of $350 million in aggregate principal amount of senior unsecured notes (Public Notes). The Public Notes have coupon rates of 4.50% and 4.625%, respectively, and interest is payable semi-annually in arrears in March and September of each year. The notes were issued at 99.515% and 99.260%, respectively, of their principal amounts. The supplemental indenture governing the Public Notes contains various restrictive covenants, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness. As of December 31, 2019, the Company was in compliance with these covenants. The Public Notes can be redeemed, in whole or in part, at par within three months of their maturity date or at a redemption price equal to the sum of (i) the principal amount of the notes being redeemed plus accrued and unpaid interest and (ii) the make-whole premium, as defined in the supplemental indenture governing these notes. The Company has entered into Note Purchase Agreements (NPAs) with institutional purchasers that provided for the private placement of three series of senior unsecured notes aggregating $375 million (the Notes). Interest on the Notes is payable semi-annually in arrears in May and November of each year. On each interest payment date, the interest rate on each series of Notes may be increased by 1.0% should the Company’s Applicable Credit Rating (as defined in the NPAs) fail to be an investment-grade credit rating; the increased interest rate would remain in effect until the next interest payment date on which the Company obtains an investment grade credit rating. The Company may prepay at any time all, or any part, of any series of Notes, in an amount not less than 5% of the aggregate principal amount of the series then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount (as defined in the NPAs). The Notes are senior unsecured obligations of the Company. The NPAs contain a number of financial covenants that are similar to the Company’s unsecured credit facility as summarized above. Subject to the terms of the NPAs and the Notes, upon certain events of default, including, but not limited to, (i) a payment default under the Notes, and (ii) a default in the payment of certain other indebtedness by the Company or its subsidiaries, all amounts outstanding under the Notes will become due and payable at the option of the purchasers. As of December 31, 2019, the Company was in compliance with its covenants under the NPAs. In April 2016, the Company entered into a $100 million floating-rate, unsecured five-year term loan and, in March 2017, the Company entered into a second $100 million floating-rate, unsecured term loan. This second loan was originally a two-year loan; in March 2019, the Company amended the related credit agreement and extended the original loan for one year to March 2020, while retaining the three one-year extension options. The interest rate on these loans resets monthly at one-month LIBOR plus a credit rating-based credit spread ranging from 0.90% to 1.75%; the credit spread currently applicable to the Company is 1.10% for the 2016 loan and 1.00% for the amended 2017 loan. The Company has entered into interest rate swap agreements that effectively convert the variable interest rate on the 2016 term loan to a fixed rate. The term loans were arranged with lenders who also participate in the Company’s unsecured revolving credit facility. The financial covenants of the term loans match the covenants of the unsecured credit facility. The term loans are senior unsecured obligations of the Company and may be prepaid at any time without penalty. 76 The Company’s senior unsecured notes and term loans payable are summarized below (dollars in thousands): Notes Payable: Series A issued November 2015 Series B issued November 2015 Series C issued April 2016 Public Notes issued March 2018 Public Notes issued February 2019 Total notes payable Term Loans: Term Loan issued March 2017 Term Loan issued April 2016 Total term loans Unamortized discount Unamortized deferred financing costs Total unsecured notes and term loans payable, net Maturity Date Nov. 2022 Nov. 2024 Apr. 2026 Interest Rate 4.95 % 5.24 % 4.73 % Mar. 2028 Mar. 2029 4.50 % 4.625 % Mar. 2020 Apr. 2021 2.69 % (a) 2.44 % (b) December 31, 2019 2018 $ 75,000 $ 100,000 200,000 350,000 350,000 1,075,000 100,000 100,000 200,000 (3,766) (8,681) 1,262,553 $ $ 75,000 100,000 200,000 350,000 — 725,000 100,000 100,000 200,000 (1,563) (6,717) 916,720 (a) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.00% at December 31, 2019. (b) Loan is a variable-rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.10% at December 31, 2019. The Company has entered into interest rate swap agreements that effectively convert the floating rate to the fixed rate noted above as of December 31, 2019. Non-recourse Debt Obligations of Consolidated Special Purpose Entities, net During 2012, the Company implemented the STORE Master Funding debt program pursuant to which certain of its consolidated special purpose entities issue multiple series of non-recourse net-lease mortgage notes from time to time that are collateralized by the assets and related leases (collateral) owned by these entities. One of the principal features of the program is that, as additional series of notes are issued, new collateral is contributed to the collateral pool, thereby increasing the size and diversity of the collateral pool for the benefit of all noteholders, including those who invested in prior series. Another feature of the program is the ability to substitute collateral from time to time subject to meeting certain prescribed conditions and criteria. The notes are generally segregated into Class A amortizing notes and Class B non-amortizing notes. The Company has retained the Class B notes which aggregate $155.0 million at December 31, 2019. The Class A notes require monthly principal and interest payments with a balloon payment due at maturity and these notes may be prepaid at any time, subject to a yield maintenance prepayment premium if prepaid more than 24 or 36 months prior to maturity. As of December 31, 2019, the aggregate collateral pool securing the net-lease mortgage notes was comprised primarily of single-tenant commercial real estate properties with an aggregate investment amount of approximately $3.1 billion. In conjunction with the issuance of the STORE Master Funding Series 2019-1 notes in November 2019, the Company prepaid, without penalty, the Series 2013-3, Class A-1 notes and Series 2014-1, Class A-1 notes; these notes had an aggregate outstanding balance of $186.1 million at the time of prepayment, were issued in 2013 and 2014, scheduled to mature in 2020 and 2021, and bore interest rates of 4.24% and 4.21%, respectively. The Company recognized $1.1 million of accelerated amortization of deferred financing costs associated with this debt. A number of additional consolidated special purpose entity subsidiaries of the Company have financed their real estate properties with traditional first mortgage debt. The notes generally require monthly principal and interest payments with balloon payments due at maturity. In general, these mortgage notes payable can be prepaid in whole or in part upon payment of a yield maintenance premium. The mortgage notes payable are collateralized by real estate properties owned by these consolidated special purpose entity subsidiaries with an aggregate investment amount of approximately $343.2 million at December 31, 2019. The mortgage notes payable, which are obligations of the consolidated special purpose entities described in Note 2, contain various covenants customarily found in mortgage notes, including a limitation on the issuing entity’s ability to incur additional indebtedness on the underlying real estate. Although this mortgage debt generally is non-recourse, there are customary limited exceptions 77 to recourse for matters such as fraud, misrepresentation, gross negligence or willful misconduct, misapplication of payments, bankruptcy and environmental liabilities. Certain of the mortgage notes payable also require the posting of cash reserves with the lender or trustee if specified coverage ratios are not maintained by the Company or one of its tenants. In March 2019, in connection with the pending disposition of a property that served as collateral for a note payable, the Company, through an indirect wholly owned subsidiary, entered into an agreement to defease the remaining outstanding principal balance of $6.7 million note payable. As a result of this agreement, the Company made a $7.4 million defeasance payment including expenses, the collateral was released, and the Company was released from all obligations associated with the note payable. The Company recognized a $0.7 million loss on the extinguishment of this debt, which is included in interest expense on the consolidated statement of income. The Company’s non-recourse debt obligations of consolidated special purpose entity subsidiaries are summarized below (dollars in thousands): Maturity Date Interest Rate December 31, 2019 2018 Non-recourse net-lease mortgage notes: $77,000 Series 2013-3, Class A-1 $120,000 Series 2014-1, Class A-1 $95,000 Series 2015-1, Class A-1 $102,000 Series 2013-1, Class A-2 $97,000 Series 2013-2, Class A-2 $100,000 Series 2013-3, Class A-2 $140,000 Series 2014-1, Class A-2 $150,000 Series 2018-1, Class A-1 $50,000 Series 2018-1, Class A-3 $270,000 Series 2015-1, Class A-2 $200,000 Series 2016-1, Class A-1 (2016) $82,000 Series 2019-1, Class A-1 $46,000 Series 2019-1, Class A-3 $135,000 Series 2016-1, Class A-2 (2017) $228,000 Series 2018-1, Class A-2 $164,000 Series 2018-1, Class A-4 $244,000 Series 2019-1, Class A-2 $136,000 Series 2019-1, Class A-4 Total non-recourse net-lease mortgage notes Non-recourse mortgage notes: $7,750 note issued February 2013 $6,500 note issued December 2012 $16,100 note issued February 2014 $13,000 note issued May 2012 $26,000 note issued August 2012 $6,400 note issued November 2012 $11,895 note issued March 2013 $17,500 note issued August 2013 $10,075 note issued March 2014 $65,000 note issued June 2016 $41,690 note issued March 2019 $6,944 notes issued March 2013 Total non-recourse mortgage notes Apr. 2022 Mar. 2023 Jul. 2023 Nov. 2023 Apr. 2024 Oct. 2024 Oct. 2024 Apr. 2025 Oct. 2026 Nov. 2026 Nov. 2026 Apr. 2027 Oct. 2027 Oct. 2027 Nov. 2034 Nov. 2034 $ 3.75 % 4.65 % 5.33 % 5.21 % 5.00 % 3.96 % 4.40 % 4.17 % 3.96 % 2.82 % 3.32 % 4.32 % 4.29 % 4.74 % 3.65 % 4.49 % — $ — 92,783 89,775 86,445 89,773 136,092 146,384 49,708 263,700 188,347 81,859 45,981 128,443 222,504 163,043 243,582 135,943 2,164,362 Mar. 2021 May 2022 Sept. 2022 Dec. 2022 Apr. 2023 Sept. 2023 Apr. 2024 Jul. 2026 Mar. 2029 Apr. 2038 4.83 % 5.195 % 5.05 % 4.707 % 4.7315 % 5.46 % 5.10 % 4.75 % 4.80 % 4.50 % (a) — — 13,973 10,727 21,608 5,319 10,004 15,150 9,188 61,531 41,690 5,758 194,948 (471) (30,350) 70,589 117,250 93,258 91,841 88,320 91,675 136,792 149,484 49,958 265,050 192,187 — — 130,984 227,215 163,863 — — 1,868,466 6,723 5,560 14,388 11,081 22,315 5,496 10,328 15,583 9,365 62,609 — 5,957 169,405 (455) (28,824) $ 2,328,489 $ 2,008,592 Unamortized discount Unamortized deferred financing costs Total non-recourse debt obligations of consolidated special purpose entities, net (a) Interest rate is effective until March 2023 and will reset to the lender’s then prevailing interest rate. 78 Credit Risk Related Contingent Features The Company has agreements with derivative counterparties, which provide generally that the Company could be declared in default on its derivative obligations if the Company defaults on the underlying indebtedness following acceleration of the indebtedness by the lender. As of December 31, 2019, the Company had no interest rate swaps that were in a liability position. Long-term Debt Maturity Schedule As of December 31, 2019, the scheduled maturities, including balloon payments, on the Company’s aggregate long-term debt obligations are expected to be as follows (in thousands): 2020 2021 2022 2023 2024 Thereafter 5. Income Taxes Scheduled Principal Payments $ $ 35,333 $ 33,329 28,654 24,339 19,634 57,199 198,488 $ Balloon Payments 100,000 113,466 200,829 265,357 426,914 2,329,256 3,435,822 Total 135,333 146,795 229,483 289,696 446,548 2,386,455 3,634,310 $ $ The Company’s total current income tax expense was as follows (in thousands): Federal income tax State income tax Total current income tax expense Year ended December 31, 2017 2018 42 $ 106 $ 2019 $ 665 536 $ 707 $ 642 $ 35 423 458 The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial for 2019, 2018 and 2017. The Company files federal, state and local income tax returns. Certain state income tax returns filed for 2015 and tax returns filed for 2016 through 2018 remain subject to examination. The Company has a net operating loss carryforward (NOL) for income tax purposes of $1.5 million that was generated during the year ended December 31, 2011 and, therefore, has no impact on income tax expense for the three years ended December 31, 2019. This loss is available to reduce future REIT taxable income until it expires in 2031. At this time, the Company does not believe it is likely it will use the NOL to reduce future taxable income; therefore, any deferred tax asset associated with such NOL has been fully reserved. Management of the Company determines whether any tax positions taken or expected to be taken meet the “more-likely-than-not” threshold of being sustained by the applicable federal, state or local tax authority. As of December 31, 2019 and 2018, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2019 and 2018. 79 The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share): Ordinary income dividends Capital gain dividends Return of capital Total 2019 Year ended December 31, 2018 1.1125 $ 0.1632 — 1.2757 (a) $ $ 1.2244 $ 0.0965 0.0034 1.3243 (a) $ $ 2017 0.9883 0.1590 0.0327 1.1800 (a) Reflects $0.0157 of distributions per share paid in January 2019, treated as paid December 31, 2018. 6. Stockholders’ Equity In November 2019, the Company established its fourth “at the market” equity distribution program, or ATM program, pursuant to which, from time to time, it may offer and sell up to $900 million of registered shares of common stock through a group of banks acting as its sales agents (the 2019 ATM Program) and terminated its previous program begun in November 2018 (the 2018-2 ATM Program). The following tables outline the common stock issuances under these programs (in millions except share and per share information): Year Ended December 31, 2019 ATM Program $900 million 2019 ATM Program $750 million 2018-2 ATM Program Total ATM Program $900 million 2019 ATM Program $750 million 2018-2 ATM Program Total Shares Sold Weighted Average Price per Share 5,026,366 $ 13,448,509 $ 18,474,875 $ Gross Proceeds 200.0 $ 459.9 659.9 $ 39.79 $ 34.20 35.72 $ Sales Agents' Commissions Other Offering Expenses (1.9) $ (6.9) (8.8) $ Net Proceeds 197.8 452.7 650.5 (0.3) $ (0.3) (0.6) $ Inception of Program Through December 31, 2019 Shares Sold Weighted Average Price per Share 5,026,366 $ 21,681,251 $ 26,707,617 $ Sales Agents' Commissions Other Offering Expenses Gross Proceeds 200.0 $ 705.1 905.1 $ 39.79 $ 32.52 33.89 $ (1.9) $ (10.6) (12.5) $ Net Proceeds 197.8 693.8 891.6 (0.3) $ (0.7) (1.0) $ The Company declared dividends payable to common stockholders totaling $316.8 million, $267.9 million and $223.8 million during the years ended December 31, 2019, 2018 and 2017, respectively. 7. Long-Term Incentive Plans In November 2014, the Company’s Board of Directors approved the adoption of the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan (the 2015 Plan), which permits the issuance of up to 6,903,076 shares of common stock, which represented 6% of the number of issued and outstanding shares of the Company’s common stock upon the completion of the IPO. As of December 31, 2019, 4,362,348 shares are available for grant under the 2015 Plan. In 2012, the Company’s Board of Directors established the STORE Capital Corporation 2012 Long-Term Incentive Plan (the 2012 Plan) which permits the issuance of up to 1,035,400 shares of common stock. As of December 31, 2019, 252,907 shares remain available for grant under the 2012 Plan. Both the 2015 and 2012 Plans allow for awards to officers, directors and key employees of the Company in the form of restricted shares of the Company’s common stock and other equity-based awards including performance-based grants. 80 The following table summarizes the restricted stock award (RSA) activity: Outstanding non-vested shares, beginning of year Shares granted Shares vested Shares forfeited Outstanding non-vested shares, end of year (1) Grant date fair value 2019 Weighted 2018 Weighted 2017 Weighted Number of Average Share Number of Average Share Number of Average Share Shares 331,001 $ 131,158 $ (162,315) $ (14,606) $ 285,238 $ Price (1) Shares Price (1) Shares Price (1) 24.10 403,751 $ 135,496 $ 32.35 (192,011) $ 24.24 (16,235) $ 26.84 331,001 $ 27.70 22.24 459,716 $ 166,575 $ 24.14 (213,233) $ 20.27 (9,307) $ 23.33 403,751 $ 24.10 19.95 23.92 18.55 23.80 22.24 The Company grants RSAs to its officers, directors and key employees. Generally, restricted shares granted to the Company’s employees and its chairman vest in 25% increments in February of each year. The other independent directors receive annual grants that vest at the end of each term served. As permitted, the Company does not estimate a forfeiture rate for non-vested shares. Accordingly, unexpected forfeitures will lower share-based compensation expense during the applicable period. Under the terms of the 2015 and 2012 Plans, the Company pays non-refundable dividends to the holders of non-vested shares. Applicable accounting guidance requires that the dividends paid to holders of these non-vested shares be charged as compensation expense to the extent that they relate to non-vested shares that do not or are not expected to vest. The Company estimates the fair value of RSAs at the date of grant and recognizes that amount in expense over the vesting period as the greater of the amount amortized on a straight-line basis or the amount vested. The fair value of the RSAs is based on the closing price per share of the Company’s common stock on the date of the grant. The Company has granted restricted stock unit awards (RSUs) with (a) both a market and a performance condition or (b) a market condition to its executive officers; these awards also contain a service condition. The number of common shares to be earned from each grant range from zero to 100% of the total RSUs granted over a three-year performance period. The following table summarizes the RSU activity: Non-vested and outstanding, beginning of year RSUs granted RSUs vested RSUs forfeited RSUs not earned Non-vested and outstanding, end of year 2019 1,015,861 628,909 (284,775) (156,977) — 1,203,018 Number of RSUs 2018 919,041 540,975 (289,556) (79,745) (74,854) 1,015,861 2017 719,434 373,719 (174,112) — — 919,041 For the 2019 and 2018 grants, one-half of the common shares to be earned is based on the Company’s total shareholder return (TSR) measured against a market index and one-half of the number of shares to be earned is based on the growth in a key Company performance indicator over a three-year period. For the 2017 grants, one-half of the number of common shares to be earned is based on the Company’s TSR measured against the benchmark TSR of a peer group or market index and one-half of the number of shares to be earned is based on the Company’s TSR measured against pre-determined thresholds. The TSR is a measure of stock price appreciation plus dividends paid during the measurement period. To the extent market and service conditions are met, the earned RSUs from each grant awarded in 2017 vest 50% at the end of the three-year performance period and, subject to continued employment, 50% at the end of one additional year. The 2019 and 2018 awards vest 100% at the end of the three-year performance period to the extent market, performance and service conditions are met. The RSUs accrue dividend equivalents which are paid only if the award vests. During the years ended December 31, 2019, 2018 and 2017, the Company accrued dividend equivalents expected to be paid on earned awards of $1.3 million, $1.1 million and $1.1 million, respectively; during the years ended December 31, 2019 and 2018, the Company paid $1.3 million and $585,000 of these accrued dividend equivalents to its executive officers. The Company valued the RSUs with a performance condition based on the closing price per share of the Company’s common stock on the date of the grant multiplied by the number of awards expected to be earned. The Company valued the RSUs with a market condition using a Monte Carlo simulation model on the date of grant which resulted in grant date fair values of $5.6 million, $3.1 million and $3.6 million for the 2019, 2018 and 2017 grants, respectively. The estimated fair value is amortized to expense on a tranche by tranche 81 basis ratably over the vesting periods. The following assumptions were used in the Monte Carlo simulation for computing the grant date fair value of the RSUs with a market condition for each grant year: Volatility Risk-free interest rate Dividend yield 2019 21.14 % 2.38 % 0.00 % 2018 21.00 % 2.38 % 0.00 % 2017 21.00 % 1.54 % 0.00 % The 2015 and 2012 Plans each allow the Company’s employees to elect to satisfy the minimum statutory tax withholding obligation due upon vesting of RSAs and RSUs by allowing the Company to repurchase an amount of shares otherwise deliverable on the vesting date having a fair market value equal to the withholding obligation. During the years ended December 31, 2019, 2018 and 2017, the Company repurchased an aggregate 167,143 shares, 113,948 shares and 56,097 shares, respectively, in connection with this tax withholding obligation. Compensation expense for equity-based payments totaled $11.7 million, $8.6 million and $7.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in general and administrative expenses. At December 31, 2019, STORE Capital had $16.7 million of unrecognized compensation cost related to non-vested equity-based compensation arrangements which will be recognized through February 2023. 8. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. Management believes that the final outcome of such matters will not have a material adverse effect on the Company’s financial position or results of operations. In the normal course of business, the Company enters into various types of commitments to purchase real estate properties. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase the properties. As of December 31, 2019, the Company had commitments to its customers to fund improvements to owned or mortgaged real estate properties totaling approximately $119.3 million, of which $114.3 million is expected to be funded in the next twelve months. These additional investments will generally result in increases to the rental revenue or interest income due under the related contracts. The Company has entered into a lease agreement with an unrelated third party for its corporate office space that will expire in July 2027; the lease allows for one five-year renewal period at the option of the Company. During the years ended December 31, 2019, 2018 and 2017, total rent expense was $724,000, $721,000, and $711,000, respectively, which is included in general and administrative expense on the consolidated statements of income. At December 31, 2019, the Company’s future minimum rental commitment under this noncancelable operating lease, excluding the renewal option period, was approximately $761,000 in 2020, $776,000 in 2021, $790,000 in 2022, $804,000 in 2023, $819,000 in 2024 and $2.2 million thereafter. Upon adoption of ASC Topic 842, the Company recorded a right- of-use asset and lease liability related to this lease; at December 31, 2019, the balance of the right-of-use asset was $4.5 million, which is included in other assets, net on the consolidated balance sheet, and the balance of the related lease liability was $5.0 million, using a discount rate of 5.3%. The Company has employment agreements with each of its executive officers that provide for minimum annual base salaries, and annual cash and equity incentive compensation based on the satisfactory achievement of reasonable performance criteria and objectives to be adopted by the Company’s Board of Directors each year. In the event an executive officer’s employment terminates under certain circumstances, the Company would be liable for cash severance, continuation of healthcare benefits and, in some instances, accelerated vesting of equity awards that he or she has been awarded as part of the Company’s incentive compensation program. The Company has a defined contribution retirement savings plan qualified under Section 401(a) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan is available to employees who have completed at least six consecutive months of service or, if earlier, one year of service with the Company. STORE Capital provides a matching contribution in cash, up to a maximum of 4% of compensation, which vests immediately. The matching contributions made by the Company totaled approximately $478,000 in 2019, $406,000 in 2018, and $345,000 in 2017. 82 9. Fair Value of Financial Instruments The Company’s derivatives are required to be measured at fair value in the Company’s consolidated financial statements on a recurring basis. Derivatives are measured under a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy. The fair value of the Company’s derivative instruments was an asset of $317,000 at December 31, 2019 and an asset of $253,000 and a liability of $4.3 million at December 31, 2018; derivative assets are included in other assets, net, and derivative liabilities are included in accrued expenses, deferred revenue and other liabilities on the consolidated balance sheets. Had the Company elected not to offset derivatives in the consolidated balance sheet as of December 31, 2018, the Company would have had derivative assets of $2.8 million associated with three interest rate swap and related interest rate floor agreements and gross derivative liabilities of $6.9 million associated with two treasury lock agreements. 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 carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks at December 31, 2019 and 2018. 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, accounts payable and tenant deposits. Generally these assets and liabilities are short-term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of the borrowings on its credit facility approximate fair value based on their nature, terms and variable interest rate. Additionally, the Company believes the carrying values of its fixed-rate loans receivable approximate fair values based on market quotes for comparable instruments or discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values of the Company’s aggregate long-term debt obligations have been derived based on market observable 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 2 within the fair value hierarchy. At December 31, 2019, these debt obligations had an aggregate carrying value of $3,591.0 million and an estimated fair value of $3,812.7 million. At December 31, 2018, these debt obligations had an aggregate carrying value of $2,925.3 million and an estimated fair value of $2,988.8 million. 10. Quarterly Financial Information (Unaudited) The following table summarizes the unaudited consolidated quarterly financial information for 2019 and 2018. All adjustments (consisting of only normal recurring accruals) necessary for a fair presentation of the interim periods presented are included. The calculation of basic and diluted per share amounts for each quarter is based on the weighted average shares outstanding for that period; consequently, the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per share (amounts in thousands, except per share amounts): 2019 Total revenues Net income Net income per share of common stock—basic and diluted Dividends declared per common share First Quarter Second Quarter Third Quarter Fourth Quarter Total $ 156,638 $ 45,556 163,787 $ 67,964 171,834 $ 111,618 173,455 $ 59,837 665,714 284,975 0.20 0.33 0.30 0.33 0.48 0.35 0.25 0.35 1.24 1.36 2018 Total revenues Net income Net income per share of common stock—basic and diluted Dividends declared per common share First Quarter Second Quarter Third Quarter Fourth Quarter Total $ 125,842 $ 49,960 131,205 $ 62,201 137,005 $ 48,225 146,704 $ 56,584 540,756 216,970 0.26 0.31 0.31 0.31 0.23 0.33 0.26 0.33 1.06 1.28 83 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. Item 9A. CONTROLS AND PROCEDURES Disclosure Controls and Procedures As of the end of the period covered by this Annual Report on Form 10-K, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation 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 that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that, as of the end of the period covered by this Annual Report on Form 10-K, the Company’s disclosure controls and procedures were effective. Management’s Report on Internal Control over Financial Reporting The management of the Company 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) for the Company. Under the supervision and with the participation of management, the Chief Executive Officer and Chief Financial Officer of the Company conducted an evaluation of the effectiveness of the internal control over financial reporting based on the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations (2013 Framework) (COSO). Based on such evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2019. The Company’s internal control over financial reporting as of December 31, 2019 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein. Changes in Internal Control over Financial Reporting There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a- 15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter to which this report relates that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of the Company. Item 9B. OTHER INFORMATION None. Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE PART III The information regarding Director Nominations under the heading “Governance – Proposal No. 1-Election of Directors,” the information regarding Executive Officers under the heading “Executive Compensation – Executive Officers,” the information regarding our Code of Business Conduct and Ethics under the heading “Governance – Additional Corporate Governance Features,” and the information regarding the Audit Committee under the heading “Governance – Board and Committee Governance” in the Company's 2020 Proxy Statement is incorporated herein by reference. 84 Item 11. EXECUTIVE COMPENSATION The information regarding director compensation under the heading “Governance – 2019 Director Compensation” and the information under the subheadings “Compensation Discussion and Analysis,” “Compensation Committee Report on Executive Compensation,” “Compensation Committee Interlocks and Insider Participation,” “Compensation Tables,” and “Payments on Termination or Change in Control” under the principal heading “Executive Compensation” in the Company's 2020 Proxy Statement is incorporated herein by reference. Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information regarding share ownership under the heading “Ownership of Our Stock – Beneficial Ownership of Our Common Stock by Certain Beneficial Owners and Management” in the Company's 2020 Proxy Statement is incorporated herein by reference. Securities Authorized for Issuance Under Equity Compensation Plans The following information reflects certain information about our equity compensation plans as of December 31, 2019: Plan category Equity compensation plans approved by stockholders Equity compensation plans not approved by stockholders Total Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) Weighted-average exercise price of outstanding options, warrants and rights (b) Number of securities available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) 4,615,255 (1) — — 4,615,255 (1) Represents 4,362,348 shares available for future issuance under the STORE Capital Corporation 2015 Omnibus Equity Incentive Plan and 252,907 shares available for future issuance under the STORE Capital Corporation 2012 Long-Term Incentive Plan. Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE The information regarding director independence and related party transactions under the heading “Governance – Director Independence and Related Party Transactions” in the Company's 2020 Proxy Statement is incorporated herein by reference. Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information regarding Audit Fees, Audit-Related Fees, Tax Fees, All Other Fees and the Audit Committee’s policies and procedures on pre-approval of audit and permissible non-audit services of independent auditors under the heading “Audit Matters” in the Company's 2020 Proxy Statement is incorporated herein by reference. 85 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) The following documents are filed as part of this Annual Report: 1. Financial Statements. (see Item 8) Reports of Independent Registered Public Accounting Firm Consolidated Balance Sheets as of December 31, 2019 and 2018 Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017 Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2019, 2018 and 2017 Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 Notes to Consolidated Financial Statements 2. 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. 3. Exhibits. The exhibits listed below are filed as part of this Annual Report. References under the caption “Location” to exhibits or other filings indicate that the exhibit or other filing has been filed, that the indexed exhibit and the exhibit referred to are the same and that the exhibit referred to is incorporated by reference. Management contracts and compensatory plans or arrangements filed as exhibits to this Annual Report are identified by an asterisk. Exhibit Description Location 3.1 3.2 Articles of Amendment and Restatement of STORE Capital Corporation filed with the State Department of Assessments and Taxation of the State of Maryland on June 5, 2018. Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2018 filed with the SEC on August 3, 2018. Fourth Amended and Restated Bylaws of STORE Capital Corporation, effective May 30, 2019. Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 30, 2019 and filed with the SEC on May 31, 2019. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 18, 2014 and filed with the SEC on November 21, 2014. 4.1 Form of Common Stock Certificate. 4.2 Description of the Company’s Common Stock. Filed herewith. 86 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 Third Amended and Restated Master Indenture dated as of May 6, 2014, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, and STORE Master Funding V, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Exhibit 4.1 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. Series 2013-1 Indenture Supplement dated as of March 27, 2013, by and between STORE Master Funding I, LLC and STORE Master Funding II, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Exhibit 4.3 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. Series 2013-2 Indenture Supplement dated as of July 25, 2013, between STORE Master Funding I, LLC, STORE Master Funding II, LLC, and STORE Master Funding III, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Exhibit 4.4 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. Series 2013-3 Indenture Supplement dated as of December 3, 2013, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, and STORE Master Funding IV, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Series 2014-1 Indenture Supplement dated as of May 6, 2014, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, and STORE Master Funding V, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Fourth Amended and Restated Master Indenture dated as of April 16, 2015, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC and STORE Master Funding VI, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Series 2015-1 Indenture Supplement dated as of April 16, 2015, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC and STORE Master Funding VI, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Fifth Amended and Restated Master Indenture dated as of October 18, 2016, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Exhibit 4.5 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. Exhibit 4.6 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 16, 2015 and filed with the SEC on April 20, 2015. Exhibit 4.2 to the Company’s Current Report on Form 8-K dated April 16, 2015 and filed with the SEC on April 20, 2015. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated October 18, 2016 and filed with the SEC on October 21, 2016. 87 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 Series 2016-1 Indenture Supplement dated as of October 18, 2016, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Indenture, dated as of March 15, 2018, by and between STORE Capital Corporation and Wilmington Trust, National Association. Supplemental Indenture No. 1, dated as of March 15, 2018, by and between STORE Capital Corporation and Wilmington Trust, National Association. Supplemental Indenture No. 2, dated as of February 28, 2019, by and between STORE Capital Corporation and Wilmington Trust, National Association. Sixth Amended and Restated Master Indenture, dated as of October 22, 2018, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee, relating to Net-Lease Mortgage Notes. Series 2018-1 Indenture Supplement, dated as of October 22, 2018, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, and STORE Master Funding VII, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Seventh Amended and Restated Master Indenture, dated as of November 13, 2019, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, and STORE Master Funding XIV, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee, relating to Net-Lease Mortgage Notes. Series 2019-1 Indenture Supplement, dated as of November 13, 2019, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, and STORE Master Funding XIV, LLC, collectively as Issuers, and Citibank, N.A., as Indenture Trustee. Exhibit 4.2 to the Company’s Current Report on Form 8-K dated October 18, 2016 and filed with the SEC on October 21, 2016. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated and filed with the SEC on March 15, 2018. Exhibit 4.2 to the Company’s Current Report on Form 8-K dated and filed with the SEC on March 15, 2018. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated and filed with the SEC on February 28, 2019. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated October 22, 2018 and filed with the SEC on October 23, 2018. Exhibit 4.2 to the Company’s Current Report on Form 8-K dated October 22, 2018 and filed with the SEC on October 23, 2018. Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 13, 2019 and filed with the SEC on November 14, 2019. Exhibit 4.2 to the Company’s Current Report on Form 8-K dated November 13, 2019 and filed with the SEC on November 14, 2019. 10.1 * STORE Capital Corporation 2015 Omnibus Equity Incentive Plan. Exhibit 10.3 to the Company’s Current Report on Form 8-K dated November 20, 2014 and filed with the SEC on November 26, 2014. 88 10.2 * STORE Capital Corporation 2012 Long-Term Incentive Plan. 10.3 * Form of 2012 Long-Term Incentive Award Plan Restricted Stock Award Grant Agreement. Exhibit 10.7 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. Exhibit 10.8 to Amendment No. 1 to the Company’s Registration Statement on Form S- 11 dated and filed with the SEC as of September 23, 2014. 10.4 * Form of Indemnification Agreement by and between STORE Capital Corporation and each of its directors and executive officers. Exhibit 10.10 to the Company’s Current Report on Form 8-K dated November 20, 2014 and filed with the SEC on November 26, 2014. 10.5 10.6 10.7 * Employment Agreement dated as of November 2, 2017, by and among STORE Capital Corporation, STORE Capital Advisors, LLC, and Christopher H. Volk. * Employment Agreement dated as of November 2, 2017, by and among STORE Capital Corporation, STORE Capital Advisors, LLC, and Catherine Long. * Employment Agreement dated as of November 2, 2017, by and among STORE Capital Corporation, STORE Capital Advisors, LLC, and Mary Fedewa. 10.8 * Form of 2015 Omnibus Equity Incentive Plan Restricted Share Award Agreement. 10.9 * Form of 2015 Omnibus Equity Incentive Plan Restricted Share Award Agreement for Directors (2019). 10.10 * Form of 2015 Omnibus Equity Incentive Plan Restricted Share Unit Award Agreement. 10.11 * Form of 2015 Omnibus Equity Incentive Plan Restricted Share Unit Award Agreement (2018). 10.12 * Form of 2015 Omnibus Equity Incentive Plan Restricted Share Unit Award Agreement (2019). Exhibit 10.7 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 23, 2018. Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 23, 2018. Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the SEC on February 23, 2018. Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 27, 2015 and filed with the SEC on March 30, 2015. Exhibit 10.12 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC on February 22, 2019 Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 27, 2015 and filed with the SEC on March 30, 2015. Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2018 filed with the SEC on May 4, 2018. Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 filed with the SEC on May 3, 2019. 10.13 10.14 Note Purchase Agreement dated as of November 19, 2015, by and among STORE Capital Corporation and the Purchasers identified therein. Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 19, 2015 and filed with the SEC on November 23, 2015. Note Purchase Agreement dated as of April 28, 2016, by and among STORE Capital Corporation and the Purchasers identified therein. Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 26, 2016 and filed with the SEC on May 2, 2016. 89 10.15 10.16 10.17 21 23 31.1 31.2 32.1 32.2 101 Amended and Restated Credit Agreement, dated as of February 9, 2018, by and among STORE Capital Corporation, as Borrower, KeyBank National Association, as Lender and Administrative Agent, the other Lenders party thereto, KeyBank Capital Markets Inc. and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, as Syndication Agent, and BMO Harris Bank N.A., Capital One Bank, Regions Bank, SunTrust Bank and U.S. Bank National Association, as Co-Documentation Agents. First Amendment to Amended and Restated Credit Agreement, dated as of March 27, 2019, by and among STORE Capital Corporation, as Borrower, KeyBank National Association, as a 2017 Term Loan Lender and Administrative Agent, and the other 2017 Term Loan Lenders party thereto. Sixth Amended and Restated Property Management and Servicing Agreement, dated as of November 13, 2019, by and among STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, and STORE Master Funding XIV, LLC, collectively as Issuers, STORE Capital Corporation, as Property Manager and Special Servicer, KeyBank National Association, as Back-Up Manager, and Citibank, N.A., as Indenture Trustee. Exhibit 10.1 to the Company’s Current Report on Form 8-K dated February 9, 2018 and filed with the SEC on February 12, 2018. Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2019 filed with the SEC on May 3, 2019. Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 13, 2019 and filed with the SEC on November 14, 2019. List of Subsidiaries. Filed herewith. Consent of Independent Registered Public Accounting Firm. Filed herewith. Rule 13a-14(a) Certification of the Chief Executive Officer. Filed herewith. Rule 13a-14(a) Certification of the Chief Financial Officer. Filed herewith. Section 1350 Certification of the Chief Executive Officer. Filed herewith. Section 1350 Certification of the Chief Financial Officer. The following financial statements from STORE Capital Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, are formatted in Inline Extensible Business Reporting Language: (i) consolidated balance sheets, (ii) consolidated statements of comprehensive income, (iii) consolidated statements of cash flows, and (iv) notes to consolidated financial statements. Filed herewith. Filed herewith. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Filed herewith. *Indicates management contract or compensatory plan. Item 16. Form 10-K Summary None. 90 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. SIGNATURES Date: February 21, 2020 STORE CAPITAL CORPORATION By: /s/ Christopher H. Volk Christopher H. Volk Chief Executive Officer and President (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below on February 21, 2020 by the following persons on behalf of the registrant and in the capacities indicated. Signature Title /s/Christopher H. Volk Christopher H. Volk President, Chief Executive Officer and Director (principal executive officer) /s/Catherine Long Catherine Long Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) Date February 21, 2020 February 21, 2020 /s/Stacy M. LaFrance Stacy M. LaFrance /s/Morton H. Fleischer Morton H. Fleischer /s/Mary Fedewa Mary Fedewa Senior Vice President, Chief Accounting Officer and Assistant Treasurer February 21, 2020 (principal accounting officer) Chairman of the Board of Directors February 21, 2020 Chief Operating Officer and Director February 21, 2020 /s/Joseph M. Donovan Joseph M. Donovan Director /s/William F. Hipp William F. Hipp Director Tawn Kelley Director /s/Catherine D. Rice Catherine D. Rice Director /s/Einar A. Seadler Einar A. Seadler Director /s/Quentin P. Smith, Jr. Quentin P. Smith, Jr. Director 91 February 21, 2020 February 21, 2020 February 21, 2020 February 21, 2020 February 21, 2020 February 21, 2020 STORE Capital Corporation Schedule III - Real Estate and Accumulated Depreciation (Dollars in Thousands) Descriptions (a) Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Furniture Stores Furniture Stores Furniture Stores Furniture Stores Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Wood Product Manufacturing Wood Product Manufacturing Wood Product Manufacturing Family Entertainment Centers Child Day Care Services Child Day Care Services Beer, Wine, and Liquor Stores Beer, Wine, and Liquor Stores Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service St Encumbrances City MN $ Benson MN Glencoe MN Little Falls MN Minneapolis MN Sauk Rapids MN Staples MN Wadena ND Valley City ND Wahpeton SD Mobridge TX Austin Live Oak TX New Braunfels TX TX San Antonio AL Florence AL Vestavia FL Jacksonville GA Bainbridge GA Winder IN Evansville KY Louisville MO Florissant MS Jackson MS Jackson OH Cincinnati OK Owasso OK Tulsa TN Antioch TN Clarksville TN Knoxville WV Princeton OH Delaware OR Hillsboro OR Stayton TX Webster AZ Laveen AZ Maricopa TX McAllen TX Pharr Canton GA Ft. Oglethorpe GA GA Stockbridge IN Camby IN Greenwood KY Georgetown KY Owensboro (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements Building & Improvements $ Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 187 $ 369 456 243 224 213 171 217 314 336 2,212 1,885 1,692 2,361 398 310 310 147 348 226 310 460 253 225 148 275 209 391 239 371 246 308 879 2,254 2,135 1,427 2,212 1,397 699 1,101 957 1,135 636 518 727 585 627 $ 772 803 590 887 729 731 676 589 517 3,600 3,927 6,926 3,952 540 354 325 381 366 380 383 400 460 342 467 301 328 264 425 323 408 478 167 2,526 6,355 3,012 4,080 2,220 1,362 973 986 1,276 1,297 1,196 1,076 1,427 $ 28 10 17 34 - 19 - 170 3 - - - - - - - - - - - - - - - - - - - - - - - - - - 35 - - - - - - - - - - 197 $ 240 208 169 225 206 250 55 222 225 - - - - - - - - - - - - - - - - - 150 124 - - - - - - 210 - - - - - - - - - - 215 $ 379 473 277 224 232 171 387 317 336 2,212 1,885 1,692 2,361 398 310 310 147 348 226 310 460 253 225 148 275 209 391 239 371 246 308 879 2,254 2,135 1,462 2,212 1,397 699 1,101 957 1,135 636 518 727 585 824 $ 1,012 1,011 759 1,112 935 981 731 811 742 3,600 3,927 6,926 3,952 540 354 325 381 366 380 383 400 460 342 467 301 328 414 549 323 408 478 167 2,526 6,355 3,222 4,080 2,220 1,362 973 986 1,276 1,297 1,196 1,076 1,427 1,039 $ 1,391 1,484 1,036 1,336 1,167 1,152 1,118 1,128 1,078 5,812 5,812 8,618 6,313 938 664 635 528 714 606 693 860 713 567 615 576 537 805 788 694 654 786 1,046 4,780 8,490 4,684 6,292 3,617 2,061 2,074 1,943 2,411 1,933 1,714 1,803 2,012 (273) (332) (399) (277) (318) (296) (271) (344) (258) (316) (888) (936) (2,190) (983) (184) (117) (114) (131) (156) (152) (152) (150) (159) (113) (162) (105) (142) (126) (168) (120) (135) (161) (84) (810) (1,625) (795) (1,010) (879) (500) (355) (329) (453) (450) (392) (371) (540) 1987 1986 1983 1996 1996 1987 1980 1984 1987 1993 2006 2005 1995 2006 1994 1972 1982 1989 1986 1988 1973 1981 1993 1983 1987 1986 1977 1978 1993 1987 1977 1969 1965 1985 2007 2008 2008 1955 1989 1998 2003 2000 2008 2005 2002 1996 07/29/2011 07/29/2011 07/29/2011 07/29/2011 07/29/2011 07/29/2011 07/29/2011 07/29/2011 07/29/2011 07/29/2011 09/02/2011 09/02/2011 09/02/2011 09/02/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/08/2011 09/27/2011 09/27/2011 09/27/2011 09/30/2011 10/07/2011 10/07/2011 10/07/2011 10/07/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 F-1 Descriptions (a) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Accumulated Depreciation (d) (e) Year Constructed Date Acquired (f) (f) (f) (f) St Encumbrances OH TN TN VA FL GA OH TN TN TN VA FL FL AZ AZ IA MN TX TX TX OK KY KY OH City Springdale Cookeville Knoxville Harrisonburg Panama City Cumming Mansfield Cleveland Lebanon Morristown Lynchburg Bradenton Sarasota Prescott Valley Snowflake Davenport Eagan Edinburg McAllen Mission Owasso Erlanger Louisville Cincinnati Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Automotive Repair and Maintenance Automotive Repair and Maintenance Restaurants -- Full Service Restaurants -- Full Service Health Clubs Health Clubs Health Clubs Movie Theaters Other Personal Services Other Personal Services Other Personal Services Other Chemical Product and Preparation Manufacturing Elk Grove Village IL IL Other Chemical Product and Preparation Manufacturing Wheeling MO Restaurants -- Limited Service MO Restaurants -- Limited Service OH Child Day Care Services OH Restaurants -- Limited Service OH Restaurants -- Limited Service OH Restaurants -- Limited Service PA Restaurants -- Limited Service PA Restaurants -- Limited Service TN Restaurants -- Limited Service TN Child Day Care Services TN Restaurants -- Limited Service TN Restaurants -- Limited Service Leadington St. Louis Blue Ash Marietta Salem Warren McKees Rocks Pittsburgh Clinton Franklin Greeneville Knoxville (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 1,286 1,528 1,161 468 230 1,375 725 1,169 1,037 803 903 785 848 241 276 1,613 1,481 865 1,423 692 986 604 492 547 854 1,463 494 395 739 435 205 328 556 364 454 1,782 566 405 Building & Improvements 897 1,511 1,221 1,067 1,451 946 1,156 1,346 1,134 1,578 1,078 276 410 259 134 2,210 2,958 4,109 1,540 2,408 3,926 1,809 2,022 1,967 1,460 3,064 499 393 2,463 676 676 612 692 440 653 2,422 490 702 Building & Land & Improvements 1,286 2,219 1,161 468 230 1,375 725 1,169 1,037 803 903 785 848 241 276 1,613 1,495 865 2,006 692 986 604 492 547 854 1,463 494 395 739 435 205 328 556 364 454 1,782 566 405 Improvements Total 897 1,511 1,221 1,067 1,451 946 1,156 1,346 1,134 1,578 1,078 276 410 259 134 2,351 3,095 4,225 2,833 2,457 3,926 1,809 2,022 1,967 1,460 3,064 499 393 2,463 676 676 612 692 440 653 2,422 490 702 2,183 3,730 2,382 1,535 1,681 2,321 1,881 2,515 2,171 2,381 1,981 1,061 1,258 500 410 3,964 4,590 5,090 4,839 3,149 4,912 2,413 2,514 2,514 2,314 4,527 993 788 3,202 1,111 881 940 1,248 804 1,107 4,204 1,056 1,107 (287) (567) (484) (389) (442) (361) (444) (536) (426) (613) (504) (267) (354) (85) (49) (849) (776) (1,298) (587) (647) (1,353) (601) (624) (639) (469) (1,006) (199) (129) (603) (263) (231) (232) (246) (152) (255) (846) (218) (285) 1996 1994 2003 2003 2001 1998 2003 1996 1997 2000 2001 1984 1981 2003 1998 2003 1998 1994 2004 2000 1992 2000 2003 2005 1964 1966 1978 1977 1979 1986 1969 1988 1984 1989 1984 2010 1985 1986 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/17/2011 10/19/2011 10/19/2011 11/01/2011 11/01/2011 11/07/2011 11/07/2011 11/18/2011 11/18/2011 11/18/2011 12/16/2011 12/22/2011 12/22/2011 12/22/2011 12/29/2011 12/29/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 Land & Improvements Building & Improvements - 691 - - - - - - - - - - - - - - 14 - 583 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 141 137 116 1,293 49 - - - - - - - - - - - - - - - - - - F-2 Descriptions (a) Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Family Entertainment Centers Family Entertainment Centers Elementary and Secondary Schools Elementary and Secondary Schools Movie Theaters Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Furniture Stores Other Personal Services Child Day Care Services Furniture Stores Restaurants -- Full Service Movie Theaters Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service (f) (f) (f) (f) (f) (f) (f) (f) St Encumbrances City TN Maryville Newport TN New Martinsville WV WV Parkersburg WV Parkersburg WV Wheeling TX Frisco TX Lubbock CA Milpitas CA Stockton GA Bethlehem NC Cherryville NC Hudson NC Maiden NC Marion Richfield NC West Jefferson NC IL Naperville IL Wheeling TX Arlington TX Cedar Hill TX Grand Prairie TX Haltom City TX Watauga WA Tacoma OH Dayton AZ Tucson AZ Tucson MI Troy OK Ardmore GA Cedartown GA College Park GA Dalton GA Decatur GA Lithonia GA Macon GA McDonough GA Riverdale GA Savannah NC Franklin NC Morganton NC Rockingham SC Aiken 10,727 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Building & Improvements 414 623 475 461 301 714 5,109 6,658 8,840 3,557 5,168 650 996 533 637 720 854 3,154 2,441 574 569 581 415 622 3,319 1,937 4,120 4,170 2,506 3,095 502 227 483 484 706 715 719 873 946 1,087 708 870 974 542 484 269 245 769 357 3,705 2,056 5,749 1,789 1,888 461 215 557 322 361 358 1,869 824 183 285 292 362 174 2,213 574 2,674 1,371 1,503 1,302 319 918 337 378 469 379 304 241 422 573 1,125 1,111 1,009 Initial Cost to Company Land & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 309 - - - - - - - 4,622 24 - - - - - - - - - - - - - - 817 - - - 120 - 119 104 80 92 86 101 113 365 241 - - - - 587 484 269 245 769 357 3,705 2,056 6,967 1,789 1,888 461 215 557 322 361 358 1,869 824 183 285 292 362 174 2,213 574 2,674 1,371 1,503 1,302 323 925 353 382 525 398 306 276 581 573 1,125 1,111 1,009 723 623 475 461 301 714 5,109 6,658 13,462 3,581 5,168 650 996 533 637 720 854 3,154 2,441 574 569 581 415 622 4,136 1,937 4,120 4,170 2,626 3,095 621 331 563 576 792 816 832 1,238 1,187 1,087 708 870 974 1,310 1,107 744 706 1,070 1,071 8,814 8,714 20,429 5,370 7,056 1,111 1,211 1,090 959 1,081 1,212 5,023 3,265 757 854 873 777 796 6,349 2,511 6,794 5,541 4,129 4,397 944 1,256 916 958 1,317 1,214 1,138 1,514 1,768 1,660 1,833 1,981 1,983 (262) (274) (174) (163) (133) (274) (1,381) (1,768) (2,990) (1,205) (1,195) (197) (231) (164) (190) (215) (249) (694) (473) (248) (247) (258) (182) (273) (914) (578) (1,441) (1,127) (491) (815) (168) (82) (161) (232) (328) (325) (229) (441) (347) (362) (222) (276) (321) 1983 1987 1978 1987 1986 1986 2008 2007 1987 1990 2011 2005 1984 1987 1999 2007 1996 2011 2008 1984 1984 1985 1985 1986 1994 2008 2008 2003 2012 2008 1981 1973 1980 1981 1979 1975 2001 1976 1973 2008 2002 2005 2006 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 12/30/2011 01/27/2012 01/27/2012 02/29/2012 02/29/2012 03/15/2012 03/28/2012 03/28/2012 03/28/2012 03/28/2012 03/28/2012 03/28/2012 03/30/2012 03/30/2012 03/30/2012 03/30/2012 03/30/2012 03/30/2012 03/30/2012 04/20/2012 04/30/2012 05/08/2012 05/10/2012 05/15/2012 05/17/2012 05/18/2012 05/18/2012 05/18/2012 05/18/2012 05/18/2012 05/18/2012 05/18/2012 05/18/2012 05/18/2012 05/24/2012 05/24/2012 05/24/2012 05/24/2012 45 - - - - - - - 1,218 - - - - - - - - - - - - - - - - - - - - - 4 7 16 4 56 19 2 35 159 - - - - F-3 Descriptions (a) Tenant Industry Restaurants -- Full Service Child Day Care Services Restaurants -- Full Service Health Clubs Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Child Day Care Services Child Day Care Services Grocery Stores Grocery Stores Grocery Stores Grocery Stores Grocery Stores Grocery Stores Grocery Stores Other Motor Vehicle Dealers Health Clubs Restaurants -- Full Service City Rock Hill Pearland Aiken Fairfield Altamonte Springs Apopka Fort Pierce Jacksonville Jacksonville Jacksonville Jacksonville Jacksonville Kissimmee Lake City Merritt Island Orange Park Orlando Palatka Plant City Sanford Tallahassee Fairview Heights South Elgin Monroe West Monroe Brookhaven Byram Canton Clarksdale Cleveland Clinton McComb Starkville Tupelo Sicklerville Collegeville Woodbridge Alabaster Atmore Brewton Luverne Muscle Shoals Troy Milledgeville Oklahoma City Visalia Alpharetta (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) St Encumbrances SC TX SC CA FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL FL IL IL LA LA MS MS MS MS MS MS MS MS MS NJ PA VA AL AL AL AL AL AL GA OK CA GA (f) (f) Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - 2,526 - 1,758 - - - - - - - - - - - - - - - - - - 55 - - - - - - - - - - - 67 55 65 - - 107 - - - - 1,227 - - 1,121 1,953 547 2,106 438 550 153 550 234 326 275 285 601 224 316 326 285 1,110 621 407 306 326 587 266 511 337 306 133 276 - 337 337 184 317 423 565 1,022 399 292 234 234 521 511 652 5,889 1,382 842 778 8,784 1,587 3,707 - - - - - - - - - - - - - - - - - - 2,563 - - - - - - - - - - - 2,594 2,237 2,269 1,900 1,568 1,732 1,425 2,089 2,209 2,317 4,502 4,928 3,520 1,899 10,737 2,134 5,813 438 550 153 550 234 326 275 285 601 224 316 326 285 1,110 621 407 306 326 3,150 266 511 337 306 133 276 - 337 337 184 317 3,017 2,802 3,291 2,299 1,860 1,966 1,659 2,610 2,720 2,969 10,391 6,310 4,362 (243) (1,787) (402) (950) - - - - - - - - - - - - - - - - - - (557) - - - - - - - - - - - (546) (482) (706) (68) (432) (456) (394) (592) (652) (654) (3,168) (1,446) (951) 2004 2011 2009 1978 1978 1988 1979 1986 1985 1981 1980 1982 1981 1978 1983 1985 1981 1997 1988 1986 1978 1986 2009 1998 2000 1979 1993 1991 1979 1991 1994 1985 1991 1990 2008 2008 2002 1985 1990 1990 1992 1982 1984 1994 1997 1975 2001 05/24/2012 06/20/2012 06/21/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/27/2012 06/29/2012 06/29/2012 06/29/2012 06/29/2012 06/29/2012 06/29/2012 06/29/2012 06/29/2012 07/06/2012 07/17/2012 1,121 1,345 547 1,564 438 550 153 550 234 326 275 285 601 224 316 326 285 1,110 621 407 306 326 574 266 511 337 306 133 276 - 337 337 184 317 403 546 777 399 292 234 234 521 511 652 5,451 1,382 842 778 6,258 1,587 1,949 - - - - - - - - - - - - - - - - - - 2,508 - - - - - - - - - - - 2,527 2,182 2,204 1,900 1,568 1,625 1,425 2,089 2,209 2,317 3,275 4,928 3,520 - 608 - 542 - - - - - - - - - - - - - - - - - - 13 - - - - - - - - - - - 20 19 245 - - - - - - - 438 - - F-4 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Elementary and Secondary Schools Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Other Personal Services Movie Theaters Movie Theaters Movie Theaters Movie Theaters Movie Theaters Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Other Motor Vehicle Dealers Other Motor Vehicle Dealers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Child Day Care Services Furniture Stores Furniture Stores Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service (f) (f) (f) 21,608 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) St Encumbrances City GA Newnan GA Peachtree City GA Suwanee GA Suwanee MN South St. Paul AZ Scottsdale OH Dayton OH Fairborn OH Heath OH Columbus TX Corpus Christi TX Forney TX Fort Worth Irving TX Rio Grande City TX Hancock MD Chambersburg PA PA Greencastle AZ Gilbert AZ Gilbert AZ Phoenix AZ Phoenix NC Garner NC Hope Mills NC Lumberton Morrisville NC Roanoke Rapids NC NC Rocky Mount NC Smithfield NC Wilson WV Charleston OH Columbus CA Fairfield CA Rohnert Park WI Oak Creek IN Auburn IN Fort Wayne IN Fort Wayne IN Fort Wayne IN Goshen IN Portage IN Valparaiso 5,319 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 1,114 1,280 1,325 1,168 357 3,729 369 418 818 853 5,954 2,740 3,105 1,976 1,933 490 539 767 453 393 877 595 2,163 1,462 676 891 464 514 702 631 496 937 2,618 2,115 781 750 946 964 1,239 612 555 507 Building & Improvements 1,847 1,750 1,954 1,624 498 6,288 1,318 872 1,171 1,655 9,373 2,904 7,677 1,172 3,196 347 666 638 1,639 1,699 2,311 2,094 342 1,437 451 235 471 45 384 304 399 1,135 2,633 3,362 1,657 1,420 1,335 1,337 1,614 1,451 1,374 1,502 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 65 57 33 27 240 - - - - - - - - - - - - - - - - - 2,002 - - - - - - - - - - - 55 - - - - - - - 1,118 1,302 1,325 1,168 417 3,729 369 418 818 853 5,954 2,740 3,105 1,976 1,933 490 539 767 453 393 877 595 3,766 1,462 676 891 464 514 702 631 496 937 2,618 2,115 787 750 946 964 1,239 612 555 507 1,912 1,807 1,987 1,651 738 6,288 1,318 872 1,171 1,655 9,373 2,904 7,677 1,172 3,196 347 666 638 1,639 1,699 2,311 2,094 2,344 1,437 451 235 471 45 384 304 399 1,135 2,633 3,362 1,712 1,420 1,335 1,337 1,614 1,451 1,374 1,502 3,030 3,109 3,312 2,819 1,155 10,017 1,687 1,290 1,989 2,508 15,327 5,644 10,782 3,148 5,129 837 1,205 1,405 2,092 2,092 3,188 2,689 6,110 2,899 1,127 1,126 935 559 1,086 935 895 2,072 5,251 5,477 2,499 2,170 2,281 2,301 2,853 2,063 1,929 2,009 (577) (610) (588) (523) (343) (1,722) (389) (253) (307) (533) (3,734) (918) (2,339) (470) (993) (138) (220) (222) (350) (346) (557) (464) (1,078) (576) (144) (90) (149) - (141) (107) (128) (339) (698) (878) (407) (453) (386) (380) (439) (450) (415) (443) 2005 1999 2006 2005 1987 1991 1996 2006 2004 2012 1995 2006 2010 1995 2008 1987 1989 1986 1996 2002 2003 2006 1997 1993 1999 1999 1998 1994 1998 2001 2004 1992 2006 2006 2009 2000 1993 1993 2002 1999 1999 1995 07/17/2012 07/17/2012 07/17/2012 07/17/2012 07/19/2012 07/25/2012 07/26/2012 07/26/2012 07/26/2012 07/27/2012 08/21/2012 08/21/2012 08/21/2012 08/21/2012 08/21/2012 08/29/2012 08/29/2012 08/29/2012 08/30/2012 08/30/2012 08/30/2012 08/30/2012 09/13/2012 09/13/2012 09/25/2012 09/25/2012 09/25/2012 09/25/2012 09/25/2012 09/25/2012 09/25/2012 09/28/2012 10/01/2012 10/01/2012 10/02/2012 10/05/2012 10/05/2012 10/05/2012 10/05/2012 10/05/2012 10/05/2012 10/05/2012 4 22 - - 60 - - - - - - - - - - - - - - - - - 1,603 - - - - - - - - - - - 6 - - - - - - - F-5 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Scientific Research and Development Services Restaurants -- Full Service Child Day Care Services Child Day Care Services Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Health Clubs Health Clubs Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service St Encumbrances City OH Fremont OH Lima OH Lima OH Northwood FL Bradenton IL Chicago IL Chicago Chicago IL Baton Rouge LA Baton Rouge LA Denham LA Donaldsonville LA LA Gonzales LA Gonzales LA Kentwood LA Larose LA Port Vincent LA Prairieville LA Walker MO Columbia IL Orland Park OH Cincinnati OH Powell VA Manassas Dalton GA Chattanooga TN TN East Ridge TX Abilene AZ Mesa AZ Scottsdale IL Dekalb IL Effingham IL Skokie IN Merrillville KS Emporia KY Louisville KY Louisville (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 10,004 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 728 765 755 615 545 504 900 810 700 742 831 327 547 617 243 418 692 724 508 807 1,267 1,074 1,102 938 418 426 481 593 1,112 2,029 615 514 737 981 730 1,127 1,122 Building & Improvements 1,443 1,576 1,536 1,716 2,149 3,959 2,410 5,559 162 212 444 562 599 419 600 756 207 165 776 13,794 4,320 1,610 1,602 2,580 1,133 984 807 2,023 3,684 4,716 747 717 1,189 1,795 1,541 1,577 1,415 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - 18 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 470 - - - - - - - - - - - 620 - - - - - - - - - - - - 174 - - - - 728 765 755 615 545 504 900 828 700 742 831 327 547 617 243 418 692 724 508 807 1,267 1,074 1,102 938 418 426 481 593 1,112 2,029 615 514 737 981 730 1,127 1,122 1,443 1,576 1,536 1,716 2,149 3,959 2,410 6,029 162 212 444 562 599 419 600 756 207 165 776 14,414 4,320 1,610 1,602 2,580 1,133 984 807 2,023 3,684 4,716 747 717 1,363 1,795 1,541 1,577 1,415 2,171 2,341 2,291 2,331 2,694 