| Schedule III - Real Estate and Accumulated Depreciation |
Schedule III – Real Estate and Accumulated Depreciation
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Initial Costs (1)
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Adjustments Subsequent to Acquisition (2)
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Gross Amount
Carried at
December 31, 2024
(3) (4)
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Accumulated Depreciation (3) (5)
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| Property |
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Encumbrances at
December 31, 2024
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Land |
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Buildings, Fixtures and Improvements |
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Date Acquired |
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Date of Construction |
| Commercial & Professional Services - Brownsville, TX |
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$ |
— |
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$ |
1,740 |
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$ |
11,571 |
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$ |
956 |
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$ |
14,267 |
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$ |
(5,765) |
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4/1/2011 |
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2007 |
| Telecommunication Services - Augusta, GA |
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— |
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— |
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11,128 |
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431 |
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11,559 |
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(5,535) |
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4/1/2011 |
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2007 |
| Telecommunication Services - Salem, OR |
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— |
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1,722 |
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10,074 |
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676 |
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12,472 |
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(4,903) |
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6/22/2011 |
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2000 |
| Financial Institutions - Mount Pleasant, SC |
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— |
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10,803 |
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25,511 |
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(17,582) |
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18,732 |
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— |
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1/22/2013 |
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2003 |
| Health Care Equipment & Services - St. Louis, MO |
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12,041 |
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— |
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38,799 |
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363 |
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39,162 |
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(13,300) |
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1/22/2013 |
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2009 |
| Government & Public Services - Brownsville, TX |
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1,345 |
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321 |
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6,803 |
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172 |
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7,296 |
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(2,446) |
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1/22/2013 |
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2008 |
| Government & Public Services - Parkersburg, WV |
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— |
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494 |
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12,902 |
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378 |
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13,774 |
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(4,451) |
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1/22/2013 |
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2009 |
| Government & Public Services - Paris, TX |
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2,292 |
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274 |
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5,392 |
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246 |
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5,912 |
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(1,885) |
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1/22/2013 |
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2010 |
| Government & Public Services - Eagle Pass, TX |
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— |
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146 |
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2,086 |
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44 |
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2,276 |
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(758) |
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1/22/2013 |
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2002 |
| Government & Public Services - Dallas, TX |
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— |
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399 |
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9,748 |
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67 |
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10,214 |
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(3,403) |
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1/22/2013 |
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2011 |
| Government & Public Services - Redding, CA |
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— |
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676 |
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20,553 |
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568 |
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21,797 |
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(7,055) |
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1/22/2013 |
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2003 |
| Government & Public Services - Minneapolis, MN |
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— |
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1,046 |
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8,588 |
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— |
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9,634 |
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(2,934) |
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1/22/2013 |
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2005 |
| Government & Public Services - Malone, NY |
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5,134 |
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824 |
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9,485 |
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132 |
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10,441 |
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(3,357) |
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1/22/2013 |
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2011 |
| Government & Public Services - Sioux City, IA |
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— |
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77 |
