10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-36004

SPIRIT REALTY CAPITAL, INC.

(Exact name of registrant as specified in its charter)

Maryland	20-1676382
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
2727 North Harwood Street, Suite 300, Dallas, Texas 75201	(972) 476-1900
(Address of principal executive offices; zip code)	(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $0.05 par value per share	SRC	New York Stock Exchange
6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share	SRC-A	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 such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐

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 30, 2022 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of Spirit Realty Capital, Inc.'s shares of common stock, $0.05 par value, held by non-affiliates of the Registrant, was $5.1 billion based on the last reported sale price of $37.78 per share on the New York Stock Exchange on June 30, 2022.

The number of outstanding shares of Spirit Realty Capital, Inc.’s common stock, $0.05 par value, as of February 23, 2023, was 141,304,436 shares.

Documents Incorporated by Reference

Certain specific portions of the definitive Proxy Statement for Spirit Realty Capital, Inc.’s 2023 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K. Only those portions of the Proxy Statement which are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.

GLOSSARY

2016 ATM Program	At-the-market equity distribution program established in November 2016, which was terminated upon entry into the 2020 ATM Program
2017 Tax Legislation	Tax Cuts and Jobs Act of 2017
2019 Credit Facility	$800.0 million unsecured revolving credit facility, expanded to $1.2 billion in March 2022, pursuant to the 2019 Revolving Credit and Term Loan Agreement
2019 Revolving Credit and Term Loan Agreement	Revolving credit and term loan agreement between the Operating Partnership and certain lenders dated January 14, 2019, as amended or otherwise modified from time to time
2020 ATM Program	At-the-market equity distribution program established in November 2020, which was terminated upon entry into the 2021 ATM Program
2020 Term Loans	$400.0 million senior unsecured term facility pursuant to the 2020 Term Loan Agreement
2020 Term Loan Agreement	Term loan agreement between the Operating Partnership and certain lenders dated April 2, 2020, as amended or otherwise modified from time to time
2021 ATM Program	At-the-market equity distribution program established in November 2021, pursuant to which the Corporation may offer and sell registered shares of common stock from time to time
2021 Convertible Notes	$345.0 million convertible notes of the Corporation which matured in May 2021
2022 Term Loans	$800.0 million senior unsecured term facility pursuant to the 2022 Term Loan Agreement
2022 Term Loan Agreement	Term loan agreement between the Operating Partnership and certain lenders dated August 22, 2022, as amended or otherwise modified from time to time
2023 Term Loans	$500.0 million senior unsecured term facility pursuant to the 2023 Term Loan Agreement
2023 Term Loan Agreement	Term loan agreement between the Operating Partnership and certain lenders dated November 17, 2022, as amended or otherwise modified from time to time
2026 Senior Notes	$300.0 million principal amount of senior notes issued in August 2016
2027 Senior Notes	$300.0 million principal amount of senior notes issued in September 2019
2028 Senior Notes	$450.0 million principal amount of senior notes issued in March 2021
2029 Senior Notes	$400.0 million principal amount of senior notes issued in June 2019
2030 Senior Notes	$500.0 million principal amount of senior notes issued in September 2019
2031 Senior Notes	$450.0 million principal amount of senior notes issued in August 2020
2032 Senior Notes	$350.0 million principal amount of senior notes issued in March 2021
401(k) Plan	Defined contribution retirement savings plan qualified under Section 401(k) of the Code
ACM	Asbestos-Containing Materials
ADA	Americans with Disabilities Act
Adjusted Debt	Adjusted Debt is a non-GAAP financial measure. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Adjusted EBITDAre	Adjusted EBITDAre is a non-GAAP financial measure. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
AFFO	Adjusted Funds From Operations is a non-GAAP financial measure. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Amended Incentive Award Plan	Second Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, as amended
Annualized Base Rent (ABR)	Represents Base Rent plus earned income from direct financing leases and deferred revenue from development deals for the final month of the reporting period. It is adjusted to reflect acquisitions and dispositions for that month as if such acquisitions and dispositions had occurred as of the beginning of the month. The total is then multiplied by 12. ABR is used when calculating certain metrics to evaluate portfolio credit and diversification and to manage risk.
AOCIL	Accumulated Other Comprehensive Income / (Loss)
ASC	Accounting Standards Codification
Asset Management Agreement	Asset Management Agreement between Spirit Realty, L.P. and Spirit MTA REIT dated May 31, 2018, subsequently assigned by Spirit Realty, L.P. to Spirit Realty AM Corporation on April 1, 2019 and terminated effective September 20, 2019
ASU	Accounting Standards Update
ATM Program	The 2016 ATM Program, 2020 ATM Program, or 2021 ATM Program, as applicable
Base Cash Rent	Represents Base Rent adjusted for contractual rental income abated, deemed not probable of collection, or recovered from prior period reserves
Base Rent	Represents contractual rental income for the period, prior to deferral or abatement agreements, and excluding contingent rents
CMBS	Commercial Mortgage-Backed Securities
Code	Internal Revenue Code of 1986, as amended

Company	The Corporation and its consolidated subsidiaries
Convertible Notes	2021 Convertible Notes
Corporation	Spirit Realty Capital, Inc., a Maryland corporation
CPI	Consumer Price Index
EBITDA	Earnings Before Interest, Taxes, Depreciation and Amortization
EBITDAre	EBITDAre is a non-GAAP financial measure and is computed in accordance with standards established by NAREIT. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FFO	Funds From Operations is a non-GAAP financial measure. See definition in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
GAAP	Generally Accepted Accounting Principles in the United States
Interim Management Agreement	Interim Management Agreement between Spirit Realty AM Corporation, a wholly-owned subsidiary of the Company, and Spirit MTA REIT dated June 2, 2019, which was effective from September 20, 2019 through September 4, 2020
IRS	Internal Revenue Service
LIBOR	London Interbank Offered Rate
MGCL	Maryland General Corporation Law
NAREIT	National Association of Real Estate Investment Trusts
NYSE	New York Stock Exchange
OP Holdings	Spirit General OP Holdings, LLC
Operating Partnership	Spirit Realty, L.P., a Delaware limited partnership
Porter's Five Forces	An analytical framework used to examine the attractiveness of an industry and potential for disruption in that industry based on: threats of new entrants, threats of substitutes, the bargaining power of customers, the bargaining power of suppliers and industry rivalry
REIT	Real estate investment trust
S&P	S&P Global Ratings
SEC	Securities and Exchange Commission
Securities Act	Securities Act of 1933, as amended
Senior Unsecured Notes	2026 Senior Notes, 2027 Senior Notes, 2028 Senior Notes, 2029 Senior Notes, 2030 Senior Notes, 2031 Senior Notes, and 2032 Senior Notes, collectively
Series A Preferred Stock	6,900,000 shares of 6.00% Cumulative Redeemable Preferred Stock issued October 3, 2017, with a liquidation preference of $25.00 per share.
SMTA	Spirit MTA REIT, a Maryland real estate investment trust, or SMTA Liquidating Trust, a Maryland common law trust, as the context dictates. On January 1, 2020, Spirit MTA REIT transferred all of its assets (subject to all of its liabilities) to SMTA Liquidating Trust.
SOFR	Secured Overnight Financing Rate
Spin-Off	Creation of an independent, publicly traded REIT, SMTA, through our contribution of certain properties and other additional assets and liabilities, followed by the distribution by us to our stockholders of all of the common shares of beneficial interest in SMTA.
Spirit Heat Map	An analysis of industries across Porter’s Five Forces and potential causes of technological disruption to identify tenant industries which Spirit believes to have good fundamentals for future performance
Spirit Property Ranking Model	A proprietary model used annually to rank properties across twelve factors and weightings consisting of both real estate quality scores and credit underwriting criteria, in order to benchmark property quality, identify asset recycling opportunities and to enhance acquisition or disposition decisions
Subtitle 8	Title 3, Subtitle 8 of the MGCL
TRS	Taxable REIT subsidiary, which is a corporation, other than a REIT, in which a REIT directly or indirectly holds stock and that has made a joint election with such REIT to be treated as a taxable REIT subsidiary and meets certain other requirements
TSR	Total Shareholder Return

Unless otherwise indicated or unless the context requires otherwise, all references to the "registrant," the "Company," "Spirit Realty Capital," "we," "us" or "our" refer to the Corporation and its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references to the "Operating Partnership" refer to Spirit Realty, L.P. and its consolidated subsidiaries.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, the Private Securities Litigation Reform Act of 1995 and other federal securities laws. When used in this Annual Report, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words or similar words or phrases that are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management.

Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all).

The following risks and uncertainties, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

•industry and economic conditions;

•volatility and uncertainty in the financial markets, including potential fluctuations in the CPI;

•our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate, integrate and manage diversified acquisitions or investments;

•the financial performance of our retail tenants and the demand for retail space;

•our ability to diversify our tenant base;

•the nature and extent of future competition;

•increases in our costs of borrowing as a result of changes in interest rates and other factors;

•our ability to access debt and equity capital markets;

•our ability to pay down, refinance, restructure and/or extend our indebtedness as it becomes due;

•our ability and willingness to renew our leases upon expiration and to reposition our properties on the same or better terms upon expiration in the event such properties are not renewed by tenants or we exercise our rights to replace existing tenants upon default;

•the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us or our major tenants;

•our ability to manage our expanded operations;

•our ability and willingness to maintain our qualification as a REIT;

•the impact on our business and those of our tenants from epidemics, pandemics or other outbreaks of illness, disease or virus; and

•other risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

INDEX

PART I
	Item 1.	Business	6
	Item 1A.	Risk Factors	14
	Item 1B.	Unresolved Staff Comments	28
	Item 2.	Properties	29
	Item 3.	Legal Proceedings	31
	Item 4.	Mine Safety Disclosure	31
PART II
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	32
	Item 6.	[Reserved]	32
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	47
	Item 8.	Financial Statements and Supplementary Data	48
PART III
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	83
	Item 9A.	Controls and Procedures	83
	Item 9B.	Other Information	84
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	84
	Item 10.	Directors, Executive Officers and Corporate Governance	84
	Item 11.	Executive Compensation	84
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	84
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	84
	Item 14.	Principal Accountant Fees and Services	84
PART IV
	Item 15.	Exhibits, Financial Statement Schedules	85
	Item 16.	Form 10-K Summary	88
SIGNATURES			96

5

PART I

Item 1. Business

Overview

 

Spirit Realty Capital, Inc. is an internally-managed net-lease REIT with in-house functions including acquisitions, credit research, asset management, portfolio management, real estate research, legal, finance and accounting. We invest primarily in single-tenant, operationally essential real estate assets throughout the United States, which are subsequently leased on a long-term, triple-net basis to high quality tenants with operations in retail, industrial and certain other industries. As a REIT, we are required to, among other things, annually distribute at least 90% of our taxable income (excluding net capital gains) to our stockholders. We achieve this objective through consistent quarterly dividends supported by the cash flows generated by our leasing operations, which we look to continue to grow over time.

As of December 31, 2022, we owned a highly diversified portfolio of 2,115 properties operated by 351 tenants and with in-place Annualized Base Rent of $680.9 million. See Item 2. "Properties" for further information on our portfolio diversification.

Shares of our common stock are traded on the NYSE under the symbol “SRC.”

Business and Growth Strategies

Funding the heart of America’s business

 

Our objective is to maximize stockholder value by providing a growing stream of earnings and dividends generated by high quality, diversified commercial real estate. We seek to accomplish this objective by utilizing our proprietary tools and underwriting expertise to invest in and manage a high-quality portfolio of single-tenant, operationally essential real estate throughout the United States, which generally consists of free-standing, commercial real estate facilities where our tenants conduct activities essential to the generation of their sales and profits. We then generate revenue primarily by leasing these properties to tenants we believe possess attractive credit characteristics and operate in stable or growing industries. Our leases are typically structured as triple-net leases, whereby the tenant is responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs.

6

    STRONG OPERATING SYSTEMS

Spirit utilizes integrated tools that streamline key processes for acquisitions, portfolio management, tenant monitoring, capital funding, forecasting and record keeping. We believe the effective use of technology to inform decisions provides efficiency, depth and scalability to our processes, allowing us to seamlessly execute our objectives. To enhance our operating systems, we have developed several proprietary tools to minimize risk and maximize stockholder returns:

oSpirit Property Ranking Model. The Spirit Property Ranking Model is a core tool developed internally by Spirit that ranks every property across twelve criteria, with a higher weighting allocated to real estate characteristics: (i) real estate score based on the site’s location, access, visibility and overall desirability, (ii) building score to evaluate the quality of the structure for industrial assets, (iii) 5-mile population for retail properties or 15-mile population for industrial properties, (iv) remaining lease term, (v) 5-mile household income, (vi) pre-overhead unit coverage, (vii) pre-overhead master lease coverage, (viii) corporate coverage, (ix) U.S. State ranking, (x) rent escalation characteristics, (x) lease structure, (xii) tenant industry ranking and (xiii) replacement rent, assuming the property becomes vacant. We believe that the higher the overall score assigned to a property, the lower the risk of a residual loss. Through acquisitions, dispositions, lease renewals and re-lets, we seek to continually improve the weighted-average property ranking of our portfolio.

oThe Spirit Heat Map. The Spirit Heat Map is used to analyze tenant industries across Porter’s Five Forces and for potential causes of technological disruption. The data is then used to understand the competitive landscape, performance and outlook of each industry. The Spirit Heat Map is updated regularly to incorporate changes in business and market conditions, changes in technology and other trends. Using this tool, coupled with our intensive credit and real estate analysis, lease structuring and ongoing portfolio management, we seek to achieve superior risk-adjusted returns by focusing our investments within industries that we believe will be healthy and viable prospectively and disposing of properties within industries that have less favorable outlooks.

oSpirit Business Intelligence Tools. Our business intelligence tools capture and bring together critical information across Spirit’s databases, including property data (including property performance and data points used in the Spirit Property Ranking Model), industry data and tenant credit data, allowing the information to be efficiently analyzed. Spirit uses these tools to compare potential acquisitions and dispositions to the existing portfolio and quantify improvements in key metrics including industry concentration, tenant concentration, weighted-average lease term, weighted-average Spirit property ranking and credit metrics.

    OUTSTANDING PEOPLE

With less than 100 employees, we are "All One Team" – our growth and success depend on teamwork and the individual contribution of each and every person we employ. We believe attracting, developing and retaining a team of highly talented and motivated employees is critical to creating a culture of collaboration and mutual respect and delivering strong financial results. We strive to prioritize the well-being and development of our employees through the following:

oEmployee Compensation and Benefits. To attract and retain top talent, we provide attractive compensation, including stock awards for all employees. Spirit also aims to award our employees benefits that are in line with those of our peers and competitors, including the following: Medical, Dental, and Vision Insurance; Pet Insurance; Flexible Spending Accounts (Health and Dependent); Life and AD&D Insurance; Paid Vacation; Maternity and Paternity Leave; Military Leave; Short and Long-Term Disability; 401(k) and Roth Savings Plans; Employee Assistance Program; Employee Discount Program; Bereavement Leave; and COVID-19 Leave.

oWorkplace culture. We strive to foster a best-in-class workplace culture, where all employees are encouraged to “R.E.A.C.H. for the stars” by demonstrating our five core values: (i) value Relationships, (ii) pursue Excellence, (iii) Act with integrity, (iv) Choose optimism, and (v) Have fun. We actively seek employee feedback through surveys, and anonymous survey results are communicated to all employees, as well as to our Board of Directors, to provide transparency and with the goal of continuous improvement. We also acknowledge employee successes through recognition at monthly “Town Hall” meetings hosted by our CEO.

oEmployee wellness. We believe the physical and mental well-being of our employees is important to our business and overall success. We implemented a hybrid work policy, which allows our employees the benefits of both remote and in-person work environments and supports flexible work schedules to help meet employee needs. Our offices were designed with the goal of employee health and well-being in mind, with sit-stand desks, ergonomic chairs, healthy snack options, maximized natural light in all workspaces, designated creative and collaborative workspaces, and robust cleaning and sanitizing procedures. Further, we routinely sponsor employee wellness initiatives, including walking and weight-loss challenges.

7

oDiversity and inclusion. We seek to provide equal employment opportunities to all individuals and seek to cultivate an inclusive culture that respects and appreciates diversity of experience, ideas and opinions. Our Diversity and Inclusion Council is tasked with providing educational and social programming for all affinity groups, as well as directing support to charitable organizations working to advance diversity, equity and inclusion in society. Under the Diversity and Inclusion Council, we have a Women’s Leadership Council, which focuses on empowering our female employees in personal and professional growth, and a Young Professionals Committee, which focuses on developing our employees under the age of 35. Programming in 2022 included hosting a mandatory third-party administered Inclusion and Bias Workshop for all employees and a mandatory Inclusive Leader Series for people-managers, funding scholarships for three students attending Historically Black Colleges and Universities, partnering with Project Destined (a real estate training program for scholars in underserved communities) to mentor college students in a real estate case study competition, holding monthly meetings for our women’s book club, hosting a third annual women’s "real talk" speaker event and sponsoring an outing to a Texas Ranger’s game for our young professionals.

oTalent development. We aim to develop our employees through numerous channels, including third-party administered programs, individual coaching for certain employees, Pryor Learning membership (an extensive online training platform), and tuition assistance and course reimbursement for career-enhancing education and licensure requirements. We also internally curate development opportunities, including learning sessions on business and leadership topics, formal and informal mentorships to provide critical developmental feedback and direct access for all employees to our executive team, including through monthly “Town Hall” meetings. Annual goals are set for every employee and formal feedback is provided semi-annually on those goals as well as our core competencies: communication, accountability, teamwork, and our core values. We look to promote from within, but when external hires are needed, we use a thorough hiring process which includes multiple levels of interviews, cultural surveys, and technical skill testing, when appropriate.

oSocial engagement. We firmly believe that regular social and team building events for our employees encourage relationship building and collaboration – which we believe are important for employee engagement and a high performing “All One Team” culture. Our Spirit One Committee (comprised of employees across all levels) develops company-wide social events throughout the year, which in 2022 included "Coffee Talks" (small group discussions of non-work topics), our Annual Crawfish Boil, company-sponsored kick-ball and sand volleyball teams, and a Family Fun Day at Main Event. Additionally, our departments host team building events throughout the year.

 

As of December 31, 2022, we had 89 employees, as compared to 84 employees as of December 31, 2021. None of these employees are currently subject to a collective bargaining agreement.

    DEFINED AND DISCIPLINED INVESTMENT STRATEGY

During the year ended December 31, 2022, we purchased 172 properties with a gross investment of $1.4 billion, invested $101.1 million in revenue producing capital expenditures and funded a $12.7 million loan receivable. During the same period, we sold 60 properties with a gross investment of $240.1 million. We believe a highly disciplined and selective approach to acquisitions, paired with prudent asset recycling, will allow us to meet our business objectives.

oSourcing acquisitions. We believe a multi-channel approach drives volume for high-quality acquisitions and we focus on building and growing partnerships with a diverse base of tenants, brokers and owners. Over time, our target is a balanced mix of opportunities sourced from direct relationships with existing tenants, direct relationships with new tenants and broker relationships. These channels are built through current relationships with key members of our acquisitions, asset management and executive teams, partner appreciation events, attendance at critical conferences and conventions and through reliable execution.

8

oEvaluating acquisitions. Each opportunity is evaluated against our acquisition criteria which includes, but is not limited to: accretive capitalization rate, long-term lease containing rent escalations, favorable tenant industries based on our Spirit Heat Map, favorable ranking based on the Spirit Property Ranking Model, attractive tenant credit characteristics and overall portfolio diversification impact. We target tenants that are publicly listed and have over $100 million in revenues, as we believe those tenants generally possess attractive characteristics including continual access to capital, lower leverage, audited financial statements and governance scrutiny. Further, when evaluating sale-leaseback transactions, we select opportunities where the tenant’s planned use of proceeds is to provide funding to meet their growth objectives. While we consider the foregoing when making investments, we have made investments, and may make additional investments, that do not meet one or more of these criteria if we believe the opportunity is sufficiently attractive. Acquisition opportunities go through a rigorous evaluation process culminating in review and approval by our Investment Committee. The Investment Committee includes representation from the acquisitions, asset management, credit, legal and finance departments.

oEvaluating tenant credit. We believe extensive credit underwriting is vital to minimizing tenant financial risk and protecting stockholder value. Our credit department, which is independent from our acquisitions department, underwrites all acquisition, disposition and capital investment opportunities and monitors the financial health of our existing portfolio. We use our underwriting capabilities to identify tenants with attractive credit characteristics and stable operating histories and to dispose of tenants with weakening characteristics.

oEvaluating dispositions. We believe one of the tenets of maintaining a high-quality portfolio is an active disposition program, which allows for continued portfolio shaping and risk mitigation for potential tenant credit issues or near-term expirations. We look to dispose of properties when we believe the funds can be accretively recycled into new properties or into properties with characteristics we believe are more attractive, including, but not limited to, better tenant industry based on our Spirit Heat Map or better real estate, lease terms and/or tenant credit based on our Spirit Property Ranking Model.

    HIGH-QUALITY PORTFOLIO

We believe that portfolio diversification and leases with structures aligned with our business and growth strategies are the cornerstones to managing the inherent risk associated with investing in real estate. The following portfolio qualities help maintain the stability of our rental revenue and maximize our long-term return on our investments:

oHighly diverse portfolio. We seek to maintain a portfolio that (i) derives no more than 5.0% of its ABR from any single tenant, (ii) derives no more than 2.0% of its ABR from any single property, (iii) is leased to tenants operating in various industries aligned with our Spirit Heat Map and (iv) is located across the U.S. without significant geographic concentration. As of December 31, 2022, our largest tenant exposure equaled 4.0%, our largest single property exposure equaled 1.1%, our largest industry concentration equaled 7.8%, and our largest geographic concentration by state equaled 14.2%, in each case based on ABR. Additionally, we seek to increase our industrial asset type exposure, which has risen to 23.0% of ABR as of December 31, 2022. See Item 2. “Properties" for further information on our portfolio composition.

oLeases for operationally essential real estate. We seek to own properties where our tenants operate their business and generate sales and profits, which makes the location fundamentally important to that business and thereby reduces the risk that a tenant would not renew an expiring lease or reject a lease in bankruptcy.

oLeases with contractual rental growth. We seek leases that contain contractual provisions to increase rental revenue over the term of the lease. Approximately 91.0% of our ABR as of December 31, 2022 is subject to rent escalations which, generally, increase rent at specified dates by: (i) a fixed amount; or (ii) the lesser of (a) 1 to 2 times any increase in the CPI over a specified period or (b) a fixed percentage.

oLeases with relatively long terms. We seek leases with relatively long terms, typically with non-cancellable initial terms of 10 to 20 years and tenant renewal options for additional terms with attractive rent escalation provisions. As of December 31, 2022, our weighted average remaining lease term based on ABR was 10.4 years.

oLeases with a master lease structure. Where appropriate, we seek master leases whereby we lease multiple properties to a tenant on an “all or none” basis. In this master lease structure, a tenant remits a single lease payment for the entire portfolio of leased properties, which hinders a tenant’s ability to unilaterally give up underperforming properties while maintaining its leasehold interest in well-performing properties. Approximately 44.6% of our ABR as of December 31, 2022 is subject to a master lease structure.

Since our inception, our occupancy has never fallen below 96.1%, despite the economic downturn of 2008 through 2010, and since the Spin-Off, our occupancy has never fallen below 99.2%, despite the COVID-19 pandemic. We believe the diversity and strength of our portfolio are key drivers for our sustained high occupancy levels.

9

    FORTRESS BALANCE SHEET

Our long-term financing strategy is to maintain a leverage profile that creates operational flexibility and generates superior risk-adjusted returns for our stockholders. We finance our operations and investments using a variety of methods, including available unrestricted cash balances, property operating revenue, proceeds from property dispositions, available borrowings under our credit facilities, common and preferred stock issuances, and debt securities issuances, including mortgage indebtedness and senior unsecured debt. We determine the amount of equity and debt financing to be used when acquiring an asset by evaluating our cost of equity capital, terms available in the credit markets (such as interest rate, repayment provisions and maturity) and our assessment of the particular asset’s risk.

In October 2020, we renewed our shelf registration statement with the SEC, which became immediately effective upon filing and will expire in October 2023, unless renewed before. Under this shelf registration statement, we may offer shares of our common or preferred stock or debt securities in amounts, at prices, and on terms to be announced when, and if, such securities are offered. The specifics of any future offerings, along with the use of proceeds from any such offerings, will be described in detail in a prospectus supplement or other offering materials at the time of such offerings.

oIssuance of common stock. We may issue common stock when we believe that our share price is at a level that allows the offering proceeds to be accretively invested into additional properties, to permanently finance properties that were financed by our credit facilities, or to repay outstanding debt at or before maturity.

oIssuance of debt securities. We have issued senior unsecured debt securities and have obtained other senior unsecured debt at the Operating Partnership level. To the extent practicable, we expect to maintain a well-balanced debt profile with manageable and staggered maturities.

oCash provided by dispositions. We expect to sell real estate investments from time-to-time, as part of our active portfolio shaping strategy or as a form of risk mitigation.

oCash provided by operations. In addition to cash provided by the issuance of common stock, debt securities and dispositions, we expect to fund our operating expenses and other short-term liquidity requirements, including property acquisitions, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs, and cash distributions to common and preferred stockholders, primarily through cash provided by operating activities and borrowings under our available revolving credit facilities and delayed-draw term loans.

We anticipate that we will continue to use a number of different sources to finance our acquisitions and operations going forward; however, we cannot assure you that we will have access to the capital and credit markets at times and at terms that are acceptable to us.

Environmental, Social and Governance (ESG)

We believe doing the right thing for our employees, community and tenants – drives long term value for our stockholders. By implementing ESG practices throughout the operation of our business, we hope to demonstrate our focus on being responsible and conscientious in everything we do. We aim to be socially responsible investors by making investment decisions that consider not only financial factors, but also the social and environmental impact of our tenants and properties.

ENVIRONMENTAL SUSTAINABILITY

We adopted an Environmental Management System (EMS) to formalize our company policy of implementing sound environmental sustainability practices throughout the business, which can be accessed on our website at www.spiritrealty.com. As we invest predominantly in single-tenant real estate under triple-net leases, our tenants are generally responsible for maintaining the leased premises, including controlling their energy usage and implementation of environmentally sustainable practices at each location. While we do not maintain direct control over our assets, we partner with our tenants to define environmental opportunities. We currently work to manage and mitigate the environmental risk that may be associated with our net-lease properties by:

•including green lease clauses in our form lease agreement, which we strive to incorporate in our new leases, where possible

•obtaining a Phase I environmental site assessment as part of our acquisition process and requiring additional environmental testing, including Phase II environmental site assessments, if applicable

•requiring sellers to remediate known environmental issues, as needed, in compliance with applicable laws

•maintaining comprehensive pollution insurance coverage for our properties

•appropriately underwriting the financial health and responsibility record of our tenants that are engaged in potentially environmentally sensitive operations

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We also have an employee-led Think Green Committee dedicated to helping Spirit make environmentally smart choices and organize environmentally-focused community service projects. Additionally, environmental sustainability practices at our headquarters include:

•automatic lighting control systems

•ENERGY STAR certified computers, monitors, copiers, conference room displays and printers

•active recycling of materials such as aluminum, paper and plastic, and use of recycled paper where possible

•substantial paper reduction and default double-sided printing

•elimination of disposable cups

•incorporation of "green" cleaning products

SOCIAL RESPONSIBILITY

We are committed to providing an inclusive and engaging work environment that generates long-term value for our employees and shareholders. We strive to provide a diverse and safe workplace that fosters the health, wellness, and development of our employees, which is detailed in "Business and Growth Strategies: Outstanding People" above.

We aim to be a good corporate citizen through charitable donations and by encouraging our employees to participate in volunteer activities. In addition to company-directed donations, we have an Employee Gift Matching Program, under which we match, up to a certain dollar amount per employee, employee contributions to eligible charitable organizations. During 2022, we donated over $166.0 thousand across 43 organizations.

We have implemented social and human capital management practices and policies throughout the operation of our business, which we have documented in our Code of Business Conduct and Ethics, DEI Policy, and Human Rights Policy, each of which can be accessed on our website at www.spiritrealty.com.

CORPORATE GOVERNANCE

We aim to be honest, fair and forthright in all of our business activities. As such, we aim to implement and maintain corporate governance practices that promote transparency, alignment, accountability, and value to our stockholders. Corporate governance documents, including our Corporate Governance Guidelines, can be accessed on our website at www.spiritrealty.com. Highlights of our governance principles and practices include:

•eight of nine directors on our Board of Directors are independent, including the chairman

•independent directors are elected annually by majority vote

•Audit, Compensation and Nominating & Corporate Governance Committees are made up of independent directors only

•Board of Directors hold regular executive sessions, including with management, internal and external auditors, and without the presence of the CEO

•Compensation Committee utilizes an independent consultant to assist with executive team compensation

•Nominating & Corporate Governance Committee is responsible for ESG oversight and receives ESG-related updates from executives at least quarterly and on an as-needed basis

In addition, we maintain a Whistleblower Policy and independent, 24-hour helpline for reporting illegal or improper conduct or ethical concerns anonymously and have a Disclosure Committee composed of members of management with established controls and procedures so that all required disclosures are timely and accurate.

Competition

We face competition for acquisitions from other real estate investors, including traded and non-traded public REITs, private equity funds and institutional investment funds, some of which have greater financial resources than we do, a greater ability to borrow funds to acquire properties and the ability to accept more risk 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 paid for such. This competition will increase if investments in real estate become more attractive relative to other forms of investment.

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As a landlord, we compete in the multi-billion dollar commercial real estate market with numerous developers and owners of properties, many of which own properties similar to ours in the same markets in which our properties are located. In operating and managing our portfolio, we compete for tenants based on a number of factors, including location, rental rates and flexibility. Some of our competitors have greater economies of scale, have lower cost of capital, have access to more resources, and have greater name recognition than we do. If our competitors offer space at rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose our tenants or prospective tenants and we may be pressured to reduce our rental rates or to offer substantial rent abatements, tenant improvement allowances, early termination rights or below-market renewal options in order to retain tenants when our leases expire.

Regulation

GENERAL

Our properties are subject to various covenants, laws, ordinances and regulations, including those relating to common areas and fire and safety requirements. We believe that each of our properties has the necessary permits and approvals.

AMERICANS WITH DISABILITIES ACT

Pursuant to the ADA, our properties are required to meet federal requirements related to access and use by persons with disabilities. Compliance with the ADA, as well as a number of additional federal, state and local laws and regulations, may require modifications to properties we currently own and any properties we purchase, or may restrict renovations of those properties. Noncompliance with these laws or regulations could result in fines or an award of damages to private litigants, as well as the incurrence of costs to make modifications to attain compliance. Although our tenants are generally responsible for compliance with the ADA and other similar laws or regulations, we could be held liable as the owner of the property for a failure of one of our tenants to comply with such laws or regulations.

ENVIRONMENTAL MATTERS

Federal, state and local environmental laws and regulations regulate releases of hazardous or toxic substances into the environment. Some of our properties contain, have contained, or are adjacent to or near properties that contain or have contained storage tanks for petroleum products or that involve or involved the use of hazardous or toxic substances. Under certain of these laws and regulations, a current or previous owner, operator or tenant may be required to investigate and clean-up hazardous or toxic substances or petroleum product releases or threats of releases, and may be held liable to a government entity or third parties for property damage and for investigation, clean-up and monitoring costs incurred by those parties in connection with actual or threatened contamination. These laws typically impose clean-up responsibility and liability without regard to fault, or whether or not the owner, operator or tenant knew of or caused the contamination. The liability may be joint and several for the full amount of the investigation, clean-up and monitoring costs incurred or to be incurred or actions to be undertaken, although a party held jointly and severally liable may seek contributions from other identified, solvent, responsible parties for their fair share toward these costs. In addition, strict environmental laws regulate a variety of activities that can occur on a property, including the storage of petroleum products or other hazardous or toxic substances, air emissions and water discharges. Such laws may impose fines or penalties for violations.

Environmental laws also govern ACM. Federal regulations require building owners and those exercising control over a building’s management to identify and warn, through signs and labels, of potential hazards posed by workplace exposure to ACM in their building. The regulations also have employee training, record keeping and due diligence requirements pertaining to ACM. Significant fines can be assessed for violation of these regulations and we could be subject to lawsuits if personal injury from exposure to ACM occurs. Federal, state and local laws and regulations also govern the removal, encapsulation, disturbance, handling and/or disposal of ACM when those materials are in poor condition or in the event of construction, remodeling, renovation or demolition of a building. These laws may impose liability for improper handling or a release into the environment of ACM and may provide for fines to, and for third parties to seek recovery from, owners or operators of real properties for personal injury or improper work exposure associated with ACM. In addition, our properties may contain or develop harmful mold or other airborne contaminants. The presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation to contain or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation. Further, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage or personal injury occurs.

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Before completing an acquisition, our policy is to obtain environmental assessments carried out in accordance with the Standard Practice for Environmental Site Assessments as set by ASTM International. These assessments generally include a physical site inspection, a review of relevant available federal, state and local environmental and health agency database records, one or more interviews with appropriate site-related personnel, review of the property’s chain of title and review of historical aerial photographs and other information on past uses of the property. These assessments are limited in scope, however, if recommended in the initial assessments, we may undertake additional assessments such as soil and/or groundwater samplings, other limited subsurface investigations and ACM or mold surveys. A prior owner or operator of a property or historic operations at our properties may have created a material environmental condition that is not known to us or the independent consultants preparing the site assessments. Generally, our leases provide that the lessee will indemnify us for any loss or expense we incur as a result of the presence, use or release of hazardous materials on our property during their period of tenancy. However, if environmental concerns are not satisfactorily resolved in any initial or additional assessments, we may obtain environmental insurance policies to insure against potential environmental risk or loss depending on the type of property, the availability and cost of the insurance and various other factors we deem relevant (i.e., an environmental occurrence affects one of our properties where our lessee may not have the financial capability, or refuses, to honor its indemnification obligations to us).

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and the Section 16 filings of our directors and officers, as well as any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge on our website www.spiritrealty.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Also available on our website, free of charge, are corporate governance documents, including our Corporate Governance Guidelines and Code of Business Conduct and Ethics. We intend to disclose on our website any amendment to, or waiver of, any provisions of our Code of Business Conduct and Ethics applicable to the directors and/or officers of the Company that would otherwise be required to be disclosed under the rules of the SEC or the NYSE. Information contained on or hyperlinked from our website is not incorporated by reference into, and should not be considered part of, this Annual Report on Form 10-K or our other filings with the SEC. A copy of this Annual Report on Form 10-K is also available without charge upon written request to: Investor Relations, Spirit Realty Capital, Inc., 2727 North Harwood Street, Suite 300, Dallas, Texas 75201.

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Item 1A. Risk Factors

Set forth below are some (but not all) of the risk factors that could adversely affect our business, financial condition, results of operations, cash flow, liquidity and ability to access the capital markets and satisfy debt service obligations and make distributions to our stockholders (which we refer to collectively as “materially and adversely affecting” us or having “a material adverse effect” on us and comparable phrases) and the market price of our securities. Because we operate in a highly competitive and rapidly changing environment, new risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can management assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

RISKS RELATED TO OUR BUSINESS AND PROPERTIES

Risks related to commercial real estate ownership could reduce the value of our properties.

Our core business is the ownership of retail, industrial and other real estate that is leased to companies on a triple-net basis. Accordingly, our performance is subject to risks inherent to the ownership of commercial real estate, including:

•inability to collect rent from tenants due to financial hardship, including bankruptcy;

•changes in local real estate markets resulting in the lack of availability or demand for single-tenant retail space;

•changes in consumer trends and preferences that reduce the demand for products/services of our tenants;

•inability to lease or sell properties upon expiration or termination of existing leases;

•environmental risks related to the presence of hazardous or toxic substances or materials on our properties;

•subjectivity of real estate valuations and changes in such valuations over time;

•illiquid nature of real estate compared to most other financial assets;

•changes in laws and regulations, including those governing real estate usage and zoning;

•changes in interest rates and the availability of financing; and

•changes in the general economic and business climate.

The occurrence of any of the risks described above may cause the value of our real estate to decline.

Increases in market interest rates and/or inflation may materially and adversely affect us and our tenants.

The recent increases in interest rates may significantly reduce our earnings or impede our growth. In response to significant and prolonged increases in inflation over the past year, the Federal Reserve has raised interest rates and has announced an expectation that it will continue to raise interest rates into 2023. The timing, number and amount of any future interest rate increases are uncertain. Increases in interest rates could increase our interest expense for our current variable interest rate debt, including $55.5 million outstanding under the 2019 Credit Facility as of December 31, 2022, as well as result in higher interest rates on any newly incurred debt, which would adversely affect our financial results. In addition, expectations of rising interest rates may increase our cost of capital, while capitalization rates for new acquisitions (which generally respond to higher interest rates over time on a lagging basis) could remain low or even decline, thereby placing additional pressure on investment spreads throughout the net lease sector.

Our leases typically contain provisions designed to mitigate the adverse impact of inflation on our results of operations. Because tenants are typically required to pay all property operating expenses, increases in property-level expenses at our leased properties generally do not affect us directly. However, the increases in property operating costs for our tenants and increases in our tenants’ borrowing costs resulting from higher interest rates may negatively impact their ability to pay rent owed to us. Moreover, increased operating expenses at vacant properties and the limited number of properties that are not subject to full triple-net leases could cause us to incur additional operating expenses, which could increase our exposure to inflation. Additionally, approximately 77.4% of our leases provide for fixed annual rent increases; however, the impact of the current rate of inflation may not be adequately offset by some of our annual rent escalations, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of the current inflation rate. As a result, during inflationary periods in which the inflation rate exceeds the annual rent escalation percentages within our lease contracts, we may not adequately mitigate the impact of inflation, which may adversely affect our business, financial condition, results of operations, and cash flows.

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We may be unable to identify and complete acquisitions of suitable properties, which may impede our growth, or our future acquisitions may not yield the returns we expect.

Our ability to expand through acquisitions requires us to identify and complete property acquisitions on favorable terms that are compatible with our growth strategy. Our ability to acquire properties on favorable terms and successfully operate them may be constrained by the following significant risks:

•competition from other real estate investors, including REITs and institutional investment funds, which may be able to accept more risk, including higher acquisition prices, than we can prudently manage;

•competition from other real estate investors across our acquisition sourcing channels (including brokers, existing tenant relationships, prospective tenant relationships, etc.) that may significantly reduce our acquisition volume or increase the purchase price for a property we acquire;

•financing for an acquisition may not be available on favorable terms or at all for potential acquisitions;

•significant costs and management attention diverted to evaluate and negotiate potential acquisitions, including ones that we may not subsequently complete;

•acquisition of properties that are not and may not become accretive to our results;

•cash flow from an acquired property may be insufficient to meet our required principal and interest payments with respect to debt used to finance the acquisition of such property;

•necessary improvements or renovations to acquired properties may exceed budgeted amounts;

•market conditions may result in higher than expected vacancy rates and lower than expected rental rates; or

•properties acquired may be subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities such as clean-up of undisclosed environmental contamination or claims by tenants, vendors or other persons dealing with the former owners of the properties.

Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.

The real estate investments made, and expected to be made, by us are relatively difficult to sell quickly. As a result, our ability to promptly sell one or more of our properties in response to changing economic, financial or investment conditions is limited. We may be unable to dispose of properties by sale, other disposition or refinancing at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. In particular, these risks could arise from weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions and changes in laws, regulations or fiscal policies of the jurisdiction in which a property is located.

In addition, the Code imposes restrictions on a REIT’s ability to dispose of properties that are not applicable to other types of real estate companies. In particular, the tax laws applicable to REITs effectively require that we hold our properties for investment, rather than primarily for sale in the ordinary course of business, which may cause us to forgo or defer sales of properties that otherwise would be in our best interest. Therefore, we may not be able to vary our portfolio in response to economic or other conditions promptly or on favorable terms.

In the future, we may choose to acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.

In the future, we may acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership interests in the Operating Partnership, which may result in stockholder dilution. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to protect the contributors’ ability to defer recognition of taxable gain through restrictions on our ability to dispose of the acquired properties and/or the allocation of partnership debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell an asset at a time, or on terms, that would be favorable absent such restrictions.

We face significant competition for tenants, which may decrease or prevent increases of the occupancy and rental rates of our properties.

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 offer rental rates below current market rates or below the rental rates we currently charge our tenants, we may lose existing or potential tenants and we may be pressured to reduce our rental rates or to offer substantial rent abatements, tenant improvements, early termination rights, below-market renewal options or other lease incentive payments in order to retain tenants when our leases expire. Competition for tenants could decrease or prevent increases of the occupancy and rental rates of our properties.

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Our tenants may fail to successfully operate their businesses, which could adversely affect us.

The success of our investments is materially dependent on the financial stability of our tenants’ financial condition and leasing practices. At any given time, our tenants may experience a downturn in their business, including as a result of adverse economic conditions, that may weaken the operating results and financial condition of individual properties or of their business as whole. We depend on our tenants to operate the properties we own in a manner which generates revenues sufficient to allow them to meet their obligations to us, including their obligations to pay rent, maintain certain insurance coverage and pay real estate taxes and maintain the properties in a manner so as not to jeopardize their operating licenses or regulatory status. Although our occupied properties are generally essential to the tenant’s generation of sales and profits, this does not guarantee that a tenant’s operations at a particular property will be successful or that the tenant will be able to meet all of its obligations to us. As a result, a tenant may delay lease commencement, decline to extend a lease upon its expiration, fail to make rental payments when due, become insolvent or declare bankruptcy.

Single-tenant leases involve particular and significant risks related to tenant default.

Our strategy focuses primarily on investing in single-tenant triple-net leased properties throughout the United States. The financial failure of, or default in payment by, a tenant under its lease is likely to cause a significant reduction in, or elimination of, our rental revenue from that property and a reduction in the value of the property. We may also experience difficulty or a significant delay in re-leasing or selling such property. This risk is magnified in situations where we lease multiple properties to a single tenant under a master lease. The failure or default of a tenant under a master lease could reduce or eliminate rental revenue from multiple properties and reduce the value of such properties. Although the master lease structure may be beneficial to us because it restricts the ability of tenants to individually remove underperforming properties from the portfolio of properties leased from us, there is no guarantee that a tenant will not default in its obligations to us or decline to renew its master lease upon expiration.

The bankruptcy or insolvency of any of our tenants could result in the termination of such tenant’s lease and material losses to us.

The bankruptcy or insolvency of any of our tenants could diminish the income we receive from that tenant’s lease or leases. A substantial portion of our properties are leased to unrated tenants, which may increase the risk that a tenant bankruptcy or insolvency will occur. If a tenant becomes bankrupt or insolvent, federal law may prohibit us from evicting such tenant based solely upon such bankruptcy or insolvency. In addition, a bankrupt or insolvent tenant may be authorized to reject and terminate its lease or leases with us. Any claims against such bankrupt tenant for unpaid future rent would be subject to statutory limitations that would likely result in our receipt of rental revenues that are substantially less than the contractually specified rent we are owed under the lease or leases. In addition, any claim we have for unpaid past rent, if any, may not be paid in full. We may also be unable to re-lease a terminated or rejected space or to re-lease it on comparable or more favorable terms.

Moreover, tenants who are considering filing for bankruptcy protection may request that we agree to amendments of their master leases to remove certain of the properties they lease from us under such master leases. We cannot guarantee that we will be able to sell or re-lease such properties or that lease termination fees, if any, received in exchange for such releases will be sufficient to make up for the rental revenues lost as a result of such lease amendments.

We may be unable to renew or re-lease space as leases expire or lease vacant space on favorable terms or at all.

Our results of operations depend on our ability to strategically lease space in our properties (by renewing or re-leasing expiring leases and leasing vacant space). As of December 31, 2022, leases representing 2.4% of our ABR will expire during 2023 and three of our properties, representing 0.1% of our total properties, were vacant. Current tenants may decline, or may not have the financial resources available, to renew current leases and we cannot guarantee that leases that are renewed will have terms that are as economically favorable to us as the expiring lease terms. If tenants do not renew their leases as they expire, we will have to find new tenants to lease our properties and there is no guarantee that we will be able to find new tenants or that our properties will be re-leased at rental rates equal to or above the current average rental rates or that substantial rent abatements, tenant improvement allowances, early termination rights, below-market renewal options or other lease incentive payments will not be offered to attract new tenants. We may experience significant costs in connection with renewing, leasing or re-leasing a significant number of our properties.

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Our ability to realize future rent increases will vary depending on changes in the CPI.

As of December 31, 2022, approximately 13.6% of our ABR is subject to CPI-based rent escalators, which generally increase rent by the lesser of (a) a multiple of any increases in the CPI or (b) a fixed percentage. During periods of low inflation or deflation, small increases or decreases in the CPI subject us to the risk of receiving lower rental revenue than we would have been entitled to receive if our rent escalators were based solely on fixed percentages. Conversely, periods of high inflation subject us to the risk of receiving lower rental revenue than we would have been entitled to receive if our rent escalators were based solely on a multiple of any increases in the CPI.

Property vacancies could result in significant capital expenditures and illiquidity.

Many of the leases we enter into or acquire are for properties that are specially suited to the particular business of our tenants. Because these properties have been designed or physically modified for a particular tenant, if the current lease is terminated or not renewed, we may be required to renovate the property at substantial costs, decrease the rent we charge or provide other concessions in order to lease the property to another tenant. In the event we are required to sell the property, we may have difficulty selling it to a party other than the tenant due to the special purpose for which the property may have been designed or modified. This potential illiquidity may limit our ability to quickly modify our portfolio in response to changes in economic or other conditions, including tenant demand.

High geographic concentration of our properties could magnify the effects of adverse economic or regulatory developments in such geographic areas on our operations and financial condition.

As of December 31, 2022, 14.2% of our portfolio (as a percentage of ABR) was located in Texas, representing the highest concentration of our assets. We are susceptible to adverse developments in the economic or regulatory environments of the geographic areas in which we concentrate (or in which we may develop a substantial concentration of assets in the future), such as business layoffs or downsizing, industry slowdowns, relocations of businesses, increases in real estate and other taxes or costs of complying with governmental regulations.

Decrease in demand for traditional retail space may materially and adversely affect us.

As of December 31, 2022, leases representing approximately 26.5% of our ABR were with tenants in traditional retail industries and we may acquire additional properties in the future leased to traditional retail tenants. The market for traditional retail space has previously been, and could continue to be, adversely affected by weakness in the national, regional and local economies, the adverse financial condition of some large retail companies, the ongoing consolidation in retail industries, the excess amount of traditional retail space in a number of markets and, in the case of the discretionary retail industry, increasing consumer purchases over the Internet. To the extent that these conditions continue, they are likely to negatively affect market rents for traditional retail space.

The market price and trading volume of shares of our common stock may fluctuate or decline.

The market price and trading volume of our common stock may fluctuate widely due to various factors, including:

•broad market fluctuations unrelated to our or our competitors’ operating performances;

•actual or anticipated variations in our or our competitors’ quarterly operating results or distributions;

•publication of research reports about us, our competitors or the real estate industry;

•market reaction to any additional indebtedness we incur or debt or equity securities we or the Operating Partnership issue in the future;

•additions or departures of key management personnel;

•changes in our credit ratings;

•the financial condition, performance and prospects of our tenants;

•changes in market interest rates in comparison to the distribution yield on shares of our common stock; and

•the realization of any of the other risk factors presented in this Annual Report on Form 10-K.

We may issue shares of our common stock or other securities without stockholder approval, including shares issued to satisfy REIT distribution requirements. The Operating Partnership may issue partnership interests to third parties, and such partnership interests would be exchangeable for cash or, at our election, shares of our common stock at specified ratios set when partnership interests in the Operating Partnership are issued. Our existing stockholders have no preemptive rights to acquire any of these securities, and any issuance of equity securities by us or the Operating Partnership may dilute stockholder investment.

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Actual or perceived threats associated with epidemics, pandemics or public health crises could have a material adverse effect on us.

Epidemics, pandemics or other public health crises that impact economic and market conditions, particularly in markets where our properties are located, and preventative measures taken to alleviate any public health crises, may have a material adverse effect on us and our tenants, and may affect our ability as a net-lease real estate investment trust to acquire properties or lease properties to our tenants, who may be unable, as a result of any economic downturn or longer-term changes in consumer demand occasioned by public health crises, to make rental payments when due. We are not able to predict whether any epidemics, pandemics or other public health crises will occur in the future that may have a potential adverse impact on us.

Such adverse impacts could depend on, among other factors:

•the financial condition and viability of our tenants – many of which are in retail industries – and their ability or willingness to pay rent in full on a timely basis;

•state, local, federal and industry-initiated efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent;

•our need to restructure leases with our tenants and our ability to do so on favorable terms or at all;

•our ability to renew leases or re-lease available properties on favorable terms or at all in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations we may incur in connection with the replacement of an existing tenant;

•a severe and prolonged disruption and instability in the global financial markets may affect our or our tenants’ ability to access capital necessary to fund our respective business operations or retire, replace or renew maturing liabilities on a timely basis, on attractive terms or at all;

•a refusal or failure of one or more lenders under the 2019 Revolving Credit and Term Loan Agreement to fund their respective financing commitment to us; and

•our and our tenants’ ability to ensure business continuity in the event our continuity of operations plan is not effective or improperly implemented or deployed.

We may be vulnerable to security breaches or cyber-attacks which could disrupt our operations and have a material adverse effect on our financial performance and operating results.

Security breaches, cyber-attacks, or disruption, of our or our third-party service providers’ physical or information technology infrastructure, networks and related management systems could result in, among other things, a breach of our networks and information technology infrastructure, the misappropriation of our or our tenants’ proprietary or confidential information, interruptions or malfunctions in our or our tenants’ operations, delays or interruptions to our ability to meet tenant needs, breach of our legal, regulatory or contractual obligations, inability to access or rely upon critical business records, unauthorized access to our facilities or other disruptions in our operations. Numerous sources can cause these types of incidents, including: physical or electronic security breaches; viruses, ransomware or other malware; hardware vulnerabilities such as Meltdown and Spectre; accident or human error by our own personnel or third parties; criminal activity or malfeasance (including by our own personnel); fraud or impersonation scams perpetrated against us or our partners or tenants; or security events impacting our third-party service providers or our partners or tenants. Our exposure to cybersecurity threats and negative consequences of cybersecurity breaches will likely increase as we store an increasing amount of tenant data.

We recognize the increasing volume of cyber-attacks and employ commercially practical efforts to provide reasonable assurance such attacks are appropriately mitigated. We may be required to expend significant financial resources to protect against or respond to such breaches. Techniques used to breach security change frequently and are generally not recognized until launched against a target, so we may not be able to promptly detect that a security breach or unauthorized access has occurred. We also may not be able to implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. Any breaches that may occur could expose us to increased risk of lawsuits, material monetary damages, potential violations of applicable privacy and other laws, penalties and fines, harm to our reputation and increases in our security and insurance costs. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks despite not handling the data. We cannot guarantee that any backup systems, regular data backups, security protocols, network protection mechanisms and other procedures currently in place, or that may be in place in the future, will be adequate to prevent network and service interruption, system failure, damage to one or more of our systems or data loss in the event of a security breach or attack.

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In addition, the regulatory framework around data custody, data privacy and breaches varies by jurisdiction and is an evolving area of law with increasingly complex and rigorous regulatory standards enacted to protect business and personal data in the United States. We may not be able to limit our liability or damages in the event of such a loss. Data protection legislation is becoming increasingly common in the United States at both the federal and state level and may require us to further modify our data processing practices and policies. Compliance with existing, proposed and recently enacted laws and regulations can be costly; any failure to comply with these regulatory standards could subject us to legal and reputational risks. Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or others, fines and penalties, or damage to our reputation and credibility.

If we fail to maintain effective internal controls over financial reporting, we may not be able to accurately and timely report our financial results.

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports, effectively prevent fraud and operate successfully as a public company. We are required to perform system and process evaluation and testing of our internal control over financial reporting to allow management to report on, and our independent registered public accounting firm to attest to, the effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act of 2002.

As a result of material weaknesses or significant deficiencies that may be identified in our internal control over financial reporting in the future, we may also identify certain deficiencies in some of our disclosure controls and procedures that we believe require remediation. If we or our independent registered public accounting firm discover any such weaknesses or deficiencies, we will make efforts to further improve our internal control over financial reporting controls. However, there is no assurance that we will be successful. Any failure to maintain effective controls or timely effect any necessary improvement of our internal control over financial reporting could harm operating results or cause us to fail to meet our reporting obligations, which could affect the listing of our common stock on the NYSE. Ineffective internal control over financial reporting and disclosure controls could also cause investors to lose confidence in our reported financial information, which would likely have a negative effect on the trading price of our common stock.

Loss of our key personnel with long-standing business relationships could materially impair our ability to operate successfully.

Our continued success and our ability to manage anticipated future growth depend, in large part, upon the efforts of key personnel, particularly our President and Chief Executive Officer, Jackson Hsieh, who has extensive market knowledge and relationships and exercises substantial influence over our operational, financing, acquisition and disposition activity. Many of our other key executive personnel, particularly our executive and senior vice presidents, also have extensive experience and strong reputations in the real estate industry and have been instrumental in setting our strategic direction, operating our business, identifying, recruiting and training key personnel and arranging necessary financing. In particular, the extent and nature of the relationships that these individuals have developed with financial institutions and existing and prospective tenants is critically important to the success of our business. The loss of services of one or more members of our senior management team, or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our relationships with lenders, business partners, existing and prospective tenants and industry personnel, which could materially and adversely affect us.

Costs of compliance with, or liabilities related to, environmental laws may materially and adversely affect us.

The properties we own or have owned in the past may subject us to known and unknown environmental liabilities. Under various federal, state and local laws and regulations relating to the environment, as a current or former owner or operator of real property, we may be liable for costs and damages resulting from the presence or discharge of hazardous or toxic substances, waste or petroleum products at, on, in, under or migrating from such property, including costs to investigate, clean up such contamination and liability for harm to natural resources. 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.

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Our policy is to obtain Phase I environmental site assessments on all properties we finance or acquire, however, these assessments are limited in scope and therefore may not reveal all environmental conditions affecting a property. Therefore, there could be undiscovered environmental liabilities on the properties we own. Some of our properties use, or may have used in the past, underground tanks for the storage of petroleum-based products or waste products that could create a potential for release of hazardous substances or penalties if tanks do not comply with legal standards. If environmental contamination exists on our properties, we could be subject to strict, joint and/or several liability for the contamination by virtue of our ownership interest. Some of our properties may contain ACM. Strict environmental laws govern the presence, maintenance and removal of ACM and such laws may impose fines and penalties for failure to comply with these requirements or expose us to third-party liability (e.g., liability for personal injury associated with exposure to asbestos). Strict environmental laws also apply to other activities that can occur on a property, such as air emissions and water discharges, and such laws may impose fines and penalties for violations.

The presence of hazardous substances on a property may adversely affect our ability to sell, lease or improve the property or to borrow using the property as collateral. In addition, environmental laws may create liens on contaminated properties in favor of the government for damages and costs it incurs to address such contamination. Moreover, if contamination is discovered on our properties, environmental laws may impose restrictions on the manner in which they may be used or the businesses that may be operated, and these restrictions may require substantial expenditures.

In addition, although our leases generally require our tenants to operate in compliance with all applicable laws and to indemnify us against any environmental liabilities arising from a tenant’s activities on the property, we could be subject to strict liability by virtue of our ownership interest. We cannot be sure that our tenants will, or will be able to, satisfy their indemnification obligations, if any, under our leases. Furthermore, the discovery of environmental liabilities on any of our properties could lead to significant remediation costs or to other liabilities or obligations attributable to the tenant of that property, which may affect such tenant’s ability to make payments to us, including rental payments and, where applicable, indemnification payments.

Our environmental liabilities may include property damage, personal injury, investigation and clean-up costs. These costs could be substantial. Although we may obtain insurance for environmental liability for certain properties that are deemed to warrant coverage, our insurance may be insufficient to address any particular environmental situation and we may be unable to continue to obtain insurance for environmental matters, at a reasonable cost or at all, in the future. If our environmental liability insurance is inadequate, we may become subject to material losses for environmental liabilities. Our ability to receive the benefits of any environmental liability insurance policy will depend on the financial stability of our insurance company and the position it takes with respect to our insurance policies.

Insurance on our properties may not adequately cover all losses, which could materially and adversely affect us.

Our tenants are required to maintain liability and property insurance coverage for the properties they lease from us pursuant to triple-net leases. Pursuant to such leases, our tenants are generally required to name us (and any of our lenders that have a mortgage on the property leased by the tenant) as additional insureds on their liability policies and additional insured and/or loss payee (or mortgagee, in the case of our lenders) on their property policies. All tenants are required to maintain casualty coverage and most carry limits at 100% of replacement cost. Depending on the location of the property, losses of a catastrophic nature, such as those caused by earthquakes and floods, may be covered by insurance policies that are held by our tenant with limitations such as large deductibles or co-payments that a tenant may not be able to meet. In addition, losses of a catastrophic nature, such as those caused by wind/hail, hurricanes, terrorism or acts of war, may be uninsurable or not economically insurable. In the event there is damage to our properties that is not covered by insurance and such properties are subject to recourse indebtedness, we will continue to be liable for the indebtedness, even if these properties are irreparably damaged.

Inflation, changes in building codes and ordinances, environmental considerations, and other factors, including terrorism or acts of war, may make any insurance proceeds we receive insufficient to repair or replace a property if it is damaged or destroyed. In that situation, the insurance proceeds received may not be adequate to restore our economic position with respect to the affected real property. Furthermore, in the event we experience a substantial or comprehensive loss of one of our properties, we may not be able to rebuild such property to its existing specifications without significant capital expenditures, which may exceed any amounts received pursuant to insurance policies, as reconstruction or improvement of such a property would likely require significant upgrades to meet zoning and building code requirements. The loss of our capital investment in, or anticipated future returns from, our properties due to material uninsured losses could materially and adversely affect us.

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Compliance with the ADA and fire, safety and other regulations may require us to make unanticipated expenditures that materially and adversely affect us.

Our properties are subject to the ADA, fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. While our tenants are obligated by law to comply with the ADA, and typically obligated under our leases and financing agreements to cover costs associated with compliance, if required changes involve greater expenditures than anticipated or if the changes must be made on a more accelerated basis than anticipated, our tenants’ ability to cover the costs could be adversely affected. We may be required to expend our own funds to comply with the provisions of the ADA. We may be required to make substantial capital expenditures to comply with these requirements and may be required to obtain approvals from various authorities with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Additionally, failure to comply with any of these requirements could result in the imposition of fines by governmental authorities or awards of damages to private litigants. While we intend to only acquire properties that we believe are currently in substantial compliance with all regulatory requirements, these requirements may change and new requirements may be imposed which would require significant unanticipated expenditures by us.

Climate change, and related regulation, could have an adverse impact on our cash flow and operating results or otherwise harm our business.

The impacts of climate change on the global economy and our industry are rapidly evolving. Climate change may add to the unpredictability and frequency of natural disasters and severe weather conditions. Certain of our operations are located in areas that are subject to natural disasters and severe weather conditions such as hurricanes, earthquakes, tornadoes, floods, droughts, and wildfires. The impact of climate change or the occurrence of natural disasters can result in physical damage or a decrease in rent from, the demand for, and the value of, our properties or an increase future property insurance costs in the areas affected by these conditions. If insurance is unavailable to us or is unavailable on acceptable terms, or if our insurance is not adequate to cover business interruption or losses from these events, our earnings, liquidity or capital resources could be adversely affected.

The jurisdictions where we operate have made formal public commitments to, and/or have additional legislation or regulation pending that will increase commitments to, carbon reduction aligned with the goal to keep global warming in line with the 2⁰ scenario or similar scenarios and have begun to take steps to enforce these commitments by regulation on building efficiency and/or mandated purchase of renewable energy. These and similar changes in federal and state legislation and regulation on climate change could result in increased capital expenditures to, among other things, improve the energy efficiency of our existing properties in order to comply with such regulations. Further, transition impacts of climate change may subject us to increased emissions and other reporting or auditing requirements, standards or expectations regarding the environmental impacts of our business. Failure to disclose accurate climate change information in a timely manner may also adversely affect our reputation, business, or financial performance.

An increased and evolving focus on metrics and reporting related to environmental, social and governance (“ESG”) factors, may impose additional costs, harm our reputation, adversely impact our access to capital and financial results, otherwise adversely impact our business.

Investors and other stakeholders, as well as governmental organizations, have become more focused on understanding how companies address a variety of ESG factors, such as climate change and diversity and inclusion, among other issues. As we continue to focus on developing our ESG practices, and as investor and other stakeholder expectations and voluntary and regulatory ESG disclosure standards and policies continue to evolve, we have expanded and expect to further expand our public disclosures in these areas. Such disclosures may reflect aspirational goals, targets, and other expectations and assumptions, which are necessarily uncertain and may not be realized. Failure to realize (or timely achieve progress on) such aspirational goals and targets could adversely affect our third party ESG ratings, our reputation or otherwise adversely affect us.

In addition, this emphasis on ESG matters has resulted in in the adoption of new laws and regulations, including new reporting requirements, and may result in the adoption of additional laws and regulations in the future. New reporting requirements may be particularly difficult or expensive to comply with and, if we fail to comply, we may be required to issue financial restatements, suffer harm to our reputation or otherwise have our business be adversely impacted.

In addition, organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on ESG matters. Such ratings are used by some investors to inform their investment or voting decisions. Unfavorable ESG ratings could lead to negative investor sentiment toward us and/or our industry, which could have a negative impact on our access to and costs of capital. To the extent ESG matters negatively impact our reputation, we may also not be able to compete as effectively to recruit or retain employees.

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RISKS RELATED TO OUR CAPITAL STRUCTURE

Our growth depends on external sources of capital that are outside of our control and may not be available to us on commercially reasonable terms or at all.

To maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, we are subject to federal corporate income tax 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, we may not be able to fund future capital needs, including acquisition financing, from operating cash flow and may have to rely on third-party sources. We may not be able to obtain the financing on favorable terms or at all. Any additional debt we incur will increase our leverage and likelihood of default. Our access to third-party sources of capital depends, in part, on:

•general market conditions;

•the market’s perception of our growth potential;

•our current debt levels;

•our current and expected future earnings;

•our cash flow and cash distributions; and

•the market price per share of our common stock.

If we cannot obtain capital from third-party sources, 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.

In recent history, we have raised a significant amount of debt through senior unsecured debt securities. We have generally used the proceeds from these financings to repay debt and fund real estate acquisitions. No assurance can be given that we will have access to the capital markets in the future at times and on terms that are acceptable to us, whether to refinance existing debt or to raise additional debt capital.

We have significant indebtedness outstanding, which may expose us to risk of default under our debt obligations, limit our ability to obtain additional financing or affect the market price of our common stock or debt securities.

As of December 31, 2022, the total principal balance outstanding on our indebtedness was approximately $3.6 billion, of which the $55.5 million outstanding under the 2019 Credit Facility incurs interest at a variable rate. We may also incur significant additional debt to finance future investment activities. Payments of principal and interest on borrowings may leave us with insufficient cash resources to meet our cash needs or make the distributions to our common stockholders necessary to maintain our REIT qualification. Our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following:

•our cash flow may be insufficient to meet our required principal and interest payments;

•cash interest expense and financial covenants relating to our indebtedness may limit or eliminate our ability to make distributions to our common stockholders;

•we may be unable to borrow additional funds as needed or on favorable terms, which could, among other things, adversely affect our ability to capitalize upon acquisition opportunities or meet operational needs;

•we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;

•increases in interest rates could increase our interest expense for our variable interest rate debt;

•we may be unable to hedge floating rate debt, counterparties may fail to honor their obligations under any hedge agreements we enter into, such agreements may not effectively hedge interest rate fluctuation risk, and, upon the expiration of any hedge agreements we enter into, we would be exposed to then-existing market rates of interest and future interest rate volatility;

•we may be forced to dispose of properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject;

•we may default on our obligations and the lenders or mortgagees may foreclose on our properties or our interests in the entities that own the properties that secure their loans and receive an assignment of rents and leases;

•we may be restricted from accessing some of our excess cash flow after debt service if certain of our tenants fail to meet certain financial performance metric thresholds;

•we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and

•our default under any loan with cross-default provisions could result in a default on other indebtedness.

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Changes in our leverage ratios may also negatively impact the market price of our equity or debt securities. Furthermore, foreclosures could create taxable income without accompanying cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Code.

The agreements governing 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 preferred and common stockholders.

The agreements governing our indebtedness contain restrictions and 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 forgo investment opportunities, reduce or eliminate distributions to our preferred and 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 affect, among other things, our ability to:

•incur indebtedness;

•create liens on assets;

•sell or substitute assets;

•modify certain terms of our leases;

•prepay debt with higher interest rates;

•manage our cash flows; and

•make distributions to equity holders.

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.

Current market conditions could adversely affect our ability to refinance existing indebtedness or obtain additional financing for growth on acceptable terms or at all.

The credit markets can experience significant price volatility, displacement and liquidity disruptions, including the bankruptcy, insolvency or restructuring of certain financial institutions. These circumstances could materially impact liquidity in the financial markets, making financing terms for borrowers less attractive, and in certain cases, result in the unavailability of various types of debt financing. As a result, we may be unable to obtain debt financing on favorable terms or at all or fully refinance maturing indebtedness with new indebtedness. We primarily use external financing to fund acquisitions and to refinance indebtedness as it matures. Reductions in our available borrowing capacity or inability to obtain credit when required or when business conditions warrant could materially and adversely affect us, and we could be forced to limit our acquisition activity and/or take other actions to fund our business activities and repayment of debt, such as selling assets.

Furthermore, if prevailing interest rates or other factors 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 our acquisition yields, earnings per share and cash flow as well. If interest rates increase, our interest costs and overall costs of capital will increase, which could materially and adversely affect us. Total debt service, including scheduled principal maturities and interest, for 2023 and 2024 is $139.5 million and $130.2 million, respectively.

Some of our financing arrangements involve balloon payment obligations.

Some of our financings require us to make a lump-sum or “balloon” payment at maturity. Our ability to make any balloon payment is uncertain and may depend on our ability to obtain additional financing or our ability to sell our properties. At the time the balloon payment is due, we may or may not be able to refinance the balloon payment on terms as favorable as the original loan or sell our properties at a price sufficient to make the balloon payment, if at all. If the balloon payment is refinanced at a higher rate, it will reduce or eliminate any income from our properties. In addition, if we are unable to refinance these maturities or otherwise retire the indebtedness, we could be forced to relinquish the related collateral.

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RISKS RELATED TO OUR ORGANIZATIONAL STRUCTURE

Our charter and bylaws and Maryland law contain provisions that may discourage, delay or prevent third parties from seeking a change of control transaction, even if such an event may be in the interest of our stockholders.

Our charter contains various provisions that are intended to preserve our qualification as a REIT and, subject to certain exceptions, authorizes our directors to take such actions as are necessary or appropriate to preserve our qualification as a REIT. For example, our charter prohibits the actual, beneficial or constructive ownership by any person of more than 9.8% in value or number of shares, whichever is more restrictive, of the outstanding shares of our common stock or more than 9.8% in value of the aggregate of the outstanding shares of all classes and series of our stock. Our Board of Directors, in its sole and absolute discretion, may exempt a person, prospectively or retroactively, from these ownership limits if certain conditions are satisfied. The restrictions on ownership and transfer of our stock may delay or prevent a transaction or change of control that might involve a premium price for our common stock or otherwise be in the best interests of our stockholders.

Our Board of Directors, without stockholder approval, has the power under our charter to increase the aggregate number of shares of stock or the number of shares of stock of any class or series that we are authorized to issue, to authorize us to issue authorized but un-issued shares of our common stock or preferred stock and to classify or reclassify any un-issued shares of our common stock or preferred stock into one or more classes or series of stock and to set the terms of such newly classified or reclassified shares. As a result, we may issue one or more series or classes of common stock or preferred stock with preferences, dividends, powers and rights, voting or otherwise, that are senior to, or otherwise conflict with, the rights of our common stockholders. Although our Board of Directors has no such intention at the present time, it could establish a class or series of common stock or preferred stock that could, depending on the terms of such series, delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

Certain provisions of the MGCL may have the effect of inhibiting a third party from making a proposal to acquire us or impeding a change of control under circumstances that otherwise could provide our common stockholders with the opportunity to realize a premium over the then-prevailing market price of such shares, including:

•“business combination” provisions that, subject to limitations, prohibit certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our outstanding voting stock), or any affiliate of an interested stockholder, for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter impose fair price and/or super-majority and stockholder voting requirements on these combinations; and

•“control share” provisions that provide that a holder of “control shares” of our Company (defined as shares that, when aggregated with other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of outstanding “control shares”) has no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares.

As permitted by the MGCL, we have elected, by resolution of our Board of Directors, to opt out of the business combination provisions of the MGCL and, pursuant to a provision in our bylaws, to exempt any acquisition of our stock from the control share provisions of the MGCL. However, our Board of Directors may, by resolution, elect to repeal the exemption from the business combination provisions of the MGCL and may, by amendment to our bylaws, opt into the control share provisions of the MGCL at any time in the future, whether before or after an acquisition of control shares.

Additionally, Subtitle 8 permits our Board of Directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to implement certain corporate governance provisions, some of which we currently do not have. These provisions may have the effect of limiting or precluding a third party from making an unsolicited acquisition proposal for us or of delaying, deferring or preventing a change in control under circumstances that otherwise could be in the best interests of our stockholders. Our charter contains a provision whereby we have elected, at such time we became eligible to do so, to be subject to the provisions of Subtitle 8 relating to filling vacancies on our Board of Directors only by the remaining directors. Our Board of Directors has adopted a resolution prohibiting us from electing to be subject to the provisions of Subtitle 8 relating to a classified board unless such election is approved by our stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter.

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Our rights and the rights of our stockholders to take action against our directors and officers are limited.

As permitted by Maryland law, our charter limits the liability of our directors and officers to us and our stockholders for money damages, except for liability resulting from (i) actual receipt of an improper benefit or profit in money, property or services or (ii) 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 by any of our directors or officers impede the performance of our company, our stockholders’ and our ability to recover damages from such director or officer may 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.

RISKS RELATED TO TAXES AND OUR STATUS AS A REIT

Failure to qualify as a REIT would materially and adversely affect us and the value of our common stock.

We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2005 and we intend to continue operating in such a manner. We have not requested and do not plan to request a ruling from the IRS that we qualify as a REIT and the statements in this Annual Report on Form 10-K are not binding on the IRS or any court. Therefore, we cannot guarantee that we have qualified as a REIT or that we will remain qualified as such in the future. If we lose our REIT status, we will face significant tax consequences that would substantially reduce our cash available for distribution to our stockholders for each of the years involved because:

•we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to regular U.S. federal corporate income tax;

•we could be subject to the federal alternative minimum tax for tax years prior to 2018 and increased state and local taxes; and

•unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following the year during which we were disqualified.

Any such corporate tax liability could be substantial and would reduce our cash available for, among other things, our operations and distributions to stockholders. In addition, if we fail to qualify as a REIT, we will not be required to make distributions to our stockholders. As a result of these factors, our failure to qualify as a REIT could also impair our ability to expand our business and raise capital and could materially and adversely affect the trading price of our common stock.

Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. To qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, the composition of our assets and the sources of our income. Also, we must make distributions to stockholders aggregating annually to at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains.

New legislation, regulations, administrative interpretations or court decisions may materially and adversely affect our investors, our ability to qualify as a REIT for federal income tax purposes or the desirability of an investment in a REIT relative to other investments.

Even if we qualify as a REIT for federal income tax purposes, we may be subject to some federal, state and local income, property and excise taxes and, in certain cases, a 100% penalty tax, in the event we sell property as a dealer. In addition, our TRSs will be subject to income tax as regular corporations in the jurisdictions in which they operate.

If Spirit MTA REIT failed to qualify as a REIT, we could cease to qualify as a REIT and suffer other adverse consequences.

If Spirit MTA REIT failed to qualify as a REIT for any taxable year, such failure could adversely affect our ability to qualify as a REIT. If Spirit MTA REIT failed to qualify as a REIT during the year of the Spin-Off, the income recognized by us in connection with the Spin-Off would not have constituted qualifying income for purposes of the 75% gross income test, which could have adversely affected our ability to qualify as a REIT for such year. In addition, if Spirit MTA REIT failed to qualify as a REIT for any period, the SMTA Preferred Stock would not have qualified as a real estate asset for purposes of the REIT asset tests or produced qualifying income for purposes of the REIT 75% gross income test for such period. In such case, our ownership of the SMTA Preferred Stock during such period could adversely affect our ability to qualify as a REIT, unless we are entitled to relief under an applicable cure provision.

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If the Operating Partnership fails to qualify as a partnership for federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.

We believe the Operating Partnership is currently treated as a partnership for federal income tax purposes and, as a partnership, is not subject to federal income tax on its income. Instead, each of its partners, including us, is allocated, and may be required to pay tax with respect to, such partner’s share of its income. We cannot assure you that the IRS will not challenge the status of the Operating Partnership or any other subsidiary partnership or limited liability company in which we own an interest as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership or any such other subsidiary partnership or limited liability company as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT. Also, the failure of the Operating Partnership or any subsidiary partnership or limited liability company to qualify as a disregarded entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including us.

Our ownership of TRSs is subject to certain restrictions, and we will be required to pay a 100% penalty tax on certain income or deductions if our transactions with our TRSs are not conducted on arm’s-length terms.

We own securities in TRSs and may acquire securities in additional TRSs in the future. If a TRS owns more than 35% of the total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a TRS. Other than some activities relating to lodging and health care facilities, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. A TRS is subject to federal income tax as a regular C corporation. In addition, a 100% excise tax will be imposed on certain transactions between a TRS and its parent REIT that are not conducted on an arm’s-length basis.

A REIT’s ownership of securities of a TRS is not subject to the 5% or 10% asset tests applicable to REITs. No more than 25% of the value of our total assets may be represented by securities (including securities of TRSs), other than those securities includable in the 75% asset test, and no more than 20% of the value of our total assets may be represented by securities of TRSs. We anticipate that the aggregate value of the stock and securities of any TRS and other nonqualifying assets that we own will be less than 25% (or, in the case of securities of TRSs, 20%) of the value of our total assets, and we will monitor the value of these investments to ensure compliance with applicable ownership limitations. In addition, we intend to structure our transactions with any TRSs that we own to ensure that they are entered into on arm’s-length terms to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with the above limitations or to avoid application of the 100% excise tax discussed above.

The IRS may treat sale-leaseback transactions as loans, which could jeopardize our REIT status or require us to make an unexpected distribution.

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. The primary risk relates to our loss of previously incurred depreciation expenses, which could affect the calculation of our REIT taxable income and could cause us to fail the REIT distribution test that requires a REIT to distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In this circumstance, we may elect to distribute an additional dividend of the increased taxable income so as not to fail the REIT distribution test. This distribution would be paid to all stockholders at the time of declaration rather than the stockholders existing in the taxable year affected by the re-characterization.

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We may be forced to borrow funds to maintain our REIT status, and the unavailability of such capital on favorable terms at the desired times, or at all, may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, which could materially and adversely affect us.

To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our REIT taxable income each year, determined without regard to the dividends paid deduction and excluding any net capital gains, and we will be subject to regular corporate income taxes on our undistributed taxable income to the extent that we distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, each year. Additionally, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions paid by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. To maintain our REIT status and avoid the payment of income and excise taxes, we may need to borrow funds to meet the REIT distribution requirements. These borrowing needs could result from, among other things, differences in timing between the actual receipt of cash and recognition of income for federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of reserves or required debt or amortization payments. These sources, however, may not be available on favorable terms or at all. Our access to third-party sources of capital depends on a number of factors, including the market’s perception of our growth potential, our current debt levels, the market price of our common stock, and our current and potential future earnings. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities and/or to dispose of assets at inopportune times, and could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distributions to our stockholders, and the trading price of our common stock.

Dividends payable by REITs generally do not qualify for the reduced tax rates available for some dividends, which may negatively affect the value of our shares.

Dividends treated as “qualified dividend income” payable to U.S. stockholders that are individuals, trusts and estates are generally subject to tax at preferential rates, currently at a maximum federal rate of 20%. Dividends payable by REITs, however, generally are not eligible for the preferential tax rates applicable to qualified dividend income. U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026. Although this deduction reduces the effective tax rate applicable to certain dividends paid by REITs (generally to 29.6% assuming the shareholder is subject to the 37% maximum rate), such tax rate is still higher than the tax rate applicable to dividends that constitute qualified dividend income. Accordingly, 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 trading price of our common stock.

The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.

A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, such characterization is a factual determination (unless a sale or disposition qualifies under certain statutory safe harbors) and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

Complying with REIT requirements may affect our profitability and may force us to liquidate or forgo otherwise attractive investments.

To qualify as a REIT, we must continually satisfy tests concerning, among other things, the nature and diversification of our assets, the sources of our income and the amounts we distribute to our stockholders. We may be required to liquidate or forgo otherwise attractive investments to satisfy the asset and income tests or to qualify under certain statutory relief provisions. We also may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available. As a result, having to comply with the distribution requirement could cause us to sell assets in adverse market conditions, borrow on unfavorable terms or distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt. Moreover, if we are compelled to liquidate our investments to meet any of these tests, or to repay obligations to our lenders, we may be unable to comply with one or more of the requirements applicable to REITs or may be subject to a 100% tax on any resulting gain if such sales constitute prohibited transactions. Accordingly, satisfying the REIT requirements could materially and adversely affect us.

27

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 at the regular corporate tax rate on this gain to the extent of the excess of the fair market value of the asset over 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 by the close of the taxable year in which such transaction occurs. Any adjustments to the acquired corporation’s income for taxable years ending on or before the date of the transaction, including as a result of an examination of the corporation’s tax returns by the IRS, could affect the calculation of the corporation’s earnings and profits.

If the IRS were to determine that we acquired non-REIT earnings and profits from a corporation that we failed to distribute prior to the end of the taxable year in which the carry-over basis transaction occurred, we could avoid disqualification as a REIT by paying a “deficiency dividend.” Under these procedures, we generally would be required to distribute any such non-REIT earnings and profits to our stockholders within 90 days of the determination and pay a statutory interest charge at a specified rate to the IRS. Such a distribution would be in addition to the distribution of REIT taxable income necessary to satisfy the REIT distribution requirement and may require that we borrow funds to make the distribution even if the then-prevailing market conditions are not favorable for borrowings. In addition, payment of the statutory interest charge could materially and adversely affect us.

Legislative or other actions affecting REITs could have a negative effect on us.

The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, could materially and adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.

Item 1B. Unresolved Staff Comments

None.

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Item 2. Properties

PROPERTY PORTFOLIO DIVERSIFICATION

2,115	99.9%	49	351	34
Properties	Occupancy	States	Tenants	Tenant Industries

Diversification By Tenant

The following is a summary of tenant concentration for our owned real estate properties as of December 31, 2022:

Tenant Concept (1)	Number of Properties		Total Square Feet (in thousands)		Percent of ABR
Life Time Fitness		12		1,399		4.0	%
Invited Clubs		21		1,005		2.7	%
BJ's Wholesale Club		11		1,233		2.3	%
At Home		16		1,861		2.1	%
Dave & Buster's / Main Event		15		807		2.1	%
Church's Chicken		160		231		2.0	%
Dollar Tree / Family Dollar		132		1,216		1.9	%
Home Depot		8		946		1.8	%
Circle K		75		228		1.6	%
GPM		107		301		1.5	%
Other(2)		1,555		49,711		78.0	%
Vacant		3		484		—
Total		2,115		59,422		100.0	%

(1) Tenant concentration represents concentration by the legal entities ultimately responsible for obligations under the lease agreements or affiliated entities. Concentration is shown by tenant concept, which represents the brand or trade name under which the tenant operates. Other tenants may operate under the same or similar brand or trade name.

(2) No tenants within other individually account for greater than 1.5% of ABR.

Lease Expirations

As of December 31, 2022, the weighted average remaining non-cancellable initial term of our leases (based on ABR) was 10.4 years. The following is a summary of lease expirations for our owned real estate as of December 31, 2022, assuming that tenants do not exercise any renewal options or early termination rights:

Leases Expiring In:	Number of Properties		Total Square Feet (in thousands)		ABR (in thousands)		Percent of ABR
2023		65		1,265	$	16,610		2.4	%
2024		47		1,564		17,567		2.6	%
2025		51		2,398		21,821		3.2	%
2026		129		5,041		46,278		6.8	%
2027		170		4,472		59,459		8.7	%
2028		147		3,351		43,356		6.4	%
2029		318		2,922		44,057		6.5	%
2030		82		2,536		25,337		3.7	%
2031		71		3,604		35,698		5.2	%
2032		141		3,693		35,774		5.3	%
Thereafter		891		28,092		334,933		49.2	%
Vacant		3		484		—		—
Total owned properties		2,115		59,422	$	680,890		100.0	%

29

Diversification By Geography

The following is a summary of geographic concentration for our owned real estate properties as of December 31, 2022:

 

Location	Number of Properties		Total Square Feet (in thousands)		Percent of ABR			Location (continued)	Number of Properties		Total Square Feet (in thousands)		Percent of ABR
Texas		306		7,031		14.2	%	Wisconsin		17		1,136		1.3	%
Florida		154		2,813		7.6	%	Louisiana		28		659		1.3	%
Ohio		104		4,993		6.0	%	Massachusetts		8		750		1.2	%
Georgia		147		2,845		5.7	%	Arkansas		47		690		1.1	%
Michigan		99		2,907		4.4	%	Kansas		21		965		1.0	%
Tennessee		118		2,518		3.8	%	New Hampshire		18		660		0.8	%
California		30		1,602		3.7	%	Alaska		9		319		0.8	%
Illinois		58		1,570		3.5	%	New Jersey		13		466		0.7	%
Indiana		45		3,874		3.3	%	Connecticut		7		910		0.7	%
North Carolina		89		1,865		2.9	%	Idaho		16		273		0.7	%
Alabama		106		1,473		2.7	%	Iowa		12		1,304		0.6	%
New York		37		1,943		2.6	%	Washington		9		160		0.5	%
Missouri		66		1,541		2.5	%	Maine		28		103		0.4	%
Arizona		45		956		2.5	%	Nebraska		10		262		0.4	%
Colorado		33		1,264		2.4	%	West Virginia		12		198		0.4	%
South Carolina		70		1,171		2.4	%	Rhode Island		4		152		0.3	%
Maryland		12		1,413		2.4	%	Delaware		2		128		0.3	%
Virginia		46		1,346		2.0	%	North Dakota		4		110		0.3	%
Minnesota		29		1,064		2.0	%	Montana		3		152		0.3	%
New Mexico		35		863		1.8	%	Oregon		3		104		0.2	%
Oklahoma		59		1,139		1.7	%	South Dakota		2		30		0.2	%
Pennsylvania		33		1,073		1.7	%	Wyoming		1		35		0.1	%
Mississippi		51		993		1.6	%	U.S. Virgin Islands		1		38		0.1	%
Utah		18		976		1.5	%	Nevada		1		12	*
Kentucky		48		571		1.4	%	Vermont		1		2	*

* Less than 0.1%

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Diversification By Asset Type and Tenant Industry

The following is a summary of asset type concentration, the industry of the underlying tenant operations for our retail properties and the underlying property use for our non-retail properties as of December 31, 2022:

Asset Type	Tenant Industry / Underlying Use	Number of Properties		Total Square Feet (in thousands)		Percent of ABR
Retail			1,808		30,005		68.6	%
	Health & Fitness		53		3,176		7.8	%
	Convenience Stores		311		988		5.5	%
	Quick Service Restaurants		350		758		4.8	%
	Car Washes		111		530		4.6	%
	Casual Dining		128		912		4.5	%
	Movie Theaters		37		1,953		4.1	%
	Dealerships		34		1,122		3.5	%
	Entertainment		29		1,275		3.2	%
	Drug Stores		77		990		3.2	%
	Automotive Services		125		1,025		3.0	%
	Home Improvement		35		2,114		3.0	%
	Dollar Stores		216		2,044		3.0	%
	Supercenters & Clubs		17		1,864		2.8	%
	Home Décor		19		2,459		2.5	%
	Home Furnishings		28		1,277		2.1	%
	Sporting Goods		20		1,154		1.9	%
	Department Stores		18		1,619		1.8	%
	Grocery		32		1,501		1.8	%
	Other		29		900		1.6	%
	Early Education		41		450		1.4	%
	Specialty Retail		32		668		1.1	%
	Automotive Parts		55		388		0.8	%
	Discount Retail		5		341		0.3	%
	Pet Supplies & Services		4		201		0.3	%
	Vacant		2		296		—
Non-Retail			307		29,417		31.4	%
	Distribution		137		13,640		11.2	%
	Manufacturing		71		10,929		9.1	%
	Office		10		1,210		2.8	%
	Country Club		21		1,005		2.7	%
	Industrial Outdoor Storage		20		1,087		1.9	%
	Medical		29		416		1.6	%
	Data Center		3		309		0.8	%
	Flex		14		511		0.8	%
	Hotel		1		122		0.5	%
	Vacant		1		188		—
Total			2,115		59,422		100.0	%

Item 3. Legal Proceedings

From time-to-time, we may be subject to certain claims and lawsuits in the ordinary course of business, the outcome of which cannot be determined at this time. In the opinion of management, any liability we might incur upon the resolution of these claims and lawsuits will not, in the aggregate, have a material adverse effect on our consolidated financial position or results of operations.

Item 4. Mine Safety Disclosure

None.

31

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

MARKET INFORMATION FOR COMMON STOCK, HOLDERS OF RECORD AND DIVIDEND POLICY

Our common stock is traded on the NYSE under the symbol “SRC.” As of February 23, 2023, there were approximately 1,922 stockholders of record 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 intend to pay regular quarterly dividends to our stockholders, although all future distributions will be declared and paid at the discretion of the Board of Directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provisions of the Code and such other factors as the Board of Directors deems relevant.

RECENT SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM REGISTERED SECURITIES

No sales of unregistered securities. Net proceeds of $63.9 million from sales of registered securities during the fourth quarter of 2022 were used for funding acquisitions, operating expenses and payment of interest and principal on current debt financings.

ISSUER PURCHASES OF EQUITY SECURITIES

None.

EQUITY COMPENSATION PLAN INFORMATION

Our equity compensation plan information required by this item will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.

PERFORMANCE GRAPH

The information below shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201 of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, except to the extent we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act. The following graph shows our cumulative total stockholder return for the five most recent fiscal years, with stock prices retroactively adjusted for the Spin-Off of SMTA. The graph assumes a $100 investment in each of the indices on December 31, 2017 and the reinvestment of all cash dividends. Our stock price performance shown in the following graph is not indicative of future stock price performance.

 

	Period Ended
Index:	12/31/2017		12/31/2018		12/31/2019		12/31/2020		12/31/2021		12/31/2022
Spirit Realty Capital, Inc.	$	100.00	$	99.36	$	146.65	$	129.10	$	163.50	$	144.59
S&P 500	$	100.00	$	93.76	$	120.84	$	140.49	$	178.27	$	143.61
NAREIT US Equity REIT Index	$	100.00	$	95.38	$	120.17	$	110.56	$	158.36	$	119.78

Item 6. [Reserved]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

We are a self-administered and self-managed REIT with in-house capabilities including acquisition, credit research, asset management, portfolio management, real estate research, legal, finance and accounting functions. We primarily invest in single-tenant, operationally essential real estate assets throughout the United States, which are subsequently leased on a long-term, triple-net basis to high quality tenants with operations in retail, industrial, and certain other industries. Single-tenant, operationally essential real estate consists of properties that are free-standing, commercial real estate facilities where our tenants conduct activities that are essential to the generation of their sales and profits. Under a triple-net lease, the tenant is responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs.

As of December 31, 2022, our diverse portfolio consisted of 2,115 owned properties across 49 states, which were leased to 351 tenants operating in 34 industries. As of December 31, 2022, our properties were approximately 99.9% occupied.

Our operations are carried out through the Operating Partnership. OP Holdings, one of our wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership. We and one of our wholly-owned subsidiaries are the only limited partners, and together own the remaining 99% of the Operating Partnership. Although the Operating Partnership is wholly-owned by us, in the future, we may issue partnership interests in the Operating Partnership to third parties in exchange for property owned by such third parties. In general, any partnership interests in the Operating Partnership issued to third parties would be exchangeable for cash or, at our election, shares of our common stock at specified ratios set when such partnership interests in the Operating Partnership are issued.

We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2005 and we intend to continue operating in such a manner. To maintain our REIT status, we are required to annually distribute to our stockholders at least 90% of our REIT taxable income (excluding net capital gains) and meet various other requirements relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate level federal income tax on the earnings distributed to our stockholders. We are still subject to state and local income and franchise taxes and to federal income and excise tax on our undistributed income. If we fail to qualify as a REIT in any taxable year and are unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate tax, including any applicable alternative minimum tax for taxable years beginning before January 1, 2018.

BUSINESS IMPACT OF THE COVID-19 PANDEMIC

During 2022, we had minimal impact from the COVID-19 pandemic and we currently do not anticipate any future rent deferrals or abatements related to the COVID-19 pandemic. For the year ended December 31, 2022, we deferred $0.2 million of rent and reversed previous reserves against deferred rent of $0.2 million, both of which were recognized in rental income. Additionally, we did not recognize any rent abatements for the year ended December 31, 2022. As of December 31, 2022, we had an accounts receivable balance of $7.9 million related to deferred rent, with 56% of the balance expected to be repaid by the end of 2023. Although we are actively engaged in rent collection efforts related to uncollected rent, we can provide no assurance that such efforts will be successful.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our accounting policies are determined in accordance with GAAP. The preparation of our financial statements requires us to make estimates and assumptions that are subjective in nature and, as a result, our actual results could differ materially from our estimates. Estimates and assumptions include, among other things, subjective judgments regarding the fair values and useful lives of our properties for depreciation and lease classification purposes, the collectability of receivables and asset impairment analysis. A summary of our accounting policies and procedures is included in Note 2 to our consolidated financial statements. Set forth below are the more critical accounting policies that require management judgment and estimates in the preparation of our consolidated financial statements.

33

Purchase Accounting and Acquisition of Real Estate; Lease Intangibles

The purchase price (including acquisition and closing costs) of a real estate acquisition is allocated to land, building, improvements, equipment and lease intangibles, if any, based on their relative fair values. Lease intangibles represent the value of in-place leases and above- or below-market leases. We evaluate a number of factors when estimating fair value, including the age, location and condition of the building, rent for comparable properties, and, if any, terms of in-place leases. The value of in-place lease intangibles are based on our estimates of the costs that would be incurred to acquire a tenant if the property were vacant, including carrying costs during the time it would take to locate a tenant, considering market conditions and costs to execute similar leases. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the in-place lease and our estimate of fair market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, the renewal option period.

Rental Income: Cash and Straight-line Rent

We primarily lease real estate to our tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, we assess the terms and conditions of the lease to determine the appropriate lease term and do not include options to extend, terminate or purchase in our evaluation for lease classification or for recognizing rental income unless we are reasonably certain the tenant will exercise the option. Evaluation of lease classification also requires an estimate of the residual value of the real estate at the end of the lease term. For acquisitions, we use the tangible fair value of the property at the date of acquisition. For lease modifications, we generally use sales comparables or a direct capitalization approach to determine residual value.

Lease concessions related to the COVID-19 pandemic have been accounted for consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease). As such, rent deferrals have been recorded as an increase to rent receivables and recognized as income during the deferral period. Lease concessions other than rent deferrals have been evaluated to determine if a substantive change to the consideration in the original lease contract occurred and should be accounted for as a lease modification.

Our leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. For leases with variable escalators, increases in rental revenue are recognized when the changes in the rental rates have occurred. Some of our leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized when the change in the factor on which the contingent lease payment is based actually occurs.

Rental income is evaluated for collectability, based on our assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. We do not recognize rental income for amounts that are not deemed probable of collection.

Impairment

We review our real estate investments and related lease intangibles periodically for indicators of impairment including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, we then evaluate if its carrying amount may not be recoverable. We consider 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 in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows.

Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. The fair values of real estate and intangible assets are determined using the following information, depending on availability, in order of preference: signed purchase and sale agreements or letters of intent; broker opinions of value; recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows; and expectations for the use of the real estate.

SUPPLEMENTAL GUARANTOR DISCLOSURES

Subsidiary issuers of obligations guaranteed by the parent are not required to provide separate financial statements, provided that the parent guarantee is “full and unconditional,” the subsidiary obligor is consolidated into the parent company’s consolidated financial statements and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information.

34

The Company and the Operating Partnership have filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of the Operating Partnership, which will be fully and unconditionally guaranteed by the Company. At December 31, 2022, the Operating Partnership had issued and outstanding the Senior Unsecured Notes. The obligations of the Operating Partnership to pay principal, premiums, if any, and interest on the Senior Unsecured Notes are guaranteed on a senior, full and unconditional basis by the Company. The Operating Partnership is a wholly-owned subsidiary of the Company, and the Company owns all of its assets and conducts all of its operations through the Operating Partnership and the Operating Partnership is consolidated into the Company’s financial statements.

In accordance with the SEC rules, separate consolidated financial statements of the Operating Partnership are not presented because the assets, liabilities and results of operations of the Operating Partnership are not materially different than the corresponding amounts in the Company’s consolidated financial statements, and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

LIQUIDITY AND CAPITAL RESOURCES

ATM Program

In November 2021, the Board of Directors approved a new $500.0 million 2021 ATM program, and we terminated the 2020 ATM Program. Sales of shares of our common stock under the 2021 ATM Program may be made in sales deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act. The 2021 ATM Program contemplates that, in addition to the issuance and sale by us of shares of our common stock to or through the agents, we may enter into separate forward sale agreements with one of the agents or one of their respective affiliates (in such capacity, each, a “forward purchaser”). When we enter into a forward sale agreement, we expect that the forward purchaser will attempt to borrow from third parties and sell, through a forward seller, shares of our common stock to hedge the forward purchaser’s exposure under the forward sale agreement. We will not initially receive any proceeds from any sale of shares of our common stock borrowed by a forward purchaser and sold through a forward seller.

We currently expect to fully physically settle any forward sale agreement with the respective forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. However, subject to certain exceptions, we may also elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which case we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser.

As of December 31, 2022, 6.7 million shares of our common stock have been sold under the 2021 ATM Program, of which 4.7 million of these shares were sold through forward sale agreements. 4.0 million of these shares were sold during the year ended December 31, 2022. There were no open forward contracts and approximately $208.7 million of capacity remaining under the 2021 ATM Program as of December 31, 2022.

Short-term liquidity and capital resources

On a short-term basis, our principal demands for funds will be for operating expenses, acquisitions, distributions to stockholders and payment of interest and principal on current and any future debt financings. We expect to fund these demands primarily through cash provided by operating activities, borrowings under the 2019 Credit Facility and 2023 Term Loans and, if market conditions warrant, issuances of equity securities, including shares of our common stock under our 2021 ATM program. As of December 31, 2022, available liquidity was comprised of $8.8 million in cash and cash equivalents, $53.2 million in restricted cash, $1.1 billion of borrowing capacity under the 2019 Credit Facility and $500.0 million of availability under the delayed-draw 2023 Term Loans.

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Long-term liquidity and capital resources

We plan to meet our long-term capital needs, including long-term financing of property acquisitions, by issuing registered debt or equity securities, by obtaining asset level financing and by issuing fixed-rate secured or unsecured notes and bonds. In the future, some of our property acquisitions could be made by issuing partnership interests of our Operating Partnership in exchange for property owned by third parties. These partnership interests would be exchangeable for cash or, at our election, shares of our common stock. We continually evaluate financing alternatives and believe that we can obtain financing on reasonable terms. However, we cannot be sure that we will have access to the capital markets at times and on terms that are acceptable to us, particularly as uncertainty related to rising interest rates, rising inflation rates, economic outlook, geopolitical events (including the military conflict between Russia and Ukraine) and other factors have contributed and may continue to contribute to significant volatility and negative pressure in financial markets. We expect that our primary uses of capital will be for property and other asset acquisitions, the payment of tenant improvements, operating expenses, debt service payments and distributions to our stockholders.

Description of certain debt

The following discussion should be read in conjunction with Note 4 to the consolidated financial statements herein.

2019 Credit Facility

On March 30, 2022, we amended and restated the 2019 Revolving Credit and Term Loan Agreement. As of December 31, 2022, the aggregate gross commitment under the 2019 Credit Facility was $1.2 billion, which may be increased up to $1.7 billion by exercising an accordion feature, subject to satisfying certain requirements. The 2019 Credit Facility has a maturity of March 31, 2026 and includes two six-month extensions that can be exercised at our option.

We may voluntarily prepay the 2019 Credit Facility, in whole or in part, at any time without premium or penalty. Payment of the 2019 Credit Facility is unconditionally guaranteed by the Company and material subsidiaries that meet certain conditions. As of December 31, 2022, there were no subsidiaries that met this requirement.

As of December 31, 2022, the 2019 Credit Facility bore interest at a 1-month adjusted SOFR rate plus 0.775% and incurred a facility fee of 0.150% per annum, in each case, based on the Operating Partnership’s credit rating and leverage ratio (as defined in the agreement). As of December 31, 2022, there were $55.5 million in borrowings outstanding and no letters of credit outstanding.

Amounts available for borrowing under the 2019 Credit Facility are subject to compliance with certain customary restrictive covenants including:

•Maximum leverage ratio (defined as consolidated total indebtedness of the Company, net of certain cash and cash equivalents, to total asset value) of 0.60:1.00, with the ability to increase to 0.65:1.00 for one year with a material acquisition;

•Minimum fixed charge coverage ratio (defined as EBITDA of the Company, to fixed charges) of 1.50:1.00;

•Maximum secured indebtedness leverage ratio (defined as consolidated secured indebtedness of the Company, net of certain cash and cash equivalents, to total asset value) of 0.40:1:00;

•Minimum unsecured interest coverage ratio (defined as consolidated net operating income from unencumbered properties, to unsecured interest expense) of 1.75:1.00; and

•Maximum unencumbered leverage ratio (defined as consolidated unsecured indebtedness of the Company, net of certain cash and cash equivalents, to total unencumbered asset value) of 0.60:1:00, with the ability to increase to 0.65:1.00 for one year with a material acquisition.

In addition to these covenants, the 2019 Revolving Credit and Term Loan Agreement also include other customary affirmative and negative covenants, such as (i) limitation on liens and negative pledges; (ii) transactions with affiliates; (iii) limitation on mergers, consolidations and sales of all or substantially all assets; (iv) maintenance of status as a REIT and listing on any national securities exchange; and (v) material modifications to organizational documents. As of December 31, 2022, the Corporation and the Operating Partnership were in compliance with these covenants.

Term Loans

On August 22, 2022, we entered into the 2022 Term Loan Agreement which provides for borrowings in an aggregate amount of $800.0 million comprised of a $300.0 million tranche with a maturity date of August 22, 2025 and a $500.0 million tranche with a maturity date of August 20, 2027. Borrowings may be increased up to $1.0 billion by exercising an accordion feature, subject to satisfying certain requirements. The full borrowing capacity of $800.0 million under the term loans was fully drawn as of December 31, 2022.

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Borrowings may be repaid without premium or penalty. As of December 31, 2022, the 2022 Term Loans bore interest at a 1-month adjusted SOFR rate plus 0.850% per annum, based on the Operating Partnership’s credit rating. In conjunction with entering into the 2022 Term Loans, we entered into interest rate swaps to swap 1-month SOFR for a weighted average fixed rate of 2.55%.

On November 17, 2022, we entered into the 2023 Term Loan Agreement, which provides for $500.0 million of unsecured term loans with a maturity date of June 16, 2025 and allows funds to be drawn up to July 2, 2023. Borrowings may be increased up to $600.0 million by exercising an accordion feature, subject to satisfying certain requirements. The 2023 Term Loans will bear interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.950% per annum, based on the Operating Partnership’s credit rating. Borrowings may be repaid without premium or penalty. As of December 31, 2022, the full $500.0 million of borrowing capacity was available under the 2023 Term Loan Agreement.

Amounts available for borrowing under the term loan agreements are subject to compliance with certain customary restrictive covenants including:

•Maximum leverage ratio (defined as consolidated total indebtedness of the Company, net of certain cash and cash equivalents, to total asset value) of 0.60:1.00, with the ability to increase to 0.65:1.00 for one year with a material acquisition;

•Minimum fixed charge coverage ratio (defined as EBITDA of the Company, to fixed charges) of 1.50:1.00;

•Maximum secured indebtedness leverage ratio (defined as consolidated secured indebtedness of the Company, net of certain cash and cash equivalents, to total asset value) of 0.40:1:00;

•Minimum unsecured interest coverage ratio (defined as consolidated net operating income from unencumbered properties, to unsecured interest expense) of 1.75:1.00; and

•Maximum unencumbered leverage ratio (defined as consolidated unsecured indebtedness of the Company, net of certain cash and cash equivalents, to total unencumbered asset value) of 0.60:1:00, with the ability to increase to 0.65:1.00 for one year with a material acquisition.

In addition to these covenants, the term loan agreements also include other customary affirmative and negative covenants, such as (i) limitation on liens and negative pledges; (ii) transactions with affiliates; (iii) limitation on mergers, consolidations and sales of all or substantially all assets; (iv) maintenance of status as a REIT and listing on any national securities exchange; and (v) material modifications to organizational documents. As of December 31, 2022, the Corporation and the Operating Partnership were in compliance with these covenants.

Senior Unsecured Notes

As of December 31, 2022, we had the following Senior Unsecured Notes outstanding (dollars in thousands):

	Maturity Date	Interest Payment Dates	Stated Interest Rate	December 31, 2022
2026 Senior Notes	September 15, 2026	March 15 and September 15	4.45%	$	300,000
2027 Senior Notes	January 15, 2027	January 15 and July 15	3.20%	$	300,000
2028 Senior Notes	March 15, 2028	March 15 and September 15	2.10%	$	450,000
2029 Senior Notes	July 15, 2029	January 15 and July 15	4.00%	$	400,000
2030 Senior Notes	January 15, 2030	January 15 and July 15	3.40%	$	500,000
2031 Senior Notes	February 15, 2031	February 15 and August 15	3.20%	$	450,000
2032 Senior Notes	February 15, 2032	February 15 and August 15	2.70%	$	350,000
Total Senior Unsecured Notes			3.25%	$	2,750,000

The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of: an amount equal to 100% of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium calculated in accordance with the respective indenture. Notwithstanding the foregoing, if any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes and 2028 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium.

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The indentures governing the Senior Unsecured Notes subject the Corporation and Operating Partnership to certain customary restrictive covenants that limit their ability to incur additional indebtedness, including:

•Maximum leverage ratio (defined as consolidated total indebtedness, to total consolidated undepreciated real estate assets plus the Company’s other assets, excluding accounts receivable and non-real estate intangibles) of 0.60:1.00;

•Minimum unencumbered asset coverage ratio (defined as total consolidated undepreciated real estate assets plus the Company’s other assets, excluding accounts receivable and non-real estate intangibles, to consolidated total unsecured indebtedness) of 1.50:1:00;

•Maximum secured indebtedness leverage ratio (defined as consolidated total secured indebtedness, to total consolidated undepreciated real estate assets plus the Company’s other assets, excluding accounts receivable and non-real estate intangibles) of 0.40:1.00; and

•Minimum fixed charge coverage ratio (defined as consolidated income available for debt service, to the annual service charge) of 1.50:1.0.

The indentures governing the Senior Unsecured Notes also include other customary affirmative and negative covenants, including (i) maintenance of the Corporation’s existence; (ii) payment of all taxes, assessments and governmental charges levied against the Corporation; (iii) reporting on financial information; and (iv) maintenance of properties and insurance. As of December 31, 2022, the Corporation and the Operating Partnership were in compliance with these covenants.

Mortgages payable

The obligors of our property level debt are special purpose entities that hold the real estate and other collateral securing the indebtedness. Each special purpose entity is a bankruptcy remote separate legal entity and is the sole owner of its assets and solely responsible for its liabilities other than typical non-recurring covenants. As of December 31, 2022, we had two fixed-rate CMBS loans with $4.8 million of aggregate outstanding principal. One of the CMBS loans, with principal outstanding of $4.3 million, matures in August 2031 and has a stated interest rate of 5.80%. The other CMBS loan, with principal outstanding of $0.5 million, matures in December 2025 and has a stated interest rate of 6.00%. Both CMBS loans are partially amortizing and require a balloon payment at maturity.

Contractual Obligations

The following table provides information with respect to our commitments, which are primarily composed of our debt obligations, as of December 31, 2022 (in thousands):

	Total		2023		2024		2025		2026		2027		Thereafter
2019 Credit Facility	$	55,500	$	—	$	—	$	—	$	55,500	$	—	$	—
Term loans		800,000		—		—		300,000		—		500,000		—
Senior Unsecured Notes		2,750,000		—		—		—		300,000		300,000		2,150,000
Mortgages payable		4,825		556		590		626		469		497		2,087
Debt - Interest (1)		715,652		138,982		129,585		118,088		104,780		78,751		145,466
Acquisitions Under Contract (2)		13,785		13,785		—		—		—		—		—
Capital Improvements		97,267		21,270		75,997		—		—		—		—
Operating Lease Obligations		5,773		1,340		1,355		1,353		1,359		259		107
	$	4,442,802	$	175,933	$	207,527	$	420,067	$	462,108	$	879,507	$	2,297,660

(1) Debt - Interest has been calculated based on outstanding balances as of December 31, 2022 through their respective maturity dates and excludes unamortized non-cash deferred financing costs of $25.5 million and unamortized debt discount, net of $9.6 million.

(2) Contracts contain standard cancellation clauses contingent on results of due diligence.

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Cash Flows

The following table presents a summary of our cash flows for the years ended December 31, 2022 and 2021 (in thousands):

	Years Ended December 31,
	2022			2021			Change
Net cash provided by operating activities	$	486,450		$	411,133		$	75,317
Net cash used in investing activities		(1,214,867	)		(1,169,827	)		(45,040	)
Net cash provided by financing activities		772,571			693,195			79,376
Net increase (decrease) in cash, cash equivalents and restricted cash	$	44,154		$	(65,499	)	$	109,653

Substantially all of our operating cash flows are generated by our investment portfolio and are primarily dependent upon the rental rates specified in our leases, the collectability of rent and the level of our property and general and administrative costs. The increase in net cash provided by operating activities was driven by a $100.3 million net increase in cash rental revenue, largely as a result of being a net acquiror during 2022. The primary offset to this increase was an increase in cash interest paid of $18.4 million driven by the increased interest rates and changes within our debt structure. See Management’s Discussion and Analysis of Financial Condition: Results of Operations for further discussion on our rental income and interest expenses.

We were a net acquirer in both 2021 and 2022. We acquired 166 properties in 2021 compared to 172 in 2022, driving the increase in investing cash outflows of $261.2 million. Our investment activity is funded through cash provided by operations, proceeds from dispositions, proceeds from stock issuances, and proceeds from long-term debt issuances. In addition to the increase in operating cash flows as described above, changes related to our sources of funding were as follows:

•We sold 23 properties in 2021 compared to 60 in 2022, which resulted in an increase in investing cash inflows of $216.2 million.

•We issued 12.6 million shares in 2021 compared to 13.4 million shares in 2022, resulting in an increase in proceeds of $61.6 million.

•We had a net increase in cash provided by financing debt activity of $70.3 million, which was driven by less debt repayments in 2022 than 2021.

Finally, there was an increase in dividends paid to equity owners of $50.4 million year-over-year, driven by an increase in shares outstanding and an increase in our quarterly dividend rate in the third quarter of 2022.

Distribution Policy

Distributions from our current or accumulated earnings are generally classified as ordinary income, whereas distributions in excess of our current and accumulated earnings, to the extent of a stockholder’s federal income tax basis in our common stock, are generally characterized as a return of capital. Under the 2017 Tax Legislation, U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (e.g., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning after December 31, 2017 and before January 1, 2026. Distributions in excess of a stockholder’s federal income tax basis in our common stock are generally characterized as capital gain.

We are required to distribute 90% of our taxable income (subject to certain adjustments and excluding net capital gains) on an annual basis to maintain qualification as a REIT for federal income tax purposes and are required to pay federal income tax at regular corporate rates to the extent we distribute less than 100% of our taxable income (including capital gains).

We intend to make distributions that will enable us to meet the distribution requirements applicable to REITs and to eliminate or minimize our obligation to pay corporate-level federal income and excise taxes.

Any distributions will be at the sole discretion of our Board of Directors, and their form, timing and amount, if any, will depend upon a number of factors, including our actual and projected results of operations, FFO, liquidity, cash flows and financial condition, the revenue we actually receive from our properties, our operating expenses, our debt service requirements, our capital expenditures, prohibitions and other limitations under our financing arrangements, our REIT taxable income, the annual REIT distribution requirements, applicable laws and such other factors as our Board of Directors deems relevant.

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RESULTS OF OPERATIONS

In this section, we discuss the results of our operations for the year ended December 31, 2022 compared to the year ended December 31, 2021. For a discussion of the year ended December 31, 2021 compared to the year ended December 31, 2020, please refer to Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2021.

	Year Ended December 31,						Increase /
(In Thousands)	2022			2021			(Decrease)
Revenues:
Rental income	$	703,029		$	606,099		$	96,930
Interest income on loans receivable		1,884			29			1,855
Earned income from direct financing leases		525			526			(1	)
Other operating income		4,191			1,736			2,455
Total revenues		709,629			608,390			101,239
Expenses:
General and administrative		57,368			52,608			4,760
Property costs (including reimbursable)		29,837			23,232			6,605
Deal pursuit costs		4,655			1,136			3,519
Interest		117,622			103,003			14,619
Depreciation and amortization		292,985			244,624			48,361
Impairments		37,156			23,760			13,396
Total expenses		539,623			448,363			91,260
Other income:
Loss on debt extinguishment		(172	)		(29,186	)		29,014
Gain on disposition of assets		110,900			41,468			69,432
Other income		5,679			—			5,679
Total other income		116,407			12,282			104,125
Income before income tax expense		286,413			172,309			114,104
Income tax expense		(897	)		(607	)		(290	)
Net income	$	285,516		$	171,702		$	113,814

Changes related to operating properties

The components of rental income are summarized below (in thousands):

 

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Base Cash Rent; Depreciation and amortization

The increase in Base Cash Rent, the largest component of rental income, was driven by our net acquisitions, which also was the driver for the increase in depreciation and amortization. We acquired 172 properties during 2022 with a total of $94.8 million of annual in-place rent (monthly fixed rent at date of transaction multiplied by 12). During the same period, we disposed of 60 properties, of which 18 were vacant and the remaining 42 had annual in-place rents of $15.2 million. Our acquisitions and dispositions for the year ended December 31, 2022 is summarized below (in thousands):

 

We have had minimal tenant credit issues since March 31, 2021 and have seen continued recovery from the COVID-19 pandemic. In 2021, we recognized recoveries of Base Cash Rent previously reserved due to the COVID-19 pandemic and had minimal new reserves, resulting in net recoveries of $5.5 million. The trend for minimal new reserves has continued in 2022, along with minor recoveries from amounts previously reserved due to the COVID-19 pandemic, resulting in net reserves of $0.5 million. Further, rent abatements executed as relief for the COVID-19 pandemic also decreased from $1.5 million in 2021, to zero in 2022.

Variable cash rent (including reimbursable); Property costs (including reimbursable)

Variable cash rent is primarily comprised of tenant reimbursements, where our tenants are obligated under the lease agreement to reimburse us for certain property costs we incur, less reimbursements we deem not probable of collection. The increase in both variable cash rent (including reimbursable) and property costs (including reimbursable) was driven by increase reimbursable costs due to our net acquisition activity.

The components of variable cash rent and property costs are as follows:

	Year Ended December 31,				Increase /
(In Thousands)	2022		2021		(Decrease)
Tenant reimbursable income, net of uncollectable reserve	$	21,162	$	14,333	$	6,829
Other variable cash rent		4,435		2,435		2,000
Total variable cash rent (including reimbursable)	$	25,597	$	16,768	$	8,829
Reimbursable property costs	$	21,276	$	14,119	$	7,157
Non-reimbursable property costs		8,561		9,113		(552	)
Total property costs (including reimbursable)	$	29,837	$	23,232	$	6,605

Straight-line rent, net of uncollectible reserve; Amortization of above- and below- market lease intangibles, net

Non-cash rental income consists of straight-line rental revenue and amortization of above- and below-market lease intangibles, less amounts we deem not probable of collection. Straight-line rental revenue increased by $3.1 million for the comparative period due to net acquisitions and certain lease modifications. Due to the reduction in tenant credit issues, we recognized significant recoveries for straight-line rent previously deemed not probable of collection in the second quarter of 2021 and had smaller recoveries with minimal new reserves in 2022. As such, net recoveries of $10.9 million were recognized in 2021, compared to a deminimus net reserve in 2022.

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Impairments

The number of impaired properties declined from 2021, driven by tenant performance and continued low vacancy rates, offset by higher impairment charges per property as compared to prior year. We recorded impairment as follows:

(In Thousands)	Year Ended December 31, 2022			Year Ended December 31, 2021
	Count:	Impairment:		Count:	Impairment:
Underperforming properties	18	$	36,215	20	$	20,026
Vacant properties	1		814	5		3,184
Total		$	37,029		$	23,210

Additionally, in accordance with ASU 2016-13, we recognize an allowance for credit loss when we issue a loan. As such, we recorded a $0.1 million allowance in 2022 upon issuing a loan receivable in the first quarter of 2022, compared to a $0.6 million allowance recorded in 2021 upon issuing a loan receivable in the fourth quarter of 2021.

Gain on disposition of assets

Gain on disposition of assets increased year-over-year due to an increase in disposition volume, specifically of occupied properties as a result of an increased focus on accretive capital recycling in 2022, which we expect to continue in 2023. We recognized net gains on disposition of assets as follows:

(In Thousands)	Year Ended December 31, 2022			Year Ended December 31, 2021
	Count:	Net Gain / (Loss):		Count:	Net Gain / (Loss):
Occupied properties sold	42	$	94,156	8	$	38,108
Vacant properties sold	18		16,744	15		1,378
Property substitutions in a master lease			—			1,656
Other			—			326
Total		$	110,900		$	41,468

Changes related to debt

Interest expense; Loss on debt extinguishment

Our debt outstanding is summarized below (in millions):

 

In January 2021, we repaid the 2020 Term Loan in full, resulting in a loss on debt extinguishment of $0.7 million primarily due to the write-off of unamortized deferred financing costs. In March 2021, we issued $800.0 million aggregate principal amount of the 2028 and 2032 Senior Notes. Proceeds from these issuances were used to extinguish $207.4 million of CMBS loans, resulting in a loss on debt extinguishment of $28.5 million primarily due to pre-payment penalties. The Convertible Notes matured in May 2021, at which time they were settled in cash and the remaining discount and deferred financing costs were fully amortized.

In March 2022, we amended and restated the 2019 Revolving Credit and Term Loan Agreement, resulting in a loss of $0.2 million on the partial debt extinguishment. In August 2022, we entered into the 2022 Term Loan Agreement, comprised of a $300.0 million tranche which matures in 2025 and a $500.0 million tranche which matures in 2027. In conjunction with the 2022 Term Loans, we entered into interest rate swaps beginning in September 2022 to swap the variable rate for a fixed rate. In November 2022, we entered into the 2023 Term Loan Agreement for $500.0 million of 2.5-year delayed-draw term loans with a six month draw period, none of which was drawn in 2022.

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While our weighted average effective interest rate decreased from 3.52% at December 31, 2021 to 3.47% at December 31, 2022 due to the timing of borrowings under the 2019 Credit Facility, our higher level of total debt outstanding resulted in an increase in total interest expense for the comparative period. Further, with the rise in market interest rates which began in the back-half of 2022, we expect total interest expense to increase in 2023. The components of interest expense are summarized below (in thousands):

 

Changes related to general and administrative expenses

The increase in general and administrative expense was primarily driven by an increase in compensation expenses of $5.4 million year-over-year. The increase in compensation expenses was due to increases in cash compensation primarily due to internal promotions and new hires and increases in non-cash compensation primarily due to a higher grant date fair value for the 2022 market-based awards due to a high expected volatility and the maximum potential pay-out percentage. The increases in general and administrative expenses were partially offset by a decrease of $0.8 million in expenses related to the COVID-19 pandemic, as these costs were predominantly incurred in the first half of 2021.

Changes related to other income

We were contingently liable for $5.7 million of debt owed by one of our former tenants, which we fully reserved in 2018 due to the tenant filing for bankruptcy. No payments were made in relation to this contingent liability and, as the underlying debt had a maturity of March 15, 2022, we reversed our reserve in the first quarter of 2022.

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Non-GAAP Financial Measures

FFO: FFO is calculated in accordance with the standards established by NAREIT as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding real estate-related depreciation and amortization, impairment charges and net (gains) losses from property dispositions. By excluding amounts which do not relate to or are not indicative of operating performance, we believe FFO provides a performance measure that captures trends in occupancy rates, rental rates and operating costs when compared year-over-year. We also believe that, as a widely recognized measure of the performance of equity REITs, FFO will be used by investors as a basis to compare our performance with that of other equity REITs. However, because FFO excludes depreciation and amortization and does not capture the changes in the value of our properties that result from use or market conditions, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.

AFFO: AFFO is an operating performance measure used by many companies in the REIT industry. We adjust FFO to eliminate the impact of certain items that we believe are not indicative of our core operating performance, such as net gains (losses) on debt extinguishment, deal pursuit costs, costs related to the COVID-19 pandemic, income associated with expiration of a contingent liability related to a guarantee of a former tenant’s debt and certain non-cash items. These certain non-cash items include non-cash interest expenses (comprised of amortization of deferred financing costs, amortization of net debt discount/premium, and amortization of interest rate swap losses), non-cash revenues (comprised of straight-line rents net of bad debt expense, amortization of lease intangibles, and amortization of net premium/discount on loans receivable), and non-cash compensation expense.

Other equity REITs may not calculate FFO and AFFO as we do, and, accordingly, our FFO and AFFO may not be comparable to such other equity REITs’ FFO and AFFO. FFO and AFFO do not represent cash generated from operating activities determined in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should only be considered a supplement, and not an alternative, to net income (loss) attributable to common stockholders (computed in accordance with GAAP) as a performance measure.

Adjusted Debt: Adjusted Debt represents interest bearing debt (reported in accordance with GAAP) adjusted to exclude unamortized debt discount/premium and deferred financing costs and reduced by cash and cash equivalents and restricted cash. By excluding these amounts, the result provides an estimate of the contractual amount of borrowed capital to be repaid, net of cash available to repay it. We believe this calculation constitutes a beneficial supplemental non-GAAP financial disclosure to investors in understanding our financial condition.

EBITDAre: EBITDAre is computed in accordance with the standards established by NAREIT as net income (loss) (computed in accordance with GAAP), excluding interest expense, income tax expense, depreciation and amortization, net (gains) losses from property dispositions, and impairment charges.

Adjusted EBITDAre: Adjusted EBITDAre represents EBITDAre as adjusted for revenue producing acquisitions, capital expenditures and dispositions for the quarter (as if such acquisitions and dispositions had occurred as of the beginning of the quarter), construction rent collected, not yet recognized in earnings, and for other certain items that we believe are not indicative of our core operating performance. These other certain items include deal pursuit costs, net (gains) losses on debt extinguishment, costs related to the COVID-19 pandemic, and non-cash compensation expense. We believe that excluding these items, which are not key drivers of our investment decisions and may cause short-term fluctuations in net income (loss), provides a useful supplemental measure to investors in assessing the net earnings contribution of our real estate portfolio. Because these measures do not represent net income (loss) that is computed in accordance with GAAP, they should only be considered a supplement, and not an alternative, to net income (loss) (computed in accordance with GAAP) as a performance measure.

Annualized Adjusted EBITDAre: Annualized Adjusted EBITDAre is calculated as Adjusted EBITDAre, adjusted for straight-line rent related to prior periods, including amounts deemed not probable of collection (recoveries), and items where annualization would not be appropriate, multiplied by four. Our computation of Adjusted EBITDAre and Annualized Adjusted EBITDAre may differ from the methodology used by other equity REITs to calculate these measures and, therefore, may not be comparable to such other REITs.

Adjusted Debt to Annualized Adjusted EBITDAre: Adjusted Debt to Annualized Adjusted EBITDAre is used to evaluate the level of borrowed capital being used to increase the potential return of our real estate investments, and a proxy for a measure we believe is used by many lenders and ratings agencies to evaluate our ability to repay and service our debt obligations. We believe the ratio is a beneficial disclosure to investors as a supplemental means of evaluating our ability to meet obligations senior to those of our equity holders. Our computation of this ratio may differ from the methodology used by other equity REITs, and, therefore, may not be comparable to such other REITs.

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FFO and AFFO

	Years Ended December 31,
(Dollars in thousands, except per share data)	2022			2021			2020
Net income attributable to common stockholders	$	275,166		$	161,352		$	16,358
Portfolio depreciation and amortization		292,410			244,053			212,038
Portfolio impairments		37,156			23,760			81,476
Gain on disposition of assets		(110,900	)		(41,468	)		(24,156	)
FFO attributable to common stockholders	$	493,832		$	387,697		$	285,716
Loss on debt extinguishment		172			29,186			7,227
Deal pursuit costs		4,655			1,136			2,432
Non-cash interest expense, excluding capitalized interest		9,486			8,890			12,428
Straight-line rent, net of uncollectible reserve		(36,902	)		(44,758	)		(11,876	)
Other amortization and non-cash charges		(2,190	)		(2,847	)		(918	)
Non-cash compensation expense		17,364			14,003			12,640
Costs related to COVID-19 (1)		6			778			1,798
Other income		(5,679	)		—			—
AFFO attributable to common stockholders	$	480,744		$	394,085		$	309,447
Net income per share of common stock - diluted	$	2.04		$	1.35		$	0.15
FFO per share of common stock - diluted (2)	$	3.66		$	3.26		$	2.73
AFFO per share of common stock - diluted (2)	$	3.56		$	3.31		$	2.95
AFFO per share of common stock, excluding out of period rent COVID-19 recoveries - diluted (2)(3)	N/A			$	3.25		N/A
Weighted average shares of common stock outstanding - diluted		134,645,651			118,715,838			104,535,384

(1) Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements.

(2) Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of the per share amounts. The following amounts were deducted:

	Years Ended December 31,
	2022	2021	2020
FFO	$0.8 million	$0.7 million	$0.8 million
AFFO	$0.8 million	$0.8 million	$0.9 million

(3) AFFO per share of common stock, excluding $7.0 million of recoveries recognized in 2021 for amounts deemed not probable of collection in 2020 as a result of the COVID-19 pandemic.

