Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.24.0.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Schedule III – Real Estate and Accumulated Depreciation
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2023
(3) (4)
Accumulated Depreciation (3) (5)
Property
Encumbrances at
December 31, 2023
 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Food, Beverage & Tobacco - St. Charles, MO $ —  $ 3,675  $ 13,828  $ (12,101) $ 5,402  $ —  4/1/2011 1993
Commercial & Professional Services - Brownsville, TX —  1,740  11,571  —  13,311  (5,472) 4/1/2011 2007
Telecommunication Services - Augusta, GA —  —  11,128  —  11,128  (5,262) 4/1/2011 2007
Telecommunication Services - Salem, OR —  1,722  10,074  676  12,472  (4,600) 6/22/2011 2000
Financial Institutions - Mount Pleasant, SC —  10,803  25,511  —  36,314  (7,988) 1/22/2013 2003
Health Care Equipment & Services - St. Louis, MO 12,041  —  38,799  88  38,887  (12,150) 1/22/2013 2009
Government & Public Services - Brownsville, TX 1,345  321  6,803  112  7,236  (2,221) 1/22/2013 2008
Government & Public Services - Parkersburg, WV —  494  12,902  145  13,541  (4,053) 1/22/2013 2009
Government & Public Services - Paris, TX 2,292  274  5,392  246  5,912  (1,703) 1/22/2013 2010
Government & Public Services - Eagle Pass, TX —  146  2,086  15  2,247  (699) 1/22/2013 2002
Government & Public Services - Dallas, TX —  399  9,748  52  10,199  (3,109) 1/22/2013 2011
Government & Public Services - Redding, CA —  676  20,553  (159) 21,070  (6,464) 1/22/2013 2003
Government & Public Services - Minneapolis, MN —  1,046  8,588  —  9,634  (2,689) 1/22/2013 2005
Government & Public Services - Malone, NY 5,134  824  9,485  83  10,392  (3,075) 1/22/2013 2011
Government & Public Services - Sioux City, IA —  77  4,761  130  4,968  (1,530) 1/22/2013 2011
Government & Public Services - Knoxville, TN —  761  9,041  248  10,050  (2,904) 1/22/2013 2011
Health Care Equipment & Services - Bedford, TX 34,167  1,608  56,219  —  57,827  (17,602) 1/22/2013 2010
Government & Public Services - Eagle Pass, TX —  68  811  (30) 849  (259) 1/22/2013 2002
Transportation - Memphis, TN 17,114  3,570  16,601  276  20,447  (5,305) 2/27/2013 1999
Transportation - Columbus, OH 16,014  —  19,637  —  19,637  (5,915) 6/19/2013 2012
Vacant - Deerfield, IL —  4,093  11,511  (9,362) 6,242  (164) 8/27/2013 1984
Vacant - Deerfield, IL —  4,262  11,988  (9,750) 6,500  (171) 8/27/2013 1984
Vacant - Deerfield, IL —  4,082  11,484  (9,340) 6,226  (164) 8/27/2013 1984
Vacant - Deerfield, IL —  4,089  11,503  (9,355) 6,237  (164) 8/27/2013 1984
Vacant - Deerfield, IL —  2,586  7,275  (5,917) 3,944  (104) 8/27/2013 1976
Vacant - Deerfield, IL —  3,181  8,947  (7,277) 4,851  (127) 8/27/2013 1976
Capital Goods - Cedar Rapids, IA 7,000  1,000  12,981  —  13,981  (3,786) 10/10/2013 2013
Consumer Durables & Apparel - Providence, RI —  2,550  21,779  —  24,329  (6,204) 1/31/2014 1985
Materials - East Windsor, NJ 10,391  240  13,446  67  13,753  (3,733) 4/30/2014 2008
Media & Entertainment - East Syracuse, NY 11,002  880  15,817  —  16,697  (4,387) 4/30/2014 2000
Government & Public Services - Cocoa, FL —  450  949  74  1,473  (68) 11/1/2021 2009
Government & Public Services - Grangeville, ID —  1,385  3,436  186  5,007  (313) 11/1/2021 2007
Government & Public Services - Fort Worth, TX —  572  3,985  32  4,589  (259) 11/1/2021 2010
Government & Public Services - Plattsburgh, NY —  1,136  2,486  99  3,721  (186) 11/1/2021 2008
Financial Institutions - Warwick, RI —  1,358  3,982  (567) 4,773  (29) 11/1/2021 1995
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2023
(3) (4)
Accumulated Depreciation (3) (5)
Property
Encumbrances at
December 31, 2023
 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Capital Goods - Longmont, CO $ —  $ 2,106  $ 12,543  $ 396  $ 15,045  $ (820) 11/1/2021 1993
Health Care Equipment & Services - Waukegan, IL —  636  4,136  1,388  6,160  (266) 11/1/2021 1980
Health Care Equipment & Services - Fresno, CA —  4,454  17,292  388  22,134  (1,113) 11/1/2021 1984
Telecommunication Services - Richardson, TX —  1,187  21,037  549  22,773  (1,310) 11/1/2021 1986
Health Care Equipment & Services - San Antonio, TX —  2,125  15,425  445  17,995  (1,027) 11/1/2021 2008
Energy - Tulsa, OK —  6,865  34,716  60  41,641  (2,152) 11/1/2021 1995
Vacant - Englewood, CO —  2,291  2,989  1,133  6,413  (273) 11/1/2021 2011
Consumer Durables & Apparel - Denver, CO —  5,707  36,047  2,307  44,061  (2,351) 11/1/2021 2001
