UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
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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
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Accelerated filer
Smaller reporting company
Emerging growth company
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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
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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:
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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;
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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.
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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.
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• 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.
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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.
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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
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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,
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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.
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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.
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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.
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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
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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.
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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.
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• 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.
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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
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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.
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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
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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.
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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
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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.
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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
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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:
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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.
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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:
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incur indebtedness;
create liens on assets;
sell or substitute assets;
• modify certain terms of our leases;
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prepay debt with higher interest rates;
• manage our cash flows; and
• make distributions to equity holders.
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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.
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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.
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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
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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.
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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.
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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
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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
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% 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.
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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.
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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
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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.
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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
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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.
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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.
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(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