4,463 3,310 6,857 862 954 1,275 889 1,146 1,036 843 1,174 899 889 1,284 15,221 5,587 2,684 2,704 3,518 1,551 1,410 1,288 2,616 4,796 6,745 1,362 1,231 2,100 2,776 2,271 2,704 2,537 (418) (444) (434) (488) (629) (785) (643) (1,117) (70) (99) (200) (238) (231) (178) (190) (337) (79) (106) (351) (2,396) (827) (465) (462) (677) (308) (271) (231) (584) (766) (1,046) (248) (211) (338) (573) (559) (532) (492) 2000 1996 2005 2004 1982 1886 1923 2008 2005 2005 2001 1981 1981 1996 2006 1986 2006 1995 2001 2008 2005 2001 1998 2005 1984 1984 1982 1961 2003 2003 2000 2003 2000 1979 1998 1973 1974 10/05/2012 10/05/2012 10/05/2012 10/05/2012 10/19/2012 10/29/2012 10/29/2012 10/29/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/09/2012 11/29/2012 11/30/2012 12/10/2012 12/10/2012 12/10/2012 12/11/2012 12/11/2012 12/11/2012 12/11/2012 12/20/2012 12/20/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 F-6 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Other Motor Vehicle Dealers Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service (f) (f) (f) 1,412 986 St Encumbrances City MO Maryville NE Grand Island NE Lincoln OK Ada OK Altus OK Ardmore OK Lawton TN Goodlettsville TN Memphis TN Nashville TN Nashville TX Amarillo TX Lubbock WY Gillette NE Omaha OK Oklahoma City OK Oklahoma City OK Oklahoma City OK Oklahoma City OK Oklahoma City OK Yukon TN Bartlett WA Liberty Lake WV Welch GA Jonesboro GA Lawrenceville IA Altoona IA Ankeny IA Boone IA Des Moines IA Des Moines Des Moines IA West Des Moines IA West Des Moines IA IN Fishers IN Fishers IN Greenwood IN Lafayette (f) 1,144 (f) (f) (f) (f) 1,149 1,067 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 682 749 672 1,252 732 946 923 969 1,244 979 626 927 1,289 1,322 920 507 186 500 398 291 408 1,182 2,458 542 477 675 368 423 308 419 382 250 366 490 750 730 1,418 679 Building & Improvements 1,727 1,922 1,539 1,438 1,147 1,539 1,258 1,616 1,580 1,319 2,270 1,330 808 1,990 1,324 556 390 603 427 384 426 1,297 2,687 997 664 446 468 474 538 901 555 536 652 628 1,622 1,181 1,194 1,953 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - 1,570 - 16 - - - - - - - - - - 8 - 198 - - - - - - - - - - - - - - - - - - - - - - 2,068 - 324 175 - - - - - - - - 440 - 164 388 682 749 672 1,252 732 946 923 969 1,244 979 626 927 1,289 1,322 920 507 186 500 398 291 408 1,182 4,028 542 493 675 368 423 308 419 382 250 366 490 750 738 1,418 877 1,727 1,922 1,539 1,438 1,147 1,539 1,258 1,616 1,580 1,319 2,270 1,330 808 1,990 1,324 556 390 603 427 384 426 1,297 4,755 997 988 621 468 474 538 901 555 536 652 628 2,062 1,181 1,358 2,341 2,409 2,671 2,211 2,690 1,879 2,485 2,181 2,585 2,824 2,298 2,896 2,257 2,097 3,312 2,244 1,063 576 1,103 825 675 834 2,479 8,783 1,539 1,481 1,296 836 897 846 1,320 937 786 1,018 1,118 2,812 1,919 2,776 3,218 (527) (475) (429) (391) (318) (459) (430) (607) (577) (489) (576) (446) (275) (591) (391) (235) (136) (234) (159) (151) (187) (423) (1,332) (210) (232) (168) (127) (153) (135) (226) (172) (163) (167) (165) (535) (274) (569) (581) 2005 1999 1993 2006 2005 1998 1996 1973 2002 1978 1910 1995 1994 2001 2005 1999 1984 1968 1995 1997 2002 1998 2006 1984 2000 2000 1995 1986 1974 2003 2008 1991 2010 1995 2004 2009 2007 2006 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/27/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/28/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2012 01/03/2013 01/03/2013 01/03/2013 01/03/2013 F-7  St Encumbrances Descriptions (a) Tenant Industry Health Clubs Restaurants -- Full Service Electronics and Appliance Stores Electronics and Appliance Stores Electronics and Appliance Stores Electronics and Appliance Stores Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Movie Theaters Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Home Furnishings Stores Home Furnishings Stores Furniture Stores Foundries Foundries Foundries Foundries Restaurants -- Limited Service Foundries Restaurants -- Limited Service Restaurants -- Limited Service Foundries Foundries Restaurants -- Limited Service Foundries Foundries Restaurants -- Limited Service City North Las Vegas NV AZ Peoria NM Las Cruces TX Houston TX McAllen TX Mesquite GA Norcross GA Norcross GA Stockbridge TX Lewisville NC Charlotte NC Charlotte NC Gastonia NC NC NC NC OK OK AZ AR AR AR AR KY MA MI MI MN MO NC NH PA TN Indian Trail Mooresville Morganton Newton Oklahoma City Tulsa Prescott Fayetteville Harrison Harrison Harrison Ashland Chelmsford Ironwood Ishpeming Arden Hills St. Charles Lillington Dover Loyalhanna Jefferson City Initial Cost to Company Land & Improvements 1,609 510 1,350 1,538 1,321 1,795 499 687 704 1,330 997 978 703 830 874 703 594 2,898 3,406 1,937 968 224 920 211 1,224 542 171 384 1,176 988 188 1,125 237 450 Building & Improvements 6,621 1,630 4,043 4,829 2,917 5,838 190 351 1,274 3,294 109 128 244 78 34 28 403 5,889 5,372 3,216 2,227 1,322 2,378 1,438 1,986 571 415 597 1,359 825 377 1,688 1,928 440 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - 61 - - 2 5 6 - - - - - - - - - - 67 - - - - - - - - - 163 - - 650 - - - - 483 - - 31 92 104 - - - - - - - - - - 406 - 53 2,519 64 - - 376 - - 1,069 - - 82 - 1,609 510 1,350 1,599 1,321 1,795 501 692 710 1,330 997 978 703 830 874 703 594 2,898 3,406 2,004 968 224 920 211 1,224 542 171 384 1,176 1,151 188 1,125 887 450 6,621 1,630 4,043 5,312 2,917 5,838 221 443 1,378 3,294 109 128 244 78 34 28 403 5,889 5,372 3,622 2,227 1,375 4,897 1,502 1,986 571 791 597 1,359 1,894 377 1,688 2,010 440 8,230 2,140 5,393 6,911 4,238 7,633 722 1,135 2,088 4,624 1,106 1,106 947 908 908 731 997 8,787 8,778 5,626 3,195 1,599 5,817 1,713 3,210 1,113 962 981 2,535 3,045 565 2,813 2,897 890 (1,237) (407) (803) (1,046) (590) (1,077) (74) (150) (413) (958) (54) (63) (111) (39) (17) (16) (202) (1,687) (1,659) (727) (513) (342) (1,153) (360) (587) (403) (152) (159) (522) (445) (97) (623) (438) (117) 2009 2003 1981 2007 2006 1973 1999 1996 1996 1994 2005 2007 2004 2003 2002 2003 2002 1995 1996 2007 2005 1998 1950 1988 1996 1963 1999 1999 1964 1995 1970 1970 1989 1988 01/17/2013 01/22/2013 01/31/2013 01/31/2013 01/31/2013 01/31/2013 02/05/2013 02/05/2013 02/05/2013 02/08/2013 02/27/2013 02/27/2013 02/27/2013 02/27/2013 02/27/2013 02/27/2013 02/27/2013 03/15/2013 03/15/2013 03/26/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/28/2013 F-8 Descriptions (a) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Colleges, Universities, and Professional Schools Other Personal Services Other Personal Services Other Personal Services Restaurants -- Full Service Restaurants -- Full Service Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Automotive Parts, Accessories, and Tire Stores Restaurants -- Full Service Restaurants -- Full Service Other Motor Vehicle Dealers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Wholesale Automobile Auction Health and Personal Care Stores Health and Personal Care Stores Health and Personal Care Stores Health and Personal Care Stores Health and Personal Care Stores Health and Personal Care Stores Restaurants -- Full Service City Houston Cross Lanes Huntington Parkersburg St Encumbrances TX WV WV WV (f) (f) (f) (f) Initial Cost to Company Land & Improvements 912 1,490 1,042 1,288 Building & Improvements 913 2,067 2,287 2,428 CA San Marcos CO Wheat Ridge CT Avon CT Bethany Snellville GA Stone Mountain GA IL Prairie View IN Carmel MA Boxford Wakefield MA Clinton Township MI NJ Cinnaminson NJ Windsor OH Cincinnati PA Chadds Ford TX Houston TX Spring La Salle Amarillo Lubbock Byron Clovis Ruidoso Tucumcari Beeville Corpus Christi Fort Stockton Lamesa Washington Marion Cave City Hartford Gautier Leakesville Pascagoula LaVale IL TX TX GA NM NM NM TX TX TX TX PA IL KY KY MS MS MS MD 15,150 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 4,528 590 747 257 427 894 780 299 1,185 401 511 378 691 605 837 237 1,828 1,620 840 635 1,726 253 518 130 189 473 344 220 6,508 500 256 216 567 269 490 1,313 22,213 211 215 435 1,005 1,148 2,415 783 829 901 451 323 170 276 666 1,015 3,561 8,166 1,954 829 3,656 787 346 508 449 470 657 447 1,380 337 437 479 24 677 101 1,629 Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - 65 108 - - - - - - - - - - - - - - - - 528 193 411 268 182 581 1,233 - - - - - - - 912 1,490 1,042 1,288 4,528 590 747 257 431 900 780 299 1,185 401 511 378 691 605 837 237 1,828 1,620 840 635 2,658 253 590 142 203 473 379 251 6,673 500 256 216 567 269 490 1,313 913 2,067 2,287 2,428 22,213 211 215 435 1,070 1,256 2,415 783 829 901 451 323 170 276 666 1,015 3,561 8,166 1,954 829 3,656 787 874 701 860 738 839 1,028 2,613 337 437 479 24 677 101 1,629 1,825 3,557 3,329 3,716 26,741 801 962 692 1,501 2,156 3,195 1,082 2,014 1,302 962 701 861 881 1,503 1,252 5,389 9,786 2,794 1,464 6,314 1,040 1,464 843 1,063 1,211 1,218 1,279 9,286 837 693 695 591 946 591 2,942 (242) (662) (677) (715) (3,389) (84) (182) (321) (311) (369) (1,037) (298) (596) (310) (207) (127) (70) (126) (247) (357) (1,090) (2,173) (509) - (1,338) (235) (321) (253) (295) (269) (280) (366) (1,998) (16) (21) (7) - (9) - (437) 1988 1999 1997 2004 2008 1953 1964 1970 1985 1984 1975 1984 1955 1965 1977 1949 1985 1972 1979 1975 1973 1997 2002 2004 2007 2013 1961 1985 1986 2005 1978 1978 1975 2010 2010 2012 2011 2012 2011 2005 03/28/2013 03/28/2013 03/28/2013 03/28/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 03/29/2013 04/17/2013 05/06/2013 05/06/2013 05/16/2013 05/28/2013 05/28/2013 05/28/2013 05/28/2013 05/28/2013 05/28/2013 05/28/2013 05/31/2013 06/14/2013 06/14/2013 06/14/2013 06/14/2013 06/14/2013 06/14/2013 06/27/2013 - - - - - - - - 4 6 - - - - - - - - - - - - - - 932 - 72 12 14 - 35 31 165 - - - - - - - F-9 Descriptions (a) Tenant Industry Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Other Motor Vehicle Dealers Other Motor Vehicle Dealers Restaurants -- Limited Service Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Home Furnishings Stores Restaurants -- Full Service Plastics Product Manufacturing Machinery, Equipment, and Supplies City Columbus Columbus Delaware Delaware Hilliard Hilliard Marysville Marysville Powell Powell Westerville Westerville Midlothian Martinsburg Holiday Jacksonville Charlotte Maineville Glen Allen North Chesterfield Harker Heights Broken Arrow Moore Oklahoma City Oklahoma City Conover Conover Dobson Millers Creek Wilson Charlottesville Charlottesville Champaign Rockford Gulfport Centerville Tempe Milesburg Merchant Wholesalers Davie Machinery, Equipment, and Supplies Merchant Wholesalers Fort Myers St Encumbrances OH OH OH OH OH OH OH OH OH OH OH OH VA WV FL FL NC OH VA VA TX OK OK OK OK NC NC NC NC NC VA VA IL IL MS OH AZ PA (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) FL FL (f) (f) Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - 829 1,375 - - - - 1,811 - - - - - - - - - - - - - - - - - 452 253 1,130 647 278 485 237 424 735 286 315 550 729 1,115 4,325 2,218 1,545 685 2,184 1,945 1,437 366 179 161 400 250 257 73 219 601 708 935 777 1,012 2,288 341 1,696 2,563 1,687 943 1,029 590 852 1,485 949 1,696 2,303 895 918 1,601 2,037 1,267 3,552 3,825 2,176 1,575 - - 1,960 597 744 554 473 644 780 413 321 568 328 123 1,640 1,643 1,674 948 545 4,327 2,139 1,196 2,159 1,237 1,130 1,970 1,186 2,120 3,038 1,181 1,233 2,151 2,766 2,382 7,877 6,043 3,721 2,260 2,184 1,945 3,397 963 923 715 873 894 1,037 486 540 1,169 1,036 1,058 2,417 2,655 3,962 1,289 2,241 6,890 (370) (207) (252) (144) (196) (341) (206) (367) (527) (205) (213) (372) (502) (342) (1,030) (1,088) (633) (442) - - (439) (142) (159) (155) (141) (170) (213) (112) (128) (156) (116) (52) (480) (403) (500) (248) (414) (2,001) 2006 2006 2005 2005 2003 2003 2005 2005 2004 2004 2005 2005 1992 1995 1974 2010 2009 2008 1995 1993 2014 2007 2000 1978 1998 1985 1986 1996 1997 1987 1990 1992 1984 1992 2008 1994 1988 1970 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/27/2013 06/28/2013 06/28/2013 06/28/2013 06/28/2013 06/28/2013 06/28/2013 07/09/2013 07/12/2013 07/12/2013 07/12/2013 07/12/2013 07/26/2013 07/26/2013 07/26/2013 07/26/2013 07/26/2013 07/26/2013 07/26/2013 07/31/2013 07/31/2013 07/31/2013 08/08/2013 08/13/2013 08/23/2013 2,688 3,154 4,661 7,815 (731) 1996 08/28/2013 - 1,384 4,797 6,181 (859) 2007 08/28/2013 452 253 1,130 647 278 485 237 424 735 286 315 550 729 1,115 2,444 1,758 1,545 685 2,184 1,945 860 366 179 161 400 250 257 73 219 601 708 935 777 1,012 2,288 341 1,696 2,563 2,198 1,384 1,687 943 1,029 590 852 1,485 949 1,696 2,303 895 918 1,601 2,037 1,267 2,723 2,450 2,176 1,575 - - 149 597 744 554 473 644 780 413 321 568 328 123 1,640 1,643 1,674 948 545 4,327 1,973 4,797 - - - - - - - - - - - - - - 1,881 460 - - - - 577 - - - - - - - - - - - - - - - - - 956 - F-10 Descriptions (a) Tenant Industry Machinery, Equipment, and Supplies Merchant Wholesalers Furniture Stores Furniture Stores Restaurants -- Full Service Outpatient Care Centers Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Home Furnishings Stores Other Motor Vehicle Dealers Other Motor Vehicle Dealers Other Motor Vehicle Dealers Health Clubs Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Outpatient Care Centers Outpatient Care Centers Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Outpatient Care Centers Machinery, Equipment, and Supplies Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Furniture Stores City Tampa Huntsville Tuscaloosa Tulsa Charleston Athens Cleveland Dayton Kimball Madisonville Fort Worth Flint Peoria Jackson Weslaco Bradenton Dade City Lake City Plant City Tampa Tampa Tampa Adel Moultrie Ballwin Ballwin Auburn Centralia Moses Lake Wenatchee Jacksonville FL AL AL OK SC TN TN TN TN TN TX MI IL TN TX FL FL FL FL FL FL FL GA GA MO MO WA WA WA WA FL Williams IA Melrose Park IL IL Northlake IL Northlake IL Rockford South Bend IN Benton Harbor MI MI Coldwater PA St. Marys MS Southaven St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 2,063 1,812 1,273 3,210 1,005 318 346 271 271 243 3,783 919 850 3,437 1,565 365 533 192 412 752 139 347 102 142 233 610 236 298 451 535 1,372 2,134 1,285 593 770 513 359 659 757 447 1,969 4,869 4,314 3,856 3,773 1,802 - - - - - 9,559 6,382 2,768 4,634 224 524 752 465 985 4,014 457 380 544 1,073 1,297 3,390 835 711 569 259 6,666 4,246 3,249 2,234 1,055 1,211 1,464 1,475 2,484 2,098 4,553 318 - - 20 - - - - - - - 28 - 11 354 - - - - - - - - - - - - - - - 3,579 - - - - - - - - - - 1,182 - - 826 - - - - - - - 468 610 685 3,020 - - - - - - - - - - - - - - - 18,675 - - - - - - - - - - 2,381 1,812 1,273 3,230 1,005 318 346 271 271 243 3,783 947 850 3,448 1,919 365 533 192 412 752 139 347 102 142 233 610 236 298 451 535 4,951 2,134 1,285 593 770 513 359 659 757 447 1,969 6,051 4,314 3,856 4,599 1,802 - - - - - 9,559 6,850 3,378 5,319 3,244 524 752 465 985 4,014 457 380 544 1,073 1,297 3,390 835 711 569 259 25,341 4,246 3,249 2,234 1,055 1,211 1,464 1,475 2,484 2,098 4,553 8,432 6,126 5,129 7,829 2,807 318 346 271 271 243 13,342 7,797 4,228 8,767 5,163 889 1,285 657 1,397 4,766 596 727 646 1,215 1,530 4,000 1,071 1,009 1,020 794 30,292 6,380 4,534 2,827 1,825 1,724 1,823 2,134 3,241 2,545 6,522 (1,340) (885) (665) (1,590) (336) - - - - - (1,844) (2,246) (537) (1,012) (584) (129) (200) (112) (249) (941) (110) (113) (130) (244) (210) (548) (168) (193) (177) (70) (3,312) (1,346) (793) (516) (316) (292) (390) (440) (747) (506) (792) 2000 1987 2007 1991 1968 2005 2001 1997 1987 2005 1998 1992 2001 2007 2014 1964 1995 1973 1979 1967 1967 1999 1978 1960 2011 2004 1953 1975 1993 2005 1972 2013 1966 1964 1958 1977 1983 1957 1995 1987 2007 08/28/2013 08/29/2013 08/29/2013 08/30/2013 08/30/2013 08/30/2013 08/30/2013 08/30/2013 08/30/2013 08/30/2013 08/30/2013 09/16/2013 09/18/2013 09/18/2013 09/27/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 09/30/2013 10/11/2013 10/11/2013 10/11/2013 10/11/2013 10/31/2013 11/08/2013 11/08/2013 11/08/2013 11/08/2013 11/08/2013 11/08/2013 11/08/2013 11/08/2013 11/08/2013 11/12/2013 F-11  St Encumbrances Descriptions (a) Tenant Industry Furniture Stores Furniture Stores Furniture Stores Other Personal Services Restaurants -- Full Service Restaurants -- Full Service Health Clubs Movie Theaters Restaurants -- Full Service Lumber and Other Construction Materials Merchant Wholesalers Other Motor Vehicle Dealers Health Clubs Restaurants -- Limited Service Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Other Motor Vehicle Dealers Restaurants -- Full Service Restaurants -- Full Service City Chattanooga TN TN Jackson AL Gadsden NC Charlotte TN Alcoa TN Knoxville TX Humble TN Spring Hill TX Waco Conway SC Cicero NY Denver CO Evansville IN Knoxville TN Knoxville TN Knoxville TN Hamden CT Manchester CT New Britain CT CT New Haven West Hartford CT GA Lake Park KS Olathe MO Springfield Initial Cost to Company Land & Improvements 2,897 1,956 1,849 681 572 861 1,209 1,976 888 Building & Improvements 3,891 3,757 299 2,905 1,295 2,073 2,816 180 123 1,727 2,861 608 381 223 214 72 346 114 394 231 316 2,108 787 1,684 3,668 7,013 4,393 840 1,508 1,444 485 349 602 1,038 613 917 2,897 2,119 5,405 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - 297 - - - - 1,475 692 - 1,729 12 - - - - - - - - - - - 86 - - 4,003 - - - - 6,596 2,483 - 3,229 453 - - - - - - - - - - - 201 2,897 1,956 2,146 681 572 861 1,209 3,451 1,580 1,727 4,590 620 381 223 214 72 346 114 394 231 316 2,108 787 1,770 3,891 3,757 4,302 2,905 1,295 2,073 2,816 6,776 2,606 3,668 10,242 4,846 840 1,508 1,444 485 349 602 1,038 613 917 2,897 2,119 5,606 6,788 5,713 6,448 3,586 1,867 2,934 4,025 10,227 4,186 5,395 14,832 5,466 1,221 1,731 1,658 557 695 716 1,432 844 1,233 5,005 2,906 7,376 (873) (792) (722) (514) (331) (555) (546) (1,227) (554) (1,217) (1,426) (1,142) (227) (370) (354) (119) (104) (142) (252) (143) (217) (877) (505) (1,329) 1996 2004 2014 2002 1997 1995 2012 2015 2014 2002 2004 1997 2005 1981 1973 1989 1985 1953 1988 1982 1998 2013 2005 1977 11/12/2013 11/12/2013 11/15/2013 11/22/2013 11/22/2013 11/22/2013 11/27/2013 12/12/2013 12/12/2013 12/13/2013 12/19/2013 12/30/2013 12/30/2013 12/30/2013 12/30/2013 12/30/2013 12/31/2013 12/31/2013 12/31/2013 12/31/2013 12/31/2013 12/31/2013 12/31/2013 12/31/2013 F-12 Descriptions (a) Tenant Industry Semiconductor and Other Electronic Component City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Manufacturing Elementary and Secondary Schools Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Warehousing and Storage Casinos Casinos Child Day Care Services Health Clubs Health Clubs Health Clubs Health Clubs Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Colleges, Universities, and Professional Schools Colleges, Universities, and Professional Schools Colleges, Universities, and Professional Schools Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service PA State College TX Arlington TX Houston KY Alexandria Covington KY Crescent Springs KY KY Crestview Hills KY Erlanger KY Florence KY Florence KY Hebron KY Independence KY Taylor Mill KY Walton IA Mason City CO Cripple Creek CO Cripple Creek NC Jamestown KY Louisville KY Lexington KY Lexington TN Antioch AR Fayetteville MN Eagan MN Maplewood IL Naperville SC Columbia SC Columbia SC Columbia GA Cumming GA Athens GA Winder NC Lenoir SC Anderson SC Camden SC Cheraw SC Clinton SC Greenwood 9,188 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 13,973 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 4,398 744 706 317 240 205 566 295 418 289 350 440 658 269 401 513 293 477 1,997 1,164 1,251 1,400 465 1,405 915 2,000 562 638 244 826 731 752 975 900 765 626 697 808 11,502 5,783 2,798 852 989 692 1,862 1,277 1,426 699 1,555 1,141 752 1,253 8,703 16,128 - 730 1,590 8,000 6,619 5,388 1,866 2,162 1,848 489 11,878 5,017 - 3,449 1,065 1,045 1,065 825 1,275 947 1,515 1,181 - - - - - - - - - - - - - - - - 534 - - 51 - - - - - 501 - - 766 - - - - - - - - - - - - - - - - - - - - - - - - 2,835 972 - - - - - - - - 1,564 810 - 3,351 - - - - - - - - - 4,398 744 706 317 240 205 566 295 418 289 350 440 658 269 401 513 827 477 1,997 1,215 1,251 1,400 465 1,405 915 2,501 562 638 1,010 826 731 752 975 900 765 626 697 808 11,502 5,783 2,798 852 989 692 1,862 1,277 1,426 699 1,555 1,141 752 1,253 8,703 18,963 972 730 1,590 8,000 6,619 5,388 1,866 2,162 1,848 2,053 12,688 5,017 3,351 3,449 1,065 1,045 1,065 825 1,275 947 1,515 1,181 15,900 6,527 3,504 1,169 1,229 897 2,428 1,572 1,844 988 1,905 1,581 1,410 1,522 9,104 19,476 1,799 1,207 3,587 9,215 7,870 6,788 2,331 3,567 2,763 4,554 13,250 5,655 4,361 4,275 1,796 1,797 2,040 1,725 2,040 1,573 2,212 1,989 (4,159) (977) (482) (201) (200) (176) (369) (289) (328) (191) (354) (308) (217) (270) (1,358) (2,451) (220) (245) - (1,325) (1,088) (1,014) (361) (412) (356) (466) (2,501) (997) (652) (562) (255) (182) (188) (215) (255) (186) (291) (307) 1960 1945 2003 1997 1990 1990 2007 2000 1992 1988 1997 2000 1995 1998 2003 2008 2016 1989 1972 2004 2005 2002 2012 1996 2000 2014 1995 2010 2015 2006 2007 2005 2008 2006 2006 2007 2006 1995 12/31/2013 12/31/2013 12/31/2013 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/03/2014 01/10/2014 01/17/2014 01/17/2014 01/24/2014 01/31/2014 01/31/2014 01/31/2014 01/31/2014 02/14/2014 02/19/2014 02/19/2014 03/06/2014 03/10/2014 03/10/2014 03/10/2014 03/11/2014 03/21/2014 03/21/2014 03/21/2014 03/21/2014 03/21/2014 03/21/2014 03/21/2014 03/21/2014 F-13 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Machinery, Equipment, and Supplies Merchant City Bristol Kingsport Dublin Jacksonville Miami Orlando Tampa Warner Robins St Encumbrances TN TN VA FL FL FL FL GA (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 776 814 947 494 1,210 625 474 373 Building & Improvements 1,020 1,053 971 - - - - - Wholesalers Family Entertainment Centers Restaurants -- Limited Service Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Child Day Care Services Other Miscellaneous Manufacturing Other Miscellaneous Manufacturing Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Health Clubs Junior Colleges Junior Colleges Child Day Care Services Machinery, Equipment, and Supplies Merchant Wholesalers Medical and Diagnostic Laboratories Home Furnishings Stores Forging and Stamping Restaurants -- Full Service Child Day Care Services Other Motor Vehicle Dealers Machinery, Equipment, and Supplies Merchant Wholesalers Consumer Goods Rental Other Professional, Scientific, and Technical Services Bakeries and Tortilla Manufacturing Consumer Goods Rental Other Professional, Scientific, and Technical Services Consumer Goods Rental Grocery Stores Machinery, Equipment, and Supplies Merchant TX Irving AZ Tempe TX Los Fresnos FL Boynton Beach FL Jupiter FL Wellington SC Fort Mill MT Bozeman TN Nashville Fort Pierce FL Palm Beach Gardens FL Palm Beach Gardens FL FL Vero Beach FL Wellington AZ Phoenix OH Youngstown OH Middletown NC Gastonia Rapid City Jupiter Columbus Pharr Schaumburg Cincinnati Fort Worth Tucson Florence Scottsdale West Monroe Lenoir Waxhaw Lynchburg Lodi SD FL OH TX IL OH TX AZ AL AZ LA NC NC VA CA Wholesalers Commerce City CO (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - 14 - - - - - - - - - - - 1,411 - - - - - - - 1,056 - 1,355 - - - - - - - - - - - - - - - - - - 86 - - - - - - - - - - - 4,841 1,126 371 - 494 - - - 1,623 - 5,726 - - - - - - - - 776 814 947 494 1,210 625 474 373 1,375 3,288 264 301 158 860 707 2,127 4,264 806 43 32 233 272 1,411 471 404 184 812 742 753 1,343 3,119 537 3,364 1,107 492 821 902 548 570 259 1,431 1,020 1,053 971 - - - - - 4,661 6,268 858 4,727 4,457 4,652 3,271 348 4,273 2,953 1,337 1,288 2,529 1,421 4,841 6,201 5,812 1,212 1,705 5,525 1,047 1,863 1,623 1,765 5,726 932 634 1,285 3,827 578 934 865 7,215 1,796 1,867 1,918 494 1,210 625 474 373 6,036 9,556 1,122 5,028 4,615 5,512 3,978 2,475 8,537 3,759 1,380 1,320 2,762 1,693 6,252 6,672 6,216 1,396 2,517 6,267 1,800 3,206 4,742 2,302 9,090 2,039 1,126 2,106 4,729 1,126 1,504 1,124 8,646 (260) (257) (211) - - - - - (804) (1,279) (217) (1,094) (771) (916) (603) (149) (1,368) (849) (255) (275) (661) (171) (1,021) (1,092) (1,119) (257) (371) (966) (204) (418) (536) (293) (952) (293) (119) (272) (981) (102) (229) (132) (1,179) 2005 2006 2008 1997 1981 1997 1999 1996 1982 2013 2014 2005 2011 2009 2007 1977 1975 2007 2005 2005 2009 2008 2014 1974 1969 2003 1992 2007 2014 1999 2015 2004 2014 1980 2004 2006 2004 2005 1968 1961 2004 03/21/2014 03/21/2014 03/21/2014 03/27/2014 03/27/2014 03/27/2014 03/27/2014 03/27/2014 03/27/2014 03/28/2014 03/28/2014 03/31/2014 03/31/2014 03/31/2014 03/31/2014 04/09/2014 04/09/2014 04/10/2014 04/10/2014 04/10/2014 04/10/2014 04/10/2014 04/16/2014 04/16/2014 04/23/2014 04/25/2014 04/30/2014 05/02/2014 05/07/2014 05/07/2014 05/15/2014 05/15/2014 05/21/2014 05/22/2014 05/23/2014 05/23/2014 05/23/2014 05/23/2014 05/23/2014 05/23/2014 05/30/2014 1,375 3,288 250 301 158 860 707 2,127 4,264 806 43 32 233 272 - 471 404 184 812 742 753 1,343 2,063 537 2,009 1,107 492 821 902 548 570 259 1,431 4,661 6,268 772 4,727 4,457 4,652 3,271 348 4,273 2,953 1,337 1,288 2,529 1,421 - 5,075 5,441 1,212 1,211 5,525 1,047 1,863 - 1,765 - 932 634 1,285 3,827 578 934 865 7,215 1,283 1,448 103 1,035 1,386 2,483 3,869 (619) 1980 05/30/2014 F-14 Descriptions (a) City Tenant Industry Other General Purpose Machinery Manufacturing Saltillo Restaurants -- Full Service Restaurants -- Full Service Forging and Stamping Packaging and Labeling Services Child Day Care Services Medical Equipment and Supplies Manufacturing Medical Equipment and Supplies Manufacturing Corporate Aircraft Repair and Maintenance Shawnee San Antonio Wickliffe Mills River Columbus Buford Buford (f) (f) (f) St Encumbrances MS OK TX OH NC GA GA GA (f) Initial Cost to Company Land & Improvements 605 192 1,578 617 1,027 377 2,680 225 Building & Improvements 15,409 1,016 1,632 2,725 2,862 1,007 24,103 2,681 Facilities Medical Equipment and Supplies Manufacturing Foundation, Structure, and Building Exterior Contractors Foundation, Structure, and Building Exterior Contractors Foundation, Structure, and Building Exterior Contractors Foundation, Structure, and Building Exterior Contractors Restaurants -- Full Service Restaurants -- Full Service Outpatient Care Centers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Other Personal Services Child Day Care Services Child Day Care Services Health Clubs Other Professional, Scientific, and Technical Services Restaurants -- Limited Service Health Clubs Health Clubs Health Clubs Health Clubs Health Clubs Health Clubs Health Clubs Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services East Alton North Attleboro IL MA Indian Trail NC Amarillo Humble Milwaukee Calumet City Lansing Ballwin Rockford Beloit Mauston Monroe Lexington Anderson Township Forney Oakdale TX TX WI IL IL MO IL WI WI WI KY OH TX CA FL Orlando LA Saint Martinville MN Chanhassen MN Maple Grove NC Chapel Hill SC Hanahan SC Mount Pleasant Mount Pleasant SC North Charleston SC Colorado Springs CO CO Loveland GA Cartersville GA Kennesaw GA Norcross GA Stockbridge GA Tucker GA Woodstock NC Charlotte NC Greensboro NC Greensboro NC Greensboro (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 1,883 1,541 14,234 8,900 526 311 269 457 269 467 515 521 406 696 239 218 226 344 943 273 511 1,073 461 264 511 1,372 1,198 412 1,615 1,427 1,618 855 629 343 557 487 426 450 537 625 325 628 330 3,318 983 877 1,814 409 528 432 711 1,967 829 2,785 4,560 385 921 2,168 1,386 1,926 722 1,943 3,281 800 1,851 1,005 601 714 521 891 585 299 783 193 244 360 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Accumulated Depreciation (d) (e) Year Constructed Date Acquired 15,409 1,016 1,632 2,725 4,117 1,007 24,103 2,681 Total 16,014 1,208 3,210 3,342 6,263 1,384 26,783 2,906 14,234 8,900 16,117 10,441 (3,007) (180) (274) (802) (1,170) (181) (3,554) (512) (1,600) (1,392) 1974 1982 2008 1958 2001 2014 1998 1993 1988 1981 06/05/2014 06/06/2014 06/06/2014 06/12/2014 06/16/2014 06/19/2014 06/20/2014 06/20/2014 06/20/2014 06/20/2014 311 837 (91) 1968 06/20/2014 457 726 (67) 1954 06/20/2014 467 736 (103) 1982 06/20/2014 3,318 995 877 1,814 409 528 432 711 1,967 829 2,785 4,560 385 921 2,168 1,386 2,041 745 2,155 3,408 1,098 1,874 1,019 648 785 532 972 653 346 869 287 373 459 3,833 1,516 1,357 2,510 648 746 658 1,055 2,910 1,102 3,296 5,633 846 1,185 2,679 2,758 3,239 1,158 3,777 4,847 2,762 2,731 1,654 993 1,342 1,023 1,408 1,103 930 1,501 622 1,010 860 (671) (225) (299) (383) (148) (180) (153) (200) (340) (201) (401) (960) (95) (283) (334) (476) (499) (168) (371) (518) (268) (301) (221) (142) (161) (114) (200) (135) (86) (190) (64) (76) (106) 1968 1983 1973 1977 1993 1983 2000 1977 2005 1995 2004 1973 1998 1987 1999 2001 2005 2008 1985 2004 1986 2008 2003 1997 1997 1988 1997 1994 1992 2001 1983 1968 1970 06/20/2014 06/23/2014 06/23/2014 06/23/2014 06/24/2014 06/24/2014 06/24/2014 06/24/2014 06/25/2014 06/26/2014 06/26/2014 06/27/2014 06/27/2014 06/27/2014 06/27/2014 06/27/2014 06/30/2014 06/30/2014 06/30/2014 06/30/2014 06/30/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 - - - - 1,255 - - - - - - - - - 12 - - - - - - - - - - - - - - 115 23 212 127 298 23 14 47 71 11 81 68 47 86 94 129 99 605 192 1,578 617 2,146 377 2,680 225 1,883 1,541 526 269 269 515 521 480 696 239 218 226 344 943 273 511 1,073 461 264 511 1,372 1,198 413 1,622 1,439 1,664 857 635 345 557 491 436 450 584 632 335 637 401 - - - - 1,119 - - - - - - - - - - 74 - - - - - - - - - - - - - - 1 7 12 46 2 6 2 - 4 10 - 47 7 10 9 71 F-15 Descriptions (a) Tenant Industry Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Other Motor Vehicle Dealers Electronics and Appliance Stores Electronics and Appliance Stores Movie Theaters Lessors of Real Estate Movie Theaters Movie Theaters Lessors of Real Estate Lessors of Real Estate Electronics and Appliance Stores Child Day Care Services Child Day Care Services Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Furniture Stores Child Day Care Services Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Other Professional, Scientific, and Technical Services Health Clubs Movie Theaters Restaurants -- Full Service St Encumbrances City NC Greensboro NC Greensboro NC Winston Salem NC Winston Salem SC Aiken SC Aiken SC Duncan SC Florence SC Greenwood SC Greenwood SC Greer SC Mauldin North Augusta SC North Charleston SC SC Spartanburg SC Spartanburg SC Summerville TX Frisco TX Little Elm WI Rothschild Phoenix AZ Colorado Springs CO CT Berlin GA Sugar Hill NJ Ridgefield Park TX Boerne TX Corinth TX Houston TX Lubbock NC Monroe GA McDonough (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 500 544 519 364 164 281 428 147 317 367 125 296 257 272 334 185 678 509 454 2,440 3,480 2,223 2,937 1,658 44 4,186 2,517 2,650 2,220 753 310 Building & Improvements 300 173 362 517 508 563 326 489 183 396 633 231 561 300 293 560 185 1,253 1,018 10,171 3,209 4,197 6,719 4,507 10,848 3,413 4,173 3,644 4,148 1,560 812 Tucson Baltimore Memphis Huntersville Immokalee Lewiston Hardin Moses Lake Casper Puyallup Albany Southaven Parker Morristown AZ MD TN NC FL ID MT WA WY WA GA MS CO TN (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 1,200 5,810 1,235 1,367 1,118 548 390 45 459 506 743 176 2,264 1,773 552 1,347 3,771 1,719 686 996 513 1,034 846 392 438 3,039 4,252 958 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 87 103 94 188 151 53 67 39 105 26 36 110 59 71 2 137 134 30 144 788 - - - - - - - - - - - - - - - - - - - - - - - - - 501 544 520 365 180 286 460 147 318 372 141 318 286 279 334 185 685 533 472 6,377 3,480 2,223 2,937 1,658 44 4,186 2,517 2,650 2,220 753 310 387 276 456 705 659 616 393 528 288 422 669 341 620 371 295 697 319 1,283 1,162 10,959 3,209 4,197 6,719 4,507 10,848 3,413 4,173 3,644 4,148 1,560 812 888 820 976 1,070 839 902 853 675 606 794 810 659 906 650 629 882 1,004 1,816 1,634 17,336 6,689 6,420 9,656 6,165 10,892 7,599 6,690 6,294 6,368 2,313 1,122 (81) (61) (112) (140) (132) (143) (135) (108) (62) (105) (165) (76) (140) (84) (78) (130) (72) (199) (222) (1,789) (563) (749) (1,678) (1,028) (1,974) (1,026) (932) (854) (732) (308) (158) 1978 1981 1969 1983 1985 1992 1997 1983 1978 1984 2002 1981 1983 1987 1987 1973 1984 1996 1989 2003 1988 1995 1990 2013 1991 2013 2009 2005 2014 2000 1999 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/24/2014 07/29/2014 07/31/2014 07/31/2014 07/31/2014 07/31/2014 07/31/2014 07/31/2014 07/31/2014 07/31/2014 07/31/2014 08/08/2014 08/11/2014 1,200 5,810 7,010 (895) 2004 08/21/2014 1,235 1,367 1,118 548 390 