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4,761 |
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413 |
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5,251 |
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(1,714) |
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1/22/2013 |
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2011 |
| Government & Public Services - Knoxville, TN |
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— |
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761 |
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9,041 |
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355 |
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10,157 |
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(3,214) |
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1/22/2013 |
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2011 |
| Health Care Equipment & Services - Bedford, TX |
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34,167 |
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1,608 |
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56,219 |
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— |
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57,827 |
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(19,208) |
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1/22/2013 |
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2010 |
| Government & Public Services - Eagle Pass, TX |
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— |
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68 |
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811 |
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(27) |
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852 |
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(282) |
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1/22/2013 |
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2002 |
| Transportation - Memphis, TN |
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17,114 |
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3,570 |
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16,601 |
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519 |
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20,690 |
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(5,812) |
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2/27/2013 |
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1999 |
| Transportation - Columbus, OH |
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16,014 |
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— |
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19,637 |
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— |
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19,637 |
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(6,476) |
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6/19/2013 |
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2012 |
Vacant - Deerfield, IL (6)
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— |
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4,093 |
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11,511 |
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(13,564) |
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2,040 |
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— |
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8/27/2013 |
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1984 |
Vacant - Deerfield, IL (6)
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— |
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4,262 |
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11,988 |
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(14,125) |
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2,125 |
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— |
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8/27/2013 |
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1984 |
Vacant - Deerfield, IL (6)
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— |
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4,082 |
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11,484 |
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(13,531) |
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2,035 |
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— |
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8/27/2013 |
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1984 |
Vacant - Deerfield, IL (6)
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— |
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4,089 |
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11,503 |
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(13,553) |
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2,039 |
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— |
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8/27/2013 |
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1984 |
Vacant - Deerfield, IL (6)
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— |
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2,586 |
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7,275 |
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(8,572) |
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1,289 |
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— |
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8/27/2013 |
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1976 |
Vacant - Deerfield, IL (6)
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— |
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3,181 |
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8,947 |
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(10,543) |
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1,585 |
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— |
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8/27/2013 |
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1976 |
| Capital Goods - Cedar Rapids, IA |
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7,000 |
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1,000 |
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12,981 |
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— |
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13,981 |
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(4,157) |
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10/10/2013 |
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2013 |
| Consumer Durables & Apparel - Providence, RI |
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— |
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2,550 |
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21,779 |
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— |
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24,329 |
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(6,828) |
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1/31/2014 |
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1985 |
| Materials - East Windsor, NJ |
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10,391 |
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240 |
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13,446 |
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155 |
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13,841 |
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(4,128) |
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4/30/2014 |
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2008 |
| Media & Entertainment - East Syracuse, NY |
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11,002 |
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|
880 |
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15,817 |
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— |
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16,697 |