45

Adjusted Debt, Adjusted EBITDAre and Annualized Adjusted EBITDAre

	December 31,
(Dollars in thousands)	2022			2021
2019 Credit Facility	$	55,500		$	288,400
2022 Term Loans, net		792,309			—
Senior Unsecured Notes, net		2,722,514			2,718,641
Mortgages payable, net		4,986			5,551
Total debt, net		3,575,309			3,012,592
Unamortized debt discount, net		9,556			10,824
Unamortized deferred financing costs		25,460			20,334
Cash and cash equivalents		(8,770	)		(17,799	)
Restricted cash		(53,183	)		—
Adjusted Debt	$	3,548,372		$	3,025,951

	Three Months  Ended December 31,
(Dollars in thousands)	2022			2021
Net income	$	70,080		$	44,369
Interest		33,049			25,131
Depreciation and amortization		76,379			64,402
Income tax expense		257			146
Gain on disposition of assets		(47,793	)		(1,672	)
Portfolio impairments		26,060			4,795
EBITDAre	$	158,032		$	137,171
Adjustments to revenue producing acquisitions and dispositions		2,785			5,801
Construction rent collected, not yet recognized in earnings		325			309
Deal pursuit costs		3,165			276
Costs related to COVID-19 (1)		—			26
Non-cash compensation expense		4,559			3,507
Adjusted EBITDAre	$	168,866		$	147,090
Adjustments related to straight-line rent (2)		882			(82	)
Other adjustments for Annualized Adjusted EBITDAre (3)		(634	)		105
Annualized Adjusted EBITDAre	$	676,456		$	588,452
Total Debt, Net / Annualized Net Income (4)	12.8x			17.0x
Adjusted Debt / Annualized Adjusted EBITDAre (5)	5.2x			5.1x

(1) Costs related to COVID-19 are included in general and administrative expense and primarily relate to legal fees for executing rent deferral or abatement agreements.

(2) Adjustment for the three months ended December 31, 2022 relates to current period amounts deemed not probable of collection related to straight-line rent recognized in prior periods. For the comparative period in 2021, adjustment relates to prior period straight-line rent recognized in the current period.

(3) Adjustments for the three months ended December 31, 2022 relates to current period recoveries related to prior period rent deemed not probable of collection, prior period property costs and certain other income where annualization would not be appropriate. For the comparative period in 2021, adjustments are comprised of prior period property costs recognized in the current period.

(4) Represents net income for the three months ended December 31, 2022 and 2021, respectively, annualized.

(5) Adjusted Debt / Annualized Adjusted EBITDAre would be 5.1x if the 56 thousand shares under open forward agreements had been settled as of December 31, 2021.

46

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to financial market risks, including interest rate risk. Interest rates and other factors, such as occupancy, rental rates and our tenants’ financial condition, influence our performance more than inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. As described above, we generally enter into leases that provide for payments of rent with scheduled increases and, to a lesser extent, contingent rent based on a percentage of the tenant’s gross sales, to help mitigate the effect of inflation. Because our properties are generally leased to tenants under triple-net leases, our exposure to rising property operating costs due to inflation is mitigated.

Interest rates are highly sensitive to many factors, including governmental monetary policies and domestic and global economic and political conditions, which are beyond our control. Our operating results depend heavily on the difference between the revenue from our assets and the interest expense incurred on our borrowings. We may incur additional variable-rate debt in the future, including amounts that we may borrow under our 2019 Credit Facility. In addition, decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments, which may lead to a decrease in the yields on real estate we have targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations will be adversely affected. Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to acquire real estate with rental rates high enough to offset the increase in interest rates on our borrowings. In the event interest rates rise significantly or there is an economic downturn, defaults may increase and result in credit losses, which may adversely affect our liquidity and operating results.

As of December 31, 2022, our assets were primarily leased on a long-term, triple-net basis with contractual rent increases during the term of the lease. As of December 31, 2022, $2.8 billion of our indebtedness outstanding was fixed-rate, consisting of our Senior Unsecured Notes and mortgages payable, with a weighted average stated interest rate of 3.25%, excluding amortization of deferred financing costs and debt discounts/premiums. $800.0 million of our indebtedness as of December 31, 2022 was variable-rate borrowings outstanding under our 2022 Term Loans, which bear interest at 1-month adjusted SOFR plus an applicable margin of 0.850% per annum. However, in conjunction with the 2022 Term Loans, we entered into interest rate swaps to swap 1-month SOFR, resulting in an effective weighted average fixed rate of 3.50%.

The remaining $55.5 million of our indebtedness was variable-rate borrowings outstanding under our 2019 Credit Facility, with a stated interest rate of 5.17% as of December 31, 2022. If 1-month SOFR as of December 31, 2022 increased by 100 basis points, or 1.0%, the resulting increase in annual interest expense with respect to the $55.5 million outstanding under the 2019 Credit Facility would impact our future earnings and cash flows by $0.6 million. However, there continues to be uncertainty in market and economic conditions, including the possibility of additional measures that could be taken by the Federal Reserve and other government agencies related to concerns over inflation risk, which could result in continued increases in market interest rates and, thus, increased interest expenses on any future borrowings under our 2019 Credit Facility or 2023 Term Loans.

The estimated fair values of our Senior Unsecured Notes have been derived based on quoted prices in active markets, while the estimated fair values of the remaining debt instruments have been derived based on discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates and credit spreads. The debt instrument balances as of December 31, 2022 are as follows (in thousands):

	Carrying Value		Estimated Fair Value
2019 Credit Facility	$	55,500	$	55,502
2022 Term Loans, net (1)		792,309		802,363
Senior Unsecured Notes, net (1)		2,722,514		2,310,547
Mortgages payable, net (1)		4,986		4,685

(1) The carrying value of the debt instruments are net of unamortized deferred financing costs and debt discounts/premiums.

47

Item 8. Financial Statements and Supplementary Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Statements and Supplemental Data
Reports of Independent Registered Public Accounting Firm (PCAOB ID 42)	49
Consolidated Balance Sheets as of December 31, 2022 and 2021	52
Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020	53
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020	54
Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2022, 2021 and 2020	55
Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020	56
Notes to Consolidated Financial Statements	58

48

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

Spirit Realty Capital, Inc.

Opinion on Internal Control over Financial Reporting

We have audited Spirit Realty Capital, Inc.’s internal control over financial reporting as of December 31, 2022, 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, Spirit Realty Capital, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, 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 2022 consolidated financial statements of the Company and our report dated February 28, 2023 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

Dallas, Texas

February 28, 2023

49

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of

Spirit Realty Capital, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Spirit Realty Capital, Inc. (the Company) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2022, and 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, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, 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, 2022, 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 28, 2023 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.

Evaluation of Impairment on Real Estate Assets Held for Investment

Description of the Matter   At December 31, 2022, the Company’s real estate investments (land, building, and improvements) held and used totaled $7.4 billion. As discussed in Note 2 to the consolidated financial statements, the Company reviews its real estate investments held and used periodically for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company considers factors such as expected future undiscounted cash flows, estimated residual value, and market trends (such as the effects of leasing demand and competition) in assessing recoverability of these investments. Key assumptions used in estimating future cash flows and fair values include recently quoted bid or ask prices, market prices of comparable investments, contractual and comparable market rents, leasing assumptions, capitalization rates, and expectations for the use of the asset. A real estate investment held and used is considered impaired if its carrying value 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. Auditing management’s evaluation of impairment on real estate investments held and used is judgmental due to the estimation required in determining undiscounted cash flows that can be

50

generated from the investment and determining estimated fair value when the investment is not deemed recoverable from those estimated future cash flows. In particular, the impairment evaluation is sensitive to the investment’s estimated residual value that is derived from the key assumptions stated above, which can be affected by expectations about future market or economic conditions, demand, and competition.

How We Addressed the Matter in Our Audit

We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s impairment evaluation process. This included controls over management’s review of the key assumptions underlying the undiscounted cash flows and the fair value determination. To test the Company’s evaluation of impairment of real estate investments, we performed audit procedures that included, among others, testing the key assumptions used by management in its recoverability analysis and in determining the fair value of investments that were impaired. We compared the key assumptions to observable market transaction information published by independent industry research sources to assess whether the assumptions were market supported. As part of our evaluation, we assessed the historical accuracy of management’s estimates and performed sensitivity analyses of key assumptions to evaluate the changes in the valuation of certain properties that would result from changes in the assumptions or using alternative valuation techniques. In addition, we performed procedures to evaluate the completeness and accuracy of the data utilized in management’s impairment analysis. We also assessed information and events subsequent to the balance sheet date, if any, to corroborate certain of the key assumptions used by management.

Purchase Accounting for Acquisitions of Real Estate Investments

Description of the Matter

The Company recorded $1.4 billion in acquisition value of real estate investments during 2022. As discussed in Note 2 to the consolidated financial statements, the Company allocates the purchase price of real estate acquisitions to land, building, improvements, equipment, and intangibles for properties acquired with an in-place lease, based on their relative fair values. The Company considers certain key assumptions to estimate the fair value of the components of the tangible property acquired including comparable market values for land, building, and improvements. The determination of the value of intangible assets and liabilities primarily relates to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. Auditing management’s purchase accounting for the Company’s 2022 acquisitions of real estate investments is complex due to the judgmental nature of the assumptions made by management when determining the estimated fair value of the components of the tangible and intangible assets and liabilities acquired.

How We Addressed the Matter in Our Audit

We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s real estate investments acquisitions process. This included controls over management’s review of the key assumptions underlying the fair value estimates. To test the Company’s purchase accounting for acquisitions of real estate investments, we performed audit procedures that included, among others, reading the purchase agreements, evaluating the key assumptions and methods used in developing the estimated fair value of real estate acquisitions, and testing the recording of the assets and liabilities acquired. We evaluated, among other things, the key assumptions listed above, and the underlying data used by the Company in developing the tangible and intangible assets and liabilities. We compared the key assumptions to observable market transaction information published by independent industry research sources to assess whether the assumptions were market supported. We involved valuation specialists to assist in evaluating those assumptions to corroborate them with observable market information or other sources for selected acquisitions.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2003.

Dallas, Texas

February 28, 2023

51

SPIRIT REALTY CAPITAL, INC.

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)

	December 31, 2022			December 31, 2021
Assets
Investments:
Real estate assets held for investment:
Land and improvements	$	2,740,250		$	2,516,715
Buildings and improvements		5,892,117			4,962,203
Less: accumulated depreciation		(1,211,061	)		(1,033,391	)
Total real estate assets held for investment, net		7,421,306			6,445,527
Intangible lease assets, net		423,870			426,972
Real estate assets under direct financing leases, net		7,427			7,442
Real estate assets held for sale, net		49,148			8,264
Loans receivable, net		23,023			10,450
Total investments, net		7,924,774			6,898,655
Cash and cash equivalents		8,770			17,799
Deferred costs and other assets, net		313,722			188,816
Goodwill		225,600			225,600
Total assets	$	8,472,866		$	7,330,870
Liabilities and stockholders’ equity
Liabilities:
Revolving credit facilities	$	55,500		$	288,400
Term loans, net		792,309			—
Senior Unsecured Notes, net		2,722,514			2,718,641
Mortgages payable, net		4,986			5,551
Total debt, net		3,575,309			3,012,592
Intangible lease liabilities, net		118,077			128,077
Accounts payable, accrued expenses and other liabilities		218,164			190,402
Total liabilities		3,911,550			3,331,071
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both December 31, 2022 and December 31, 2021, liquidation preference of $25.00 per share		166,177			166,177
Common stock, $0.05 par value, 350,000,000 shares authorized: 141,231,219 and 127,699,235 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively		7,062			6,385
Capital in excess of common stock par value		7,285,629			6,673,440
Accumulated deficit		(2,931,640	)		(2,840,356	)
Accumulated other comprehensive income (loss)		34,088			(5,847	)
Total stockholders’ equity		4,561,316			3,999,799
Total liabilities and stockholders’ equity	$	8,472,866		$	7,330,870

See accompanying notes.

52

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Data)

	For the Year Ended December 31,
	2022			2021			2020
Revenues:
Rental income	$	703,029		$	606,099		$	479,901
Interest income on loans receivable		1,884			29			998
Earned income from direct financing leases		525			526			571
Related party fee income		—			—			678
Other operating income		4,191			1,736			1,469
Total revenues		709,629			608,390			483,617
Expenses:
General and administrative		57,368			52,608			48,380
Property costs (including reimbursable)		29,837			23,232			24,492
Deal pursuit costs		4,655			1,136			2,432
Interest		117,622			103,003			104,165
Depreciation and amortization		292,985			244,624			212,620
Impairments		37,156			23,760			81,476
Total expenses		539,623			448,363			473,565
Other income:
Loss on debt extinguishment		(172	)		(29,186	)		(7,227	)
Gain on disposition of assets		110,900			41,468			24,156
Other income		5,679			—			—
Total other income		116,407			12,282			16,929
Income before income tax expense		286,413			172,309			26,981
Income tax expense		(897	)		(607	)		(273	)
Net income		285,516			171,702			26,708
Dividends paid to preferred stockholders		(10,350	)		(10,350	)		(10,350	)
Net income attributable to common stockholders	$	275,166		$	161,352		$	16,358
Net income per share attributable to common stockholders:
Basic	$	2.04		$	1.36		$	0.15
Diluted	$	2.04		$	1.35		$	0.15
Weighted average shares of common stock outstanding:
Basic		134,548,086			118,342,441			104,357,660
Diluted		134,645,651			118,715,838			104,535,384

See accompanying notes.

53

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Comprehensive Income

(In Thousands)

	For the Year Ended December 31,
	2022		2021		2020
Net income attributable to common stockholders	$	275,166	$	161,352	$	16,358
Other comprehensive income:
Net reclassification of amounts from AOCIL		39,935		2,807		2,807
Total comprehensive income	$	315,101	$	164,159	$	19,165

See accompanying notes.

54

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Stockholders’ Equity

(In Thousands, Except Share Data)

	Preferred Stock				Common Stock
	Shares		Par Value and Capital in Excess of Par Value		Shares			Par Value			Capital in Excess of Par Value		Accumulated Deficit			AOCIL			Total Stockholders’ Equity
Balances, December 31, 2019		6,900,000	$	166,177		102,476,152		$	5,124		$	5,686,247	$	(2,432,838	)	$	(11,461	)	$	3,413,249
Net income		—		—		—			—			—		26,708			—			26,708
Dividends declared on preferred stock		—		—		—			—			—		(10,350	)		—			(10,350	)
Net income attributable to common stockholders		—		—		—			—			—		16,358			—			16,358
Other comprehensive income		—		—		—			—			—		—			2,807			2,807
Dividends declared on common stock		—		—		—			—			—		(266,659	)		—			(266,659	)
Tax withholdings related to net stock settlements		—		—		(117,543	)		(6	)		—		(4,375	)		—			(4,381	)
Issuance of shares of common stock, net		—		—		12,137,210			607			427,632		—			—			428,239
Stock-based compensation, net		—		—		316,796			16			12,624		(1,133	)		—			11,507
Balances, December 31, 2020		6,900,000	$	166,177		114,812,615		$	5,741		$	6,126,503	$	(2,688,647	)	$	(8,654	)	$	3,601,120
Net income		—		—		—			—			—		171,702			—			171,702
Dividends declared on preferred stock		—		—		—			—			—		(10,350	)		—			(10,350	)
Net income attributable to common stockholders		—		—		—			—			—		161,352			—			161,352
Other comprehensive income		—		—		—			—			—		—			2,807			2,807
Dividends declared on common stock		—		—		—			—			—		(306,325	)		—			(306,325	)
Tax withholdings related to net stock settlements		—		—		(206,597	)		(10	)		—		(4,385	)		—			(4,395	)
Issuance of shares of common stock, net		—		—		12,567,506			628			532,960		—			—			533,588
Stock-based compensation, net		—		—		525,711			26			13,977		(2,351	)		—			11,652
Balances, December 31, 2021		6,900,000	$	166,177		127,699,235		$	6,385		$	6,673,440	$	(2,840,356	)	$	(5,847	)	$	3,999,799
Net income		—		—		—			—			—		285,516			—			285,516
Dividends declared on preferred stock		—		—		—			—			—		(10,350	)		—			(10,350	)
Net income attributable to common stockholders		—		—		—			—			—		275,166			—			275,166
Other comprehensive income		—		—		—			—			—		—			39,935			39,935
Dividends declared on common stock		—		—		—			—			—		(358,906	)		—			(358,906	)
Tax withholdings related to net stock settlements		—		—		(41,016	)		(2	)		—		(6,485	)		—			(6,487	)
Issuance of shares of common stock, net		—		—		13,445,051			673			594,831		—						595,504
Stock-based compensation, net		—		—		127,949			6			17,358		(1,059	)		—			16,305
Balances, December 31, 2022		6,900,000	$	166,177		141,231,219		$	7,062		$	7,285,629	$	(2,931,640	)	$	34,088		$	4,561,316

See accompanying notes.

55

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Cash Flows

(In Thousands)

	For the Year Ended December 31,
	2022			2021			2020
Operating activities
Net income	$	285,516		$	171,702		$	26,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		292,985			244,624			212,620
Impairments		37,156			23,760			81,476
Amortization of deferred financing costs		5,410			3,942			5,278
Amortization of debt discounts		1,269			2,140			4,343
Amortization of deferred losses on interest rate swaps		2,807			2,807			2,807
Stock-based compensation expense		17,364			14,003			12,640
Loss on debt extinguishment		172			29,186			7,227
Gain on dispositions of real estate and other assets		(110,900	)		(41,468	)		(24,156	)
Non-cash revenue		(39,092	)		(47,605	)		(12,996	)
Other		17			14			221
Changes in operating assets and liabilities:
Deferred costs and other assets, net		(1,734	)		2,598			(21,296	)
Accounts payable, accrued expenses and other liabilities		(4,520	)		5,430			19,440
Net cash provided by operating activities		486,450			411,133			314,312
Investing activities
Acquisitions of real estate		(1,428,674	)		(1,235,861	)		(867,456	)
Capitalized real estate expenditures		(88,675	)		(21,957	)		(12,659	)
Investments in loans receivable		(12,700	)		(11,000	)		—
Collections of principal on loans receivable		—			—			31,771
Proceeds from dispositions of real estate and other assets, net		315,182			98,991			100,594
Net cash used in investing activities		(1,214,867	)		(1,169,827	)		(747,750	)
Financing activities
Borrowings under revolving credit facilities		1,441,800			1,077,500			1,155,000
Repayments under revolving credit facilities		(1,674,700	)		(789,100	)		(1,271,500	)
Repayments under mortgages payable		(525	)		(208,891	)		(4,101	)
Borrowings under term loans		800,000			—			400,000
Repayments under term loans		—			(178,000	)		(222,000	)
Repayments under Convertible Notes		—			(190,426	)		(154,574	)
Borrowings under Senior Unsecured Notes		—			794,842			445,509
Debt extinguishment costs		—			(26,685	)		(4,032	)
Deferred financing costs		(24,150	)		(7,071	)		(6,642	)
Proceeds from issuance of common stock, net of offering costs		595,448			533,868			428,272
Repurchase of shares of common stock, including tax withholdings related to net stock settlements		(6,487	)		(4,395	)		(4,381	)
Common stock dividends paid		(348,465	)		(298,097	)		(260,488	)
Preferred stock dividends paid		(10,350	)		(10,350	)		(10,350	)
Net cash provided by financing activities		772,571			693,195			490,713
Net increase (decrease) in cash, cash equivalents and restricted cash		44,154			(65,499	)		57,275
Cash, cash equivalents and restricted cash, beginning of period		17,799			83,298			26,023
Cash, cash equivalents and restricted cash, end of period	$	61,953		$	17,799		$	83,298

56

SPIRIT REALTY CAPITAL, INC.

Consolidated Statements of Cash Flows

(In Thousands)

	For the Year Ended December 31,
	2022		2021		2020
Supplemental Cash Flow Disclosures:
Cash paid for interest, net of interest capitalized	$	108,220	$	89,866	$	82,916
Interest capitalized		1,119		—		—
Cash paid for taxes		752		657		801
Supplemental Disclosures of Non-Cash Activities:
Dividends declared and unpaid	$	93,636	$	81,380	$	71,758
Accrued market-based award dividend rights		1,059		2,304		1,133
Accrued capitalized costs		30,997		10,369		2,174
Derivative changes in fair value		37,128		—		—
Reclass of residual value from direct financing lease to operating lease		—		—		6,831
Receivable for disposal of real estate property		—		—		2,000

See accompanying notes.

57

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 1. ORGANIZATION

Organization and Operations

Spirit Realty Capital, Inc. (the "Corporation" or "Spirit" or, with its consolidated subsidiaries, the "Company") operates as a self-administered and self-managed REIT that seeks to generate sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the United States that is generally leased on a long-term, triple-net basis to tenants operating retail, industrial and other property types. Single-tenant, operationally essential real estate refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits.

The Company’s operations are generally carried out through Spirit Realty, L.P. (the "Operating Partnership") and its subsidiaries. Spirit General OP Holdings, LLC, one of the Corporation’s wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership. The Corporation and a wholly-owned subsidiary (Spirit Notes Partner, LLC) are the only limited partners and, together, own the remaining 99% of the Operating Partnership.

On May 31, 2018, the Company completed the spin-off (the "Spin-Off") of certain assets into an independent, publicly traded REIT, Spirit MTA REIT ("SMTA"). The Company provided management services to SMTA until September 4, 2020.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Principles of Consolidation

The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein. The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation.

The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of December 31, 2022 and 2021, net assets totaling $11.7 million and $12.3 million, respectively, were held, and net liabilities totaling $4.9 million and $5.5 million, respectively, were owed by these encumbered special purpose entities and are included in the 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 at the date of the financial statements 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 Company views its operations as one reportable segment, which consists of net leasing operations.

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SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Real Estate Investments

Purchase Accounting and Acquisition of Real Estate

When acquiring a property, the purchase price (including acquisition and closing costs) is allocated to land, building, improvements and equipment based on their relative fair values. The Company considers several assumptions to estimate the fair value of the components of the tangible property acquired including market assumptions for land, building and improvements. The determination of the intangible assets and liabilities primarily relate to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. For properties acquired with in-place leases, the purchase price of real estate is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values. In making estimates of fair values for this purpose, a number of sources are used, including independent appraisals and information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities.

Carrying Value of Real Estate Investments

The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and from 5 to 20 years for tenant and land improvements. Properties classified as held for sale are not depreciated and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.

Held for Sale

The Company is continually evaluating the portfolio of real estate assets and may elect to dispose of assets considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location, and tenant operation type (e.g., industry or concept/brand). Real estate assets held for sale are expected to be sold within twelve months.

Lease Intangibles

Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. In-place lease intangibles are valued based on the Company’s estimate of costs related to acquiring a tenant and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering costs to execute similar leases at the time of the acquisition and current market conditions. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period.

Direct Financing Leases

For real estate property leases classified as direct financing leases, the building portion of the lease is accounted for as a direct financing lease, while the land portion is accounted for as an operating lease when certain criteria are met. For direct financing leases, the Company records an asset which represents the net investment that is determined by using the aggregate of the total amount of future minimum lease payments, the estimated residual value of the leased property and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed annually, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased property. Actual residual values realized could differ from these estimates.

Impairment

The Company reviews its real estate investments and related lease intangibles periodically for indicators of impairment, including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, the Company then evaluates if its carrying amount may not be recoverable. The Company 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 in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows.

59

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, as the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating fair values include, but are not limited to: signed purchase and sale agreements or letters of intent; broker opinions of value; recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate.

Gain or Loss on Disposition of Assets

When real estate properties are disposed of, the related net book value of the properties is removed and a gain or loss on disposition is recognized in the consolidated statements of operations as the difference between the proceeds from the disposition, net of any costs to sell, and the net book value. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The full gain or loss on the disposition of real estate properties is recognized at time of sale, provided that the Company has no (i) controlling financial interest in the real estate or (ii) continuing interest or obligation with respect to the disposed real estate.

Revenue Recognition

Rental Income: Cash and Straight-line Rent

The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. The majority of our operating leases include one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company’s operating leases at both December 31, 2022 and 2021 include an option to terminate. Walgreen Co. leases are generally for fifty years or more and contain certain termination options after an initial non-cancellable term. Less than 10% of the Company’s operating leases at both December 31, 2022 and 2021 include an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option.

Evaluation of lease classification also requires an estimate of the residual value of the real estate at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine residual value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting against any damage to the property. To further protect residual value, the Company supplements the tenant insurance policies with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value.

The Company elected to account for lease concessions related to the COVID-19 pandemic consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease). As such, rent deferrals are recorded as an increase to rent receivables and recognized as income during the deferral period. For the years ended December 31, 2022, 2021 and 2020, $0.4 million, $13.4 million and $26.3 million, respectively, of deferrals were recognized in rental income. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification.

Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred.

60

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred.

Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability.

Rental Income: Tenant Reimbursement Revenue

Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection.

Rental Income: Intangible Amortization

Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations.

Other Income: Lease Termination Fees

Lease termination fees are included in other income on the consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met. The Company recorded lease termination fees of $2 thousand, $19 thousand and $0.7 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Loans Receivable

Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 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 non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted.

The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations.

61

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Cash, Cash Equivalents and Restricted Cash

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 major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands):

	December 31, 2022		December 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,770	$	17,799	$	70,303
Restricted cash:
Collateral deposits (1)		—		—		335
Tenant improvements, repairs and leasing commissions (2)		—		—		12,660
1031 Exchange proceeds		53,183		—		—
Total cash, cash equivalents and restricted cash	$	61,953	$	17,799	$	83,298

(1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.

(2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.

Tenant Receivables

The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $18.2 million and $21.7 million at December 31, 2022 and 2021, respectively, after the impact of $3.2 million and $3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets.

For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $167.1 million and $137.6 million at December 31, 2022 and 2021, respectively, after the impact of $1.3 million and $2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets.

Goodwill

Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented. Goodwill for the years ended December 31, 2022, 2021 and 2020 was $225.6 million, respectively.

Accounting for Derivative Financial Instruments and Hedging Activities

The Company may utilize derivative instruments such as interest rate swaps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future. The Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in AOCIL and amounts are subsequently reclassified to earnings when the hedged item affects earnings.

62

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Income Taxes

The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income.

Taxable income earned by any of the Company’s taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. See Note 12 for additional discussion.

Earnings Per Share

The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period.

Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income (loss) attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities.

Forward Equity Sale Agreements

The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share.

Unaudited Interim Information

The consolidated quarterly financial data in Note 13 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.

63

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 3. INVESTMENTS

Owned Properties

As of December 31, 2022, the Company’s gross investment in owned real estate properties totaled $9.2 billion. The gross investment, as adjusted for any impairment, is comprised of land, buildings, lease intangible assets, lease intangible liabilities, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with Texas, at 14.5%, as the only state with a gross investment greater than 10.0% of the total gross investment of the Company’s entire portfolio.

During the years ended December 31, 2022 and 2021, the Company had the following real estate activity (dollars in thousands):

	Number of Properties									Dollar Amount of Investments
	Held in Use			Held for Sale			Total			Held in Use			Held for Sale			Total
Gross balance, December 31, 2020		1,853			7			1,860		$	6,777,673		$	27,764		$	6,805,437
Acquisitions/improvements (1)		166			—			166			1,256,983			—			1,256,983
Dispositions of real estate (2)		(13	)		(10	)		(23	)		(42,472	)		(22,750	)		(65,222	)
Transfers to Held for Sale		(9	)		9			—			(18,403	)		18,403			—
Transfers from Held for Sale		3			(3	)		—			11,300			(11,300	)		—
Impairments (3)		—			—			—			(21,474	)		(1,736	)		(23,210	)
Reset of gross balances (4)		—			—			—			(31,143	)		(2,019	)		(33,162	)
Other		—			—			—			2,359			—			2,359
Gross balance, December 31, 2021		2,000			3			2,003			7,934,823			8,362			7,943,185
Acquisitions/improvements (1)		172			—			172			1,546,808			—			1,546,808
Dispositions of real estate (2)		(38	)		(22	)		(60	)		(198,865	)		(41,200	)		(240,065	)
Transfers to Held for Sale		(37	)		37			—			(96,234	)		96,234			—
Transfers from Held for Sale		1			(1	)		—			1,529			(1,529	)		—
Impairments (3)		—			—			—			(36,894	)		(135	)		(37,029	)
Reset of gross balances (4)		—			—			—			(29,004	)		(151	)		(29,155	)
Gross balance, December 31, 2022		2,098			17			2,115		$	9,122,163		$	61,581		$	9,183,744
Accumulated depreciation and amortization											(1,387,637	)		(12,433	)		(1,400,070	)
Net balance, December 31, 2022 (5)										$	7,734,526		$	49,148		$	7,783,674

(1) Includes investments of $95.4 million and $15.4 million, respectively, in revenue producing capitalized expenditures, and $16.8 million and $10.7 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2022 and 2021.

(2) The total net gain on disposition of properties held in use was $87.9 million, $37.3 million and $10.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The total gain on disposition of properties held for sale was $23.0 million, $2.2 million and $14.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, there were $1.7 million of gains recognized on two asset substitutions within a master lease and $0.3 million in other gains recognized during the year ended December 31, 2021.

(3) Impairments on owned real estate is comprised of real estate and intangible asset impairment and allowance for credit losses on direct financing leases.

(4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized.

(5) Reconciliation of total owned investments to the consolidated balance sheet at December 31, 2022 is as follows:

Real estate assets held for investment, net	$	7,421,306
Intangible lease assets, net		423,870
Real estate assets under direct financing leases, net		7,427
Real estate assets held for sale, net		49,148
Intangible lease liabilities, net		(118,077	)
Net balance	$	7,783,674

64

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Operating Leases

As of December 31, 2022, 2021, and 2020, the Company held 2,111, 1,998 and 1,852 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands):

	For the Year Ended December 31,
	2022		2021		2020
Base Cash Rent (1)	$	638,340	$	541,726	$	453,013
Variable cash rent (including reimbursables)		25,597		16,768		13,176
Straight-line rent, net of uncollectible reserve (2)		36,902		44,758		11,876
Amortization of above- and below- market lease intangibles, net (3)		2,190		2,847		1,836
Total rental income	$	703,029	$	606,099	$	479,901

(1) Includes net impact of amounts (reserved)/recovered of $(0.5) million, $5.5 million and $(10.9) million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2) Includes net impact of amounts (reserved)/recovered of $(26) thousand, $10.9 million and $(14.9) million for the years ended December 31, 2022 2021 and 2020, respectively.

(3) Excludes amortization of in-place leases of $43.9 million, $38.5 million and $34.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in depreciation and amortization expense in the consolidated statements of operations.

Lease renewal periods are exercisable at the lessees’ option and, as such, minimum future rent only includes the remaining initial non-cancellable term of our operating leases. In addition, minimum future rent includes fixed rent escalations occurring on or after January 1, 2023, but does not include variable rent escalations, such as those based on CPI, or contingent rents. Minimum future rent at December 31, 2022 is as follows (in thousands):

	December 31, 2022
2023	$	679,645
2024		670,893
2025		659,867
2026		633,330
2027		589,881
Thereafter		4,706,694
Total minimum future rent	$	7,940,310

The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):

	December 31, 2022			December 31, 2021
In-place leases	$	559,962		$	536,344
Above-market leases		101,594			100,837
Less: accumulated amortization		(237,686	)		(210,209	)
Intangible lease assets, net	$	423,870		$	426,972
Below-market leases	$	179,187		$	188,718
Less: accumulated amortization		(61,110	)		(60,641	)
Intangible lease liabilities, net	$	118,077		$	128,077

The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 12.4 years, 13.0 years, 18.2 years and 13.8 years, respectively, as of December 31, 2022. The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 13.3 years, 13.7 years, 17.6 years and 14.3 years, respectively, as of December 31, 2021. During the year ended December 31, 2022, the Company acquired in-place lease intangible assets of $57.3 million, above-market lease intangible assets of $3.2 million and below-market lease intangible liabilities of $9.5 million. During the year ended December 31, 2021, the Company acquired in-place lease intangible assets of $84.8 million, above-market lease intangible assets of $23.1 million and below-market lease intangible liabilities of $16.8 million.

65

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Based on the intangible assets and liabilities at December 31, 2022, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands):

	December 31, 2022
2023	$	41,412
2024		39,365
2025		35,767
2026		32,490
2027		26,873
Thereafter		129,886
Total future minimum amortization	$	305,793

Direct Financing Leases

As of December 31, 2022 and 2021, the Company held one property under a direct financing lease, which was held in use. As of December 31, 2022, this property had $2.5 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of December 31, 2022, the Company had a reserve of $0.1 million against the net investment balance of $7.5 million, which was initially recorded in 2020 as a result of the initial term of the direct financing lease extending until 2027.

Loans Receivable

During 2021, the Company issued a fixed-rate, uncollateralized loan receivable for $11.0 million. During 2022, the Company issued a fixed-rate, construction loan for $12.7 million. The Company evaluated the collectability of the amounts receivable under the loans and had a total allowance for credit losses of $0.7 million as of December 31, 2022.

During the years ended December 31, 2022 and 2021, the Company had the following loan activity (dollars in thousands):

	Mortgage Loans				Other Loans		Total
	Properties		Investment		Investment		Investment
Principal, December 31, 2020		—	$	—	$	—	$	—
Issuance of loan		—		—		11,000		11,000
Principal, December 31, 2021		—		—		11,000		11,000
Issuance of loan		—		—		12,700		12,700
Principal, December 31, 2022		—	$	—	$	23,700	$	23,700

Impairments and Allowance for Credit Losses

The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands):

	Year Ended December 31,
	2022		2021		2020
Real estate asset impairment	$	35,988	$	22,120	$	59,206
Intangible net asset impairment		1,041		1,090		22,118
Allowance for credit losses on direct financing leases		—		—		152
Allowance for credit losses on loans receivable		127		550		—
Total impairment loss	$	37,156	$	23,760	$	81,476

66

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 4. DEBT

The Company's debt is summarized below (dollars in thousands):

	2022 Weighted Average Effective Interest Rates (1)			2022 Weighted Average Stated Rates (2)			2022 Weighted Average Remaining Years to Maturity (3)		December 31, 2022			December 31, 2021
Revolving credit facilities		2.85	%		5.17	%		3.2	$	55,500		$	288,400
Term loans		3.92	%		3.50	%		3.9		800,000			—
Senior Unsecured Notes		3.42	%		3.25	%		6.4		2,750,000			2,750,000
Mortgages payable		4.87	%		5.82	%		8.0		4,825			5,350
Total debt		3.47	%		3.73	%		5.8		3,610,325			3,043,750
Debt discount, net										(9,556	)		(10,824	)
Deferred financing costs, net (4)										(25,460	)		(20,334	)
Total debt, net									$	3,575,309		$	3,012,592

(1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the year ended December 31, 2022 based on the average principal balance outstanding during the period.

(2) Based on the outstanding principal balance as of December 31, 2022. Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.29% as of December 31, 2022.

(3) Based on the outstanding principal balance as of December 31, 2022.

(4) Excludes deferred financing costs for the revolving credit facilities.

Deferred financing costs and offering discount/premium incurred in connection with entering into debt agreements are amortized to interest expense over the initial term of the respective agreement. Both deferred financing costs and offering discount/premium are recorded net against the principal debt balance on the consolidated balance sheets, except for deferred costs related to revolving credit facilities, which are recorded in deferred costs and other assets, net.

Revolving Credit Facilities

On January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, which included the 2019 Credit Facility with a borrowing capacity of $800.0 million. On March 30, 2022, the Operating Partnership amended and restated the 2019 Revolving Credit and Term Loan Agreement, increasing the borrowing capacity of the 2019 Credit Facility to $1.2 billion. The borrowing capacity can be further increased by $500.0 million through exercise of an accordion feature, subject to satisfying certain requirements. The 2019 Credit Facility has a maturity date of March 31, 2026 and includes two six-month extensions that can be exercised at the Company’s option. Borrowings may be repaid, in whole or in part, at any time, without premium or penalty, but subject to applicable breakage fees, if any. Payment is unconditionally guaranteed by the Company and material subsidiaries that meet certain conditions. The 2019 Credit Facility is full recourse to the Operating Partnership and the aforementioned guarantors.

As of December 31, 2022, outstanding loans under the 2019 Credit Facility bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.775% per annum and the aggregate revolving commitments incurred a facility fee of 0.150% per annum, in each case, based on the Operating Partnership’s credit rating and leverage ratio (as defined in the agreement). Prior to March 30, 2022, outstanding loans under the 2019 Credit Facility bore interest at 1-month LIBOR plus an applicable margin of 0.90% per annum and the aggregate revolving commitments incurred a facility fee of 0.20% per annum.

In connection with the amendment and restatement of the 2019 Credit Facility, the Company wrote off $0.2 million in deferred financing costs and incurred deferred financing costs of $8.6 million. The unamortized deferred financing costs were $7.8 million as of December 31, 2022, compared to $1.4 million as of December 31, 2021.

As of December 31, 2022, $1.1 billion of borrowing capacity was available under the 2019 Credit Facility and there were no outstanding letters of credit. The Operating Partnership's ability to borrow under the 2019 Credit Facility is subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022.

67

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Term Loans

On April 2, 2020, the Operating Partnership entered into the 2020 Term Loan Agreement, which provided for $200.0 million of unsecured term loans with a maturity date of April 2, 2022. The 2020 Term Loan Agreement included an accordion feature, which the Operating Partnership fully exercised in the second quarter of 2020 to borrow an additional $200.0 million of term loans. The 2020 Term Loans bore interest at LIBOR plus an applicable margin of 1.50% per annum, based on the Operating Partnership’s credit rating. In connection with entering into the 2020 Term Loan Agreement, the Company incurred $2.5 million in deferred financing costs.

On August 6, 2020, the issuance of the 2031 Senior Unsecured Notes triggered a mandatory prepayment under the 2020 Term Loan Agreement. As such, the Company repaid $222.0 million of the 2020 Term Loans and wrote-off $1.0 million of related unamortized deferred financing costs. On January 4, 2021, the Company repaid the 2020 Term Loan in full and wrote-off the remaining unamortized deferred financing costs.

On August 22, 2022, the Operating Partnership entered into the 2022 Term Loan Agreement, which provides for borrowings in an aggregate amount of $800.0 million comprised of a $300.0 million tranche with a maturity date of August 22, 2025 and a $500.0 million tranche with a maturity date of August 20, 2027. The Term Loan Agreement also includes an accordion feature to increase the available term loans by $200.0 million in aggregate, subject to satisfying certain requirements. As of December 31, 2022, the 2022 Term Loans bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.850% per annum, based on the Operating Partnership’s credit rating. In conjunction with entering into the 2022 Term Loans, the Company entered into interest rate swaps as a cash flow hedge. See Note 7 for further detail. The Company incurred $8.4 million in deferred financing costs in connection with entering into the 2022 Term Loan Agreement, and the unamortized deferred financing costs were $7.7 million as of December 31, 2022.

On November 17, 2022, the Operating Partnership entered into the 2023 Term Loan Agreement, which provides for $500.0 million of unsecured term loans with a maturity date of June 16, 2025 and allows funds to be drawn up to July 2, 2023. The 2023 Term Loan Agreement also includes an accordion feature to increase the available term loans by $100.0 million, subject to satisfying certain requirements. The 2023 Term Loans will bear interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.950% per annum, based on the Operating Partnership's credit rating as of December 31, 2022. The full $500.0 million of borrowing capacity was available under the 2023 Term Loan Agreements as of December 31, 2022.

In connection with the 2022 Term Loan Agreement and the 2023 Term Loan Agreement, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022.

Senior Unsecured Notes

The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands):

	Maturity Date	Interest Payment Dates	Stated Interest Rate	December 31, 2022		December 31, 2021
2026 Senior Notes	September 15, 2026	March 15 and September 15	4.45%	$	300,000	$	300,000
2027 Senior Notes	January 15, 2027	January 15 and July 15	3.20%		300,000		300,000
2028 Senior Notes	March 15, 2028	March 15 and September 15	2.10%		450,000		450,000
2029 Senior Notes	July 15, 2029	January 15 and July 15	4.00%		400,000		400,000
2030 Senior Notes	January 15, 2030	January 15 and July 15	3.40%		500,000		500,000
2031 Senior Notes	February 15, 2031	February 15 and August 15	3.20%		450,000		450,000
2032 Senior Notes	February 15, 2032	February 15 and August 15	2.70%		350,000		350,000
Total Senior Unsecured Notes			3.25%	$	2,750,000	$	2,750,000

68

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

For the years ended December 31, 2022, 2021 and 2020, the Operating Partnership completed the following issuances of Senior Unsecured Notes:

•2031 Senior Notes issued on August 6, 2020, resulting in net proceeds of $441.3 million, deferred financing costs of $4.2 million and an offering discount of $4.5 million and

•2028 Senior Notes and 2032 Senior Notes issued on March 3, 2021, resulting in net proceeds of $787.7 million, deferred financing costs of $7.1 million and an offering discount of $5.2 million.

The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of: 100% of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium. If any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes and 2028 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium.

As of December 31, 2022 and 2021, the unamortized deferred financing costs were $17.8 million and $20.3 million, respectively, and the unamortized discount was $9.7 million and $11.0 million, respectively. In connection with the issuance of the Senior Unsecured Notes, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022.

Mortgages Payable

Indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under five fixed-rate non-recourse loans, which were securitized into CMBS and secured by the borrowers’ respective leased properties and related assets. In connection with the issuance of the 2028 and 2032 Senior Unsecured Notes, the Company repaid three of these loans in March 2021 and, as of December 31, 2022, had two non-defaulted loans with stated interest rates of 5.80% and 6.00%, respectively. Each loan was secured by one property. There were no unamortized deferred financing costs as of either December 31, 2022 and December 31, 2021, and the unamortized net premium as of both December 31, 2022 and 2021 was $0.2 million.

Convertible Notes

In May 2014, the Company issued $345.0 million aggregate principal amount of 3.75% convertible notes for which interest was payable semi-annually in arrears on May 15 and November 15. During the year ended December 31, 2020, the Company repurchased $154.6 million of the 2021 Convertible Notes in cash. As of December 31, 2020, the unamortized discount was $1.0 million and the unamortized deferred financing costs were $0.3 million. The remaining 2021 Convertible Notes matured on May 15, 2021 at which time they were settled in cash and the remaining discount and deferred financing costs were fully amortized.

Debt Extinguishment

During the year ended December 31, 2022, the Company recognized a loss on debt extinguishment of $0.2 million as a result of the amendment and restatement of the 2019 Revolving Credit and Term Loan Agreement.

During the year ended December 31, 2021, the Company extinguished the following debt:

•$207.4 million aggregate principal amount of CMBS indebtedness on three loans secured by 86 properties, resulting in a loss on debt extinguishment of $28.5 million,

•$190.4 million of Convertible Notes upon their maturity, and

•$178.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $0.7 million.

During the year ended December 31, 2020, the Company extinguished the following debt:

•$222.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $1.0 million and

•$154.6 million aggregate principal amount of the 2021 Convertible Notes, resulting in a loss on debt extinguishment of $6.2 million.

69

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Debt Maturities

As of December 31, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands):

	Scheduled Principal		Balloon Payment		Total
2023	$	556	$	—	$	556
2024		590		—		590
2025		610		300,016		300,626
2026		469		355,500		355,969
2027		497		800,000		800,497
Thereafter		2,034		2,150,053		2,152,087
Total	$	4,756	$	3,605,569	$	3,610,325

Interest Expense

The components of interest expense were as follows (in thousands):

	Year Ended December 31,
	2022			2021		2020
Revolving credit facilities (1)	$	9,470		$	2,930	$	3,686
Term loans (2)		10,237			24		3,545
Senior Unsecured Notes		89,252			85,996		61,750
Mortgages payable		296			2,506		12,028
Convertible Notes		—			2,658		10,728
Non-cash:
Amortization of deferred financing costs		5,410			3,942		5,278
Amortization of debt discount, net		1,269			2,140		4,343
Amortization of net losses related to interest rate swaps		2,807			2,807		2,807
Capitalized interest		(1,119	)		—		—
Total interest expense	$	117,622		$	103,003	$	104,165

(1) Includes facility fees of approximately $2.1 million, $1.7 million and $1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2) Includes impact of cash flow hedge.

NOTE 5. STOCKHOLDERS' EQUITY

Preferred Stock

On October 3, 2017, the Company completed an underwritten public offering of 6.9 million shares of Series A Preferred Stock. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00% per annum on their liquidation preference of $25.00 per share (equivalent to $1.50 per share on an annual basis). Dividends are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A Preferred Stock trades on the NYSE under the symbol “SRC-A.”

Prior to October 3, 2022, the Company could not redeem the Series A Preferred Stock except in limited circumstances to preserve the Corporation’s status as a REIT or pursuant to a special optional redemption provision upon a change of control. On and after October 3, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but excluding, the redemption date.

Common Stock

In June 2020, the Company entered into forward sale agreements in connection with an offering of 9.2 million shares of common stock at an initial public offering price of $37.35 per share, before underwriting discounts and offering expenses. All 9.2 million of these shares were settled during 2020, generating net proceeds of $319.1 million.

70

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

In January 2022, the Company entered into forward sale agreements in connection with an offering of 9.4 million shares of common stock at an initial public offering price of $47.60 per share, before underwriting discounts and offering expenses. All 9.4 million of these shares were settled during 2022, generating net proceeds of $427.7 million.

ATM Program

An ATM Program provides for the offer and sale of shares of the Company’s common stock up to an approved aggregate gross sales price through sales agents, directly to principals, or through forward sellers. The Company can sell shares in amounts and at times to be determined by the Company, but has no obligation to sell shares under an ATM Program.

In November 2016, a $500.0 million 2016 ATM Program was approved and the prior ATM Program was terminated. From inception of the 2016 ATM Program through its termination in November 2020, 8.8 million shares of the Company’s common stock were sold, of which 7.0 million were sold through forward sales agreements. During the year ended December 31, 2020, 2.9 million of these shares were settled, generating net proceeds of $109.2 million. During the year ended December 31, 2021, 0.6 million of these shares were settled, generating net proceeds of $21.9 million.

In November 2020, a $500.0 million 2020 ATM Program was approved and the 2016 ATM Program was terminated. From inception of the 2020 ATM Program through its termination in November 2021, 9.3 million shares of the Company’s common stock were sold, all through forward sale agreements. All 9.3 million shares were settled during the year ended December 31, 2021, generating net proceeds of $391.4 million.

In November 2021, a $500.0 million 2021 ATM Program was approved and the 2020 ATM program was terminated. The following details the activity under the 2021 ATM Program since its inception (in thousands):

2021 ATM	Forward Shares			Regular Shares			Total Shares			Net Proceeds on Issuances
Month ended 12/31/2021
Shares sold		2,268			438			2,706
Shares issued		(2,212	)		(438	)		(2,650	)		$	120,286
Unsettled shares sold as of 12/31/2021		56			—			56
Year ended 12/31/2022
Shares sold		2,434			1,525			3,959
Shares issued		(2,490	)		(1,525	)		(4,015	)		$	167,850
Unsettled shares sold as of 12/31/2022		—			—			—

71

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Dividends Declared

In fiscal years 2022 and 2021, the Company's Board of Directors declared the following dividends:

Declaration Date	Dividend Per Share		Record Date	Total Amount		Payment Date
				(in Thousands)
2022
Preferred Stock
February 9, 2022	$	0.375	March 15, 2022	$	2,588	March 31, 2022
May 18, 2022		0.375	June 15, 2022		2,588	June 30, 2022
August 8, 2022		0.375	September 15, 2022		2,587	September 30, 2022
November 4, 2022		0.375	December 15, 2022		2,587	December 30, 2022
Total Preferred Dividend	$	1.500		$	10,350
Common Stock
February 9, 2022	$	0.638	March 31, 2022	$	85,688	April 14, 2022
May 18, 2022		0.638	June 30, 2022		86,987	July 15, 2022
August 8, 2022		0.663	September 30, 2022		92,595	October 14, 2022
November 4, 2022		0.663	December 30, 2022		93,636	January 13, 2023
Total Common Dividend	$	2.602		$	358,906
2021
Preferred Stock
February 17, 2021	$	0.375	March 15, 2021	$	2,588	March 31, 2021
May 19, 2021		0.375	June 15, 2021		2,588	June 30, 2021
July 29, 2021		0.375	September 15, 2021		2,587	September 30, 2021
November 17, 2021		0.375	December 15, 2021		2,587	December 31, 2021
Total Preferred Dividend	$	1.500		$	10,350
Common Stock
February 17, 2021	$	0.625	March 31, 2021	$	71,837	April 15, 2021
May 19, 2021		0.625	June 30, 2021		74,436	July 15, 2021
July 29, 2021		0.638	September 30, 2021		78,674	October 15, 2021
November 17, 2021		0.638	December 31, 2021		81,378	January 14, 2022
Total Common Dividend	$	2.526		$	306,325

The common stock dividend declared on November 4, 2022 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2022.

NOTE 6. COMMITMENTS AND CONTINGENCIES

The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are typically insured against such claims. The Company was contingently liable for $5.7 million of debt owed by one of its former tenants, which was fully accrued in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2021. No payments were made in relation to this contingent liability. Therefore, upon the maturity of the tenant's debt on March 15, 2022, the Company reversed the full $5.7 million of the accrued liability, which is reflected as other income in the consolidated statement of operations.

72

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of December 31, 2022, no accruals have been made.

As of December 31, 2022, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Purchase and Capital Improvement Commitments

As of December 31, 2022, the Company had commitments totaling $111.1 million, of which $13.8 million relates to future acquisitions and the remainder relates to improvements on properties the Company already owns. Acquisition commitments contain standard cancellation clauses contingent on the results of due diligence. $35.1 million of the Company’s commitments are expected to be funded during 2023, with the remainder to be funded by the end of 2024.

Lessee Contracts

The Company leases its corporate office space, which is classified as an operating lease. The corporate office lease contains a variable lease cost related to the lease of parking spaces and a non-lease component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. The Company elected to use the components expedient for all lessee operating leases, which permits the Company to not separate non-lease components from lease components if timing and pattern of transfer is the same. As such, total rental expense, including variable rent, for the corporate office space amounted to $1.5 million for each of the years ended December 31, 2022, 2021 and 2020, respectively, and is included in general and administrative expense. The Company’s lease of its corporate office space has an initial term that expires on January 31, 2027 and is renewable at the Company’s option for two additional periods of five years each after the initial term.

The Company is also a lessee under long-term, non-cancellable ground leases under which it is obligated to pay monthly rent. There were four ground leases as of December 31, 2022 and 2021, respectively. Total rental expense included in property costs amounted to $0.3 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. For all of the ground leases, rental expenses are reimbursed by tenants, and the corresponding rental revenue is recorded in rental income on the consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 5.1 years.

The Company’s minimum aggregate rental commitments under all non-cancellable operating leases as of December 31, 2022 are as follows (in thousands):

	Ground Leases			Office Lease			Total
2023	$	285		$	1,055		$	1,340
2024		285			1,070			1,355
2025		267			1,086			1,353
2026		258			1,101			1,359
2027		167			92			259
Thereafter		107			—			107
Total		1,369			4,404			5,773
Less: imputed interest		(241	)		(939	)		(1,180	)
Total operating lease liabilities	$	1,128		$	3,465		$	4,593

Imputed interest was calculated using a weighted-average discount rate of 4.19%. The discount rate is based on our estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including the Company's credit rating and REIT industry performance. The evaluation of the Company's right-of-use lease asset associated with the corporate office included the unamortized portion of a $1.7 million cash lease incentive paid at inception of the lease. As of December 31, 2022 and 2021, the Company had a right-of-use lease asset balance of $3.4 million and $3.7 million, respectively, which are included in deferred costs and other assets, net and an operating lease liability balance of $4.6 million and $5.1 million, respectively, which are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

73

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 7. DERIVATIVE AND HEDGING ACTIVITIES

The Company may use interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCIL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash activities in the consolidated statements of cash flows. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates this risk through monitoring the creditworthiness of counterparties, which includes review of their debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings.

In the third quarter of 2019, the Company terminated interest rate swaps which had been entered into in December 2018 and accelerated the reclassification of a loss of $12.5 million from AOCIL to termination of interest rate swaps as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a portion of the hedged transactions remained probable to occur, $12.3 million of the loss was deferred in other comprehensive loss and is being amortized over the remaining initial term of the interest rate swaps, which ends January 31, 2024. As of December 31, 2022, the unamortized portion of loss in AOCIL related to terminated interest rate swaps was $3.0 million.

During the third quarter of 2022, the Company entered into new interest rate swaps, which were designated as cash flow hedge instruments and are recorded in deferred costs and other assets, net on the consolidated balance sheet. These instruments swap 1-month SOFR for a fixed payment. The following table summarizes the key terms and fair value of these instruments (in thousands):

					Fair Value of Asset
Interest Rate Swap Notional Amount		Fixed Interest Rate	Effective Date	Maturity Date	December 31, 2022
$	300,000	2.501%	September 15, 2022	August 22, 2027	$	15,675
$	200,000	2.507%	September 15, 2022	August 22, 2027		10,349
$	300,000	2.636%	September 15, 2022	August 22, 2025		11,104
					$	37,128

The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands):

	Year Ended December 31,
	2022			2021		2020
Cash flow hedge derivatives	$	39,366		$	—	$	—
Amount of gain reclassified from AOCIL to interest		(2,238	)		—		—
Amount of loss reclassified from AOCIL to interest		2,807			2,807		2,807
Total	$	39,935		$	2,807	$	2,807

During the next 12 months, we estimate that approximately $2.8 million will be reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt and $17.6 million will be reclassified as a decrease to interest expense related to cash flow hedge derivatives.

74

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 8. FAIR VALUE MEASUREMENTS

The fair value measurement framework specifies a hierarchy of valuation inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable:

•Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

•Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•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.

Recurring Fair Value Measurements

The Company’s interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. These measurements are classified as Level 2 of the fair value hierarchy.

The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands):

			Fair Value Hierarchy Level
Description	Fair Value		Level 1		Level 2		Level 3
Derivatives held at December 31, 2022
Interest rate swaps	$	37,128	$	—	$	37,128	$	—

Nonrecurring Fair Value Measurements

Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. The fair values of real estate and intangible assets were estimated using the following information, depending on availability, in order of preference: signed purchase and sale agreements (“PSA”) or letters of intent (“LOI”); broker opinions of value (“BOV”); recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate.

The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands):

			Fair Value Hierarchy Level
Description	Fair Value		Level 1		Level 2		Level 3
Assets held at December 31, 2022
Impaired at March 31, 2022	$	—	$	—	$	—	$	—
Impaired at June 30, 2022	$	4,700	$	—	$	—	$	4,700
Impaired at September 30, 2022	$	4,094	$	—	$	—	$	4,094
Impaired at December 31, 2022	$	29,636	$	—	$	—	$	29,636
Assets held at December 31, 2021
Impaired at March 31, 2021	$	1,739	$	—	$	—	$	1,739
Impaired at June 30, 2021	$	9,655	$	—	$	—	$	9,655
Impaired at September 30, 2021	$	3,479	$	—	$	—	$	3,479
Impaired at December 31, 2021	$	11,656	$	—	$	—	$	11,656

75

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

As of December 31, 2022, the Company held 18 properties that were impaired during 2022. As of December 31, 2021, the Company held 14 properties that were impaired during 2021. For one property held at December 31, 2021, the Company estimated fair value using a capitalization rate of 14.00% based on capitalization rates from market comparables. For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining properties are as follows:

Unobservable Input	Asset Type	Property Count		Price Per Square Foot Range	Weighted Average Price Per Square Foot		Square Footage
December 31, 2022
PSA, LOI or BOV	Retail		12	$30.00 - $384.88	$	93.60		223,225
PSA, LOI or BOV	Data Center		1	$24.94	$	24.94		188,475
Comparable Properties	Retail		3	$26.05 - $197.15	$	56.36		100,195
Comparable Properties	Office		2	$71.69 - $135.00	$	98.97		73,000
December 31, 2021
PSA, LOI or BOV	Retail		6	$63.83 - $418.57	$	102.35		39,603
PSA, LOI or BOV	Medical		2	$65.63 - $105.16	$	75.60		41,496
PSA, LOI or BOV	Data Center		1	$38.57	$	38.57		188,475
Comparable Properties	Retail		3	$29.35 - $483.09	$	67.48		42,357
Comparable Properties	Medical		1	$78.66 - $106.35	$	95.00		15,974

Estimated Fair Value of Financial Instruments

Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the consolidated balance sheets. In addition, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at measurement date. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of these financial instruments have been derived either based on (i) market quotes for identical or similar instruments in markets or (ii) 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 Senior Unsecured Notes are classified as Level 1 of the fair value of the hierarchy, and the remaining estimates are classified as Level 2.

The following table discloses fair value information for these financial instruments (in thousands):

	December 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Loans receivable, net (1)	$	23,023	$	23,462	$	10,450	$	11,381
2019 Credit Facility		55,500		55,502		288,400		288,549
2022 Term Loans, net (2)		792,309		802,363		—		—
Senior Unsecured Notes, net (2)		2,722,514		2,310,547		2,718,641		2,865,187
Mortgages payable, net (2)		4,986		4,685		5,551		5,748

(1) The carrying value of the loans receivable are net of an allowance for credit losses.

(2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

76

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 9. INCENTIVE AWARD PLAN AND EMPLOYEE BENEFIT PLAN

Amended Incentive Award Plan

Under the Amended Incentive Award Plan, the Company may grant equity incentive awards to eligible employees, directors and other advisors of the Company. Awards under the Amended Incentive Award Plan may be in the form of stock options, restricted stock, dividend equivalents, stock appreciation rights, performance awards, stock payment awards, market-based awards, Operating Partnership units and other incentive awards. If an award under the Amended Incentive Award Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Amended Incentive Award Plan. As of December 31, 2022, 4.8 million shares remained available for award under the Amended Incentive Award Plan.

Shares of common stock have been granted pursuant to the Amended Incentive Award Plan and, during the periods presented, portions of these awards vested. The vesting of these shares resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender shares of common stock during the years ended December 31, 2022, 2021 and 2020 valued at $6.5 million, $4.4 million and $4.4 million, respectively, solely to pay the associated statutory tax withholdings, which do not exceed the maximum statutory rate. Common shares repurchased are considered retired under Maryland law, and the cost of the stock repurchased is recorded as a reduction to common stock and accumulated deficit on the consolidated balance sheets. The Company has made an accounting policy election to recognize stock-based compensation forfeitures as they occur.

Restricted Shares of Common Stock

Restricted share awards have been granted to certain employees, including executive officers, and members of the Board of Directors. The requisite service period for the awards is generally three years for employees and one year for members of the Board of Directors. The following table summarizes the restricted share activity:

	2022					2021					2020
	Number of Shares			Weighted Average Price (1) (per share)		Number of Shares			Weighted Average Price (1) (per share)		Number of Shares			Weighted Average Price (1) (per share)
Outstanding non-vested shares, beginning of year		233,135		$	42.22		279,912		$	42.67		321,627		$	40.66
Shares granted		128,367			45.73		118,996			39.22		148,045			46.42
Shares vested		(145,723	)		42.23		(157,054	)		40.83		(182,653	)		42.04
Shares forfeited		(418	)		46.30		(8,719	)		40.87		(7,107	)		45.77
Outstanding non-vested shares, end of year		215,361		$	44.30		233,135		$	42.22		279,912		$	42.67

(1) Based on grant date fair values.

The Company recorded $5.9 million in deferred stock-based compensation associated with restricted shares granted during the year ended December 31, 2022. The fair value of the restricted stock grants was determined based on the Company's closing stock price on the date of grant. During the year ended December 31, 2022, restricted shares with an aggregate fair value of $6.7 million vested. The fair value of the vesting was determined based on the Company’s closing stock price on the date of vest. Outstanding non-vested awards as of December 31, 2022 have a remaining weighted average recognition period of 0.7 years.

77

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Market-Based Awards

Market-based awards have been granted to executive officers upon approval from the Board of Directors or committee thereof. These awards are granted at a target number of units and represent shares that are potentially issuable in the future. The market-based share awards vest based on the Company’s stock price, dividend performance, and TSR at the end of their respective performance periods relative to a group of industry peers. The performance periods generally begin on January 1st of the year of grant and end after three years on December 31st. Potential shares of the Corporation's common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0% and 375%. The following table summarizes the market-based award activity:

	2022					2021					2020
	Number of  Target Shares			Weighted Average Fair Value (per share)		Number of Target Shares			Weighted Average Fair Value (per share)		Number of Target Shares			Weighted Average Fair Value (per share)
Outstanding non-vested awards, beginning of year		258,053		$	74.08		201,468		$	58.12		319,731		$	49.49
Grants at target		166,307			93.26		170,307			77.57		87,746			67.30
Earned above performance target		—			—		154,312			50.92		83,259			54.57
Vested		—			—		(266,319	)		50.92		(268,694	)		54.57
Forfeited		(87,746	)		67.30		—			—		—			—
Incremental Shares (1)		—		N/A			(1,715	)	N/A			(20,574	)	N/A
Outstanding non-vested awards, end of year		336,614		$	85.32		258,053		$	74.08		201,468		$	58.12

(1) In 2018, in connection with the Spin-Off and in accordance with the rights granted per the Amended Incentive Award Plan, the Board of Directors made an equitable adjustment for all market-based awards outstanding, resulting in incremental shares. During the years ended December 31, 2021 and 2020, 1.7 thousand and 20.6 thousand, respectively, of these incremental shares were earned. Because the fair value of the outstanding market-based awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and no incremental compensation expense related to the incremental shares.

Grant date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the time horizons matching the performance periods. For market-based awards granted in 2022, significant inputs for the calculation were expected volatility of the Company of 39.5% and expected volatility of the Company's peers, ranging from 21.5% to 53.6%, with an average volatility of 35.7% and a risk-free interest rate of 1.59%. Expected volatility was determined using an equal weighting of implied volatility and historical volatility.

The projected shares to be awarded are not considered issued under the Amended Incentive Award Plan until the performance period has ended and the actual number of shares to be released is determined. The market-based shares and dividend rights are subject to forfeiture in the event of a non-qualifying termination of a participant prior to the performance period end date. During the year ended December 31, 2022, zero market-based awards vested as the requisite performance conditions were not met. Outstanding non-vested awards as of December 31, 2022 have a remaining weighted average recognition period of 1.7 years and would have resulted in 0.2 million shares released based on the Corporation's TSR relative to the specified peer groups through that date.