45 459 506 743 176 2,264 1,773 552 1,347 3,771 1,719 686 996 513 1,034 846 392 438 3,039 4,252 958 2,582 5,138 2,837 1,234 1,386 558 1,493 1,352 1,135 614 5,303 6,025 1,510 (373) (569) (262) (107) (226) (137) (239) (197) (137) (97) (739) (869) (220) 1950 2005 2006 1999 2008 1920 2009 2009 1982 1974 1999 2002 1987 08/28/2014 09/02/2014 09/05/2014 09/09/2014 09/10/2014 09/10/2014 09/10/2014 09/10/2014 09/16/2014 09/17/2014 09/18/2014 09/23/2014 09/23/2014 1 - 1 1 16 5 32 - 1 5 16 22 29 7 - - 7 24 18 3,937 - - - - - - - - - - - - - - - - - - - - - - - - - F-16 Descriptions (a) Tenant Industry Other Ambulatory Health Care Services Other Ambulatory Health Care Services Other Ambulatory Health Care Services Other Ambulatory Health Care Services Other Ambulatory Health Care Services Other Motor Vehicle Dealers Other Ambulatory Health Care Services Other Ambulatory Health Care Services Other Ambulatory Health Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Machinery, Equipment, and Supplies Merchant Wholesalers Building Material and Supplies Dealers Junior Colleges Health Clubs Restaurants -- Full Service Used Merchandise Stores Movie Theaters Child Day Care Services Child Day Care Services Furniture Stores Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Wholesale Automobile Auction Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - 193 - - - - - - - - - - - - - - - 168 - - 504 - - - 80 - - - - - - - - - - - - - - - - 1,777 - - - - - - - - - - - - - - 943 499 - - 7,175 - - 240 269 - - - - - - - - - - - 316 357 283 946 139 5,596 274 1,584 543 249 365 172 563 832 819 480 475 1,252 2,425 1,475 195 1,469 468 624 1,311 544 579 1,198 286 1,130 1,697 9,019 517 701 726 566 235 583 559 915 1,628 3,099 1,510 2,010 1,204 9,347 1,990 2,053 649 552 648 416 359 678 498 482 346 2,873 7,933 3,704 1,283 4,339 1,570 1,294 7,426 1,986 1,316 5,278 584 3,699 3,360 1,771 830 706 752 841 1,012 765 769 492 1,944 3,456 1,793 2,956 1,343 14,943 2,264 3,637 1,192 801 1,013 588 922 1,510 1,317 962 821 4,125 10,358 5,179 1,478 5,808 2,038 1,918 8,737 2,530 1,895 6,476 870 4,829 5,057 10,790 1,347 1,407 1,478 1,407 1,247 1,348 1,328 1,407 (237) (441) (293) (353) (214) (1,478) (319) (319) (128) (165) (153) (137) (121) (207) (155) (153) (108) (431) (1,713) (1,244) (214) (811) (304) (244) (914) (374) (214) (787) (119) (479) (450) (1,129) (173) (157) (166) (178) (200) (161) (160) (119) 2008 1982 1985 2009 1976 2003 2009 2009 1972 1979 1993 1980 1973 1979 1991 1998 1983 1994 2014 1994 1968 1977 1985 2011 2015 1999 2009 2006 2006 1908 1892 1980 1994 1991 2002 1995 1996 1995 1991 1988 09/24/2014 09/24/2014 09/24/2014 09/24/2014 09/24/2014 09/24/2014 09/24/2014 09/24/2014 09/24/2014 09/29/2014 09/29/2014 09/29/2014 09/29/2014 09/29/2014 09/29/2014 09/29/2014 09/29/2014 09/30/2014 09/30/2014 10/03/2014 10/03/2014 10/31/2014 10/31/2014 11/12/2014 11/14/2014 11/14/2014 11/14/2014 11/19/2014 11/21/2014 11/26/2014 11/26/2014 12/05/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 (f) St Encumbrances City AL Birmingham AZ Glendale Glendale AZ Council Bluffs IA ID Rexburg MN Forest Lake OH Cleveland Fort Worth TX Salt Lake City UT ME Ellsworth ME Farmington ME Presque Isle NH Concord NH Dover NJ Galloway VT Bennington VT Rutland MN Eden Prairie (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 316 357 283 946 139 5,403 274 1,584 543 249 365 172 563 832 819 480 475 1,252 Building & Improvements 1,628 3,099 1,510 2,010 1,204 7,570 1,990 2,053 649 552 648 416 359 678 498 482 346 2,873 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) SD Watertown OH Columbus OH Warren CA Carmichael IN Indianapolis OK Shawnee NE La Vista TN Collierville TN Collierville TX Wichita Falls GA Stockbridge IL Chicago Chicago IL Mechanicsburg PA AL Bessemer AL Birmingham AL Birmingham AL Birmingham AL Decatur AL Fairfield AL Forestdale AL Gardendale 2,425 1,475 195 1,301 468 624 807 544 579 1,198 206 1,130 1,697 9,019 517 701 726 566 235 583 559 915 7,933 3,704 340 3,840 1,570 1,294 251 1,986 1,316 5,038 315 3,699 3,360 1,771 830 706 752 841 1,012 765 769 492 F-17  Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - 428 - - - - - - 530 - 40 - - - - - - - - - - - - - - - - - - - - - 38 4,112 - - - 190 60 - 1,199 - 210 886 368 404 511 468 598 298 694 543 594 670 610 350 410 490 480 410 2,298 357 1,884 2,758 1,406 4,933 537 331 323 362 415 550 2,356 665 895 282 910 873 756 1,009 1,358 1,187 1,181 893 1,276 - - - - - - - 2,425 1,610 6,218 2,275 2,389 7,618 454 450 479 1,489 393 488 1,947 792 993 1,168 1,278 1,277 1,267 1,477 1,956 1,485 1,875 1,436 1,870 670 610 350 410 490 480 410 4,723 1,967 8,102 5,033 3,795 12,551 991 781 802 1,851 808 1,038 4,303 1,457 1,888 (104) (180) (183) (169) (221) (277) (226) (223) (202) (252) - - - - - - - (320) (287) (787) (355) (403) (1,114) (138) (129) (130) (364) (157) (114) (184) (150) (189) 1988 1976 2004 1986 1999 2001 1994 2003 2014 2014 2000 2003 2006 2005 2003 2006 2006 1911 1986 2010 2008 2007 2005 1997 1996 1997 1991 1999 2005 2006 2004 1999 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/10/2014 12/12/2014 12/12/2014 12/12/2014 12/12/2014 12/15/2014 12/15/2014 12/15/2014 12/15/2014 12/15/2014 12/15/2014 12/15/2014 12/15/2014 12/16/2014 12/17/2014 12/18/2014 12/19/2014 12/19/2014 12/22/2014 12/22/2014 12/22/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 Descriptions (a) Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Child Day Care Services Consumer Goods Rental Consumer Goods Rental Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Health and Personal Care Stores Foundation, Structure, and Building Exterior City Hueytown Huntsville Huntsville Madison Madison Meridianville Huntsville Huntsville Jacksonville Jacksonville Boise Boise Emmett Garden City Meridian Nampa Nampa Chicago Syracuse (f) (f) (f) (f) St Encumbrances AL AL AL AL AL AL AL AL FL FL ID ID ID ID ID ID ID IL NY (f) Initial Cost to Company Land & Improvements 886 368 404 511 468 598 298 694 543 594 670 610 350 410 490 480 410 2,298 357 Building & Improvements 282 910 873 756 1,009 1,358 1,187 1,181 893 1,276 - - - - - - - 2,425 1,610 Contractors Restaurants -- Full Service Restaurants -- Full Service Movie Theaters Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Grocery Stores Grocery Stores Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services AZ Chandler MN Woodbury IN Portage KY Nicholasville NC Lenoir NC Mt. Airy Sanford NC Hot Springs Village AR AR Redfield GA Bremen GA McDonough GA Villa Rica GA Villa Rica (f) (f) (f) (f) (f) (f) (f) (f) 1,884 2,758 1,406 4,505 537 331 323 362 415 550 1,826 665 855 6,218 2,275 2,351 3,506 454 450 479 1,299 333 488 748 792 783 F-18 Descriptions (a) Tenant Industry Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Other Miscellaneous Manufacturing Sporting Goods, Hobby, and Musical Instrument City Elkin Greensboro High Point King Mount Airy Mount Airy Mount Airy Utica St Encumbrances NC NC NC NC NC NC NC NY (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 278 725 462 313 176 260 207 102 Building & Improvements 768 421 733 882 820 737 739 988 Stores Other Miscellaneous Manufacturing Sporting Goods, Hobby, and Musical Instrument North Canton OH Warrensville Heights OH Stores Other Miscellaneous Manufacturing Colleges, Universities, and Professional Schools Freight Transportation Arrangement Other Professional, Scientific, and Technical Services Freight Transportation Arrangement Restaurants -- Full Service Health Clubs Family Entertainment Centers Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Monroeville Cookeville Austin Cartersville Elmwood Park Spartanburg Anderson Eden Prairie San Diego Cedar Park Demopolis Huntsville Talladaga Benton Jacksonville Little Rock Searcy DeLand Jacksonville Atlanta Cartersville College Park Columbus Hinesville Marietta Tucker Waycross Edwardsville Clarksville Vincennes Bowling Green St. Ann St. Louis PA TN TX GA IL SC SC MN CA TX AL AL AL AR AR AR AR FL FL GA GA GA GA GA GA GA GA IL IN IN KY MO MO (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 1,574 842 1,621 797 1,721 1,119 258 1,698 1,161 1,466 351 1,482 312 384 352 410 316 389 327 525 526 383 361 254 428 209 234 367 154 446 286 323 355 367 365 6,043 767 6,552 3,689 7,175 6,093 1,027 8,619 1,134 3,073 10,144 3,346 549 725 470 411 347 512 484 365 374 923 1,064 488 314 741 567 247 538 355 763 429 368 583 793 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 278 725 462 313 176 260 207 102 1,574 842 1,621 797 1,721 1,119 258 1,698 1,161 1,466 351 1,482 312 384 352 410 316 389 327 525 526 383 361 254 428 209 234 367 154 446 286 323 355 367 365 768 421 733 882 820 737 739 988 6,043 767 6,552 3,689 7,175 6,093 1,027 8,619 1,134 3,073 10,144 3,346 549 725 470 411 347 512 484 365 374 923 1,064 488 314 741 567 247 538 355 763 429 368 583 793 1,046 1,146 1,195 1,195 996 997 946 1,090 7,617 1,609 8,173 4,486 8,896 7,212 1,285 10,317 2,295 4,539 10,495 4,828 861 1,109 822 821 663 901 811 890 900 1,306 1,425 742 742 950 801 614 692 801 1,049 752 723 950 1,158 (192) (96) (163) (173) (170) (145) (150) (172) (1,169) (150) (1,318) (642) (924) (1,168) (262) (1,631) (235) (853) (1,796) (543) (136) (161) (123) (104) (89) (116) (120) (151) (163) (165) (212) (93) (65) (166) (96) (70) (125) (94) (154) (138) (81) (111) (146) 1995 1994 1996 2008 1999 2006 1995 1965 1989 1982 1977 1973 2012 2000 1960 1997 1997 1974 2001 2010 1994 1992 1982 1982 1981 1977 1983 1986 1983 1982 1986 1988 1985 1990 1985 1976 1991 1986 1977 1978 1978 1982 1983 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/23/2014 12/29/2014 12/31/2014 12/31/2014 12/31/2014 01/05/2015 01/09/2015 01/15/2015 01/30/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - F-19 Descriptions (a) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) St Encumbrances City MS Columbus NC Greenville OH Columbus OH Huber Heights SC Cayce North Charleston SC TN Chattanooga TN Dickson TN Rockwood WV Beckley AZ Glendale TN Bristol TN Elizabethton TN Kingsport VA Norton AL Opelika MI Burton MI Burton MI Detroit MI Fenton MI Ferndale MI Flint MI Flint MI Flint MI Flint Grand Blanc MI MI Ortonville South Lake Tahoe CA (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 409 280 342 358 509 388 305 424 296 303 1,298 223 269 69 167 627 177 563 392 403 428 659 481 164 190 260 231 683 Building & Improvements 422 403 291 295 795 434 417 951 367 588 168 709 537 902 542 - 304 995 243 453 447 745 471 259 406 384 384 1,696 Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Health Clubs Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Health Clubs Colleges, Universities, and Professional Schools Outpatient Care Centers Outpatient Care Centers Foundries Health Clubs Other Ambulatory Health Care Blairsville Allen Frisco Maple Lake Bloomingdale PA TX TX MN IL UT Cedar City Services CA Tulare Movie Theaters KY Lexington Furniture Stores TN Cookeville Furniture Stores MI Flint Restaurants -- Limited Service MI Grand Blanc Restaurants -- Limited Service MI Restaurants -- Limited Service Mt. Morris AR Automotive Repair and Maintenance Bentonville AR Automotive Repair and Maintenance Fayetteville Automotive Repair and Maintenance Little Rock AR Automotive Repair and Maintenance North Little Rock AR AR Automotive Repair and Maintenance Rogers LA Automotive Repair and Maintenance Shreveport LA Automotive Repair and Maintenance Shreveport 1,245 742 598 352 605 392 573 2,222 1,013 161 635 77 865 1,056 852 707 1,307 544 731 7,284 4,837 3,938 1,210 1,550 - 10,253 3,745 1,980 538 478 317 2,240 1,014 1,007 1,222 1,988 1,194 2,865 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - 119 - - 5,046 - - - - - - - - - - - - - - - - - - - - 6,555 152 3,869 1,218 - - - - - - - - - - - - 409 280 342 358 509 388 305 424 296 303 2,350 223 269 69 167 627 177 563 392 403 428 659 481 164 190 260 231 1,181 1,245 742 598 1,603 878 795 573 2,222 1,013 161 635 77 865 1,056 852 707 1,307 544 731 422 403 291 295 795 434 417 1,070 367 588 5,214 709 537 902 542 - 304 995 243 453 447 745 471 259 406 384 384 1,696 7,284 4,837 3,938 7,765 1,702 3,869 11,471 3,745 1,980 538 478 317 2,240 1,014 1,007 1,222 1,988 1,194 2,865 831 683 633 653 1,304 822 722 1,494 663 891 7,564 932 806 971 709 627 481 1,558 635 856 875 1,404 952 423 596 644 615 2,877 8,529 5,579 4,536 9,368 2,580 4,664 12,044 5,967 2,993 699 1,113 394 3,105 2,070 1,859 1,929 3,295 1,738 3,596 (112) (70) (86) (88) (233) (141) (97) (230) (82) (138) (835) (133) (104) (170) (101) - (80) (227) (64) (147) (98) (232) (160) (83) (113) (93) (97) (389) (1,604) (539) (444) (1,550) (304) (513) (1,379) (690) (350) (152) (155) (88) (482) (228) (235) (274) (461) (282) (590) 1982 1986 1987 1986 1980 1985 1981 1981 1992 1982 2015 2001 2004 2000 1979 2008 2003 1980 2011 1980 1983 1974 1976 1987 1929 2011 2011 1981 2003 2013 2008 1987 1986 2016 2004 2008 2004 1979 1998 1995 2009 2005 2011 2009 2006 2006 2006 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/06/2015 02/13/2015 02/13/2015 02/13/2015 02/13/2015 02/13/2015 02/17/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/18/2015 02/19/2015 02/25/2015 02/25/2015 02/25/2015 03/05/2015 03/06/2015 03/06/2015 03/11/2015 03/11/2015 03/11/2015 03/12/2015 03/12/2015 03/12/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 - - - - - - - - - - 1,052 - - - - - - - - - - - - - - - - 498 - - - 1,251 273 403 - - - - - - - - - - - - - F-20 Descriptions (a) Tenant Industry Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Junior Colleges Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Foundries Foundries Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Packaging and Labeling Services Packaging and Labeling Services Packaging and Labeling Services Packaging and Labeling Services Packaging and Labeling Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) St Encumbrances City LA Shreveport MI Lapeer MI Royal Oak MI Sterling Heights MS Olive Branch OK Broken Arrow OK Norman OK Oklahoma City OK Oklahoma City OK Oklahoma City OK Tulsa OK Tulsa TN Cordova TN Memphis TN Memphis MA New Bedford Bluffton SC Hilton Head Island SC North Charleston SC AL Muscle Shoals WI Grafton IN Evansville IN Evansville KY Mayfield KY Paducah KY Paducah KY Paducah KY Paducah MO Cape Girardeau MO Cape Girardeau MO Doniphan MO Jackson MO Malden MO Springfield TN Elizabethton TN Morristown MN Winona OH Mason OH Mason WI Algoma WI Algoma PA Canonsburg PA Franklin PA Gibsonia PA Kittanning PA Leechburg PA Meadville (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 479 76 296 275 546 326 937 1,187 757 908 1,065 1,110 878 437 911 178 657 1,184 2,208 415 531 266 278 437 702 578 581 392 332 260 445 445 446 559 284 509 303 470 383 313 227 1,357 346 442 591 810 263 Building & Improvements 1,340 174 136 114 781 910 1,243 1,174 1,172 1,041 1,216 1,452 1,885 1,381 1,269 8,653 1,871 1,127 1,760 1,091 3,575 701 464 412 713 379 463 399 536 560 502 482 511 563 741 584 1,896 3,738 1,360 5,462 2,037 857 897 801 912 1,454 889 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - 44 71 61 - - - - - - - - - - - - - 150 150 - 123 - - - - - - - - - - - - - - - - 260 - - - 31 42 41 40 37 45 479 84 316 296 546 326 937 1,187 757 908 1,065 1,110 878 437 911 178 657 1,184 2,208 415 531 266 278 437 702 578 581 392 332 260 445 445 446 559 284 509 303 470 383 359 227 1,378 368 463 610 827 287 1,340 218 207 175 781 910 1,243 1,174 1,172 1,041 1,216 1,452 1,885 1,381 1,269 8,653 1,871 1,277 1,910 1,091 3,698 701 464 412 713 379 463 399 536 560 502 482 511 563 741 584 1,896 3,998 1,360 5,462 2,037 888 939 842 952 1,491 934 1,819 302 523 471 1,327 1,236 2,180 2,361 1,929 1,949 2,281 2,562 2,763 1,818 2,180 8,831 2,528 2,461 4,118 1,506 4,229 967 742 849 1,415 957 1,044 791 868 820 947 927 957 1,122 1,025 1,093 2,199 4,468 1,743 5,821 2,264 2,266 1,307 1,305 1,562 2,318 1,221 (291) (39) (43) (46) (175) (206) (261) (294) (273) (255) (275) (362) (411) (287) (273) (2,057) (254) (248) (346) (327) (874) (138) (104) (169) (234) (161) (156) (124) (139) (114) (179) (173) (178) (184) (144) (143) (311) (646) (241) (916) (353) (240) (259) (158) (253) (291) (171) 2011 1986 1987 1960 2009 2011 2005 2005 2011 2007 2011 2006 2006 2005 2006 1920 2006 1996 2003 1968 1948 1981 1994 1993 2006 1991 2000 1995 2005 1980 1990 1992 2002 2000 1978 1978 1993 1993 1997 1955 2000 1977 1984 1994 1993 2004 1983 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/16/2015 03/17/2015 03/24/2015 03/24/2015 03/24/2015 03/25/2015 03/25/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/27/2015 03/31/2015 03/31/2015 03/31/2015 03/31/2015 03/31/2015 04/06/2015 04/06/2015 04/06/2015 04/06/2015 04/06/2015 04/06/2015 - 8 20 21 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 46 - 21 22 21 19 17 24 F-21 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Used Merchandise Stores Restaurants -- Full Service Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Health Clubs Agriculture, Construction, and Mining Machinery Manufacturing Amusement and Theme Parks Restaurants -- Limited Service Restaurants -- Full Service Child Day Care Services Child Day Care Services Health Clubs Restaurants -- Full Service Restaurants -- Full Service Movie Theaters Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Automotive Repair and Maintenance Automotive Repair and Maintenance Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 43 7 14 - - - 603 8 - - 18 - - - - - - - - - - - - - - 329 22 - - 102 - - - - - - - - - - - - 60 39 78 - - - 2,116 567 - - 199 - - - - - - - - - - - - - - 2,176 153 - - 1,153 - - - - - - - - - - - - 659 603 617 396 499 545 1,364 627 1,029 668 848 703 1,967 1,094 869 356 432 171 424 190 244 206 199 1,799 432 4,193 567 1,608 580 1,083 1,297 1,038 505 1,620 1,164 1,329 915 1,502 983 714 1,796 1,657 1,137 685 918 364 2,551 1,073 2,294 1,191 793 902 954 426 870 869 796 602 466 708 893 504 756 479 710 2,834 - 15,584 799 2,711 1,293 1,818 3,526 1,681 1,569 4,214 1,784 2,214 1,636 1,694 1,696 1,618 1,793 2,349 1,796 1,288 1,535 760 3,050 1,618 3,658 1,818 1,822 1,570 1,802 1,129 2,837 1,963 1,665 958 898 879 1,317 694 1,000 685 909 4,633 432 19,777 1,366 4,319 1,873 2,901 4,823 2,719 2,074 5,834 2,948 3,543 2,551 3,196 2,679 2,332 3,589 4,006 (212) (134) (177) (106) (248) (311) (373) (172) (117) (126) (183) (66) (159) (127) (151) (139) (187) (138) (150) (96) (117) (78) (100) (794) - (3,248) (127) (497) (156) (435) (630) (276) (237) (946) (337) (372) (248) (278) (329) (258) (418) (527) 1990 1972 1992 2004 2015 1982 2016 2000 2005 1920 2005 2005 1998 2005 1979 2001 1995 1880 2014 1987 2010 2011 2012 1961 1990 2009 1979 1999 1954 1959 1978 2008 2011 2006 2008 2010 2010 2010 2010 2010 2014 2014 04/06/2015 04/06/2015 04/06/2015 04/07/2015 04/09/2015 04/16/2015 04/17/2015 04/20/2015 04/22/2015 04/22/2015 04/22/2015 04/22/2015 04/22/2015 04/22/2015 04/22/2015 04/24/2015 04/24/2015 04/24/2015 04/29/2015 04/29/2015 04/29/2015 04/29/2015 04/29/2015 04/29/2015 04/30/2015 04/30/2015 04/30/2015 05/06/2015 05/06/2015 05/06/2015 05/08/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 05/13/2015 (f) (f) (f) (f) (f) (f) (f) St Encumbrances City PA Monaca PA Monroeville PA Somerset MI Petoskey OK Edmond GA Loganville TX Cedar Park NC Shelby IL Addison IL Chicago IL Mount Prospect IL Oak Park Oakbrook Terrace IL IL Oswego IL Willowbrook MI Adrian MI Brooklyn MI Tecumseh KY Barbourville KY Bowling Green KY Danville KY Frankfort KY Morehead VA Roanoke (f) (f) (f) (f) Initial Cost to Company Land & Improvements 616 596 603 396 499 545 761 619 1,029 668 830 703 1,967 1,094 869 356 432 171 424 190 244 206 199 1,799 Building & Improvements 1,077 646 840 364 2,551 1,073 178 624 793 902 755 426 870 869 796 602 466 708 893 504 756 479 710 2,834 (f) (f) (f) (f) (f) Woodridge West Berlin Norfolk Douglasville Minneapolis Minneapolis Modesto Athens Bryant Clarksville Richmond Pearl Yukon Chattanooga Manchester Buda Edinburg Harlingen IL NJ VA GA MN MN CA AL AR IN KY MS OK TN TN TX TX TX 432 3,864 545 1,608 580 981 1,297 1,038 505 1,620 1,164 1,329 915 1,502 983 714 1,796 1,657 - 13,408 646 2,711 1,293 665 3,526 1,681 1,569 4,214 1,784 2,214 1,636 1,694 1,696 1,618 1,793 2,349 F-22 Descriptions (a) Tenant Industry Automotive Repair and Maintenance Automotive Repair and Maintenance Car Dealers Car Dealers Health Clubs Miscellaneous Nondurable Goods Merchant City League City Weslaco Toledo Erie Summerville St Encumbrances TX TX OH PA SC (f) Initial Cost to Company Land & Improvements 1,385 1,196 474 430 368 Building & Improvements 2,502 2,513 957 1,009 1,920 Wholesalers Grand Haven MI 11,429 6,038 Miscellaneous Nondurable Goods Merchant Wholesalers Miscellaneous Nondurable Goods Merchant Wholesalers Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Cement and Concrete Product Manufacturing Cement and Concrete Product Manufacturing Cement and Concrete Product Manufacturing Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Other Professional, Scientific, and Technical Services Furniture Stores Movie Theaters Movie Theaters Other Ambulatory Health Care Services Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Child Day Care Services Child Day Care Services Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Movie Theaters Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machine Shops; Turned Product; and Screw, Nut, Sims NC 2,823 786 OK Hulbert IA Davenport IL Bourbonnais IL East Peoria IL Galesburg IL Moline IL Pekin IL Streator IL Washington OH Delaware OH Obetz OH Sunbury Commerce GA Flowery Branch GA AZ Chandler AZ Tempe Manitowoc Becker Porterville Riverbank Albany Cincinnati Cincinnati Cincinnati North Aurora Plymouth Champaign Danville Homewood Macomb Normal Springfield Selmer Humble Beloit WI MN CA CA GA OH OH OH IL MN IL IL IL IL IL IL TN TX WI (f) (f) (f) (f) (f) 6,712 216 192 262 115 116 165 63 204 346 624 749 469 439 287 688 309 2,965 1,743 3,963 497 286 407 1,014 760 1,737 338 600 295 397 694 234 1,122 2,532 2,188 283 521 227 324 200 395 161 366 1,494 1,266 1,181 705 725 1,395 654 472 7,102 3,614 8,072 - 2,683 127 5,982 2,443 1,925 886 844 768 746 470 458 5,613 139 666 3,425 and Bolt Manufacturing Waukesha WI 2,577 8,710 Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Metal and Mineral Merchant Wholesalers Machine Shops; Turned Product; and Screw, Nut, Lombard Louisville IL KY 2,040 1,165 5,923 - and Bolt Manufacturing Willoughby OH 395 1,396 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - - - - - 210 534 - - - - 365 - - - - - - - - - - - - - - - - - - - - - - - 949 - 175 - 53 37 - - - 3,118 3,364 - - - - 1,501 - - - - - - - 1,989 - 10,631 1,385 1,196 474 430 368 2,502 2,513 957 1,009 1,920 3,887 3,709 1,431 1,439 2,288 (526) (531) (223) (219) (347) 2011 2014 1972 2000 2012 05/13/2015 05/13/2015 05/15/2015 05/15/2015 05/15/2015 11,429 6,038 17,467 (2,728) 1950 05/22/2015 2,823 6,712 216 192 262 115 116 165 63 204 346 624 749 469 439 287 688 309 2,965 1,743 4,173 1,031 286 407 1,014 760 2,102 338 600 295 397 694 234 1,122 4,521 786 3,609 (37) 1985 05/22/2015 2,188 283 521 227 324 200 395 161 366 1,494 2,215 1,181 880 725 1,448 691 472 7,102 3,614 11,190 3,364 2,683 127 5,982 2,443 3,426 886 844 768 746 470 458 8,900 499 713 489 439 316 560 224 570 1,840 2,839 1,930 1,349 1,164 1,735 1,379 781 10,067 5,357 15,363 4,395 2,969 534 6,996 3,203 5,528 1,224 1,444 1,063 1,143 1,164 692 5,613 10,770 6,735 15,291 (2,083) (62) (100) (67) (62) (59) (82) (47) (77) (254) (215) (186) (141) (138) (309) (238) (136) (1,941) (658) (1,919) (402) (333) (42) (931) (312) (666) (162) (207) (146) (144) (116) (85) (1,133) (1,502) 1995 1997 2001 1996 1990 1997 1996 1990 1994 1961 1970 1994 1996 1998 1985 1995 1966 2000 1998 2000 2016 1960 1971 1951 2005 1950 2007 1970 1973 1992 1995 1986 1995 2016 05/22/2015 06/01/2015 06/01/2015 06/01/2015 06/01/2015 06/01/2015 06/01/2015 06/01/2015 06/01/2015 06/02/2015 06/02/2015 06/02/2015 06/03/2015 06/03/2015 06/08/2015 06/08/2015 06/19/2015 06/24/2015 06/25/2015 06/25/2015 06/25/2015 06/25/2015 06/25/2015 06/25/2015 06/26/2015 06/26/2015 06/30/2015 06/30/2015 06/30/2015 06/30/2015 06/30/2015 06/30/2015 06/30/2015 06/30/2015 - - - - - - - - - - 666 3,425 4,091 (638) 1926 06/30/2015 2,577 8,710 11,287 (1,624) 1911 06/30/2015 2,040 1,165 5,923 - 7,963 1,165 (984) - 1968 1962 07/17/2015 07/17/2015 395 1,396 1,791 (236) 1979 07/17/2015 F-23 Descriptions (a) Tenant Industry Machine Shops; Turned Product; and Screw, Nut, City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired and Bolt Manufacturing Movie Theaters Health Clubs Outpatient Care Centers Outpatient Care Centers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Movie Theaters Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Health Clubs Corporate Aircraft Repair and Maintenance Facilities Bowling Centers Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Other Professional, Scientific, and Technical Services Amusement and Theme Parks Restaurants -- Full Service Elementary and Secondary Schools Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Furniture Stores Restaurants -- Limited Service Restaurants -- Limited Service Lessors of Real Estate Furniture Stores Child Day Care Services Child Day Care Services Hudson Lawrenceville Summerville Asheville Clyde Jersey Village San Antonio Mission Blue Springs Blue Springs Independence Independence Independence Kansas City Kansas City Lee's Summit Jacinto City Freeport Galesburg Jacksonville Monroe WI GA SC NC NC TX TX KS MO MO MO MO MO MO MO MO TX IL IL IL WA Grand Junction CO WA Richland Harrison AR AR Jonesboro North Little Rock AR AZ Sierra Vista AZ Tucson AZ Tucson AZ Tucson Cortez Monticello Milan Los Angeles Athens Dawsonville East Ellijay Jasper Roswell Hobbs Lawrenceburg Springfield Houston Lubbock Charlotte Matthews FL IN MI CA AL GA GA GA GA NM TN TN TX TX NC NC (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 502 6,077 1,026 286 164 486 1,564 500 429 367 388 316 388 286 306 337 1,034 561 776 670 1,643 2,870 1,180 294 232 371 384 522 361 514 256 19,925 322 9,745 401 507 588 316 268 1,805 283 417 1,603 1,512 609 616 4,960 153 3,203 975 263 1,192 1,872 - - - - - - - - - 6,178 2,214 2,040 1,494 2,552 32,782 2,185 777 941 1,043 1,035 508 639 347 879 - 488 5,021 631 647 476 738 475 8,828 388 545 5,711 7,836 1,526 1,520 - 408 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 108 - 228 - - - - - - - - - - - - - 8,675 - - - - - - - - - - - - - - - - - - - - - - - - - 250 - - - - 175 2,276 - - - - - 240 - - - 342 - - 502 6,485 1,026 286 164 486 1,564 500 429 367 388 316 388 286 306 337 1,034 561 776 670 1,643 2,870 1,180 294 232 371 384 522 361 514 256 20,033 322 9,973 401 507 588 316 268 1,805 283 417 1,603 1,512 609 616 4,960 8,828 3,203 975 263 1,192 1,872 - - - - - - - - - 6,178 2,214 2,040 1,494 2,552 32,782 2,185 777 941 1,043 1,035 758 639 347 879 - 663 7,297 631 647 476 738 475 9,068 388 545 5,711 8,178 1,526 1,520 5,462 15,313 4,229 1,261 427 1,678 3,436 500 429 367 388 316 388 286 306 337 7,212 2,775 2,816 2,164 4,195 35,652 3,365 1,071 1,173 1,414 1,419 1,280 1,000 861 1,135 20,033 985 17,270 1,032 1,154 1,064 1,054 743 10,873 671 962 7,314 9,690 2,135 2,136 (792) (744) (557) (183) (73) (204) (332) - - - - - - - - - (1,664) (292) (306) (240) (497) (2,445) (539) (94) (96) (150) (156) (133) (123) (94) (135) (6) (178) (1,128) (107) (124) (123) (140) (89) (990) (74) (97) (667) (807) (249) (199) 1981 2016 1993 2000 1978 1982 2014 2001 1993 2001 1994 1994 2001 1998 1998 2000 1998 1993 1993 2007 2004 1988 1960 2008 2007 1999 2005 1990 1989 1990 1974 1950 1978 1981 1976 1997 2005 2006 1978 2009 1979 1976 2015 2005 2006 2003 07/17/2015 07/28/2015 07/29/2015 07/31/2015 07/31/2015 08/11/2015 08/11/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/12/2015 08/20/2015 08/20/2015 08/20/2015 08/20/2015 08/21/2015 08/21/2015 08/26/2015 08/26/2015 08/26/2015 08/27/2015 08/27/2015 08/27/2015 08/27/2015 08/31/2015 09/01/2015 09/01/2015 09/09/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/16/2015 09/17/2015 09/17/2015 F-24 Descriptions (a) Tenant Industry Other Professional, Scientific, and Technical City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Services Other Professional, Scientific, and Technical Services Other Motor Vehicle Dealers Car Dealers Car Dealers Car Dealers Outpatient Care Centers Outpatient Care Centers Plastics Product Manufacturing Outpatient Care Centers Plastics Product Manufacturing Plastics Product Manufacturing Restaurants -- Full Service Automotive Repair and Maintenance Movie Theaters Movie Theaters Health Clubs Other Professional, Scientific, and Technical Services Child Day Care Services Movie Theaters Restaurants -- Full Service Consumer Goods Rental Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Restaurants -- Full Service Other Professional, Scientific, and Technical Services Tinley Park IL IA Des Moines NC Greensboro OK Midwest City OK Moore OK Oklahoma City AZ Wickenburg AZ Wickenburg FL Tampa GA Augusta GA Thomasville TN Milan Arden Hills MN Garfield Heights OH FL Orlando TX Houston CA Sacramento Englewood Golden Valley Houston Wheaton Tacoma Flint Flint Houghton Lake Owosso Midwest City Austell CO MN TX IL WA MI MI MI MI OK GA GA AZ KS MO IA IA IA IA Other Professional, Scientific, and Technical Services Health Clubs Advertising, Public Relations, and Related Services New Century Other Professional, Scientific, and Technical Villa Rica Peoria Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Other Electrical Equipment and Component St. Louis Creston Des Moines Oskaloosa Ottumwa Manufacturing Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Child Day Care Services Child Day Care Services Child Day Care Services Other Textile Product Mills Other Textile Product Mills NY Niagara Falls Alamosa CO Colorado Springs CO CO Elizabeth CO La Junta CO La Veta CO Lamar CO Limon CO Pueblo CT Madison CT Wallingford MO O'Fallon OK Pauls Valley TX Wichita Falls - 265 619 884 (111) 1971 09/18/2015 - 515 - - - - - - - - - 2,938 - - 6,538 - - 244 7,426 - - 36 41 30 35 - - - - - - 244 274 239 142 - - - - - - - - - - - - - - 188 1,903 194 1,290 1,969 1,264 341 797 3,513 1,449 123 1,088 110 4,576 4,229 1,682 1,992 1,027 2,729 1,976 271 131 211 78 63 1,121 231 7,513 361 1,853 4,746 5,647 1,274 7,539 1,986 3,065 1,578 3,006 433 8,451 7,411 4,842 4,741 940 7,797 1,342 1,519 240 266 108 277 385 419 9,416 555 3,143 6,715 6,911 1,615 8,336 5,499 4,514 1,701 4,094 543 13,027 11,640 6,524 6,733 1,967 10,526 3,318 1,790 371 477 186 340 1,506 (56) (786) (56) (316) (745) (785) (227) (1,121) (423) (571) (235) (290) (80) (1,910) (942) (805) (682) (217) (663) (401) (227) (67) (66) (30) (64) (127) 1983 2005 1965 1990 1978 1994 1986 1989 1987 1973 1977 2017 1989 1999 2016 2004 1987 1959 2017 1994 1948 1996 2003 1990 1983 1998 09/24/2015 09/25/2015 09/25/2015 09/25/2015 09/25/2015 09/30/2015 09/30/2015 09/30/2015 09/30/2015 09/30/2015 09/30/2015 10/09/2015 10/09/2015 10/16/2015 10/21/2015 10/23/2015 10/23/2015 10/27/2015 10/28/2015 10/30/2015 11/03/2015 11/10/2015 11/10/2015 11/10/2015 11/10/2015 11/12/2015 177 340 517 (84) 1994 11/19/2015 138 1,866 1,058 263 239 446 196 185 715 1,024 2,280 1,810 985 324 1,364 508 1,168 487 526 898 1,069 1,368 351 5,400 6,931 643 934 1,063 879 868 2,571 3,781 2,766 3,796 1,808 217 749 263 4,439 - - 2,974 2,666 2,075 489 7,266 7,989 906 1,173 1,509 1,075 1,053 3,286 4,805 5,046 5,606 2,793 541 2,113 771 5,607 487 526 3,872 3,735 3,443 (90) (679) (1,231) (143) (198) (186) (170) (189) (651) (646) (488) (588) (287) (50) (223) (77) (558) - - (341) (630) (709) 2002 2009 1988 1989 1982 1982 1980 1960 1965 2002 2012 2004 1974 1985 1982 1982 1968 1965 2002 2007 1974 1969 11/19/2015 11/20/2015 11/23/2015 11/24/2015 11/25/2015 11/25/2015 11/25/2015 11/25/2015 12/03/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/04/2015 12/10/2015 12/10/2015 12/10/2015 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 265 619 188 1,894 194 1,290 1,969 1,264 295 797 3,513 1,449 123 723 110 4,576 1,998 1,682 1,992 1,012 2,034 1,976 271 127 206 73 58 1,121 231 6,998 361 1,853 4,746 5,647 1,274 7,539 1,986 3,065 1,578 68 433 8,451 873 4,842 4,741 696 371 1,342 1,519 204 225 78 242 385 177 340 138 1,866 1,058 263 179 272 194 136 715 1,024 2,280 1,810 985 324 1,364 508 1,168 487 526 898 1,069 1,368 351 5,400 6,931 643 690 789 640 726 2,571 3,781 2,766 3,796 1,808 217 749 263 4,439 - - 2,974 2,666 2,075 - - 9 - - - - 46 - - - - 365 - - 2,231 - - 15 695 - - 4 5 5 5 - - - - - - 