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(4,839) |
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4/30/2014 |
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2000 |
| Government & Public Services - Cocoa, FL |
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— |
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450 |
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|
949 |
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|
79 |
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1,478 |
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(103) |
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11/1/2021 |
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2009 |
| Government & Public Services - Grangeville, ID |
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— |
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1,385 |
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3,436 |
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338 |
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5,159 |
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(480) |
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11/1/2021 |
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2007 |
| Government & Public Services - Fort Worth, TX |
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— |
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572 |
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3,985 |
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55 |
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4,612 |
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(383) |
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11/1/2021 |
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2010 |
| Government & Public Services - Plattsburgh, NY |
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— |
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1,136 |
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2,486 |
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148 |
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3,770 |
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(274) |
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11/1/2021 |
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2008 |
| Vacant - Warwick, RI |
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— |
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1,358 |
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3,982 |
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(423) |
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4,917 |
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(144) |
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11/1/2021 |
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1995 |
| Capital Goods - Longmont, CO |
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— |
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2,106 |
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12,543 |
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463 |
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15,112 |
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(1,228) |
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11/1/2021 |
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1993 |
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|
Initial Costs (1)
|
|
Adjustments Subsequent to Acquisition (2)
|
|
Gross Amount
Carried at
December 31, 2024
(3) (4)
|
|
Accumulated Depreciation (3) (5)
|
|
|
|
|
| Property |
|
Encumbrances at
December 31, 2024
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|
Land |
|
Buildings, Fixtures and Improvements |
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|
|
Date Acquired |
|
Date of Construction |
| Health Care Equipment & Services - Waukegan, IL |
|
$ |
— |
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|
$ |
636 |
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$ |
4,136 |
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$ |
1,681 |
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$ |
6,453 |
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$ |
(478) |
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11/1/2021 |
|
1980 |
| Health Care Equipment & Services - Fresno, CA |
|
— |
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4,454 |
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17,292 |
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|
432 |
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22,178 |
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(1,655) |
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11/1/2021 |
|
1984 |
| Telecommunication Services - Richardson, TX |
|
— |
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|
1,187 |
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21,037 |
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|
634 |
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22,858 |
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(1,933) |
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11/1/2021 |
|
1986 |
| Health Care Equipment & Services - San Antonio, TX |
|
— |
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|
2,125 |
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15,425 |
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|
462 |
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18,012 |
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(1,515) |
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11/1/2021 |
|
2008 |
| Restaurant - Tulsa, OK |
|
— |
|
|
6,865 |
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|
34,716 |
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|
60 |
|
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41,641 |
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(3,147) |
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11/1/2021 |
|
1995 |
| Vacant - Englewood, CO |
|
— |
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|
2,291 |
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|
2,989 |
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(1,280) |
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|
4,000 |
|
|
— |
|
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11/1/2021 |
|
2011 |
Consumer Durables & Apparel - Denver, CO (7)
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|
— |
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|
3,386 |
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|
19,727 |
|
|
1,604 |
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24,717 |
|
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(1,943) |
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11/1/2021 |
|
2001 |
| Vacant - Richardson, TX |
|
— |
|
|
2,047 |
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|
12,733 |
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|
7 |
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14,787 |
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(1,298) |
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11/1/2021 |
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2008 |
| Commercial & Professional Services - Lawrence, KS |
|
— |
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3,576 |
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|
2,996 |
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|
97 |
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6,669 |
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(360) |
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11/1/2021 |
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1997 |
| Vacant - Lawrence, KS |
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— |
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3,334 |
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3,449 |
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80 |
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6,863 |
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(426) |