In addition, final shares issued under each market-based share award entitle its holder to a cash payment equal to the aggregate dividends declared with record dates during the performance period, beginning on the grant date and ending the day before the awards are released. Approximately $2.5 million and $3.3 million in dividend rights have been accrued as of December 31, 2022 and 2021, respectively.

78

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

Stock-based Compensation Expense

For the years ended December 31, 2022, 2021 and 2020, the Company recognized $17.4 million, $14.0 million and $12.6 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the consolidated statements of operations. Stock-based compensation is recognized on a straight-line basis over the minimum required service period of each applicable award.

The following is a summary of remaining unamortized stock-based compensation expense (in thousands):

	December 31, 2022		December 31, 2021
Restricted share awards	$	4,727	$	4,787
Market-based awards		15,165		11,143
Total unamortized stock-based compensation expense	$	19,892	$	15,930

401(k) Plan

The Company has a 401(k) Plan, which is available to employees on the first month following their date of hire with the Company. Currently, the Company provides a matching contribution equal to 100% of elective deferrals up to 4% of compensation, which vests immediately.

NOTE 10. INCOME PER SHARE

The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands):

	Years Ended December 31,
	2022			2021			2020
Basic and diluted income:
Income from continuing operations	$	285,516		$	171,702		$	26,708
Less: dividends paid to preferred stockholders		(10,350	)		(10,350	)		(10,350	)
Less: dividends and income attributable to unvested restricted stock		(555	)		(581	)		(728	)
Net income attributable to common stockholders used in basic and diluted income per share	$	274,611		$	160,771		$	15,630
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding		134,768,664			118,587,722			104,656,242
Less: unvested weighted average shares of restricted stock		(220,578	)		(245,281	)		(298,582	)
Basic weighted average shares of common stock outstanding		134,548,086			118,342,441			104,357,660
Net income per share attributable to common stockholders - basic	$	2.04		$	1.36		$	0.15
Diluted weighted average shares of common stock outstanding: (1)
Plus: unvested market-based awards		97,565			373,396			175,952
Plus: unsettled shares under open forward equity contracts		—			1			1,772
Diluted weighted average shares of common stock outstanding		134,645,651			118,715,838			104,535,384
Net income per share attributable to common stockholders - diluted	$	2.04		$	1.35		$	0.15
Potentially dilutive shares of common stock related to:
Unvested restricted share awards		67,206			95,411			62,448

(1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

79

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

NOTE 11. RELATED PARTY TRANSACTIONS

Asset Management Agreement and Interim Management Agreement

In conjunction with the Spin-Off, the Company entered into the Asset Management Agreement to provide various management services to SMTA. On June 2, 2019, the Company and SMTA entered into a termination agreement of the Asset Management Agreement and concurrently entered into the Interim Management Agreement, which was subsequently terminated September 4, 2020. Asset management fees of $0.7 million were earned during the year ended December 31, 2020 and are included in related party fee income in the consolidated statements of operations.

Cost Sharing Arrangements

In conjunction with the Spin-Off, the Company and SMTA entered into certain agreements, including the Separation and Distribution Agreement, Tax Matters Agreement, Registration Rights Agreement and Insurance Sharing Agreement. These agreements provided a framework for the relationship between the Company and SMTA after the Spin-Off, by which Spirit could incur certain expenses on behalf of SMTA that had to be reimbursed in a timely manner. These agreements, except for the Tax Matters Agreement, were terminated in conjunction with the termination of the Asset Management Agreement. The Tax Matters Agreement was terminated in conjunction with the termination of the Interim Management Agreement.

NOTE 12. INCOME TAXES

The Company’s total income tax expense was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
State income tax	$	890	$	605	$	128
Federal income tax		7		2		145
Total income tax expense	$	897	$	607	$	273

The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, and therefore, no provision has been made for federal income taxes in the consolidated financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on partnerships. The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities, which are recorded within accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, were immaterial as of December 31, 2022, 2021 and 2020.

The Operating Partnership transferred its rights and obligations under the Asset Management Agreement to Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019. This agreement was subsequently terminated and simultaneously replaced by the Interim Management Agreement, effective from September 20, 2019 through September 4, 2020. The Operating Partnership allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020 were subject to income tax.

To the extent that the Company acquires property that has been owned by a C corporation in a transaction in which the tax basis of the property carries over, and the Company recognizes a gain on the disposition of such property during the subsequent recognition period, it will be required to pay tax at the regular corporate tax rate to the extent of such built-in gain. No properties subject to state built-in gain tax were sold during the years ended December 31, 2022, 2021 or 2020.

The Corporation has federal net operating loss carry-forwards for income tax purposes totaling $66.1 million for each of the years ended December 31, 2022, 2021 and 2020. These losses, which begin to expire in 2027 through 2034, are available to reduce future taxable income or distribution requirements, subject to certain ownership change limitations. The Corporation intends to make annual distributions at least equal to its taxable income and thus does not expect to utilize its net operating loss carryforwards in the foreseeable future.

80

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

The Company files federal, state and local income tax returns. Federal tax returns for years prior to 2019 are no longer subject to examination. Additionally, state tax returns for years prior to 2018 are generally no longer subject to examination. The Company recognizes any interest related to underpayment of income taxes as interest expense and recognizes any penalties as operating expenses. There was no material interest or penalties for the years ended December 31, 2022, 2021 and 2020. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter.

Common stock dividends paid were characterized for tax as follows (per share):

	Year Ended December 31,
	2022		2021		2020
Ordinary income	$	2.41	$	1.37	$	1.80
Return of capital		0.06		1.14		0.70
Capital gain		0.11		—		—
Total	$	2.58	$	2.51	$	2.50

NOTE 13. CONSOLIDATED QUARTERLY FINANCIAL DATA

The following table sets forth certain unaudited consolidated financial information for each of the four quarters included in the years ended December 31, 2022 and 2021 (in thousands, except share and per share data):

2022	First			Second			Third			Fourth
(Unaudited)	Quarter			Quarter			Quarter			Quarter			Year
Total operating revenues	$	168,396		$	174,935		$	182,904		$	183,394		$	709,629
Depreciation and amortization		(69,108	)		(72,898	)		(74,600	)		(76,379	)		(292,985	)
Interest		(26,023	)		(27,594	)		(30,956	)		(33,049	)		(117,622	)
Other operating expenses		(23,593	)		(30,631	)		(24,010	)		(51,679	)		(129,913	)
Loss on debt extinguishment		(172	)		—			—			—			(172	)
Gain on disposition of assets		877			38,928			23,302			47,793			110,900
Other income		5,679			—			—			—			5,679
Net income		56,056			82,740			76,640			70,080			285,516
Dividends paid to preferred stockholders		(2,588	)		(2,588	)		(2,587	)		(2,587	)		(10,350	)
Net income attributable to common stockholders	$	53,468		$	80,152		$	74,053		$	67,493		$	275,166
Net income per share attributable to common stockholders - basic	$	0.42		$	0.60		$	0.54		$	0.48		$	2.04
Net income per share attributable to common stockholders - diluted	$	0.42		$	0.60		$	0.54		$	0.48		$	2.04
Dividends declared per common share	$	0.638		$	0.638		$	0.663		$	0.663		$	2.602

81

SPIRIT REALTY CAPITAL, INC.

Notes to Consolidated Financial Statements

December 31, 2022

2021	First			Second			Third			Fourth
(Unaudited)	Quarter			Quarter			Quarter			Quarter			Year
Total operating revenues	$	135,141		$	164,626		$	152,568		$	156,055		$	608,390
Depreciation and amortization		(57,087	)		(60,074	)		(63,061	)		(64,402	)		(244,624	)
Interest		(26,624	)		(26,170	)		(25,078	)		(25,131	)		(103,003	)
Other operating expenses		(25,558	)		(27,955	)		(24,005	)		(23,825	)		(101,343	)
(Loss) gain on debt extinguishment		(29,177	)		(10	)		1			—			(29,186	)
Gain on disposition of assets		1,836			37,507			453			1,672			41,468
Net (loss) income		(1,469	)		87,924			40,878			44,369			171,702
Dividends paid to preferred stockholders		(2,588	)		(2,588	)		(2,587	)		(2,587	)		(10,350	)
Net (loss) income attributable to common stockholders	$	(4,057	)	$	85,336		$	38,291		$	41,782		$	161,352
Net (loss) income per share attributable to common stockholders - basic	$	(0.04	)	$	0.74		$	0.32		$	0.34		$	1.36
Net (loss) income per share attributable to common stockholders - diluted	$	(0.04	)	$	0.74		$	0.32		$	0.34		$	1.35
Dividends declared per common share	$	0.625		$	0.625		$	0.638		$	0.638		$	2.526

82

PART III

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of Spirit Realty Capital, Inc.'s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness as of December 31, 2022 of the design and operation of Spirit Realty Capital, Inc.'s disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of December 31, 2022, that the design and operation of these disclosure controls and procedures were effective at the reasonable assurance level.

Management's Report on Internal Control over Financial Reporting

Management, including the Chief Executive Officer and Chief Financial Officer, are responsible for establishing and maintaining adequate internal control over financial reporting for Spirit Realty Capital, Inc. Management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - 2013 Integrated Framework to assess the effectiveness of Spirit Realty Capital, Inc.'s internal control over financial reporting. Based upon the assessments, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2022, internal control over financial reporting was effective at the reasonable assurance level.

Ernst & Young LLP, Spirit Realty Capital, Inc.'s independent registered public accounting firm, audited Spirit Realty Capital, Inc.'s financial statements included in this Annual Report on Form 10-K and has issued an attestation report on Spirit Realty Capital, Inc.'s effectiveness of internal control over financial reporting, which appears in this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting

There were no changes to Spirit Realty Capital, Inc.'s internal control over financial reporting (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that occurred during the quarter ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, Spirit Realty Capital, Inc.'s internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

83

Item 9B. Other Information

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Item 10. Directors, Executive Officers and Corporate Governance

The information concerning our directors and executive officers required by Item 10 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.

Item 11. Executive Compensation

The information concerning our executive compensation required by Item 11 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information concerning our security ownership of certain beneficial owners and management and related stockholder matters (including equity compensation plan information) required by Item 12 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information concerning certain relationships, related transactions and director independence required by Item 13 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

The information concerning our principal accounting fees and services required by Item 14 will be included in the Proxy Statement to be filed relating to our 2023 Annual Meeting of Stockholders and is incorporated herein by reference.

84

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a)(1) and (2)

Financial Statements and Schedules. The following documents are filed as a part of this report (see Item 8):

Reports of Independent Registered Public Accounting Firm.

Consolidated Balance Sheets as of December 31, 2022 and 2021.

Consolidated Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020.

Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2022, 2021 and 2020.

Consolidated Statements of Stockholders’ Equity for the Years Ended December 31, 2022, 2021 and 2020.

Consolidated Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020.

Notes to Consolidated Financial Statements.

Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2022.

Schedule IV - Mortgage Loans on Real Estate as of December 31, 2022.

All other schedules are omitted since the required information is not present in amounts sufficient to require submission of the schedule or because the information required is included in the financial statements and the notes thereto.

(b) Exhibits.

Exhibit No.	Description
2.1	Agreement and Plan of Merger by and among Spirit Realty Capital, Inc., Spirit Realty, L.P., Cole Credit Property Trust II, Inc., and Cole Operating Partnership II, LP, dated January 22, 2013, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K on January 24, 2013 and incorporated herein by reference.
2.2	First Amendment to Agreement and Plan of Merger by and among Spirit Realty Capital, Inc., Spirit Realty, L.P., Cole Credit Property Trust II, Inc., and Cole Operating Partnership II, LP, dated May 8, 2013, filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K on May 9, 2013 and incorporated herein by reference.
2.3	Articles of Merger by and between Spirit Realty Capital, Inc. and Spirit Realty Capital, Inc. and the Amended and Restated Charter of Spirit Realty Capital, Inc. attached thereto as Exhibit A filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.
2.4	Separation and Distribution Agreement by and between Spirit Realty Capital, Inc. and Spirit MTA REIT, dated May 21, 2018, filed as Exhibit 2.1 to the Company's Current Report on Form 8-K on May 24, 2018 and incorporated herein by reference.
3.1	Articles of Restatement of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company's Registration Statement on Form S-3 on November 8, 2013 and incorporated herein by reference.
3.2	Articles of Amendment of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company's Current Report on Form 8-K on May 13, 2014 and incorporated herein by reference.
3.3	Articles Supplementary of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company's Current Report on Form 8-K on March 3, 2017 and incorporated herein by reference.
3.4	Fifth Amended and Restated Bylaws of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K on August 15, 2017 and incorporated herein by reference.
3.5	Articles Supplementary designating Spirit Realty Capital, Inc.'s 6.000% Series A Cumulative Redeemable Preferred Stock filed as Exhibit 3.4 to the Company's Registration Statement on Form 8-A on October 2, 2017 and incorporated herein by reference.

85

3.6	Articles of Amendment of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company's Current Report on Form 8-K on April 29, 2019 and incorporated herein by reference.
3.7	Articles of Amendment of Spirit Realty Capital, Inc. filed as Exhibit 3.1 to the Company's Current Report on Form 8-K on November 18, 2021 and incorporated herein by reference.
4.1	Form of Certificate for Common Stock of Spirit Realty Capital, Inc. filed as Exhibit 4.1 to the Company's Registration Statement on Form S-4/A on March 29, 2013 and incorporated herein by reference.
4.2	Form of Certificate for Spirit Realty Capital, Inc.'s 6.000% Series A Cumulative Redeemable Preferred Stock filed as Exhibit 3.6 to the Company's Registration Statement on Form 8-A on October 2, 2017 and incorporated herein by reference.
4.3	Indenture among Spirit Realty, L.P. and U.S. Bank, National Association, dated as of August 18, 2016, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K on August 19, 2016 and incorporated herein by reference.
4.4	First Supplemental Indenture among Spirit Realty, L.P., Spirit Realty Capital, Inc. and U.S. Bank, National Association, including the form of the Notes and the guarantee, dated as of August 18, 2016, filed as Exhibit 4.2 to the Company's Current Report on Form 8-K on August 19, 2016 and incorporated herein by reference.
4.5	Second Supplemental Indenture among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, including the form of the Notes and the guarantee, dated as of June 27, 2019, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on June 27, 2019 and incorporated herein by reference.
4.6	Third Supplemental Indenture among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, dated as of September 16, 2019, including the form of the Notes and the guarantee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on September 16, 2019 and incorporated herein by reference.
4.7	Fourth Supplemental Indenture among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, dated as of September 16, 2019, including the form of the Notes and the guarantee, filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K on September 16, 2019 and incorporated herein by reference.
4.8	Fifth Supplemental Indenture, dated as of August 6, 2020, among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor and U.S. Bank National Association, as trustee, including the form of the Notes and the Guarantee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on August 6, 2020 and incorporated herein by reference.
4.9	Sixth Supplemental Indenture, dated as of March 3, 2021, among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor, and U.S. Bank National Association, as trustee, including the form of the 2028 Notes and the 2028 Guarantee, filed as Exhibit 4.2 to the Company’s Current Report on Form 8-K on March 3, 2021 and incorporated herein by reference.
4.10	Seventh Supplemental Indenture, dated as of March 3, 2021, among Spirit Realty, L.P., as issuer, Spirit Realty Capital, Inc., as guarantor, and U.S. Bank National Association, as trustee, including the form of the 2032 Notes and the 2032 Guarantee, filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K on March 3, 2021 and incorporated herein by reference.
4.11	Description of Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, filed as Exhibit 4.11 to the Company’s Annual Report on Form 10-K on February 25, 2020 and incorporated herein by reference.
10.1	Second Amended and Restated Agreement of Limited Partnership of Spirit Realty, L.P. filed as Exhibit 3.1 to the Operating Partnership's Current Report on Form 8-K on October 3, 2017 and incorporated herein by reference.
10.2#	Second Amended and Restated Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Incentive Award Plan, filed as Annex B within the Company’s Definitive Proxy Statement on Schedule 14A on April 8, 2022 and incorporated herein by reference.
10.3#	Form of Restricted Stock Award Grant Notice and Agreement filed as Exhibit 10.8 to the Company’s Current Report on Form 8-K on July 18, 2013 and incorporated herein by reference.

86

10.4#	Form of 2021 Performance Share Award Grant Notice and Agreement filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q on May 5, 2021 and incorporated herein by reference.
10.5#	Form of 2022 Performance Share Award Grant Notice and Agreement, filed as Exhibit 10.8 to the Company's Annual Report on Form 10-K on February 14, 2022 and incorporated herein by reference.
10.6#	Form of Indemnification Agreement of Spirit Realty Capital, Inc. filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q on August 3, 2022 and incorporated herein by reference.
10.7#	Second Amended and Restated Employment Agreement among Spirit Realty Capital, Inc. and Jackson Hsieh, dated February 27, 2020, filed as Exhibit 10.1 to the Company’s Form 8-K on March 2, 2020 and incorporated herein by reference.
10.8#	Employment Agreement among Spirit Realty Capital, Inc. and Michael Hughes, dated March 20, 2018, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on March 21, 2018 and incorporated herein by reference.
10.9#	Amendment to Employment Agreement, dated February 27, 2020, by and between Spirit Realty Capital, Inc. and Michael Hughes, filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K on March 2, 2020 and incorporated herein by reference.
10.10#	Second Amended and Restated Employment Agreement, dated January 24, 2022, by and between Spirit Realty Capital, Inc. and Jay Young, filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on January 20, 2022 and incorporated herein by reference.
10.11#	Employment Agreement among Spirit Realty Capital, Inc. and Kenneth Heimlich dated April 3, 2018, filed as Exhibit 10.2 to the Company's Current Report on Form 8-K on April 6, 2018 and incorporated herein by reference.
10.12#	Amendment to Employment Agreement, dated February 27, 2020, by and between Spirit Realty Capital, Inc. and Kenneth Heimlich, filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K on March 2, 2020 and incorporated herein by reference.
10.13#	Employment Agreement among Spirit Realty Capital, Inc. and Rochelle Thomas dated January 24, 2022, filed as Exhibit 10.2 to the Company's Current Report on Form 8-K on January 20, 2022 and incorporated herein by reference.
10.14#	Director Compensation Program of Spirit Realty Capital, Inc. dated November 17, 2021, filed as Exhibit 10.19 to the Company's Annual Report on Form 10-K on February 14, 2022 and incorporated herein by reference.
10.15	Revolving Credit and Term Loan Agreement among Spirit Realty L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated January 14, 2019, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on January 14, 2019 and incorporated herein by reference.
10.16	Guaranty between Spirit Realty Capital, Inc. and JPMorgan Chase Bank, N.A., and acknowledged by Spirit Realty L.P., dated January 14, 2019, filed as Exhibit 10.2 to the Company's Current Report on Form 8-K on January 14, 2019 and incorporated herein by reference.
10.17	Amended and Restated Revolving Credit Agreement among Spirit Realty, L.P., JPMorgan Chase Bank, N.A., as administrative agent and the financial institutions party thereto as lenders from time to time, dated March 30, 2022, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on March 30, 2022 and incorporated herein by reference.
10.18	Guaranty between Spirit Realty Capital, Inc. and JPMorgan Chase Bank, N.A., and acknowledged by Spirit Realty L.P., dated March 30, 2022, filed as Exhibit 10.2 to the Company's Current Report on Form 8-K on March 30, 2022 and incorporated herein by reference.
10.19	Term Loan Agreement dated as of August 22, 2022 filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on August 22, 2022 and incorporated herein by reference.
10.20	Guaranty dated as of August 22, 2022 filed as Exhibit 10.2 to the Company's Current Report on Form 8-K on August 22, 2022 and incorporated herein by reference.
10.21	Term Loan Agreement dated as of November 17, 2022 filed as Exhibit 10.1 to the Company's Current Report on Form 8-K on November 17, 2022 and incorporated herein by reference.

87

10.22	Guaranty dated as of November 17, 2022 filed as Exhibit 10.2 to the Company's Current Report on Form 8-K on November 17, 2022 and incorporated herein by reference.
21.1*	List of Subsidiaries of Spirit Realty Capital, Inc. as of December 31, 2022.
22.1*	List of Issuers of Guaranteed Securities as of December 31, 2022.
23.1*	Consent of Ernst & Young LLP, Spirit Realty Capital, Inc.'s Independent Registered Accounting Firm.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Spirit Realty Capital, Inc.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Spirit Realty Capital, Inc.
32.1*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Spirit Realty Capital, Inc.
101.1*	The following financial information from Spirit Realty Capital, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in inline XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to the Consolidated Financial Statements.
104.1*	Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
*	Filed herewith.
#	Management contract or compensatory plan or arrangement.

Item 16. Form 10-K Summary

None.

88

SPIRIT REALTY CAPITAL, INC.

Schedule III Real Estate and Accumulated Depreciation

(Amounts in thousands)

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
24 Hour Fitness	1	(d)	$	6,982	$	9,255	$	(3,817	)	$	(5,674	)	$	3,165	$	3,581	$	6,746		(549	)	1987	05/07/2015	4 to 25 years
Aaron's	25	(d)		11,215		24,883		(1,112	)		(2,314	)		10,103		22,569		32,672		(7,675	)	1957 - 2008	07/17/2013	1 to 49 years
Academy Sports + Outdoors	9	(d)		20,495		51,603		—			76			20,495		51,679		72,174		(8,280	)	1996 - 2015	07/17/2013 - 11/30/2021	9 to 37 years
Accel International	3	(d)		8,691		22,860		—			—			8,691		22,860		31,551		(5,427	)	1990 - 2018	12/17/2014 - 06/03/2021	9 to 30 years
Advance Auto Parts	54	(d)		27,610		49,920		—			(76	)		27,610		49,844		77,454		(14,449	)	1965 - 2008	07/17/2013 - 11/25/2019	4 to 50 years
Advanced Distributor Products	1	(d)		2,134		17,583		—			—			2,134		17,583		19,717		(573	)	2017	01/28/2022	3 to 37 years
Alabama Clinics	1	(d)		695		1,707		—			20			695		1,727		2,422		(458	)	2012	12/21/2016	1 to 40 years
Alaska Club	5	(d)		14,160		46,839		—			—			14,160		46,839		60,999		(8,968	)	1972 - 2006	08/15/2018	10 to 43 years
Albertsons	3	(d)		8,145		10,140		—			(132	)		8,145		10,008		18,153		(3,962	)	1983 - 1998	12/17/2013 - 04/01/2015	15 to 30 years
Alta Material Handling	3	(d)		3,199		7,542		—			—			3,199		7,542		10,741		(311	)	1979 - 2005	03/29/2022	8 to 35 years
Aludyne	8	(d)		7,112		35,843		—			—			7,112		35,843		42,955		(1,612	)	1969 - 2003	02/03/2021 - 09/22/2022	3 to 33 years
AMC Theatres	4	(d)		12,027		44,079		(2,405	)		(8,043	)		9,622		36,036		45,658		(13,756	)	1997 - 2007	06/23/2004 - 07/17/2013	2 to 40 years
America's Service Station	2	(d)		2,157		2,825		—			—			2,157		2,825		4,982		(324	)	2000 - 2011	11/25/2019	10 to 42 years
Amigos United	1	(d)		620		5,415		—			(156	)		620		5,259		5,879		(2,027	)	2000	08/25/2005	40 to 40 years
Amware Fulfillment	1	(d)		1,731		12,990		—			—			1,731		12,990		14,721		(1,402	)	1969	11/10/2020	8 to 25 years
Andy's Frozen Custard	4	(d)		3,081		902		317			3,198			3,398		4,100		7,498		(773	)	1995 - 2019	09/19/2014 - 09/12/2016	13 to 40 years
Ann Taylor / LOFT	2	(d)		16,637		95,965		—			—			16,637		95,965		112,602		—		2014 - 2016	12/06/2022	4 to 29 years
Anytime Fitness	2	(d)		547		1,070		—			—			547		1,070		1,617		(15	)	2014 - 2018	07/28/2022	6 to 52 years
Applebee's	23	(d)		25,368		43,959		—			—			25,368		43,959		69,327		(14,185	)	1990 - 2005	07/17/2013 - 11/25/2019	8 to 40 years
Arby's	12	(d)		6,265		9,685		17			(18	)		6,282		9,667		15,949		(3,040	)	1980 - 2004	07/17/2013 - 11/25/2019	3 to 30 years
Armacell	1	(d)		1,318		17,900		—			—			1,318		17,900		19,218		(1,617	)	2005	11/10/2020	6 to 30 years
Ashley HomeStore (f)	7	(d)		13,582		30,681		(728	)		(3,057	)		12,854		27,624		40,478		(5,442	)	1947 - 2008	07/17/2013 - 07/21/2022	3 to 45 years
At Home (f)	16	(d)		70,855		125,450		—			134			70,855		125,584		196,439		(23,418	)	1965 - 2021	08/01/2016 - 05/26/2022	5 to 44 years
AT&T	1	(d)		2,873		8,252		—			(401	)		2,873		7,851		10,724		(1,690	)	2002	07/17/2013	16 to 48 years
ATC Fitness	1	(d)		1,187		1,817		—			—			1,187		1,817		3,004		(615	)	2014	09/17/2014	15 to 40 years
Auria St. Clair	1	(d)		1,511		6,379		—			—			1,511		6,379		7,890		(1,081	)	1991	01/09/2020	9 to 26 years
Auto Driveaway	1	(d)		2,526		543		—			—			2,526		543		3,069		(64	)	2020	10/11/2022	7 to 53 years
Avalon Flooring	1	(d)		753		3,299		—			—			753		3,299		4,052		(864	)	2006	03/31/2015	11 to 40 years
Bagger Dave's Burger Tavern	2	(d)		1,069		429		—			—			1,069		429		1,498		(148	)	1927 - 1985	11/25/2019	6 to 27 years
Bank of America	1	(d)		13,131		74,628		—			1,312			13,131		75,940		89,071		(7,895	)	1974	09/26/2019	9 to 52 years
Best Buy (f)	9	(d)		21,346		51,864		—			134			21,346		51,998		73,344		(8,571	)	1984 - 2002	07/17/2013 - 06/30/2022	4 to 41 years
Better Being Co.	1	(d)		3,407		46,940		—			—			3,407		46,940		50,347		(417	)	2005	09/26/2022	11 to 30 years
Big Lots (f)	2	(d)		3,498		3,398		—			7,499			3,498		10,897		14,395		(1,227	)	1987 - 1988	07/17/2013 - 05/13/2022	8 to 30 years
Big Sandy Furniture	7	(d)		5,327		18,252		—			24			5,327		18,276		23,603		(4,115	)	1976 - 1998	11/25/2019	3 to 34 years
Binswanger Glass	9	(d)		3,696		14,737		—			—			3,696		14,737		18,433		(242	)	1957 - 1983	08/23/2022	5 to 35 years
BJ's Wholesale Club	11	(d)		58,082		162,530		—			229			58,082		162,759		220,841		(27,524	)	1993 - 2021	07/17/2013 - 08/12/2022	8 to 50 years
Black Box	1	(d)		5,470		24,982		—			—			5,470		24,982		30,452		(887	)	1983	04/29/2022	6 to 26 years
BlueLinx	3	(d)		37,932		71,290		—			52			37,932		71,342		109,274		(8,841	)	1988 - 1996	04/07/2021	7 to 27 years
Bob’s Discount Furniture	1	(d)		3,776		8,024		—			—			3,776		8,024		11,800		(224	)	2008	01/31/2022	7 to 46 years
Books-A-Million	1	(d)		575		2,568		—			(6	)		575		2,562		3,137		(824	)	2001	07/17/2013	7 to 45 years
Boscovs	1	(d)		1,803		4,314		—			—			1,803		4,314		6,117		(1,247	)	1970	11/25/2019	3 to 25 years
Brookshire Brothers	7	(d)		4,397		8,077		—			(589	)		4,397		7,488		11,885		(6,016	)	1971 - 2004	12/01/2005 - 03/31/2014	10 to 30 years
Buffalo Wild Wings	5	(d)		8,282		5,665		—			—			8,282		5,665		13,947		(2,413	)	2003 - 2015	11/05/2014 - 11/25/2019	9 to 40 years
Builders FirstSource	2	(d)		6,280		5,800		—			242			6,280		6,042		12,322		(990	)	1973 - 2005	05/13/2021 - 11/08/2021	3 to 39 years
Burger King	15	(d)		8,939		9,665		—			—			8,939		9,665		18,604		(3,949	)	1976 - 1998	09/29/2006 - 11/25/2019	3 to 34 years
Burlington (f)	1	(d)		5,741		12,303		—			—			5,741		12,303		18,044		(324	)	1966	06/30/2022	6 to 25 years
Caliber Collision	3	(d)		4,587		6,250		—			65			4,587		6,315		10,902		(1,720	)	1986 - 2016	12/28/2016 - 11/25/2019	4 to 50 years
Camping World	7	(d)		22,547		16,301		—			15,957			22,547		32,258		54,805		(9,653	)	2004 - 2016	03/27/2015 - 11/25/2019	9 to 40 years
Car Wash USA Express	21	(d)		13,035		63,614		—			—			13,035		63,614		76,649		(6,880	)	1998 - 2018	09/27/2019	9 to 39 years
CarMax	7	(d)		45,244		48,842		—			(244	)		45,244		48,598		93,842		(12,620	)	1994 - 2005	06/30/2005 - 11/25/2019	6 to 40 years
Chapala	1	(d)		477		139		—			—			477		139		616		(54	)	1998	11/25/2019	3 to 20 years
Charleston's Restaurant	2	(d)		2,620		6,455		—			12			2,620		6,467		9,087		(1,328	)	1992 - 2002	11/25/2019	2 to 20 years
Childcare Network	20	(d)		9,432		18,736		—			36			9,432		18,772		28,204		(6,121	)	1949 - 2016	10/31/2014 - 02/23/2017	4 to 50 years
Childtime	6	(d)		2,106		4,181		—			—			2,106		4,181		6,287		(2,081	)	1974 - 2010	07/17/2013 - 02/19/2015	8 to 40 years

89

SPIRIT REALTY CAPITAL, INC.

Schedule III Real Estate and Accumulated Depreciation

(Amounts in thousands)

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Chili's	3	(d)		2,628		3,337		(735	)		—			1,893		3,337		5,230		(1,281	)	1985 - 1999	07/17/2013	11 to 35 years
Chuck-A-Rama and Grub Steak	12	(d)		8,406		23,314		—			—			8,406		23,314		31,720		(4,123	)	1964 - 2011	01/22/2019	9 to 37 years
Church's Chicken	160	(d)		65,562		77,569		(304	)		(53	)		65,258		77,516		142,774		(37,301	)	1965 - 2007	07/17/2013	3 to 40 years
Cinemark	1	(d)		4,023		10,346		—			52			4,023		10,398		14,421		(1,929	)	2016	02/21/2017	15 to 50 years
Circle K	71	(d)		51,773		85,711		(21	)		—			51,752		85,711		137,463		(42,690	)	1950 - 2005	07/17/2013	3 to 38 years
City Electric Supply	74	(d)		27,568		74,284		31			779			27,599		75,063		102,662		(5,670	)	1935 - 2017	11/30/2020	5 to 48 years
Clean Freak	10	(d)		13,899		16,644		152			3,133			14,051		19,777		33,828		(3,287	)	1970 - 2022	09/29/2016 - 07/07/2022	13 to 50 years
Coastal Construction Products	4	(d)		5,623		10,074		—			33			5,623		10,107		15,730		(610	)	1963 - 2007	03/30/2021 - 03/15/2022	5 to 39 years
Coil Tubing Partners	1	(d)		2,343		4,950		—			—			2,343		4,950		7,293		(84	)	2019	08/23/2022	4 to 43 years
Colbert Packaging	2	(d)		1,835		22,707		—			—			1,835		22,707		24,542		—		1989 - 2015	12/20/2022	5 to 33 years
Columbus Fish Market	1	(d)		2,164		1,165		—			—			2,164		1,165		3,329		(847	)	1960	07/17/2013	9 to 23 years
Conney Safety	1	(d)		1,189		11,451		—			—			1,189		11,451		12,640		(1,724	)	1986	01/09/2020	8 to 23 years
Convergys	1	(d)		808		6,045		(266	)		(1,580	)		542		4,465		5,007		—		2008	07/17/2013	3 to 42 years
Cost-U-Less	1	(d)		2,132		5,992		—			—			2,132		5,992		8,124		(2,133	)	2005	07/17/2013	8 to 37 years
Crash Champions	24	(d)		30,873		43,757		—			5			30,873		43,762		74,635		(2,960	)	1976 - 2004	11/25/2019 - 11/16/2021	7 to 40 years
Crème de la Crème	5	(d)		10,538		18,955		—			61			10,538		19,016		29,554		(2,219	)	2007 - 2009	11/25/2019	7 to 41 years
Crunch Fitness	6	(d)		7,424		21,920		—			3,036			7,424		24,956		32,380		(5,470	)	1993 - 2017	11/29/2016 - 11/25/2019	8 to 44 years
C-Store	233	(d)		162,580		136,269		(649	)		3,464			161,931		139,733		301,664		(66,376	)	1945 - 2011	07/02/2007 - 06/28/2019	8 to 40 years
Curacao (f)	1	(d)		9,470		13,326		(2,049	)		(5,007	)		7,421		8,319		15,740		(1,265	)	1968	12/30/2014	6 to 24 years
Curt Manufacturing	2	(d)		4,582		13,044		—			130			4,582		13,174		17,756		(1,848	)	2009 - 2010	11/13/2020	9 to 29 years
CVS	30	(d)		29,087		82,977		(301	)		(1,424	)		28,786		81,553		110,339		(25,682	)	1994 - 2007	07/17/2013	7 to 43 years
Dairy Queen	4	(d)		2,570		4,333		—			90			2,570		4,423		6,993		(1,255	)	1984 - 2010	02/16/2017	5 to 40 years
Dave & Buster's / Main Event	15	(d)		47,735		85,944		2,161			25,241			49,896		111,185		161,081		(26,548	)	1995 - 2021	09/30/2005 - 03/02/2022	7 to 50 years
David's Bridal (f)	2	(d)		1,461		4,727		—			54			1,461		4,781		6,242		(1,285	)	2005 - 2006	07/17/2013	11 to 48 years
Davis-Standard	2	(d)		3,181		15,331		—			71			3,181		15,402		18,583		(3,562	)	1969 - 1983	10/27/2016	5 to 40 years
Deep Well Services	2	(d)		2,406		5,938		—			—			2,406		5,938		8,344		(89	)	2018 - 2019	08/23/2022	3 to 43 years
Defined Fitness	7	(d)		16,187		35,280		—			6			16,187		35,286		51,473		(7,473	)	1972 - 2020	04/23/2015 - 11/24/2020	14 to 45 years
Defy Trampoline Park (f)	10	(d)		12,493		22,679		521			3,758			13,014		26,437		39,451		(8,016	)	1970 - 2018	09/30/2015 - 08/31/2018	9 to 40 years
Denny's	2	(d)		997		1,409		(24	)		25			973		1,434		2,407		(422	)	1995 - 1996	03/20/2015 - 11/25/2019	8 to 20 years
Dillon Tire	1	(d)		1,144		2,935		—			—			1,144		2,935		4,079		(1,224	)	1972	11/25/2019	2 to 10 years
Direct Shot Distributing	1	(d)		6,447		20,390		—			—			6,447		20,390		26,837		(1,874	)	2020	11/10/2020	6 to 34 years
Dollar General	84	(d)		30,981		71,005		—			70			30,981		71,075		102,056		(17,118	)	1975 - 2021	07/17/2013 - 06/14/2022	5 to 44 years
Dollar Tree / Family Dollar (f)	132	(d)		52,675		102,122		(486	)		(1,426	)		52,189		100,696		152,885		(16,522	)	1921 - 2022	07/17/2013 - 11/30/2022	3 to 50 years
Drive Time	2	(d)		2,158		2,071		—			(46	)		2,158		2,025		4,183		(1,555	)	1968 - 2005	11/25/2014 - 03/11/2015	10 to 40 years
Driver’s Edge	5	(d)		5,737		5,766		—			—			5,737		5,766		11,503		(512	)	1999 - 2017	02/02/2021	11 to 38 years
Duluth Trading Co.	1	(d)		2,776		3,990		—			367			2,776		4,357		7,133		(1,249	)	2007	07/17/2013	10 to 47 years
DWM Holdings, Inc.	1	(d)		2,056		4,198		—			—			2,056		4,198		6,254		(128	)	1967	09/15/2022	7 to 22 years
Eddie Merlot's	1	(d)		1,184		2,776		(885	)		(2,079	)		299		697		996		(107	)	1997	11/25/2019	6 to 22 years
El Chico	1	(d)		1,337		61		(844	)		(39	)		493		22		515		(29	)	1976	11/25/2019	6 to 14 years
Emagine Theaters	13	(d)		31,129		36,424		(419	)		23,260			30,710		59,684		90,394		(16,436	)	1984 - 2013	07/29/2016 - 11/25/2019	3 to 36 years
EMCOR	3	(d)		4,292		8,033		—			—			4,292		8,033		12,325		(372	)	1986 - 2009	04/21/2022 - 06/29/2022	4 to 40 years
Everbrook Academy	4	(d)		5,736		16,195		—			104			5,736		16,299		22,035		(648	)	1996 - 2020	09/30/2021 - 12/22/2021	10 to 44 years
Exceptional Health	3	(d)		4,495		12,652		—			6,648			4,495		19,300		23,795		(3,086	)	2014 - 2016	03/30/2016 - 12/01/2016	16 to 50 years
FABco	2	(d)		10,341		28,364		—			17			10,341		28,381		38,722		(1,624	)	1977 - 2015	12/14/2021	8 to 25 years
Family Fare Supermarket	1	(d)		2,198		3,328		—			(67	)		2,198		3,261		5,459		(1,893	)	1982	12/17/2013	15 to 20 years
Family Medical Center	1	(d)		521		2,589		—			65			521		2,654		3,175		(969	)	1988	08/18/2014	7 to 30 years
Fazoli's	3	(d)		2,186		136		—			—			2,186		136		2,322		(78	)	1982	08/27/2009 - 11/25/2019	7 to 18 years
FedEx	6	(d)		33,331		67,662		631			426			33,962		68,088		102,050		(16,844	)	1996 - 2017	07/17/2013 - 09/29/2020	6 to 44 years
Ferguson Enterprises	7	(d)		19,992		54,454		—			—			19,992		54,454		74,446		(28,930	)	2006 - 2007	07/17/2013	8 to 46 years
FHE	2	(d)		3,236		14,281		—			11			3,236		14,292		17,528		(1,644	)	2007 - 2019	06/28/2019	10 to 45 years
Fiesta Mart (f)	1	(d)		3,975		—		—			—			3,975		—		3,975		—		(e)	07/17/2013	(e)
Finish Line Car Wash	1	(d)		1,565		4,051		—			19			1,565		4,070		5,635		(240	)	2013	09/28/2021	13 to 36 years
Fire King	1	(d)		941		5,078		—			65			941		5,143		6,084		(632	)	1977	12/20/2019	9 to 30 years
Flowers Foods	1	(d)		262		1,607		—			—			262		1,607		1,869		(27	)	1975	08/30/2022	6 to 25 years

90

SPIRIT REALTY CAPITAL, INC.

Schedule III Real Estate and Accumulated Depreciation

(Amounts in thousands)

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Food City	3	(d)		4,591		15,150		—			—			4,591		15,150		19,741		(5,104	)	1969 - 2001	09/30/2014	10 to 40 years
Food Lion	1	(d)		696		5,402		—			—			696		5,402		6,098		(1,543	)	1988	09/30/2014	10 to 40 years
Forum Energy Technologies	4	(d)		7,287		27,306		—			—			7,287		27,306		34,593		—		1979 - 2014	11/29/2022	10 to 33 years
Fox Rehabilitation Services	1	(d)		4,078		6,076		—			—			4,078		6,076		10,154		(2,019	)	1998	11/23/2016	9 to 30 years
Freddy's Frozen Custard & Steakburgers	1	(d)		594		1,196		—			—			594		1,196		1,790		(199	)	2016	06/28/2019	8 to 34 years
Fresenius Medical Care	1	(d)		482		1,139		—			(91	)		482		1,048		1,530		(368	)	2008	08/18/2014	7 to 22 years
General Aluminum Mfg. Company (f)	1	(d)		2,124		10,152		—			—			2,124		10,152		12,276		(401	)	1963	02/04/2022	7 to 27 years
Georgia Theatre	4	(d)		9,034		33,747		—			—			9,034		33,747		42,781		(8,395	)	2001 - 2010	12/30/2014	15 to 40 years
Golden Corral	10	(d)		12,453		29,986		—			—			12,453		29,986		42,439		(5,249	)	1993 - 2011	07/17/2013 - 06/28/2022	5 to 35 years
Gourmet Foods	2	(d)		6,224		8,369		—			—			6,224		8,369		14,593		(1,100	)	1958 - 1986	10/11/2019	8 to 35 years
GQT Riverview 14 GDX	1	(d)		4,970		4,014		—			8,907			4,970		12,921		17,891		(2,268	)	2016	11/05/2015	12 to 50 years
Grease Monkey	29	(d)		8,374		15,376		—			—			8,374		15,376		23,750		(9,507	)	1968 - 1998	09/07/2007 - 11/25/2019	6 to 40 years
Great Western Leasing & Sales	1	(d)		2,114		5,251		—			—			2,114		5,251		7,365		—		2001	12/19/2022	9 to 24 years
GTA Containers	1	(d)		3,064		9,343		—			—			3,064		9,343		12,407		(305	)	2009	02/16/2022	13 to 38 years
GXO Logistics (f)	1	(d)		3,755		37,271		—			—			3,755		37,271		41,026		(1,254	)	2002	01/19/2022	4 to 32 years
H&E Equipment Services	1	(d)		1,790		1,267		—			—			1,790		1,267		3,057		(954	)	2014	09/30/2014	11 to 30 years
Hardee's	34	(d)		13,901		18,960		—			—			13,901		18,960		32,861		(10,809	)	1969 - 1999	12/21/2012 - 11/25/2019	5 to 30 years
Harley Davidson	1	(d)		908		4,691		—			—			908		4,691		5,599		(142	)	2000	05/11/2022	6 to 30 years
Hartford Provision Company	1	(d)		1,590		6,774		—			632			1,590		7,406		8,996		(3,046	)	1982	05/05/2015	7 to 20 years
Hatch Stamping	3	(d)		2,411		9,705		—			—			2,411		9,705		12,116		(2,005	)	1975 - 2001	06/17/2019	6 to 25 years
Havana Farm and Home Supply	1	(d)		526		813		—			(32	)		526		781		1,307		(528	)	2000	05/31/2006	15 to 30 years
Health Point Family Medicine	1	(d)		159		1,124		—			(24	)		159		1,100		1,259		(290	)	2012	08/18/2014	15 to 40 years
Hobby Lobby (f)	2	(d)		8,941		17,280		—			128			8,941		17,408		26,349		(3,199	)	2006 - 2021	07/17/2013 - 02/04/2022	4 to 50 years
Home Depot (f)	8	(c), (d)		59,098		67,982		13			535			59,111		68,517		127,628		(26,382	)	1978 - 2003	07/17/2013 - 06/28/2021	1 to 33 years
HomTex	5	(d)		5,307		21,799		—			—			5,307		21,799		27,106		(434	)	1960 - 1989	06/30/2022 - 10/04/2022	6 to 29 years
Hy-Vee Food Store (f)	1	(d)		648		379		—			(100	)		648		279		927		(405	)	1974	05/31/2006	15 to 20 years
IBM	1	(d)		3,154		19,715		—			12,816			3,154		32,531		35,685		(7,401	)	1989	08/02/2017	5 to 30 years
In-Shape	2	(d)		3,146		7,985		—			2,244			3,146		10,229		13,375		(3,184	)	1964 - 2001	12/05/2014 - 09/04/2015	10 to 30 years
Insurance Auto Auction	3	(d)		15,741		3,162		—			—			15,741		3,162		18,903		(3,644	)	2012 - 2020	09/11/2018 - 11/30/2020	7 to 35 years
Interstate Resources	1	(d)		1,084		5,507		—			1,359			1,084		6,866		7,950		(2,687	)	1999	07/17/2013	8 to 26 years
Invited Clubs	21	(d)		153,144		48,864		—			4,492			153,144		53,356		206,500		(15,263	)	1959 - 2008	07/19/2021 - 09/27/2022	4 to 39 years
J. Jill	1	(d)		7,420		19,608		—			—			7,420		19,608		27,028		(11,255	)	1998	07/17/2013	8 to 25 years
Jiffy Lube	17	(d)		14,478		17,335		—			1,448			14,478		18,783		33,261		(3,154	)	1985 - 2002	03/19/2013 - 12/09/2021	9 to 43 years
Jo-Ann's (f)	3	(d)		5,425		8,958		151			376			5,576		9,334		14,910		(3,430	)	1998 - 2000	07/17/2013	7 to 43 years
KFC	18	(d)		9,506		12,023		109			118			9,615		12,141		21,756		(5,019	)	1966 - 2016	10/03/2011 - 12/23/2020	10 to 40 years
KinderCare	1	(d)		870		2,912		—			—			870		2,912		3,782		(80	)	2007	06/30/2022	5 to 30 years
King’s Daughters Medical Center	1	(d)		658		3,171		—			—			658		3,171		3,829		(988	)	2013	08/18/2014	9 to 40 years
Kiolbassa	2	(d)		4,088		9,105		—			2,122			4,088		11,227		15,315		(937	)	2004 - 2007	05/07/2020	8 to 30 years
Kohl's	15	(d)		42,634		85,795		200			743			42,834		86,538		129,372		(21,262	)	1994 - 2008	07/17/2013 - 06/16/2022	5 to 46 years
Kroger	1	(d)		972		8,435		—			(28	)		972		8,407		9,379		(3,650	)	1998	07/17/2013	9 to 25 years
L-3 Link Simulation & Training	1	(d)		1,133		9,908		—			16			1,133		9,924		11,057		(545	)	1985	06/17/2021	8 to 40 years
LA Fitness	7	(d)		21,371		51,561		(7,680	)		(10,901	)		13,691		40,660		54,351		(10,290	)	1999 - 2009	07/17/2013 - 11/25/2019	1 to 43 years
Lamb's/Ramona Tire	5	(d)		5,598		5,224		—			—			5,598		5,224		10,822		(672	)	1975 - 2012	09/27/2019	9 to 36 years
La-Z-Boy	8	(d)		13,026		36,142		(1,374	)		(2,794	)		11,652		33,348		45,000		(2,866	)	1987 - 2006	07/17/2013 - 07/25/2022	4 to 45 years
Lee's Famous Recipe Chicken	5	(d)		1,506		1,352		—			—			1,506		1,352		2,858		(625	)	1970 - 1988	08/21/2015	15 to 30 years
Levin Furniture	1	(d)		2,042		3,808		—			—			2,042		3,808		5,850		(160	)	1991	06/07/2022	9 to 28 years
Liberty Oilfield Services	2	(d)		4,760		10,281		—			—			4,760		10,281		15,041		(3,171	)	1977 - 2001	12/30/2014	15 to 50 years
Life Time Fitness	12	(d)		99,585		308,399		—			173			99,585		308,572		408,157		(25,997	)	2002 - 2021	08/30/2018 - 05/13/2022	6 to 55 years
Lincoln Manufacturing	4	(d)		7,411		10,150		—			—			7,411		10,150		17,561		(252	)	1972 - 2012	11/15/2022	1 to 34 years
Logan's Roadhouse	2	(d)		2,553		4,074		(1,822	)		(2,941	)		731		1,133		1,864		(221	)	1996 - 2007	07/17/2013	5 to 34 years
Long John Silver's / A&W	1	(d)		1,329		—		—			—			1,329		—		1,329		—		(e)	07/17/2013	(e)
Look Cinemas	3	(d)		8,657		47,880		—			8,898			8,657		56,778		65,435		(13,564	)	1997 - 2000	09/30/2015	15 to 30 years
Lowe's (f)	5	(d)		39,205		37,533		(7,896	)		(6,216	)		31,309		31,317		62,626		(13,206	)	1991 - 1998	07/17/2013	8 to 36 years
Lutheran Health Physicians	1	(d)		220		278		68			(30	)		288		248		536		(168	)	2007	08/18/2014	10 to 20 years

91

SPIRIT REALTY CAPITAL, INC.

Schedule III Real Estate and Accumulated Depreciation

(Amounts in thousands)

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
MAACO	3	(d)		2,501		2,815		(759	)		(63	)		1,742		2,752		4,494		(687	)	1950 - 1999	03/31/2017	6 to 30 years
Mac Papers + Packaging	12	(d)		14,377		63,823		—			—			14,377		63,823		78,200		(6,448	)	1956 - 2016	03/12/2020 - 08/07/2020	6 to 46 years
Malibu Boats	2	(d)		4,644		13,911		—			—			4,644		13,911		18,555		(8,386	)	1992 - 1998	03/31/2008	15 to 30 years
Market Street	2	(d)		3,559		10,834		(10	)		(775	)		3,549		10,059		13,608		(6,115	)	1997 - 1999	05/23/2005	20 to 40 years
Mattress Firm	1	(d)		596		872		—			216			596		1,088		1,684		(461	)	1998	07/17/2013	9 to 45 years
Michael's (f)	1	(d)		1,114		6,726		—			—			1,114		6,726		7,840		(2,746	)	2002	07/17/2013	9 to 49 years
Milo's	9	(d)		5,260		7,074		—			475			5,260		7,549		12,809		(3,405	)	1977 - 2008	03/29/2013 - 11/25/2019	8 to 29 years
Mister Car Wash	22	(d)		41,796		48,845		536			285			42,332		49,130		91,462		(16,466	)	1956 - 2016	05/15/2013 - 11/16/2021	3 to 40 years
Mojo Grill	1	(d)		619		236		—			500			619		736		1,355		(178	)	1996	10/26/2018	8 to 23 years
Monterey's Tex Mex	1	(d)		818		670		—			—			818		670		1,488		(147	)	1988	11/25/2019	3 to 23 years
Mountainside Fitness	1	(d)		1,687		2,935		—			264			1,687		3,199		4,886		(406	)	2002	11/25/2019	3 to 35 years
MPI	4	(d)		2,212		15,217		—			—			2,212		15,217		17,429		(472	)	1963 - 2009	03/29/2022	5 to 34 years
Mr. Clean/Jiffy Lube	2	(d)		4,964		3,351		—			—			4,964		3,351		8,315		(546	)	1996 - 1998	09/11/2019	10 to 30 years
NextCare Urgent Care	1	(d)		271		728		—			—			271		728		999		(218	)	1985	08/18/2014	8 to 40 years
NN, Inc.	1	(d)		3,595		21,969		—			122			3,595		22,091		25,686		(746	)	2019	12/29/2021	12 to 39 years
Northern Tool & Equipment	1	(d)		1,728		3,437		—			—			1,728		3,437		5,165		(1,117	)	2006	07/17/2013	8 to 43 years
NWN Carousel	1	(d)		1,136		7,989		—			—			1,136		7,989		9,125		—		1970	12/28/2022	10 to 33 years
Off Lease Only	5	(d)		65,556		38,688		—			1,989			65,556		40,677		106,233		(5,011	)	1988 - 2021	09/09/2020 - 05/13/2022	14 to 45 years
Office Depot (f)	6	(d)		5,561		14,526		—			288			5,561		14,814		20,375		(4,605	)	1999 - 2009	07/17/2013	8 to 47 years
Ojos Locos Sports Cantina	1	(d)		1,725		1,470		—			—			1,725		1,470		3,195		(532	)	2014	04/15/2015	15 to 30 years
Old Time Pottery	3	(d)		6,071		12,093		(506	)		(1,516	)		5,565		10,577		16,142		(5,117	)	1985 - 1994	07/17/2013 - 05/08/2015	3 to 20 years
Ollie's (f)	1	(d)		3,417		3,524		—			—			3,417		3,524		6,941		—		1988	11/22/2022	5 to 45 years
O'Reilly Auto Parts	1	(d)		161		—		—			—			161		—		161		—		(e)	11/25/2019	(e)
Party City	3	(d)		11,849		116,669		—			—			11,849		116,669		128,518		(11,132	)	1991 - 2015	06/28/2019	9 to 42 years
Pawn I	2	(d)		1,440		3,684		—			—			1,440		3,684		5,124		(767	)	1994 - 2009	07/31/2015	15 to 50 years
Pep Boys	11	(d)		14,491		30,461		(1,936	)		(5,997	)		12,555		24,464		37,019		(7,163	)	1987 - 1998	07/17/2013	1 to 41 years
PetSmart	3	(d)		4,247		10,208		—			—			4,247		10,208		14,455		(3,110	)	1996 - 1997	07/17/2013	8 to 44 years
PetSuites Pet Resort & Spa	1	(d)		1,563		2,679		—			—			1,563		2,679		4,242		(375	)	2018	03/29/2019	19 to 35 years
Pioneer Seeds	1	(d)		870		6,961		—			29			870		6,990		7,860		(1,367	)	2016	12/16/2016	9 to 40 years
Planet Fitness	3	(d)		2,704		5,612		—			22			2,704		5,634		8,338		(2,154	)	1978 - 1988	09/30/2014 - 04/15/2016	8 to 30 years
Popeye's Chicken & Biscuits	7	(d)		3,793		5,495		—			—			3,793		5,495		9,288		(1,656	)	1975 - 2004	11/25/2019	4 to 19 years
PowerHome Solar	1	(d)		894		3,733		(429	)		(1,800	)		465		1,933		2,398		—		1975	06/23/2022	7 to 27 years
Progressive Medical Center	1	(d)		1,061		4,556		—			22			1,061		4,578		5,639		(906	)	1988	10/27/2016	2 to 40 years
Quartz Health Solutions (f)	1	(d)		2,252		15,544		—			—			2,252		15,544		17,796		—		2009	12/20/2022	5 to 32 years
Rally's	1	(d)		160		693		(1	)		(4	)		159		689		848		(208	)	1990	11/25/2019	6 to 12 years
Raymour & Flanigan Furniture	2	(d)		2,825		19,295		—			25			2,825		19,320		22,145		(2,022	)	1978 - 2005	11/25/2019	7 to 43 years
Red Lobster	22	(d)		21,559		35,043		—			—			21,559		35,043		56,602		(10,981	)	1971 - 2009	12/23/2014 - 12/22/2016	11 to 40 years
Red Mesa Grill	3	(d)		947		3,140		—			—			947		3,140		4,087		(873	)	1997 - 2004	11/09/2015	15 to 30 years
Regal Cinemas	8	(d)		22,833		40,156		(6,080	)		(788	)		16,753		39,368		56,121		(11,077	)	1995 - 2006	12/30/2014 - 11/23/2016	1 to 40 years
Renaissance Food	1	(d)		3,203		8,089		—			324			3,203		8,413		11,616		(990	)	2016	12/03/2019	11 to 38 years
Repair One	1	(d)		574		1,349		—			—			574		1,349		1,923		(196	)	1997	11/25/2019	10 to 25 years
Residence Inn by Marriott	1	(d)		4,627		28,368		—			4,729			4,627		33,097		37,724		(3,324	)	2006	03/28/2019	11 to 40 years
Rite Aid	11	(d)		9,115		25,899		(378	)		(1,057	)		8,737		24,842		33,579		(7,518	)	1993 - 2006	07/17/2013	4 to 43 years
Ross (f)	1	(d)		2,631		7,710		—			301			2,631		8,011		10,642		(2,447	)	2006	07/17/2013	11 to 43 years
Ruth's Chris Steakhouse	2	(d)		3,558		3,428		—			—			3,558		3,428		6,986		(1,386	)	1964 - 2000	07/17/2013	10 to 30 years
Ryerson	8	(d)		13,674		46,403		(140	)		708			13,534		47,111		60,645		(9,182	)	1935 - 2002	12/20/2019	4 to 27 years
Sagebrush	2	(d)		1,514		4,759		—			49			1,514		4,808		6,322		(560	)	1987 - 1993	11/23/2020	7 to 23 years
Saisaki Asian Bistro and Sushi	1	(d)		1,184		311		—			—			1,184		311		1,495		(462	)	1995	06/25/2004	10 to 25 years
Saltgrass	1	(d)		1,934		1,456		—			—			1,934		1,456		3,390		(312	)	1998	11/25/2019	7 to 20 years
Same Day Delivery	1	(d)		2,287		4,469		(1,369	)		(2,277	)		918		2,192		3,110		(741	)	2001	07/17/2013	4 to 30 years
Sam's Club (f)	2	(d)		12,609		16,182		295			541			12,904		16,723		29,627		(12,193	)	1991 - 1993	07/17/2013	5 to 21 years
Serrano's Mexican Restaurant	2	(d)		1,031		2,161		—			—			1,031		2,161		3,192		(774	)	1990 - 2004	06/14/2013	15 to 40 years
Sheffield Pharmaceuticals	1	(d)		627		4,767		—			324			627		5,091		5,718		(1,171	)	1975	06/30/2016	4 to 30 years
Shiloh Industries	3	(d)		10,350		26,362		—			22			10,350		26,384		36,734		(2,815	)	1987 - 2014	02/03/2021 - 08/04/2021	6 to 54 years

92

SPIRIT REALTY CAPITAL, INC.

Schedule III Real Estate and Accumulated Depreciation

(Amounts in thousands)

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Shooters World	2	(d)		4,238		15,646		390			5,508			4,628		21,154		25,782		(2,720	)	1990 - 2018	06/05/2015 - 01/26/2018	13 to 45 years
Shutterfly	1	(d)		7,867		24,085		—			—			7,867		24,085		31,952		(1,853	)	2020	09/15/2020	10 to 45 years
Silgan Closures	1	(d)		1,789		6,634		—			—			1,789		6,634		8,423		(244	)	1980	03/03/2022	7 to 36 years
Skyline Chili	2	(d)		1,437		1,073		—			—			1,437		1,073		2,510		(280	)	1998	11/25/2019	8 to 18 years
Slim Chickens	2	(d)		1,687		2,122		—			—			1,687		2,122		3,809		(499	)	2013 - 2015	03/31/2015 - 11/25/2019	7 to 40 years
Smokey Bones Barbecue & Grill	13	(d)		18,287		10,375		(350	)		(261	)		17,937		10,114		28,051		(8,447	)	1972 - 2006	12/31/2007	15 to 40 years
Smoothie King	1	(d)		208		302		—			(2	)		208		300		508		(175	)	2007	07/17/2013	13 to 24 years
Sonic Drive-In	39	(d)		23,233		17,930		—			—			23,233		17,930		41,163		(7,586	)	1976 - 2010	09/17/2013 - 06/24/2022	2 to 30 years
Sonny's BBQ	8	(d)		10,665		9,510		—			1,117			10,665		10,627		21,292		(2,448	)	1984 - 2006	12/28/2016 - 06/09/2017	6 to 40 years
Southern Theatres	2	(d)		10,335		13,237		—			2,500			10,335		15,737		26,072		(5,522	)	1999 - 2000	09/25/2014	15 to 30 years
Southwest Airlines	1	(d)		5,342		14,369		—			—			5,342		14,369		19,711		(530	)	2007	03/14/2022	9 to 35 years
Specialists in Urology	9	(d)		7,469		32,725		(231	)		(680	)		7,238		32,045		39,283		(9,542	)	1978 - 2012	08/30/2012 - 03/31/2016	9 to 50 years
Sportsman's Warehouse	10	(d)		22,470		50,539		—			7			22,470		50,546		73,016		(15,292	)	1991 - 2019	10/15/2012 - 06/28/2022	7 to 50 years
Staples	7	(d)		5,652		18,091		—			(22	)		5,652		18,069		23,721		(4,691	)	1998 - 2006	07/17/2013 - 04/07/2022	8 to 48 years
Starbucks	4	(d)		1,692		2,586		—			(15	)		1,692		2,571		4,263		(1,126	)	2007	07/17/2013	10 to 39 years
Stater Bros. Markets	1	(d)		1,569		4,271		—			(58	)		1,569		4,213		5,782		(1,580	)	1983	12/17/2013	15 to 30 years
Strickland Brothers	22	(d)		12,382		13,457		12			414			12,394		13,871		26,265		(606	)	1983 - 2018	12/07/2021 - 12/22/2021	5 to 39 years
Studio Movie Grill	1	(d)		2,930		7,616		—			267			2,930		7,883		10,813		(1,774	)	1987	03/15/2017	10 to 40 years
SunOpta	1	(d)		4,127		3,866		3,471			55,837			7,598		59,703		67,301		(252	)	2022	08/13/2021	20 to 50 years
Surf's Up Car Wash	16	(d)		31,245		64,259		—			184			31,245		64,443		95,688		(2,691	)	2008 - 2022	10/06/2021 - 05/18/2022	11 to 40 years
Taco Bell	3	(d)		1,343		2,642		—			(12	)		1,343		2,630		3,973		(1,022	)	1992 - 2012	03/29/2013 - 07/17/2013	7 to 35 years
Taco Bell / KFC	1	(d)		389		1,425		—			(6	)		389		1,419		1,808		(563	)	2000	07/17/2013	10 to 30 years
Taco Bueno	19	(d)		12,789		14,826		—			(52	)		12,789		14,774		27,563		(4,771	)	1977 - 2005	06/30/2016 - 11/25/2019	8 to 30 years
Ted's Cafe Escondido	2	(d)		2,968		4,554		—			—			2,968		4,554		7,522		(913	)	2006 - 2013	11/25/2019	7 to 20 years
Terra Mulch Products	1	(d)		1,356		5,406		—			—			1,356		5,406		6,762		(1,963	)	2006	05/11/2015	10 to 30 years
Tesla	1	(d)		1,893		6,154		—			85			1,893		6,239		8,132		(468	)	1980	12/22/2020	10 to 35 years
Texas Corral	1	(d)		549		752		—			—			549		752		1,301		(430	)	2006	12/21/2007	15 to 50 years
Texas Roadhouse	1	(d)		1,214		1,412		—			—			1,214		1,412		2,626		(209	)	2005	11/25/2019	5 to 33 years
The Children's Courtyard	1	(d)		334		2,146		—			12			334		2,158		2,492		(436	)	2003	03/31/2017	15 to 30 years
The Gerson Company	1	(d)		6,381		30,134		—			161			6,381		30,295		36,676		(1,676	)	1960	12/09/2021	10 to 27 years
The Toledo Hospital	1	(d)		728		3,440		—			—			728		3,440		4,168		(1,429	)	2002	08/18/2014	9 to 30 years
TI Group Automotive	1	(d)		3,939		7,950		—			—			3,939		7,950		11,889		(1,181	)	2005	11/19/2020	9 to 32 years
Tire Warehouse	1	(d)		695		944		—			12			695		956		1,651		(188	)	1993	11/25/2019	5 to 22 years
TJ Maxx (f)	1	(d)		578		2,063		—			358			578		2,421		2,999		(1,445	)	1988	07/17/2013	5 to 20 years
Topgolf	2	(d)		9,337		9,595		3,450			6,572			12,787		16,167		28,954		(2,474	)	2018	12/10/2018 - 10/28/2022	11 to 45 years
Tower Automotive	1	(d)		5,344		28,900		—			—			5,344		28,900		34,244		(3,992	)	1990	01/28/2020	9 to 30 years
Tractor Supply	20	(c), (d)		22,622		37,122		575			(108	)		23,197		37,014		60,211		(18,480	)	1975 - 2011	07/17/2013 - 11/13/2015	2 to 48 years
Trilogy Plastics	2	(d)		2,770		9,875		—			—			2,770		9,875		12,645		(347	)	1953 - 2005	05/24/2022	6 to 22 years
Trinity Highway Products	3	(d)		14,314		50,948		—			321			14,314		51,269		65,583		(2,317	)	1940 - 1992	12/31/2021	10 to 39 years
Truck-Lite	3	(d)		7,413		21,598		—			—			7,413		21,598		29,011		(1,591	)	1985 - 2020	05/27/2021	7 to 54 years
Tupperware	1	(d)		17,283		19,024		—			13			17,283		19,037		36,320		(1,412	)	2007	04/23/2021	10 to 35 years
Tutor Time	4	(d)		2,790		6,978		—			(33	)		2,790		6,945		9,735		(1,131	)	1985 - 2008	07/17/2013 - 12/29/2021	5 to 36 years
Twin Peaks	1	(d)		1,112		—		—			—			1,112		—		1,112		—		(e)	11/25/2019	(e)
Twin Tiers Eye Care	6	(d)		912		8,750		—			—			912		8,750		9,662		(2,488	)	1970 - 2002	04/30/2015	15 to 30 years
United Ag & Turf	10	(d)		5,130		12,405		—			—			5,130		12,405		17,535		(1,442	)	1975 - 2020	01/28/2020 - 09/14/2022	6 to 40 years
United Supermarkets	6	(d)		8,332		10,703		—			(696	)		8,332		10,007		18,339		(4,211	)	1988 - 1999	05/23/2005 - 08/29/2011	15 to 40 years
Universal Tax Systems (f)	1	(d)		3,560		23,583		—			4,709			3,560		28,292		31,852		(6,217	)	1996	07/17/2013	8 to 45 years
Vacant	2	(d)		2,260		24,457		(967	)		(16,410	)		1,293		8,047		9,340		(1,111	)	1989 - 2004	07/17/2013 - 08/02/2017	5 to 40 years
Valley Surgical Center	1	(d)		363		3,726		—			—			363		3,726		4,089		(937	)	2009	08/18/2014	14 to 40 years
Value City Furniture	1	(d)		1,465		6,860		—			—			1,465		6,860		8,325		(323	)	1986	01/18/2022	7 to 27 years
VASA Fitness	5	(d)		12,105		28,454		—			110			12,105		28,564		40,669		(3,674	)	1988 - 2000	11/20/2015 - 06/28/2022	8 to 45 years
Verizon	1	(d)		343		152		—			(2	)		343		150		493		(183	)	2007	07/17/2013	10 to 24 years
Virgin Parking Garage	1	(d)		3,375		9,040		—			—			3,375		9,040		12,415		(171	)	2019	03/03/2022	15 to 44 years
Walgreens (f)	34	(d)		36,749		138,327		—			(63	)		36,749		138,264		175,013		(36,439	)	1994 - 2009	07/17/2013 - 09/27/2022	3 to 45 years

93

SPIRIT REALTY CAPITAL, INC.