60 174 2 49 - - - - - - - - - - - - - - F-25 Descriptions (a) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) (f) Tenant Industry Medical and Diagnostic Laboratories Other Miscellaneous Manufacturing Other Miscellaneous Manufacturing Other Miscellaneous Manufacturing Other Fabricated Metal Product Manufacturing Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Home Furnishings Stores Automotive Repair and Maintenance Wholesale Automobile Auction Amusement and Theme Parks Amusement and Theme Parks Amusement and Theme Parks Restaurants -- Full Service Offices of Physicians Offices of Physicians Other Ambulatory Health Care Services Home Furnishings Stores Home Furnishings Stores Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Consumer Goods Rental Restaurants -- Full Service Restaurants -- Limited Service Other Personal Services Other Professional, Scientific, and Technical Services Gainesville Other Professional, Scientific, and Technical Services Oakwood Other Professional, Scientific, and Technical Services Suwanee Westmont Offices of Dentists Other Professional, Scientific, and Technical Services Anchorage Restaurants -- Full Service Health Clubs Movie Theaters Management, Scientific, and Technical Consulting St Encumbrances City FL Miami ME Burnham ME Guilford Florence WI Grand Junction CO IL Bloomington IL Bloomington IL Bloomington IL Bourbonnais IL Champaign IL Lincoln IL Peoria IL Springfield MN Crystal IL Crestwood TX Mansfield TX Roanoke TX Waco MN St. Cloud IL Crest Hill IL Naperville MI Flint GA Kennesaw GA Norcross IL Trenton IN Anderson KS Salina TX Seguin IN Muncie SC Spartanburg WI Madison GA GA GA IL AK GA KY TN Milton Louisville Bristol (f) (f) (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 511 728 79 313 1,817 404 438 204 476 496 322 607 1,015 226 10,376 - - - 839 918 1,501 345 5,000 4,465 1,401 285 335 466 261 129 254 211 217 337 429 828 487 407 3,322 Building & Improvements 2,498 5,769 621 987 5,634 1,178 1,314 377 625 1,267 1,190 745 1,128 799 2,486 - - - 3,171 6,499 2,489 - 9,026 7,385 5,894 933 762 641 - 393 770 541 455 716 906 702 1,021 654 6,883 Services Hebron KY 955 776 Management, Scientific, and Technical Consulting Services Wayland MI 1,009 843 Management, Scientific, and Technical Consulting Services Ypsilanti MI 1,686 2,016 Management, Scientific, and Technical Consulting Services Other Personal Services Other Personal Services Other Personal Services OH Columbus KS Lenexa MO Kansas City Lee's Summit MO 962 459 941 513 769 1,163 861 947 Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - 201 - - - - - - - - 228 1,303 420 354 468 99 - - 3,537 - - - - - - - - - - - - 33 - - 1,378 - - - - - - - - 511 728 79 313 2,051 404 438 204 476 496 322 607 1,015 230 10,384 - - - 839 918 1,501 1,095 5,000 4,465 1,401 285 335 466 261 129 254 211 217 337 429 828 487 411 3,322 2,498 5,769 621 987 5,835 1,178 1,314 377 625 1,267 1,190 745 1,128 1,027 3,789 420 354 468 3,270 6,499 2,489 3,537 9,026 7,385 5,894 933 762 641 - 393 770 541 455 716 939 702 1,021 2,032 6,883 3,009 6,497 700 1,300 7,886 1,582 1,752 581 1,101 1,763 1,512 1,352 2,143 1,257 14,173 420 354 468 4,109 7,417 3,990 4,632 14,026 11,850 7,295 1,218 1,097 1,107 261 522 1,024 752 672 1,053 1,368 1,530 1,508 2,443 10,205 (289) (918) (95) (151) (918) (182) (201) (59) (127) (202) (284) (185) (236) (136) (1,559) (134) (134) (134) (512) (620) (347) (410) (1,458) (1,831) (1,000) (225) (169) (118) - (87) (94) (122) (78) (163) (202) (159) (112) (174) (969) 2008 1950 1991 1988 1970 1986 1998 1970 1995 2000 1996 1999 2013 1969 1994 2009 2011 2012 1999 2009 2005 2016 1997 1997 1989 1988 1972 1985 1972 2015 2005 1999 2001 1990 1989 2005 1950 2003 2015 12/14/2015 12/15/2015 12/15/2015 12/15/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/16/2015 12/17/2015 12/18/2015 12/18/2015 12/18/2015 12/21/2015 12/23/2015 12/23/2015 12/23/2015 12/29/2015 12/29/2015 12/29/2015 12/29/2015 12/29/2015 12/29/2015 12/30/2015 12/30/2015 01/04/2016 01/08/2016 01/08/2016 01/08/2016 01/12/2016 01/29/2016 01/29/2016 02/01/2016 02/02/2016 955 776 1,731 (265) 1998 02/09/2016 1,009 843 1,852 (258) 2005 02/09/2016 1,686 2,016 3,702 (502) 1999 02/09/2016 962 459 941 513 769 1,163 861 947 1,731 1,622 1,802 1,460 (263) (185) (177) (171) 1995 1999 2004 2001 02/09/2016 02/11/2016 02/11/2016 02/11/2016 - - - - 234 - - - - - - - - 4 8 - - - - - - 750 - - - - - - - - - - - - - - - 4 - - - - - - - - F-26  St Encumbrances City Charlotte NC Minnetonka MN FL Jupiter TX Justin IL Aurora (f) Initial Cost to Company Land & Improvements 1,516 521 281 159 1,603 Building & Improvements - 1,064 472 956 1,135 Descriptions (a) Tenant Industry Restaurants -- Full Service Child Day Care Services Medical and Diagnostic Laboratories Child Day Care Services Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Child Day Care Services Child Day Care Services Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Elmwood Park IL Naperville IL IL Plainfield Wyoming MI Balcones Heights Converse TX TX TX TX San Antonio San Antonio San TX Antonio GA Augusta GA Augusta MN Mankato ND Fargo Hudson WI Green Bay WI Marshfield WI Child Day Care Services Furniture Stores Automotive Repair and Maintenance Offices of Dentists Commercial and Industrial Machinery and Equipment Repair and Maintenance Commercial and Industrial Machinery and Equipment Repair and Maintenance Medical and Diagnostic Laboratories Boiling Springs Midland McAllen Palos Heights Cannon Falls SC TX TX IL MN Hastings MN Alpharetta GA Restaurants -- Limited Service Restaurants -- Full Service Farm and Ranch Supply Stores Restaurants -- Limited Service Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Aerospace Product and Parts Manufacturing Other Personal Services Aerospace Product and Parts Manufacturing Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machinery, Equipment, and Supplies Merchant Oklahoma City OK OK Edmond ID Burley OK Tulsa Cedar City UT St George UT Tooele UT West Jordan Athens Olathe Tulsa UT GA KS OK 1,042 1,004 698 282 194 230 1,216 1,566 1,865 1,253 1,064 390 1,189 1,260 117 569 274 255 401 7,639 7,219 7,105 7,367 3,018 140 1,846 1,620 821 542 538 11,328 16,872 9,891 17,793 11,874 533 7,267 2,245 222 294 1,788 3,291 799 2,852 719 231 1,287 679 3,348 3,223 3,308 2,587 1,289 1,294 1,985 703 5,676 35 598 2,705 826 2,884 3,189 3,535 3,435 5,935 1,034 3,133 61,531 (f) (f) Osgood IN Versailles IN 470 1,011 795 3,106 Wholesalers Jamestown ND (f) 2,112 6,577 Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Euclid OH Martin TN 371 1,486 336 2,079 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 941 634 - 214 - - - - - - - - - - 146 100 - - - - - - 373 - 1,843 521 281 165 1,603 1,042 1,004 698 282 194 230 941 1,698 472 1,170 1,135 1,216 1,566 1,865 1,253 1,064 390 2,784 2,219 753 1,335 2,738 2,258 2,570 2,563 1,535 1,258 620 (173) (236) (137) (167) - - - - - (217) (89) 2016 1977 1990 1999 2006 1951 2015 2013 2006 1950 1999 02/12/2016 02/18/2016 02/19/2016 02/19/2016 02/24/2016 02/24/2016 02/24/2016 02/24/2016 02/24/2016 02/24/2016 02/24/2016 1,189 1,260 2,449 (286) 1945 02/24/2016 117 569 686 (94) 1997 02/24/2016 274 255 401 7,639 7,219 7,105 7,367 3,018 140 1,846 1,620 821 688 638 11,328 16,872 9,891 17,793 11,874 533 7,640 2,245 1,095 943 1,039 18,967 24,091 16,996 25,160 14,892 673 9,486 3,865 (144) (117) (101) (2,264) (3,065) (1,967) (2,664) (1,690) (74) (900) (415) 1990 1982 2006 2015 1995 1992 1966 1980 1971 2007 2015 02/24/2016 02/26/2016 02/26/2016 02/26/2016 02/26/2016 02/26/2016 06/16/2016 06/16/2016 02/26/2016 02/26/2016 03/02/2016 31 222 325 547 (72) 1974 03/04/2016 - - - 687 - - - - - - - - - 2,935 - - - - - 1,788 3,291 5,079 (825) 1987 03/11/2016 799 2,852 996 231 1,287 679 3,348 3,223 3,308 2,587 1,289 1,294 2,403 470 795 703 5,676 722 598 2,705 826 2,884 3,189 3,535 3,435 5,935 1,034 6,068 1,502 8,528 1,718 829 3,992 1,505 6,232 6,412 6,843 6,022 7,224 2,328 8,471 (208) (635) (120) (87) (484) (165) (735) (659) (676) (561) (900) (292) (807) 1997 1999 2017 1971 1967 2013 2002 2012 2002 2008 1995 1996 1965 03/11/2016 03/17/2016 03/22/2016 03/23/2016 03/29/2016 03/29/2016 03/29/2016 03/29/2016 03/29/2016 03/29/2016 03/30/2016 03/30/2016 03/30/2016 1,011 1,481 (170) 2002 03/31/2016 3,106 3,901 (431) 1965 03/31/2016 2,112 6,577 8,689 (1,044) 2013 03/31/2016 371 336 1,486 1,857 (223) 1930 03/31/2016 2,079 2,415 (324) 1972 03/31/2016 327 - - 6 - - - - - - - - - - - - - - - - - - - - - - - - 277 - - - - - - - - - 418 - - - - - F-27 Descriptions (a) Tenant Industry Machine Shops; Turned Product; and Screw, Nut, City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired and Bolt Manufacturing Outpatient Care Centers Restaurants -- Limited Service Child Day Care Services Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Machinery, Equipment, and Supplies Merchant Merrill Spartanburg Frisco Eden Prairie St Paul Florence Florence WI SC TX MN MN SC SC (f) (f) 738 338 641 791 560 373 251 2,164 719 79 1,608 452 409 352 Wholesalers Charlotte NC 532 996 Machinery, Equipment, and Supplies Merchant Wholesalers Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services OK Tulsa TX Alvin TX Bay City TX Baytown TX Dickinson TX El Campo TX Freeport TX Houston TX Houston TX Houston TX Houston TX Houston TX Houston TX Houston TX Houston TX Houston TX Huntsville TX Jasper TX Katy TX La Marque TX Livingston Port Arthur TX South Houston TX West Columbia TX TX Wharton IL Montgomery IL Morton IL Pekin IL Peoria 214 363 339 255 346 529 210 355 221 280 247 274 226 349 341 223 545 240 247 288 222 350 257 316 306 772 604 485 767 861 398 493 311 359 666 216 425 309 345 317 327 247 448 432 263 593 336 306 331 295 344 326 349 317 1,695 948 808 943 - - 190 - 437 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 684 - 1,724 - - - - - 145 136 145 145 - 145 134 134 - 134 145 145 145 - - - - - - 145 123 145 145 - - - - 738 338 831 791 997 373 251 532 214 363 339 255 346 529 210 355 221 280 247 274 226 349 341 223 545 240 247 288 222 350 257 316 306 772 604 485 767 2,164 719 763 1,608 2,176 409 352 2,902 1,057 1,594 2,399 3,173 782 603 (341) (129) (105) (182) (251) (78) (63) 1970 2007 2017 2012 2016 1996 1991 03/31/2016 04/14/2016 04/14/2016 04/15/2016 04/15/2016 04/15/2016 04/15/2016 996 1,528 (133) 1988 04/19/2016 861 398 638 447 504 811 216 570 443 479 317 461 392 593 577 263 593 336 306 331 295 489 449 494 462 1,695 948 808 943 1,075 761 977 702 850 1,340 426 925 664 759 564 735 618 942 918 486 1,138 576 553 619 517 839 706 810 768 2,467 1,552 1,293 1,710 (118) (75) (82) (61) (78) (120) (43) (82) (55) (66) (53) (64) (54) (82) (80) (47) (112) (52) (52) (60) (48) (78) (61) (72) (69) (256) (163) (136) (158) 1970 1982 1975 1982 1977 1972 1984 1982 1985 1980 1985 1984 1975 1978 1979 1982 1979 1982 1984 1995 1986 1986 1982 1982 1972 2009 2012 1992 1996 04/19/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/26/2016 04/29/2016 04/29/2016 04/29/2016 04/29/2016 F-28 Descriptions (a) Tenant Industry Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Health Clubs Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Other Professional, Scientific, and Technical Services Child Day Care Services Child Day Care Services Child Day Care Services Other Professional, Scientific, and Technical Services Amusement and Theme Parks Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Automotive Repair and Maintenance Automotive Repair and Maintenance Plastics Product Manufacturing Plastics Product Manufacturing Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant St Encumbrances City IL Peoria IL Peoria IL Peoria Heights IL Romeoville Becker MN Lake in the Hills IL MS Clarksdale MS Cleveland MS Greenwood NY Rochester NY Syracuse Initial Cost to Company Land & Improvements 626 402 217 802 191 381 171 91 195 429 776 Building & Improvements 1,751 762 1,175 1,516 690 - 459 396 323 4,630 4,965 (f) (f) Vancouver Burleson Burleson Burleson Merced Grand Island Akron Akron Akron Akron Massillon North Canton Seven Hills Stow Peru Princeton Greenville Travelers Rest Andover Beverly Hopkinton Marlborough Naples WA TX TX TX CA NY OH OH OH OH OH OH OH OH IL IL SC SC MA MA MA MA FL 534 309 425 435 583 8,009 1,288 453 1,194 241 511 584 780 718 251 89 958 919 1,500 1,520 2,438 1,038 1,490 1,069 1,905 1,494 1,656 - 414 1,975 647 1,541 733 799 374 725 360 482 3,146 5,883 5,423 5,003 7,089 3,683 2,154 3,343 Wholesalers North Fort Myers FL 5,501 15,647 Lumber and Other Construction Materials Merchant Wholesalers Other Personal Services Elementary and Secondary Schools Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Child Day Care Services Child Day Care Services Furniture Stores Automotive Repair and Maintenance Automotive Repair and Maintenance Child Day Care Services North Port FL Pompano Beach FL CA Sunnyvale VA Abingdon TN Spring Hill MA Sudbury MA Walpole MA Westford TX San Antonio MN Maplewood MN Minneapolis GA Douglasville (f) (f) (f) 1,249 788 10,265 321 455 2,291 2,430 1,179 1,190 254 282 638 3,247 969 3,811 96 91 6,093 7,847 6,153 3,501 224 821 1,563 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - 99 2,401 51 54 48 - - - - - - - - - - - - - - - - - - - - - - - - - - 626 402 217 802 256 386 173 93 198 429 776 534 309 425 435 583 8,009 1,288 453 1,194 241 511 584 780 718 251 89 958 919 1,500 1,520 2,438 1,038 1,751 762 1,175 1,516 789 2,401 510 450 371 4,630 4,965 1,490 1,069 1,905 1,494 1,656 - 414 1,975 647 1,541 733 799 374 725 360 482 3,146 5,883 5,423 5,003 7,089 3,683 2,377 1,164 1,392 2,318 1,045 2,787 683 543 569 5,059 5,741 2,024 1,378 2,330 1,929 2,239 8,009 1,702 2,428 1,841 1,782 1,244 1,383 1,154 1,443 611 571 4,104 6,802 6,923 6,523 9,527 4,721 (254) (120) (158) (234) (171) (166) (80) (76) (87) (586) (623) (207) (184) (249) (257) (252) (1,089) (185) (164) (196) (346) (162) (178) (102) (144) (64) (96) (492) (1,182) (785) (718) (1,194) (536) 1985 1970 1965 2003 1994 2017 1988 1999 1984 1905 1892 2000 2006 1993 2009 1986 1961 1950 1960 1994 2005 1996 2003 2001 1987 1996 1993 1965 1981 1930 2009 2004 1996 04/29/2016 04/29/2016 04/29/2016 04/29/2016 04/29/2016 05/04/2016 05/06/2016 05/06/2016 05/06/2016 05/06/2016 05/06/2016 05/06/2016 05/11/2016 05/11/2016 05/11/2016 05/12/2016 05/13/2016 05/17/2016 05/17/2016 05/17/2016 05/17/2016 05/17/2016 05/17/2016 05/17/2016 05/17/2016 05/26/2016 05/26/2016 05/27/2016 05/27/2016 05/31/2016 05/31/2016 05/31/2016 05/31/2016 2,154 3,343 5,497 (560) 2002 06/01/2016 5,501 15,647 21,148 (2,544) 1983 06/01/2016 - 2,105 4,459 585 450 - - - - 37 72 - 1,249 3,134 10,307 427 896 2,291 2,430 1,179 1,190 289 299 638 3,247 3,074 8,270 681 541 6,093 7,847 6,153 3,501 261 893 1,563 4,496 6,208 18,577 1,108 1,437 8,384 10,277 7,332 4,691 550 1,192 2,201 (547) (483) (1,472) (86) (150) (944) (931) (865) (340) (67) (173) (196) 2000 1968 1956 1977 2016 1911 2008 1996 1993 1962 1954 2008 06/01/2016 06/01/2016 06/02/2016 06/02/2016 06/03/2016 06/07/2016 06/07/2016 06/07/2016 06/16/2016 06/17/2016 06/17/2016 06/27/2016 - - - - 65 5 2 2 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,346 42 106 441 - - - - 35 17 - F-29  St Encumbrances TN (f) Initial Cost to Company Land & Improvements 1,974 Building & Improvements - Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Descriptions (a) Tenant Industry Restaurants -- Full Service Other Professional, Scientific, and Technical Services Child Day Care Services Health Clubs Restaurants -- Full Service Foundation, Structure, and Building Exterior City Nashville Glendale Novi Katy Sioux City WI MI TX IA Contractors Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Bowling Centers Other Personal Services Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Child Day Care Services Health Clubs Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services Other Personal Services ME Bangor SD Rapid City SD Sioux Falls SD Spearfish SD Watertown WA Seattle MI Ann Arbor AL Newton AL Oxford TX Waco CT Windsor KY Florence AZ Phoenix FL Jacksonville Newberry FL Ormond Beach FL FL Riviera Beach FL Sanford LA Kenner NC Huntersville NC Matthews TX Houston TX Humble TX Irving NM Albuquerque Other Personal Services Health Clubs Health Clubs Other Professional, Scientific, and Technical Services Restaurants -- Full Service Automotive Repair and Maintenance Car Dealers Other Professional, Scientific, and Technical Services Foundation, Structure, and Building Exterior Contractors Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Lumber and Other Construction Materials Merchant Los Ranchos de Albuquerque Little Rock Chattanooga NM AR TN Columbus Gastonia Channahon Orlando GA NC IL FL Horn Lake MS Rotterdam Benton Jackson Nelsonville Portsmouth Barboursville Parkersburg NY KY OH OH OH WV WV (f) (f) (f) (f) (f) (f) (f) (f) 313 959 1,065 369 273 887 518 790 700 1,726 719 102 132 68 359 286 573 415 999 404 934 1,165 650 1,070 440 1,412 936 383 764 1,107 1,867 943 192 1,408 446 4,389 710 90 468 2,169 614 1,652 2,550 1,447 2,327 1,082 899 349 1,140 223 - - 1,121 3,236 1,372 1,274 2,037 667 1,603 732 1,162 3,100 1,746 2,349 1,010 768 1,330 772 431 - 630 4,933 200 673 244 341 521 382 377 389 366 417 574 394 563 607 654 698 Wholesalers Big Lake MN 752 492 Dripping Springs TX 3,346 4,063 Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 2,038 2,119 2,038 4,157 (126) 2017 06/30/2016 - 2,711 5,151 - 163 - - - - 796 - - - - - 2,124 - 322 477 - - - - 557 382 - - - - - 83 81 - 1,282 - 473 - 32 - - - - - - - - 313 2,163 2,447 369 355 887 518 790 700 1,870 719 102 132 68 359 579 573 493 999 404 934 1,165 650 1,070 440 1,412 936 383 764 1,107 1,867 943 192 1,760 446 4,533 200 244 341 521 382 377 389 366 710 2,801 5,619 2,169 777 1,652 2,550 1,447 2,327 1,878 899 349 1,140 223 - 2,124 1,121 3,558 1,849 1,274 2,037 667 1,603 1,289 1,544 3,100 1,746 2,349 1,010 768 1,413 853 431 1,282 630 5,406 1,023 4,964 8,066 2,538 1,132 2,539 3,068 2,237 3,027 3,748 1,618 451 1,272 291 359 2,703 1,694 4,051 2,848 1,678 2,971 1,832 2,253 2,359 1,984 4,512 2,682 2,732 1,774 1,875 3,280 1,796 623 3,042 1,076 9,939 (134) (413) (563) (279) (169) (251) (340) (220) (327) (215) (189) (45) (100) (40) - (188) (120) (983) (234) (159) (282) (124) (223) (204) (157) (376) (252) (233) (149) (157) (179) (39) (83) (165) - (881) 1974 2017 2017 1994 1979 1996 2001 2000 2005 1957 1986 1980 1950 1976 1989 2017 2008 2004 2008 2006 1987 2007 1968 2001 1992 2008 2009 2005 1996 1955 2008 2007 1975 2017 2018 1990 06/30/2016 07/01/2016 07/11/2016 07/15/2016 07/15/2016 07/15/2016 07/15/2016 07/15/2016 07/15/2016 07/26/2016 07/27/2016 07/28/2016 07/28/2016 07/28/2016 07/29/2016 07/29/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/02/2016 08/09/2016 08/09/2016 08/12/2016 08/12/2016 08/19/2016 08/22/2016 08/25/2016 08/26/2016 673 873 (83) 1997 08/26/2016 449 574 394 563 607 654 698 693 915 915 945 984 1,043 1,064 (84) (88) (57) (98) (89) (97) (101) 2002 2014 1994 1994 1998 1994 2007 08/26/2016 08/30/2016 08/30/2016 08/30/2016 08/30/2016 08/30/2016 08/30/2016 3,346 4,063 7,409 (927) 1981 09/02/2016 752 492 1,244 (150) 1999 09/14/2016 145 - 1,204 1,382 - 82 - - - - 144 - - - - - 293 - 78 - - - - - - - - - - - - - - - 352 - 144 - - - - - - - - - - F-30 Descriptions (a) Tenant Industry Lumber and Other Construction Materials Merchant City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Wholesalers Hastings MN 798 1,038 Lumber and Other Construction Materials Merchant Wholesalers Kasson MN 367 1,249 Lumber and Other Construction Materials Merchant Wholesalers Red Wing MN 568 526 Lumber and Other Construction Materials Merchant Wholesalers Stillwater MN 207 45 Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Amery WI Chippewa Falls WI 230 342 331 1,322 Wholesalers Hayward WI 589 594 Lumber and Other Construction Materials Merchant Wholesalers Milltown WI 372 300 Lumber and Other Construction Materials Merchant Wholesalers Rice Lake WI 419 463 Lumber and Other Construction Materials Merchant Wholesalers River Falls WI 817 1,146 Lumber and Other Construction Materials Merchant Wholesalers Siren WI 384 568 Lumber and Other Construction Materials Merchant Wholesalers Spooner McDonough Carlisle Troy Restaurants -- Full Service Restaurants -- Limited Service Restaurants -- Full Service Other Professional, Scientific, and Technical Services Carmel Warsaw Medical Equipment and Supplies Manufacturing Minneapolis Restaurants -- Full Service Kenosha Medical Equipment and Supplies Manufacturing Fresno Health Clubs Aurora Child Day Care Services Naperville Child Day Care Services Oswego Child Day Care Services Winston- Salem Other Professional, Scientific, and Technical Services Metalworking Machinery Manufacturing Other Chemical Product and Preparation WI GA PA NY IN IN MN WI CA IL IL IL NC Mineral Ridge OH Manufacturing Steel Product Manufacturing from Purchased Steel Other Chemical Product and Preparation Manufacturing Boiler, Tank, and Shipping Container Manufacturing Metalworking Machinery Manufacturing Dairy Product Manufacturing Dairy Product Manufacturing Fountain Inn Bristol SC TN Cleveland Andrews Houston Colby Unity TN TX TX WI WI Clinton MI Township Movie Theaters GA Statesboro Metalworking Machinery Manufacturing MI Macomb Metalworking Machinery Manufacturing MO Washington Metalworking Machinery Manufacturing Washington MO Metalworking Machinery Manufacturing Fort Loramie OH Metalworking Machinery Manufacturing OH Perrysville Plastics Product Manufacturing OH Streetsboro Plastics Product Manufacturing TX Mission Health Clubs WI Other Professional, Scientific, and Technical Services Thiensville Little Rock Offices of Physicians AR Brooklyn Park MN Restaurants -- Full Service Psychiatric and Substance Abuse Hospitals OH Columbus Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Furniture Stores Other Personal Services Apparel Manufacturing Glencoe MN MN Watertown Prattville AL Thonotosassa FL NC Conover (f) (f) (f) (f) (f) (f) (f) (f) 177 1,814 668 1,695 400 1,603 2,614 1,456 681 332 488 374 463 392 612 1,698 490 2,098 1,222 769 272 2,119 217 656 892 726 490 4,176 4,515 618 216 850 905 1,517 485 235 - 4,540 1,082 2,186 3,424 2,774 1,796 1,228 1,121 1,155 712 270 4,113 5,746 3,861 1,545 171 14,530 2,100 4,674 309 5,967 2,758 1,490 2,476 10,092 14,239 283 584 3,564 1,216 14,502 205 537 500 1,416 575 251 763 4,557 1,708 2,716 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - 1,731 530 - - - - - 251 - - - - - - - - - - 6,619 - 3,710 273 741 - - - - - 1,686 - - - - - - - - - 798 367 568 207 230 331 589 372 419 817 384 177 2,575 1,108 1,695 400 1,603 2,614 1,456 731 332 488 374 463 392 612 1,698 490 2,098 1,222 3,250 272 2,119 217 656 892 726 490 4,176 4,515 1,078 216 850 905 1,517 1,038 1,836 (241) 1986 09/14/2016 1,249 1,616 (256) 1981 09/14/2016 526 1,094 (149) 2002 09/14/2016 45 252 (17) 1959 09/14/2016 342 572 (73) 1998 09/14/2016 1,322 1,653 (189) 2006 09/14/2016 594 1,183 (138) 1970 09/14/2016 300 463 672 882 (85) 2001 09/14/2016 (101) 1982 09/14/2016 1,146 1,963 (290) 1978 09/14/2016 568 952 (133) 2001 09/14/2016 485 1,966 530 4,540 1,082 2,186 3,424 2,774 2,047 1,228 1,121 1,155 712 270 4,113 5,746 3,861 1,545 171 21,149 2,100 8,384 582 6,708 2,758 1,490 2,476 10,092 14,239 1,969 584 3,564 1,216 14,502 662 4,541 1,638 6,235 1,482 3,789 6,038 4,230 2,778 1,560 1,609 1,529 1,175 662 4,725 7,444 4,351 3,643 1,393 24,399 2,372 10,503 799 7,364 3,650 2,216 2,966 14,268 18,754 3,047 800 4,414 2,121 16,019 (91) (257) (117) (468) (136) (446) (286) (410) (245) (234) (223) (167) (140) (51) (506) (679) (433) (248) (45) (2,089) (273) (1,397) (69) (574) (429) (262) (264) (1,571) (2,228) (153) (108) (324) (172) (1,259) 1970 2017 2017 1989 1975 1954 1956 2001 1978 1999 1999 2007 1966 2001 1995 1965 1977 1998 1965 1976 1990 1989 2000 1999 1994 1999 1992 1995 1993 2018 1964 1989 1988 2007 09/14/2016 09/16/2016 09/20/2016 09/26/2016 09/27/2016 09/28/2016 09/28/2016 09/28/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 09/30/2016 10/07/2016 10/14/2016 10/14/2016 10/14/2016 10/14/2016 10/14/2016 10/18/2016 10/18/2016 10/18/2016 10/21/2016 10/26/2016 10/27/2016 10/27/2016 205 537 742 (105) 1961 10/28/2016 500 1,416 575 251 763 4,557 1,708 2,716 1,263 5,973 2,283 2,967 (129) (394) (187) (302) 1997 1996 2009 1973 10/28/2016 10/31/2016 11/03/2016 11/07/2016 - - - - - - - - - - - - 761 440 - - - - - 50 - - - - - - - - - - 2,481 - - - - - - - - - 460 - - - - - - - - - F-31 Descriptions (a) Tenant Industry Apparel Manufacturing Wholesale Automobile Auction Furniture Stores Furniture Stores Furniture Stores Furniture Stores Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Child Day Care Services Other Personal Services Child Day Care Services Car Dealers Car Dealers Car Dealers Semiconductor and Other Electronic Component Manufacturing City Newton Houston Rogers Terre Haute Springfield Springfield Lexington Lexington Lexington Middletown Nicholasville Pikeville Queen Creek Largo Augusta Indianapolis Indianapolis Mishawaka Albuquerque Columbus Columbus San Antonio Car Dealers Car Dealers Restaurants -- Full Service Automotive Repair and Maintenance Chandler Automotive Repair and Maintenance Fountain Hills Automotive Repair and Maintenance Gilbert Automotive Repair and Maintenance Gilbert Automotive Repair and Maintenance Glendale Automotive Repair and Maintenance Glendale Automotive Repair and Maintenance Mesa Automotive Repair and Maintenance Mesa Automotive Repair and Maintenance Mesa Automotive Repair and Maintenance Scottsdale Automotive Repair and Maintenance Scottsdale Automotive Repair and Maintenance Sun City West Automotive Repair and Maintenance Tempe Automotive Repair and Maintenance Henderson Automotive Repair and Maintenance Las Vegas Automotive Repair and Maintenance Las Vegas Automotive Repair and Maintenance North Las Vegas Automotive Repair and Maintenance Austin Automotive Repair and Maintenance Georgetown Automotive Repair and Maintenance Lakeway Health Clubs Chicago Automotive Repair and Maintenance Jacksonville Automotive Repair and Maintenance Jacksonville Automotive Repair and Maintenance Jacksonville Automotive Repair and Maintenance Jacksonville Rubber Product Manufacturing Health Clubs Child Day Care Services Kaufman Harlingen Frisco (f) St Encumbrances NC TX AR IN MO MO KY KY KY KY KY KY AZ FL GA IN IN IN (f) (f) (f) (f) (f) (f) (f) (f) NM OH OH TX AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ AZ NV NV NV NV TX TX TX IL FL FL FL FL TX TX TX (f) (f) (f) (f) (f) Total 2,384 19,314 6,640 5,159 6,696 2,634 801 580 731 771 510 621 2,108 822 593 2,470 1,420 1,245 5,763 1,109 3,773 3,666 3,807 912 1,467 1,983 1,130 1,665 1,914 2,984 1,834 1,339 1,636 1,586 1,814 1,983 1,071 2,330 2,151 2,409 1,140 2,043 11,595 4,243 3,492 3,083 2,793 7,016 3,990 2,837 Accumulated Depreciation (d) (e) Year Constructed Date Acquired (228) (1,600) (334) (339) (335) (207) (35) (44) (62) (57) (42) (53) (146) (77) (66) (216) (146) (98) (470) (96) (337) (220) (237) (64) (127) (117) (85) (123) (147) (238) (127) (93) (94) (125) (123) (176) (127) (176) (142) (131) (69) (195) (518) (369) (324) (269) (278) (1,057) (122) (253) 1982 2015 2005 2013 2005 2013 1980 1980 1986 1997 1992 1983 2006 1950 1991 1969 1998 1999 1999 1982 1967 2017 2000 2009 1999 2008 1976 1995 1983 1986 2004 1993 1997 1990 1995 2006 1991 2004 2005 2009 2008 2015 1974 2005 2008 2011 2008 1973 2018 2003 11/07/2016 11/07/2016 11/09/2016 11/09/2016 11/09/2016 11/09/2016 11/14/2016 11/14/2016 11/14/2016 11/14/2016 11/14/2016 11/14/2016 11/17/2016 11/18/2016 11/18/2016 11/18/2016 11/18/2016 11/18/2016 11/18/2016 11/18/2016 11/18/2016 11/29/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 11/30/2016 12/01/2016 12/06/2016 12/06/2016 12/06/2016 12/06/2016 12/06/2016 12/08/2016 12/09/2016 Initial Cost to Company Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) 174 126 - - - - - - - - - - - - - - - - - - - 1,320 - - - - - - - - - - - - - - - - - - - - - - - - - - 2,293 - 445 12,894 3,546 1,991 2,591 715 569 314 338 391 269 321 527 273 148 1,033 720 775 2,636 385 1,766 2,135 1,319 355 765 852 426 664 706 781 858 552 893 452 831 458 316 933 1,044 1,108 638 841 7,155 2,312 2,100 1,575 1,314 1,119 1,306 995 1,939 6,420 3,094 3,168 4,105 1,919 232 266 393 380 241 300 1,581 549 445 1,437 700 470 3,127 724 2,007 1,531 2,488 557 702 1,131 704 1,001 1,208 2,203 976 787 743 1,134 983 1,525 755 1,397 1,107 1,301 502 1,202 4,440 1,931 1,392 1,508 1,479 5,897 2,684 1,842 445 6,981 3,546 1,991 2,591 715 569 314 338 391 269 321 527 273 148 1,033 720 775 2,636 385 1,766 1,390 1,319 355 765 852 426 664 706 781 858 552 893 452 831 458 316 933 1,044 1,108 638 841 7,155 2,312 2,100 1,575 1,314 1,119 487 995 1,765 6,294 3,094 3,168 4,105 1,919 232 266 393 380 241 300 1,581 549 445 1,437 700 470 3,127 724 2,007 211 2,488 557 702 1,131 704 1,001 1,208 2,203 976 787 743 1,134 983 1,525 755 1,397 1,107 1,301 502 1,202 4,440 1,931 1,392 1,508 1,479 5,897 391 1,842 - 5,913 - - - - - - - - - - - - - - - - - - - 745 - - - - - - - - - - - - - - - - - - - - - - - - - - 819 - F-32 Encumbrance s Initial Cost to Company Land & Improvement s Building & Improvements Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisitio n Gross amount at December 31, 2019 (b) (c) Accumulated Depreciation (d) (e ) Descriptions (a) Cortez Grand Junction Monticello Ontario City Tenant Industry Dickson City Restaurants -- Full Service Norton Paint, Coating, and Adhesive Manufacturing Paint, Coating, and Adhesive Manufacturing Tomball Other Professional, Scientific, and Technical Services Phoenix Consumer Goods Rental Consumer Goods Rental Farm and Ranch Supply Stores Consumer Goods Rental Other Professional, Scientific, and Technical Services Arlington Other Professional, Scientific, and Technical Services Bedford Other Professional, Scientific, and Technical Services Farmers Branch Other Professional, Scientific, and Technical Services Houston Other Professional, Scientific, and Technical Services Houston Other Professional, Scientific, and Technical Services Humble Other Professional, Scientific, and Technical Services La Porte Other Professional, Scientific, and Technical Services Mansfield Other Professional, Scientific, and Technical Services Spring Other Professional, Scientific, and Technical Services Wylie Vernal Consumer Goods Rental Riverton Consumer Goods Rental Inver Grove Heights St. Albans Other Professional, Scientific, and Technical Services Outpatient Care Centers Other Professional, Scientific, and Technical Services Atlanta Other Professional, Scientific, and Technical Services Murrayville Other Professional, Scientific, and Technical Services Thomasville Thomasville Other Personal Services Malvern Other General Purpose Machinery Manufacturing Glastonbury Child Day Care Services Germantown Other General Purpose Machinery Manufacturing Amarillo Health Clubs Chandler Health Clubs Peyton Farm and Ranch Supply Stores Cohoes Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Kingston Other Professional, Scientific, and Technical Services Englewood Lumber and Other Construction Materials Merchant St PA OH TX AZ CO CO MN OR TX TX TX TX TX TX TX TX TX TX UT WY MN VT GA GA NC NC AR CT WI TX AZ CO NY PA CO 968 748 1,544 611 569 578 8,998 434 447 166 118 309 218 254 159 271 361 226 420 368 1,272 312 376 406 369 174 832 469 1,127 903 1,591 1,714 663 510 204 277 2,892 1,272 1,808 1,653 831 5,920 1,302 324 646 551 350 148 283 531 430 491 596 1,306 1,388 1,047 283 858 366 1,259 459 3,507 - 2,265 2,562 413 4,961 2,031 5,348 764 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Wholesalers Batesville AR 430 1,072 Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Benton Cabot Conway Conway AR AR AR AR 322 719 346 1,256 560 1,592 52 509 Wholesalers Fayetteville AR 502 1,831 Lumber and Other Construction Materials Merchant Wholesalers Jonesboro AR 483 1,559 Lumber and Other Construction Materials Merchant Wholesalers Little Rock AR 540 772 Lumber and Other Construction Materials Merchant Wholesalers Rogers AR 1,530 2,104 Lumber and Other Construction Materials Merchant Wholesalers Russellville AR 685 1,057 Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Restaurants -- Full Service Restaurants -- Full Service Searcy Searcy AR AR Searcy AR Altamonte Springs FL FL Bradenton 519 3,716 1,003 949 487 382 1,238 1,915 1,311 1,153 - - - - - - 3,642 - - - - - - - - - - - - - - 4 - - - - 17 - 16 - 25 - - - - - - - - - - - - - - - - - - - F-33 Land & Improvements 