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11/1/2021 |
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2003 |
| Materials - The Woodlands, TX |
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— |
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5,772 |
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14,236 |
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3,591 |
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23,599 |
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(1,710) |
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11/1/2021 |
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2009 |
| Consumer Durables & Apparel - Englewood, CO |
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20,537 |
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|
3,354 |
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14,714 |
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|
543 |
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18,611 |
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(1,508) |
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11/1/2021 |
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2009 |
| Vacant - Malvern, PA |
|
— |
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|
3,853 |
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25,296 |
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|
793 |
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29,942 |
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(2,455) |
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11/1/2021 |
|
1999 |
| Media & Entertainment - Milwaukee, WI |
|
— |
|
|
2,727 |
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|
18,083 |
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|
40 |
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20,850 |
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(1,648) |
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11/1/2021 |
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2001 |
| Telecommunication Services - Nashville, TN |
|
9,291 |
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|
2,588 |
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|
9,587 |
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|
1,241 |
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|
13,416 |
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(1,015) |
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11/1/2021 |
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2002 |
| Retailing - The Woodlands, TX |
|
— |
|
|
2,550 |
|
|
17,481 |
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|
1,429 |
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|
21,460 |
|
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(1,734) |
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11/1/2021 |
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2014 |
| Retailing - Santee, CA |
|
— |
|
|
— |
|
|
9,859 |
|
|
1,150 |
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|
11,009 |
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(1,033) |
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11/1/2021 |
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2003 |
| Materials - Glen Burnie, MD |
|
— |
|
|
3,095 |
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|
11,466 |
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|
1,401 |
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|
15,962 |
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(1,283) |
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11/1/2021 |
|
1984 |
| Vacant - Irving, TX |
|
— |
|
|
9,267 |
|
|
19,853 |
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|
385 |
|
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29,505 |
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(1,886) |
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11/1/2021 |
|
1997 |
| Capital Goods - Tulsa, OK |
|
— |
|
|
1,904 |
|
|
1,238 |
|
|
— |
|
|
3,142 |
|
|
(142) |
|
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11/1/2021 |
|
1982 |
| Vacant - Covington, KY |
|
— |
|
|
4,087 |
|
|
56,991 |
|
|
6,737 |
|
|
67,815 |
|
|
(5,590) |
|
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11/1/2021 |
|
2002 |
Software & Services - Amherst, NY (8)
|
|
— |
|
|
2,997 |
|
|
2,701 |
|
|
— |
|
|
5,698 |
|
|
(378) |
|
|
11/1/2021 |
|
1986 |
| Capital Goods - Sterling, VA |
|
29,094 |
|
|
10,515 |
|
|
25,393 |
|
|
— |
|
|
35,908 |
|
|
(2,446) |
|
|
11/1/2021 |
|
2011 |
| Capital Goods - Malvern, PA |
|
11,552 |
|
|
2,607 |
|
|
10,844 |
|
|
— |
|
|
13,451 |
|
|
(1,124) |
|
|
11/1/2021 |
|
2014 |
| Health Care Equipment & Services - Indianapolis, IN |
|
— |
|
|
1,430 |
|
|
4,386 |
|
|
271 |
|
|
6,087 |
|
|
(464) |
|
|
11/1/2021 |
|
1993 |
| Health Care Equipment & Services - Plano, TX |
|
— |
|
|
9,834 |
|
|
35,893 |
|
|
1,742 |
|
|
47,469 |
|
|
(3,585) |
|
|
11/1/2021 |
|
2009 |
| Capital Goods - Blair, NE |
|
— |
|
|
558 |
|
|
1,210 |
|
|
— |
|
|
1,768 |
|
|
(148) |
|
|
11/1/2021 |
|
2009 |
| Vacant - Oklahoma City, OK |
|
— |
|
|
3,393 |
|
|
22,998 |
|
|
(17,948) |
|
|
8,443 |
|
|
(177) |
|
|
11/1/2021 |
|
2009 |
| Software & Services - Lincoln, NE |
|
— |
|
|
— |
|
|
6,587 |
|
|
1,326 |
|
|
7,913 |
|
|
(784) |
|
|
11/1/2021 |
|
2009 |
| Vacant - Buffalo, NY |
|
— |
|
|
4,710 |
|
|
36,740 |
|
|
28 |
|
|
41,478 |
|
|
(3,400) |
|
|
11/1/2021 |
|
2007 |
| Insurance - Urbana, MD |
|
23,165 |
|
|
4,028 |
|
|
19,888 |
|
|
— |
|
|
23,916 |
|
|
(1,924) |
|
|
11/1/2021 |
|
2011 |
| Health Care Equipment & Services - Nashville, TN |
|
— |
|
|
1,165 |
|
|
11,749 |
|
|
168 |
|
|
13,082 |
|
|
(1,164) |
|
|
11/1/2021 |
|
2010 |
| Retailing - Kennesaw, GA |
|
11,430 |
|
|
— |
|
|
11,141 |
|
|
3,690 |
|
|
14,831 |
|
|
(1,208) |
|
|
11/1/2021 |
|
2012 |
| Capital Goods - Duluth, GA |
|
14,669 |
|
|
3,684 |
|
|
14,786 |
|
|
— |
|
|
18,470 |
|
|
(1,425) |
|
|
11/1/2021 |
|
1999 |
| Commercial & Professional Services - Parsippany, NJ |
|
— |
|
|
9,537 |
|
|
9,174 |
|
|
358 |
|
|
19,069 |
|
|
(1,050) |
|
|
11/1/2021 |
|
2009 |
| Vacant - Bedford, MA |
|
— |
|
|
22,381 |
|
|
26,029 |
|
|
4 |
|
|
48,414 |
|
|
(2,760) |
|
|
11/1/2021 |
|
2001 |
| Financial Institutions - Hopewell, NJ |
|
92,663 |
|
|
19,325 |
|
|
57,846 |
|
|
3,291 |
|
|
80,462 |
|
|
(5,556) |
|
|
11/1/2021 |
|
2001 |
|
|
|
|
|
|
|
|
|
|
|
|
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Initial Costs (1)
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Adjustments Subsequent to Acquisition (2)
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Gross Amount
Carried at
December 31, 2024
(3) (4)
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Accumulated Depreciation (3) (5)
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| Property |
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Encumbrances at
December 31, 2024
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Land |
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Buildings, Fixtures and Improvements |
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|
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Date Acquired |
|
Date of Construction |
| Vacant - Phoenix, AZ |
|
$ |
26,099 |
|
|
$ |
4,786 |
|
|
$ |
21,346 |
|
|
$ |
844 |
|
|
$ |
26,976 |
|
|
$ |
(2,204) |
|
|
11/1/2021 |
|
2012 |
Vacant - Amherst, NY (8)
|
|
— |
|
|
564 |
|
|
486 |
|
|
— |
|
|
1,050 |
|
|
(69) |
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|
11/1/2021 |
|
1988 |
| Materials - San Ramon, CA |
|
18,000 |
|
|
12,250 |
|
|
25,269 |
|
|
— |
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|
37,519 |
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(219) |
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9/11/2024 |
|
1984 |
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|
$ |
373,000 |
|
|
$ |
241,361 |
|
|
$ |
1,111,592 |
|
|
$ |
(70,501) |
|
|
$ |
1,282,452 |
|
|
$ |
(177,906) |
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____________________________________
(1)Initial costs exclude subsequent impairment charges.