Schedule III Real Estate and Accumulated Depreciation

(Amounts in thousands)

				Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)		Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Walmart	3		(d)		4,009		4,577		—			(13	)		4,009		4,564		8,573		(3,255	)	1987 - 1991	07/17/2013 - 01/08/2019	7 to 22 years
Warrior Manufacturing	1		(d)		2,518		10,195		—			37			2,518		10,232		12,750		(478	)	2007	12/16/2021	14 to 30 years
Way Interglobal	1		(d)		7,996		50,626		—			—			7,996		50,626		58,622		(295	)	2022	11/15/2022	9 to 40 years
Weatherford	1		(d)		10,082		21,477		—			—			10,082		21,477		31,559		(1,229	)	2011	03/25/2022	5 to 32 years
Wendy's	1		(d)		336		773		—			—			336		773		1,109		(138	)	1985	11/25/2019	9 to 21 years
Whirlpool	1		(d)		10,183		23,664		—			—			10,183		23,664		33,847		(2,463	)	2020	11/10/2020	5 to 31 years
Winco Foods	1		(d)		3,108		12,817		—			(16	)		3,108		12,801		15,909		(3,757	)	1960	07/17/2013	9 to 40 years
Winsteads	1		(d)		607		123		—			—			607		123		730		(64	)	2009	11/25/2019	7 to 21 years
Worthington Steel	2		(d)		7,303		29,831		—			—			7,303		29,831		37,134		(2,494	)	1997 - 2005	06/08/2021	9 to 35 years
Yard House	1		(d)		1,370		8,260		(29	)		21			1,341		8,281		9,622		(811	)	2013	11/25/2019	3 to 35 years
Yoke's Fresh Market	2		(d)		5,518		9,882		—			—			5,518		9,882		15,400		(3,041	)	1999 - 2008	03/11/2015 - 03/12/2015	15 to 30 years
Zaxby's	3		(d)		2,259		4,964		(69	)		—			2,190		4,964		7,154		(1,484	)	2006 - 2010	07/01/2015 - 09/17/2015	15 to 30 years
Zips Car Wash	39		(d)		51,457		85,255		—			20,374			51,457		105,629		157,086		(8,014	)	2001 - 2021	09/30/2015 - 08/04/2022	9 to 44 years
		2,097			2,774,221		5,725,590		(33,971	)		166,527			2,740,250		5,892,117		8,632,367		(1,211,061	)

(a)As of December 31, 2022, the Company held one direct finance lease property and 17 held for sale properties that are not included in the table above.

(b)The aggregate cost of properties for federal income tax purposes is approximately $7.9 billion at December 31, 2022.

(c)Includes one property collateralized with fixed CMBS debt. See Note 4 for further details.

(d)Includes unencumbered properties.

(e)Represents land only properties with no depreciation and therefore date of construction and estimated life for depreciation not applicable.

(f)Includes one or more property where tenant is anchor tenant by rent in a multi-tenant property.

	2022			2021			2020
Land, buildings, and improvements
Balance at the beginning of the year	$	7,478,918		$	6,392,596		$	5,750,507
Additions:
Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases		1,497,363			1,177,140			842,891
Deductions:
Dispositions of land, buildings, and improvements		(198,280	)		(38,390	)		(50,853	)
Reclassifications to held for sale		(93,331	)		(17,047	)		(69,573	)
Impairments, basis reset due to impairment and other adjustments		(52,303	)		(35,381	)		(80,376	)
Gross Real Estate Balance at close of the year	$	8,632,367		$	7,478,918		$	6,392,596
Accumulated depreciation and amortization
Balance at the beginning of the year	$	(1,033,391	)	$	(850,320	)	$	(717,097	)
Additions:
Depreciation expense and reclassifications from held for sale		(248,858	)		(205,881	)		(177,268	)
Deductions:
Dispositions of land, buildings, and improvements and other adjustments		52,420			21,952			38,723
Reclassifications to held for sale		18,768			858			5,322
Balance at close of the year	$	(1,211,061	)	$	(1,033,391	)	$	(850,320	)
Net Real Estate Investment	$	7,421,306		$	6,445,527		$	5,542,276

94

SPIRIT REALTY CAPITAL, INC.

Schedule IV

Mortgage Loans on Real Estate

As of December 31, 2022

(In thousands)

	2022		2021		2020
Reconciliation of Mortgage Loans on Real Estate
Balance January 1,	$	—	$	—	$	32,654
Deductions during period
Collections of principal		—		—		(31,733	)
Amortization of premium		—		—		(921	)
Mortgage loans receivable December 31,		—		—		—
Other loans receivable		23,023		10,450		—
Total loans receivable	$	23,023	$	10,450	$	—

95

SIGNATURES

Pursuant to the requirements of Section 13 or 14(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.

SPIRIT REALTY CAPITAL, INC. (Registrant)
By:	/s/ Prakash J. Parag
Name:	Prakash J. Parag
Title:	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

Date: February 28, 2023

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below does hereby constitute and appoint Jackson Hsieh, Michael Hughes, Prakash J. Parag, Jay Young, and Rochelle Thomas, and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, the Form 10-K filed herewith and any and all amendments to said Form 10-K, and generally to do all such things in our names and in our capacities as officers and directors to enable Spirit Realty Capital, Inc. to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the Securities and Exchange Commission in connection therewith, hereby ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said Form 10-K and any and all amendments thereto.

Pursuant to the requirements of the Securities and Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Name	Title	Date
/s/ Jackson Hsieh	President, Chief Executive Officer and Director (Principal Executive Officer)	February 28, 2023
/s/ Michael Hughes	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	February 28, 2023
/s/ Prakash J. Parag	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 28, 2023
/s/ Kevin M. Charlton	Director	February 28, 2023
/s/ Elizabeth F. Frank	Director	February 28, 2023
/s/ Michelle M. Frymire	Director	February 28, 2023
/s/ Kristian M. Gathright	Director	February 28, 2023
/s/ Richard I. Gilchrist	Director	February 28, 2023
/s/ Diana M. Laing	Director	February 28, 2023
/s/ Nicholas P. Shepherd	Director	February 28, 2023
/s/ Thomas J. Sullivan	Director	February 28, 2023

96

EX-21

Exhibit 21.1

List of Subsidiaries of Spirit Realty Capital, Inc. as of December 31, 2022

Name of Subsidiary	State of Incorporation or Formation
Carbonite Merger Sub LLCC	Maryland
Conwa Equity II, LLC	Delaware
Conwa Property II, LLC	Delaware
FRIS CHKN, LLC	Delaware
Spirit AA Columbia Heights MN, LLC	Delaware
Spirit AA Duluth MN, LLC	Delaware
Spirit AA Fergus Falls MN, LLC	Delaware
Spirit AA Grand Forks ND, LLC	Delaware
Spirit AA Holland MI, LLC	Delaware
Spirit AA Holland Township MI, LLC	Delaware
Spirit AA Zeeland MI, LLC	Delaware
Spirit AF Amarillo TX, LLC	Delaware
Spirit AH St. John MO, LLC	Delaware
Spirit AP Portfolio I, LLC	Delaware
Spirit AP Portfolio II, LLC	Delaware
Spirit AP Portfolio III, LLC	Delaware
Spirit AS Baton Rouge LA, LLC	Delaware
Spirit AS Macon GA, LLC	Delaware
Spirit AS Richland Hills TX, LLC	Delaware
Spirit AT 3205 Bassett CA, LP	Arizona
Spirit BB Evanston IL, LLC	Delaware
Spirit BB Las Cruces NM, LLC	Arizona
Spirit BB Wichita KS, LLC	Delaware
Spirit BD Rapid City SD, LLC	Delaware
Spirit BD Reading PA, LLC	Delaware
Spirit BJ Ft. Lauderdale FL, LLC	Delaware
Spirit BJ Haverhill MA, LLC	Delaware
Spirit BK SMF SPE, LLC	Delaware
Spirit CC Aurora CO, LLC	Delaware
Spirit CH Fredericksburg TX, LLC	Delaware
Spirit CH Paris TX, LP	Delaware
Spirit CH Tilton NH, LLC	Delaware
Spirit CK Portfolio I, LLC	Delaware
Spirit CK Portfolio II, LLC	Delaware
Spirit CK Portfolio III, LLC	Delaware
Spirit CK Portfolio IV, LLC	Delaware
Spirit CK Portfolio V, LLC	Delaware
Spirit CK Portfolio VI, LLC	Delaware
Spirit CK Portfolio VII, LLC	Delaware
Spirit CK Portfolio VIII, LLC	Delaware

Name of Subsidiary	State of Incorporation or Formation
Spirit CL St. Croix USVI, LLC	Delaware
Spirit CS Las Cruces NM, LLC	Delaware
Spirit CV Amarillo TX, LLC	Delaware
Spirit CV Azle TX, LLC	Delaware
Spirit CV Clinton NY, LLC	New York
Spirit CV Columbia TN I, LLC	Delaware
Spirit CV Columbia TN II, LLC	Delaware
Spirit CV Del City OK, LLC	Delaware
Spirit CV Fairview Township PA, LLC	Delaware
Spirit CV Florence SC, LLC	Delaware
Spirit CV Glenville Scotia NY, LLC	New York
Spirit CV Gulfport MS, LLC	Delaware
Spirit CV Hamilton OH, LLC	Delaware
Spirit CV Madison MS, LLC	Delaware
Spirit CV Maynard MA, LLC	Delaware
Spirit CV Mechanicville NY, LLC	Arizona
Spirit CV Myrtle Beach SC, LLC	Delaware
Spirit CV Okeechobee FL, LLC	Delaware
Spirit CV Onley VA, LLC	Delaware
Spirit CV Orlando FL, LLC	Delaware
Spirit CV Scioto Trail OH, LLC	Delaware
Spirit CV Waynesville NC, LLC	Delaware
Spirit DA Addison IL, LLC	Delaware
Spirit DG Ardmore TN, LLC	Delaware
Spirit DG Crossville TN, LLC	Delaware
Spirit DG Livingston TN, LLC	Delaware
Spirit ED Salt Lake City UT, LLC	Delaware
Spirit EK Chattanooga TN, LLC	Delaware
Spirit EK Easton PA, LLC	Delaware
Spirit EK Mantua NJ, LLC	Delaware
Spirit EK Spartanburg (Main) SC, LLC	Delaware
Spirit EK Vineland NJ, LLC	Delaware
Spirit FC Portfolio I, LLC	Delaware
Spirit FE Baton Rouge LA, LLC	Delaware
Spirit FE Peoria IL, LLC	Delaware
Spirit FJ SMF SPE, LLC	Delaware
Spirit FL Town Star 2014-2, LLC	Delaware
Spirit General OP Holdings, LLC	Delaware
Spirit GG O'Fallon IL, LLC	Delaware
Spirit GG O'Fallon MO, LLC	Delaware
Spirit GG St. Peters MO, LLC	Delaware
Spirit GO Peoria IL, LLC	Delaware
Spirit GP AT 3205 Bassett CA, LLC	Arizona
Spirit GP HD Colma CA, LLC	Arizona

Name of Subsidiary	State of Incorporation or Formation
Spirit GP TX, LLC	Delaware
Spirit HD Colma CA, LP	Arizona
Spirit HD Lakewood CO, LLC	Delaware
Spirit HH Mt. Juliet TN, LLC	Delaware
Spirit HM Fargo ND, LLC	Minnesota
Spirit IM LNC Portfolio I, LLC	Delaware
Spirit IM TX, LLC	Delaware
Spirit JO SMF SPE, LLC	Delaware
Spirit KO Grand Forks ND, LLC	Delaware
Spirit KO Lake Zurich IL, LLC	Delaware
Spirit KO Olathe KS, LLC	Delaware
Spirit KO Tilton NH, LLC	Delaware
Spirit KO Wichita KS, LP	Delaware
Spirit LA Brooklyn Park MN, LLC	Delaware
Spirit LA Matteson IL, LLC	Delaware
Spirit LA West Chester OH, LLC	Delaware
Spirit Limited Holdings, LLC	Delaware
Spirit LO Chester NY, LLC	Delaware
Spirit LO Cincinnati OH, LLC	Delaware
Spirit LO Lubbock TX, LP	Delaware
Spirit LO Midland TX, LP	Delaware
Spirit LO Tilton NH, LLC	Delaware
Spirit Loan Asset Finance, LLC	Arizona
Spirit LR Johnson City TN, LLC	Delaware
Spirit LZ Newington CT, LLC	Delaware
Spirit Master Funding IV, LLC	Delaware
Spirit Master Funding IX, LLC	Delaware
Spirit Master Funding V, LLC	Delaware
Spirit Master Funding VII, LLC	Delaware
Spirit Master Funding X, LLC	Delaware
Spirit MP-TS Midwest Portfolio, LLC	Delaware
Spirit MT Broadview IL, LLC	Delaware
Spirit MT Collierville TN, LLC	Delaware
Spirit MT Dallas TX, LLC	Delaware
Spirit MT Denver CO, LLC	Delaware
Spirit MT Douglasville GA, LLC	Delaware
Spirit MT Topeka KS, LLC	Delaware
Spirit MT Warwick RI, LLC	Delaware
Spirit Notes Partner, LLC	Delaware
Spirit NT Blaine MN, LLC	Delaware
Spirit OD Balcones Heights TX, LLC	Delaware
Spirit OD Benton AR, LLC	Delaware
Spirit OD Dayton OH, LLC	Delaware
Spirit OD Durham NC, LLC	Delaware

Name of Subsidiary	State of Incorporation or Formation
Spirit OD Enterprise AL, LLC	Delaware
Spirit OD Oxford MS, LLC	Delaware
Spirit PM McCarran NV, LLC	Delaware
Spirit RA Cleveland OH, LLC	Delaware
Spirit RA Defiance OH, LLC	Delaware
Spirit RA Enterprise AL, LLC	Delaware
Spirit RA Fredericksburg VA, LLC	Delaware
Spirit RA Fremont OH, LLC	Delaware
Spirit RA Glassport PA, LLC	Delaware
Spirit RA Lansing MI, LLC	Delaware
Spirit RA Lima OH, LLC	Delaware
Spirit RA Plains PA, LLC	Delaware
Spirit RA Wauseon OH, LLC	Delaware
Spirit Realty AM Corporation	Delaware
Spirit Realty, L.P.	Delaware
Spirit SC Anderson SC, LLC	Delaware
Spirit SK Acquisition, LLC	Delaware
Spirit SPE ALBTSN Portfolio 2013-6, LLC	Delaware
Spirit SPE DG Portfolio 2013-4, LLC	Delaware
Spirit SPE Gallina II, LLC	Delaware
Spirit SPE General Holdings II, LLC	Delaware
Spirit SPE General Holdings, LLC	Delaware
Spirit SPE HG 2015-1, LLC	Delaware
Spirit SPE IM Portfolio 2013-9, LLC	Delaware
Spirit SPE Loan Portfolio 2013-2, LLC	Delaware
Spirit SPE Loan Portfolio 2013-3, LLC	Delaware
Spirit SPE Manager, LLC	Delaware
Spirit SPE Portfolio 2005-3, LLC	Delaware
Spirit SPE Portfolio 2005-4, LP	Delaware
Spirit SPE Portfolio 2005-6, LLC	Delaware
Spirit SPE Portfolio 2006-4, LLC	Delaware
Spirit SPE Portfolio 2007-3, LLC	Delaware
Spirit SPE Portfolio 2012-1, LLC	Delaware
Spirit SPE Portfolio 2012-2, LLC	Delaware
Spirit SPE Portfolio 2012-4, LLC	Delaware
Spirit SPE Portfolio CA C-Stores, LLC	Delaware
Spirit SPE SCOA 2013-8, LLC	Delaware
Spirit SPE SK Acquisition, LLC	Delaware
Spirit SPE US Amarillo 522, LP	Delaware
Spirit SPE US Amarillo 526, LP	Delaware
Spirit SPE US Amarillo 533, LP	Delaware
Spirit SPE US Childress, LP	Delaware
Spirit SPE US Levelland, LP	Delaware
Spirit SPE US Plainview, LLC	Delaware

Name of Subsidiary	State of Incorporation or Formation
Spirit SPE US Snyder, LP	Delaware
Spirit SPE US Wichita Falls, LP	Delaware
Spirit ST Clarksville IN, LLC	Delaware
Spirit ST Greenville SC, LLC	Delaware
Spirit ST Warsaw IN, LLC	Delaware
Spirit TJ Staunton VA, LLC	Arizona
Spirit TS Baldwinsville NY, LLC	Delaware
Spirit TS Baytown TX, LLC	Delaware
Spirit TS Carroll OH, LLC	Delaware
Spirit TS Fairview TN, LLC	Delaware
Spirit TS Fredericksburg TX, LLC	Delaware
Spirit TS Greenfield MN, LLC	Delaware
Spirit TS Mt. Sterling KY, LLC	Delaware
Spirit TS Navasota TX, LLC	Delaware
Spirit TS Parkersburg WV, LLC	Delaware
Spirit TS Prior Lake MN, LLC	Delaware
Spirit TS Rome NY, LLC	Delaware
Spirit VC Victoria TX, LLC	Delaware
Spirit WA Eureka CA, LP	Delaware
Spirit WG Albany GA, LLC	Delaware
Spirit WG Brentwood TN, LLC	Delaware
Spirit WG Bridgetown OH, LLC	Delaware
Spirit WG Bryan TX, LLC	Delaware
Spirit WG Canton IL, LLC	Delaware
Spirit WG Columbia MO, LLC	Delaware
Spirit WG Columbus MS, LLC	Delaware
Spirit WG Crossville TN, LLC	Delaware
Spirit WG Dallas TX, LLC	Delaware
Spirit WG Elmira NY, LLC	Delaware
Spirit WG Fort Worth TX, LLC	Delaware
Spirit WG Gainesville FL, LLC	Delaware
Spirit WG Harriman TN, LLC	Delaware
Spirit WG Harris County TX, LLC	Delaware
Spirit WG Jacksonville FL, LLC	Delaware
Spirit WG Kansas City (63rd St.) MO, LLC	Delaware
Spirit WG Kansas City (Independence) MO, LLC	Delaware
Spirit WG Kansas City (Linwood) MO, LLC	Delaware
Spirit WG Kansas City (Troost) MO, LLC	Delaware
Spirit WG Knoxville TN, LLC	Delaware
Spirit WG Madeira OH, LLC	Delaware
Spirit WG Memphis TN, LLC	Delaware
Spirit WG Mount Pleasant TX, LLC	Delaware
Spirit WG Olivette MO, LLC	Delaware
Spirit WG Oneida TN, LLC	Delaware

Name of Subsidiary	State of Incorporation or Formation
Spirit WG Parkville MO, LLC	Delaware
Spirit WG Picayune MS, LLC	Delaware
Spirit WG Rome NY, LLC	Delaware
Spirit WG San Antonio TX, LLC	Delaware
Spirit WG Seattle WA, LLC	Delaware
Spirit WG Shreveport LA, LLC	Delaware
Spirit WG Topeka KS, LLC	Delaware
Spirit WM New London WI, LLC	Delaware
Spirit WM Spencer IN, LLC	Delaware
Spirit WW II, LLC	Arizona
SWA Remainder II, LLC	Delaware
SWA Remeq II, LLC	Delaware

EX-22

Exhibit 22.1

List of Issuers of Guaranteed Securities

As of December 31, 2022, the following subsidiary was the issuer of the Senior Unsecured Notes guaranteed by Spirit Realty Capital, Inc.:

Name of Subsidiary Jurisdiction of Organization

Spirit Realty, L.P. Delaware

EX-23

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-3 No. 333-249459) of Spirit Realty Capital, Inc. and the related Prospectus, and

(2)Registration Statements (Form S-8 No. 333-265108, No. 333-262898 and No. 333-190001) pertaining to the Spirit Realty Capital, Inc. and Spirit Realty, L.P. 2012 Amended and Restated Incentive Award Plan;

of our reports dated February 28, 2023, with respect to the consolidated financial statements and schedules of Spirit Realty Capital, Inc. and the effectiveness of internal control over financial reporting of Spirit Realty Capital, Inc. included in this Annual Report (Form 10-K) of Spirit Realty Capital, Inc. for the year ended December 31, 2022.

/s/ Ernst & Young LLP

Dallas, Texas

February 28, 2023

EX-31

Exhibit 31.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jackson Hsieh, certify that:

1.I have reviewed this Annual Report on Form 10-K of Spirit Realty Capital, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 28, 2023	/s/ Jackson Hsieh
		Jackson Hsieh
		President and Chief Executive Officer

EX-31

Exhibit 31.2

CERTIFICATIONS OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Hughes, certify that:

1.I have reviewed this Annual Report on Form 10-K of Spirit Realty Capital, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 28, 2023	/s/ Michael Hughes
		Michael Hughes
		Executive Vice President and
		Chief Financial Officer

EX-32

Exhibit 32.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C 1350)

Each of the undersigned officers of Spirit Realty Capital, Inc. (the “Company”) hereby certifies, for purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(i)the accompanying Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	February 28, 2023	/s/ Jackson Hsieh
		Jackson Hsieh
		President and Chief Executive Officer
		/s/ Michael Hughes
		Michael Hughes
		Executive Vice President and
		Chief Financial Officer

The foregoing certification is being furnished with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2022

Feb. 23, 2023

Jun. 30, 2022

Document Information [Line Items]

Entity Registrant Name

SPIRIT REALTY CAPITAL, INC.

Entity Central Index Key

0001308606

Current Fiscal Year End Date

--12-31

Entity Filer Category

Large Accelerated Filer

Document Type

10-K

Document Period End Date

Dec. 31, 2022

Document Fiscal Year Focus

2022

Document Fiscal Period Focus

FY

Amendment Flag

false

Entity Emerging Growth Company

false

Entity Small Business

false

ICFR Auditor Attestation Flag

true

Entity Shell Company

false

Entity Common Stock, Shares Outstanding

141,304,436

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity Public Float

$ 5.1

Entity File Number

001-36004

Entity Tax Identification Number

20-1676382

Entity Incorporation, State or Country Code

MD

Entity Address, Address Line One

2727 North Harwood Street

Entity Address, Address Line Two

Suite 300

Entity Address, City or Town

Dallas

Entity Address, State or Province

TX

Entity Address, Postal Zip Code

75201

City Area Code

972

Local Phone Number

476-1900

Document Annual Report

true

Document Transition Report

false

Entity Interactive Data Current

Yes

Auditor Firm ID

42

Auditor Name

Ernst & Young LLP

Auditor Location

Dallas, Texas

Documents Incorporated by Reference

Documents Incorporated by Reference

Certain specific portions of the definitive Proxy Statement for Spirit Realty Capital, Inc.’s 2023 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K. Only those portions of the Proxy Statement which are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.

Common Stock

Document Information [Line Items]

Trading Symbol

SRC

Title of 12(b) Security

Common Stock, $0.05 par value per share

Security Exchange Name

NYSE

6.000% Series A Cumulative Redeemable Preferred Stock

Document Information [Line Items]

Trading Symbol

SRC-A

Title of 12(b) Security

6.000% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Security Exchange Name

NYSE

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real estate assets held for investment:
Land and improvements	$ 2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Less: accumulated depreciation	(1,211,061)	(1,033,391)
Total real estate assets held for investment, net	7,421,306	6,445,527
Intangible lease assets, net	423,870	426,972
Real estate assets under direct financing leases, net	7,427	7,442
Real estate assets held for sale, net	49,148	8,264
Loans receivable, net	23,023	10,450
Total investments, net	7,924,774	6,898,655
Cash and cash equivalents	8,770	17,799
Deferred costs and other assets, net	313,722	188,816
Goodwill	225,600	225,600
Total assets	8,472,866	7,330,870
Liabilities:
Revolving credit facilities	55,500	288,400
Term loans, net	792,309
Senior Unsecured Notes, net	2,722,514	2,718,641
Mortgages payable, net	4,986	5,551
Total debt, net	3,575,309	3,012,592
Intangible lease liabilities, net	118,077	128,077
Accounts payable, accrued expenses and other liabilities	218,164	190,402
Total liabilities	3,911,550	3,331,071
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both December 31, 2022 and December 31, 2021, liquidation preference of $25.00 per share	166,177	166,177
Common stock, $0.05 par value, 350,000,000 shares authorized: 141,231,219 and 127,699,235 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	7,062	6,385
Capital in excess of common stock par value	7,285,629	6,673,440
Accumulated deficit	(2,931,640)	(2,840,356)
Accumulated other comprehensive income (loss)	34,088	(5,847)
Total stockholders’ equity	4,561,316	3,999,799
Total liabilities and stockholders’ equity	$ 8,472,866	$ 7,330,870

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	6,900,000	6,900,000
Preferred stock, shares outstanding	6,900,000	6,900,000
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Common stock, par value per share (in USD per share)	$ 0.05	$ 0.05
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	141,231,219	127,699,235
Common stock, shares outstanding	141,231,219	127,699,235

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental income	$ 703,029	$ 606,099	$ 479,901
Interest income on loans receivable	1,884	29	998
Earned income from direct financing leases	525	526	571
Related party fee income			678
Other operating income	4,191	1,736	1,469
Total revenues	709,629	608,390	483,617
Expenses:
General and administrative	57,368	52,608	48,380
Property costs (including reimbursable)	29,837	23,232	24,492
Deal pursuit costs	4,655	1,136	2,432
Interest	117,622	103,003	104,165
Depreciation and amortization	292,985	244,624	212,620
Impairments	37,156	23,760	81,476
Total expenses	539,623	448,363	473,565
Other income:
Loss on debt extinguishment	(172)	(29,186)	(7,227)
Gain on disposition of assets	110,900	41,468	24,156
Other income	5,679
Total other income	116,407	12,282	16,929
Income before income tax expense	286,413	172,309	26,981
Income tax expense	(897)	(607)	(273)
Net income	285,516	171,702	26,708
Dividends paid to preferred stockholders	(10,350)	(10,350)	(10,350)
Net income attributable to common stockholders	$ 275,166	$ 161,352	$ 16,358
Net income per share attributable to common stockholders:
Basic (in USD per share)	$ 2.04	$ 1.36	$ 0.15
Diluted (in USD per share)	$ 2.04	$ 1.35	$ 0.15
Weighted average shares of common stock outstanding:
Basic (in shares)	134,548,086	118,342,441	104,357,660
Diluted (in shares)	134,645,651	118,715,838	104,535,384

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income attributable to common stockholders	$ 275,166	$ 161,352	$ 16,358
Other comprehensive income :
Net reclassification of amounts from AOCIL	39,935	2,807	2,807
Total comprehensive income	$ 315,101	$ 164,159	$ 19,165

XML

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCL
Beginning balance, value at Dec. 31, 2019	$ 3,413,249	$ 166,177	$ 5,124	$ 5,686,247	$ (2,432,838)	$ (11,461)
Preferred shares outstanding, beginning balance at Dec. 31, 2019		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2019			102,476,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,708				26,708
Dividends declared on preferred stock	(10,350)				(10,350)
Net income attributable to common stockholders	16,358				16,358
Other comprehensive income	2,807					2,807
Dividends declared on common stock	(266,659)				(266,659)
Tax withholdings related to net stock settlements	(4,381)		$ (6)		(4,375)
Tax withholdings related to net stock settlements (in shares)			(117,543)
Issuance of shares of common stock, net	428,239		$ 607	427,632
Issuance of shares of common stock, net (in shares)			12,137,210
Stock-based compensation, net	11,507		$ 16	12,624	(1,133)
Stock-based compensation, net (in shares)			316,796
Ending balance, value at Dec. 31, 2020	3,601,120	$ 166,177	$ 5,741	6,126,503	(2,688,647)	(8,654)
Preferred shares outstanding, ending balance at Dec. 31, 2020		6,900,000
Common shares outstanding, ending balance at Dec. 31, 2020			114,812,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	171,702				171,702
Dividends declared on preferred stock	(10,350)				(10,350)
Net income attributable to common stockholders	161,352				161,352
Other comprehensive income	2,807					2,807
Dividends declared on common stock	(306,325)				(306,325)
Tax withholdings related to net stock settlements	(4,395)		$ (10)		(4,385)
Tax withholdings related to net stock settlements (in shares)			(206,597)
Issuance of shares of common stock, net	533,588		$ 628	532,960
Issuance of shares of common stock, net (in shares)			12,567,506
Stock-based compensation, net	11,652		$ 26	13,977	(2,351)
Stock-based compensation, net (in shares)			525,711
Ending balance, value at Dec. 31, 2021	$ 3,999,799	$ 166,177	$ 6,385	6,673,440	(2,840,356)	(5,847)
Preferred shares outstanding, ending balance at Dec. 31, 2021	6,900,000	6,900,000
Common shares outstanding, ending balance at Dec. 31, 2021	127,699,235		127,699,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 285,516				285,516
Dividends declared on preferred stock	(10,350)				(10,350)
Net income attributable to common stockholders	275,166				275,166
Other comprehensive income	39,935					39,935
Dividends declared on common stock	(358,906)				(358,906)
Tax withholdings related to net stock settlements	(6,487)		$ (2)		(6,485)
Tax withholdings related to net stock settlements (in shares)			(41,016)
Issuance of shares of common stock, net	595,504		$ 673	594,831
Issuance of shares of common stock, net (in shares)			13,445,051
Stock-based compensation, net	16,305		$ 6	17,358	(1,059)
Stock-based compensation, net (in shares)			127,949
Ending balance, value at Dec. 31, 2022	$ 4,561,316	$ 166,177	$ 7,062	$ 7,285,629	$ (2,931,640)	$ 34,088
Preferred shares outstanding, ending balance at Dec. 31, 2022	6,900,000	6,900,000
Common shares outstanding, ending balance at Dec. 31, 2022	141,231,219		141,231,219

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 285,516	$ 171,702	$ 26,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	292,985	244,624	212,620
Impairments	37,156	23,760	81,476
Amortization of deferred financing costs	5,410	3,942	5,278
Amortization of debt discounts	1,269	2,140	4,343
Amortization of deferred losses on interest rate swaps	2,807	2,807	2,807
Stock-based compensation expense	17,364	14,003	12,640
Loss on debt extinguishment	172	29,186	7,227
Gain on dispositions of real estate and other assets	(110,900)	(41,468)	(24,156)
Non-cash revenue	(39,092)	(47,605)	(12,996)
Other	17	14	221
Changes in operating assets and liabilities:
Deferred costs and other assets, net	(1,734)	2,598	(21,296)
Accounts payable, accrued expenses and other liabilities	(4,520)	5,430	19,440
Net cash provided by operating activities	486,450	411,133	314,312
Investing activities
Acquisitions of real estate	(1,428,674)	(1,235,861)	(867,456)
Capitalized real estate expenditures	(88,675)	(21,957)	(12,659)
Investments in loans receivable	(12,700)	(11,000)
Collections of principal on loans receivable			31,771
Proceeds from dispositions of real estate and other assets, net	315,182	98,991	100,594
Net cash used in investing activities	(1,214,867)	(1,169,827)	(747,750)
Financing activities
Borrowings under revolving credit facilities	1,441,800	1,077,500	1,155,000
Repayments under revolving credit facilities	(1,674,700)	(789,100)	(1,271,500)
Repayments under mortgages payable	(525)	(208,891)	(4,101)
Borrowings under term loans	800,000		400,000
Repayments under term loans		(178,000)	(222,000)
Repayments under Convertible Notes		(190,426)	(154,574)
Borrowings under Senior Unsecured Notes		794,842	445,509
Debt extinguishment costs		(26,685)	(4,032)
Deferred financing costs	(24,150)	(7,071)	(6,642)
Proceeds from issuance of common stock, net of offering costs	595,448	533,868	428,272
Repurchase of shares of common stock, including tax withholdings related to net stock settlements	(6,487)	(4,395)	(4,381)
Common stock dividends paid	(348,465)	(298,097)	(260,488)
Preferred stock dividends paid	(10,350)	(10,350)	(10,350)
Net cash provided by financing activities	772,571	693,195	490,713
Net increase (decrease) in cash, cash equivalents and restricted cash	44,154	(65,499)	57,275
Cash, cash equivalents and restricted cash, beginning of period	17,799	83,298	26,023
Cash, cash equivalents and restricted cash, end of period	61,953	17,799	83,298
Supplemental Cash Flow Disclosures:
Cash paid for interest, net of interest capitalized	108,220	89,866	82,916
Interest capitalized	1,119
Cash paid for taxes	752	657	801
Supplemental Disclosures of Non-Cash Activities:
Dividends declared and unpaid	93,636	81,380	71,758
Accrued market-based award dividend rights	1,059	2,304	1,133
Accrued capitalized costs	30,997	$ 10,369	2,174
Derivative changes in fair value	$ 37,128
Reclass of residual value from direct financing lease to operating lease			6,831
Receivable for disposal of real estate property			$ 2,000

XML

Organization

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

NOTE 1. ORGANIZATION

Organization and Operations

Spirit Realty Capital, Inc. (the "Corporation" or "Spirit" or, with its consolidated subsidiaries, the "Company") operates as a self-administered and self-managed REIT that seeks to generate sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the United States that is generally leased on a long-term, triple-net basis to tenants operating retail, industrial and other property types. Single-tenant, operationally essential real estate refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits.

The Company’s operations are generally carried out through Spirit Realty, L.P. (the "Operating Partnership") and its subsidiaries. Spirit General OP Holdings, LLC, one of the Corporation’s wholly-owned subsidiaries, is the sole general partner and owns approximately 1% of the Operating Partnership. The Corporation and a wholly-owned subsidiary (Spirit Notes Partner, LLC) are the only limited partners and, together, own the remaining 99% of the Operating Partnership.

On May 31, 2018, the Company completed the spin-off (the "Spin-Off") of certain assets into an independent, publicly traded REIT, Spirit MTA REIT ("SMTA"). The Company provided management services to SMTA until September 4, 2020.

XML

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Principles of Consolidation

The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein. The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation.

The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of December 31, 2022 and 2021, net assets totaling $11.7 million and $12.3 million, respectively, were held, and net liabilities totaling $4.9 million and $5.5 million, respectively, were owed by these encumbered special purpose entities and are included in the 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 at the date of the financial statements 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 Company views its operations as one reportable segment, which consists of net leasing operations.

Real Estate Investments

Purchase Accounting and Acquisition of Real Estate

When acquiring a property, the purchase price (including acquisition and closing costs) is allocated to land, building, improvements and equipment based on their relative fair values. The Company considers several assumptions to estimate the fair value of the components of the tangible property acquired including market assumptions for land, building and improvements. The determination of the intangible assets and liabilities primarily relate to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. For properties acquired with in-place leases, the purchase price of real estate is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values. In making estimates of fair values for this purpose, a number of sources are used, including independent appraisals and information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities.

Carrying Value of Real Estate Investments

The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and from 5 to 20 years for tenant and land improvements. Properties classified as held for sale are not depreciated and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.

Held for Sale

The Company is continually evaluating the portfolio of real estate assets and may elect to dispose of assets considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location, and tenant operation type (e.g., industry or concept/brand). Real estate assets held for sale are expected to be sold within twelve months.

Lease Intangibles

Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. In-place lease intangibles are valued based on the Company’s estimate of costs related to acquiring a tenant and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering costs to execute similar leases at the time of the acquisition and current market conditions. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period.

Direct Financing Leases

For real estate property leases classified as direct financing leases, the building portion of the lease is accounted for as a direct financing lease, while the land portion is accounted for as an operating lease when certain criteria are met. For direct financing leases, the Company records an asset which represents the net investment that is determined by using the aggregate of the total amount of future minimum lease payments, the estimated residual value of the leased property and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed annually, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased property. Actual residual values realized could differ from these estimates.

Impairment

The Company reviews its real estate investments and related lease intangibles periodically for indicators of impairment, including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, the Company then evaluates if its carrying amount may not be recoverable. The Company 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 in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows.

Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, as the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating fair values include, but are not limited to: signed purchase and sale agreements or letters of intent; broker opinions of value; recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate.

Gain or Loss on Disposition of Assets

When real estate properties are disposed of, the related net book value of the properties is removed and a gain or loss on disposition is recognized in the consolidated statements of operations as the difference between the proceeds from the disposition, net of any costs to sell, and the net book value. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The full gain or loss on the disposition of real estate properties is recognized at time of sale, provided that the Company has no (i) controlling financial interest in the real estate or (ii) continuing interest or obligation with respect to the disposed real estate.

Revenue Recognition

Rental Income: Cash and Straight-line Rent

The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. The majority of our operating leases include one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company’s operating leases at both December 31, 2022 and 2021 include an option to terminate. Walgreen Co. leases are generally for fifty years or more and contain certain termination options after an initial non-cancellable term. Less than 10% of the Company’s operating leases at both December 31, 2022 and 2021 include an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option.

Evaluation of lease classification also requires an estimate of the residual value of the real estate at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine residual value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting against any damage to the property. To further protect residual value, the Company supplements the tenant insurance policies with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value.

The Company elected to account for lease concessions related to the COVID-19 pandemic consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease). As such, rent deferrals are recorded as an increase to rent receivables and recognized as income during the deferral period. For the years ended December 31, 2022, 2021 and 2020, $0.4 million, $13.4 million and $26.3 million, respectively, of deferrals were recognized in rental income. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification.

Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred.

The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred.

Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability.

Rental Income: Tenant Reimbursement Revenue

Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection.

Rental Income: Intangible Amortization

Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations.

Other Income: Lease Termination Fees

Lease termination fees are included in other income on the consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met. The Company recorded lease termination fees of $2 thousand, $19 thousand and $0.7 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Loans Receivable

Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 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 non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted.

The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations.

Cash, Cash Equivalents and Restricted Cash

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 major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands):

	December 31, 2022		December 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,770	$	17,799	$	70,303
Restricted cash:
Collateral deposits (1)		—		—		335
Tenant improvements, repairs and leasing commissions (2)		—		—		12,660
1031 Exchange proceeds		53,183		—		—
Total cash, cash equivalents and restricted cash	$	61,953	$	17,799	$	83,298

(1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.

(2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.

Tenant Receivables

The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $18.2 million and $21.7 million at December 31, 2022 and 2021, respectively, after the impact of $3.2 million and $3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets.

For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $167.1 million and $137.6 million at December 31, 2022 and 2021, respectively, after the impact of $1.3 million and $2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets.

Goodwill

Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented. Goodwill for the years ended December 31, 2022, 2021 and 2020 was $225.6 million, respectively.

Accounting for Derivative Financial Instruments and Hedging Activities

The Company may utilize derivative instruments such as interest rate swaps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future. The Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in AOCIL and amounts are subsequently reclassified to earnings when the hedged item affects earnings.

Income Taxes

The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income.

Taxable income earned by any of the Company’s taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. See Note 12 for additional discussion.

Earnings Per Share

The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period.

Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income (loss) attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities.

Forward Equity Sale Agreements

The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share.

Unaudited Interim Information

The consolidated quarterly financial data in Note 13 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.

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Investments

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Investments

NOTE 3. INVESTMENTS

Owned Properties

As of December 31, 2022, the Company’s gross investment in owned real estate properties totaled $9.2 billion. The gross investment, as adjusted for any impairment, is comprised of land, buildings, lease intangible assets, lease intangible liabilities, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with Texas, at 14.5%, as the only state with a gross investment greater than 10.0% of the total gross investment of the Company’s entire portfolio.

During the years ended December 31, 2022 and 2021, the Company had the following real estate activity (dollars in thousands):

	Number of Properties									Dollar Amount of Investments
	Held in Use			Held for Sale			Total			Held in Use			Held for Sale			Total
Gross balance, December 31, 2020		1,853			7			1,860		$	6,777,673		$	27,764		$	6,805,437
Acquisitions/improvements (1)		166			—			166			1,256,983			—			1,256,983
Dispositions of real estate (2)		(13	)		(10	)		(23	)		(42,472	)		(22,750	)		(65,222	)
Transfers to Held for Sale		(9	)		9			—			(18,403	)		18,403			—
Transfers from Held for Sale		3			(3	)		—			11,300			(11,300	)		—
Impairments (3)		—			—			—			(21,474	)		(1,736	)		(23,210	)
Reset of gross balances (4)		—			—			—			(31,143	)		(2,019	)		(33,162	)
Other		—			—			—			2,359			—			2,359
Gross balance, December 31, 2021		2,000			3			2,003			7,934,823			8,362			7,943,185
Acquisitions/improvements (1)		172			—			172			1,546,808			—			1,546,808
Dispositions of real estate (2)		(38	)		(22	)		(60	)		(198,865	)		(41,200	)		(240,065	)
Transfers to Held for Sale		(37	)		37			—			(96,234	)		96,234			—
Transfers from Held for Sale		1			(1	)		—			1,529			(1,529	)		—
Impairments (3)		—			—			—			(36,894	)		(135	)		(37,029	)
Reset of gross balances (4)		—			—			—			(29,004	)		(151	)		(29,155	)
Gross balance, December 31, 2022		2,098			17			2,115		$	9,122,163		$	61,581		$	9,183,744
Accumulated depreciation and amortization											(1,387,637	)		(12,433	)		(1,400,070	)
Net balance, December 31, 2022 (5)										$	7,734,526		$	49,148		$	7,783,674

(1) Includes investments of $95.4 million and $15.4 million, respectively, in revenue producing capitalized expenditures, and $16.8 million and $10.7 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2022 and 2021.

(2) The total net gain on disposition of properties held in use was $87.9 million, $37.3 million and $10.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The total gain on disposition of properties held for sale was $23.0 million, $2.2 million and $14.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, there were $1.7 million of gains recognized on two asset substitutions within a master lease and $0.3 million in other gains recognized during the year ended December 31, 2021.

(3) Impairments on owned real estate is comprised of real estate and intangible asset impairment and allowance for credit losses on direct financing leases.

(4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized.

(5) Reconciliation of total owned investments to the consolidated balance sheet at December 31, 2022 is as follows:

Real estate assets held for investment, net	$	7,421,306
Intangible lease assets, net		423,870
Real estate assets under direct financing leases, net		7,427
Real estate assets held for sale, net		49,148
Intangible lease liabilities, net		(118,077	)
Net balance	$	7,783,674

Operating Leases

As of December 31, 2022, 2021, and 2020, the Company held 2,111, 1,998 and 1,852 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands):

	For the Year Ended December 31,
	2022		2021		2020
Base Cash Rent (1)	$	638,340	$	541,726	$	453,013
Variable cash rent (including reimbursables)		25,597		16,768		13,176
Straight-line rent, net of uncollectible reserve (2)		36,902		44,758		11,876
Amortization of above- and below- market lease intangibles, net (3)		2,190		2,847		1,836
Total rental income	$	703,029	$	606,099	$	479,901

(1) Includes net impact of amounts (reserved)/recovered of $(0.5) million, $5.5 million and $(10.9) million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2) Includes net impact of amounts (reserved)/recovered of $(26) thousand, $10.9 million and $(14.9) million for the years ended December 31, 2022 2021 and 2020, respectively.

(3) Excludes amortization of in-place leases of $43.9 million, $38.5 million and $34.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in depreciation and amortization expense in the consolidated statements of operations.

Lease renewal periods are exercisable at the lessees’ option and, as such, minimum future rent only includes the remaining initial non-cancellable term of our operating leases. In addition, minimum future rent includes fixed rent escalations occurring on or after January 1, 2023, but does not include variable rent escalations, such as those based on CPI, or contingent rents. Minimum future rent at December 31, 2022 is as follows (in thousands):

	December 31, 2022
2023	$	679,645
2024		670,893
2025		659,867
2026		633,330
2027		589,881
Thereafter		4,706,694
Total minimum future rent	$	7,940,310

The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):

	December 31, 2022			December 31, 2021
In-place leases	$	559,962		$	536,344
Above-market leases		101,594			100,837
Less: accumulated amortization		(237,686	)		(210,209	)
Intangible lease assets, net	$	423,870		$	426,972
Below-market leases	$	179,187		$	188,718
Less: accumulated amortization		(61,110	)		(60,641	)
Intangible lease liabilities, net	$	118,077		$	128,077

The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 12.4 years, 13.0 years, 18.2 years and 13.8 years, respectively, as of December 31, 2022. The remaining weighted average amortization period for in-place leases, above-market leases, below-market leases and in total was 13.3 years, 13.7 years, 17.6 years and 14.3 years, respectively, as of December 31, 2021. During the year ended December 31, 2022, the Company acquired in-place lease intangible assets of $57.3 million, above-market lease intangible assets of $3.2 million and below-market lease intangible liabilities of $9.5 million. During the year ended December 31, 2021, the Company acquired in-place lease intangible assets of $84.8 million, above-market lease intangible assets of $23.1 million and below-market lease intangible liabilities of $16.8 million.

Based on the intangible assets and liabilities at December 31, 2022, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands):

	December 31, 2022
2023	$	41,412
2024		39,365
2025		35,767
2026		32,490
2027		26,873
Thereafter		129,886
Total future minimum amortization	$	305,793

Direct Financing Leases

As of December 31, 2022 and 2021, the Company held one property under a direct financing lease, which was held in use. As of December 31, 2022, this property had $2.5 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of December 31, 2022, the Company had a reserve of $0.1 million against the net investment balance of $7.5 million, which was initially recorded in 2020 as a result of the initial term of the direct financing lease extending until 2027.

Loans Receivable

During 2021, the Company issued a fixed-rate, uncollateralized loan receivable for $11.0 million. During 2022, the Company issued a fixed-rate, construction loan for $12.7 million. The Company evaluated the collectability of the amounts receivable under the loans and had a total allowance for credit losses of $0.7 million as of December 31, 2022.

During the years ended December 31, 2022 and 2021, the Company had the following loan activity (dollars in thousands):

	Mortgage Loans				Other Loans		Total
	Properties		Investment		Investment		Investment
Principal, December 31, 2020		—	$	—	$	—	$	—
Issuance of loan		—		—		11,000		11,000
Principal, December 31, 2021		—		—		11,000		11,000
Issuance of loan		—		—		12,700		12,700
Principal, December 31, 2022		—	$	—	$	23,700	$	23,700

Impairments and Allowance for Credit Losses

The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands):

	Year Ended December 31,
	2022		2021		2020
Real estate asset impairment	$	35,988	$	22,120	$	59,206
Intangible net asset impairment		1,041		1,090		22,118
Allowance for credit losses on direct financing leases		—		—		152
Allowance for credit losses on loans receivable		127		550		—
Total impairment loss	$	37,156	$	23,760	$	81,476

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Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

NOTE 4. DEBT

The Company's debt is summarized below (dollars in thousands):

	2022 Weighted Average Effective Interest Rates (1)			2022 Weighted Average Stated Rates (2)			2022 Weighted Average Remaining Years to Maturity (3)		December 31, 2022			December 31, 2021
Revolving credit facilities		2.85	%		5.17	%		3.2	$	55,500		$	288,400
Term loans		3.92	%		3.50	%		3.9		800,000			—
Senior Unsecured Notes		3.42	%		3.25	%		6.4		2,750,000			2,750,000
Mortgages payable		4.87	%		5.82	%		8.0		4,825			5,350
Total debt		3.47	%		3.73	%		5.8		3,610,325			3,043,750
Debt discount, net										(9,556	)		(10,824	)
Deferred financing costs, net (4)										(25,460	)		(20,334	)
Total debt, net									$	3,575,309		$	3,012,592

(1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the year ended December 31, 2022 based on the average principal balance outstanding during the period.

(2) Based on the outstanding principal balance as of December 31, 2022. Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.29% as of December 31, 2022.

(3) Based on the outstanding principal balance as of December 31, 2022.

(4) Excludes deferred financing costs for the revolving credit facilities.

Deferred financing costs and offering discount/premium incurred in connection with entering into debt agreements are amortized to interest expense over the initial term of the respective agreement. Both deferred financing costs and offering discount/premium are recorded net against the principal debt balance on the consolidated balance sheets, except for deferred costs related to revolving credit facilities, which are recorded in deferred costs and other assets, net.

Revolving Credit Facilities

On January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, which included the 2019 Credit Facility with a borrowing capacity of $800.0 million. On March 30, 2022, the Operating Partnership amended and restated the 2019 Revolving Credit and Term Loan Agreement, increasing the borrowing capacity of the 2019 Credit Facility to $1.2 billion. The borrowing capacity can be further increased by $500.0 million through exercise of an accordion feature, subject to satisfying certain requirements. The 2019 Credit Facility has a maturity date of March 31, 2026 and includes two six-month extensions that can be exercised at the Company’s option. Borrowings may be repaid, in whole or in part, at any time, without premium or penalty, but subject to applicable breakage fees, if any. Payment is unconditionally guaranteed by the Company and material subsidiaries that meet certain conditions. The 2019 Credit Facility is full recourse to the Operating Partnership and the aforementioned guarantors.

As of December 31, 2022, outstanding loans under the 2019 Credit Facility bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.775% per annum and the aggregate revolving commitments incurred a facility fee of 0.150% per annum, in each case, based on the Operating Partnership’s credit rating and leverage ratio (as defined in the agreement). Prior to March 30, 2022, outstanding loans under the 2019 Credit Facility bore interest at 1-month LIBOR plus an applicable margin of 0.90% per annum and the aggregate revolving commitments incurred a facility fee of 0.20% per annum.

In connection with the amendment and restatement of the 2019 Credit Facility, the Company wrote off $0.2 million in deferred financing costs and incurred deferred financing costs of $8.6 million. The unamortized deferred financing costs were $7.8 million as of December 31, 2022, compared to $1.4 million as of December 31, 2021.

As of December 31, 2022, $1.1 billion of borrowing capacity was available under the 2019 Credit Facility and there were no outstanding letters of credit. The Operating Partnership's ability to borrow under the 2019 Credit Facility is subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022.

Term Loans

On April 2, 2020, the Operating Partnership entered into the 2020 Term Loan Agreement, which provided for $200.0 million of unsecured term loans with a maturity date of April 2, 2022. The 2020 Term Loan Agreement included an accordion feature, which the Operating Partnership fully exercised in the second quarter of 2020 to borrow an additional $200.0 million of term loans. The 2020 Term Loans bore interest at LIBOR plus an applicable margin of 1.50% per annum, based on the Operating Partnership’s credit rating. In connection with entering into the 2020 Term Loan Agreement, the Company incurred $2.5 million in deferred financing costs.

On August 6, 2020, the issuance of the 2031 Senior Unsecured Notes triggered a mandatory prepayment under the 2020 Term Loan Agreement. As such, the Company repaid $222.0 million of the 2020 Term Loans and wrote-off $1.0 million of related unamortized deferred financing costs. On January 4, 2021, the Company repaid the 2020 Term Loan in full and wrote-off the remaining unamortized deferred financing costs.

On August 22, 2022, the Operating Partnership entered into the 2022 Term Loan Agreement, which provides for borrowings in an aggregate amount of $800.0 million comprised of a $300.0 million tranche with a maturity date of August 22, 2025 and a $500.0 million tranche with a maturity date of August 20, 2027. The Term Loan Agreement also includes an accordion feature to increase the available term loans by $200.0 million in aggregate, subject to satisfying certain requirements. As of December 31, 2022, the 2022 Term Loans bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.850% per annum, based on the Operating Partnership’s credit rating. In conjunction with entering into the 2022 Term Loans, the Company entered into interest rate swaps as a cash flow hedge. See Note 7 for further detail. The Company incurred $8.4 million in deferred financing costs in connection with entering into the 2022 Term Loan Agreement, and the unamortized deferred financing costs were $7.7 million as of December 31, 2022.

On November 17, 2022, the Operating Partnership entered into the 2023 Term Loan Agreement, which provides for $500.0 million of unsecured term loans with a maturity date of June 16, 2025 and allows funds to be drawn up to July 2, 2023. The 2023 Term Loan Agreement also includes an accordion feature to increase the available term loans by $100.0 million, subject to satisfying certain requirements. The 2023 Term Loans will bear interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.950% per annum, based on the Operating Partnership's credit rating as of December 31, 2022. The full $500.0 million of borrowing capacity was available under the 2023 Term Loan Agreements as of December 31, 2022.

In connection with the 2022 Term Loan Agreement and the 2023 Term Loan Agreement, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022.

Senior Unsecured Notes

The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands):

	Maturity Date	Interest Payment Dates	Stated Interest Rate	December 31, 2022		December 31, 2021
2026 Senior Notes	September 15, 2026	March 15 and September 15	4.45%	$	300,000	$	300,000
2027 Senior Notes	January 15, 2027	January 15 and July 15	3.20%		300,000		300,000
2028 Senior Notes	March 15, 2028	March 15 and September 15	2.10%		450,000		450,000
2029 Senior Notes	July 15, 2029	January 15 and July 15	4.00%		400,000		400,000
2030 Senior Notes	January 15, 2030	January 15 and July 15	3.40%		500,000		500,000
2031 Senior Notes	February 15, 2031	February 15 and August 15	3.20%		450,000		450,000
2032 Senior Notes	February 15, 2032	February 15 and August 15	2.70%		350,000		350,000
Total Senior Unsecured Notes			3.25%	$	2,750,000	$	2,750,000

For the years ended December 31, 2022, 2021 and 2020, the Operating Partnership completed the following issuances of Senior Unsecured Notes:

•2031 Senior Notes issued on August 6, 2020, resulting in net proceeds of $441.3 million, deferred financing costs of $4.2 million and an offering discount of $4.5 million and

•2028 Senior Notes and 2032 Senior Notes issued on March 3, 2021, resulting in net proceeds of $787.7 million, deferred financing costs of $7.1 million and an offering discount of $5.2 million.

The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of: 100% of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium. If any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes and 2028 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium.

As of December 31, 2022 and 2021, the unamortized deferred financing costs were $17.8 million and $20.3 million, respectively, and the unamortized discount was $9.7 million and $11.0 million, respectively. In connection with the issuance of the Senior Unsecured Notes, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of December 31, 2022.

Mortgages Payable

Indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under five fixed-rate non-recourse loans, which were securitized into CMBS and secured by the borrowers’ respective leased properties and related assets. In connection with the issuance of the 2028 and 2032 Senior Unsecured Notes, the Company repaid three of these loans in March 2021 and, as of December 31, 2022, had two non-defaulted loans with stated interest rates of 5.80% and 6.00%, respectively. Each loan was secured by one property. There were no unamortized deferred financing costs as of either December 31, 2022 and December 31, 2021, and the unamortized net premium as of both December 31, 2022 and 2021 was $0.2 million.

Convertible Notes

In May 2014, the Company issued $345.0 million aggregate principal amount of 3.75% convertible notes for which interest was payable semi-annually in arrears on May 15 and November 15. During the year ended December 31, 2020, the Company repurchased $154.6 million of the 2021 Convertible Notes in cash. As of December 31, 2020, the unamortized discount was $1.0 million and the unamortized deferred financing costs were $0.3 million. The remaining 2021 Convertible Notes matured on May 15, 2021 at which time they were settled in cash and the remaining discount and deferred financing costs were fully amortized.

Debt Extinguishment

During the year ended December 31, 2022, the Company recognized a loss on debt extinguishment of $0.2 million as a result of the amendment and restatement of the 2019 Revolving Credit and Term Loan Agreement.

During the year ended December 31, 2021, the Company extinguished the following debt:

•$207.4 million aggregate principal amount of CMBS indebtedness on three loans secured by 86 properties, resulting in a loss on debt extinguishment of $28.5 million,

•$190.4 million of Convertible Notes upon their maturity, and

•$178.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $0.7 million.

During the year ended December 31, 2020, the Company extinguished the following debt:

•$222.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $1.0 million and

•$154.6 million aggregate principal amount of the 2021 Convertible Notes, resulting in a loss on debt extinguishment of $6.2 million.

Debt Maturities

As of December 31, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands):

	Scheduled Principal		Balloon Payment		Total
2023	$	556	$	—	$	556
2024		590		—		590
2025		610		300,016		300,626
2026		469		355,500		355,969
2027		497		800,000		800,497
Thereafter		2,034		2,150,053		2,152,087
Total	$	4,756	$	3,605,569	$	3,610,325

Interest Expense

The components of interest expense were as follows (in thousands):

	Year Ended December 31,
	2022			2021		2020
Revolving credit facilities (1)	$	9,470		$	2,930	$	3,686
Term loans (2)		10,237			24		3,545
Senior Unsecured Notes		89,252			85,996		61,750
Mortgages payable		296			2,506		12,028
Convertible Notes		—			2,658		10,728
Non-cash:
Amortization of deferred financing costs		5,410			3,942		5,278
Amortization of debt discount, net		1,269			2,140		4,343
Amortization of net losses related to interest rate swaps		2,807			2,807		2,807
Capitalized interest		(1,119	)		—		—
Total interest expense	$	117,622		$	103,003	$	104,165

(1) Includes facility fees of approximately $2.1 million, $1.7 million and $1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2) Includes impact of cash flow hedge.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

NOTE 5. STOCKHOLDERS' EQUITY

Preferred Stock

On October 3, 2017, the Company completed an underwritten public offering of 6.9 million shares of Series A Preferred Stock. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00% per annum on their liquidation preference of $25.00 per share (equivalent to $1.50 per share on an annual basis). Dividends are payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A Preferred Stock trades on the NYSE under the symbol “SRC-A.”

Prior to October 3, 2022, the Company could not redeem the Series A Preferred Stock except in limited circumstances to preserve the Corporation’s status as a REIT or pursuant to a special optional redemption provision upon a change of control. On and after October 3, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but excluding, the redemption date.

Common Stock

In June 2020, the Company entered into forward sale agreements in connection with an offering of 9.2 million shares of common stock at an initial public offering price of $37.35 per share, before underwriting discounts and offering expenses. All 9.2 million of these shares were settled during 2020, generating net proceeds of $319.1 million.

In January 2022, the Company entered into forward sale agreements in connection with an offering of 9.4 million shares of common stock at an initial public offering price of $47.60 per share, before underwriting discounts and offering expenses. All 9.4 million of these shares were settled during 2022, generating net proceeds of $427.7 million.