968 748 1,544 611 569 578 12,640 434 447 166 118 309 218 254 159 271 361 226 420 368 Building & Improvement s 1,010 2,892 1,272 1,808 1,653 831 16,085 1,302 324 646 551 350 148 283 531 430 491 596 1,306 1,388 733 - - - - - 10,165 - - - - - - - - - - - - - Total 1,978 3,640 2,816 2,419 2,222 1,409 28,725 1,736 771 812 669 659 366 537 690 701 852 822 1,726 1,756 1,069 354 - - - - 424 - 247 - 4,723 - - - - 1,272 316 376 406 369 174 849 469 1,143 903 1,616 1,714 663 510 204 2,116 637 858 366 1,259 459 3,931 - 2,512 2,562 5,136 4,961 2,031 5,348 764 3,388 953 1,234 772 1,628 633 4,780 469 3,655 3,465 6,752 6,675 2,694 5,858 968 Year Constructe d 2000 1986 2001 1997 2014 2005 2017 2010 1993 1982 1965 1977 1965 1992 2000 1984 1994 1985 2007 2009 1963 1997 2005 1988 2014 1956 1971 1957 1978 1980 2018 2000 1985 1959 1965 Date Acquire d 12/12/2016 12/16/2016 12/16/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/22/2016 12/30/2016 12/30/2016 01/03/2017 01/03/2017 01/05/2017 01/05/2017 01/06/2017 01/06/2017 01/06/2017 01/09/2017 01/11/2017 01/17/2017 01/23/2017 01/23/2017 01/27/2017 (130) (350) (277) (204) (177) (99) (1,787) (104) (59) (77) (61) (58) (25) (77) (91) (98) (87) (102) (108) (116) (178) (114) (91) (56) (122) (47) (490) - (321) (424) (202) (586) (231) (422) (111) - - - - - - - - - - - - - - - 430 1,072 1,502 (166) 1995 01/31/2017 322 719 1,041 (119) 1977 01/31/2017 346 1,256 1,602 (170) 1980 01/31/2017 560 1,592 2,152 (242) 1985 01/31/2017 52 509 561 (56) 1993 01/31/2017 502 1,831 2,333 (239) 1995 01/31/2017 483 1,559 2,042 (207) 1988 01/31/2017 540 772 1,312 (112) 1970 01/31/2017 1,530 2,104 3,634 (263) 1992 01/31/2017 685 1,057 1,742 (160) 1983 01/31/2017 519 3,716 4,235 (419) 1988 01/31/2017 1,003 949 1,952 (106) 1985 01/31/2017 487 382 1,238 1,915 1,311 1,153 2,402 1,693 2,391 (221) (138) (216) 1999 1994 1960 01/31/2017 01/31/2017 01/31/2017 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Lumber and Other Construction Materials Merchant Wholesalers Other Professional, Scientific, and Technical Services Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Health Clubs Consumer Goods Rental Consumer Goods Rental Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Other Professional, Scientific, and Technical Services Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Other Personal Services Psychiatric and Substance Abuse Hospitals Offices of Dentists Offices of Physicians Offices of Physicians Offices of Physicians St Encumbrances City FL Gainesville FL Kissimmee FL Lakeland Largo FL New Port Richey FL FL Orlando FL Orlando FL Palm Harbor FL Sanford FL Tampa FL Tampa FL Wesley Chapel MN Plymouth (f) Initial Cost to Company Land & Improvements 1,076 967 843 784 1,022 1,159 1,188 949 1,312 913 949 1,322 1,837 Building & Improvements 817 926 1,049 1,607 871 933 804 844 879 880 844 1,168 2,894 Joplin Huntsville Tallahassee Defiance Defiance Toledo Westborough Winnemucca Cheyenne MO AL FL OH OH OH MA NV WY Tallapoosa GA Barberton OH Huntingdon TN FL Melbourne IL Schaumburg IL Woodridge MI Bay City MI Burton MI Howell MI Livonia MI Petoskey MI Port Huron MI Portage MI Royal Oak MI Saginaw Shelby Township MI MI Taylor MI Warren MI Waterford FL Lutz NM Albuquerque IL Chicago AZ Flagstaff Globe AZ Lake Havasu City AZ (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 430 692 290 1,681 378 662 320 2,013 364 325 733 6,860 1,289 2,960 2,873 5,511 749 981 657 2,938 819 3,148 645 1,641 314 6,062 3,558 755 1,564 1,569 1,414 1,961 1,514 1,601 613 1,413 1,666 2,065 599 1,129 243 1,283 164 1,062 212 840 1,720 6,226 6,288 6,218 7,900 6,493 7,442 5,983 8,215 7,657 8,390 9,807 11,241 12,793 6,933 8,364 443 1,609 489 2,579 416 2,552 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - 3 3 - - - - - - - - - - - - - - - - - - - - 5,227 456 - - - 1,076 967 843 784 1,022 1,159 1,188 949 1,312 913 949 1,322 1,837 817 926 1,049 1,607 871 933 804 844 879 880 844 1,168 2,894 1,893 1,893 1,892 2,391 1,893 2,092 1,992 1,793 2,191 1,793 1,793 2,490 4,731 (173) (142) (128) (190) (170) (190) (158) (146) (173) (174) (132) (170) (361) 1992 2009 1985 1972 1973 1982 1999 1983 1984 1985 1984 2007 1973 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 01/31/2017 430 692 1,122 (108) 1977 01/31/2017 290 1,681 378 662 320 2,013 364 325 657 819 645 314 6,062 3,558 755 1,564 1,569 1,414 1,961 1,514 1,601 613 1,413 1,666 2,065 599 1,129 243 1,364 200 1,062 212 840 733 6,860 1,289 2,960 2,873 5,511 752 984 1,023 8,541 1,667 3,622 3,193 7,524 1,116 1,309 (77) (889) (232) (527) (454) (636) (115) (85) 1963 1980 1985 1987 1983 1973 1996 2006 02/01/2017 02/03/2017 02/03/2017 02/03/2017 02/03/2017 02/15/2017 02/16/2017 02/16/2017 2,938 3,595 (350) 1964 02/23/2017 3,148 3,967 (406) 1920 02/23/2017 1,641 2,286 (260) 1989 02/23/2017 1,720 6,226 6,288 6,218 7,900 6,493 7,442 5,983 8,215 7,657 8,390 9,807 11,241 12,793 6,933 8,364 443 6,836 945 2,579 416 2,552 2,034 12,288 9,846 6,973 9,464 8,062 8,856 7,944 9,729 9,258 9,003 11,220 12,907 14,858 7,532 9,493 686 8,200 1,145 3,641 628 3,392 (138) (688) (613) (538) (696) (573) (600) (511) (743) (572) (802) (1,019) (888) (1,030) (538) (672) (55) (584) (82) (247) (60) (274) 2005 1996 2014 1995 1987 1997 1982 2008 2001 1983 1998 1984 1992 1977 1962 1972 2008 1980 1964 2012 2003 1979 02/27/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/01/2017 03/02/2017 03/02/2017 03/03/2017 03/08/2017 03/08/2017 03/08/2017 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 81 36 - - - F-34 Descriptions (a) Tenant Industry Offices of Physicians Offices of Physicians Offices of Physicians Offices of Physicians Automotive Repair and Maintenance Aerospace Product and Parts Manufacturing Child Day Care Services Aerospace Product and Parts Manufacturing Chemical and Allied Products Merchant Wholesalers Outpatient Care Centers Restaurants -- Limited Service Restaurants -- Limited Service Wholesale Automobile Auction Wholesale Automobile Auction Bowling Centers Health Clubs Child Day Care Services Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Furniture Stores Child Day Care Services Offices of Physicians Offices of Physicians Offices of Physicians Offices of Physicians Lessors of Real Estate Movie Theaters Other Electrical Equipment and Component Manufacturing Freight Transportation Arrangement Elementary and Secondary Schools Other Professional, Scientific, and Technical City Mesa Phoenix Safford Show Low Bloomington Orange City Eden Prairie Auburn Whitewater Jacksonville Montgomery Prattville Parma Wayland Yakima St Paul Birmingham Hoover Princeton Saint Albans San Antonio Mesa Galesburg Morton Normal Peoria Hampstead Richmond (f) (f) (f) (f) St Encumbrances AZ AZ AZ AZ MN IA MN WA (f) (f) Initial Cost to Company Land & Improvements 1,073 174 343 413 952 1,219 1,065 1,059 Building & Improvements 3,496 6,374 814 2,131 427 3,750 1,073 719 WI FL AL AL MI MI WA MN AL AL WV WV TX AZ IL IL IL IL NH TX (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 495 796 814 798 1,256 6,867 1,104 560 873 972 915 512 1,586 272 404 899 585 2,874 802 2,658 3,091 1,818 8,419 2,230 2,212 1,100 1,196 716 8,177 1,612 1,468 3,150 2,568 424 457 23 900 860 2,822 1,191 9,702 1,370 - 9,898 13,195 691 Colorado Springs CO North Charleston SC CA Fremont Services South Deerfield MA 1,135 900 Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Tampa Arlington Conroe Houston FL TX TX TX 607 1,334 778 1,622 860 1,134 2,271 2,673 Equipment Rental and Leasing Longview TX 877 2,433 Commercial and Industrial Machinery and Equipment Rental and Leasing San Antonio TX 584 2,943 Commercial and Industrial Machinery and Equipment Rental and Leasing Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service TX Tyler IL Highwood Wauconda IL Fort Walton Beach FL 1,111 273 387 934 1,289 946 513 1,992 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - 153 - - - - - - - - - - - - - 1,680 - - - - - - 10,115 23,775 - 20,171 - 2 - - - - - - 423 - - 1,073 174 343 413 952 1,219 1,070 1,059 495 796 814 798 1,256 6,867 1,104 560 873 972 915 512 2,117 272 404 899 585 2,874 802 3,732 5,130 1,818 13,725 3,496 6,374 814 2,131 427 3,750 1,226 719 2,230 2,212 1,100 1,196 716 8,177 1,612 1,468 3,150 2,568 424 457 1,703 900 860 2,822 1,191 9,702 1,370 10,115 33,673 13,195 20,862 4,569 6,548 1,157 2,544 1,379 4,969 2,296 1,778 2,725 3,008 1,914 1,994 1,972 15,044 2,716 2,028 4,023 3,540 1,339 969 3,820 1,172 1,264 3,721 1,776 12,576 2,172 13,847 38,803 15,013 34,587 (247) (484) (90) (176) (53) (365) (155) (90) (251) (194) (122) (132) (274) (1,746) (249) (142) (254) (218) (118) (79) (144) (72) (104) (246) (117) (803) (232) (189) (1,580) (921) (1,028) 2008 1977 1987 2014 2003 2004 1996 1985 1994 1998 2016 2016 1972 1998 1966 1988 1995 2001 2009 2009 2017 1991 2003 2012 2002 1991 1991 2019 2005 2014 2018 03/08/2017 03/08/2017 03/08/2017 03/08/2017 03/13/2017 03/15/2017 03/15/2017 03/15/2017 03/16/2017 03/24/2017 03/29/2017 03/29/2017 03/31/2017 03/31/2017 03/31/2017 04/07/2017 04/19/2017 04/19/2017 04/21/2017 04/21/2017 04/26/2017 04/28/2017 04/28/2017 04/28/2017 04/28/2017 04/28/2017 04/28/2017 05/25/2017 05/31/2017 05/31/2017 06/12/2017 1,135 900 2,035 (141) 2006 06/12/2017 607 778 860 1,336 1,943 (195) 1966 06/27/2017 1,622 2,400 (245) 1964 06/27/2017 1,134 1,994 (127) 2003 06/27/2017 2,271 2,673 4,944 (308) 2000 06/27/2017 877 584 1,111 273 387 934 2,433 3,310 (219) 2012 06/27/2017 2,943 3,527 (385) 1970 06/27/2017 1,289 1,369 513 1,992 2,400 1,642 900 2,926 (175) (116) (73) (151) 2007 2005 1985 1988 06/27/2017 06/29/2017 06/29/2017 06/30/2017 - - - - - - 5 - - - - - - - - - - - - - 531 - - - - - - 1,074 2,039 - 5,306 - - - - - - - - - - - F-35 Descriptions (a) Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired (f) City Pensacola Pensacola Pensacola Corbin Nicholasville Somerset Carrollton Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Other Personal Services Other Professional, Scientific, and Technical Services Tacoma Other Professional, Scientific, and Technical Services Aiken Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Offices of Physicians Lessors of Real Estate Other Personal Services Offices of Physicians Automotive Repair and Maintenance Aerospace Product and Parts Manufacturing Motor Vehicle Parts Manufacturing Plastics Product Manufacturing Other Professional, Scientific, and Technical Services Laurel Other Personal Services Other Professional, Scientific, and Technical Services Apple Valley Health Clubs Scientific Research and Development Services Lumber and Other Construction Materials Merchant St Encumbrances FL FL FL KY KY KY TX WA SC TN TN TN TN AZ CO AZ TX KS OH NH MD TX MN Elmwood Park IL WI Prescott Clarksville Clarksville Clarksville Memphis Mesa Erie Phoenix Katy Wichita Tiffin Northfield Arlington (f) (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements 587 640 558 642 656 1,068 1,166 176 245 1,126 1,053 1,341 623 619 425 882 1,463 1,228 2,308 666 4,377 343 536 923 660 Building & Improvements 2,575 2,325 2,663 1,419 1,848 2,192 630 353 783 1,217 1,309 1,494 3,102 877 294 988 2,516 4,889 7,702 3,724 1,235 - 346 2,055 5,256 Wholesalers Evansville IN 179 888 Lumber and Other Construction Materials Merchant Wholesalers Lexington KY 909 2,085 Lumber and Other Construction Materials Merchant Wholesalers Louisville KY 763 2,266 Lumber and Other Construction Materials Merchant Wholesalers Shelbyville Other Professional, Scientific, and Technical Services Montgomery Other Professional, Scientific, and Technical Services Pike Road Fort Smith Consumer Goods Rental Cedar Park Automotive Repair and Maintenance Kilgore Consumer Goods Rental Health Clubs Phoenix Commercial and Industrial Machinery and Equipment KY AL AL AR TX TX AZ Rental and Leasing Family Entertainment Centers Sporting Goods, Hobby, and Musical Instrument Corpus Christi TX Miami Gardens FL (f) (f) (f) 1,139 283 396 161 1,116 283 1,360 1,786 1,053 1,675 573 987 883 - 1,653 11,520 1,630 10,216 Stores Augusta GA 2,046 7,109 Sporting Goods, Hobby, and Musical Instrument Stores Post Falls ID 4,904 20,768 Sporting Goods, Hobby, and Musical Instrument Stores Noblesville IN 5,019 13,339 Sporting Goods, Hobby, and Musical Instrument Stores Woodbury MN 7,593 18,786 Sporting Goods, Hobby, and Musical Instrument Stores Billings MT 2,753 14,468 Sporting Goods, Hobby, and Musical Instrument Stores Columbus OH 6,594 16,754 Sporting Goods, Hobby, and Musical Instrument Stores West Chester OH 9,013 12,293 Sporting Goods, Hobby, and Musical Instrument Stores Rapid City SD 2,996 14,193 Sporting Goods, Hobby, and Musical Instrument Stores Automotive Repair and Maintenance League City Springfield TX MO (f) 6,032 884 10,109 1,566 587 640 558 642 656 1,068 1,166 176 245 1,126 1,053 1,341 623 619 425 882 1,463 1,228 2,308 666 4,377 957 536 1,039 660 179 909 763 1,139 283 396 161 1,116 283 2,911 2,575 2,325 2,663 1,419 1,848 2,192 630 353 783 1,217 1,309 1,494 3,102 877 294 2,707 2,516 4,891 7,702 3,724 1,235 2,344 346 4,844 5,256 3,162 2,965 3,221 2,061 2,504 3,260 1,796 529 1,028 2,343 2,362 2,835 3,725 1,496 719 3,589 3,979 6,119 10,010 4,390 5,612 3,301 882 5,883 5,916 (197) (188) (204) (146) (161) (245) (89) (48) (75) (158) (169) (200) (272) (147) (65) (233) (276) (461) (941) (384) (155) (141) (52) (301) (348) 1991 1985 2004 1996 2005 1987 1999 1923 2008 2007 2007 2014 1998 1976 2005 1986 2016 1971 2003 2001 2007 2018 2001 2006 1987 06/30/2017 06/30/2017 06/30/2017 06/30/2017 06/30/2017 06/30/2017 06/30/2017 06/30/2017 07/10/2017 07/11/2017 07/11/2017 07/11/2017 07/11/2017 07/12/2017 07/19/2017 07/20/2017 07/21/2017 07/31/2017 08/04/2017 08/08/2017 08/11/2017 08/18/2017 08/22/2017 08/23/2017 08/30/2017 888 1,067 (80) 1976 08/31/2017 2,085 2,994 (168) 1977 08/31/2017 2,266 3,029 (204) 1991 08/31/2017 1,786 1,053 1,675 573 987 883 4,456 2,925 1,336 2,071 734 2,103 1,166 7,367 (183) (91) (109) (57) (98) (73) (286) 2002 1981 2011 1967 2010 2009 2018 2017 2017 08/31/2017 09/05/2017 09/05/2017 09/15/2017 09/15/2017 09/15/2017 09/20/2017 09/20/2017 09/21/2017 1,653 13,232 1,630 11,600 3,283 24,832 (231) (1,052) 2,046 7,109 9,155 (433) 2014 09/25/2017 4,904 20,768 25,672 (1,663) 2007 09/25/2017 5,019 13,339 18,358 (889) 2015 09/25/2017 7,593 18,786 26,379 (1,089) 2014 09/25/2017 2,753 14,468 17,221 (1,003) 2009 09/25/2017 6,594 16,754 23,348 (990) 2013 09/25/2017 9,013 12,293 21,306 (777) 2015 09/25/2017 2,996 14,193 17,189 (987) 2008 09/25/2017 6,032 884 10,109 1,566 16,141 2,450 (760) (127) 2016 2007 09/25/2017 09/26/2017 - - - - - - - - - - - - - - - 1,719 - 2 - - - 2,344 - 2,789 - - - - - - - - - - 4,456 - 1,384 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 614 - 116 - - - - - - - - - - 1,551 - 1,712 - - - - - - - - - - F-36 Descriptions (a) Tenant Industry Automotive Repair and Maintenance Outpatient Care Centers Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Medical and Diagnostic Laboratories Lumber and Other Construction Materials Merchant City Springfield Breaux Bridge Columbia Columbia Columbia Enterprise (f) St Encumbrances MO LA MO MO MO AL (f) Initial Cost to Company Land & Improvements 702 400 1,035 1,273 914 196 Building & Improvements 1,365 458 1,238 1,862 1,169 1,538 Wholesalers Medical and Diagnostic Laboratories Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Scientific Research and Development Services Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Manchester Marianna CT FL (f) 745 300 266 1,474 Dyersville Story City IA IA Hampshire Agawam IL MA Mancelona MI St. Louis MI 1,950 875 710 479 852 980 297 4,328 572 439 1,756 1,940 Wholesalers Chanhassen MN 4,844 1,964 Lumber and Other Construction Materials Merchant Wholesalers Montrose MN 1,651 925 Lumber and Other Construction Materials Merchant Wholesalers Pipestone MN 623 665 Lumber and Other Construction Materials Merchant Wholesalers Rogers MN 2,683 1,093 Lumber and Other Construction Materials Merchant Wholesalers Hendersonville NC 1,459 355 Lumber and Other Construction Materials Merchant Wholesalers Anderson SC 794 494 Lumber and Other Construction Materials Merchant Wholesalers Greenville SC 475 526 Lumber and Other Construction Materials Merchant Wholesalers Health Clubs Health Clubs Health Clubs Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers SC Greenville Bryan TX College Station TX TX McAllen Chetek WI Other Personal Services Other Personal Services Child Day Care Services Family Entertainment Centers Other Professional, Scientific, and Technical Services Arlington Restaurants -- Limited Service Consumer Goods Rental Aerospace Product and Parts Manufacturing Health Clubs Machine Shops; Turned Product; and Screw, Nut, WI Eau Claire Plano TX Egg Harbor City NJ Newtown Katy Jasper Fort Smith Harbor Springs MI ID Caldwell CT TX TN AL AR and Bolt Manufacturing Health Clubs Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing Machine Shops; Turned Product; and Screw, Nut, Hartselle Rexburg Albion Albion Avila AL ID IN IN IN and Bolt Manufacturing Automotive Repair and Maintenance Other Personal Services Outpatient Care Centers Health Clubs Consumer Goods Rental Forging and Stamping Forging and Stamping Southfield Fenton Fairview Tuscaloosa Nampa Meridian Lebanon Decatur MI MO TN AL ID MS MO TX (f) (f) (f) (f) (f) (f) (f) (f) (f) 2,204 1,920 53 1,351 928 5,707 6,612 3,880 1,292 1,354 1,531 1,088 431 243 1,564 512 700 216 402 485 3,778 435 1,253 1,171 1,084 - 2,651 651 1,270 804 3,756 4,359 5,701 2,481 412 1,400 368 1,689 636 1,894 1,222 863 615 165 1,201 294 2,107 3,440 6,010 754 2,098 381 3,688 620 11,542 4,239 F-37 - - 212 - - - - - - - - - - - - - - - - - - - 386 - - - - - - - - - - - 976 - - - - - - - 134 - - - - - - Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Land & Improvements 702 400 1,247 1,273 914 196 Building & Improvements 1,365 458 1,692 1,862 1,169 1,538 - - 454 - - - 2,067 858 2,939 3,135 2,083 1,734 745 300 266 1,474 1,011 1,774 (110) (46) (117) (177) (116) (107) (96) (113) 2007 2014 2003 2007 1988 2005 1953 2009 09/26/2017 09/28/2017 09/28/2017 09/28/2017 09/28/2017 09/29/2017 09/29/2017 09/29/2017 - - - - - - - - - - - - - - - - 1,379 131 - 1,950 875 2,825 (226) 1984 09/29/2017 710 852 980 572 479 1,189 (103) 1994 09/29/2017 297 4,328 1,149 5,308 (120) (345) 1991 1992 09/29/2017 09/29/2017 439 1,011 (92) 1999 09/29/2017 1,756 1,940 3,696 (368) 1988 09/29/2017 4,844 1,964 6,808 (435) 1980 09/29/2017 1,651 925 2,576 (180) 2000 09/29/2017 623 665 1,288 (94) 1985 09/29/2017 2,683 1,093 3,776 (127) 1966 09/29/2017 1,459 355 1,814 (126) 1985 09/29/2017 794 475 2,204 2,306 53 1,351 494 1,288 (107) 1997 09/29/2017 526 1,001 (64) 1994 09/29/2017 928 7,086 6,743 3,880 3,132 9,392 6,796 5,231 (284) (489) (382) (255) 1972 1982 2013 2015 09/29/2017 09/29/2017 09/29/2017 09/29/2017 - 1,292 1,354 2,646 (211) 1921 09/29/2017 - - - - 1,115 - - - 6,266 - - - - - - - 725 - - - - - - 1,531 1,088 431 243 1,564 512 700 216 1,378 485 3,778 435 1,253 1,171 1,084 - 3,766 651 1,270 804 10,022 4,359 2,784 2,259 1,515 243 5,330 1,163 1,970 1,020 11,400 4,844 5,701 2,481 9,479 2,916 (202) (95) (85) - (245) (63) (121) (66) (588) (263) (814) (212) 1927 2007 1930 1779 2015 2007 2017 1955 1989 2007 1978 2004 09/29/2017 10/02/2017 10/05/2017 10/06/2017 10/17/2017 10/18/2017 10/26/2017 10/27/2017 10/27/2017 11/03/2017 11/08/2017 11/08/2017 412 1,400 1,812 (170) 1992 11/08/2017 368 1,689 2,057 (203) 1993 11/08/2017 636 1,894 2,530 (246) 1984 11/08/2017 1,222 997 615 165 1,201 294 2,107 3,440 6,010 1,479 2,098 381 3,688 620 11,542 4,239 7,232 2,476 2,713 546 4,889 914 13,649 7,679 (735) (122) (172) (36) (245) (54) (916) (640) 1968 1997 2008 2001 2009 1965 1958 1984 11/08/2017 11/08/2017 11/09/2017 11/17/2017 11/17/2017 11/17/2017 11/21/2017 11/21/2017 Descriptions (a) Tenant Industry Forging and Stamping Forging and Stamping Farm and Ranch Supply Stores Furniture Stores Furniture Stores Furniture Stores Commercial and Industrial Machinery and Equipment Rental and Leasing Furniture Stores Restaurants -- Limited Service Dairy Product Manufacturing Restaurants -- Full Service Child Day Care Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Other Professional, Scientific, and Technical Services Health Clubs Warehousing and Storage Health Clubs Furniture Stores Individual and Family Services Individual and Family Services Automotive Repair and Maintenance Automotive Repair and Maintenance Other Wood Product Manufacturing Other Wood Product Manufacturing Other Professional, Scientific, and Technical Services Restaurants -- Full Service Farm and Ranch Supply Stores Automotive Repair and Maintenance Automotive Repair and Maintenance Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service St Encumbrances City VA Dublin Chehalis WA Village of Deforest WI PA Harrisburg PA McMurray PA Pittsburgh Initial Cost to Company Land & Improvements 4,382 961 4,923 2,348 1,882 2,299 Building & Improvements 5,273 5,335 - 2,847 14,535 12,825 Austin Leesburg Overland New Berlin Saint Marys Villa Rica Paducah Sikeston Hamilton Hamilton Maineville Orlando Chandler Bay Minette Weslaco Columbus Greer Spartanburg San Antonio San Antonio Chandler Roseville Oregon City Wytheville Delavan Cookeville Cookeville Enterprise Gadsden Mobile Denver Bristol Lake City Marianna Pensacola PENSACOLA Sebastian Albany Carrollton College Park TX VA MO WI OH GA KY MO OH OH OH FL AZ AL TX OH SC SC TX TX AZ CA OR VA WI TN TN AL AL AL CO CT FL FL FL FL FL GA GA GA (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 1,241 3,101 650 497 324 261 309 742 502 485 948 381 1,696 9,634 254 - 126 241 636 678 7,883 5,534 217 564 4,022 392 446 352 683 842 1,318 877 626 363 731 540 730 720 713 1,189 977 3,438 - 2,612 340 764 636 929 344 361 246 752 501 27,475 708 - 342 419 2,410 2,719 4,645 2,992 178 545 55 2,320 1,976 1,498 1,082 949 1,079 904 523 545 867 521 597 373 610 1,941 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - 18,535 - - - 4,382 961 12,064 2,348 1,882 2,299 - - 670 - - 23 - - - - - - 4,223 - - 11,879 267 - - - - - - - 17,460 - - - - - - - - - - - - - - - 1,241 3,101 1,079 497 324 268 309 742 502 485 948 381 3,027 9,634 254 2,246 156 241 636 678 7,883 5,534 217 564 13,175 392 446 352 683 842 1,318 877 626 363 731 540 730 720 713 1,189 5,273 5,335 18,535 2,847 14,535 12,825 977 3,438 670 2,612 340 787 636 929 344 361 246 752 4,724 27,475 708 11,879 609 419 2,410 2,719 4,645 2,992 178 545 17,515 2,320 1,976 1,498 1,082 949 1,079 904 523 545 867 521 597 373 610 1,941 9,655 6,296 30,599 5,195 16,417 15,124 2,218 6,539 1,749 3,109 664 1,055 945 1,671 846 846 1,194 1,133 7,751 37,109 962 14,125 765 660 3,046 3,397 12,528 8,526 395 1,109 30,690 2,712 2,422 1,850 1,765 1,791 2,397 1,781 1,149 908 1,598 1,061 1,327 1,093 1,323 3,130 (790) (610) (1,300) (273) (684) (643) (164) (337) (51) (207) (53) (64) (63) (126) (56) (58) (51) (74) (203) (3,165) (43) (290) (68) (53) (161) (169) (585) (375) (23) (86) (1,396) (164) (151) (105) (102) (87) (85) (112) (56) (60) (80) (54) (63) (48) (73) (170) 1975 1996 2018 1974 2001 1999 2017 2012 2018 1979 1978 2006 2013 1989 2006 2007 1993 2005 2018 2000 2005 2019 1994 1999 2013 2016 1999 1996 1971 1990 2018 2008 2012 1997 2002 1998 2006 2003 2004 2000 2003 2001 2001 1994 2006 1992 11/21/2017 11/21/2017 11/21/2017 11/22/2017 11/22/2017 11/22/2017 11/22/2017 11/22/2017 11/29/2017 11/29/2017 11/30/2017 11/30/2017 11/30/2017 11/30/2017 11/30/2017 11/30/2017 11/30/2017 12/04/2017 12/05/2017 12/06/2017 12/06/2017 12/14/2017 12/14/2017 12/14/2017 12/14/2017 12/14/2017 12/15/2017 12/15/2017 12/15/2017 12/15/2017 12/15/2017 12/19/2017 12/19/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 - - 7,141 - - - - - 429 - - 7 - - - - - - 1,331 - - 2,246 30 - - - - - - - 9,153 - - - - - - - - - - - - - - - F-38 Descriptions (a) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Consumer Goods Rental Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Car Dealers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Car Dealers Restaurants -- Full Service Restaurants -- Full Service Car Dealers Health Clubs Child Day Care Services Other Professional, Scientific, and City Dallas Dublin Donaldsonville Frederick Cadillac Corinth Pearl Eden Greenville Hickory Lumberton Mt. Airy Roanoke Rapids Spring Lake Wilkesboro Cambridge Dayton Mt. Vernon Streetsboro Oklahoma City Mill Hall Moosic NEW FREEDOM Philadelphia Lexington Simpsonville Alcoa DANDRIDGE Knoxville Houston Charles Town Martinsburg Jacksonville Niles Spring Branch Technical Services Salem Other Professional, Scientific, and Technical Services Memphis Other Professional, Scientific, and Technical Services Ocala Automotive Repair and Maintenance Arlington Automotive Repair and Maintenance Burleson Automotive Repair and Maintenance Hurst Automotive Repair and Maintenance Mansfield Automotive Repair and Maintenance Saginaw Automotive Repair and Maintenance The Colony Automotive Repair and Maintenance Westworth Village Automotive Repair and Maintenance Miramar Plymouth Health Clubs Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Oldsmar Oldsmar Hyannis (f) (f) (f) (f) (f) (f) St Encumbrances GA GA LA MD MI MS MS NC NC NC NC NC NC NC NC OH OH OH OH OK PA PA PA PA SC SC TN TN TN TX WV WV FL IL TX (f) (f) (f) (f) (f) (f) (f) (f) (f) OR TN FL TX TX TX TX TX TX TX FL MN FL FL MA (f) (f) (f) (f) (f) (f) Initial Cost to Company Land & Improvements Building & Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Total 1,155 1,523 1,015 1,800 1,713 1,498 1,662 1,672 1,632 1,082 1,671 1,095 1,867 702 1,000 1,381 1,424 899 1,330 1,672 806 1,711 1,739 3,303 1,221 1,663 1,022 1,790 1,671 9,141 1,061 1,032 5,047 3,411 3,168 Accumulated Depreciation (d) (e) Year Constructed Date Acquired (69) (72) (62) (81) (108) (66) (72) (87) (65) (58) (73) (51) (83) (34) (55) (70) (86) (59) (58) (111) (28) (84) (84) (116) (46) (66) (40) (88) (67) (513) (32) (53) (221) (188) (126) 2006 2002 2009 2004 2001 2003 2004 2004 2000 1999 1998 2004 2002 2006 2003 2002 2005 2002 2001 1946 2002 2003 2004 2002 2007 2004 2007 2005 2004 1977 2002 1998 2017 1993 2018 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/21/2017 12/26/2017 12/27/2017 12/27/2017 650 997 607 610 1,050 870 657 838 684 511 587 482 1,015 306 471 538 851 506 598 1,021 228 1,084 733 1,248 570 563 261 891 824 5,678 197 480 3,132 2,152 1,702 312 466 (36) 1980 12/29/2017 280 446 (34) 1968 12/29/2017 464 3,396 2,726 2,431 2,065 3,624 2,618 2,261 1,482 2,755 971 5,375 4,209 2,955 2,839 5,552 3,591 4,272 2,465 3,953 (63) (247) (209) (184) (196) (264) (162) (177) (106) (170) 1964 2010 2008 2010 2012 2014 2010 2013 2011 1998 01/02/2018 01/09/2018 01/09/2018 01/09/2018 01/09/2018 01/09/2018 01/09/2018 01/09/2018 01/11/2018 01/11/2018 743 1,021 (47) 1989 01/19/2018 1,415 1,534 (71) 1990 01/19/2018 170 384 (20) 1963 01/19/2018 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,702 - - - - - - - - - - - 2,158 - - - 505 526 408 1,190 663 628 1,005 834 948 571 1,084 613 852 396 529 843 573 393 732 651 578 627 1,006 2,055 651 1,100 761 899 847 3,463 864 552 1,915 1,259 1,466 154 166 507 1,979 1,483 524 774 1,928 973 2,011 983 1,198 278 119 214 505 526 408 1,190 663 628 1,005 834 948 571 1,084 613 852 396 529 843 573 393 732 651 578 627 1,006 2,055 651 1,100 761 899 847 3,463 864 552 1,915 1,259 895 154 166 507 1,979 1,483 524 774 1,928 973 2,011 983 1,198 278 119 214 650 997 607 610 1,050 870 657 838 684 511 587 482 1,015 306 471 538 851 506 598 1,021 228 1,084 733 1,248 570 563 261 891 824 5,678 197 480 3,132 2,152 - 312 280 464 3,396 2,726 2,431 2,065 3,624 2,618 2,261 1,482 597 743 1,415 170 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 571 - - - - - - - - - - - - - - - F-39 Descriptions (a) Tenant Industry Chemical and Allied Products Merchant City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Wholesalers Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Chemical and Allied Products Merchant Wholesalers Automotive Repair and Maintenance Automotive Repair and Maintenance Aerospace Product and Parts Manufacturing Other Professional, Scientific, and Technical Services Aerospace Product and Parts Manufacturing Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Other Personal Services Other Professional, Scientific, and Technical Services Outpatient Care Centers Offices of Dentists Office Furniture (including Fixtures) Manufacturing Office Furniture (including Fixtures) Manufacturing Paint, Coating, and Adhesive Manufacturing Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Hagerstown MD 263 94 Carlisle Lancaster PA PA 354 336 56 306 Providence RI 479 1,031 Hereford Andover Derby Wixom TX KS KS MI (f) FL Panama City CT Newington NY Olean OH Ashland OH Ashtabula OH Austintown OH Canton Middleburg Heights OH OH Warren OH Youngstown PA Bradford PA Clarion PA Corry PA Edinboro PA Erie PA Erie PA Erie PA Grove City PA Hermitage PA Indiana PA Meadville PA Titusville PA Warren NC Winston-Salem NC Winston-Salem AR Little Rock WI Madison Danville Virginia Beach Palatine Jasper Royston Phoenix Arlington IL VA IL GA GA AZ TX (f) (f) (f) (f) 77 603 900 3,674 707 1,470 433 479 340 740 555 930 394 645 183 186 171 231 223 389 155 208 517 227 364 132 244 1,321 1,926 1,190 694 199 416 408 348 1 2,573 8,844 516 7,837 715 604 912 681 1,285 914 830 1,199 701 670 780 673 812 656 608 705 971 507 1,584 574 1,047 3,254 2,912 3,179 1,083 1,142 761 1,118 1,705 5,236 1,972 799 5,106 4,503 817 3,139 Services Brownsville TX 53 348 - - - - - 226 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Other Professional, Scientific, and Technical Services Child Day Care Services Car Dealers Forging and Stamping Restaurants -- Limited Service Restaurants -- Limited Service Port Isabel Doral Tempe Sterling Heights Akron Ashland TX FL AZ MI OH OH 196 746 3,009 2,697 114 176 277 1,793 3,267 14,754 980 1,089 - - 466 - - - - - - - - 1,892 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 567 - - 1,203 - - - 263 354 56 479 77 829 900 3,674 707 1,470 433 479 340 740 555 930 394 645 183 186 171 231 223 389 155 208 517 227 364 132 244 1,321 1,926 1,190 694 199 416 408 94 357 (23) 1989 01/19/2018 336 690 (49) 1971 01/19/2018 306 362 (24) 1990 01/19/2018 1,031 1,510 (91) 1964 01/19/2018 348 1,893 2,573 8,844 516 7,837 715 604 912 681 1,285 914 830 1,199 701 670 780 673 812 656 608 705 971 507 1,584 574 1,047 3,254 2,912 3,179 1,083 1,142 761 1,118 425 2,722 3,473 12,518 1,223 9,307 1,148 1,083 1,252 1,421 1,840 1,844 1,224 1,844 884 856 951 904 1,035 1,045 763 913 1,488 734 1,948 706 1,291 4,575 4,838 4,369 1,777 1,341 1,177 1,526 (23) (79) (158) (818) (78) (581) (57) (48) (84) (68) (111) (85) (71) (106) (58) (55) (60) (57) (64) (58) (47) (63) (90) (43) (127) (46) (90) (184) (178) (225) (113) (83) (78) (82) 1966 2018 2013 1989 1983 1953 1977 1971 1976 1991 1989 1987 1999 1985 1977 1977 1977 1973 1973 1973 1973 1976 1978 1978 1983 1979 1970 2017 2016 1999 1972 1997 1981 1991 01/19/2018 01/23/2018 01/23/2018 01/26/2018 02/02/2018 02/09/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/12/2018 02/13/2018 02/13/2018 02/20/2018 02/22/2018 02/28/2018 02/28/2018 03/05/2018 1,705 5,236 6,941 (523) 1981 03/09/2018 1,972 799 817 53 196 746 3,475 2,697 114 176 5,106 4,503 7,078 5,302 (594) (236) 1965 2016 03/09/2018 03/13/2018 3,139 3,956 (167) 1997 03/14/2018 915 968 (39) 1993 03/16/2018 277 1,793 4,470 14,754 980 1,089 473 2,539 7,945 17,451 1,094 1,265 (22) (99) (226) (946) (63) (75) 1996 2001 2018 1977 1950 1969 03/16/2018 03/19/2018 03/23/2018 03/23/2018 03/23/2018 03/23/2018 F-40  City Blairsville Leechburg Conyers Fayetteville Baton Rouge Baton Rouge Covington Gretna Memphis Akron Beachwood Cleveland Brookings Mesa (f) (f) (f) (f) (f) (f) (f) St Encumbrances PA PA GA GA LA LA LA LA TN OH OH OH SD AZ Initial Cost to Company Land & Improvements 194 275 823 781 1,487 2,091 1,026 1,089 718 2,089 2,829 1,716 951 1,626 Building & Improvements 1,332 1,161 1,309 1,475 1,194 1,258 759 1,589 2,548 2,426 6,791 4,171 1,805 4,716 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - - - - - - - 194 275 823 781 1,487 2,091 1,026 1,089 718 2,089 2,829 1,716 951 1,626 1,332 1,161 1,309 1,475 1,194 1,258 759 1,589 2,548 2,426 6,791 4,171 1,805 4,716 1,526 1,436 2,132 2,256 2,681 3,349 1,785 2,678 3,266 4,515 9,620 5,887 2,756 6,342 (96) (81) (113) (112) (108) (118) (79) (128) (205) (149) (371) (225) (108) (307) 1997 1970 1993 1993 1994 1983 2003 1983 1985 2013 2015 2009 2003 1998 03/23/2018 03/23/2018 03/28/2018 03/28/2018 