(2)Consists of capital expenditures and real estate development costs, net of condemnations, easements, impairment charges and other adjustments.
(3)Gross intangible lease assets of $284.1 million and the associated accumulated amortization of $188.2 million are not reflected in the table above.
(4)The aggregate cost for federal income tax purposes of land, buildings, fixtures and improvements as of December 31, 2024 was approximately $1.9 billion.
(5)Depreciation is computed using the straight-line method over the estimated useful lives of up to 35 years for buildings and five to 20 years for building fixtures and improvements.
(6)The buildings and associated accumulated depreciation of the six-property campus in Deerfield, Illinois were written-off during the year ended December 31, 2024.
(7)This property was split during the year ended December 31, 2024 as a result of a pending parcel split and sale agreement on a portion of the land and improvements thereon. The vacant property under the sale agreement is included in real estate assets held for sale, net in the accompanying balance sheets as of December 31, 2024.
(8)These properties were split during the year ended December 31, 2024 due to a completed parcel split for the land and improvements thereon.
The following is a reconciliation of the gross real estate activity for the periods indicated below (in thousands):
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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| Balance, beginning of year |
|
$ |
1,320,396 |
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$ |
1,366,625 |
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$ |
1,481,745 |
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| Additions: |
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|
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| Acquisitions/improvements |
|
54,405 |
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|
17,476 |
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|
13,203 |
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| Deductions/Other |
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Sold or disposed of (1)
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(20,955) |
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(7,173) |
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(18,548) |
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|
|
|
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| Impairments |
|
(61,723) |
|
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(41,467) |
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(87,834) |
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| Reclassified to real estate assets held for sale, net |
|
(9,671) |
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(15,065) |
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(21,941) |
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| Balance, end of year |
|
$ |
1,282,452 |
|
|
$ |
1,320,396 |
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|
$ |
1,366,625 |
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The following is a reconciliation of the accumulated depreciation for the periods indicated below (in thousands):
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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| Balance, beginning of year |
|
$ |
158,791 |
|
|
$ |
133,379 |
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|
$ |
128,109 |
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| Additions: |
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|
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|
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| Depreciation expense |
|
49,254 |
|
|
34,037 |
|
|
35,855 |
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| Deductions/Other |
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Sold or disposed of (1)
|
|
(15,887) |
|
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— |
|
|
(169) |
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|
|
|
|
|
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| Impairments |
|
(14,252) |
|
|
(8,625) |
|
|
(21,757) |
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|
|
|
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| Reclassified to real estate assets held for sale, net |
|
— |
|
|
— |
|
|
(8,659) |
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| Balance, end of year |
|
$ |
177,906 |
|
|
$ |
158,791 |
|
|
$ |
133,379 |
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____________________________________
(1)Includes the full write-off of the buildings and associated accumulated depreciation of the six-property campus in Deerfield, Illinois during the year ended December 31, 2024.
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