ATM Program

An ATM Program provides for the offer and sale of shares of the Company’s common stock up to an approved aggregate gross sales price through sales agents, directly to principals, or through forward sellers. The Company can sell shares in amounts and at times to be determined by the Company, but has no obligation to sell shares under an ATM Program.

In November 2016, a $500.0 million 2016 ATM Program was approved and the prior ATM Program was terminated. From inception of the 2016 ATM Program through its termination in November 2020, 8.8 million shares of the Company’s common stock were sold, of which 7.0 million were sold through forward sales agreements. During the year ended December 31, 2020, 2.9 million of these shares were settled, generating net proceeds of $109.2 million. During the year ended December 31, 2021, 0.6 million of these shares were settled, generating net proceeds of $21.9 million.

In November 2020, a $500.0 million 2020 ATM Program was approved and the 2016 ATM Program was terminated. From inception of the 2020 ATM Program through its termination in November 2021, 9.3 million shares of the Company’s common stock were sold, all through forward sale agreements. All 9.3 million shares were settled during the year ended December 31, 2021, generating net proceeds of $391.4 million.

In November 2021, a $500.0 million 2021 ATM Program was approved and the 2020 ATM program was terminated. The following details the activity under the 2021 ATM Program since its inception (in thousands):

2021 ATM	Forward Shares			Regular Shares			Total Shares			Net Proceeds on Issuances
Month ended 12/31/2021
Shares sold		2,268			438			2,706
Shares issued		(2,212	)		(438	)		(2,650	)		$	120,286
Unsettled shares sold as of 12/31/2021		56			—			56
Year ended 12/31/2022
Shares sold		2,434			1,525			3,959
Shares issued		(2,490	)		(1,525	)		(4,015	)		$	167,850
Unsettled shares sold as of 12/31/2022		—			—			—

Dividends Declared

In fiscal years 2022 and 2021, the Company's Board of Directors declared the following dividends:

Declaration Date	Dividend Per Share		Record Date	Total Amount		Payment Date
				(in Thousands)
2022
Preferred Stock
February 9, 2022	$	0.375	March 15, 2022	$	2,588	March 31, 2022
May 18, 2022		0.375	June 15, 2022		2,588	June 30, 2022
August 8, 2022		0.375	September 15, 2022		2,587	September 30, 2022
November 4, 2022		0.375	December 15, 2022		2,587	December 30, 2022
Total Preferred Dividend	$	1.500		$	10,350
Common Stock
February 9, 2022	$	0.638	March 31, 2022	$	85,688	April 14, 2022
May 18, 2022		0.638	June 30, 2022		86,987	July 15, 2022
August 8, 2022		0.663	September 30, 2022		92,595	October 14, 2022
November 4, 2022		0.663	December 30, 2022		93,636	January 13, 2023
Total Common Dividend	$	2.602		$	358,906
2021
Preferred Stock
February 17, 2021	$	0.375	March 15, 2021	$	2,588	March 31, 2021
May 19, 2021		0.375	June 15, 2021		2,588	June 30, 2021
July 29, 2021		0.375	September 15, 2021		2,587	September 30, 2021
November 17, 2021		0.375	December 15, 2021		2,587	December 31, 2021
Total Preferred Dividend	$	1.500		$	10,350
Common Stock
February 17, 2021	$	0.625	March 31, 2021	$	71,837	April 15, 2021
May 19, 2021		0.625	June 30, 2021		74,436	July 15, 2021
July 29, 2021		0.638	September 30, 2021		78,674	October 15, 2021
November 17, 2021		0.638	December 31, 2021		81,378	January 14, 2022
Total Common Dividend	$	2.526		$	306,325

The common stock dividend declared on November 4, 2022 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2022.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 6. COMMITMENTS AND CONTINGENCIES

The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are typically insured against such claims. The Company was contingently liable for $5.7 million of debt owed by one of its former tenants, which was fully accrued in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2021. No payments were made in relation to this contingent liability. Therefore, upon the maturity of the tenant's debt on March 15, 2022, the Company reversed the full $5.7 million of the accrued liability, which is reflected as other income in the consolidated statement of operations.

The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of December 31, 2022, no accruals have been made.

As of December 31, 2022, there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Purchase and Capital Improvement Commitments

As of December 31, 2022, the Company had commitments totaling $111.1 million, of which $13.8 million relates to future acquisitions and the remainder relates to improvements on properties the Company already owns. Acquisition commitments contain standard cancellation clauses contingent on the results of due diligence. $35.1 million of the Company’s commitments are expected to be funded during 2023, with the remainder to be funded by the end of 2024.

Lessee Contracts

The Company leases its corporate office space, which is classified as an operating lease. The corporate office lease contains a variable lease cost related to the lease of parking spaces and a non-lease component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. The Company elected to use the components expedient for all lessee operating leases, which permits the Company to not separate non-lease components from lease components if timing and pattern of transfer is the same. As such, total rental expense, including variable rent, for the corporate office space amounted to $1.5 million for each of the years ended December 31, 2022, 2021 and 2020, respectively, and is included in general and administrative expense. The Company’s lease of its corporate office space has an initial term that expires on January 31, 2027 and is renewable at the Company’s option for two additional periods of five years each after the initial term.

The Company is also a lessee under long-term, non-cancellable ground leases under which it is obligated to pay monthly rent. There were four ground leases as of December 31, 2022 and 2021, respectively. Total rental expense included in property costs amounted to $0.3 million for each of the years ended December 31, 2022, 2021 and 2020, respectively. For all of the ground leases, rental expenses are reimbursed by tenants, and the corresponding rental revenue is recorded in rental income on the consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 5.1 years.

The Company’s minimum aggregate rental commitments under all non-cancellable operating leases as of December 31, 2022 are as follows (in thousands):

	Ground Leases			Office Lease			Total
2023	$	285		$	1,055		$	1,340
2024		285			1,070			1,355
2025		267			1,086			1,353
2026		258			1,101			1,359
2027		167			92			259
Thereafter		107			—			107
Total		1,369			4,404			5,773
Less: imputed interest		(241	)		(939	)		(1,180	)
Total operating lease liabilities	$	1,128		$	3,465		$	4,593

Imputed interest was calculated using a weighted-average discount rate of 4.19%. The discount rate is based on our estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including the Company's credit rating and REIT industry performance. The evaluation of the Company's right-of-use lease asset associated with the corporate office included the unamortized portion of a $1.7 million cash lease incentive paid at inception of the lease. As of December 31, 2022 and 2021, the Company had a right-of-use lease asset balance of $3.4 million and $3.7 million, respectively, which are included in deferred costs and other assets, net and an operating lease liability balance of $4.6 million and $5.1 million, respectively, which are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.

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Derivative and Hedging Activities

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

NOTE 7. DERIVATIVE AND HEDGING ACTIVITIES

The Company may use interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCIL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash activities in the consolidated statements of cash flows. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates this risk through monitoring the creditworthiness of counterparties, which includes review of their debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings.

In the third quarter of 2019, the Company terminated interest rate swaps which had been entered into in December 2018 and accelerated the reclassification of a loss of $12.5 million from AOCIL to termination of interest rate swaps as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a portion of the hedged transactions remained probable to occur, $12.3 million of the loss was deferred in other comprehensive loss and is being amortized over the remaining initial term of the interest rate swaps, which ends January 31, 2024. As of December 31, 2022, the unamortized portion of loss in AOCIL related to terminated interest rate swaps was $3.0 million.

During the third quarter of 2022, the Company entered into new interest rate swaps, which were designated as cash flow hedge instruments and are recorded in deferred costs and other assets, net on the consolidated balance sheet. These instruments swap 1-month SOFR for a fixed payment. The following table summarizes the key terms and fair value of these instruments (in thousands):

					Fair Value of Asset
Interest Rate Swap Notional Amount		Fixed Interest Rate	Effective Date	Maturity Date	December 31, 2022
$	300,000	2.501%	September 15, 2022	August 22, 2027	$	15,675
$	200,000	2.507%	September 15, 2022	August 22, 2027		10,349
$	300,000	2.636%	September 15, 2022	August 22, 2025		11,104
					$	37,128

The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands):

	Year Ended December 31,
	2022			2021		2020
Cash flow hedge derivatives	$	39,366		$	—	$	—
Amount of gain reclassified from AOCIL to interest		(2,238	)		—		—
Amount of loss reclassified from AOCIL to interest		2,807			2,807		2,807
Total	$	39,935		$	2,807	$	2,807

During the next 12 months, we estimate that approximately $2.8 million will be reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt and $17.6 million will be reclassified as a decrease to interest expense related to cash flow hedge derivatives.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 8. FAIR VALUE MEASUREMENTS

The fair value measurement framework specifies a hierarchy of valuation inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable:

•Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

•Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•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.

Recurring Fair Value Measurements

The Company’s interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. These measurements are classified as Level 2 of the fair value hierarchy.

The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands):

			Fair Value Hierarchy Level
Description	Fair Value		Level 1		Level 2		Level 3
Derivatives held at December 31, 2022
Interest rate swaps	$	37,128	$	—	$	37,128	$	—

Nonrecurring Fair Value Measurements

Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. The fair values of real estate and intangible assets were estimated using the following information, depending on availability, in order of preference: signed purchase and sale agreements (“PSA”) or letters of intent (“LOI”); broker opinions of value (“BOV”); recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate.

The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands):

			Fair Value Hierarchy Level
Description	Fair Value		Level 1		Level 2		Level 3
Assets held at December 31, 2022
Impaired at March 31, 2022	$	—	$	—	$	—	$	—
Impaired at June 30, 2022	$	4,700	$	—	$	—	$	4,700
Impaired at September 30, 2022	$	4,094	$	—	$	—	$	4,094
Impaired at December 31, 2022	$	29,636	$	—	$	—	$	29,636
Assets held at December 31, 2021
Impaired at March 31, 2021	$	1,739	$	—	$	—	$	1,739
Impaired at June 30, 2021	$	9,655	$	—	$	—	$	9,655
Impaired at September 30, 2021	$	3,479	$	—	$	—	$	3,479
Impaired at December 31, 2021	$	11,656	$	—	$	—	$	11,656

As of December 31, 2022, the Company held 18 properties that were impaired during 2022. As of December 31, 2021, the Company held 14 properties that were impaired during 2021. For one property held at December 31, 2021, the Company estimated fair value using a capitalization rate of 14.00% based on capitalization rates from market comparables. For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining properties are as follows:

Unobservable Input	Asset Type	Property Count		Price Per Square Foot Range	Weighted Average Price Per Square Foot		Square Footage
December 31, 2022
PSA, LOI or BOV	Retail		12	$30.00 - $384.88	$	93.60		223,225
PSA, LOI or BOV	Data Center		1	$24.94	$	24.94		188,475
Comparable Properties	Retail		3	$26.05 - $197.15	$	56.36		100,195
Comparable Properties	Office		2	$71.69 - $135.00	$	98.97		73,000
December 31, 2021
PSA, LOI or BOV	Retail		6	$63.83 - $418.57	$	102.35		39,603
PSA, LOI or BOV	Medical		2	$65.63 - $105.16	$	75.60		41,496
PSA, LOI or BOV	Data Center		1	$38.57	$	38.57		188,475
Comparable Properties	Retail		3	$29.35 - $483.09	$	67.48		42,357
Comparable Properties	Medical		1	$78.66 - $106.35	$	95.00		15,974

Estimated Fair Value of Financial Instruments

Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the consolidated balance sheets. In addition, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at measurement date. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of these financial instruments have been derived either based on (i) market quotes for identical or similar instruments in markets or (ii) 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 Senior Unsecured Notes are classified as Level 1 of the fair value of the hierarchy, and the remaining estimates are classified as Level 2.

The following table discloses fair value information for these financial instruments (in thousands):

	December 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Loans receivable, net (1)	$	23,023	$	23,462	$	10,450	$	11,381
2019 Credit Facility		55,500		55,502		288,400		288,549
2022 Term Loans, net (2)		792,309		802,363		—		—
Senior Unsecured Notes, net (2)		2,722,514		2,310,547		2,718,641		2,865,187
Mortgages payable, net (2)		4,986		4,685		5,551		5,748

(1) The carrying value of the loans receivable are net of an allowance for credit losses.

(2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

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Incentive Award Plan and Employee Benefit Plan

12 Months Ended

Dec. 31, 2022

Compensation Related Costs [Abstract]

Incentive Award Plan and Employee Benefit Plan

NOTE 9. INCENTIVE AWARD PLAN AND EMPLOYEE BENEFIT PLAN

Amended Incentive Award Plan

Under the Amended Incentive Award Plan, the Company may grant equity incentive awards to eligible employees, directors and other advisors of the Company. Awards under the Amended Incentive Award Plan may be in the form of stock options, restricted stock, dividend equivalents, stock appreciation rights, performance awards, stock payment awards, market-based awards, Operating Partnership units and other incentive awards. If an award under the Amended Incentive Award Plan is forfeited, expires or is settled for cash, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Amended Incentive Award Plan. As of December 31, 2022, 4.8 million shares remained available for award under the Amended Incentive Award Plan.

Shares of common stock have been granted pursuant to the Amended Incentive Award Plan and, during the periods presented, portions of these awards vested. The vesting of these shares resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender shares of common stock during the years ended December 31, 2022, 2021 and 2020 valued at $6.5 million, $4.4 million and $4.4 million, respectively, solely to pay the associated statutory tax withholdings, which do not exceed the maximum statutory rate. Common shares repurchased are considered retired under Maryland law, and the cost of the stock repurchased is recorded as a reduction to common stock and accumulated deficit on the consolidated balance sheets. The Company has made an accounting policy election to recognize stock-based compensation forfeitures as they occur.

Restricted Shares of Common Stock

Restricted share awards have been granted to certain employees, including executive officers, and members of the Board of Directors. The requisite service period for the awards is generally three years for employees and one year for members of the Board of Directors. The following table summarizes the restricted share activity:

	2022					2021					2020
	Number of Shares			Weighted Average Price (1) (per share)		Number of Shares			Weighted Average Price (1) (per share)		Number of Shares			Weighted Average Price (1) (per share)
Outstanding non-vested shares, beginning of year		233,135		$	42.22		279,912		$	42.67		321,627		$	40.66
Shares granted		128,367			45.73		118,996			39.22		148,045			46.42
Shares vested		(145,723	)		42.23		(157,054	)		40.83		(182,653	)		42.04
Shares forfeited		(418	)		46.30		(8,719	)		40.87		(7,107	)		45.77
Outstanding non-vested shares, end of year		215,361		$	44.30		233,135		$	42.22		279,912		$	42.67

(1) Based on grant date fair values.

The Company recorded $5.9 million in deferred stock-based compensation associated with restricted shares granted during the year ended December 31, 2022. The fair value of the restricted stock grants was determined based on the Company's closing stock price on the date of grant. During the year ended December 31, 2022, restricted shares with an aggregate fair value of $6.7 million vested. The fair value of the vesting was determined based on the Company’s closing stock price on the date of vest. Outstanding non-vested awards as of December 31, 2022 have a remaining weighted average recognition period of 0.7 years.

Market-Based Awards

Market-based awards have been granted to executive officers upon approval from the Board of Directors or committee thereof. These awards are granted at a target number of units and represent shares that are potentially issuable in the future. The market-based share awards vest based on the Company’s stock price, dividend performance, and TSR at the end of their respective performance periods relative to a group of industry peers. The performance periods generally begin on January 1st of the year of grant and end after three years on December 31st. Potential shares of the Corporation's common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0% and 375%. The following table summarizes the market-based award activity:

	2022					2021					2020
	Number of  Target Shares			Weighted Average Fair Value (per share)		Number of Target Shares			Weighted Average Fair Value (per share)		Number of Target Shares			Weighted Average Fair Value (per share)
Outstanding non-vested awards, beginning of year		258,053		$	74.08		201,468		$	58.12		319,731		$	49.49
Grants at target		166,307			93.26		170,307			77.57		87,746			67.30
Earned above performance target		—			—		154,312			50.92		83,259			54.57
Vested		—			—		(266,319	)		50.92		(268,694	)		54.57
Forfeited		(87,746	)		67.30		—			—		—			—
Incremental Shares (1)		—		N/A			(1,715	)	N/A			(20,574	)	N/A
Outstanding non-vested awards, end of year		336,614		$	85.32		258,053		$	74.08		201,468		$	58.12

(1) In 2018, in connection with the Spin-Off and in accordance with the rights granted per the Amended Incentive Award Plan, the Board of Directors made an equitable adjustment for all market-based awards outstanding, resulting in incremental shares. During the years ended December 31, 2021 and 2020, 1.7 thousand and 20.6 thousand, respectively, of these incremental shares were earned. Because the fair value of the outstanding market-based awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and no incremental compensation expense related to the incremental shares.

Grant date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the time horizons matching the performance periods. For market-based awards granted in 2022, significant inputs for the calculation were expected volatility of the Company of 39.5% and expected volatility of the Company's peers, ranging from 21.5% to 53.6%, with an average volatility of 35.7% and a risk-free interest rate of 1.59%. Expected volatility was determined using an equal weighting of implied volatility and historical volatility.

The projected shares to be awarded are not considered issued under the Amended Incentive Award Plan until the performance period has ended and the actual number of shares to be released is determined. The market-based shares and dividend rights are subject to forfeiture in the event of a non-qualifying termination of a participant prior to the performance period end date. During the year ended December 31, 2022, zero market-based awards vested as the requisite performance conditions were not met. Outstanding non-vested awards as of December 31, 2022 have a remaining weighted average recognition period of 1.7 years and would have resulted in 0.2 million shares released based on the Corporation's TSR relative to the specified peer groups through that date.

In addition, final shares issued under each market-based share award entitle its holder to a cash payment equal to the aggregate dividends declared with record dates during the performance period, beginning on the grant date and ending the day before the awards are released. Approximately $2.5 million and $3.3 million in dividend rights have been accrued as of December 31, 2022 and 2021, respectively.

Stock-based Compensation Expense

For the years ended December 31, 2022, 2021 and 2020, the Company recognized $17.4 million, $14.0 million and $12.6 million, respectively, in stock-based compensation expense, which is included in general and administrative expenses in the consolidated statements of operations. Stock-based compensation is recognized on a straight-line basis over the minimum required service period of each applicable award.

The following is a summary of remaining unamortized stock-based compensation expense (in thousands):

	December 31, 2022		December 31, 2021
Restricted share awards	$	4,727	$	4,787
Market-based awards		15,165		11,143
Total unamortized stock-based compensation expense	$	19,892	$	15,930

401(k) Plan

The Company has a 401(k) Plan, which is available to employees on the first month following their date of hire with the Company. Currently, the Company provides a matching contribution equal to 100% of elective deferrals up to 4% of compensation, which vests immediately.

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Income Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Income Per Share

NOTE 10. INCOME PER SHARE

The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands):

	Years Ended December 31,
	2022			2021			2020
Basic and diluted income:
Income from continuing operations	$	285,516		$	171,702		$	26,708
Less: dividends paid to preferred stockholders		(10,350	)		(10,350	)		(10,350	)
Less: dividends and income attributable to unvested restricted stock		(555	)		(581	)		(728	)
Net income attributable to common stockholders used in basic and diluted income per share	$	274,611		$	160,771		$	15,630
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding		134,768,664			118,587,722			104,656,242
Less: unvested weighted average shares of restricted stock		(220,578	)		(245,281	)		(298,582	)
Basic weighted average shares of common stock outstanding		134,548,086			118,342,441			104,357,660
Net income per share attributable to common stockholders - basic	$	2.04		$	1.36		$	0.15
Diluted weighted average shares of common stock outstanding: (1)
Plus: unvested market-based awards		97,565			373,396			175,952
Plus: unsettled shares under open forward equity contracts		—			1			1,772
Diluted weighted average shares of common stock outstanding		134,645,651			118,715,838			104,535,384
Net income per share attributable to common stockholders - diluted	$	2.04		$	1.35		$	0.15
Potentially dilutive shares of common stock related to:
Unvested restricted share awards		67,206			95,411			62,448

(1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

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Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 11. RELATED PARTY TRANSACTIONS

Asset Management Agreement and Interim Management Agreement

In conjunction with the Spin-Off, the Company entered into the Asset Management Agreement to provide various management services to SMTA. On June 2, 2019, the Company and SMTA entered into a termination agreement of the Asset Management Agreement and concurrently entered into the Interim Management Agreement, which was subsequently terminated September 4, 2020. Asset management fees of $0.7 million were earned during the year ended December 31, 2020 and are included in related party fee income in the consolidated statements of operations.

Cost Sharing Arrangements

In conjunction with the Spin-Off, the Company and SMTA entered into certain agreements, including the Separation and Distribution Agreement, Tax Matters Agreement, Registration Rights Agreement and Insurance Sharing Agreement. These agreements provided a framework for the relationship between the Company and SMTA after the Spin-Off, by which Spirit could incur certain expenses on behalf of SMTA that had to be reimbursed in a timely manner. These agreements, except for the Tax Matters Agreement, were terminated in conjunction with the termination of the Asset Management Agreement. The Tax Matters Agreement was terminated in conjunction with the termination of the Interim Management Agreement.

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Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12. INCOME TAXES

The Company’s total income tax expense was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
State income tax	$	890	$	605	$	128
Federal income tax		7		2		145
Total income tax expense	$	897	$	607	$	273

The Operating Partnership is a partnership for federal income tax purposes. Partnerships are pass-through entities and are not subject to U.S. federal income taxes, and therefore, no provision has been made for federal income taxes in the consolidated financial statements. Although most states and cities where the Operating Partnership operates follow the U.S. federal income tax treatment, there are certain jurisdictions such as Texas, Tennessee and Ohio that impose income or franchise taxes on partnerships. The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities, which are recorded within accounts payable, accrued expenses and other liabilities in the consolidated balance sheets, were immaterial as of December 31, 2022, 2021 and 2020.

The Operating Partnership transferred its rights and obligations under the Asset Management Agreement to Spirit Realty AM Corporation (“SRAM”), a wholly-owned taxable REIT subsidiary of Spirit, on April 1, 2019. This agreement was subsequently terminated and simultaneously replaced by the Interim Management Agreement, effective from September 20, 2019 through September 4, 2020. The Operating Partnership allocated personnel and other general and administrative costs to SRAM for management services provided to SMTA. Accordingly, all asset management fees earned from April 1, 2019 through September 4, 2020 were subject to income tax.

To the extent that the Company acquires property that has been owned by a C corporation in a transaction in which the tax basis of the property carries over, and the Company recognizes a gain on the disposition of such property during the subsequent recognition period, it will be required to pay tax at the regular corporate tax rate to the extent of such built-in gain. No properties subject to state built-in gain tax were sold during the years ended December 31, 2022, 2021 or 2020.

The Corporation has federal net operating loss carry-forwards for income tax purposes totaling $66.1 million for each of the years ended December 31, 2022, 2021 and 2020. These losses, which begin to expire in 2027 through 2034, are available to reduce future taxable income or distribution requirements, subject to certain ownership change limitations. The Corporation intends to make annual distributions at least equal to its taxable income and thus does not expect to utilize its net operating loss carryforwards in the foreseeable future.

The Company files federal, state and local income tax returns. Federal tax returns for years prior to 2019 are no longer subject to examination. Additionally, state tax returns for years prior to 2018 are generally no longer subject to examination. The Company recognizes any interest related to underpayment of income taxes as interest expense and recognizes any penalties as operating expenses. There was no material interest or penalties for the years ended December 31, 2022, 2021 and 2020. The Company believes that it has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax law applied to the facts of each matter.

Common stock dividends paid were characterized for tax as follows (per share):

	Year Ended December 31,
	2022		2021		2020
Ordinary income	$	2.41	$	1.37	$	1.80
Return of capital		0.06		1.14		0.70
Capital gain		0.11		—		—
Total	$	2.58	$	2.51	$	2.50

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Consolidated Quarterly Financial Data

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Consolidated Quarterly Financial Data

NOTE 13. CONSOLIDATED QUARTERLY FINANCIAL DATA

The following table sets forth certain unaudited consolidated financial information for each of the four quarters included in the years ended December 31, 2022 and 2021 (in thousands, except share and per share data):

2022	First			Second			Third			Fourth
(Unaudited)	Quarter			Quarter			Quarter			Quarter			Year
Total operating revenues	$	168,396		$	174,935		$	182,904		$	183,394		$	709,629
Depreciation and amortization		(69,108	)		(72,898	)		(74,600	)		(76,379	)		(292,985	)
Interest		(26,023	)		(27,594	)		(30,956	)		(33,049	)		(117,622	)
Other operating expenses		(23,593	)		(30,631	)		(24,010	)		(51,679	)		(129,913	)
Loss on debt extinguishment		(172	)		—			—			—			(172	)
Gain on disposition of assets		877			38,928			23,302			47,793			110,900
Other income		5,679			—			—			—			5,679
Net income		56,056			82,740			76,640			70,080			285,516
Dividends paid to preferred stockholders		(2,588	)		(2,588	)		(2,587	)		(2,587	)		(10,350	)
Net income attributable to common stockholders	$	53,468		$	80,152		$	74,053		$	67,493		$	275,166
Net income per share attributable to common stockholders - basic	$	0.42		$	0.60		$	0.54		$	0.48		$	2.04
Net income per share attributable to common stockholders - diluted	$	0.42		$	0.60		$	0.54		$	0.48		$	2.04
Dividends declared per common share	$	0.638		$	0.638		$	0.663		$	0.663		$	2.602

2021	First			Second			Third			Fourth
(Unaudited)	Quarter			Quarter			Quarter			Quarter			Year
Total operating revenues	$	135,141		$	164,626		$	152,568		$	156,055		$	608,390
Depreciation and amortization		(57,087	)		(60,074	)		(63,061	)		(64,402	)		(244,624	)
Interest		(26,624	)		(26,170	)		(25,078	)		(25,131	)		(103,003	)
Other operating expenses		(25,558	)		(27,955	)		(24,005	)		(23,825	)		(101,343	)
(Loss) gain on debt extinguishment		(29,177	)		(10	)		1			—			(29,186	)
Gain on disposition of assets		1,836			37,507			453			1,672			41,468
Net (loss) income		(1,469	)		87,924			40,878			44,369			171,702
Dividends paid to preferred stockholders		(2,588	)		(2,588	)		(2,587	)		(2,587	)		(10,350	)
Net (loss) income attributable to common stockholders	$	(4,057	)	$	85,336		$	38,291		$	41,782		$	161,352
Net (loss) income per share attributable to common stockholders - basic	$	(0.04	)	$	0.74		$	0.32		$	0.34		$	1.36
Net (loss) income per share attributable to common stockholders - diluted	$	(0.04	)	$	0.74		$	0.32		$	0.34		$	1.35
Dividends declared per common share	$	0.625		$	0.625		$	0.638		$	0.638		$	2.526

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Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
24 Hour Fitness	1	(d)	$	6,982	$	9,255	$	(3,817	)	$	(5,674	)	$	3,165	$	3,581	$	6,746		(549	)	1987	05/07/2015	4 to 25 years
Aaron's	25	(d)		11,215		24,883		(1,112	)		(2,314	)		10,103		22,569		32,672		(7,675	)	1957 - 2008	07/17/2013	1 to 49 years
Academy Sports + Outdoors	9	(d)		20,495		51,603		—			76			20,495		51,679		72,174		(8,280	)	1996 - 2015	07/17/2013 - 11/30/2021	9 to 37 years
Accel International	3	(d)		8,691		22,860		—			—			8,691		22,860		31,551		(5,427	)	1990 - 2018	12/17/2014 - 06/03/2021	9 to 30 years
Advance Auto Parts	54	(d)		27,610		49,920		—			(76	)		27,610		49,844		77,454		(14,449	)	1965 - 2008	07/17/2013 - 11/25/2019	4 to 50 years
Advanced Distributor Products	1	(d)		2,134		17,583		—			—			2,134		17,583		19,717		(573	)	2017	01/28/2022	3 to 37 years
Alabama Clinics	1	(d)		695		1,707		—			20			695		1,727		2,422		(458	)	2012	12/21/2016	1 to 40 years
Alaska Club	5	(d)		14,160		46,839		—			—			14,160		46,839		60,999		(8,968	)	1972 - 2006	08/15/2018	10 to 43 years
Albertsons	3	(d)		8,145		10,140		—			(132	)		8,145		10,008		18,153		(3,962	)	1983 - 1998	12/17/2013 - 04/01/2015	15 to 30 years
Alta Material Handling	3	(d)		3,199		7,542		—			—			3,199		7,542		10,741		(311	)	1979 - 2005	03/29/2022	8 to 35 years
Aludyne	8	(d)		7,112		35,843		—			—			7,112		35,843		42,955		(1,612	)	1969 - 2003	02/03/2021 - 09/22/2022	3 to 33 years
AMC Theatres	4	(d)		12,027		44,079		(2,405	)		(8,043	)		9,622		36,036		45,658		(13,756	)	1997 - 2007	06/23/2004 - 07/17/2013	2 to 40 years
America's Service Station	2	(d)		2,157		2,825		—			—			2,157		2,825		4,982		(324	)	2000 - 2011	11/25/2019	10 to 42 years
Amigos United	1	(d)		620		5,415		—			(156	)		620		5,259		5,879		(2,027	)	2000	08/25/2005	40 to 40 years
Amware Fulfillment	1	(d)		1,731		12,990		—			—			1,731		12,990		14,721		(1,402	)	1969	11/10/2020	8 to 25 years
Andy's Frozen Custard	4	(d)		3,081		902		317			3,198			3,398		4,100		7,498		(773	)	1995 - 2019	09/19/2014 - 09/12/2016	13 to 40 years
Ann Taylor / LOFT	2	(d)		16,637		95,965		—			—			16,637		95,965		112,602		—		2014 - 2016	12/06/2022	4 to 29 years
Anytime Fitness	2	(d)		547		1,070		—			—			547		1,070		1,617		(15	)	2014 - 2018	07/28/2022	6 to 52 years
Applebee's	23	(d)		25,368		43,959		—			—			25,368		43,959		69,327		(14,185	)	1990 - 2005	07/17/2013 - 11/25/2019	8 to 40 years
Arby's	12	(d)		6,265		9,685		17			(18	)		6,282		9,667		15,949		(3,040	)	1980 - 2004	07/17/2013 - 11/25/2019	3 to 30 years
Armacell	1	(d)		1,318		17,900		—			—			1,318		17,900		19,218		(1,617	)	2005	11/10/2020	6 to 30 years
Ashley HomeStore (f)	7	(d)		13,582		30,681		(728	)		(3,057	)		12,854		27,624		40,478		(5,442	)	1947 - 2008	07/17/2013 - 07/21/2022	3 to 45 years
At Home (f)	16	(d)		70,855		125,450		—			134			70,855		125,584		196,439		(23,418	)	1965 - 2021	08/01/2016 - 05/26/2022	5 to 44 years
AT&T	1	(d)		2,873		8,252		—			(401	)		2,873		7,851		10,724		(1,690	)	2002	07/17/2013	16 to 48 years
ATC Fitness	1	(d)		1,187		1,817		—			—			1,187		1,817		3,004		(615	)	2014	09/17/2014	15 to 40 years
Auria St. Clair	1	(d)		1,511		6,379		—			—			1,511		6,379		7,890		(1,081	)	1991	01/09/2020	9 to 26 years
Auto Driveaway	1	(d)		2,526		543		—			—			2,526		543		3,069		(64	)	2020	10/11/2022	7 to 53 years
Avalon Flooring	1	(d)		753		3,299		—			—			753		3,299		4,052		(864	)	2006	03/31/2015	11 to 40 years
Bagger Dave's Burger Tavern	2	(d)		1,069		429		—			—			1,069		429		1,498		(148	)	1927 - 1985	11/25/2019	6 to 27 years
Bank of America	1	(d)		13,131		74,628		—			1,312			13,131		75,940		89,071		(7,895	)	1974	09/26/2019	9 to 52 years
Best Buy (f)	9	(d)		21,346		51,864		—			134			21,346		51,998		73,344		(8,571	)	1984 - 2002	07/17/2013 - 06/30/2022	4 to 41 years
Better Being Co.	1	(d)		3,407		46,940		—			—			3,407		46,940		50,347		(417	)	2005	09/26/2022	11 to 30 years
Big Lots (f)	2	(d)		3,498		3,398		—			7,499			3,498		10,897		14,395		(1,227	)	1987 - 1988	07/17/2013 - 05/13/2022	8 to 30 years
Big Sandy Furniture	7	(d)		5,327		18,252		—			24			5,327		18,276		23,603		(4,115	)	1976 - 1998	11/25/2019	3 to 34 years
Binswanger Glass	9	(d)		3,696		14,737		—			—			3,696		14,737		18,433		(242	)	1957 - 1983	08/23/2022	5 to 35 years
BJ's Wholesale Club	11	(d)		58,082		162,530		—			229			58,082		162,759		220,841		(27,524	)	1993 - 2021	07/17/2013 - 08/12/2022	8 to 50 years
Black Box	1	(d)		5,470		24,982		—			—			5,470		24,982		30,452		(887	)	1983	04/29/2022	6 to 26 years
BlueLinx	3	(d)		37,932		71,290		—			52			37,932		71,342		109,274		(8,841	)	1988 - 1996	04/07/2021	7 to 27 years
Bob’s Discount Furniture	1	(d)		3,776		8,024		—			—			3,776		8,024		11,800		(224	)	2008	01/31/2022	7 to 46 years
Books-A-Million	1	(d)		575		2,568		—			(6	)		575		2,562		3,137		(824	)	2001	07/17/2013	7 to 45 years
Boscovs	1	(d)		1,803		4,314		—			—			1,803		4,314		6,117		(1,247	)	1970	11/25/2019	3 to 25 years
Brookshire Brothers	7	(d)		4,397		8,077		—			(589	)		4,397		7,488		11,885		(6,016	)	1971 - 2004	12/01/2005 - 03/31/2014	10 to 30 years
Buffalo Wild Wings	5	(d)		8,282		5,665		—			—			8,282		5,665		13,947		(2,413	)	2003 - 2015	11/05/2014 - 11/25/2019	9 to 40 years
Builders FirstSource	2	(d)		6,280		5,800		—			242			6,280		6,042		12,322		(990	)	1973 - 2005	05/13/2021 - 11/08/2021	3 to 39 years
Burger King	15	(d)		8,939		9,665		—			—			8,939		9,665		18,604		(3,949	)	1976 - 1998	09/29/2006 - 11/25/2019	3 to 34 years
Burlington (f)	1	(d)		5,741		12,303		—			—			5,741		12,303		18,044		(324	)	1966	06/30/2022	6 to 25 years
Caliber Collision	3	(d)		4,587		6,250		—			65			4,587		6,315		10,902		(1,720	)	1986 - 2016	12/28/2016 - 11/25/2019	4 to 50 years
Camping World	7	(d)		22,547		16,301		—			15,957			22,547		32,258		54,805		(9,653	)	2004 - 2016	03/27/2015 - 11/25/2019	9 to 40 years
Car Wash USA Express	21	(d)		13,035		63,614		—			—			13,035		63,614		76,649		(6,880	)	1998 - 2018	09/27/2019	9 to 39 years
CarMax	7	(d)		45,244		48,842		—			(244	)		45,244		48,598		93,842		(12,620	)	1994 - 2005	06/30/2005 - 11/25/2019	6 to 40 years
Chapala	1	(d)		477		139		—			—			477		139		616		(54	)	1998	11/25/2019	3 to 20 years
Charleston's Restaurant	2	(d)		2,620		6,455		—			12			2,620		6,467		9,087		(1,328	)	1992 - 2002	11/25/2019	2 to 20 years
Childcare Network	20	(d)		9,432		18,736		—			36			9,432		18,772		28,204		(6,121	)	1949 - 2016	10/31/2014 - 02/23/2017	4 to 50 years
Childtime	6	(d)		2,106		4,181		—			—			2,106		4,181		6,287		(2,081	)	1974 - 2010	07/17/2013 - 02/19/2015	8 to 40 years

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Chili's	3	(d)		2,628		3,337		(735	)		—			1,893		3,337		5,230		(1,281	)	1985 - 1999	07/17/2013	11 to 35 years
Chuck-A-Rama and Grub Steak	12	(d)		8,406		23,314		—			—			8,406		23,314		31,720		(4,123	)	1964 - 2011	01/22/2019	9 to 37 years
Church's Chicken	160	(d)		65,562		77,569		(304	)		(53	)		65,258		77,516		142,774		(37,301	)	1965 - 2007	07/17/2013	3 to 40 years
Cinemark	1	(d)		4,023		10,346		—			52			4,023		10,398		14,421		(1,929	)	2016	02/21/2017	15 to 50 years
Circle K	71	(d)		51,773		85,711		(21	)		—			51,752		85,711		137,463		(42,690	)	1950 - 2005	07/17/2013	3 to 38 years
City Electric Supply	74	(d)		27,568		74,284		31			779			27,599		75,063		102,662		(5,670	)	1935 - 2017	11/30/2020	5 to 48 years
Clean Freak	10	(d)		13,899		16,644		152			3,133			14,051		19,777		33,828		(3,287	)	1970 - 2022	09/29/2016 - 07/07/2022	13 to 50 years
Coastal Construction Products	4	(d)		5,623		10,074		—			33			5,623		10,107		15,730		(610	)	1963 - 2007	03/30/2021 - 03/15/2022	5 to 39 years
Coil Tubing Partners	1	(d)		2,343		4,950		—			—			2,343		4,950		7,293		(84	)	2019	08/23/2022	4 to 43 years
Colbert Packaging	2	(d)		1,835		22,707		—			—			1,835		22,707		24,542		—		1989 - 2015	12/20/2022	5 to 33 years
Columbus Fish Market	1	(d)		2,164		1,165		—			—			2,164		1,165		3,329		(847	)	1960	07/17/2013	9 to 23 years
Conney Safety	1	(d)		1,189		11,451		—			—			1,189		11,451		12,640		(1,724	)	1986	01/09/2020	8 to 23 years
Convergys	1	(d)		808		6,045		(266	)		(1,580	)		542		4,465		5,007		—		2008	07/17/2013	3 to 42 years
Cost-U-Less	1	(d)		2,132		5,992		—			—			2,132		5,992		8,124		(2,133	)	2005	07/17/2013	8 to 37 years
Crash Champions	24	(d)		30,873		43,757		—			5			30,873		43,762		74,635		(2,960	)	1976 - 2004	11/25/2019 - 11/16/2021	7 to 40 years
Crème de la Crème	5	(d)		10,538		18,955		—			61			10,538		19,016		29,554		(2,219	)	2007 - 2009	11/25/2019	7 to 41 years
Crunch Fitness	6	(d)		7,424		21,920		—			3,036			7,424		24,956		32,380		(5,470	)	1993 - 2017	11/29/2016 - 11/25/2019	8 to 44 years
C-Store	233	(d)		162,580		136,269		(649	)		3,464			161,931		139,733		301,664		(66,376	)	1945 - 2011	07/02/2007 - 06/28/2019	8 to 40 years
Curacao (f)	1	(d)		9,470		13,326		(2,049	)		(5,007	)		7,421		8,319		15,740		(1,265	)	1968	12/30/2014	6 to 24 years
Curt Manufacturing	2	(d)		4,582		13,044		—			130			4,582		13,174		17,756		(1,848	)	2009 - 2010	11/13/2020	9 to 29 years
CVS	30	(d)		29,087		82,977		(301	)		(1,424	)		28,786		81,553		110,339		(25,682	)	1994 - 2007	07/17/2013	7 to 43 years
Dairy Queen	4	(d)		2,570		4,333		—			90			2,570		4,423		6,993		(1,255	)	1984 - 2010	02/16/2017	5 to 40 years
Dave & Buster's / Main Event	15	(d)		47,735		85,944		2,161			25,241			49,896		111,185		161,081		(26,548	)	1995 - 2021	09/30/2005 - 03/02/2022	7 to 50 years
David's Bridal (f)	2	(d)		1,461		4,727		—			54			1,461		4,781		6,242		(1,285	)	2005 - 2006	07/17/2013	11 to 48 years
Davis-Standard	2	(d)		3,181		15,331		—			71			3,181		15,402		18,583		(3,562	)	1969 - 1983	10/27/2016	5 to 40 years
Deep Well Services	2	(d)		2,406		5,938		—			—			2,406		5,938		8,344		(89	)	2018 - 2019	08/23/2022	3 to 43 years
Defined Fitness	7	(d)		16,187		35,280		—			6			16,187		35,286		51,473		(7,473	)	1972 - 2020	04/23/2015 - 11/24/2020	14 to 45 years
Defy Trampoline Park (f)	10	(d)		12,493		22,679		521			3,758			13,014		26,437		39,451		(8,016	)	1970 - 2018	09/30/2015 - 08/31/2018	9 to 40 years
Denny's	2	(d)		997		1,409		(24	)		25			973		1,434		2,407		(422	)	1995 - 1996	03/20/2015 - 11/25/2019	8 to 20 years
Dillon Tire	1	(d)		1,144		2,935		—			—			1,144		2,935		4,079		(1,224	)	1972	11/25/2019	2 to 10 years
Direct Shot Distributing	1	(d)		6,447		20,390		—			—			6,447		20,390		26,837		(1,874	)	2020	11/10/2020	6 to 34 years
Dollar General	84	(d)		30,981		71,005		—			70			30,981		71,075		102,056		(17,118	)	1975 - 2021	07/17/2013 - 06/14/2022	5 to 44 years
Dollar Tree / Family Dollar (f)	132	(d)		52,675		102,122		(486	)		(1,426	)		52,189		100,696		152,885		(16,522	)	1921 - 2022	07/17/2013 - 11/30/2022	3 to 50 years
Drive Time	2	(d)		2,158		2,071		—			(46	)		2,158		2,025		4,183		(1,555	)	1968 - 2005	11/25/2014 - 03/11/2015	10 to 40 years
Driver’s Edge	5	(d)		5,737		5,766		—			—			5,737		5,766		11,503		(512	)	1999 - 2017	02/02/2021	11 to 38 years
Duluth Trading Co.	1	(d)		2,776		3,990		—			367			2,776		4,357		7,133		(1,249	)	2007	07/17/2013	10 to 47 years
DWM Holdings, Inc.	1	(d)		2,056		4,198		—			—			2,056		4,198		6,254		(128	)	1967	09/15/2022	7 to 22 years
Eddie Merlot's	1	(d)		1,184		2,776		(885	)		(2,079	)		299		697		996		(107	)	1997	11/25/2019	6 to 22 years
El Chico	1	(d)		1,337		61		(844	)		(39	)		493		22		515		(29	)	1976	11/25/2019	6 to 14 years
Emagine Theaters	13	(d)		31,129		36,424		(419	)		23,260			30,710		59,684		90,394		(16,436	)	1984 - 2013	07/29/2016 - 11/25/2019	3 to 36 years
EMCOR	3	(d)		4,292		8,033		—			—			4,292		8,033		12,325		(372	)	1986 - 2009	04/21/2022 - 06/29/2022	4 to 40 years
Everbrook Academy	4	(d)		5,736		16,195		—			104			5,736		16,299		22,035		(648	)	1996 - 2020	09/30/2021 - 12/22/2021	10 to 44 years
Exceptional Health	3	(d)		4,495		12,652		—			6,648			4,495		19,300		23,795		(3,086	)	2014 - 2016	03/30/2016 - 12/01/2016	16 to 50 years
FABco	2	(d)		10,341		28,364		—			17			10,341		28,381		38,722		(1,624	)	1977 - 2015	12/14/2021	8 to 25 years
Family Fare Supermarket	1	(d)		2,198		3,328		—			(67	)		2,198		3,261		5,459		(1,893	)	1982	12/17/2013	15 to 20 years
Family Medical Center	1	(d)		521		2,589		—			65			521		2,654		3,175		(969	)	1988	08/18/2014	7 to 30 years
Fazoli's	3	(d)		2,186		136		—			—			2,186		136		2,322		(78	)	1982	08/27/2009 - 11/25/2019	7 to 18 years
FedEx	6	(d)		33,331		67,662		631			426			33,962		68,088		102,050		(16,844	)	1996 - 2017	07/17/2013 - 09/29/2020	6 to 44 years
Ferguson Enterprises	7	(d)		19,992		54,454		—			—			19,992		54,454		74,446		(28,930	)	2006 - 2007	07/17/2013	8 to 46 years
FHE	2	(d)		3,236		14,281		—			11			3,236		14,292		17,528		(1,644	)	2007 - 2019	06/28/2019	10 to 45 years
Fiesta Mart (f)	1	(d)		3,975		—		—			—			3,975		—		3,975		—		(e)	07/17/2013	(e)
Finish Line Car Wash	1	(d)		1,565		4,051		—			19			1,565		4,070		5,635		(240	)	2013	09/28/2021	13 to 36 years
Fire King	1	(d)		941		5,078		—			65			941		5,143		6,084		(632	)	1977	12/20/2019	9 to 30 years
Flowers Foods	1	(d)		262		1,607		—			—			262		1,607		1,869		(27	)	1975	08/30/2022	6 to 25 years

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Food City	3	(d)		4,591		15,150		—			—			4,591		15,150		19,741		(5,104	)	1969 - 2001	09/30/2014	10 to 40 years
Food Lion	1	(d)		696		5,402		—			—			696		5,402		6,098		(1,543	)	1988	09/30/2014	10 to 40 years
Forum Energy Technologies	4	(d)		7,287		27,306		—			—			7,287		27,306		34,593		—		1979 - 2014	11/29/2022	10 to 33 years
Fox Rehabilitation Services	1	(d)		4,078		6,076		—			—			4,078		6,076		10,154		(2,019	)	1998	11/23/2016	9 to 30 years
Freddy's Frozen Custard & Steakburgers	1	(d)		594		1,196		—			—			594		1,196		1,790		(199	)	2016	06/28/2019	8 to 34 years
Fresenius Medical Care	1	(d)		482		1,139		—			(91	)		482		1,048		1,530		(368	)	2008	08/18/2014	7 to 22 years
General Aluminum Mfg. Company (f)	1	(d)		2,124		10,152		—			—			2,124		10,152		12,276		(401	)	1963	02/04/2022	7 to 27 years
Georgia Theatre	4	(d)		9,034		33,747		—			—			9,034		33,747		42,781		(8,395	)	2001 - 2010	12/30/2014	15 to 40 years
Golden Corral	10	(d)		12,453		29,986		—			—			12,453		29,986		42,439		(5,249	)	1993 - 2011	07/17/2013 - 06/28/2022	5 to 35 years
Gourmet Foods	2	(d)		6,224		8,369		—			—			6,224		8,369		14,593		(1,100	)	1958 - 1986	10/11/2019	8 to 35 years
GQT Riverview 14 GDX	1	(d)		4,970		4,014		—			8,907			4,970		12,921		17,891		(2,268	)	2016	11/05/2015	12 to 50 years
Grease Monkey	29	(d)		8,374		15,376		—			—			8,374		15,376		23,750		(9,507	)	1968 - 1998	09/07/2007 - 11/25/2019	6 to 40 years
Great Western Leasing & Sales	1	(d)		2,114		5,251		—			—			2,114		5,251		7,365		—		2001	12/19/2022	9 to 24 years
GTA Containers	1	(d)		3,064		9,343		—			—			3,064		9,343		12,407		(305	)	2009	02/16/2022	13 to 38 years
GXO Logistics (f)	1	(d)		3,755		37,271		—			—			3,755		37,271		41,026		(1,254	)	2002	01/19/2022	4 to 32 years
H&E Equipment Services	1	(d)		1,790		1,267		—			—			1,790		1,267		3,057		(954	)	2014	09/30/2014	11 to 30 years
Hardee's	34	(d)		13,901		18,960		—			—			13,901		18,960		32,861		(10,809	)	1969 - 1999	12/21/2012 - 11/25/2019	5 to 30 years
Harley Davidson	1	(d)		908		4,691		—			—			908		4,691		5,599		(142	)	2000	05/11/2022	6 to 30 years
Hartford Provision Company	1	(d)		1,590		6,774		—			632			1,590		7,406		8,996		(3,046	)	1982	05/05/2015	7 to 20 years
Hatch Stamping	3	(d)		2,411		9,705		—			—			2,411		9,705		12,116		(2,005	)	1975 - 2001	06/17/2019	6 to 25 years
Havana Farm and Home Supply	1	(d)		526		813		—			(32	)		526		781		1,307		(528	)	2000	05/31/2006	15 to 30 years
Health Point Family Medicine	1	(d)		159		1,124		—			(24	)		159		1,100		1,259		(290	)	2012	08/18/2014	15 to 40 years
Hobby Lobby (f)	2	(d)		8,941		17,280		—			128			8,941		17,408		26,349		(3,199	)	2006 - 2021	07/17/2013 - 02/04/2022	4 to 50 years
Home Depot (f)	8	(c), (d)		59,098		67,982		13			535			59,111		68,517		127,628		(26,382	)	1978 - 2003	07/17/2013 - 06/28/2021	1 to 33 years
HomTex	5	(d)		5,307		21,799		—			—			5,307		21,799		27,106		(434	)	1960 - 1989	06/30/2022 - 10/04/2022	6 to 29 years
Hy-Vee Food Store (f)	1	(d)		648		379		—			(100	)		648		279		927		(405	)	1974	05/31/2006	15 to 20 years
IBM	1	(d)		3,154		19,715		—			12,816			3,154		32,531		35,685		(7,401	)	1989	08/02/2017	5 to 30 years
In-Shape	2	(d)		3,146		7,985		—			2,244			3,146		10,229		13,375		(3,184	)	1964 - 2001	12/05/2014 - 09/04/2015	10 to 30 years
Insurance Auto Auction	3	(d)		15,741		3,162		—			—			15,741		3,162		18,903		(3,644	)	2012 - 2020	09/11/2018 - 11/30/2020	7 to 35 years
Interstate Resources	1	(d)		1,084		5,507		—			1,359			1,084		6,866		7,950		(2,687	)	1999	07/17/2013	8 to 26 years
Invited Clubs	21	(d)		153,144		48,864		—			4,492			153,144		53,356		206,500		(15,263	)	1959 - 2008	07/19/2021 - 09/27/2022	4 to 39 years
J. Jill	1	(d)		7,420		19,608		—			—			7,420		19,608		27,028		(11,255	)	1998	07/17/2013	8 to 25 years
Jiffy Lube	17	(d)		14,478		17,335		—			1,448			14,478		18,783		33,261		(3,154	)	1985 - 2002	03/19/2013 - 12/09/2021	9 to 43 years
Jo-Ann's (f)	3	(d)		5,425		8,958		151			376			5,576		9,334		14,910		(3,430	)	1998 - 2000	07/17/2013	7 to 43 years
KFC	18	(d)		9,506		12,023		109			118			9,615		12,141		21,756		(5,019	)	1966 - 2016	10/03/2011 - 12/23/2020	10 to 40 years
KinderCare	1	(d)		870		2,912		—			—			870		2,912		3,782		(80	)	2007	06/30/2022	5 to 30 years
King’s Daughters Medical Center	1	(d)		658		3,171		—			—			658		3,171		3,829		(988	)	2013	08/18/2014	9 to 40 years
Kiolbassa	2	(d)		4,088		9,105		—			2,122			4,088		11,227		15,315		(937	)	2004 - 2007	05/07/2020	8 to 30 years
Kohl's	15	(d)		42,634		85,795		200			743			42,834		86,538		129,372		(21,262	)	1994 - 2008	07/17/2013 - 06/16/2022	5 to 46 years
Kroger	1	(d)		972		8,435		—			(28	)		972		8,407		9,379		(3,650	)	1998	07/17/2013	9 to 25 years
L-3 Link Simulation & Training	1	(d)		1,133		9,908		—			16			1,133		9,924		11,057		(545	)	1985	06/17/2021	8 to 40 years
LA Fitness	7	(d)		21,371		51,561		(7,680	)		(10,901	)		13,691		40,660		54,351		(10,290	)	1999 - 2009	07/17/2013 - 11/25/2019	1 to 43 years
Lamb's/Ramona Tire	5	(d)		5,598		5,224		—			—			5,598		5,224		10,822		(672	)	1975 - 2012	09/27/2019	9 to 36 years
La-Z-Boy	8	(d)		13,026		36,142		(1,374	)		(2,794	)		11,652		33,348		45,000		(2,866	)	1987 - 2006	07/17/2013 - 07/25/2022	4 to 45 years
Lee's Famous Recipe Chicken	5	(d)		1,506		1,352		—			—			1,506		1,352		2,858		(625	)	1970 - 1988	08/21/2015	15 to 30 years
Levin Furniture	1	(d)		2,042		3,808		—			—			2,042		3,808		5,850		(160	)	1991	06/07/2022	9 to 28 years
Liberty Oilfield Services	2	(d)		4,760		10,281		—			—			4,760		10,281		15,041		(3,171	)	1977 - 2001	12/30/2014	15 to 50 years
Life Time Fitness	12	(d)		99,585		308,399		—			173			99,585		308,572		408,157		(25,997	)	2002 - 2021	08/30/2018 - 05/13/2022	6 to 55 years
Lincoln Manufacturing	4	(d)		7,411		10,150		—			—			7,411		10,150		17,561		(252	)	1972 - 2012	11/15/2022	1 to 34 years
Logan's Roadhouse	2	(d)		2,553		4,074		(1,822	)		(2,941	)		731		1,133		1,864		(221	)	1996 - 2007	07/17/2013	5 to 34 years
Long John Silver's / A&W	1	(d)		1,329		—		—			—			1,329		—		1,329		—		(e)	07/17/2013	(e)
Look Cinemas	3	(d)		8,657		47,880		—			8,898			8,657		56,778		65,435		(13,564	)	1997 - 2000	09/30/2015	15 to 30 years
Lowe's (f)	5	(d)		39,205		37,533		(7,896	)		(6,216	)		31,309		31,317		62,626		(13,206	)	1991 - 1998	07/17/2013	8 to 36 years
Lutheran Health Physicians	1	(d)		220		278		68			(30	)		288		248		536		(168	)	2007	08/18/2014	10 to 20 years

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
MAACO	3	(d)		2,501		2,815		(759	)		(63	)		1,742		2,752		4,494		(687	)	1950 - 1999	03/31/2017	6 to 30 years
Mac Papers + Packaging	12	(d)		14,377		63,823		—			—			14,377		63,823		78,200		(6,448	)	1956 - 2016	03/12/2020 - 08/07/2020	6 to 46 years
Malibu Boats	2	(d)		4,644		13,911		—			—			4,644		13,911		18,555		(8,386	)	1992 - 1998	03/31/2008	15 to 30 years
Market Street	2	(d)		3,559		10,834		(10	)		(775	)		3,549		10,059		13,608		(6,115	)	1997 - 1999	05/23/2005	20 to 40 years
Mattress Firm	1	(d)		596		872		—			216			596		1,088		1,684		(461	)	1998	07/17/2013	9 to 45 years
Michael's (f)	1	(d)		1,114		6,726		—			—			1,114		6,726		7,840		(2,746	)	2002	07/17/2013	9 to 49 years
Milo's	9	(d)		5,260		7,074		—			475			5,260		7,549		12,809		(3,405	)	1977 - 2008	03/29/2013 - 11/25/2019	8 to 29 years
Mister Car Wash	22	(d)		41,796		48,845		536			285			42,332		49,130		91,462		(16,466	)	1956 - 2016	05/15/2013 - 11/16/2021	3 to 40 years
Mojo Grill	1	(d)		619		236		—			500			619		736		1,355		(178	)	1996	10/26/2018	8 to 23 years
Monterey's Tex Mex	1	(d)		818		670		—			—			818		670		1,488		(147	)	1988	11/25/2019	3 to 23 years
Mountainside Fitness	1	(d)		1,687		2,935		—			264			1,687		3,199		4,886		(406	)	2002	11/25/2019	3 to 35 years
MPI	4	(d)		2,212		15,217		—			—			2,212		15,217		17,429		(472	)	1963 - 2009	03/29/2022	5 to 34 years
Mr. Clean/Jiffy Lube	2	(d)		4,964		3,351		—			—			4,964		3,351		8,315		(546	)	1996 - 1998	09/11/2019	10 to 30 years
NextCare Urgent Care	1	(d)		271		728		—			—			271		728		999		(218	)	1985	08/18/2014	8 to 40 years
NN, Inc.	1	(d)		3,595		21,969		—			122			3,595		22,091		25,686		(746	)	2019	12/29/2021	12 to 39 years
Northern Tool & Equipment	1	(d)		1,728		3,437		—			—			1,728		3,437		5,165		(1,117	)	2006	07/17/2013	8 to 43 years
NWN Carousel	1	(d)		1,136		7,989		—			—			1,136		7,989		9,125		—		1970	12/28/2022	10 to 33 years
Off Lease Only	5	(d)		65,556		38,688		—			1,989			65,556		40,677		106,233		(5,011	)	1988 - 2021	09/09/2020 - 05/13/2022	14 to 45 years
Office Depot (f)	6	(d)		5,561		14,526		—			288			5,561		14,814		20,375		(4,605	)	1999 - 2009	07/17/2013	8 to 47 years
Ojos Locos Sports Cantina	1	(d)		1,725		1,470		—			—			1,725		1,470		3,195		(532	)	2014	04/15/2015	15 to 30 years
Old Time Pottery	3	(d)		6,071		12,093		(506	)		(1,516	)		5,565		10,577		16,142		(5,117	)	1985 - 1994	07/17/2013 - 05/08/2015	3 to 20 years
Ollie's (f)	1	(d)		3,417		3,524		—			—			3,417		3,524		6,941		—		1988	11/22/2022	5 to 45 years
O'Reilly Auto Parts	1	(d)		161		—		—			—			161		—		161		—		(e)	11/25/2019	(e)
Party City	3	(d)		11,849		116,669		—			—			11,849		116,669		128,518		(11,132	)	1991 - 2015	06/28/2019	9 to 42 years
Pawn I	2	(d)		1,440		3,684		—			—			1,440		3,684		5,124		(767	)	1994 - 2009	07/31/2015	15 to 50 years
Pep Boys	11	(d)		14,491		30,461		(1,936	)		(5,997	)		12,555		24,464		37,019		(7,163	)	1987 - 1998	07/17/2013	1 to 41 years
PetSmart	3	(d)		4,247		10,208		—			—			4,247		10,208		14,455		(3,110	)	1996 - 1997	07/17/2013	8 to 44 years
PetSuites Pet Resort & Spa	1	(d)		1,563		2,679		—			—			1,563		2,679		4,242		(375	)	2018	03/29/2019	19 to 35 years
Pioneer Seeds	1	(d)		870		6,961		—			29			870		6,990		7,860		(1,367	)	2016	12/16/2016	9 to 40 years
Planet Fitness	3	(d)		2,704		5,612		—			22			2,704		5,634		8,338		(2,154	)	1978 - 1988	09/30/2014 - 04/15/2016	8 to 30 years
Popeye's Chicken & Biscuits	7	(d)		3,793		5,495		—			—			3,793		5,495		9,288		(1,656	)	1975 - 2004	11/25/2019	4 to 19 years
PowerHome Solar	1	(d)		894		3,733		(429	)		(1,800	)		465		1,933		2,398		—		1975	06/23/2022	7 to 27 years
Progressive Medical Center	1	(d)		1,061		4,556		—			22			1,061		4,578		5,639		(906	)	1988	10/27/2016	2 to 40 years
Quartz Health Solutions (f)	1	(d)		2,252		15,544		—			—			2,252		15,544		17,796		—		2009	12/20/2022	5 to 32 years
Rally's	1	(d)		160		693		(1	)		(4	)		159		689		848		(208	)	1990	11/25/2019	6 to 12 years
Raymour & Flanigan Furniture	2	(d)		2,825		19,295		—			25			2,825		19,320		22,145		(2,022	)	1978 - 2005	11/25/2019	7 to 43 years
Red Lobster	22	(d)		21,559		35,043		—			—			21,559		35,043		56,602		(10,981	)	1971 - 2009	12/23/2014 - 12/22/2016	11 to 40 years
Red Mesa Grill	3	(d)		947		3,140		—			—			947		3,140		4,087		(873	)	1997 - 2004	11/09/2015	15 to 30 years
Regal Cinemas	8	(d)		22,833		40,156		(6,080	)		(788	)		16,753		39,368		56,121		(11,077	)	1995 - 2006	12/30/2014 - 11/23/2016	1 to 40 years
Renaissance Food	1	(d)		3,203		8,089		—			324			3,203		8,413		11,616		(990	)	2016	12/03/2019	11 to 38 years
Repair One	1	(d)		574		1,349		—			—			574		1,349		1,923		(196	)	1997	11/25/2019	10 to 25 years
Residence Inn by Marriott	1	(d)		4,627		28,368		—			4,729			4,627		33,097		37,724		(3,324	)	2006	03/28/2019	11 to 40 years
Rite Aid	11	(d)		9,115		25,899		(378	)		(1,057	)		8,737		24,842		33,579		(7,518	)	1993 - 2006	07/17/2013	4 to 43 years
Ross (f)	1	(d)		2,631		7,710		—			301			2,631		8,011		10,642		(2,447	)	2006	07/17/2013	11 to 43 years
Ruth's Chris Steakhouse	2	(d)		3,558		3,428		—			—			3,558		3,428		6,986		(1,386	)	1964 - 2000	07/17/2013	10 to 30 years
Ryerson	8	(d)		13,674		46,403		(140	)		708			13,534		47,111		60,645		(9,182	)	1935 - 2002	12/20/2019	4 to 27 years
Sagebrush	2	(d)		1,514		4,759		—			49			1,514		4,808		6,322		(560	)	1987 - 1993	11/23/2020	7 to 23 years
Saisaki Asian Bistro and Sushi	1	(d)		1,184		311		—			—			1,184		311		1,495		(462	)	1995	06/25/2004	10 to 25 years
Saltgrass	1	(d)		1,934		1,456		—			—			1,934		1,456		3,390		(312	)	1998	11/25/2019	7 to 20 years
Same Day Delivery	1	(d)		2,287		4,469		(1,369	)		(2,277	)		918		2,192		3,110		(741	)	2001	07/17/2013	4 to 30 years
Sam's Club (f)	2	(d)		12,609		16,182		295			541			12,904		16,723		29,627		(12,193	)	1991 - 1993	07/17/2013	5 to 21 years
Serrano's Mexican Restaurant	2	(d)		1,031		2,161		—			—			1,031		2,161		3,192		(774	)	1990 - 2004	06/14/2013	15 to 40 years
Sheffield Pharmaceuticals	1	(d)		627		4,767		—			324			627		5,091		5,718		(1,171	)	1975	06/30/2016	4 to 30 years
Shiloh Industries	3	(d)		10,350		26,362		—			22			10,350		26,384		36,734		(2,815	)	1987 - 2014	02/03/2021 - 08/04/2021	6 to 54 years

			Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)	Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Shooters World	2	(d)		4,238		15,646		390			5,508			4,628		21,154		25,782		(2,720	)	1990 - 2018	06/05/2015 - 01/26/2018	13 to 45 years
Shutterfly	1	(d)		7,867		24,085		—			—			7,867		24,085		31,952		(1,853	)	2020	09/15/2020	10 to 45 years
Silgan Closures	1	(d)		1,789		6,634		—			—			1,789		6,634		8,423		(244	)	1980	03/03/2022	7 to 36 years
Skyline Chili	2	(d)		1,437		1,073		—			—			1,437		1,073		2,510		(280	)	1998	11/25/2019	8 to 18 years
Slim Chickens	2	(d)		1,687		2,122		—			—			1,687		2,122		3,809		(499	)	2013 - 2015	03/31/2015 - 11/25/2019	7 to 40 years
Smokey Bones Barbecue & Grill	13	(d)		18,287		10,375		(350	)		(261	)		17,937		10,114		28,051		(8,447	)	1972 - 2006	12/31/2007	15 to 40 years
Smoothie King	1	(d)		208		302		—			(2	)		208		300		508		(175	)	2007	07/17/2013	13 to 24 years
Sonic Drive-In	39	(d)		23,233		17,930		—			—			23,233		17,930		41,163		(7,586	)	1976 - 2010	09/17/2013 - 06/24/2022	2 to 30 years
Sonny's BBQ	8	(d)		10,665		9,510		—			1,117			10,665		10,627		21,292		(2,448	)	1984 - 2006	12/28/2016 - 06/09/2017	6 to 40 years
Southern Theatres	2	(d)		10,335		13,237		—			2,500			10,335		15,737		26,072		(5,522	)	1999 - 2000	09/25/2014	15 to 30 years
Southwest Airlines	1	(d)		5,342		14,369		—			—			5,342		14,369		19,711		(530	)	2007	03/14/2022	9 to 35 years
Specialists in Urology	9	(d)		7,469		32,725		(231	)		(680	)		7,238		32,045		39,283		(9,542	)	1978 - 2012	08/30/2012 - 03/31/2016	9 to 50 years
Sportsman's Warehouse	10	(d)		22,470		50,539		—			7			22,470		50,546		73,016		(15,292	)	1991 - 2019	10/15/2012 - 06/28/2022	7 to 50 years
Staples	7	(d)		5,652		18,091		—			(22	)		5,652		18,069		23,721		(4,691	)	1998 - 2006	07/17/2013 - 04/07/2022	8 to 48 years
Starbucks	4	(d)		1,692		2,586		—			(15	)		1,692		2,571		4,263		(1,126	)	2007	07/17/2013	10 to 39 years
Stater Bros. Markets	1	(d)		1,569		4,271		—			(58	)		1,569		4,213		5,782		(1,580	)	1983	12/17/2013	15 to 30 years
Strickland Brothers	22	(d)		12,382		13,457		12			414			12,394		13,871		26,265		(606	)	1983 - 2018	12/07/2021 - 12/22/2021	5 to 39 years
Studio Movie Grill	1	(d)		2,930		7,616		—			267			2,930		7,883		10,813		(1,774	)	1987	03/15/2017	10 to 40 years
SunOpta	1	(d)		4,127		3,866		3,471			55,837			7,598		59,703		67,301		(252	)	2022	08/13/2021	20 to 50 years
Surf's Up Car Wash	16	(d)		31,245		64,259		—			184			31,245		64,443		95,688		(2,691	)	2008 - 2022	10/06/2021 - 05/18/2022	11 to 40 years
Taco Bell	3	(d)		1,343		2,642		—			(12	)		1,343		2,630		3,973		(1,022	)	1992 - 2012	03/29/2013 - 07/17/2013	7 to 35 years
Taco Bell / KFC	1	(d)		389		1,425		—			(6	)		389		1,419		1,808		(563	)	2000	07/17/2013	10 to 30 years
Taco Bueno	19	(d)		12,789		14,826		—			(52	)		12,789		14,774		27,563		(4,771	)	1977 - 2005	06/30/2016 - 11/25/2019	8 to 30 years
Ted's Cafe Escondido	2	(d)		2,968		4,554		—			—			2,968		4,554		7,522		(913	)	2006 - 2013	11/25/2019	7 to 20 years
Terra Mulch Products	1	(d)		1,356		5,406		—			—			1,356		5,406		6,762		(1,963	)	2006	05/11/2015	10 to 30 years
Tesla	1	(d)		1,893		6,154		—			85			1,893		6,239		8,132		(468	)	1980	12/22/2020	10 to 35 years
Texas Corral	1	(d)		549		752		—			—			549		752		1,301		(430	)	2006	12/21/2007	15 to 50 years
Texas Roadhouse	1	(d)		1,214		1,412		—			—			1,214		1,412		2,626		(209	)	2005	11/25/2019	5 to 33 years
The Children's Courtyard	1	(d)		334		2,146		—			12			334		2,158		2,492		(436	)	2003	03/31/2017	15 to 30 years
The Gerson Company	1	(d)		6,381		30,134		—			161			6,381		30,295		36,676		(1,676	)	1960	12/09/2021	10 to 27 years
The Toledo Hospital	1	(d)		728		3,440		—			—			728		3,440		4,168		(1,429	)	2002	08/18/2014	9 to 30 years
TI Group Automotive	1	(d)		3,939		7,950		—			—			3,939		7,950		11,889		(1,181	)	2005	11/19/2020	9 to 32 years
Tire Warehouse	1	(d)		695		944		—			12			695		956		1,651		(188	)	1993	11/25/2019	5 to 22 years
TJ Maxx (f)	1	(d)		578		2,063		—			358			578		2,421		2,999		(1,445	)	1988	07/17/2013	5 to 20 years
Topgolf	2	(d)		9,337		9,595		3,450			6,572			12,787		16,167		28,954		(2,474	)	2018	12/10/2018 - 10/28/2022	11 to 45 years
Tower Automotive	1	(d)		5,344		28,900		—			—			5,344		28,900		34,244		(3,992	)	1990	01/28/2020	9 to 30 years
Tractor Supply	20	(c), (d)		22,622		37,122		575			(108	)		23,197		37,014		60,211		(18,480	)	1975 - 2011	07/17/2013 - 11/13/2015	2 to 48 years
Trilogy Plastics	2	(d)		2,770		9,875		—			—			2,770		9,875		12,645		(347	)	1953 - 2005	05/24/2022	6 to 22 years
Trinity Highway Products	3	(d)		14,314		50,948		—			321			14,314		51,269		65,583		(2,317	)	1940 - 1992	12/31/2021	10 to 39 years
Truck-Lite	3	(d)		7,413		21,598		—			—			7,413		21,598		29,011		(1,591	)	1985 - 2020	05/27/2021	7 to 54 years
Tupperware	1	(d)		17,283		19,024		—			13			17,283		19,037		36,320		(1,412	)	2007	04/23/2021	10 to 35 years
Tutor Time	4	(d)		2,790		6,978		—			(33	)		2,790		6,945		9,735		(1,131	)	1985 - 2008	07/17/2013 - 12/29/2021	5 to 36 years
Twin Peaks	1	(d)		1,112		—		—			—			1,112		—		1,112		—		(e)	11/25/2019	(e)
Twin Tiers Eye Care	6	(d)		912		8,750		—			—			912		8,750		9,662		(2,488	)	1970 - 2002	04/30/2015	15 to 30 years
United Ag & Turf	10	(d)		5,130		12,405		—			—			5,130		12,405		17,535		(1,442	)	1975 - 2020	01/28/2020 - 09/14/2022	6 to 40 years
United Supermarkets	6	(d)		8,332		10,703		—			(696	)		8,332		10,007		18,339		(4,211	)	1988 - 1999	05/23/2005 - 08/29/2011	15 to 40 years
Universal Tax Systems (f)	1	(d)		3,560		23,583		—			4,709			3,560		28,292		31,852		(6,217	)	1996	07/17/2013	8 to 45 years
Vacant	2	(d)		2,260		24,457		(967	)		(16,410	)		1,293		8,047		9,340		(1,111	)	1989 - 2004	07/17/2013 - 08/02/2017	5 to 40 years
Valley Surgical Center	1	(d)		363		3,726		—			—			363		3,726		4,089		(937	)	2009	08/18/2014	14 to 40 years
Value City Furniture	1	(d)		1,465		6,860		—			—			1,465		6,860		8,325		(323	)	1986	01/18/2022	7 to 27 years
VASA Fitness	5	(d)		12,105		28,454		—			110			12,105		28,564		40,669		(3,674	)	1988 - 2000	11/20/2015 - 06/28/2022	8 to 45 years
Verizon	1	(d)		343		152		—			(2	)		343		150		493		(183	)	2007	07/17/2013	10 to 24 years
Virgin Parking Garage	1	(d)		3,375		9,040		—			—			3,375		9,040		12,415		(171	)	2019	03/03/2022	15 to 44 years
Walgreens (f)	34	(d)		36,749		138,327		—			(63	)		36,749		138,264		175,013		(36,439	)	1994 - 2009	07/17/2013 - 09/27/2022	3 to 45 years

				Initial Cost (b)				Cost Capitalized / (Impaired)						Gross Amount at December 31, 2022
Tenant Concept	Number of Properties (a)		Encumbrances	Land and Improvements		Buildings and Improvements		Land and Improvements			Buildings and Improvements			Land and Improvements		Buildings and Improvements		Total		Accumulated Depreciation			Construction Year	Date Acquired	Depreciable Life
Walmart	3		(d)		4,009		4,577		—			(13	)		4,009		4,564		8,573		(3,255	)	1987 - 1991	07/17/2013 - 01/08/2019	7 to 22 years
Warrior Manufacturing	1		(d)		2,518		10,195		—			37			2,518		10,232		12,750		(478	)	2007	12/16/2021	14 to 30 years
Way Interglobal	1		(d)		7,996		50,626		—			—			7,996		50,626		58,622		(295	)	2022	11/15/2022	9 to 40 years
Weatherford	1		(d)		10,082		21,477		—			—			10,082		21,477		31,559		(1,229	)	2011	03/25/2022	5 to 32 years
Wendy's	1		(d)		336		773		—			—			336		773		1,109		(138	)	1985	11/25/2019	9 to 21 years
Whirlpool	1		(d)		10,183		23,664		—			—			10,183		23,664		33,847		(2,463	)	2020	11/10/2020	5 to 31 years
Winco Foods	1		(d)		3,108		12,817		—			(16	)		3,108		12,801		15,909		(3,757	)	1960	07/17/2013	9 to 40 years
Winsteads	1		(d)		607		123		—			—			607		123		730		(64	)	2009	11/25/2019	7 to 21 years
Worthington Steel	2		(d)		7,303		29,831		—			—			7,303		29,831		37,134		(2,494	)	1997 - 2005	06/08/2021	9 to 35 years
Yard House	1		(d)		1,370		8,260		(29	)		21			1,341		8,281		9,622		(811	)	2013	11/25/2019	3 to 35 years
Yoke's Fresh Market	2		(d)		5,518		9,882		—			—			5,518		9,882		15,400		(3,041	)	1999 - 2008	03/11/2015 - 03/12/2015	15 to 30 years
Zaxby's	3		(d)		2,259		4,964		(69	)		—			2,190		4,964		7,154		(1,484	)	2006 - 2010	07/01/2015 - 09/17/2015	15 to 30 years
Zips Car Wash	39		(d)		51,457		85,255		—			20,374			51,457		105,629		157,086		(8,014	)	2001 - 2021	09/30/2015 - 08/04/2022	9 to 44 years
		2,097			2,774,221		5,725,590		(33,971	)		166,527			2,740,250		5,892,117		8,632,367		(1,211,061	)

(a)As of December 31, 2022, the Company held one direct finance lease property and 17 held for sale properties that are not included in the table above.

(b)The aggregate cost of properties for federal income tax purposes is approximately $7.9 billion at December 31, 2022.

(c)Includes one property collateralized with fixed CMBS debt. See Note 4 for further details.

(d)Includes unencumbered properties.

(e)Represents land only properties with no depreciation and therefore date of construction and estimated life for depreciation not applicable.

(f)Includes one or more property where tenant is anchor tenant by rent in a multi-tenant property.

	2022			2021			2020
Land, buildings, and improvements
Balance at the beginning of the year	$	7,478,918		$	6,392,596		$	5,750,507
Additions:
Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases		1,497,363			1,177,140			842,891
Deductions:
Dispositions of land, buildings, and improvements		(198,280	)		(38,390	)		(50,853	)
Reclassifications to held for sale		(93,331	)		(17,047	)		(69,573	)
Impairments, basis reset due to impairment and other adjustments		(52,303	)		(35,381	)		(80,376	)
Gross Real Estate Balance at close of the year	$	8,632,367		$	7,478,918		$	6,392,596
Accumulated depreciation and amortization
Balance at the beginning of the year	$	(1,033,391	)	$	(850,320	)	$	(717,097	)
Additions:
Depreciation expense and reclassifications from held for sale		(248,858	)		(205,881	)		(177,268	)
Deductions:
Dispositions of land, buildings, and improvements and other adjustments		52,420			21,952			38,723
Reclassifications to held for sale		18,768			858			5,322
Balance at close of the year	$	(1,211,061	)	$	(1,033,391	)	$	(850,320	)
Net Real Estate Investment	$	7,421,306		$	6,445,527		$	5,542,276

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Schedule IV Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV Mortgage Loans on Real Estate

SPIRIT REALTY CAPITAL, INC.

Schedule IV

Mortgage Loans on Real Estate

As of December 31, 2022

(In thousands)

	2022		2021		2020
Reconciliation of Mortgage Loans on Real Estate
Balance January 1,	$	—	$	—	$	32,654
Deductions during period
Collections of principal		—		—		(31,733	)
Amortization of premium		—		—		(921	)
Mortgage loans receivable December 31,		—		—		—
Other loans receivable		23,023		10,450		—
Total loans receivable	$	23,023	$	10,450	$	—

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Accounting

The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein.

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation.The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents.

Use of Estimates

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 at the date of the financial statements 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

Segment Reporting

The Company views its operations as one reportable segment, which consists of net leasing operations.

Real Estate Investments

Real Estate Investments

Purchase Accounting and Acquisition of Real Estate

When acquiring a property, the purchase price (including acquisition and closing costs) is allocated to land, building, improvements and equipment based on their relative fair values. The Company considers several assumptions to estimate the fair value of the components of the tangible property acquired including market assumptions for land, building and improvements. The determination of the intangible assets and liabilities primarily relate to the contractual lease terms, estimates of the fair market rental rates, discount rates, and estimates of costs to carry and obtain a tenant. For properties acquired with in-place leases, the purchase price of real estate is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values. In making estimates of fair values for this purpose, a number of sources are used, including independent appraisals and information obtained about each property as a result of pre-acquisition due diligence, marketing and leasing activities.

Carrying Value of Real Estate Investments

The Company’s real estate properties are recorded at cost and depreciated using the straight-line method over the estimated remaining useful lives of the properties, which generally range from 20 to 50 years for buildings and improvements and from 5 to 20 years for tenant and land improvements. Properties classified as held for sale are not depreciated and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.

Held for Sale

The Company is continually evaluating the portfolio of real estate assets and may elect to dispose of assets considering criteria including, but not limited to, tenant concentration, tenant credit quality, unit financial performance, local market conditions and lease rates, associated indebtedness, asset location, and tenant operation type (e.g., industry or concept/brand). Real estate assets held for sale are expected to be sold within twelve months.

Lease Intangibles

Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. In-place lease intangibles are valued based on the Company’s estimate of costs related to acquiring a tenant and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering costs to execute similar leases at the time of the acquisition and current market conditions. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease and, in certain instances, over the renewal period.

Direct Financing Leases

For real estate property leases classified as direct financing leases, the building portion of the lease is accounted for as a direct financing lease, while the land portion is accounted for as an operating lease when certain criteria are met. For direct financing leases, the Company records an asset which represents the net investment that is determined by using the aggregate of the total amount of future minimum lease payments, the estimated residual value of the leased property and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed annually, represent the estimated amount the Company expects to receive at lease termination from the disposition of the leased property. Actual residual values realized could differ from these estimates.

Impairment

The Company reviews its real estate investments and related lease intangibles periodically for indicators of impairment, including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. For assets with indicators of impairment, the Company then evaluates if its carrying amount may not be recoverable. The Company 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 in making this assessment. An asset is considered impaired if its carrying value exceeds its estimated undiscounted cash flows.

Impairment is calculated as the amount by which the carrying value exceeds the estimated fair value, or for assets held for sale, as the amount by which the carrying value exceeds fair value less costs to sell. Estimating fair values is highly subjective and such estimates could differ materially from actual results. Key assumptions used in estimating fair values include, but are not limited to: signed purchase and sale agreements or letters of intent; broker opinions of value; recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate.

Gain or Loss on Disposition of Assets

When real estate properties are disposed of, the related net book value of the properties is removed and a gain or loss on disposition is recognized in the consolidated statements of operations as the difference between the proceeds from the disposition, net of any costs to sell, and the net book value. As leasing is the Company’s primary activity, the Company determined that its sales of real estate, which are nonfinancial assets, are sold to noncustomers and fall within the scope of ASC 610-20. The full gain or loss on the disposition of real estate properties is recognized at time of sale, provided that the Company has no (i) controlling financial interest in the real estate or (ii) continuing interest or obligation with respect to the disposed real estate.

Revenue Recognition

Revenue Recognition

Rental Income: Cash and Straight-line Rent

The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. The majority of our operating leases include one or more options to extend, typically for a period of five to ten years per renewal option. Excluding Walgreen Co., less than 1% of the Company’s operating leases at both December 31, 2022 and 2021 include an option to terminate. Walgreen Co. leases are generally for fifty years or more and contain certain termination options after an initial non-cancellable term. Less than 10% of the Company’s operating leases at both December 31, 2022 and 2021 include an option to purchase, where the purchase option is generally determined based on fair market value of the underlying property. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option.

Evaluation of lease classification also requires an estimate of the residual value of the real estate at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to determine residual value. The Company seeks to protect residual value through its underwriting of acquisitions, incorporating the proprietary Spirit Property Ranking Model which is real estate centric. Once a property is acquired, the lessee is responsible for maintenance of the property, including insurance protecting against any damage to the property. To further protect residual value, the Company supplements the tenant insurance policies with a master policy covering all properties owned by the Company. As an active manager, the Company will occasionally invest in capital improvements on properties, re-lease properties to new tenants or extend lease terms to protect residual value.

The Company elected to account for lease concessions related to the COVID-19 pandemic consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease). As such, rent deferrals are recorded as an increase to rent receivables and recognized as income during the deferral period. For the years ended December 31, 2022, 2021 and 2020, $0.4 million, $13.4 million and $26.3 million, respectively, of deferrals were recognized in rental income. Lease concessions other than rent deferrals are evaluated to determine if a substantive change to the consideration in the original lease contract has occurred and should be accounted for as a lease modification.

Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred.

The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred.

Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant’s payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability.

Rental Income: Tenant Reimbursement Revenue

Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection.

Rental Income: Intangible Amortization

Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations.

Other Income: Lease Termination Fees

Lease termination fees are included in other income on the consolidated statements of operations and are recognized when there is a signed termination agreement and all of the conditions of the agreement have been met. The Company recorded lease termination fees of $2 thousand, $19 thousand and $0.7 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Loans Receivable

Loans Receivable

Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 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 non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted.

The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

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 major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands):

	December 31, 2022		December 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,770	$	17,799	$	70,303
Restricted cash:
Collateral deposits (1)		—		—		335
Tenant improvements, repairs and leasing commissions (2)		—		—		12,660
1031 Exchange proceeds		53,183		—		—
Total cash, cash equivalents and restricted cash	$	61,953	$	17,799	$	83,298

(1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.

(2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.

Tenants Receivables

Tenant Receivables

The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $18.2 million and $21.7 million at December 31, 2022 and 2021, respectively, after the impact of $3.2 million and $3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets.

For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $167.1 million and $137.6 million at December 31, 2022 and 2021, respectively, after the impact of $1.3 million and $2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets.

Goodwill

Goodwill

Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented. Goodwill for the years ended December 31, 2022, 2021 and 2020 was $225.6 million, respectively.

Accounting for Derivative Financial Instruments and Hedging Activities

Accounting for Derivative Financial Instruments and Hedging Activities

The Company may utilize derivative instruments such as interest rate swaps for purposes of hedging exposures to fluctuations in interest rates associated with certain of its financing transactions. At the inception of a hedge transaction, the Company enters into a contractual arrangement with the hedge counterparty and formally documents the relationship between the derivative instrument and the financing transaction being hedged, as well as its risk management objective and strategy for undertaking the hedge transaction. The fair value of the derivative instrument is recorded on the balance sheet as either an asset or liability. At inception and at least quarterly thereafter, a formal assessment is performed to determine whether the derivative instrument has been highly effective in offsetting changes in cash flows of the related financing transaction and whether it is expected to be highly effective in the future. The Company recognizes the entire change in the fair value of cash flow hedges included in the assessment of hedge effectiveness in AOCIL and amounts are subsequently reclassified to earnings when the hedged item affects earnings.

Income Taxes

Income Taxes

The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income.

Taxable income earned by any of the Company’s taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. See Note 12 for additional discussion.

Earnings Per Share

Earnings Per Share

The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period.

Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income (loss) attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities.

Forward Equity Sale Agreements

Forward Equity Sale Agreements

The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share.

Unaudited Interim Information

Unaudited Interim Information

The consolidated quarterly financial data in Note 13 is unaudited. In the opinion of management, this financial information reflects all adjustments necessary for a fair presentation of the respective interim periods. All such adjustments are of a normal recurring nature.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consisted of the following (in thousands):

	December 31, 2022		December 31, 2021		December 31, 2020
Cash and cash equivalents	$	8,770	$	17,799	$	70,303
Restricted cash:
Collateral deposits (1)		—		—		335
Tenant improvements, repairs and leasing commissions (2)		—		—		12,660
1031 Exchange proceeds		53,183		—		—
Total cash, cash equivalents and restricted cash	$	61,953	$	17,799	$	83,298

(1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.

(2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.

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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

Summary of Real Estate Activity

During the years ended December 31, 2022 and 2021, the Company had the following real estate activity (dollars in thousands):

	Number of Properties									Dollar Amount of Investments
	Held in Use			Held for Sale			Total			Held in Use			Held for Sale			Total
Gross balance, December 31, 2020		1,853			7			1,860		$	6,777,673		$	27,764		$	6,805,437
Acquisitions/improvements (1)		166			—			166			1,256,983			—			1,256,983
Dispositions of real estate (2)		(13	)		(10	)		(23	)		(42,472	)		(22,750	)		(65,222	)
Transfers to Held for Sale		(9	)		9			—			(18,403	)		18,403			—
Transfers from Held for Sale		3			(3	)		—			11,300			(11,300	)		—
Impairments (3)		—			—			—			(21,474	)		(1,736	)		(23,210	)
Reset of gross balances (4)		—			—			—			(31,143	)		(2,019	)		(33,162	)
Other		—			—			—			2,359			—			2,359
Gross balance, December 31, 2021		2,000			3			2,003			7,934,823			8,362			7,943,185
Acquisitions/improvements (1)		172			—			172			1,546,808			—			1,546,808
Dispositions of real estate (2)		(38	)		(22	)		(60	)		(198,865	)		(41,200	)		(240,065	)
Transfers to Held for Sale		(37	)		37			—			(96,234	)		96,234			—
Transfers from Held for Sale		1			(1	)		—			1,529			(1,529	)		—
Impairments (3)		—			—			—			(36,894	)		(135	)		(37,029	)
Reset of gross balances (4)		—			—			—			(29,004	)		(151	)		(29,155	)
Gross balance, December 31, 2022		2,098			17			2,115		$	9,122,163		$	61,581		$	9,183,744
Accumulated depreciation and amortization											(1,387,637	)		(12,433	)		(1,400,070	)
Net balance, December 31, 2022 (5)										$	7,734,526		$	49,148		$	7,783,674

(1) Includes investments of $95.4 million and $15.4 million, respectively, in revenue producing capitalized expenditures, and $16.8 million and $10.7 million, respectively, of non-revenue producing capitalized expenditures for the years ended December 31, 2022 and 2021.

(2) The total net gain on disposition of properties held in use was $87.9 million, $37.3 million and $10.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The total gain on disposition of properties held for sale was $23.0 million, $2.2 million and $14.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. Additionally, there were $1.7 million of gains recognized on two asset substitutions within a master lease and $0.3 million in other gains recognized during the year ended December 31, 2021.

(3) Impairments on owned real estate is comprised of real estate and intangible asset impairment and allowance for credit losses on direct financing leases.

(4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized.

(5) Reconciliation of total owned investments to the consolidated balance sheet at December 31, 2022 is as follows:

Real estate assets held for investment, net	$	7,421,306
Intangible lease assets, net		423,870
Real estate assets under direct financing leases, net		7,427
Real estate assets held for sale, net		49,148
Intangible lease liabilities, net		(118,077	)
Net balance	$	7,783,674

Schedule of Operating Lease Income

The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands):

	For the Year Ended December 31,
	2022		2021		2020
Base Cash Rent (1)	$	638,340	$	541,726	$	453,013
Variable cash rent (including reimbursables)		25,597		16,768		13,176
Straight-line rent, net of uncollectible reserve (2)		36,902		44,758		11,876
Amortization of above- and below- market lease intangibles, net (3)		2,190		2,847		1,836
Total rental income	$	703,029	$	606,099	$	479,901

(1) Includes net impact of amounts (reserved)/recovered of $(0.5) million, $5.5 million and $(10.9) million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2) Includes net impact of amounts (reserved)/recovered of $(26) thousand, $10.9 million and $(14.9) million for the years ended December 31, 2022 2021 and 2020, respectively.

(3) Excludes amortization of in-place leases of $43.9 million, $38.5 million and $34.8 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in depreciation and amortization expense in the consolidated statements of operations.

Scheduled Minimum Future Rent from Operating Lease

Minimum future rent at December 31, 2022 is as follows (in thousands):

	December 31, 2022
2023	$	679,645
2024		670,893
2025		659,867
2026		633,330
2027		589,881
Thereafter		4,706,694
Total minimum future rent	$	7,940,310

Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization

The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands):

	December 31, 2022			December 31, 2021
In-place leases	$	559,962		$	536,344
Above-market leases		101,594			100,837
Less: accumulated amortization		(237,686	)		(210,209	)
Intangible lease assets, net	$	423,870		$	426,972
Below-market leases	$	179,187		$	188,718
Less: accumulated amortization		(61,110	)		(60,641	)
Intangible lease liabilities, net	$	118,077		$	128,077

Schedule of Net Aggregate Amortization Expense of Intangible Assets and Liabilities

Based on the intangible assets and liabilities at December 31, 2022, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows (in thousands):

	December 31, 2022
2023	$	41,412
2024		39,365
2025		35,767
2026		32,490
2027		26,873
Thereafter		129,886
Total future minimum amortization	$	305,793

Schedule of Loan Activity

During the years ended December 31, 2022 and 2021, the Company had the following loan activity (dollars in thousands):

	Mortgage Loans				Other Loans		Total
	Properties		Investment		Investment		Investment
Principal, December 31, 2020		—	$	—	$	—	$	—
Issuance of loan		—		—		11,000		11,000
Principal, December 31, 2021		—		—		11,000		11,000
Issuance of loan		—		—		12,700		12,700
Principal, December 31, 2022		—	$	—	$	23,700	$	23,700

Summary of Impairment and Credit Losses Recognized

The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands):

	Year Ended December 31,
	2022		2021		2020
Real estate asset impairment	$	35,988	$	22,120	$	59,206
Intangible net asset impairment		1,041		1,090		22,118
Allowance for credit losses on direct financing leases		—		—		152
Allowance for credit losses on loans receivable		127		550		—
Total impairment loss	$	37,156	$	23,760	$	81,476

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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Debt

The Company's debt is summarized below (dollars in thousands):

	2022 Weighted Average Effective Interest Rates (1)			2022 Weighted Average Stated Rates (2)			2022 Weighted Average Remaining Years to Maturity (3)		December 31, 2022			December 31, 2021
Revolving credit facilities		2.85	%		5.17	%		3.2	$	55,500		$	288,400
Term loans		3.92	%		3.50	%		3.9		800,000			—
Senior Unsecured Notes		3.42	%		3.25	%		6.4		2,750,000			2,750,000
Mortgages payable		4.87	%		5.82	%		8.0		4,825			5,350
Total debt		3.47	%		3.73	%		5.8		3,610,325			3,043,750
Debt discount, net										(9,556	)		(10,824	)
Deferred financing costs, net (4)										(25,460	)		(20,334	)
Total debt, net									$	3,575,309		$	3,012,592

(1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the year ended December 31, 2022 based on the average principal balance outstanding during the period.

(2) Based on the outstanding principal balance as of December 31, 2022. Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.29% as of December 31, 2022.

(3) Based on the outstanding principal balance as of December 31, 2022.

(4) Excludes deferred financing costs for the revolving credit facilities.

Summary of Senior Unsecured Notes

The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands):

	Maturity Date	Interest Payment Dates	Stated Interest Rate	December 31, 2022		December 31, 2021
2026 Senior Notes	September 15, 2026	March 15 and September 15	4.45%	$	300,000	$	300,000
2027 Senior Notes	January 15, 2027	January 15 and July 15	3.20%		300,000		300,000
2028 Senior Notes	March 15, 2028	March 15 and September 15	2.10%		450,000		450,000
2029 Senior Notes	July 15, 2029	January 15 and July 15	4.00%		400,000		400,000
2030 Senior Notes	January 15, 2030	January 15 and July 15	3.40%		500,000		500,000
2031 Senior Notes	February 15, 2031	February 15 and August 15	3.20%		450,000		450,000
2032 Senior Notes	February 15, 2032	February 15 and August 15	2.70%		350,000		350,000
Total Senior Unsecured Notes			3.25%	$	2,750,000	$	2,750,000

Schedule of Debt Maturities

As of December 31, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands):

	Scheduled Principal		Balloon Payment		Total
2023	$	556	$	—	$	556
2024		590		—		590
2025		610		300,016		300,626
2026		469		355,500		355,969
2027		497		800,000		800,497
Thereafter		2,034		2,150,053		2,152,087
Total	$	4,756	$	3,605,569	$	3,610,325

Summary of Components of Interest Expense Related to Borrowings

The components of interest expense were as follows (in thousands):

	Year Ended December 31,
	2022			2021		2020
Revolving credit facilities (1)	$	9,470		$	2,930	$	3,686
Term loans (2)		10,237			24		3,545
Senior Unsecured Notes		89,252			85,996		61,750
Mortgages payable		296			2,506		12,028
Convertible Notes		—			2,658		10,728
Non-cash:
Amortization of deferred financing costs		5,410			3,942		5,278
Amortization of debt discount, net		1,269			2,140		4,343
Amortization of net losses related to interest rate swaps		2,807			2,807		2,807
Capitalized interest		(1,119	)		—		—
Total interest expense	$	117,622		$	103,003	$	104,165

(1) Includes facility fees of approximately $2.1 million, $1.7 million and $1.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2) Includes impact of cash flow hedge.

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Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Activities Under 2021 ATM Program

The following details the activity under the 2021 ATM Program since its inception (in thousands):

2021 ATM	Forward Shares			Regular Shares			Total Shares			Net Proceeds on Issuances
Month ended 12/31/2021
Shares sold		2,268			438			2,706
Shares issued		(2,212	)		(438	)		(2,650	)		$	120,286
Unsettled shares sold as of 12/31/2021		56			—			56
Year ended 12/31/2022
Shares sold		2,434			1,525			3,959
Shares issued		(2,490	)		(1,525	)		(4,015	)		$	167,850
Unsettled shares sold as of 12/31/2022		—			—			—

Summary of Dividends Declared

In fiscal years 2022 and 2021, the Company's Board of Directors declared the following dividends:

Declaration Date	Dividend Per Share		Record Date	Total Amount		Payment Date
				(in Thousands)
2022
Preferred Stock
February 9, 2022	$	0.375	March 15, 2022	$	2,588	March 31, 2022
May 18, 2022		0.375	June 15, 2022		2,588	June 30, 2022
August 8, 2022		0.375	September 15, 2022		2,587	September 30, 2022
November 4, 2022		0.375	December 15, 2022		2,587	December 30, 2022
Total Preferred Dividend	$	1.500		$	10,350
Common Stock
February 9, 2022	$	0.638	March 31, 2022	$	85,688	April 14, 2022
May 18, 2022		0.638	June 30, 2022		86,987	July 15, 2022
August 8, 2022		0.663	September 30, 2022		92,595	October 14, 2022
November 4, 2022		0.663	December 30, 2022		93,636	January 13, 2023
Total Common Dividend	$	2.602		$	358,906
2021
Preferred Stock
February 17, 2021	$	0.375	March 15, 2021	$	2,588	March 31, 2021
May 19, 2021		0.375	June 15, 2021		2,588	June 30, 2021
July 29, 2021		0.375	September 15, 2021		2,587	September 30, 2021
November 17, 2021		0.375	December 15, 2021		2,587	December 31, 2021
Total Preferred Dividend	$	1.500		$	10,350
Common Stock
February 17, 2021	$	0.625	March 31, 2021	$	71,837	April 15, 2021
May 19, 2021		0.625	June 30, 2021		74,436	July 15, 2021
July 29, 2021		0.638	September 30, 2021		78,674	October 15, 2021
November 17, 2021		0.638	December 31, 2021		81,378	January 14, 2022
Total Common Dividend	$	2.526		$	306,325

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of Company's Minimum Aggregate Rental Commitments Under all Non-cancelable Operating Leases

The Company’s minimum aggregate rental commitments under all non-cancellable operating leases as of December 31, 2022 are as follows (in thousands):

	Ground Leases			Office Lease			Total
2023	$	285		$	1,055		$	1,340
2024		285			1,070			1,355
2025		267			1,086			1,353
2026		258			1,101			1,359
2027		167			92			259
Thereafter		107			—			107
Total		1,369			4,404			5,773
Less: imputed interest		(241	)		(939	)		(1,180	)
Total operating lease liabilities	$	1,128		$	3,465		$	4,593

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Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Summary of Notional Amount and Fair Value of Instruments

The following table summarizes the key terms and fair value of these instruments (in thousands):

					Fair Value of Asset
Interest Rate Swap Notional Amount		Fixed Interest Rate	Effective Date	Maturity Date	December 31, 2022
$	300,000	2.501%	September 15, 2022	August 22, 2027	$	15,675
$	200,000	2.507%	September 15, 2022	August 22, 2027		10,349
$	300,000	2.636%	September 15, 2022	August 22, 2025		11,104
					$	37,128

Summary of Amounts Recorded in AOCL

The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands):

	Year Ended December 31,
	2022			2021		2020
Cash flow hedge derivatives	$	39,366		$	—	$	—
Amount of gain reclassified from AOCIL to interest		(2,238	)		—		—
Amount of loss reclassified from AOCIL to interest		2,807			2,807		2,807
Total	$	39,935		$	2,807	$	2,807

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring

The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands):

			Fair Value Hierarchy Level
Description	Fair Value		Level 1		Level 2		Level 3
Derivatives held at December 31, 2022
Interest rate swaps	$	37,128	$	—	$	37,128	$	—

Fair Value Measurements, Nonrecurring

The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands):

			Fair Value Hierarchy Level
Description	Fair Value		Level 1		Level 2		Level 3
Assets held at December 31, 2022
Impaired at March 31, 2022	$	—	$	—	$	—	$	—
Impaired at June 30, 2022	$	4,700	$	—	$	—	$	4,700
Impaired at September 30, 2022	$	4,094	$	—	$	—	$	4,094
Impaired at December 31, 2022	$	29,636	$	—	$	—	$	29,636
Assets held at December 31, 2021
Impaired at March 31, 2021	$	1,739	$	—	$	—	$	1,739
Impaired at June 30, 2021	$	9,655	$	—	$	—	$	9,655
Impaired at September 30, 2021	$	3,479	$	—	$	—	$	3,479
Impaired at December 31, 2021	$	11,656	$	—	$	—	$	11,656

Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale

For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining properties are as follows:

Unobservable Input	Asset Type	Property Count		Price Per Square Foot Range	Weighted Average Price Per Square Foot		Square Footage
December 31, 2022
PSA, LOI or BOV	Retail		12	$30.00 - $384.88	$	93.60		223,225
PSA, LOI or BOV	Data Center		1	$24.94	$	24.94		188,475
Comparable Properties	Retail		3	$26.05 - $197.15	$	56.36		100,195
Comparable Properties	Office		2	$71.69 - $135.00	$	98.97		73,000
December 31, 2021
PSA, LOI or BOV	Retail		6	$63.83 - $418.57	$	102.35		39,603
PSA, LOI or BOV	Medical		2	$65.63 - $105.16	$	75.60		41,496
PSA, LOI or BOV	Data Center		1	$38.57	$	38.57		188,475
Comparable Properties	Retail		3	$29.35 - $483.09	$	67.48		42,357
Comparable Properties	Medical		1	$78.66 - $106.35	$	95.00		15,974

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments

The following table discloses fair value information for these financial instruments (in thousands):

	December 31, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Loans receivable, net (1)	$	23,023	$	23,462	$	10,450	$	11,381
2019 Credit Facility		55,500		55,502		288,400		288,549
2022 Term Loans, net (2)		792,309		802,363		—		—
Senior Unsecured Notes, net (2)		2,722,514		2,310,547		2,718,641		2,865,187
Mortgages payable, net (2)		4,986		4,685		5,551		5,748

(1) The carrying value of the loans receivable are net of an allowance for credit losses.

(2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

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Incentive Award Plan and Employee Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2022

Compensation Related Costs [Abstract]

Summary of Restricted Share Activity

The following table summarizes the restricted share activity:

	2022					2021					2020
	Number of Shares			Weighted Average Price (1) (per share)		Number of Shares			Weighted Average Price (1) (per share)		Number of Shares			Weighted Average Price (1) (per share)
Outstanding non-vested shares, beginning of year		233,135		$	42.22		279,912		$	42.67		321,627		$	40.66
Shares granted		128,367			45.73		118,996			39.22		148,045			46.42
Shares vested		(145,723	)		42.23		(157,054	)		40.83		(182,653	)		42.04
Shares forfeited		(418	)		46.30		(8,719	)		40.87		(7,107	)		45.77
Outstanding non-vested shares, end of year		215,361		$	44.30		233,135		$	42.22		279,912		$	42.67

(1) Based on grant date fair values.

Summary of Market-Based Award Activity

The following table summarizes the market-based award activity:

	2022					2021					2020
	Number of  Target Shares			Weighted Average Fair Value (per share)		Number of Target Shares			Weighted Average Fair Value (per share)		Number of Target Shares			Weighted Average Fair Value (per share)
Outstanding non-vested awards, beginning of year		258,053		$	74.08		201,468		$	58.12		319,731		$	49.49
Grants at target		166,307			93.26		170,307			77.57		87,746			67.30
Earned above performance target		—			—		154,312			50.92		83,259			54.57
Vested		—			—		(266,319	)		50.92		(268,694	)		54.57
Forfeited		(87,746	)		67.30		—			—		—			—
Incremental Shares (1)		—		N/A			(1,715	)	N/A			(20,574	)	N/A
Outstanding non-vested awards, end of year		336,614		$	85.32		258,053		$	74.08		201,468		$	58.12

(1) In 2018, in connection with the Spin-Off and in accordance with the rights granted per the Amended Incentive Award Plan, the Board of Directors made an equitable adjustment for all market-based awards outstanding, resulting in incremental shares. During the years ended December 31, 2021 and 2020, 1.7 thousand and 20.6 thousand, respectively, of these incremental shares were earned. Because the fair value of the outstanding market-based awards the day prior to and the day after the Spin-Off did not materially change, there was no change to unrecognized compensation expense and no incremental compensation expense related to the incremental shares.

Summary of Remaining Unamortized Stock-based Compensation Expense

The following is a summary of remaining unamortized stock-based compensation expense (in thousands):

	December 31, 2022		December 31, 2021
Restricted share awards	$	4,727	$	4,787
Market-based awards		15,165		11,143
Total unamortized stock-based compensation expense	$	19,892	$	15,930

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Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Loss Per Share

The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands):

	Years Ended December 31,
	2022			2021			2020
Basic and diluted income:
Income from continuing operations	$	285,516		$	171,702		$	26,708
Less: dividends paid to preferred stockholders		(10,350	)		(10,350	)		(10,350	)
Less: dividends and income attributable to unvested restricted stock		(555	)		(581	)		(728	)
Net income attributable to common stockholders used in basic and diluted income per share	$	274,611		$	160,771		$	15,630
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding		134,768,664			118,587,722			104,656,242
Less: unvested weighted average shares of restricted stock		(220,578	)		(245,281	)		(298,582	)
Basic weighted average shares of common stock outstanding		134,548,086			118,342,441			104,357,660
Net income per share attributable to common stockholders - basic	$	2.04		$	1.36		$	0.15
Diluted weighted average shares of common stock outstanding: (1)
Plus: unvested market-based awards		97,565			373,396			175,952
Plus: unsettled shares under open forward equity contracts		—			1			1,772
Diluted weighted average shares of common stock outstanding		134,645,651			118,715,838			104,535,384
Net income per share attributable to common stockholders - diluted	$	2.04		$	1.35		$	0.15
Potentially dilutive shares of common stock related to:
Unvested restricted share awards		67,206			95,411			62,448

(1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The Company’s total income tax expense was as follows (in thousands):

	Year Ended December 31,
	2022		2021		2020
State income tax	$	890	$	605	$	128
Federal income tax		7		2		145
Total income tax expense	$	897	$	607	$	273

Schedule of Common Stock Dividends Characterized for Tax

Common stock dividends paid were characterized for tax as follows (per share):

	Year Ended December 31,
	2022		2021		2020
Ordinary income	$	2.41	$	1.37	$	1.80
Return of capital		0.06		1.14		0.70
Capital gain		0.11		—		—
Total	$	2.58	$	2.51	$	2.50

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Consolidated Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2022

Quarterly Financial Information Disclosure [Abstract]

Schedule of Consolidated Quarterly Financial Data

The following table sets forth certain unaudited consolidated financial information for each of the four quarters included in the years ended December 31, 2022 and 2021 (in thousands, except share and per share data):

2022	First			Second			Third			Fourth
(Unaudited)	Quarter			Quarter			Quarter			Quarter			Year
Total operating revenues	$	168,396		$	174,935		$	182,904		$	183,394		$	709,629
Depreciation and amortization		(69,108	)		(72,898	)		(74,600	)		(76,379	)		(292,985	)
Interest		(26,023	)		(27,594	)		(30,956	)		(33,049	)		(117,622	)
Other operating expenses		(23,593	)		(30,631	)		(24,010	)		(51,679	)		(129,913	)
Loss on debt extinguishment		(172	)		—			—			—			(172	)
Gain on disposition of assets		877			38,928			23,302			47,793			110,900
Other income		5,679			—			—			—			5,679
Net income		56,056			82,740			76,640			70,080			285,516
Dividends paid to preferred stockholders		(2,588	)		(2,588	)		(2,587	)		(2,587	)		(10,350	)
Net income attributable to common stockholders	$	53,468		$	80,152		$	74,053		$	67,493		$	275,166
Net income per share attributable to common stockholders - basic	$	0.42		$	0.60		$	0.54		$	0.48		$	2.04
Net income per share attributable to common stockholders - diluted	$	0.42		$	0.60		$	0.54		$	0.48		$	2.04
Dividends declared per common share	$	0.638		$	0.638		$	0.663		$	0.663		$	2.602

2021	First			Second			Third			Fourth
(Unaudited)	Quarter			Quarter			Quarter			Quarter			Year
Total operating revenues	$	135,141		$	164,626		$	152,568		$	156,055		$	608,390
Depreciation and amortization		(57,087	)		(60,074	)		(63,061	)		(64,402	)		(244,624	)
Interest		(26,624	)		(26,170	)		(25,078	)		(25,131	)		(103,003	)
Other operating expenses		(25,558	)		(27,955	)		(24,005	)		(23,825	)		(101,343	)
(Loss) gain on debt extinguishment		(29,177	)		(10	)		1			—			(29,186	)
Gain on disposition of assets		1,836			37,507			453			1,672			41,468
Net (loss) income		(1,469	)		87,924			40,878			44,369			171,702
Dividends paid to preferred stockholders		(2,588	)		(2,588	)		(2,587	)		(2,587	)		(10,350	)
Net (loss) income attributable to common stockholders	$	(4,057	)	$	85,336		$	38,291		$	41,782		$	161,352
Net (loss) income per share attributable to common stockholders - basic	$	(0.04	)	$	0.74		$	0.32		$	0.34		$	1.36
Net (loss) income per share attributable to common stockholders - diluted	$	(0.04	)	$	0.74		$	0.32		$	0.34		$	1.35
Dividends declared per common share	$	0.625		$	0.625		$	0.638		$	0.638		$	2.526

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Organization - Narrative (Details) - Operating Partnership	12 Months Ended
	Dec. 31, 2022
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership of operating partnership	1.00%
Limited partner ownership of operating partnership	99.00%

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Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 8,472,866,000	$ 7,330,870,000
Net liabilities	$ 3,911,550,000	$ 3,331,071,000
Number of segments | Segment	1
Impairment of lease, expiration period (or less)	60 days
Option to terminate, percentage (less than)	1.00%	1.00%
Option to purchase, percentage (less than)	10.00%	10.00%
Deferred rent recognized related to COVID19 pandemic	$ 400,000	$ 13,400,000	$ 26,300,000
Loan placed on non accrual status, past due days	60 days
Accounts receivable	$ 18,200,000	21,700,000
Accounts receivable, deemed not probable of collection	3,200,000	3,900,000
Deferred rental revenue receivables	167,100,000	137,600,000
Deferred rent receivables, deemed not probable of collection	1,300,000	2,600,000
Goodwill impairment	0
Goodwill	225,600,000	225,600,000	225,600,000
Provision for income taxes	0
Interest Income and Other
Summary Of Significant Accounting Policies [Line Items]
Lease termination fee	$ 2,000	19,000	$ 700,000
Walgreen Co
Summary Of Significant Accounting Policies [Line Items]
Lease term	50 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Renewal term	10 years
Building and improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life	20 years
Building and improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life	50 years
Tenant and Land improvements | Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life	5 years
Tenant and Land improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life	20 years
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 11,700,000	12,300,000
Net liabilities	$ 4,900,000	$ 5,500,000

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Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 8,770	$ 17,799	$ 70,303
Total cash, cash equivalents and restricted cash	61,953	17,799	83,298	$ 26,023
Collateral deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0	335
Tenant improvements, repairs, and leasing commissions
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	0	12,660
1031 Exchange proceeds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 53,183	$ 0	$ 0

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Investments - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property State	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 Property
Real Estate Properties [Line Items]
Gross investment in owned real estate properties	$ 9,200,000
Portfolio diversity, number of states | State	49
Minimum real estate investment in state for disclosure	10.00%
Number of properties | Property	2,097
Sales-type and direct financing leases minimum future payments to be received	$ 2,500
Direct financing leases, net investment balance	7,500
Remaining reserve against net investment	100
Issuance of loan	12,700	$ 11,000
Loan receivable	23,700	11,000
Total allowance for credit losses	700
Allowance (reversal) for credit losses	$ 127	550
Uncollateralized
Real Estate Properties [Line Items]
Issuance of loan		$ 11,000
In-place leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	12 years 4 months 24 days	13 years 3 months 18 days
Acquired finite-lived intangible assets	$ 57,300	$ 84,800
Above market leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	13 years	13 years 8 months 12 days
Acquired finite-lived intangible assets	$ 3,200	$ 23,100
Below-market Leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	18 years 2 months 12 days	17 years 7 months 6 days
Acquired finite-lived intangible assets	$ 9,500	$ 16,800
Leases
Real Estate Properties [Line Items]
Lease intangibles weighted average amortization period	13 years 9 months 18 days	14 years 3 months 18 days
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	14.50%
Property Subject To Operating Lease
Real Estate Properties [Line Items]
Number of properties | Property	2,111	1,998	1,852
Property Subject To Direct Financing Lease
Real Estate Properties [Line Items]
Number of properties | Property	1	1

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Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($) Property	Dec. 31, 2020 USD ($) Property
Number of Properties
Ending balance (in properties) | Property	2,097
Real Estate Activity
Impairments	$ (37,156)	$ (23,760)	$ (81,476)
Ending balance	9,200,000
Net balance	$ 7,783,674
Held-in-use
Number of Properties
Beginning balance (in properties) | Property	2,000	1,853
Acquisitions/improvements (in properties) | Property	172	166
Dispositions of real estate (in properties) | Property	(38)	(13)
Transfers to Held for Sale (in properties) | Property	(37)	(9)
Transfers from Held for Sale (in properties) | Property	1	3
Impairments (in properties) | Property	0	0
Reset of gross balances (in properties) | Property	0	0
Other (in properties) | Property		0
Ending balance (in properties) | Property	2,098	2,000	1,853
Real Estate Activity
Beginning balance	$ 7,934,823	$ 6,777,673
Acquisitions	1,546,808	1,256,983
Dispositions	(198,865)	(42,472)
Transfers to Held for Sale	(96,234)	(18,403)
Transfers from Held for Sale	1,529	11,300
Impairments	(36,894)	(21,474)
Reset of gross balances	(29,004)	(31,143)
Other		2,359
Ending balance	9,122,163	$ 7,934,823	$ 6,777,673
Accumulated depreciation and amortization	(1,387,637)
Net balance	$ 7,734,526
Held-for-sale
Number of Properties
Beginning balance (in properties) | Property	3	7
Acquisitions/improvements (in properties) | Property	0	0
Dispositions of real estate (in properties) | Property	(22)	(10)
Transfers to Held for Sale (in properties) | Property	37	9
Transfers from Held for Sale (in properties) | Property	(1)	(3)
Impairments (in properties) | Property	0	0
Reset of gross balances (in properties) | Property	0	0
Other (in properties) | Property		0
Ending balance (in properties) | Property	17	3	7
Real Estate Activity
Beginning balance	$ 8,362	$ 27,764
Acquisitions	0	0
Dispositions	(41,200)	(22,750)
Transfers to Held for Sale	96,234	18,403
Transfers from Held for Sale	(1,529)	(11,300)
Impairments	(135)	(1,736)
Reset of gross balances	(151)	(2,019)
Other		0
Ending balance	61,581	$ 8,362	$ 27,764
Accumulated depreciation and amortization	(12,433)
Net balance	$ 49,148
Total
Number of Properties
Beginning balance (in properties) | Property	2,003	1,860
Acquisitions/improvements (in properties) | Property	172	166
Dispositions of real estate (in properties) | Property	(60)	(23)
Transfers to Held for Sale (in properties) | Property	0	0
Transfers from Held for Sale (in properties) | Property	0	0
Impairments (in properties) | Property	0	0
Reset of gross balances (in properties) | Property	0	0
Other (in properties) | Property		0
Ending balance (in properties) | Property	2,115	2,003	1,860
Real Estate Activity
Beginning balance	$ 7,943,185	$ 6,805,437
Acquisitions	1,546,808	1,256,983
Dispositions	(240,065)	(65,222)
Transfers to Held for Sale	0	0
Transfers from Held for Sale	0	0
Impairments	(37,029)	(23,210)
Reset of gross balances	(29,155)	(33,162)
Other		2,359
Ending balance	9,183,744	$ 7,943,185	$ 6,805,437
Accumulated depreciation and amortization	(1,400,070)
Net balance	$ 7,783,674

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Investments - Summary of Owned Real Estate Activity (Footnote) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 95,400	$ 15,400
Non-revenue producing capitalized expenditures	16,800	10,700
Gains recognized on two asset substitutions within master lease		1,700
Other gains		300
Real estate assets held for investment, net	7,421,306	6,445,527
Intangible lease assets, net	423,870	426,972
Real estate assets under direct financing leases, net	7,427	7,442
Real estate assets held for sale, net	49,148	8,264
Intangible lease liabilities, net	(118,077)	(128,077)
Net balance	7,783,674
Held-in-use
Real Estate [Line Items]
Gain on disposition of properties	87,900	37,300	$ 10,200
Net balance	7,734,526
Held-for-sale
Real Estate [Line Items]
Gain on disposition of properties	23,000	$ 2,200	$ 14,200
Net balance	$ 49,148

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Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Base Cash Rent	$ 638,340	$ 541,726	$ 453,013
Variable cash rent (including reimbursables)	25,597	16,768	13,176
Straight-line rent, net of uncollectible reserve	36,902	44,758	11,876
Amortization of above- and below- market lease intangibles, net	2,190	2,847	1,836
Total rental income	703,029	606,099	479,901
Base cash rent amounts (reserved)/recovered	(500)	5,500	(10,900)
Straight-line rent amounts (reserved)/recovered	(26)	10,900	(14,900)
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 43,900	$ 38,500	$ 34,800

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Investments - Scheduled Minimum Future Rent from Operating Lease (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases, Future Contractual Rent Receivable
2023	$ 679,645
2024	670,893
2025	659,867
2026	633,330
2027	589,881
Thereafter	4,706,694
Total future minimum rentals	$ 7,940,310

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Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (237,686)	$ (210,209)
Intangible lease assets, net	423,870	426,972
Below-market leases	179,187	188,718
Less: accumulated amortization	(61,110)	(60,641)
Intangible lease liabilities, net	118,077	128,077
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	559,962	536,344
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 101,594	$ 100,837

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Investments - Schedule of Net Aggregate Amortization Expense of Intangible Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
2023	$ 41,412
2024	39,365
2025	35,767
2026	32,490
2027	26,873
Thereafter	129,886
Total future minimum amortization	$ 305,793

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Investments - Schedule of Loan Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Number of Properties
Ending balance (in properties) | Property	2,097
Loans Receivable
Beginning balance	$ 11,000
Issuance of loan	12,700	$ 11,000
Ending balance	23,700	11,000
Other Loans
Loans Receivable
Beginning balance	11,000
Issuance of loan	12,700	11,000
Ending balance	$ 23,700	$ 11,000

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Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Real estate asset impairment	$ 35,988	$ 22,120	$ 59,206
Intangible asset impairment (recovery)	1,041	1,090	22,118
Allowance for credit losses on direct financing leases			152
Allowance for credit losses on loans receivable	127	550
Total impairment loss	$ 37,156	$ 23,760	$ 81,476

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Debt - Summary of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Aug. 06, 2020
Debt Instrument [Line Items]
Effective Interest Rates	3.47%
Stated Interest Rate	3.73%
Remaining Years to Maturity	5 years 9 months 18 days
Total debt, gross	$ 3,610,325,000	$ 3,043,750,000
Debt discount, net	(9,556,000)	(10,824,000)
Deferred financing costs, net	(25,460,000)	(20,334,000)
Total debt, net	$ 3,575,309,000	3,012,592,000
Revolving credit facilities
Debt Instrument [Line Items]
Effective Interest Rates	2.85%
Stated Interest Rate	5.17%
Remaining Years to Maturity	3 years 2 months 12 days
Total debt, gross	$ 55,500,000	288,400,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Effective Interest Rates	3.42%
Stated Interest Rate	3.25%
Remaining Years to Maturity	6 years 4 months 24 days
Total debt, gross	$ 2,750,000,000	2,750,000,000
Deferred financing costs, net	$ (17,800,000)	(20,300,000)
Mortgages Payable
Debt Instrument [Line Items]
Effective Interest Rates	4.87%
Stated Interest Rate	5.82%
Remaining Years to Maturity	8 years
Total debt, gross	$ 4,825,000	5,350,000
Deferred financing costs, net	$ 0	$ 0
Term Loans
Debt Instrument [Line Items]
Effective Interest Rates	3.92%
Stated Interest Rate	3.50%
Remaining Years to Maturity	3 years 10 months 24 days
Total debt, gross	$ 800,000,000
Deferred financing costs, net	$ (7,700,000)		$ (1,000,000.0)

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Debt - Summary of Debt (Footnote) (Details)	Dec. 31, 2022
Term Loans
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage excluding the impact of cash flow hedges	5.29%

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Debt - Revolving Credit Facilities - Narrative (Details)		9 Months Ended	12 Months Ended	38 Months Ended
	Mar. 30, 2022 USD ($) ExtensionOption	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 29, 2022	Dec. 31, 2021 USD ($)	Jan. 14, 2019 USD ($)
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 25,460,000	$ 25,460,000		$ 20,334,000
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 1,200,000,000					$ 800,000,000.0
Line of Credit Facility, Commitment Fee Percentage		0.15%		0.20%
Number of extension options | ExtensionOption	2
Term of extension option	6 months
Increased borrowing capacity under accordion feature	$ 500,000,000.0
Credit facility maturity date	Mar. 31, 2026
Description of variable rate basis		1-month adjusted SOFR		1-month LIBOR
Write off deferred financing costs			200,000
Deferred financing costs incurred		$ 8,600,000	8,600,000
Unamortized deferred financing costs		7,800,000	7,800,000		$ 1,400,000
Line of credit facility remaining borrowing capacity		1,100,000,000	1,100,000,000
Letters of credit outstanding		$ 0	$ 0
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.90%
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.775%

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Debt - Term Loans - Narrative (Details) - USD ($)					3 Months Ended	12 Months Ended
	Nov. 17, 2022	Aug. 22, 2022	Aug. 06, 2020	Apr. 02, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Debt Instrument [Line Items]
Repayments of long-term debt						$ 178,000,000	$ 222,000,000
Unamortized deferred financing costs						$ 20,334,000		$ 25,460,000
Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000.0	$ 800,000,000.0		$ 200,000,000.0
Debt Instrument, Unused Borrowing Capacity, Amount								500,000,000.0
Repayments of long-term debt			$ 222,000,000.0
Deferred financing costs incurred		$ 8,400,000		$ 2,500,000
Debt Instrument, Description of Variable Rate Basis	1-month adjusted SOFR	1-month adjusted SOFR
Unamortized deferred financing costs			$ 1,000,000.0					$ 7,700,000
Accordion feature fully exercised					$ 200,000,000.0
Debt Instrument, Maturity Date	Jun. 16, 2025			Apr. 02, 2022
Term Loan Accordian Feature Increase Limit	$ 100,000.0	$ 200,000,000.0
LIBOR | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.50%
SOFR | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.95%	0.85%
2022 Term Loans Tranche 1 | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 300,000,000.0
Debt Instrument, Maturity Date		Aug. 22, 2025
2022 Term Loans Tranche 2 | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000,000.0
Debt Instrument, Maturity Date		Aug. 20, 2027

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Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Stated Interest Rate	3.73%
Total Debt	$ 3,610,325	$ 3,043,750
Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Total Debt	$ 2,750,000	2,750,000
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Senior Unsecured Notes | 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Sep. 15, 2026
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	4.45%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2027
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.20%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Mar. 15, 2028
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	2.10%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 15, 2029
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	4.00%
Total Debt	$ 400,000	400,000
Senior Unsecured Notes | 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2030
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.40%
Total Debt	$ 500,000	500,000
Senior Unsecured Notes | 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2031
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	3.20%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	2.70%
Total Debt	$ 350,000	$ 350,000

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Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 03, 2021	Aug. 06, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 794,842	$ 445,509
Unamortized deferred financing costs			$ 25,460	20,334
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized discount			$ 9,700	11,000
Redemption price, percent of principal amount			100.00%
Unamortized deferred financing costs			$ 17,800	$ 20,300
Senior Unsecured Notes | 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 441,300
Deferred financing costs incurred		4,200
Unamortized discount		$ 4,500
Senior Unsecured Notes | 2028 and 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 787,700
Deferred financing costs incurred	7,100
Unamortized discount	$ 5,200

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Debt - Mortgages Payable - Narrative (Details)	Dec. 31, 2022 USD ($) Property Loan	Dec. 31, 2021 USD ($) Property Loan	Mar. 31, 2021 Loan
Debt Instrument [Line Items]
Stated interest rate	3.73%
Unamortized deferred financing costs	$ 25,460,000	$ 20,334,000
Mortgages Payable
Debt Instrument [Line Items]
Number of properties securing borrowings | Property	1
Number of loans secured by mortgage on leased properties and related assets | Loan	2
Stated interest rate	5.82%
Unamortized deferred financing costs	$ 0	0
Unamortized net offering premium	$ 200,000	$ 200,000
Mortgages Payable | Minimum
Debt Instrument [Line Items]
Stated interest rate	5.80%
Mortgages Payable | Maximum
Debt Instrument [Line Items]
Stated interest rate	6.00%
Mortgages Payable | CMBS
Debt Instrument [Line Items]
Number of properties securing borrowings | Property		86
Number of loans secured by mortgage on leased properties and related assets | Loan		3	3

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Debt - Convertible Notes - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Debt Instrument [Line Items]
Stated interest rate				3.73%
Repurchase of convertible notes		$ 190,426,000	$ 154,574,000
Unamortized deferred financing costs		$ 20,334,000		$ 25,460,000
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000.0
Stated interest rate	3.75%
Repurchase of convertible notes			154,600,000
Unamortized discount			1,000,000.0
Unamortized deferred financing costs			$ 300,000
Debt instrument, maturity date	May 15, 2021