03/28/2018 03/28/2018 03/28/2018 03/28/2018 03/28/2018 03/29/2018 03/29/2018 03/29/2018 03/29/2018 03/30/2018 775 4,118 660 4,963 1,435 9,081 10,516 (540) 1974 03/30/2018 Descriptions (a) Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Car Dealers Car Dealers Car Dealers Restaurants -- Full Service Health Clubs Machinery, Equipment, and Supplies Merchant Wholesalers Machinery, Equipment, and Supplies Merchant Wholesalers Other Motor Vehicle Dealers Other Motor Vehicle Dealers Machinery, Equipment, and Supplies Merchant Wholesalers Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Furniture Stores Furniture Stores Furniture Stores Fabric Mills Fabric Mills Other Personal Services Other Personal Services Other Personal Services Other Professional, Scientific, and Technical Services Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Other Professional, Scientific, and Technical Services Plastics Product Manufacturing Plastics Product Manufacturing Plastics Product Manufacturing Family Entertainment Centers Other Fabricated Metal Product Manufacturing Other Professional, Scientific, and Technical Muscatine IA IL Fairbury Meredith NH North Conway NH Wayland NY Houston TX Hurst TX TX Manvel MD Towson Altoona PA Mount Pleasant PA Spring City PA Independence VA Winter Garden FL SC Greenville SC Indian Land Harlingen Auburn Elkhart Elkhart Fort Wayne Goshen Marion Plymouth Syracuse Wabash Warsaw Warsaw TX IN IN IN IN IN IN IN IN IN IN IN TX Garland NY Rochester OH Circleville OH Marion Lubbock TX Grand Junction CO (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 127 389 53 404 6,333 544 133 416 311 757 288 598 307 1,039 1,322 102 1,858 698 1,249 837 464 414 269 193 274 213 242 215 191 166 346 279 310 297 650 834 2,591 962 390 461 7,618 7,316 3,308 4,024 627 130 1,202 185 547 345 312 409 262 243 251 363 200 267 374 284 360 4,107 5,574 8,000 - 1,789 Services Newnan GA 743 1,544 - - - - - - - - - - - - 2,608 1,286 2,834 - - - - - - - - - - - - - - - - 3,066 433 127 389 53 133 311 288 307 1,039 1,322 102 1,858 698 2,712 1,881 1,460 414 269 193 274 213 242 215 191 166 346 279 310 297 650 834 2,591 2,491 400 404 6,333 544 531 6,722 597 (46) (280) (33) 1975 2003 1975 03/30/2018 03/30/2018 03/30/2018 416 549 (40) 1986 03/30/2018 757 1,068 (52) 2002 03/30/2018 598 886 (34) 1997 03/30/2018 461 7,618 7,316 3,308 4,024 627 2,738 2,488 3,019 547 345 312 409 262 243 251 363 200 267 374 284 768 8,657 8,638 3,410 5,882 1,325 5,450 4,369 4,479 961 614 505 683 475 485 466 554 366 613 653 594 360 4,107 5,574 8,000 3,066 2,222 657 4,757 6,408 10,591 5,557 2,622 (39) (478) (407) (201) (318) (45) (142) (154) (24) (64) (44) (35) (46) (36) (31) (33) (30) (26) (33) (36) (34) (37) (391) (508) (846) (154) (125) 1972 1963 1978 1924 1989 1979 2018 2018 2019 2000 1968 1984 1980 1985 1971 1968 1973 1978 1959 1970 1964 1965 1998 1966 1999 1993 1976 03/30/2018 04/06/2018 04/06/2018 04/06/2018 04/12/2018 04/12/2018 04/13/2018 04/13/2018 04/13/2018 04/13/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/18/2018 04/23/2018 04/27/2018 04/27/2018 04/27/2018 04/27/2018 04/30/2018 - 743 1,544 2,287 (108) 2008 05/07/2018 - - - - - - - - - - - - 1,463 1,044 996 - - - - - - - - - - - - - - - - 1,529 10 - F-41 Descriptions (a) Tenant Industry Other Professional, Scientific, and City Technical Services Oxford Automotive Repair and Maintenance Eden Prairie Semiconductor and Other Electronic Component Manufacturing Other Professional, Scientific, and Technical Services Restaurants -- Limited Service Other Professional, Scientific, and Technical Services Bowling Centers Bowling Centers Bowling Centers Restaurants -- Full Service Other Professional, Scientific, and Technical Services Rochester Centennial Warsaw Haines City Buford Loganville Stone Mountain Orange Village New Port Richey St. Charles Snellville Restaurants -- Full Service Death Care Services Automotive Repair and Maintenance Washington Death Care Services Death Care Services Death Care Services Death Care Services Death Care Services Death Care Services Other Professional, Scientific, and Newland Spruce Pine Bristol Elizabethton Elizabethton Roan Mountain Technical Services Death Care Services Death Care Services Other Professional, Scientific, and Technical Services Outpatient Care Centers Offices of Physicians Offices of Physicians Offices of Physicians Metalworking Machinery Manufacturing Metalworking Machinery Manufacturing Texarkana Bristol Damascus Melissa Bessemer Douglas Tifton Valdosta Fenton Temperance Household and Institutional Furniture and Kitchen Cabinet Manufacturing Other Professional, Scientific, and New Albany Ruskin Bloomington Succasunna Indianapolis Technical Services Child Day Care Services Automotive Repair and Maintenance Arnold Furniture Stores Car Dealers Automotive Repair and Maintenance Eureka Health Clubs Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Iva Columbus Abbeville Greenwood Greenwood Honea Path Laurens Newberry Saluda Ware Shoals Colorado Springs La Junta Lamar Initial Cost to Company Land & Building & St Encumbrances Improvements Improvements (f) (f) (f) (f) (f) (f) (f) (f) (f) MS MN NY CO IN FL GA GA GA OH FL IL GA MO NC NC TN TN TN TN TX VA VA TX AL GA GA GA MI MI MS FL MN MO NJ IN MO OH SC SC SC SC SC SC SC SC SC CO CO CO 490 920 337 413 276 211 1,103 883 1,458 2,448 240 1,220 1,733 1,132 515 396 772 814 406 144 300 689 309 297 297 53 172 622 499 341 1,035 2,059 1,674 1,412 290 596 2,702 3,323 3,549 - 292 3,802 3,921 488 1,548 1,247 1,991 3,949 2,607 569 720 1,116 2,575 608 730 471 822 2,625 2,222 1,349 2,346 15,393 222 637 1,003 777 512 754 605 503 488 402 360 791 356 881 260 290 406 161 174 913 645 328 3,640 611 362 1,143 905 668 955 1,017 547 850 497 907 475 879 943 600 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - 75 - 737 - - - - - 5,191 - 14 - 1,273 - - - - - - - - - - - - 327 - - 1,783 490 920 337 800 276 211 1,103 883 1,458 2,897 240 1,224 1,733 1,556 515 396 772 814 406 144 300 689 309 297 297 53 193 622 499 341 1,035 2,134 1,525 3,054 (82) (197) 1974 1960 05/07/2018 05/10/2018 1,674 2,011 (162) 1971 05/11/2018 2,149 290 596 2,702 3,323 3,549 5,191 292 3,816 3,921 1,761 1,548 1,247 1,991 3,949 2,607 569 720 1,116 2,575 608 730 471 1,149 2,625 2,949 566 807 3,805 4,206 5,007 8,088 532 5,040 5,654 3,317 2,063 1,643 2,763 4,763 3,013 713 1,020 1,805 2,884 905 1,027 524 1,342 3,247 (91) (37) (58) (179) (208) (324) (173) (30) (200) (203) (92) (98) (74) (96) (183) (146) (31) (48) (79) (119) (43) (56) (28) (68) (118) 2008 1988 1950 2004 2007 1996 2018 1985 2017 1984 2018 1989 1951 1948 1950 1920 1974 1989 1970 1921 2007 2000 1999 1990 2017 05/15/2018 05/15/2018 05/18/2018 05/22/2018 05/22/2018 05/22/2018 05/23/2018 05/30/2018 05/30/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/01/2018 06/04/2018 06/06/2018 06/06/2018 06/06/2018 06/06/2018 2,222 2,721 (204) 1968 06/07/2018 3,132 3,473 (126) 1987 06/07/2018 - 2,346 15,393 17,739 (888) 1995 06/07/2018 - 150 1,330 - 3,250 1,383 - - - - - 380 - 399 - 396 - - - 222 637 1,632 777 1,309 1,400 605 503 488 402 360 855 356 947 260 335 406 161 174 913 795 1,658 3,640 3,861 1,745 1,143 905 668 955 1,017 927 850 896 907 871 879 943 600 1,135 1,432 3,290 4,417 5,170 3,145 1,748 1,408 1,156 1,357 1,377 1,782 1,206 1,843 1,167 1,206 1,285 1,104 774 (61) (77) (99) (204) (150) (95) (77) (82) (61) (67) (81) (93) (61) (69) (64) (60) (55) (44) (32) 1965 1988 2018 1946 2018 2018 2014 1990 1987 1996 1994 1998 1989 1999 1992 1997 1986 1974 1972 06/11/2018 06/14/2018 06/15/2018 06/15/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/22/2018 06/26/2018 06/26/2018 06/26/2018 - - - 387 - - - - - 449 - 4 - 424 - - - - - - - - - - - - 21 - - - - - - 629 - 797 646 - - - - - 64 - 66 - 45 - - - F-42 Descriptions (a) Initial Cost to Company Land & Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Tenant Industry Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Automotive Repair and Maintenance Clemmons Child Day Care Services Other Professional, Scientific, and City Atchison Gardner Hays Hutchinson Hutchinson Lansing Leavenworth Olathe Russell Holts Summit Knob Noster Mexico Moncks Corner St Encumbrances KS KS KS KS KS KS KS KS KS MO MO MO NC SC (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Technical Services Other Personal Services Death Care Services Other Personal Services Other Professional, Scientific, and Technical Services Death Care Services Car Dealers Other Personal Services Family Entertainment Centers Family Entertainment Centers Plastics Product Manufacturing Steel Product Manufacturing from Weslaco Evergreen Lawrenceville Mooresville Portland Johnson City Oak Brook Huntingdon Valley Southlake Clearfield Thomson Purchased Steel Munhall Automotive Repair and Maintenance Bourbonnais Automotive Repair and Maintenance Markham Automotive Repair and Maintenance Normal Automotive Repair and Maintenance Peoria Automotive Repair and Maintenance Peoria Automotive Repair and Maintenance Dyer Automotive Repair and Maintenance Hammond Household and Institutional Furniture TX CO GA NC OR TN IL PA TX UT GA PA IL IL IL IL IL IN IN and Kitchen Cabinet Manufacturing Health Clubs Other Professional, Scientific, and Technical Services Health Clubs Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Other Personal Services Health Clubs Car Dealers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Grand Rapids Chandler MI AZ NC Gastonia FL Cape Coral OH Parma OH Solon OH Strongsville OH Westlake FL Jacksonville Boalsburg PA Warrensville Heights OH South Bend Monroe Warren Warren Green Bay IN MI MI MI WI MN Automotive Repair and Maintenance Hugo 285 438 254 305 117 228 248 426 271 196 114 219 989 501 290 171 1,224 1,073 326 1,766 2,110 404 2,257 720 1,054 4,461 444 391 396 357 293 748 332 4,548 2,662 360 2,153 436 361 741 676 2,426 395 1,938 496 1,060 227 644 1,034 245 Improvements 960 1,127 770 1,229 828 1,067 756 989 643 578 611 1,106 2,338 4 1,044 1,047 2,027 2,838 444 2,725 472 4,205 2,578 3,261 6,796 5,559 2,100 2,574 2,067 2,035 2,029 2,197 2,051 13,067 988 472 4,737 2,813 2,531 1,943 1,731 2,383 - 3,462 2,224 2,362 2,391 2,577 3,595 293 Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired 285 438 254 305 117 228 248 426 271 196 114 219 989 1,164 290 171 1,224 1,073 326 1,766 2,885 404 2,332 840 1,054 4,461 444 391 396 357 293 748 332 4,548 2,662 360 2,153 436 361 741 676 2,426 395 1,938 960 1,127 770 1,229 828 1,067 756 989 643 578 611 1,106 2,338 1,970 1,044 1,047 2,027 2,838 444 2,725 4,541 4,205 3,503 4,141 6,796 5,559 2,100 2,574 2,067 2,035 2,029 2,197 2,051 1,245 1,565 1,024 1,534 945 1,295 1,004 1,415 914 774 725 1,325 3,327 3,134 1,334 1,218 3,251 3,911 770 4,491 7,426 4,609 5,835 4,981 7,850 10,020 2,544 2,965 2,463 2,392 2,322 2,945 2,383 (47) (68) (46) (63) (39) (63) (42) (49) (41) (40) (29) (56) (110) (55) (61) (55) (134) (143) (26) (163) (138) (174) (280) (176) (387) (544) (104) (142) (99) (96) (89) (108) (95) 13,067 5,823 17,615 8,485 (1,109) (232) 472 4,737 2,813 2,531 1,943 1,731 2,383 1,417 3,462 832 6,890 3,249 2,892 2,684 2,407 4,809 1,812 5,400 (43) (219) (157) (138) (175) (146) (138) - (187) 1969 1977 1978 1977 2003 1975 2008 1989 1982 1995 1987 1995 2018 2019 1975 1968 1963 2018 1968 2001 2018 1964 2005 2005 1984 1996 2010 1962 2014 2013 2015 2013 2012 1966 1993 2001 2008 2002 1956 1994 1990 2007 2018 2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/26/2018 06/27/2018 06/27/2018 06/27/2018 06/27/2018 06/27/2018 06/28/2018 06/28/2018 06/28/2018 06/28/2018 06/29/2018 06/29/2018 07/02/2018 07/02/2018 07/02/2018 07/02/2018 07/02/2018 07/02/2018 07/02/2018 07/06/2018 07/10/2018 07/12/2018 07/13/2018 07/19/2018 07/19/2018 07/19/2018 07/19/2018 07/20/2018 07/24/2018 07/26/2018 496 2,224 2,720 (134) 1978 07/31/2018 1,060 2,362 3,422 (151) 1997 07/31/2018 227 644 1,034 735 2,391 2,618 (120) 1986 07/31/2018 2,577 3,221 (144) 1967 07/31/2018 3,595 2,382 4,629 3,117 (219) (92) 1967 2018 07/31/2018 08/02/2018 - - - - - - - - - - - - - 663 - - - - - - 775 - 75 120 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,966 - - - - - - 4,069 - 925 880 - - - - - - - - - - 4,835 - - - - - - - 1,417 - - - - - - 490 - 2,089 F-43 Descriptions (a) Tenant Industry Other Professional, Scientific, and City St Encumbrances Improvements Improvements Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Initial Cost to Company Land & Building & Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Technical Services Port Charlotte FL Other Professional, Scientific, and Technical Services Cary Other Professional, Scientific, and Technical Services Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Lumber and Other Construction Las Vegas Danville Gibson City Homer Glen Pekin Pontiac Rochelle Tilton Watseka Crawfordsville Michigan City Rochester Wabash Warsaw Materials Merchant Wholesalers Stillwater Lumber and Other Construction Materials Merchant Wholesalers Offices of Physicians Offices of Physicians Navigational, Measuring, Electromedical, and Control Instruments Manufacturing Child Day Care Services Navigational, Measuring, Electromedical, and Control Instruments Manufacturing Hudson Boynton Beach Wellington Hartford Roseville Outpatient Care Centers Restaurants -- Full Service Outpatient Care Centers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Child Day Care Services Automotive Repair and Maintenance Cypress Automotive Repair and Maintenance Mission Automotive Repair and Maintenance Pasadena Architectural and Structural Metals Chattanooga Chatsworth Ashland Brasstown Barboursville Huntington Hurricane Jacksonville Manufacturing Alexandria Architectural and Structural Metals Manufacturing Sauk Centre Lumber and Other Construction Materials Merchant Wholesalers Glade Valley Lumber and Other Construction Materials Merchant Wholesalers Mt Airy Lumber and Other Construction Materials Merchant Wholesalers N Wilkesboro Lumber and Other Construction Materials Merchant Wholesalers Sparta Lumber and Other Construction Materials Merchant Wholesalers Architectural and Structural Metals Manufacturing Lumber and Other Construction Materials Merchant Wholesalers W Jefferson Grand Island Bowling Centers Bowling Centers Automotive Repair and Maintenance Cleveland Other Professional, Scientific, and Galax Chico Manteca Technical Services Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Health Clubs Health Clubs Spring Clayton Flower Mound Lubbock Lubbock NC NV IL IL IL IL IL IL IL IL IN IN IN IN IN MN WI FL FL AL MN TN GA KY NC WV WV WV FL TX TX TX MN MN NC NC NC NC NC NE VA CA CA GA TX NC TX TX TX (f) (f) (f) (f) (f) (f) (f) 265 399 215 1,071 687 1,755 1,687 434 1,694 662 688 2,099 939 924 1,824 1,615 1,810 1,548 2,346 206 235 440 2,255 157 60 220 578 260 815 1,002 1,309 1,272 1,088 853 859 525 743 740 957 638 1,599 676 1,388 4,834 924 447 398 876 2,140 2,601 507 1,031 808 4,163 2,311 3,519 5,604 3,658 1,817 4,241 4,255 4,530 5,278 3,428 3,752 5,744 1,236 2,828 3,210 2,344 2,657 1,060 7,055 201 2,697 174 1,883 2,891 2,336 1,431 2,200 2,408 2,091 2,832 5,568 548 461 283 799 245 5,442 558 1,802 3,240 2,246 1,190 727 998 2,461 3,362 - - - - - - - - - - - - - - - - - - - - - 197 - - - - - - - - - - - - - - - - - - - - - - - - - - - - F-44 - - - - - - - - - - - - - - - - - - - - - 38 - - - - - - - 889 - - - - - - - - - - - - - - - - - - - - 265 399 215 1,071 687 1,755 1,687 434 1,694 662 688 2,099 939 924 1,824 1,615 1,810 1,548 2,346 206 235 637 2,255 157 60 220 578 260 815 1,002 1,309 1,272 1,088 853 859 525 743 740 957 638 1,599 676 1,388 4,834 924 447 398 876 2,140 2,601 507 772 (30) 1993 08/07/2018 1,031 1,430 (58) 1997 08/07/2018 808 4,163 2,311 3,519 5,604 3,658 1,817 4,241 4,255 4,530 5,278 3,428 3,752 5,744 1,023 5,234 2,998 5,274 7,291 4,092 3,511 4,903 4,943 6,629 6,217 4,352 5,576 7,359 (46) (259) (144) (287) (418) (267) (173) (324) (329) (282) (262) (207) (316) (428) 1980 1986 1976 1981 1984 1972 1986 1987 1993 1991 1991 1990 1991 1989 08/14/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 08/17/2018 1,236 3,046 (123) 1979 08/17/2018 2,828 3,210 2,344 4,376 5,556 2,550 (206) (129) (65) 1966 1988 2014 08/17/2018 08/21/2018 08/21/2018 2,657 1,098 2,892 1,735 (130) (67) 2004 1951 08/24/2018 08/24/2018 7,055 201 2,697 174 1,883 2,891 2,336 2,320 2,200 2,408 2,091 9,310 358 2,757 394 2,461 3,151 3,151 3,322 3,509 3,680 3,179 (341) (19) (90) (14) (97) (103) (102) (77) (114) (120) (106) 1985 1966 1907 1993 1995 1960 1995 1991 2017 2017 2017 08/24/2018 08/29/2018 08/30/2018 08/30/2018 08/30/2018 08/30/2018 08/30/2018 08/31/2018 08/31/2018 08/31/2018 08/31/2018 2,832 3,685 (178) 1976 09/04/2018 5,568 6,427 (299) 1973 09/04/2018 548 1,073 (58) 1946 09/04/2018 461 1,204 (62) 1991 09/04/2018 283 1,023 (32) 1971 09/04/2018 799 1,756 (72) 2000 09/04/2018 245 883 (39) 2009 09/04/2018 5,442 7,041 (314) 2005 09/04/2018 558 1,802 3,240 2,246 1,234 3,190 8,074 3,170 (51) (91) (184) (113) 1986 1958 2003 2018 09/04/2018 09/07/2018 09/07/2018 09/11/2018 1,190 1,637 (86) 1976 09/13/2018 727 1,125 (39) 1986 09/18/2018 998 2,461 3,362 1,874 4,601 5,963 (56) (140) (229) 1993 2005 1980 09/18/2018 09/19/2018 09/19/2018 Descriptions (a) Tenant Industry Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Berryville AR 622 507 Fayetteville AR 1,803 1,115 Merchant Wholesalers Harrison AR 1,059 524 Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Mountain Home AR 966 667 Rogers AR 1,796 924 Springdale AR 1,811 2,519 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 2,469 2,215 2,179 480 4,151 2,044 1,127 288 1,306 464 1,986 772 2,018 473 1,569 379 1,734 530 1,948 366 819 379 1,182 204 764 513 Merchant Wholesalers Anderson CA Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Chico CA Elk Grove CA Jackson Meyers Redding Rocklin CA CA CA CA South Lake Tahoe CA Merchant Wholesalers Vacaville CA Yuba City CA Bolivar Branson Buffalo MO MO MO Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Columbia MO 916 509 El Dorado Springs MO 418 325 Jefferson City MO 985 430 Joplin Lebanon Mexico Monett MO MO MO MO 1,345 209 706 423 711 210 1,167 436 Merchant Wholesalers Mount Vernon MO 439 236 Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Nevada MO 565 445 Osage Beach MO 554 298 Reeds Spring MO 1,388 709 Republic Rolla MO MO 1,342 449 388 1,808 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 622 507 1,129 (68) 1985 09/25/2018 1,803 1,115 2,918 (111) 1966 09/25/2018 1,059 524 1,583 (73) 1996 09/25/2018 966 667 1,633 (71) 1973 09/25/2018 1,796 924 2,720 (115) 1977 09/25/2018 1,811 2,519 4,330 (199) 1989 09/25/2018 2,469 2,215 4,684 (214) 2006 09/25/2018 2,179 480 2,659 (119) 1983 09/25/2018 4,151 2,044 6,195 (297) 1972 09/25/2018 1,127 1,306 1,986 2,018 1,569 1,734 1,948 288 1,415 (64) 1999 09/25/2018 464 1,770 (77) 1961 09/25/2018 772 2,758 (122) 1979 09/25/2018 473 2,491 (102) 1976 09/25/2018 379 1,948 (98) 1967 09/25/2018 530 2,264 (108) 1985 09/25/2018 366 2,314 (86) 1986 09/25/2018 819 379 1,198 (64) 1978 09/25/2018 1,182 204 1,386 (49) 1977 09/25/2018 764 916 418 985 513 1,277 (79) 1969 09/25/2018 509 1,425 (92) 2002 09/25/2018 325 743 (53) 1949 09/25/2018 430 1,415 (81) 1983 09/25/2018 1,345 209 1,554 (69) 1978 09/25/2018 706 711 423 1,129 (64) 1984 09/25/2018 210 921 (62) 1970 09/25/2018 1,167 436 1,603 (81) 1986 09/25/2018 439 565 554 1,388 1,342 236 675 (37) 1979 09/25/2018 445 1,010 (54) 1978 09/25/2018 298 852 (48) 1991 09/25/2018 709 2,097 (113) 1994 09/25/2018 449 1,791 (81) 1987 09/25/2018 388 1,808 2,196 (99) 1928 09/25/2018 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - F-45 Descriptions (a) Tenant Industry Lumber and Other Construction Materials Merchant City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Wholesalers Shell Knob MO 798 617 Lumber and Other Construction Materials Merchant Wholesalers Springfield MO 1,030 1,364 Lumber and Other Construction Materials Merchant Wholesalers Springfield MO 329 394 Lumber and Other Construction Materials Merchant Wholesalers Springfield MO 1,210 2,400 Lumber and Other Construction Materials Merchant Wholesalers Springfield MO 481 727 Lumber and Other Construction Materials Merchant Wholesalers Springfield MO 2,408 381 Lumber and Other Construction Materials Merchant Wholesalers Springfield MO 508 315 Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Car Dealers Satellite Telecommunications Child Day Care Services Forging and Stamping Automotive Repair and Maintenance Packaging and Labeling Services Forging and Stamping Forging and Stamping Forging and Stamping Automotive Repair and Maintenance Semiconductor and Other Electronic Component Manufacturing Automotive Repair and Maintenance Restaurants -- Limited Service Electrical Equipment Manufacturing Electrical Equipment Manufacturing Child Day Care Services Navigational, Measuring, Electromedical, and Carson City NV NV Gardnerville FL Tampa NY Hauppauge OH Maple Heights IN Valparaiso Festus MO Newcomerstown OH PA Burgettstown PA Carnegie PA Carnegie MN Brooklyn Park Goleta Topeka Jackson Eastanollee Oregon Mahtomedi CA KS MS GA WI MN Control Instruments Manufacturing Clear Lake SD Other Professional, Scientific, and Technical Services Aerospace Product and Parts Manufacturing Child Day Care Services Automotive Repair and Maintenance Pulp, Paper, and Paperboard Mills General Freight Trucking, Long-Distance Restaurants -- Full Service Other Professional, Scientific, and Technical Services Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Plastics Product Manufacturing Plastics Product Manufacturing Automotive Repair and Maintenance Machinery, Equipment, and Supplies Merchant Wholesalers Automotive Repair and Maintenance CA Bakersfield CT Chester AL Huntsville KS Salina WI De Pere Gladstone MI Downers Grove IL Everett South Bend Benton Harbor Niles Niles Niles St Peters Beaumont Garland Cullman Asheboro Mocksville Topeka Lake City Rolla WA IN MI MI MI MI MO TX TX AL NC NC KS MN MO (f) (f) (f) (f) (f) (f) (f) 1,719 960 1,202 3,604 3,566 339 1,557 781 1,945 3,241 1,046 77 463 11,850 838 389 481 952 609 864 3,877 16,752 1,465 1,782 70 6,554 6,368 3,853 1,483 936 15,178 75 177 3,365 3,270 896 813 1,381 488 628 2,485 401 2,892 1,507 2,422 240 588 718 540 1,155 1,558 1,954 699 1,082 170 572 1,260 640 360 777 213 1,236 631 81 9,135 4,009 690 783 3,657 2,417 2,212 2,245 6,214 2,881 7,315 3,429 504 4,424 5,156 80 2,399 - - - - - - - - - - - - - - 585 - - - - - - 616 - - - 48 - - - - 543 - - 387 - - - - - - - - - - - - 699 - 207 F-46 - - - - - - - - - - - - - 1,685 - - - - - - 1,856 - - 125 485 798 617 1,415 (77) 1973 09/25/2018 1,030 1,364 2,394 (130) 1957 09/25/2018 329 394 723 (27) 2002 09/25/2018 1,210 2,400 3,610 (192) 1970 09/25/2018 481 727 1,208 (64) 1941 09/25/2018 2,408 381 2,789 (79) 1979 09/25/2018 508 315 823 (27) 1990 09/25/2018 1,719 1,202 3,604 3,566 339 1,557 1,366 1,945 3,241 1,046 77 463 11,850 1,454 389 481 952 657 960 2,679 (118) 1960 09/25/2018 864 3,877 16,752 1,465 1,782 1,755 6,554 6,368 3,853 1,483 936 15,178 1,931 177 3,365 3,395 1,381 2,066 7,481 20,318 1,804 3,339 3,121 8,499 9,609 4,899 1,560 1,399 27,028 3,385 566 3,846 4,347 2,038 (122) (155) (733) (106) (184) (77) (302) (516) (214) (64) (40) (803) (60) (17) (161) (251) (63) 1987 2018 1976 1915 1977 2019 1991 1965 1906 1961 1995 1967 2019 1990 1993 2008 2005 09/25/2018 09/27/2018 09/27/2018 09/27/2018 09/28/2018 09/28/2018 09/28/2018 09/28/2018 09/28/2018 09/28/2018 10/03/2018 10/12/2018 10/12/2018 10/15/2018 10/17/2018 10/17/2018 10/19/2018 - 813 1,381 2,194 (102) 1978 10/26/2018 - - - 1,899 - - 7,474 - - - - - - - - 2,147 - - - 1,828 - 2,071 488 628 2,485 944 2,892 1,507 2,809 240 588 718 540 1,155 1,558 1,954 699 1,082 170 572 1,260 1,339 360 984 213 1,236 631 1,980 9,135 4,009 8,164 783 3,657 2,417 2,212 2,245 6,214 2,881 7,315 5,576 504 4,424 5,156 1,908 2,399 2,071 701 1,864 3,116 2,924 12,027 5,516 10,973 1,023 4,245 3,135 2,752 3,400 7,772 4,835 8,014 6,658 674 4,996 6,416 3,247 2,759 3,055 (21) (62) (51) (50) (475) (209) (105) (48) (163) (121) (106) (120) (276) (165) (223) (123) (22) (179) (234) (48) (102) (45) 1949 1978 2004 2019 1992 1996 2019 1910 1962 1969 1976 1980 1951 1979 2002 1984 2002 1987 1996 2019 2018 2019 10/31/2018 10/31/2018 11/01/2018 11/02/2018 11/02/2018 11/07/2018 11/09/2018 11/13/2018 11/14/2018 11/14/2018 11/14/2018 11/14/2018 11/14/2018 11/14/2018 11/14/2018 11/14/2018 11/16/2018 11/19/2018 11/19/2018 11/27/2018 11/27/2018 11/30/2018  City St Encumbrances Initial Cost to Company Land & Improvement s Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvement s Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquire d Descriptions (a) Tenant Industry Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Lumber and Other Construction Materials Merchant Wholesalers Other Professional, Scientific, and Technical Biddeford ME 504 2,344 Kennebunk ME 380 673 Springvale ME 395 919 Services McAllen TX 274 311 Other Professional, Scientific, and Technical Services Farm and Ranch Supply Stores Farm and Ranch Supply Stores Commercial and Service Industry Machinery Marietta Allegan Benton Harbor GA MI MI 375 730 1,202 402 857 1,359 Manufacturing Salem NH 1,831 3,054 Corporate Aircraft Repair and Maintenance Facilities Chattanooga TN 928 21,059 Other Professional, Scientific, and Technical Services Concord NC 849 1,281 Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Resin, Synthetic Rubber, and Artificial Synthetic Magnolia TX Magnolia TX (f) (f) 394 911 548 969 Fibers and Filaments Manufacturing Bainbridge GA 1,426 7,622 Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing Residential Intellectual and Developmental Winchester KY 3,745 17,322 Disability, Mental Health, and Substance Abuse Facilities East Grand Forks MN 1,002 6,129 Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Other Personal Services Other Personal Services Other Personal Services Household and Institutional Furniture and Kitchen Rochester MN 5,326 3,191 Waverly Fort Myers Jacksonville Sharpsburg MN FL FL GA 1,147 736 1,150 655 3,539 - 3,067 - Cabinet Manufacturing Baldwyn MS 4,953 23,065 Household and Institutional Furniture and Kitchen Cabinet Manufacturing Ecru MS 3,495 6,649 Household and Institutional Furniture and Kitchen Cabinet Manufacturing Pontotoc MS 2,419 4,508 Household and Institutional Furniture and Kitchen Cabinet Manufacturing Pontotoc MS 41,690 3,071 10,225 Household and Institutional Furniture and Kitchen Cabinet Manufacturing Pontotoc MS 628 2,530 - - - - - - - - - - - - - - - - - - - - - - - - - Household and Institutional Furniture and Kitchen Cabinet Manufacturing Other Motor Vehicle Dealers Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Medical and Diagnostic Laboratories Other Motor Vehicle Dealers Metal and Mineral Merchant Wholesalers Car Dealers Car Dealers Car Dealers Car Dealers Car Dealers Other Motor Vehicle Dealers Semiconductor and Other Electronic Component Manufacturing Pontotoc Sherwood Belle Glade Lake Worth Wellington Wellington Augusta New Hope Avon Rochester Rochester Rochester Spencerport Huber Heights Ridgeway Orlando Architectural and Structural Metals Manufacturing Office Furniture (including Fixtures) Manufacturing Owensville Lynchburg Architectural and Structural Metals Manufacturing (f) (f) (f) (f) MS AR FL FL FL FL GA MN NY NY NY NY NY OH SC FL MO VA 820 3,184 272 822 682 552 4,070 1,084 1,090 3,239 3,570 2,726 3,790 3,023 2,108 702 505 277 1,940 3,224 840 2,503 3,384 1,661 2,119 5,058 2,595 8,532 1,863 4,024 5,818 2,161 2,945 1,666 4,202 5,807 - - - - - - 3,782 - - - - - - 1,184 - - - - F-47 - - - - - - - - - - - - - - 504 380 395 274 375 730 1,202 2,344 2,848 (106) 1798 12/03/2018 673 1,053 (46) 1987 12/03/2018 919 1,314 (48) 1920 12/03/2018 311 585 (18) 1976 12/05/2018 402 857 1,359 777 1,587 2,561 (28) (69) (118) 1992 1974 1999 12/06/2018 12/06/2018 12/06/2018 1,831 3,054 4,885 (155) 1987 12/07/2018 928 849 394 548 21,059 21,987 (637) 2018 12/10/2018 1,281 2,130 (63) 1956 12/11/2018 911 1,305 (39) 2014 12/11/2018 969 1,517 (44) 2004 12/11/2018 1,426 7,622 9,048 (367) 1970 12/14/2018 3,745 17,322 21,067 (648) 1983 12/14/2018 - 1,002 6,129 7,131 (228) 1974 12/18/2018 - 5,326 3,191 8,517 (168) 1966 12/18/2018 - 1,329 - 636 1,147 736 1,150 655 3,539 1,329 3,067 636 4,686 2,065 4,217 1,291 (130) - (96) - 1955 2018 12/18/2018 12/20/2018 12/20/2018 12/20/2018 - - - - - - - - - - - 2,632 - - - - - - 5,278 - - - - 4,953 23,065 28,018 (957) 1996 12/20/2018 3,495 6,649 10,144 (353) 2000 12/20/2018 2,419 4,508 6,927 (254) 2001 12/20/2018 3,071 10,225 13,296 (483) 2001 12/20/2018 628 2,530 3,158 (109) 2001 12/20/2018 820 3,184 272 822 682 552 7,852 1,084 1,090 3,239 3,570 2,726 3,790 4,207 2,108 702 505 277 1,940 3,224 840 2,503 3,384 1,661 4,751 5,058 2,595 8,532 1,863 4,024 5,818 7,439 2,945 1,666 4,202 5,807 2,760 6,408 1,112 3,325 4,066 2,213 12,603 6,142 3,685 11,771 5,433 6,750 9,608 11,646 5,053 2,368 4,707 6,084 (101) (152) (27) (77) (98) (49) (195) (183) (112) (291) (154) (175) (294) (172) (212) (75) (154) (205) 1989 2000 1985 2003 2007 2002 2015 1973 2006 1998 2016 2015 1963 2005 1996 1955 1968 1950 12/20/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/26/2018 12/26/2018 12/26/2018 Descriptions (a) Tenant Industry Architectural and Structural Metals Manufacturing Lynchburg Grocery and Related Product Merchant City St Encumbrances VA Initial Cost to Company Land & Improvements 1,228 Building & Improvements 6,728 Wholesalers Yuma AZ 9,636 18,381 Steel Product Manufacturing from Purchased Steel Statesville NC 1,280 1,253 Steel Product Manufacturing from Purchased Steel Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Other Professional, Scientific, and Technical Services Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Furniture Stores Aerospace Product and Parts Manufacturing Aerospace Product and Parts Manufacturing Foundries Automotive Repair and Maintenance Lumber and Other Construction Materials NC Troutman Bourne MA North Attleborough MA West Bridgewater MA RI East Greenwich RI North Kingstown RI Smithfield RI Westerly (f) (f) (f) (f) (f) (f) (f) 1,040 1,105 518 680 358 443 1,033 729 1,443 929 638 606 690 378 984 596 Owatonna MN 2,382 6,037 Pine City MN 1,261 3,911 St Paul Brandon Baton Rouge Houma Lafayette Lake Charles Opelousas Ponchatoula South Windsor Meadows of Dan Grafton Chaska MN FL LA LA LA LA LA LA CT VA WI MN (f) (f) (f) (f) (f) (f) (f) 919 3,304 1,559 1,326 3,728 1,272 2,937 1,474 2,101 515 424 762 1,333 875 4,170 2,125 2,189 4,024 1,373 3,308 2,663 1,149 2,419 1,605 Merchant Wholesalers Breckenridge CO 2,981 2,588 Lumber and Other Construction Materials Merchant Wholesalers Animal Slaughtering and Processing Animal Slaughtering and Processing Engine, Turbine, and Power Transmission Edwards Bay City Tillamook CO OR OR 1,716 1,839 183 408 4,992 662 Equipment Manufacturing Pewaukee WI 1,637 3,235 Lumber and Other Construction Materials Merchant Wholesalers Farm and Ranch Supply Stores Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Farm and Ranch Supply Stores Farm and Ranch Supply Stores Farm and Ranch Supply Stores Child Day Care Services Child Day Care Services Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers West Plains Rapid City Battle Creek Bay City Cadillac Kalkaska Ludington Madison Heights Valley View Morris Washington Elkhart Douglasville Woodstock Amarillo Amarillo Liberal MO SD MI MI MI MI MI MI OH IL IL IN GA GA TX TX KS (f) (f) 1,024 6,608 333 356 334 269 272 462 353 1,624 899 2,114 503 1,291 1,316 712 277 404 447 663 1,085 1,106 904 1,258 1,543 1,197 4,245 3,688 3,534 1,258 1,925 4,919 3,163 39 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - 1,228 6,728 7,956 (289) 1950 12/26/2018 9,636 18,381 28,017 (979) 2018 12/31/2018 1,280 1,253 2,533 (90) 1994 01/01/2019 1,040 1,105 518 680 358 443 1,033 729 1,443 929 638 606 690 378 984 596 2,483 2,034 1,156 1,286 1,048 821 2,017 1,325 (82) (67) (38) (39) (41) (26) child (40) 1969 1977 1965 1988 1995 1988 1970 1983 01/01/2019 01/03/2019 01/03/2019 01/03/2019 01/03/2019 01/03/2019 01/03/2019 01/03/2019 - 2,382 6,037 8,419 (256) 1950 01/04/2019 - 1,261 3,911 5,172 (141) 1960 01/04/2019 - 919 3,304 4,223 (117) 1976 01/04/2019 - - - - - - - - - - 100 - - - - - - 25,385 - - - - - - - - - - - - - - 920 1,559 1,326 3,728 1,272 2,937 1,474 2,101 515 424 762 1,333 875 4,170 2,125 2,189 4,024 1,373 3,308 2,663 1,149 2,419 1,705 2,434 5,496 5,853 3,461 6,961 2,847 5,409 3,178 1,573 3,181 3,038 (50) (226) (164) (89) (238) (101) (151) (134) (71) (130) (57) 1991 1987 1992 1995 1991 1985 2009 1971 1970 1998 2002 01/08/2019 01/09/2019 01/09/2019 01/09/2019 01/09/2019 01/09/2019 01/09/2019 01/18/2019 01/18/2019 01/22/2019 01/24/2019 2,981 2,588 5,569 (96) 2008 01/29/2019 1,716 1,839 183 408 4,992 662 2,124 6,831 845 (29) (200) (25) 1992 1976 1924 01/29/2019 01/29/2019 01/29/2019 1,637 3,235 4,872 (199) 1960 01/30/2019 1,024 6,608 333 356 334 269 272 462 353 1,624 899 2,114 503 1,291 1,316 712 554 404 25,832 663 1,085 1,106 904 1,258 1,543 1,197 4,245 3,688 3,534 1,258 1,925 4,919 3,163 959 1,428 32,440 996 1,441 1,440 1,173 1,530 2,005 1,550 5,869 4,587 5,648 1,761 3,216 6,235 3,875 1,513 (60) - (37) (60) (40) (51) (48) (49) (46) (239) (198) (207) (54) (96) (134) (86) (18) 1977 1976 1978 1968 1986 1995 2005 1989 1988 1981 1968 2001 2007 1984 2016 2019 01/31/2019 01/31/2019 02/05/2019 02/05/2019 02/05/2019 02/05/2019 02/05/2019 02/05/2019 02/05/2019 02/07/2019 02/07/2019 02/07/2019 02/08/2019 02/08/2019 02/08/2019 02/08/2019 02/12/2019 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 277 F-48 Descriptions (a) Tenant Industry Outpatient Care Centers Automotive Repair and Maintenance Lumber and Other Construction Materials Merchant City Altus Topeka St Encumbrances OK KS Initial Cost to Company Land & Improvements 396 549 Building & Improvements 33 - Wholesalers Health Clubs Child Day Care Services Child Day Care Services Health Clubs Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Motor Vehicle Parts Manufacturing Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Paint, Coating, and Adhesive Manufacturing Aerospace Product and Parts Manufacturing Foundries Foundries Other Professional, Scientific, and Technical MO Nixa IL Chicago CT Farmington South Windsor CT Elk Grove Village IL OH Greenville OH Perrysburg SC Duncan AZ Goodyear AZ Mesa AZ Surprise MI Detroit WA Vancouver MI Au Gres MI Cadillac 1,645 1,811 582 237 497 3,260 658 1,323 1,409 753 1,655 936 773 848 2,962 707 4,502 - - 4,094 18,400 3,247 4,124 1,671 2,338 1,706 10,828 1,840 584 7,521 Services Magnolia TX 549 528 Other Professional, Scientific, and Technical Services Specialized Design Services Metal and Mineral Merchant Wholesalers Child Day Care Services Wholesale Automobile Auction Health Clubs Movie Theaters Movie Theaters Offices of Dentists Other Personal Services Other Personal Services Offices of Dentists Offices of Dentists Offices of Physicians Offices of Physicians Offices of Physicians Car Dealers Offices of Physicians Offices of Physicians Offices of Physicians Offices of Dentists Lumber and Other Construction Materials Merchant Gainesville Golden Valley New Castle Carol Stream North Billerica Scottsdale Ocean City Wyomissing Anchorage Bonita Springs Apex Oklahoma City Watonga Allentown Easton Philadelphia Philadelphia Pottsville Reading Shamokin Greenville (f) (f) FL MN DE IL MA AZ MD PA AK FL NC OK OK PA PA PA PA PA PA PA TX 472 1,464 3,554 1,668 13,863 2,691 6,059 4,176 529 937 844 262 49 689 129 399 5,850 375 528 53 364 820 2,757 5,541 3,911 15,859 88 1,590 4,723 1,823 - - 615 516 4,079 608 527 6,405 3,908 2,723 347 904 Wholesalers Bay St Louis MS 1,155 419 Lumber and Other Construction Materials Merchant Wholesalers Offices of Physicians Offices of Physicians Offices of Physicians Offices of Physicians Brandon Auburn Dothan Gulf Breeze Milton MS AL AL FL FL 2,075 164 481 184 138 1,013 412 1,375 745 413 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired (7) (52) (86) (102) - - (86) (610) (112) (149) (56) (58) (57) (327) (55) (7) (30) (26) (27) (91) (201) (126) (584) - (49) (206) (49) - - (18) (14) (83) (16) (15) (136) (100) (57) (14) (21) 1798 1987 1920 1976 1992 1974 1999 1987 2018 1956 2014 2004 1970 1983 1974 1966 1955 2018 1996 2000 2001 2001 2001 1989 2000 1985 2003 2007 2002 2015 1973 2006 1998 2016 2015 1963 2005 12/03/2018 12/03/2018 12/03/2018 12/05/2018 12/06/2018 12/06/2018 12/06/2018 12/07/2018 12/10/2018 12/11/2018 12/11/2018 12/11/2018 12/14/2018 12/14/2018 12/18/2018 12/18/2018 12/18/2018 12/20/2018 12/20/2018 12/20/2018 12/20/2018 12/20/2018 12/20/2018 12/20/2018 12/20/2018 12/20/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 12/21/2018 687 1,743 1,645 1,811 582 237 497 3,260 658 1,323 1,409 753 1,655 936 773 848 2,962 908 1,741 1,595 3,484 707 4,502 - - 4,094 18,400 3,247 4,124 1,671 2,338 1,706 10,828 1,840 584 7,521 2,352 6,313 582 237 4,591 21,660 3,905 5,447 3,080 3,091 3,361 11,764 2,613 1,432 10,483 549 528 1,077 820 2,757 5,541 3,911 15,859 4,561 1,590 4,723 1,823 - 426 615 516 4,079 608 527 6,405 3,908 2,723 347 904 1,292 4,221 9,095 5,579 29,722 7,252 7,649 8,899 2,352 937 1,270 877 565 4,768 737 926 12,255 4,283 3,251 400 1,268 472 1,464 3,554 1,668 13,863 2,691 6,059 4,176 529 937 844 262 49 689 129 399 5,850 375 528 53 364 1,155 2,075 164 481 184 138 419 1,574 (48) 1996 12/21/2018 1,013 412 1,375 745 413 3,088 576 1,856 929 551 (70) (13) (43) (17) (11) 1955 1968 1950 1950 2018 12/26/2018 12/26/2018 12/26/2018 12/26/2018 12/31/2018 291 1,194 875 1,741 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4,473 - - - - 426 - - - - - - - - - - - - - - - - F-49 Descriptions (a) Tenant Industry Offices of Physicians Offices of Physicians Offices of Physicians Offices of Physicians Family Entertainment Centers Automotive Repair and Maintenance Restaurants -- Limited Service Restaurants -- Limited Service Automotive Repair and Maintenance Child Day Care Services Child Day Care Services Automotive Repair and Maintenance Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Metal and Mineral Merchant Wholesalers Metal and Mineral Merchant Wholesalers Automotive Repair and Maintenance Death Care Services Death Care Services Restaurants -- Full Service Bowling Centers Plastics Product Manufacturing Automotive Repair and Maintenance Automotive Repair and Maintenance Fiber, Yarn, and Thread Mills Fiber, Yarn, and Thread Mills Fiber, Yarn, and Thread Mills Fiber, Yarn, and Thread Mills Child Day Care Services Child Day Care Services Lumber and Other Construction Materials Merchant Wholesalers Farm and Ranch Supply Stores Furniture Stores Offices of Dentists Offices of Dentists Health Clubs Restaurants -- Full Service Commercial and Industrial Machinery and St Encumbrances City FL Navarre FL Panama City Panama City FL Santa Rosa Beach FL PA Bethlehem KS Topeka SC Belton SC McCormick CO Pueblo TX Fresno TX Pearland MN St. Michael KS Dodge City KS Great Bend OK Ardmore OK Guthrie OK Guymon MI Grand Rapids OH Mogadore KS Hutchinson TN Johnson City TN Johnson City OK Ardmore SC Irmo NC Salisbury KS Ottawa KS Salina NC Charlotte NC Statesville TX Groesbeck TX Mexia MN Big Lake MN Blaine (f) (f) (f) (f) Initial Cost to Company Land & Improvements 101 872 1,245 322 1,353 1,371 170 129 1,254 628 481 619 297 347 531 386 226 619 1,110 1,277 834 121 172 2,111 3,080 807 1,035 820 443 400 451 307 423 Building & Improvements 540 2,953 1,266 2,001 3,051 - - - 2,757 855 595 1,038 - - - - - 1,695 3,107 - 2,380 489 1,026 2,301 8,443 - - 2,742 2,507 5,812 1,286 1,477 1,450 Albert Lea West Bend Indianapolis Clarksville Clarksville Amarillo Jasper MN WI IN TN TN TX AL 616 3,055 4,771 404 382 1,278 281 686 15,869 10,790 1,050 404 2,935 889 2,165 1,192 1,817 1,500 1,396 485 812 2,167 3,344 1,630 (f) (f) (f) (f) (f) (f) Equipment Rental and Leasing Olive Branch MS Commercial and Industrial Machinery and Equipment Rental and Leasing Tulsa OK Commercial and Industrial Machinery and Equipment Rental and Leasing Corpus Christi TX Commercial and Industrial Machinery and Equipment Rental and Leasing Grand Prairie TX Commercial and Industrial Machinery and Equipment Rental and Leasing Hutto TX Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - 2,035 789 813 - 243 223 - 1,106 1,116 485 1,018 1,108 - - 1,951 - - - 826 - 2,002 1,903 - - - - 110 - - 14 - - - - - - - - - - 101 872 1,245 322 1,353 1,971 733 668 1,254 628 481 619 571 615 531 680 464 619 1,110 1,998 834 121 172 2,111 3,080 1,472 1,711 820 443 400 451 307 423 616 13,079 4,771 404 382 1,278 281 540 2,953 1,266 2,001 3,051 2,035 789 813 2,757 1,098 818 1,038 1,106 1,116 485 1,018 1,108 1,695 3,107 1,951 2,380 489 1,026 3,127 8,443 2,002 1,903 2,742 2,507 5,812 1,286 1,587 1,450 686 15,883 10,790 1,050 404 2,935 889 641 3,825 2,511 2,323 4,404 4,006 1,522 1,481 4,011 1,726 1,299 1,657 1,677 1,731 1,016 1,698 1,572 2,314 4,217 3,949 3,214 610 1,198 5,238 11,523 3,474 3,614 3,562 2,950 6,212 1,737 1,894 1,873 1,302 28,962 15,561 1,454 786 4,213 1,170 (15) (66) (40) (42) (122) (30) (21) (21) (62) (27) (19) (24) (8) - - - (7) (47) (88) (24) (57) (11) (22) (51) (253) (16) (15) (66) (55) (88) (39) (26) (26) (20) (266) (193) (18) (11) (59) (19) 2006 2009 2013 2012 1998 2019 2019 2019 2013 2002 2002 2015 2019 2019 2000 1971 2019 1979 1923 1968 1994 1987 2019 2019 1968 1995 1970 1962 2008 2016 2008 2019 1973 2012 2000 1977 1975 04/02/2019 04/02/2019 04/02/2019 04/02/2019 04/03/2019 04/05/2019 04/08/2019 04/10/2019 04/16/2019 04/16/2019 04/16/2019 04/26/2019 04/29/2019 04/29/2019 04/29/2019 04/29/2019 04/29/2019 04/30/2019 04/30/2019 05/03/2019 05/16/2019 05/16/2019 05/17/2019 05/17/2019 05/22/2019 05/31/2019 05/31/2019 05/31/2019 05/31/2019 05/31/2019 05/31/2019 06/05/2019 06/05/2019 06/11/2019 06/14/2019 06/19/2019 06/20/2019 06/20/2019 06/20/2019 06/21/2019 2,165 1,192 3,357 (35) 1990 06/26/2019 1,817 1,500 3,317 (34) 1975 06/26/2019 1,396 485 1,881 (25) 1975 06/26/2019 812 2,167 2,979 (37) 1982 06/26/2019 3,344 1,630 4,974 (82) 2018 06/26/2019 - - - - - 600 563 539 - - - - 274 268 - 294 238 - - 721 - - - - - 665 676 - - - - - - - 10,024 - - - - - - - - - - F-50  St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Descriptions (a) Tenant Industry Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and City Keller Tomball TX TX Victoria Meridian Equipment Rental and Leasing TX ID Movie Theaters MS Alumina and Aluminum Production and Processing New Albany WA Walla Walla Movie Theaters PA Beaver Springs Animal Slaughtering and Processing PA Mifflintown Animal Slaughtering and Processing PA Selinsgrove Animal Slaughtering and Processing West Des Moines IA Health Clubs KS Olathe Health Clubs KS Overland Park Health Clubs NE Lincoln Health Clubs NE Omaha Health Clubs NE Omaha Health Clubs AZ Phoenix Health Clubs SC Laurens Individual and Family Services Other Professional, Scientific, and Technical Services Car Dealers Child Day Care Services Architectural and Structural Metals Manufacturing Franklin Steel Product Manufacturing from Purchased Steel Arcade Pharmaceutical and Medicine Manufacturing Pharmaceutical and Medicine Manufacturing Child Day Care Services Lumber and Other Construction Materials Largo Largo Buffalo Upland Brockport Hugo Merchant Wholesalers Health Clubs Health Clubs Bakeries and Tortilla Manufacturing Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Other Professional, Scientific, and Technical Services Bakeries and Tortilla Manufacturing Other Personal Services Other Professional, Scientific, and Technical Services Used Merchandise Stores Used Merchandise Stores Used Merchandise Stores Used Merchandise Stores Petroleum and Petroleum Products Merchant Cotter Glendale Las Vegas Shirley Edmond OK Portland OR Bellaire TX Dallas Cuyahoga Falls Reisterstown TX OH MD Reisterstown Pennsauken Bensalem Bensalem Narberth MD NJ PA PA PA CA NY MN WI NY FL FL MN AR AZ NV NY (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 2,051 3,142 1,575 2,441 1,032 4,240 1,777 1,741 462 2,910 398 2,814 2,259 2,313 1,791 2,759 2,019 3,402 174 592 2,765 782 775 1,705 1,887 2,261 1,501 241 3,764 2,260 2,291 808 5,770 5,886 2,764 805 10,494 178 3,054 3,929 3,584 2,987 4,808 3,719 - 508 1,023 3,820 1,580 4,487 5,781 2,556 3,325 2,386 997 5,561 6,976 5,270 126 504 469 1,083 321 539 468 1,164 1,203 184 1,690 274 271 100 588 8,856 819 485 2,752 922 765 121 Wholesalers Bridgton ME 256 123 Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Casco Gorham Gray ME ME ME 206 345 574 200 148 382 Wholesalers Limerick ME 288 31 Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - 1,162 - 600 - - - - 448 - - - - - - - - - - - 1,000 - - - 748 387 - - - - - - - - - - - - - - - - - 2,051 3,142 5,193 (75) 1981 06/26/2019 1,575 2,441 4,016 (54) 1986 06/26/2019 1,032 4,240 1,777 1,741 462 2,910 398 2,814 2,259 2,313 1,791 2,759 2,019 3,402 174 592 2,765 782 775 1,705 1,887 2,261 1,501 241 3,764 2,260 2,291 808 6,932 5,886 3,364 805 10,494 178 3,054 4,377 3,584 2,987 4,808 3,719 - 508 1,023 3,820 1,580 4,487 5,781 3,556 3,325 2,386 997 6,309 7,363 5,270 1,840 11,172 7,663 5,105 1,267 13,404 576 5,868 6,636 5,897 4,778 7,567 5,738 3,402 682 1,615 6,585 2,362 5,262 7,486 5,443 5,586 3,887 1,238 10,073 9,623 7,561 (26) (136) (140) (93) (21) (239) (15) (68) (94) (86) (65) (98) (76) (16) (10) (16) (74) (32) (71) (79) (31) (46) (35) (13) (79) (90) (73) 2007 2005 1997 2000 1950 1987 1979 2001 2000 1995 1985 1989 1997 1981 1950 1954 1970 2006 1998 1966 1971 1988 1979 2003 1996 1987 2001 06/26/2019 06/27/2019 06/27/2019 06/27/2019 06/28/2019 06/28/2019 06/28/2019 06/30/2019 06/30/2019 06/30/2019 06/30/2019 06/30/2019 06/30/2019 07/08/2019 07/12/2019 07/22/2019 07/24/2019 07/25/2019 08/15/2019 08/28/2019 08/29/2019 08/29/2019 08/29/2019 08/30/2019 08/30/2019 08/30/2019 08/30/2019 126 504 630 (6) 2005 08/30/2019 469 1,083 1,552 (13) 1985 08/30/2019 321 539 860 (7) 1950 08/30/2019 468 1,164 1,203 184 1,690 274 271 100 588 8,856 819 485 2,752 922 765 121 1,056 10,020 2,022 669 4,442 1,196 1,036 221 (9) (55) (15) (7) (34) (9) (8) (1) 1978 1994 1990 1984 2008 1973 1974 1960 08/30/2019 09/16/2019 09/17/2019 09/17/2019 09/18/2019 09/18/2019 09/18/2019 09/18/2019 256 123 379 (1) 1999 09/20/2019 206 345 551 (3) 2007 09/20/2019 574 148 288 200 382 774 530 (4) 1994 09/20/2019 (5) 2011 09/20/2019 31 319 (1) 1991 09/20/2019 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - F-51 Descriptions (a) Tenant Industry Petroleum and Petroleum Products Merchant City St Encumbrances Initial Cost to Company Land & Improvements Building & Improvements Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired Wholesalers Yanceyville NC 101 85 Petroleum and Petroleum Products Merchant Wholesalers Plymouth NH 281 158 Petroleum and Petroleum Products Merchant Wholesalers Newburgh NY 828 370 Petroleum and Petroleum Products Merchant Wholesalers Alvin TX 198 181 Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Carrizo Springs TX Floresville TX Kenedy TX 117 139 151 70 7 26 Wholesalers Mercedes TX 420 131 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Architectural and Structural Metals Manufacturing Architectural and Structural Metals Manufacturing Home Furnishings Stores Architectural and Structural Metals Manufacturing Architectural and Structural Metals Manufacturing Home Furnishings Stores Architectural and Structural Metals Manufacturing Architectural and Structural Metals Manufacturing Architectural and Structural Metals Manufacturing Home Furnishings Stores Home Furnishings Stores Architectural and Structural Metals Manufacturing Movie Theaters Other Motor Vehicle Dealers Other Food Manufacturing Child Day Care Services Child Day Care Services Other Professional, Scientific, and Technical Services Automotive Repair and Maintenance Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Smiley TX Weslaco TX Manchester Florence Benton Tempe Ocala Tifton Avon Brookhaven Fayetteville Jackson Mount Juliet Cypress Orange Alpharetta Marion New Century Flint Waterford VT AL AR AZ FL GA IN MS NC TN TN TX VA GA IL KS MI MI Gastonia Queen Creek NC AZ AZ Wickenburg CT Litchfield CT Milford CT New Haven CT Waterbury IL Bloomington IL Bloomington IL Bolingbrook IL Champaign IL Decatur IL Decatur IL Loves Park Loves Park IL Machesney Park IL IL Rockford 22 660 107 339 732 3,427 560 467 2,869 278 777 305 5,259 4,223 294 1,707 5,017 1,671 306 145 542 1,185 9,378 657 489 845 987 986 1,035 695 1,559 1,215 860 320 337 246 230 23 83 232 3,157 1,639 9,700 2,805 2,055 6,986 7,678 4,567 749 8,559 9,504 1,092 6,344 5,478 9,852 1,564 1,073 690 2,796 19,222 1,784 2,183 1,999 1,574 1,606 1,587 3,045 1,788 1,739 2,224 2,252 2,035 2,026 1,512 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - F-52 - - - - - - - - - - - - - - - - - - - - - - - 700 - - - - - - - - - - - - - - - - - - - - - 101 281 828 198 117 139 151 420 22 660 107 339 732 3,427 560 467 2,869 278 777 305 5,259 4,223 294 1,707 5,017 1,671 306 145 542 1,185 9,378 657 489 845 987 986 1,035 695 1,559 1,215 860 320 337 246 230 85 186 (2) 1970 09/20/2019 158 439 (2) 1965 09/20/2019 370 1,198 (4) 1979 09/20/2019 181 379 (2) 1980 09/20/2019 70 7 26 187 146 177 (1) 1980 09/20/2019 - - 2005 09/20/2019 1981 09/20/2019 131 551 (2) 2002 09/20/2019 23 83 232 3,157 1,639 9,700 2,805 2,055 6,986 7,678 4,567 749 8,559 9,504 1,092 7,044 5,478 9,852 1,564 1,073 690 2,796 19,222 1,784 2,183 1,999 1,574 1,606 1,587 3,045 1,788 1,739 2,224 2,252 2,035 2,026 1,512 45 743 339 3,496 2,371 13,127 3,365 2,522 9,855 7,956 5,344 1,054 13,818 13,727 1,386 8,751 10,495 11,523 1,870 1,218 1,232 3,981 28,600 2,441 2,672 2,844 2,561 2,592 2,622 3,740 3,347 2,954 3,084 2,572 2,372 2,272 1,742 - 2000 09/20/2019 (2) 1988 09/20/2019 (2) (28) (19) (75) (28) (21) (56) (67) (42) (9) (73) (80) (11) (41) (56) (89) (11) (7) (8) (21) (283) (15) (20) (21) (15) (13) (14) (31) (13) (16) (16) (16) (14) (14) (11) 1993 1964 2005 2019 1971 1969 2013 1992 1950 1971 2019 2019 1975 1993 2014 2001 1997 1992 1942 2015 1946 2007 1964 1987 2008 2012 2014 2001 2011 2008 2010 1991 1967 1999 2001 09/20/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/25/2019 09/27/2019 09/27/2019 09/27/2019 09/27/2019 09/27/2019 09/27/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 Descriptions (a) Tenant Industry Restaurants -- Limited Service Restaurants -- Limited Service Restaurants -- Limited Service Automotive Repair and Maintenance Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Other Food Manufacturing Bakeries and Tortilla Manufacturing Offices of Dentists Offices of Dentists Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Automotive Repair and Maintenance Other Motor Vehicle Dealers Radio and Television Broadcasting Radio and Television Broadcasting Radio and Television Broadcasting Restaurants -- Full Service Other Motor Vehicle Dealers Child Day Care Services Child Day Care Services Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Commercial and Industrial Machinery and Equipment Rental and Leasing Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Petroleum and Petroleum Products Merchant Wholesalers Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Child Day Care Services Wholesale Automobile Auction Other Professional, Scientific, and Technical Services Other Personal Services Other Professional, Scientific, and Technical Services Health Clubs Health Clubs City Rockford Rockford Roscoe Springfield St Encumbrances IL IL IL IL Initial Cost to Company Land & Improvements 517 296 282 1,012 Building & Improvements 2,815 1,785 1,429 1,671 MA Chestnut Hill MA Springfield Johnston RI North Providence RI GA Fitzgerald ND Carrington OK Tahlequah TX Dumas AZ Casa Grande AZ Chandler AZ Mesa AZ Tucson OH Liberty Township CA Burbank TX Houston TX Irving MN Oakdale FL Clermont NY Medford NY Middle Island Phoenix AZ St. Gabriel LA Carlsbad Portland NM OR Beaumont TX Corpus Christi TX El Paso Mission Odessa TX TX TX Manchester Center VT GA Dacula GA Grayson GA Lawrenceville GA Loganville GA Loganville MO Kansas City Anderson Anderson Cedar Park Brookfield Glendale SC SC TX WI WI (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) 5,446 625 2,641 1,091 3,178 1,372 341 250 1,249 1,812 1,716 2,080 1,272 6,720 1,647 2,852 937 2,218 986 1,900 12,693 3,235 4,158 1,572 29,994 25,557 1,282 481 2,221 1,498 1,494 1,181 3,437 11,004 4,762 3,057 876 3,142 2,219 2,087 2,603 3,416 995 1,385 1,022 1,532 4,218 783 1,195 1,114 624 1,764 683 714 296 43 237 171 205 1,926 1,444 1,585 1,801 1,571 12,239 537 568 862 2,370 3,135 556 2,241 1,508 1,718 1,583 1,421 4,770 272 342 594 11,098 8,952 Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Land & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 517 296 282 1,012 5,446 625 2,641 1,091 3,178 1,372 341 250 1,249 1,812 1,716 2,080 1,272 6,720 1,647 2,852 937 2,218 986 1,900 2,815 1,785 1,429 1,671 3,332 2,081 1,711 2,683 12,693 3,235 4,158 1,572 29,994 25,557 1,282 481 2,221 1,498 1,494 1,181 3,437 11,004 4,762 3,057 876 3,142 2,219 2,087 18,139 3,860 6,799 2,663 33,172 26,929 1,623 731 3,470 3,310 3,210 3,261 4,709 17,724 6,409 5,909 1,813 5,360 3,205 3,987 (19) (13) (10) (13) (103) (24) (35) (13) (209) (176) (13) (5) (12) (10) (9) (7) (17) (62) (21) (22) (6) (22) (13) (16) 2003 1987 2003 2013 1870 1971 2015 1930 1980 1993 2011 2006 2016 2015 2017 2015 2003 1975 1984 1983 2005 2019 2006 2014 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 09/30/2019 10/04/2019 10/04/2019 10/04/2019 10/04/2019 10/17/2019 10/17/2019 10/17/2019 10/17/2019 10/18/2019 10/21/2019 10/21/2019 10/21/2019 10/22/2019 10/25/2019 10/25/2019 10/25/2019 2,603 3,416 6,019 (12) 1976 10/31/2019 995 1,385 2,380 (4) 2015 10/31/2019 1,022 1,532 2,554 (1) 2019 10/31/2019 4,218 783 5,001 (3) 1978 10/31/2019 1,195 1,114 2,309 (10) 1999 10/31/2019 624 683 296 237 205 1,926 1,444 1,585 1,801 1,571 12,239 537 568 862 2,370 3,135 1,764 2,388 (7) 2016 10/31/2019 714 1,397 (6) 2014 10/31/2019 43 339 - 1992 10/31/2019 171 408 (1) 1956 10/31/2019 556 2,241 1,508 1,718 1,583 1,421 4,770 272 342 761 4,167 2,952 3,303 3,384 2,992 17,009 809 910 594 11,098 8,952 1,456 13,468 12,087 (4) (20) (14) (16) (17) (15) (92) (2) (2) (2) (30) (25) 1950 1999 1997 2006 2003 1997 2008 1996 1995 2011 1974 1973 10/31/2019 11/01/2019 11/01/2019 11/01/2019 11/01/2019 11/01/2019 11/01/2019 11/19/2019 11/19/2019 11/19/2019 11/20/2019 11/20/2019 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - F-53 (f) St Encumbrances City WI Glendale Mequon WI Brooklyn Park MN San Clemente CA CA Milpitas WI De Pere CA Ontario CA Westminster IL Marion Fort Wayne IN Elizabethtown KY MO Kansas City Greensboro NC Hendersonville NC (f) (f) Initial Cost to Company Land & Improvements 918 1,763 444 3,531 6,584 1,868 4,864 6,418 748 664 996 3,165 1,545 1,311 Building & Improvements 6,847 7,352 289 4,533 1,776 3,398 4,401 6,546 1,494 1,364 1,344 4,232 4,032 816 Descriptions (a) Tenant Industry Health Clubs Health Clubs Child Day Care Services Restaurants -- Limited Service Elementary and Secondary Schools Foundries Car Dealers Car Dealers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Car Dealers Car Dealers Restaurants -- Full Service Resin, Synthetic Rubber, and Artificial Synthetic Fibers and Filaments Manufacturing Restaurants -- Full Service Car Dealers Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Restaurants -- Full Service Car Dealers Restaurants -- Full Service Lumber and Other Construction Materials Merchant Wholesalers Other Personal Services Family Entertainment Centers Other Personal Services Child Day Care Services Restaurants -- Full Service Restaurants -- Full Service Elementary and Secondary Schools Building Material and Supplies Dealers Fabric Mills Health Clubs Commercial and Industrial Machinery and NY Amsterdam Milford OH Oklahoma City OK SC Rock Hill TN Alcoa TN Dickson TN Manchester Memphis TN Christiansburg VA Montgomery IL St. Augustine FL Chicago IL Fleming Island FL Chicago IL Boiling Springs SC SC Seneca CA Pleasanton IL Addison SC Landrum WI Sun Prairie Equipment Rental and Leasing Sacramento CA Commercial and Industrial Machinery and Equipment Rental and Leasing Monroe LA Commercial and Industrial Machinery and Equipment Rental and Leasing Outpatient Care Centers Outpatient Care Centers Offices of Dentists Outpatient Care Centers Outpatient Care Centers Outpatient Care Centers Commercial and Industrial Machinery and TN Chattanooga TN Johnson City Newport TN Corpus Christi TX VA Abingdon VA Duffield VA Wytheville Equipment Rental and Leasing Milwaukee WI Costs Capitalized Subsequent to Acquisition Gross amount at December 31, 2019 (b) (c) Land & Improvements Building & Improvements Building & Improvements Total Accumulated Depreciation (d) (e) Year Constructed Date Acquired - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Land & Improvements 918 1,763 444 3,531 6,584 1,868 4,864 6,418 748 664 996 3,165 1,545 1,311 - - 274 - - - - - - - - - - - 607 679 1,826 939 1,356 1,036 783 2,404 817 2,479 1,141 6,274 953 1,832 619 529 5,411 406 513 1,032 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6,847 7,352 563 4,533 1,776 3,398 4,401 6,546 1,494 1,364 1,344 4,232 4,032 816 2,623 1,261 4,129 1,018 1,030 1,296 1,285 3,452 1,007 5,906 - 10,908 - 177 1,275 894 3,721 2,212 3,004 - 7,765 9,115 1,007 8,064 8,360 5,266 9,265 12,964 2,242 2,028 2,340 7,397 5,577 2,127 3,230 1,940 5,955 1,957 2,386 2,332 2,068 5,856 1,824 8,385 1,141 17,182 953 2,009 1,894 1,423 9,132 2,618 3,517 1,032 1,612 3,938 5,550 637 348 985 616 578 159 951 198 51 118 998 1,304 970 2,964 465 385 625 1,614 1,882 1,129 3,915 663 436 743 594 2,452 3,046 (17) (20) - (11) (5) (15) (13) (18) (5) (5) (5) (11) (11) (3) (10) (5) (10) (4) (5) (4) (4) (10) (4) - - - - - - - - - - - - - - - - - - - - - 1974 1975 1938 1984 1972 2019 2019 2002 2002 1997 2019 2019 2003 1960 2000 2019 1998 1997 2001 2002 2019 2002 1962 2014 1905 2007 2003 1999 1969 1956 1970 1981 2005 1996 1986 1964 1928 1981 1990 1961 11/20/2019 11/20/2019 11/21/2019 12/02/2019 12/09/2019 12/11/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/13/2019 12/16/2019 12/17/2019 12/17/2019 12/18/2019 12/18/2019 12/18/2019 12/18/2019 12/20/2019 12/20/2019 12/20/2019 12/27/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 12/31/2019 607 679 1,826 939 1,356 1,036 783 2,404 817 2,479 1,141 6,274 953 1,832 619 529 5,411 406 513 1,032 2,623 1,261 4,129 1,018 1,030 1,296 1,285 3,452 1,007 5,906 - 10,908 - 177 1,275 894 3,721 2,212 3,004 - 1,612 3,938 637 616 578 159 951 198 51 118 348 998 1,304 970 2,964 465 385 625 594 2,452 (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) (f) $ 194,948 $ 2,487,876 $ 4,974,764 $ 146,409 $ 565,985 $ 2,634,285 $ 5,540,749 $ 8,175,034 $ (711,176) (a) As of December 31, 2019, we had investments in 2,473 single-tenant real estate property locations including 2,452 owned properties and 21 ground lease interests; 43 of our owned properties are accounted for as financing arrangements and 57 are accounted for as direct financing receivables and are excluded from the table above. Initial costs exclude intangible lease assets totaling $73.4 million. (b) The aggregate cost for federal income tax purposes is approximately $8,413.6 million. F-54 (c) The following is a reconciliation of total real estate carrying value for the years ended December 31, 2019, 2018 and 2017: Balance, beginning of year Additions Acquisitions Improvements Deductions Provision for impairment of real estate Other Cost of real estate sold Reclasses to held for sale Balance, end of year (d) The following is a reconciliation of accumulated depreciation for the years ended December 31, 2019, 2018 and 2017: Balance, beginning of year Additions Depreciation expense Deductions Accumulated depreciation associated with real estate sold Other Reclasses to held for sale Balance, end of year Year ended December 31, 2018 2019 2017 $ 7,168,720 $ 5,856,345 $ 4,762,969 1,293,793 149,963 1,314,129 221,578 1,244,465 94,039 (18,201) (8,419) (410,822) — (5,202) — (218,130) — $ 8,175,034 $ 7,168,720 $ (11,940) — (214,478) (18,710) 5,856,345 Year ended December 31, 2018 2019 2017 $ (556,690) $ (402,747) $ (279,469) (216,726) (175,545) (143,726) 53,821 8,419 — (711,176) $ 21,602 — — (556,690) $ 18,479 — 1,969 (402,747) $ (e) The Company's real estate assets are depreciated using the straight-line method over the estimated useful lives of the properties, which generally ranges from 30 to 40 years for buildings and improvements and is 15 years for land improvements. (f) Property is collateral for non-recourse debt obligations totaling $2.2 billion issued under the Company’s STORE Master Funding debt program. See report of independent registered public accounting firm. F-55 STORE Capital Corporation Schedule IV - Mortgage Loans on Real Estate As of December 31, 2019 (Dollars in thousands) Description First mortgage loans: Three movie theater properties located in North Carolina (a) One farm and ranch supply Interest Rate Final Maturity Date Periodic Payment Terms Final Payment Terms Outstanding Carrying amount of mortgages (c) Prior face amount of Liens mortgages 8.35 % 12/31/2019 Interest only Balloon of $12.6 million None $ 12,610 $ 12,610 property located in Indiana 8.16 % 9/1/2020 Interest only Balloon of $7.3 million None 7,323 7,323 Four restaurant properties located in Indiana and Ohio 10.00 % 12/31/2020 Interest only Balloon of $1.0 million None 1,000 1,000 One movie theater property located in California One health club property located in Washington Two restaurant properties located in Louisiana Five restaurant properties located in Mississippi Three restaurant properties located in Idaho and Montana One used merchandise property in Maryland One automotive repair and maintenance property located in Illinois (b) 29 restaurant properties located in Florida, Illinois, Louisiana and Mississippi Five restaurant properties located in Tennessee One sporting goods property located in California Six floral merchant wholesaler properties located in California and Ontario, Canada Three mortgage loans secured by one recreation property located in Colorado Three restaurant properties located in Ohio Leasehold interest in an amusement park property located in Ontario, Canada One family entertainment property located in Texas Seven early childhood education properties located in Connecticut 7.50 % 5/1/2021 Principal & Interest Balloon of $4.7 million None 5,028 5,041 7.91 % 6/1/2022 Principal & Interest Balloon of $6.8 million None 7,112 7,129 8.24 % 7/1/2032 Principal & Interest Balloon of $1.9 million None 2,115 2,127 8.30 % 7/1/2032 Principal & Interest Balloon of $5.1 million None 5,596 5,623 8.89 % 11/1/2036 Principal & Interest Balloon of $4.9 million None 5,659 5,689 7.75 % 9/1/2037 Principal & Interest Fully amortizing None 3,090 3,104 8.73 % 2/28/2038 Interest only Fully amortizing None 2,300 2,300 8.75 % 12/2/2051 Principal & Interest Fully amortizing None 23,448 23,658 8.25 % 8/31/2053 Principal & Interest Fully amortizing None 3,612 3,625 7.90 % 5/31/2054 Principal & Interest Balloon of $6.0 million None 17,094 17,100 8.35 % 11/30/2054 Principal & Interest Fully amortizing None 29,150 29,162 8.50 % 2/28/2055 Principal & Interest Fully amortizing None 30,789 31,262 7.96 % 12/31/2055 Principal & Interest Fully amortizing None 3,034 3,043 9.48 % 8/1/2056 Principal & Interest Fully amortizing None 22,179 22,281 8.25 % 6/30/2058 Principal & Interest Fully amortizing None 4,582 4,582 8.00 % 2/28/2059 Principal & Interest Fully amortizing None $ 15,878 201,599 $ 15,898 202,557 F-56 The following shows changes in the carrying amounts of mortgage loans receivable during the years ended December 31, 2019, 2018 and 2017 (in thousands): Balance, beginning of year Additions: New mortgage loans Other: Capitalized loan origination costs Deductions: Collections of principal (d) Other: Amortization of loan origination costs Balance, end of year 2019 156,603 $ Year ended December 31, 2018 131,653 $ 2017 136,733 $ 74,681 54 29,155 53 24,952 74 (28,701) (80) 202,557 $ (4,194) (64) 156,603 $ (30,068) (38) 131,653 $ (a) Loan was on nonaccrual status as of December 31, 2019. Loan matured on December 31, 2019 and the Company has been in negotiations with the borrower regarding a resolution. (b) Loans require interest-only payments for a specified period followed by monthly payments of principal and interest. (c) The aggregate cost for federal income tax purposes is $202.6 million. (d) For the years ended December 31, 2019 and 2017, collections of principal include non-cash principal collections aggregating $13.6 million and $2.0 million, respectively, related to loan receivable transactions in which the Company acquired the underlying mortgaged properties and leased them back to the borrowers. See report of independent registered public accounting firm. F-57 

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