Vacant - Richardson, TX —  2,047  12,733  7  14,787  (888) 11/1/2021 2008
Commercial & Professional Services - Lawrence, KS —  3,576  2,996  —  6,572  (245) 11/1/2021 1997
Vacant - Lawrence, KS —  3,334  3,449  80  6,863  (283) 11/1/2021 2003
Materials - The Woodlands, TX —  5,772  14,236  3,324  23,332  (1,123) 11/1/2021 2009
Consumer Durables & Apparel - Englewood, CO 20,537  3,354  14,714  510  18,578  (1,022) 11/1/2021 2009
Vacant - Malvern, PA —  3,853  25,296  593  29,742  (1,664) 11/1/2021 1999
Media & Entertainment - Milwaukee, WI —  2,727  18,083  —  20,810  (1,127) 11/1/2021 2001
Telecommunication Services - Nashville, TN 9,291  2,588  9,587  1,030  13,205  (660) 11/1/2021 2002
Commercial & Professional Services - The Woodlands, TX —  2,550  17,481  826  20,857  (1,165) 11/1/2021 2014
Retailing - Santee, CA —  —  9,859  734  10,593  (680) 11/1/2021 2003
Materials - Glen Burnie, MD —  3,095  11,466  1,356  15,917  (827) 11/1/2021 1984
Health Care Equipment & Services - Irving, TX —  9,267  19,853  196  29,316  (1,270) 11/1/2021 1997
Capital Goods - Tulsa, OK —  1,904  1,238  —  3,142  (97) 11/1/2021 1982
Government & Public Services - Covington, KY —  4,087  56,991  3,974  65,052  (3,635) 11/1/2021 2002
Software & Services - Amherst, NY —  3,561  3,186  —  6,747  (306) 11/1/2021 1986
Commercial & Professional Services - Dublin, OH —  1,287  4,688  18  5,993  (314) 11/1/2021 1997
Capital Goods - Sterling, VA 29,094  10,515  25,393  —  35,908  (1,673) 11/1/2021 2011
Capital Goods - Malvern, PA 11,552  2,607  10,844  —  13,451  (769) 11/1/2021 2014
Health Care Equipment & Services - Indianapolis, IN —  1,430  4,386  271  6,087  (313) 11/1/2021 1993
Health Care Equipment & Services - Plano, TX —  9,834  35,893  1,476  47,203  (2,403) 11/1/2021 2009
Capital Goods - Blair, NE —  558  1,210  —  1,768  (101) 11/1/2021 2009
Vacant - Oklahoma City, OK —  3,393  22,998  —  26,391  (1,518) 11/1/2021 2009
Software & Services - Lincoln, NE —  —  6,587  175  6,762  (505) 11/1/2021 2009
Insurance - Buffalo, NY —  4,710  36,740  —  41,450  (2,326) 11/1/2021 2007
Insurance - Urbana, MD 23,165  4,028  19,888  —  23,916  (1,317) 11/1/2021 2011
Health Care Equipment & Services - Nashville, TN —  1,165  11,749  106  13,020  (774) 11/1/2021 2010
Retailing - Kennesaw, GA 11,430  —  11,141  86  11,227  (816) 11/1/2021 2012
Capital Goods - Duluth, GA 14,669  3,684  14,786  —  18,470  (975) 11/1/2021 1999
Initial Costs (1)
Adjustments Subsequent to Acquisition (2)
Gross Amount
Carried at
December 31, 2023
(3) (4)
Accumulated Depreciation (3) (5)
Property
Encumbrances at
December 31, 2023
 Land Buildings, Fixtures and Improvements Date Acquired Date of Construction
Vacant - Parsippany, NJ $ —  $ 9,537  $ 9,174  $ —  $ 18,711  $ (719) 11/1/2021 2009
Software & Services - Bedford, MA —  22,381  26,029  4  48,414  (1,889) 11/1/2021 2001
Financial Institutions - Hopewell, NJ 92,663  19,325  57,846  1,897  79,068  (3,726) 11/1/2021 2001
Health Care Equipment & Services - Phoenix, AZ 26,099  4,786  21,346  844  26,976  (1,490) 11/1/2021 2012
$ 355,000  $ 236,394  $ 1,121,158  $ (37,156) $ 1,320,396  $ (158,791)
____________________________________
(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 $333.7 million and the associated accumulated amortization of $207.3 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, 2023 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.
The following is a reconciliation of the gross real estate activity for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Year Ended December 31,
2023 2022 2021
Balance, beginning of year $ 1,366,625  $ 1,481,745  $ 634,019 
Additions:
Acquisitions/improvements 17,476  13,203  927,001 
Deductions/Other
Sold or disposed of (7,173) (18,548) (657)
Impairments (41,467) (87,834) (77,636)
Reclassified to real estate assets held for sale, net (15,065) (21,941) — 
Other —  —  (982)
Balance, end of year $ 1,320,396  $ 1,366,625  $ 1,481,745 
The following is a reconciliation of the accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Year Ended December 31,
2023 2022 2021
Balance, beginning of year $ 133,379  $ 128,109  $ 136,143 
Additions:
Depreciation expense 34,037  35,855  20,805 
Deductions/Other
Sold or disposed of —  (169) (657)
Impairments (8,625) (21,757) (27,947)
Reclassified to real estate assets held for sale, net —  (8,659) — 
Other —  —  (235)
Balance, end of year $ 158,791  $ 133,379  $ 128,109