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Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	3 Months Ended				12 Months Ended
	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) Loan	Dec. 31, 2022 USD ($) Property Loan	Dec. 31, 2021 USD ($) Property Loan	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
(Loss) gain on extinguishment of debt	$ (172)	$ 1	$ (10)	$ (29,177)	$ (172)	$ (29,186)	$ (7,227)
Term Loans
Debt Instrument [Line Items]
Debt extinguished						178,000	222,000
(Loss) gain on extinguishment of debt						700	1,000
Mortgages Payable
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | Loan					2
Number of properties securing borrowings | Property					1
Convertible Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Debt extinguished						190,400	154,600
(Loss) gain on extinguishment of debt							$ 6,200
CMBS | Mortgages Payable
Debt Instrument [Line Items]
Debt extinguished						207,400
(Loss) gain on extinguishment of debt						$ 28,500
Number of loans secured by mortgage on leased properties and related assets | Loan				3		3
Number of properties securing borrowings | Property						86
Revolving credit facilities | Unsecured Debt | Credit Facility 2019
Debt Instrument [Line Items]
(Loss) gain on extinguishment of debt					$ (200)

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Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Scheduled Debt Maturities
2023	$ 556
2024	590
2025	300,626
2026	355,969
2027	800,497
Thereafter	2,152,087
Total debt, net	3,610,325	$ 3,043,750
Scheduled Principal
Scheduled Debt Maturities
2023	556
2024	590
2025	610
2026	469
2027	497
Thereafter	2,034
Total debt, net	4,756
Balloon Payment
Scheduled Debt Maturities
2025	300,016
2026	355,500
2027	800,000
Thereafter	2,150,053
Total debt, net	$ 3,605,569

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Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Expense
Amortization of deferred financing costs									$ 5,410	$ 3,942	$ 5,278
Amortization of debt discount, net									1,269	2,140	4,343
Amortization of net losses related to interest rate swaps									2,807	2,807	2,807
Capitalized interest									1,119	0	0
Total interest expense	$ 33,049	$ 30,956	$ 27,594	$ 26,023	$ 25,131	$ 25,078	$ 26,170	$ 26,624	117,622	103,003	104,165
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees									2,100	1,700	1,600
Interest expense									9,470	2,930	3,686
Term Loans
Schedule Of Interest Expenses [Line Items]
Interest expense									10,237	24	3,545
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense									89,252	85,996	61,750
Mortgages Payable
Schedule Of Interest Expenses [Line Items]
Interest expense									296	2,506	12,028
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense									$ 0	$ 2,658	$ 10,728

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Stockholders' Equity - Narrative (Details) - USD ($)		1 Months Ended			12 Months Ended			13 Months Ended	14 Months Ended	49 Months Ended
	Oct. 03, 2017	Jan. 31, 2022	Dec. 31, 2021	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2021	Dec. 31, 2022	Nov. 30, 2020	Oct. 03, 2022	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, shares outstanding			6,900,000		6,900,000	6,900,000			6,900,000
Dividend rate	6.00%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00		$ 25.00		$ 25.00	$ 25.00			$ 25.00		$ 25.00
Dividend rate, annual basis (in USD per share)	$ 1.50
Proceeds from issuance of common stock, net of offering costs					$ 595,448,000	$ 533,868,000	$ 428,272,000
Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares outstanding			6,900,000		6,900,000	6,900,000	6,900,000		6,900,000			6,900,000
Public Stock Offering | Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares outstanding	6,900,000
Forward Sales Agreements
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock		9,400,000		9,200,000
Forward sale agreements, price per share		$ 47.60		$ 37.35
Issuance of common shares					9,400,000		9,200,000
Proceeds from issuance of common stock, net of offering costs					$ 427,700,000		$ 319,100,000
ATM Program, November 2016
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock										7,000,000.0
Issuance of common shares						600,000	2,900,000
Proceeds from issuance of common stock, net of offering costs						$ 21,900,000	$ 109,200,000
Common stock authorized										$ 500,000.0
Common stock sold										8,800,000
ATM Program, November 2020
Class Of Stock [Line Items]
Issuance of common shares						9,300,000
Proceeds from issuance of common stock, net of offering costs						$ 391,400,000
Common stock authorized								$ 500,000,000.0
Common stock sold								9,300,000
ATM Program, November 2021
Class Of Stock [Line Items]
Issuance of common shares			2,650,000		4,015,000
Proceeds from issuance of common stock, net of offering costs			$ 120,286,000		$ 167,850,000
Unsettled shares sold			56,000			56,000
Common stock authorized									$ 500,000,000.0
Common stock sold			2,706,000		3,959,000

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Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended								12 Months Ended
	Nov. 04, 2022	Aug. 08, 2022	May 18, 2022	Feb. 09, 2022	Nov. 17, 2021	Jul. 29, 2021	May 19, 2021	Feb. 17, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, dividend per share (in USD per share)	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375	$ 0.375									$ 1.500	$ 1.500
Preferred stock, total amount	$ 2,587	$ 2,587	$ 2,588	$ 2,588	$ 2,587	$ 2,587	$ 2,588	$ 2,588									$ 10,350	$ 10,350	$ 10,350
Common stock, dividend per share (in USD per share)	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 2.602	$ 2.526
Common stock, total amount	$ 93,636	$ 92,595	$ 86,987	$ 85,688	$ 81,378	$ 78,674	$ 74,436	$ 71,837									$ 358,906	$ 306,325	$ 266,659

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Stockholders' Equity - Summary of Activities Under 2021 ATM Program (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Net Proceeds on Issuances		$ 595,448	$ 533,868	$ 428,272
ATM Program, November 2021
Class of Stock [Line Items]
Shares sold	2,706	3,959
Shares issued	(2,650)	(4,015)
Unsettled shares sold	56		56
Net Proceeds on Issuances	$ 120,286	$ 167,850
Forward Shares | ATM Program, November 2021
Class of Stock [Line Items]
Shares sold	2,268	2,434
Shares issued	(2,212)	(2,490)
Unsettled shares sold	56		56
Regular Shares | ATM Program, November 2021
Class of Stock [Line Items]
Shares sold	438	1,525
Shares issued	(438)	(1,525)

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Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Claim Ground_lease	Dec. 31, 2021 USD ($) Tenant Ground_lease	Dec. 31, 2020 USD ($)
Loss Contingencies [Line Items]
Contingently liable amount of debt owed by tenant		$ 5,700,000
Number of tenants indemnified by | Tenant		1
Accruals made for environmental remediation	$ 0
Outstanding claims | Claim	0
Other income	$ 5,679,000
Total commitments	111,100,000
Total commitments relating to future acquisitions	13,800,000
Commitments expected to be funded in next twelve months	$ 35,100,000
Operating lease renewal option	two
Operating lease renewal term	5 years
Number of long-term non-cancelable ground leases | Ground_lease	4	4
Operating lease, weighted average remaining lease term	5 years 1 month 6 days
Operating Lease, weighted average discount rate	4.19%
Incentive to Lessee	$ 1,700,000
Operating lease, right-of-use assets	$ 3,400,000	$ 3,700,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Deferred costs and other assets, net	Deferred costs and other assets, net
Operating lease liabilities	$ 4,593,000	$ 5,100,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Other Accrued Liabilities	Accounts Payable and Other Accrued Liabilities
General and Administrative Expense
Loss Contingencies [Line Items]
Rental expense	$ 1,500,000	$ 1,500,000	$ 1,500,000
Property Costs
Loss Contingencies [Line Items]
Rental expense	$ 300,000	$ 300,000	$ 300,000

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Commitments and Contingencies - Summary of Company's Minimum Aggregate Rental Commitments Under all Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
2023	$ 1,340
2024	1,355
2025	1,353
2026	1,359
2027	259
Thereafter	107
Total	5,773
Less: imputed interest	(1,180)
Total operating lease liabilities	4,593	$ 5,100
Ground Leases
Lessee, Lease, Description [Line Items]
2023	285
2024	285
2025	267
2026	258
2027	167
Thereafter	107
Total	1,369
Less: imputed interest	(241)
Total operating lease liabilities	1,128
Office Leases
Lessee, Lease, Description [Line Items]
2023	1,055
2024	1,070
2025	1,086
2026	1,101
2027	92
Total	4,404
Less: imputed interest	(939)
Total operating lease liabilities	$ 3,465

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Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Accumulated other comprehensive income (loss)		$ 34,088	$ (5,847)
2018 Interest Rate Swap
Derivative [Line Items]
Accumulated other comprehensive income (loss)		3,000
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months		2,800
2022 Interest Rate Swap
Derivative [Line Items]
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months		$ (17,600)
Designated as Hedging Instrument | 2018 Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps	$ 12,500
Deferred loss on termination of interest rate swaps	$ 12,300

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Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Details) - Designated as Hedging Instrument	12 Months Ended
	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 37,128,000
Interest Rate Swap One
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.501%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 15,675,000
Interest Rate Swap Two
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 200,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.507%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 10,349,000
Interest Rate Swap Three
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.636%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2025
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 11,104,000

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Derivative and Hedging Activities - Summary of Amounts Recorded in AOCIL and Loss Recorded in Operations when Reclassified out of AOCIL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge derivatives	$ 39,366
Amount of gain reclassified from AOCIL to interest	(2,238)
Amount of loss reclassified from AOCIL to interest	2,807	$ 2,807	$ 2,807
Total	$ 39,935	$ 2,807	$ 2,807

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Fair Value Measurements - Schedule of Assets at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Interest Rate Swaps $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 37,128
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 37,128

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Fair Value Measurements - Narrative (Details) - Property	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Number of properties accounted for at fair value	18	14
Fair Value, Measurements, Nonrecurring | Fair Value Estimated Using Capitalization Rate | Measurement Input Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties accounted for at fair value		1
Fair value input, capitalization rate		14.00%

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Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 4,700
Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,094
Assets Held Impaired At December 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	29,636
Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 1,739
Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		9,655
Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		3,479
Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		11,656
Level 3 | Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,700
Level 3 | Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,094
Level 3 | Assets Held Impaired At December 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 29,636
Level 3 | Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		1,739
Level 3 | Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		9,655
Level 3 | Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		3,479
Level 3 | Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 11,656

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Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	12 Months Ended
	Dec. 31, 2022 ft² Property $ / ft²	Dec. 31, 2021 ft² Property $ / ft²
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	12	6
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	30.00	63.83
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	384.88	418.57
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	93.60	102.35
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	223,225	39,603
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property		2
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		65.63
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		105.16
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		75.60
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²		41,496
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1	1
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center | Measurement Input Price Per Square Foot
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	24.94	38.57
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	24.94	38.57
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Data Center | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	188,475	188,475
Fair Value Estimated Using Comparable Properties | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	3	3
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	26.05	29.35
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	197.15	483.09
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	56.36	67.48
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	100,195	42,357
Fair Value Estimated Using Comparable Properties | Medical
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property		1
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		78.66
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		106.35
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		95.00
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²		15,974
Fair Value Estimated Using Comparable Properties | Office
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	2
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	71.69
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	135.00
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	98.97
Fair Value Estimated Using Comparable Properties | Office | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	73,000

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Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 23,023	$ 10,450
Revolving credit facilities	55,500	288,400
Term loans, net	792,309
Senior Unsecured Notes, net	2,722,514	2,718,641
Mortgages payable, net	4,986	5,551
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	23,462	11,381
2019 Credit Facility	55,502	288,549
2022 Term Loans, net	802,363
Senior Unsecured Notes, net	2,310,547	2,865,187
Mortgages payable, net	$ 4,685	$ 5,748

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Incentive Award Plan and Employee Benefit Plan - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance	4,800,000
Value of shares surrendered for payment of federal and state with holding taxes	$ 6,487	$ 4,395	$ 4,381
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 17,400	$ 14,000	$ 12,600
Maximum | Elective Deferrals
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, employer matching contribution, percent of match	100.00%
Percentage of employer matching contribution, of employee gross pay (up to)	4.00%
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense	$ 5,900
Weighted average recognition period	8 months 12 days
Vested in period, fair value	$ 6,700
Requisite service period of awards	3 years
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average recognition period	1 year 8 months 12 days
Incremental shares earned		1,700	20,600
Expected volatility	39.50%
Risk free interest rate	1.59%
Shares released for awards	200,000
Accrued dividend rights	$ 2,500	$ 3,300
Market-Based Awards | Group of Company's Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum	21.50%
Volatility rate, maximum	53.60%
Average volatility rate	35.70%
Market-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	0.00%
Market-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	375.00%

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Incentive Award Plan and Employee Benefit Plan - Summary of Restricted Share Activity (Details) - Restricted Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Target Shares
Outstanding non-vested shares, beginning of year (in shares)	233,135	279,912	321,627
Shares granted (in shares)	128,367	118,996	148,045
Shares vested (in shares)	(145,723)	(157,054)	(182,653)
Shares forfeited (in shares)	(418)	(8,719)	(7,107)
Outstanding non-vested shares, end of year (in shares)	215,361	233,135	279,912
Weighted average price
Outstanding non-vested shares, beginning of year (in dollars per share)	$ 42.22	$ 42.67	$ 40.66
Shares granted (in dollars per share)	45.73	39.22	46.42
Shares vested (in dollars per share)	42.23	40.83	42.04
Shares forfeited (in dollars per share)	46.30	40.87	45.77
Outstanding non-vested shares, end of year (in dollars per share)	$ 44.30	$ 42.22	$ 42.67

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Incentive Award Plan and Employee Benefit Plan - Summary of Market-Based Award Activity (Details) - Market-Based Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Target Shares
Outstanding non-vested shares, beginning of year (in shares)	258,053	201,468	319,731
Shares granted (in shares)	166,307	170,307	87,746
Shares earned above performance target (in shares)		154,312	83,259
Shares vested (in shares)		(266,319)	(268,694)
Shares forfeited (in shares)	(87,746)
Incremental shares (in shares)		(1,715)	(20,574)
Outstanding non-vested shares, end of year (in shares)	336,614	258,053	201,468
Weighted Average Fair Value
Outstanding non-vested shares, beginning of year (in dollars per share)	$ 74.08	$ 58.12	$ 49.49
Shares granted (in dollars per share)	93.26	77.57	67.30
Shares earned above performance target (in dollars per share)		50.92	54.57
Shares vested (in dollars per share)		50.92	54.57
Shares forfeited (in dollars per share)	67.30
Outstanding non-vested shares, end of year (in dollars per share)	$ 85.32	$ 74.08	$ 58.12

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Incentive Award Plan and Employee Benefit Plan - Summary of Remaining Unamortized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 19,892	$ 15,930
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	4,727	4,787
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 15,165	$ 11,143

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Income Per Share - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic and diluted income:
Income from continuing operations	$ 70,080	$ 76,640	$ 82,740	$ 56,056	$ 44,369	$ 40,878	$ 87,924	$ (1,469)	$ 285,516	$ 171,702	$ 26,708
Less: dividends paid to preferred stockholders	$ (2,587)	$ (2,587)	$ (2,588)	$ (2,588)	$ (2,587)	$ (2,587)	$ (2,588)	$ (2,588)	(10,350)	(10,350)	(10,350)
Less: dividends and income attributable to unvested restricted stock									(555)	(581)	(728)
Net income attributable to common stockholders used in basic and diluted income per share									$ 274,611	$ 160,771	$ 15,630
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding									134,768,664	118,587,722	104,656,242
Less: unvested weighted average shares of restricted stock									(220,578)	(245,281)	(298,582)
Basic weighted average shares of common stock outstanding									134,548,086	118,342,441	104,357,660
Net (loss) income per share attributable to common stockholders - basic	$ 0.48	$ 0.54	$ 0.60	$ 0.42	$ 0.34	$ 0.32	$ 0.74	$ (0.04)	$ 2.04	$ 1.36	$ 0.15
Diluted weighted average shares of common stock outstanding:
Plus: unvested market-based awards									97,565	373,396	175,952
Plus: unsettled shares under open forward equity contracts										1	1,772
Diluted weighted average shares of common stock outstanding									134,645,651	118,715,838	104,535,384
Net (loss) income per share attributable to common stockholders - diluted	$ 0.48	$ 0.54	$ 0.60	$ 0.42	$ 0.34	$ 0.32	$ 0.74	$ (0.04)	$ 2.04	$ 1.35	$ 0.15
Restricted Share Awards
Potentially dilutive shares of common stock related to:
Dilutive shares									67,206	95,411	62,448

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Related Party Transactions - Asset Management Agreement and Interim Management Agreement (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Related party fee income	$ 678
Spirit MTA REIT | Asset Management Agreement Asset Management Fees
Related Party Transaction [Line Items]
Related party fee income	$ 700

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Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expenses [Line Items]
Total income tax expense	$ 897	$ 607	$ 273
State Income Tax
Income Tax Expenses [Line Items]
Total income tax expense	890	605	128
Federal Income Tax
Income Tax Expenses [Line Items]
Total income tax expense	$ 7	$ 2	$ 145

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expenses [Line Items]
Income tax expense	$ 897	$ 607	$ 273
Net operating loss carry-forwards	66,100	66,100	66,100
Federal Income Tax
Income Tax Expenses [Line Items]
Income tax expense	7	2	145
State Income Tax
Income Tax Expenses [Line Items]
Income tax expense	$ 890	$ 605	$ 128

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Income Taxes - Schedule of Common Stock Dividends Characterized for Tax (Details) - Income Tax - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dividends Per Share [Line Items]
Common stock dividends paid (in dollars per share)	$ 2.58	$ 2.51	$ 2.50
Common Shares
Dividends Per Share [Line Items]
Ordinary income (in dollars per share)	2.41	1.37	1.80
Return of capital (in dollars per share)	0.06	$ 1.14	$ 0.70
Capital gain (in dollars per share)	$ 0.11

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Consolidated Quarterly Financial Data - Schedule of Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended								12 Months Ended
	Nov. 04, 2022	Aug. 08, 2022	May 18, 2022	Feb. 09, 2022	Nov. 17, 2021	Jul. 29, 2021	May 19, 2021	Feb. 17, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Total operating revenues									$ 183,394	$ 182,904	$ 174,935	$ 168,396	$ 156,055	$ 152,568	$ 164,626	$ 135,141	$ 709,629	$ 608,390	$ 483,617
Depreciation and amortization									(76,379)	(74,600)	(72,898)	(69,108)	(64,402)	(63,061)	(60,074)	(57,087)	(292,985)	(244,624)	(212,620)
Interest									(33,049)	(30,956)	(27,594)	(26,023)	(25,131)	(25,078)	(26,170)	(26,624)	(117,622)	(103,003)	(104,165)
Other operating expenses									(51,679)	(24,010)	(30,631)	(23,593)	(23,825)	(24,005)	(27,955)	(25,558)	(129,913)	(101,343)
(Loss) gain on extinguishment of debt												(172)		1	(10)	(29,177)	(172)	(29,186)	(7,227)
Gain on disposition of assets									47,793	23,302	38,928	877	1,672	453	37,507	1,836	110,900	41,468	24,156
Other income												5,679					5,679
Net (loss) income									70,080	76,640	82,740	56,056	44,369	40,878	87,924	(1,469)	285,516	171,702	26,708
Dividends paid to preferred stockholders									(2,587)	(2,587)	(2,588)	(2,588)	(2,587)	(2,587)	(2,588)	(2,588)	(10,350)	(10,350)	(10,350)
Net income attributable to common stockholders									$ 67,493	$ 74,053	$ 80,152	$ 53,468	$ 41,782	$ 38,291	$ 85,336	$ (4,057)	$ 275,166	$ 161,352	$ 16,358
Net (loss) income per share attributable to common stockholders - basic									$ 0.48	$ 0.54	$ 0.60	$ 0.42	$ 0.34	$ 0.32	$ 0.74	$ (0.04)	$ 2.04	$ 1.36	$ 0.15
Net (loss) income per share attributable to common stockholders - diluted									0.48	0.54	0.60	0.42	0.34	0.32	0.74	(0.04)	2.04	1.35	$ 0.15
Common stock, dividend per share (in USD per share)	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 0.663	$ 0.663	$ 0.638	$ 0.638	$ 0.638	$ 0.638	$ 0.625	$ 0.625	$ 2.602	$ 2.526

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Schedule III Real Estate and Accumulated Depreciation - 1 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
24 Hour Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 6,982
Buildings and Improvements	9,255
Cost Capitalized / (Impaired)
Improvements/Land	(3,817)
Improvements/building	(5,674)
Gross amount
Land and improvements	3,165
Buildings and improvements	3,581
Total real estate investments	6,746
Final Accumulated Depreciation	$ (549)
24 Hour Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
24 Hour Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Aaron's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	25
Initial Cost to Company
Land and Improvements	$ 11,215
Buildings and Improvements	24,883
Cost Capitalized / (Impaired)
Improvements/Land	(1,112)
Improvements/building	(2,314)
Gross amount
Land and improvements	10,103
Buildings and improvements	22,569
Total real estate investments	32,672
Final Accumulated Depreciation	$ (7,675)
Aaron's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Aaron's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	49 years
Academy Sports + Outdoors
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 20,495
Buildings and Improvements	51,603
Cost Capitalized / (Impaired)
Improvements/building	76
Gross amount
Land and improvements	20,495
Buildings and improvements	51,679
Total real estate investments	72,174
Final Accumulated Depreciation	$ (8,280)
Academy Sports + Outdoors | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Academy Sports + Outdoors | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Accel International
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 8,691
Buildings and Improvements	22,860
Gross amount
Land and improvements	8,691
Buildings and improvements	22,860
Total real estate investments	31,551
Final Accumulated Depreciation	$ (5,427)
Accel International | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Accel International | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Advance Auto Parts
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	54
Initial Cost to Company
Land and Improvements	$ 27,610
Buildings and Improvements	49,920
Cost Capitalized / (Impaired)
Improvements/building	(76)
Gross amount
Land and improvements	27,610
Buildings and improvements	49,844
Total real estate investments	77,454
Final Accumulated Depreciation	$ (14,449)
Advance Auto Parts | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Advance Auto Parts | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Advanced Distributor Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,134
Buildings and Improvements	17,583
Gross amount
Land and improvements	2,134
Buildings and improvements	17,583
Total real estate investments	19,717
Final Accumulated Depreciation	$ (573)
Advanced Distributor Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Advanced Distributor Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Alabama Clinics
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 695
Buildings and Improvements	1,707
Cost Capitalized / (Impaired)
Improvements/building	20
Gross amount
Land and improvements	695
Buildings and improvements	1,727
Total real estate investments	2,422
Final Accumulated Depreciation	$ (458)
Alabama Clinics | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Alabama Clinics | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Alaska Club
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 14,160
Buildings and Improvements	46,839
Gross amount
Land and improvements	14,160
Buildings and improvements	46,839
Total real estate investments	60,999
Final Accumulated Depreciation	$ (8,968)
Alaska Club | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Alaska Club | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Albertsons
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 8,145
Buildings and Improvements	10,140
Cost Capitalized / (Impaired)
Improvements/building	(132)
Gross amount
Land and improvements	8,145
Buildings and improvements	10,008
Total real estate investments	18,153
Final Accumulated Depreciation	$ (3,962)
Albertsons | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Albertsons | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Alta Material Handling
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 3,199
Buildings and Improvements	7,542
Gross amount
Land and improvements	3,199
Buildings and improvements	7,542
Total real estate investments	10,741
Final Accumulated Depreciation	$ (311)
Alta Material Handling | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Alta Material Handling | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Aludyne
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 7,112
Buildings and Improvements	35,843
Gross amount
Land and improvements	7,112
Buildings and improvements	35,843
Total real estate investments	42,955
Final Accumulated Depreciation	$ (1,612)
Aludyne | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Aludyne | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
AMC Theatres
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 12,027
Buildings and Improvements	44,079
Cost Capitalized / (Impaired)
Improvements/Land	(2,405)
Improvements/building	(8,043)
Gross amount
Land and improvements	9,622
Buildings and improvements	36,036
Total real estate investments	45,658
Final Accumulated Depreciation	$ (13,756)
AMC Theatres | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
AMC Theatres | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
America's Service Station
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,157
Buildings and Improvements	2,825
Gross amount
Land and improvements	2,157
Buildings and improvements	2,825
Total real estate investments	4,982
Final Accumulated Depreciation	$ (324)
America's Service Station | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
America's Service Station | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	42 years
Amigos United
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 620
Buildings and Improvements	5,415
Cost Capitalized / (Impaired)
Improvements/building	(156)
Gross amount
Land and improvements	620
Buildings and improvements	5,259
Total real estate investments	5,879
Final Accumulated Depreciation	$ (2,027)
Amigos United | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Amigos United | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Amware Fulfillment
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,731
Buildings and Improvements	12,990
Gross amount
Land and improvements	1,731
Buildings and improvements	12,990
Total real estate investments	14,721
Final Accumulated Depreciation	$ (1,402)
Amware Fulfillment | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Amware Fulfillment | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Andy's Frozen Custard
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 3,081
Buildings and Improvements	902
Cost Capitalized / (Impaired)
Improvements/Land	317
Improvements/building	3,198
Gross amount
Land and improvements	3,398
Buildings and improvements	4,100
Total real estate investments	7,498
Final Accumulated Depreciation	$ (773)
Andy's Frozen Custard | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Andy's Frozen Custard | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Ann Taylor / LOFT
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 16,637
Buildings and Improvements	95,965
Gross amount
Land and improvements	16,637
Buildings and improvements	95,965
Total real estate investments	$ 112,602
Ann Taylor / LOFT | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Ann Taylor / LOFT | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
Anytime Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 547
Buildings and Improvements	1,070
Gross amount
Land and improvements	547
Buildings and improvements	1,070
Total real estate investments	1,617
Final Accumulated Depreciation	$ (15)
Anytime Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Anytime Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	52 years
Applebee's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	23
Initial Cost to Company
Land and Improvements	$ 25,368
Buildings and Improvements	43,959
Gross amount
Land and improvements	25,368
Buildings and improvements	43,959
Total real estate investments	69,327
Final Accumulated Depreciation	$ (14,185)
Applebee's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Applebee's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Arby's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 6,265
Buildings and Improvements	9,685
Cost Capitalized / (Impaired)
Improvements/Land	17
Improvements/building	(18)
Gross amount
Land and improvements	6,282
Buildings and improvements	9,667
Total real estate investments	15,949
Final Accumulated Depreciation	$ (3,040)
Arby's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Arby's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Armacell
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,318
Buildings and Improvements	17,900
Gross amount
Land and improvements	1,318
Buildings and improvements	17,900
Total real estate investments	19,218
Final Accumulated Depreciation	$ (1,617)
Armacell | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Armacell | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Ashley Home Store
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 13,582
Buildings and Improvements	30,681
Cost Capitalized / (Impaired)
Improvements/Land	(728)
Improvements/building	(3,057)
Gross amount
Land and improvements	12,854
Buildings and improvements	27,624
Total real estate investments	40,478
Final Accumulated Depreciation	$ (5,442)
Ashley Home Store | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Ashley Home Store | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
At Home
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	16
Initial Cost to Company
Land and Improvements	$ 70,855
Buildings and Improvements	125,450
Cost Capitalized / (Impaired)
Improvements/building	134
Gross amount
Land and improvements	70,855
Buildings and improvements	125,584
Total real estate investments	196,439
Final Accumulated Depreciation	$ (23,418)
At Home | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
At Home | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
AT&T
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,873
Buildings and Improvements	8,252
Cost Capitalized / (Impaired)
Improvements/building	(401)
Gross amount
Land and improvements	2,873
Buildings and improvements	7,851
Total real estate investments	10,724
Final Accumulated Depreciation	$ (1,690)
AT&T | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	16 years
AT&T | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
A T C Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,187
Buildings and Improvements	1,817
Gross amount
Land and improvements	1,187
Buildings and improvements	1,817
Total real estate investments	3,004
Final Accumulated Depreciation	$ (615)
A T C Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
A T C Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Auria St. Clair
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,511
Buildings and Improvements	6,379
Gross amount
Land and improvements	1,511
Buildings and improvements	6,379
Total real estate investments	7,890
Final Accumulated Depreciation	$ (1,081)
Auria St. Clair | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Auria St. Clair | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	26 years
Auto Driveaway
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,526
Buildings and Improvements	543
Gross amount
Land and improvements	2,526
Buildings and improvements	543
Total real estate investments	3,069
Final Accumulated Depreciation	$ (64)
Auto Driveaway | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Auto Driveaway | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	53 years
Avalon Flooring
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 753
Buildings and Improvements	3,299
Gross amount
Land and improvements	753
Buildings and improvements	3,299
Total real estate investments	4,052
Final Accumulated Depreciation	$ (864)
Avalon Flooring | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Avalon Flooring | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Bagger Dave's Burger Tavern
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,069
Buildings and Improvements	429
Gross amount
Land and improvements	1,069
Buildings and improvements	429
Total real estate investments	1,498
Final Accumulated Depreciation	$ (148)
Bagger Dave's Burger Tavern | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Bagger Dave's Burger Tavern | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Bank of America
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 13,131
Buildings and Improvements	74,628
Cost Capitalized / (Impaired)
Improvements/building	1,312
Gross amount
Land and improvements	13,131
Buildings and improvements	75,940
Total real estate investments	89,071
Final Accumulated Depreciation	$ (7,895)
Bank of America | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Bank of America | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	52 years
Best Buy
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 21,346
Buildings and Improvements	51,864
Cost Capitalized / (Impaired)
Improvements/building	134
Gross amount
Land and improvements	21,346
Buildings and improvements	51,998
Total real estate investments	73,344
Final Accumulated Depreciation	$ (8,571)
Best Buy | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Best Buy | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	41 years
Better Being Co
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,407
Buildings and Improvements	46,940
Gross amount
Land and improvements	3,407
Buildings and improvements	46,940
Total real estate investments	50,347
Final Accumulated Depreciation	$ (417)
Better Being Co | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Better Being Co | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Big Lots
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,498
Buildings and Improvements	3,398
Cost Capitalized / (Impaired)
Improvements/building	7,499
Gross amount
Land and improvements	3,498
Buildings and improvements	10,897
Total real estate investments	14,395
Final Accumulated Depreciation	$ (1,227)
Big Lots | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Big Lots | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Big Sandy Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 5,327
Buildings and Improvements	18,252
Cost Capitalized / (Impaired)
Improvements/building	24
Gross amount
Land and improvements	5,327
Buildings and improvements	18,276
Total real estate investments	23,603
Final Accumulated Depreciation	$ (4,115)
Big Sandy Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Big Sandy Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Binswanger Glass
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 3,696
Buildings and Improvements	14,737
Gross amount
Land and improvements	3,696
Buildings and improvements	14,737
Total real estate investments	18,433
Final Accumulated Depreciation	$ (242)
Binswanger Glass | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Binswanger Glass | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
BJ's Wholesale Club
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	11
Initial Cost to Company
Land and Improvements	$ 58,082
Buildings and Improvements	162,530
Cost Capitalized / (Impaired)
Improvements/building	229
Gross amount
Land and improvements	58,082
Buildings and improvements	162,759
Total real estate investments	220,841
Final Accumulated Depreciation	$ (27,524)
BJ's Wholesale Club | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
BJ's Wholesale Club | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Black Box
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,470
Buildings and Improvements	24,982
Gross amount
Land and improvements	5,470
Buildings and improvements	24,982
Total real estate investments	30,452
Final Accumulated Depreciation	$ (887)
Black Box | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Black Box | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	26 years
Blue Linx
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 37,932
Buildings and Improvements	71,290
Cost Capitalized / (Impaired)
Improvements/building	52
Gross amount
Land and improvements	37,932
Buildings and improvements	71,342
Total real estate investments	109,274
Final Accumulated Depreciation	$ (8,841)
Blue Linx | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Blue Linx | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Bob's Discount Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,776
Buildings and Improvements	8,024
Gross amount
Land and improvements	3,776
Buildings and improvements	8,024
Total real estate investments	11,800
Final Accumulated Depreciation	$ (224)
Bob's Discount Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Bob's Discount Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
Books-A-Million
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 575
Buildings and Improvements	2,568
Cost Capitalized / (Impaired)
Improvements/building	(6)
Gross amount
Land and improvements	575
Buildings and improvements	2,562
Total real estate investments	3,137
Final Accumulated Depreciation	$ (824)
Books-A-Million | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Books-A-Million | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Boscovs
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,803
Buildings and Improvements	4,314
Gross amount
Land and improvements	1,803
Buildings and improvements	4,314
Total real estate investments	6,117
Final Accumulated Depreciation	$ (1,247)
Boscovs | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Boscovs | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Brookshire Brothers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 4,397
Buildings and Improvements	8,077
Cost Capitalized / (Impaired)
Improvements/building	(589)
Gross amount
Land and improvements	4,397
Buildings and improvements	7,488
Total real estate investments	11,885
Final Accumulated Depreciation	$ (6,016)
Brookshire Brothers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Brookshire Brothers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Buffalo Wild Wings
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 8,282
Buildings and Improvements	5,665
Gross amount
Land and improvements	8,282
Buildings and improvements	5,665
Total real estate investments	13,947
Final Accumulated Depreciation	$ (2,413)
Buffalo Wild Wings | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Buffalo Wild Wings | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Builders FirstSource
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 6,280
Buildings and Improvements	5,800
Cost Capitalized / (Impaired)
Improvements/building	242
Gross amount
Land and improvements	6,280
Buildings and improvements	6,042
Total real estate investments	12,322
Final Accumulated Depreciation	$ (990)
Builders FirstSource | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Builders FirstSource | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Burger King
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	15
Initial Cost to Company
Land and Improvements	$ 8,939
Buildings and Improvements	9,665
Gross amount
Land and improvements	8,939
Buildings and improvements	9,665
Total real estate investments	18,604
Final Accumulated Depreciation	$ (3,949)
Burger King | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Burger King | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Burlington
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,741
Buildings and Improvements	12,303
Gross amount
Land and improvements	5,741
Buildings and improvements	12,303
Total real estate investments	18,044
Final Accumulated Depreciation	$ (324)
Burlington | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Burlington | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Caliber Collision
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,587
Buildings and Improvements	6,250
Cost Capitalized / (Impaired)
Improvements/building	65
Gross amount
Land and improvements	4,587
Buildings and improvements	6,315
Total real estate investments	10,902
Final Accumulated Depreciation	$ (1,720)
Caliber Collision | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Caliber Collision | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Camping World
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 22,547
Buildings and Improvements	16,301
Cost Capitalized / (Impaired)
Improvements/building	15,957
Gross amount
Land and improvements	22,547
Buildings and improvements	32,258
Total real estate investments	54,805
Final Accumulated Depreciation	$ (9,653)
Camping World | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Camping World | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Car Wash USA Express
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	21
Initial Cost to Company
Land and Improvements	$ 13,035
Buildings and Improvements	63,614
Gross amount
Land and improvements	13,035
Buildings and improvements	63,614
Total real estate investments	76,649
Final Accumulated Depreciation	$ (6,880)
Car Wash USA Express | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Car Wash USA Express | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Car Max
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 45,244
Buildings and Improvements	48,842
Cost Capitalized / (Impaired)
Improvements/building	(244)
Gross amount
Land and improvements	45,244
Buildings and improvements	48,598
Total real estate investments	93,842
Final Accumulated Depreciation	$ (12,620)
Car Max | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Car Max | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Chapala
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 477
Buildings and Improvements	139
Gross amount
Land and improvements	477
Buildings and improvements	139
Total real estate investments	616
Final Accumulated Depreciation	$ (54)
Chapala | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Chapala | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Charleston's Restaurant
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,620
Buildings and Improvements	6,455
Cost Capitalized / (Impaired)
Improvements/building	12
Gross amount
Land and improvements	2,620
Buildings and improvements	6,467
Total real estate investments	9,087
Final Accumulated Depreciation	$ (1,328)
Charleston's Restaurant | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Charleston's Restaurant | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Childcare Network
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	20
Initial Cost to Company
Land and Improvements	$ 9,432
Buildings and Improvements	18,736
Cost Capitalized / (Impaired)
Improvements/building	36
Gross amount
Land and improvements	9,432
Buildings and improvements	18,772
Total real estate investments	28,204
Final Accumulated Depreciation	$ (6,121)
Childcare Network | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Childcare Network | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Childtime
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 2,106
Buildings and Improvements	4,181
Gross amount
Land and improvements	2,106
Buildings and improvements	4,181
Total real estate investments	6,287
Final Accumulated Depreciation	$ (2,081)
Childtime | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Childtime | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years

XML

Schedule III Real Estate and Accumulated Depreciation - 2 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
Chilis
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,628
Buildings and Improvements	3,337
Cost Capitalized / (Impaired)
Improvements/Land	(735)
Gross amount
Land and improvements	1,893
Buildings and improvements	3,337
Total real estate investments	5,230
Final Accumulated Depreciation	$ (1,281)
Chilis | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Chilis | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Chuck-A-Rama and Grub Steak
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 8,406
Buildings and Improvements	23,314
Gross amount
Land and improvements	8,406
Buildings and improvements	23,314
Total real estate investments	31,720
Final Accumulated Depreciation	$ (4,123)
Chuck-A-Rama and Grub Steak | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Chuck-A-Rama and Grub Steak | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Church's Chicken
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	160
Initial Cost to Company
Land and Improvements	$ 65,562
Buildings and Improvements	77,569
Cost Capitalized / (Impaired)
Improvements/Land	(304)
Improvements/building	(53)
Gross amount
Land and improvements	65,258
Buildings and improvements	77,516
Total real estate investments	142,774
Final Accumulated Depreciation	$ (37,301)
Church's Chicken | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Church's Chicken | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Cinemark
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,023
Buildings and Improvements	10,346
Cost Capitalized / (Impaired)
Improvements/building	52
Gross amount
Land and improvements	4,023
Buildings and improvements	10,398
Total real estate investments	14,421
Final Accumulated Depreciation	$ (1,929)
Cinemark | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Cinemark | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Circle K
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	71
Initial Cost to Company
Land and Improvements	$ 51,773
Buildings and Improvements	85,711
Cost Capitalized / (Impaired)
Improvements/Land	(21)
Gross amount
Land and improvements	51,752
Buildings and improvements	85,711
Total real estate investments	137,463
Final Accumulated Depreciation	$ (42,690)
Circle K | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Circle K | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
City Electric Supply
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	74
Initial Cost to Company
Land and Improvements	$ 27,568
Buildings and Improvements	74,284
Cost Capitalized / (Impaired)
Improvements/Land	31
Improvements/building	779
Gross amount
Land and improvements	27,599
Buildings and improvements	75,063
Total real estate investments	102,662
Final Accumulated Depreciation	$ (5,670)
City Electric Supply | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
City Electric Supply | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Clean Freak
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 13,899
Buildings and Improvements	16,644
Cost Capitalized / (Impaired)
Improvements/Land	152
Improvements/building	3,133
Gross amount
Land and improvements	14,051
Buildings and improvements	19,777
Total real estate investments	33,828
Final Accumulated Depreciation	$ (3,287)
Clean Freak | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Clean Freak | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Coastal Construction Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 5,623
Buildings and Improvements	10,074
Cost Capitalized / (Impaired)
Improvements/building	33
Gross amount
Land and improvements	5,623
Buildings and improvements	10,107
Total real estate investments	15,730
Final Accumulated Depreciation	$ (610)
Coastal Construction Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Coastal Construction Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Coil Tubing Partners
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,343
Buildings and Improvements	4,950
Gross amount
Land and improvements	2,343
Buildings and improvements	4,950
Total real estate investments	7,293
Final Accumulated Depreciation	$ (84)
Coil Tubing Partners | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Coil Tubing Partners | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Colbert Packaging
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,835
Buildings and Improvements	22,707
Gross amount
Land and improvements	1,835
Buildings and improvements	22,707
Total real estate investments	$ 24,542
Colbert Packaging | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Colbert Packaging | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
Columbus Fish Market
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,164
Buildings and Improvements	1,165
Gross amount
Land and improvements	2,164
Buildings and improvements	1,165
Total real estate investments	3,329
Final Accumulated Depreciation	$ (847)
Columbus Fish Market | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Columbus Fish Market | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Conney Safety
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,189
Buildings and Improvements	11,451
Gross amount
Land and improvements	1,189
Buildings and improvements	11,451
Total real estate investments	12,640
Final Accumulated Depreciation	$ (1,724)
Conney Safety | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Conney Safety | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Convergys
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 808
Buildings and Improvements	6,045
Cost Capitalized / (Impaired)
Improvements/Land	(266)
Improvements/building	(1,580)
Gross amount
Land and improvements	542
Buildings and improvements	4,465
Total real estate investments	$ 5,007
Convergys | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Convergys | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	42 years
Cost-U-Less
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,132
Buildings and Improvements	5,992
Gross amount
Land and improvements	2,132
Buildings and improvements	5,992
Total real estate investments	8,124
Final Accumulated Depreciation	$ (2,133)
Cost-U-Less | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Cost-U-Less | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	37 years
Crash Champions
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	24
Initial Cost to Company
Land and Improvements	$ 30,873
Buildings and Improvements	43,757
Cost Capitalized / (Impaired)
Improvements/building	5
Gross amount
Land and improvements	30,873
Buildings and improvements	43,762
Total real estate investments	74,635
Final Accumulated Depreciation	$ (2,960)
Crash Champions | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Crash Champions | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Crème de la Crème
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 10,538
Buildings and Improvements	18,955
Cost Capitalized / (Impaired)
Improvements/building	61
Gross amount
Land and improvements	10,538
Buildings and improvements	19,016
Total real estate investments	29,554
Final Accumulated Depreciation	$ (2,219)
Crème de la Crème | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Crème de la Crème | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	41 years
Crunch Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 7,424
Buildings and Improvements	21,920
Cost Capitalized / (Impaired)
Improvements/building	3,036
Gross amount
Land and improvements	7,424
Buildings and improvements	24,956
Total real estate investments	32,380
Final Accumulated Depreciation	$ (5,470)
Crunch Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Crunch Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
C-Store
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	233
Initial Cost to Company
Land and Improvements	$ 162,580
Buildings and Improvements	136,269
Cost Capitalized / (Impaired)
Improvements/Land	(649)
Improvements/building	3,464
Gross amount
Land and improvements	161,931
Buildings and improvements	139,733
Total real estate investments	301,664
Final Accumulated Depreciation	$ (66,376)
C-Store | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
C-Store | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Curacao
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 9,470
Buildings and Improvements	13,326
Cost Capitalized / (Impaired)
Improvements/Land	(2,049)
Improvements/building	(5,007)
Gross amount
Land and improvements	7,421
Buildings and improvements	8,319
Total real estate investments	15,740
Final Accumulated Depreciation	$ (1,265)
Curacao | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Curacao | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
Curt Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,582
Buildings and Improvements	13,044
Cost Capitalized / (Impaired)
Improvements/building	130
Gross amount
Land and improvements	4,582
Buildings and improvements	13,174
Total real estate investments	17,756
Final Accumulated Depreciation	$ (1,848)
Curt Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Curt Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
C V S
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	30
Initial Cost to Company
Land and Improvements	$ 29,087
Buildings and Improvements	82,977
Cost Capitalized / (Impaired)
Improvements/Land	(301)
Improvements/building	(1,424)
Gross amount
Land and improvements	28,786
Buildings and improvements	81,553
Total real estate investments	110,339
Final Accumulated Depreciation	$ (25,682)
C V S | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
C V S | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Dairy Queen
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 2,570
Buildings and Improvements	4,333
Cost Capitalized / (Impaired)
Improvements/building	90
Gross amount
Land and improvements	2,570
Buildings and improvements	4,423
Total real estate investments	6,993
Final Accumulated Depreciation	$ (1,255)
Dairy Queen | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Dairy Queen | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Dave & Buster's / Main Event
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	15
Initial Cost to Company
Land and Improvements	$ 47,735
Buildings and Improvements	85,944
Cost Capitalized / (Impaired)
Improvements/Land	2,161
Improvements/building	25,241
Gross amount
Land and improvements	49,896
Buildings and improvements	111,185
Total real estate investments	161,081
Final Accumulated Depreciation	$ (26,548)
Dave & Buster's / Main Event | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Dave & Buster's / Main Event | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Davids Bridal
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,461
Buildings and Improvements	4,727
Cost Capitalized / (Impaired)
Improvements/building	54
Gross amount
Land and improvements	1,461
Buildings and improvements	4,781
Total real estate investments	6,242
Final Accumulated Depreciation	$ (1,285)
Davids Bridal | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Davids Bridal | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Davis Standard
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,181
Buildings and Improvements	15,331
Cost Capitalized / (Impaired)
Improvements/building	71
Gross amount
Land and improvements	3,181
Buildings and improvements	15,402
Total real estate investments	18,583
Final Accumulated Depreciation	$ (3,562)
Davis Standard | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Davis Standard | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Deep Well Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,406
Buildings and Improvements	5,938
Gross amount
Land and improvements	2,406
Buildings and improvements	5,938
Total real estate investments	8,344
Final Accumulated Depreciation	$ (89)
Deep Well Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Deep Well Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Defined Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 16,187
Buildings and Improvements	35,280
Cost Capitalized / (Impaired)
Improvements/building	6
Gross amount
Land and improvements	16,187
Buildings and improvements	35,286
Total real estate investments	51,473
Final Accumulated Depreciation	$ (7,473)
Defined Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Defined Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Defy Trampoline Park
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 12,493
Buildings and Improvements	22,679
Cost Capitalized / (Impaired)
Improvements/Land	521
Improvements/building	3,758
Gross amount
Land and improvements	13,014
Buildings and improvements	26,437
Total real estate investments	39,451
Final Accumulated Depreciation	$ (8,016)
Defy Trampoline Park | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Defy Trampoline Park | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Denny's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 997
Buildings and Improvements	1,409
Cost Capitalized / (Impaired)
Improvements/Land	(24)
Improvements/building	25
Gross amount
Land and improvements	973
Buildings and improvements	1,434
Total real estate investments	2,407
Final Accumulated Depreciation	$ (422)
Denny's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Denny's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Dillon Tire
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,144
Buildings and Improvements	2,935
Gross amount
Land and improvements	1,144
Buildings and improvements	2,935
Total real estate investments	4,079
Final Accumulated Depreciation	$ (1,224)
Dillon Tire | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Dillon Tire | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Direct Shot Distributing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 6,447
Buildings and Improvements	20,390
Gross amount
Land and improvements	6,447
Buildings and improvements	20,390
Total real estate investments	26,837
Final Accumulated Depreciation	$ (1,874)
Direct Shot Distributing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Direct Shot Distributing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Dollar General
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	84
Initial Cost to Company
Land and Improvements	$ 30,981
Buildings and Improvements	71,005
Cost Capitalized / (Impaired)
Improvements/building	70
Gross amount
Land and improvements	30,981
Buildings and improvements	71,075
Total real estate investments	102,056
Final Accumulated Depreciation	$ (17,118)
Dollar General | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Dollar General | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Dollar Tree / Family Dollar
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	132
Initial Cost to Company
Land and Improvements	$ 52,675
Buildings and Improvements	102,122
Cost Capitalized / (Impaired)
Improvements/Land	(486)
Improvements/building	(1,426)
Gross amount
Land and improvements	52,189
Buildings and improvements	100,696
Total real estate investments	152,885
Final Accumulated Depreciation	$ (16,522)
Dollar Tree / Family Dollar | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Dollar Tree / Family Dollar | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Drive Time
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,158
Buildings and Improvements	2,071
Cost Capitalized / (Impaired)
Improvements/building	(46)
Gross amount
Land and improvements	2,158
Buildings and improvements	2,025
Total real estate investments	4,183
Final Accumulated Depreciation	$ (1,555)
Drive Time | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Drive Time | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Driver’s Edge
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 5,737
Buildings and Improvements	5,766
Gross amount
Land and improvements	5,737
Buildings and improvements	5,766
Total real estate investments	11,503
Final Accumulated Depreciation	$ (512)
Driver’s Edge | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Driver’s Edge | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
Duluth Trading Co
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,776
Buildings and Improvements	3,990
Cost Capitalized / (Impaired)
Improvements/building	367
Gross amount
Land and improvements	2,776
Buildings and improvements	4,357
Total real estate investments	7,133
Final Accumulated Depreciation	$ (1,249)
Duluth Trading Co | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Duluth Trading Co | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	47 years
DWM Holdings, Inc.
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,056
Buildings and Improvements	4,198
Gross amount
Land and improvements	2,056
Buildings and improvements	4,198
Total real estate investments	6,254
Final Accumulated Depreciation	$ (128)
DWM Holdings, Inc. | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
DWM Holdings, Inc. | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Eddie Merlot's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,184
Buildings and Improvements	2,776
Cost Capitalized / (Impaired)
Improvements/Land	(885)
Improvements/building	(2,079)
Gross amount
Land and improvements	299
Buildings and improvements	697
Total real estate investments	996
Final Accumulated Depreciation	$ (107)
Eddie Merlot's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Eddie Merlot's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
El Chico
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,337
Buildings and Improvements	61
Cost Capitalized / (Impaired)
Improvements/Land	(844)
Improvements/building	(39)
Gross amount
Land and improvements	493
Buildings and improvements	22
Total real estate investments	515
Final Accumulated Depreciation	$ (29)
El Chico | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
El Chico | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Emagine Theaters
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	13
Initial Cost to Company
Land and Improvements	$ 31,129
Buildings and Improvements	36,424
Cost Capitalized / (Impaired)
Improvements/Land	(419)
Improvements/building	23,260
Gross amount
Land and improvements	30,710
Buildings and improvements	59,684
Total real estate investments	90,394
Final Accumulated Depreciation	$ (16,436)
Emagine Theaters | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Emagine Theaters | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
EMCOR
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,292
Buildings and Improvements	8,033
Gross amount
Land and improvements	4,292
Buildings and improvements	8,033
Total real estate investments	12,325
Final Accumulated Depreciation	$ (372)
EMCOR | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
EMCOR | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Everbrook Academy
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 5,736
Buildings and Improvements	16,195
Cost Capitalized / (Impaired)
Improvements/building	104
Gross amount
Land and improvements	5,736
Buildings and improvements	16,299
Total real estate investments	22,035
Final Accumulated Depreciation	$ (648)
Everbrook Academy | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Everbrook Academy | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Exceptional Health
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,495
Buildings and Improvements	12,652
Cost Capitalized / (Impaired)
Improvements/building	6,648
Gross amount
Land and improvements	4,495
Buildings and improvements	19,300
Total real estate investments	23,795
Final Accumulated Depreciation	$ (3,086)
Exceptional Health | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	16 years
Exceptional Health | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
F A Bco
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 10,341
Buildings and Improvements	28,364
Cost Capitalized / (Impaired)
Improvements/building	17
Gross amount
Land and improvements	10,341
Buildings and improvements	28,381
Total real estate investments	38,722
Final Accumulated Depreciation	$ (1,624)
F A Bco | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
F A Bco | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Family Fare Supermarket
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,198
Buildings and Improvements	3,328
Cost Capitalized / (Impaired)
Improvements/building	(67)
Gross amount
Land and improvements	2,198
Buildings and improvements	3,261
Total real estate investments	5,459
Final Accumulated Depreciation	$ (1,893)
Family Fare Supermarket | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Family Fare Supermarket | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Family Medical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 521
Buildings and Improvements	2,589
Cost Capitalized / (Impaired)
Improvements/building	65
Gross amount
Land and improvements	521
Buildings and improvements	2,654
Total real estate investments	3,175
Final Accumulated Depreciation	$ (969)
Family Medical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Family Medical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Fazoli's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,186
Buildings and Improvements	136
Gross amount
Land and improvements	2,186
Buildings and improvements	136
Total real estate investments	2,322
Final Accumulated Depreciation	$ (78)
Fazoli's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Fazoli's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	18 years
Fed Ex
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 33,331
Buildings and Improvements	67,662
Cost Capitalized / (Impaired)
Improvements/Land	631
Improvements/building	426
Gross amount
Land and improvements	33,962
Buildings and improvements	68,088
Total real estate investments	102,050
Final Accumulated Depreciation	$ (16,844)
Fed Ex | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Fed Ex | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Ferguson Enterprises
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 19,992
Buildings and Improvements	54,454
Gross amount
Land and improvements	19,992
Buildings and improvements	54,454
Total real estate investments	74,446
Final Accumulated Depreciation	$ (28,930)
Ferguson Enterprises | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Ferguson Enterprises | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
F H E
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,236
Buildings and Improvements	14,281
Cost Capitalized / (Impaired)
Improvements/building	11
Gross amount
Land and improvements	3,236
Buildings and improvements	14,292
Total real estate investments	17,528
Final Accumulated Depreciation	$ (1,644)
F H E | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
F H E | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Fiesta Mart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,975
Gross amount
Land and improvements	3,975
Total real estate investments	$ 3,975
Finish Line Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,565
Buildings and Improvements	4,051
Cost Capitalized / (Impaired)
Improvements/building	19
Gross amount
Land and improvements	1,565
Buildings and improvements	4,070
Total real estate investments	5,635
Final Accumulated Depreciation	$ (240)
Finish Line Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Finish Line Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Fire King
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 941
Buildings and Improvements	5,078
Cost Capitalized / (Impaired)
Improvements/building	65
Gross amount
Land and improvements	941
Buildings and improvements	5,143
Total real estate investments	6,084
Final Accumulated Depreciation	$ (632)
Fire King | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Fire King | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Flowers Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 262
Buildings and Improvements	1,607
Gross amount
Land and improvements	262
Buildings and improvements	1,607
Total real estate investments	1,869
Final Accumulated Depreciation	$ (27)
Flowers Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Flowers Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years

XML

Schedule III Real Estate and Accumulated Depreciation - 3 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
Food City
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,591
Buildings and Improvements	15,150
Gross amount
Land and improvements	4,591
Buildings and improvements	15,150
Total real estate investments	19,741
Final Accumulated Depreciation	$ (5,104)
Food City | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Food City | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Food Lion
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 696
Buildings and Improvements	5,402
Gross amount
Land and improvements	696
Buildings and improvements	5,402
Total real estate investments	6,098
Final Accumulated Depreciation	$ (1,543)
Food Lion | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Food Lion | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Forum Energy Technologies
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 7,287
Buildings and Improvements	27,306
Gross amount
Land and improvements	7,287
Buildings and improvements	27,306
Total real estate investments	$ 34,593
Forum Energy Technologies | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Forum Energy Technologies | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
Fox Rehabilitation Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,078
Buildings and Improvements	6,076
Gross amount
Land and improvements	4,078
Buildings and improvements	6,076
Total real estate investments	10,154
Final Accumulated Depreciation	$ (2,019)
Fox Rehabilitation Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Fox Rehabilitation Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Freddy's Frozen Custard & Steakburgers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 594
Buildings and Improvements	1,196
Gross amount
Land and improvements	594
Buildings and improvements	1,196
Total real estate investments	1,790
Final Accumulated Depreciation	$ (199)
Freddy's Frozen Custard & Steakburgers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Freddy's Frozen Custard & Steakburgers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Fresenius Medical Care
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 482
Buildings and Improvements	1,139
Cost Capitalized / (Impaired)
Improvements/building	(91)
Gross amount
Land and improvements	482
Buildings and improvements	1,048
Total real estate investments	1,530
Final Accumulated Depreciation	$ (368)
Fresenius Medical Care | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Fresenius Medical Care | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
General Aluminum Mfg. Company
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,124
Buildings and Improvements	10,152
Gross amount
Land and improvements	2,124
Buildings and improvements	10,152
Total real estate investments	12,276
Final Accumulated Depreciation	$ (401)
General Aluminum Mfg. Company | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
General Aluminum Mfg. Company | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Georgia Theatre
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 9,034
Buildings and Improvements	33,747
Gross amount
Land and improvements	9,034
Buildings and improvements	33,747
Total real estate investments	42,781
Final Accumulated Depreciation	$ (8,395)
Georgia Theatre | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Georgia Theatre | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Golden Corral
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 12,453
Buildings and Improvements	29,986
Gross amount
Land and improvements	12,453
Buildings and improvements	29,986
Total real estate investments	42,439
Final Accumulated Depreciation	$ (5,249)
Golden Corral | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Golden Corral | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Gourmet Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 6,224
Buildings and Improvements	8,369
Gross amount
Land and improvements	6,224
Buildings and improvements	8,369
Total real estate investments	14,593
Final Accumulated Depreciation	$ (1,100)
Gourmet Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Gourmet Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
GQT Riverview 14 GDX
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,970
Buildings and Improvements	4,014
Cost Capitalized / (Impaired)
Improvements/building	8,907
Gross amount
Land and improvements	4,970
Buildings and improvements	12,921
Total real estate investments	17,891
Final Accumulated Depreciation	$ (2,268)
GQT Riverview 14 GDX | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	12 years
GQT Riverview 14 GDX | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Grease Monkey
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	29
Initial Cost to Company
Land and Improvements	$ 8,374
Buildings and Improvements	15,376
Gross amount
Land and improvements	8,374
Buildings and improvements	15,376
Total real estate investments	23,750
Final Accumulated Depreciation	$ (9,507)
Grease Monkey | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Grease Monkey | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Great Western Leasing & Sales
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,114
Buildings and Improvements	5,251
Gross amount
Land and improvements	2,114
Buildings and improvements	5,251
Total real estate investments	$ 7,365
Great Western Leasing & Sales | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Great Western Leasing & Sales | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
GTA Containers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,064
Buildings and Improvements	9,343
Gross amount
Land and improvements	3,064
Buildings and improvements	9,343
Total real estate investments	12,407
Final Accumulated Depreciation	$ (305)
GTA Containers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
GTA Containers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
GXO Logistics
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,755
Buildings and Improvements	37,271
Gross amount
Land and improvements	3,755
Buildings and improvements	37,271
Total real estate investments	41,026
Final Accumulated Depreciation	$ (1,254)
GXO Logistics | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
GXO Logistics | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
H&E Equipment Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,790
Buildings and Improvements	1,267
Gross amount
Land and improvements	1,790
Buildings and improvements	1,267
Total real estate investments	3,057
Final Accumulated Depreciation	$ (954)
H&E Equipment Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
H&E Equipment Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Hardee's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	34
Initial Cost to Company
Land and Improvements	$ 13,901
Buildings and Improvements	18,960
Gross amount
Land and improvements	13,901
Buildings and improvements	18,960
Total real estate investments	32,861
Final Accumulated Depreciation	$ (10,809)
Hardee's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Hardee's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Harley Davidson
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 908
Buildings and Improvements	4,691
Gross amount
Land and improvements	908
Buildings and improvements	4,691
Total real estate investments	5,599
Final Accumulated Depreciation	$ (142)
Harley Davidson | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Harley Davidson | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Hartford Provision Company
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,590
Buildings and Improvements	6,774
Cost Capitalized / (Impaired)
Improvements/building	632
Gross amount
Land and improvements	1,590
Buildings and improvements	7,406
Total real estate investments	8,996
Final Accumulated Depreciation	$ (3,046)
Hartford Provision Company | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Hartford Provision Company | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Hatch Stamping
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,411
Buildings and Improvements	9,705
Gross amount
Land and improvements	2,411
Buildings and improvements	9,705
Total real estate investments	12,116
Final Accumulated Depreciation	$ (2,005)
Hatch Stamping | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Hatch Stamping | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Havana Farm And Home Supply
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 526
Buildings and Improvements	813
Cost Capitalized / (Impaired)
Improvements/building	(32)
Gross amount
Land and improvements	526
Buildings and improvements	781
Total real estate investments	1,307
Final Accumulated Depreciation	$ (528)
Havana Farm And Home Supply | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Havana Farm And Home Supply | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Health Point Family Medicine
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 159
Buildings and Improvements	1,124
Cost Capitalized / (Impaired)
Improvements/building	(24)
Gross amount
Land and improvements	159
Buildings and improvements	1,100
Total real estate investments	1,259
Final Accumulated Depreciation	$ (290)
Health Point Family Medicine | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Health Point Family Medicine | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Hobby Lobby
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 8,941
Buildings and Improvements	17,280
Cost Capitalized / (Impaired)
Improvements/building	128
Gross amount
Land and improvements	8,941
Buildings and improvements	17,408
Total real estate investments	26,349
Final Accumulated Depreciation	$ (3,199)
Hobby Lobby | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Hobby Lobby | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Home Depot
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 59,098
Buildings and Improvements	67,982
Cost Capitalized / (Impaired)
Improvements/Land	13
Improvements/building	535
Gross amount
Land and improvements	59,111
Buildings and improvements	68,517
Total real estate investments	127,628
Final Accumulated Depreciation	$ (26,382)
Home Depot | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Home Depot | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
HomTex
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 5,307
Buildings and Improvements	21,799
Gross amount
Land and improvements	5,307
Buildings and improvements	21,799
Total real estate investments	27,106
Final Accumulated Depreciation	$ (434)
HomTex | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
HomTex | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
Hy-Vee Food Store
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 648
Buildings and Improvements	379
Cost Capitalized / (Impaired)
Improvements/building	(100)
Gross amount
Land and improvements	648
Buildings and improvements	279
Total real estate investments	927
Final Accumulated Depreciation	$ (405)
Hy-Vee Food Store | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Hy-Vee Food Store | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
I B M
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,154
Buildings and Improvements	19,715
Cost Capitalized / (Impaired)
Improvements/building	12,816
Gross amount
Land and improvements	3,154
Buildings and improvements	32,531
Total real estate investments	35,685
Final Accumulated Depreciation	$ (7,401)
I B M | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
I B M | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
In-Shape
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,146
Buildings and Improvements	7,985
Cost Capitalized / (Impaired)
Improvements/building	2,244
Gross amount
Land and improvements	3,146
Buildings and improvements	10,229
Total real estate investments	13,375
Final Accumulated Depreciation	$ (3,184)
In-Shape | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
In-Shape | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Insurance Auto Auction
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 15,741
Buildings and Improvements	3,162
Gross amount
Land and improvements	15,741
Buildings and improvements	3,162
Total real estate investments	18,903
Final Accumulated Depreciation	$ (3,644)
Insurance Auto Auction | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Insurance Auto Auction | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Interstate Resources
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,084
Buildings and Improvements	5,507
Cost Capitalized / (Impaired)
Improvements/building	1,359
Gross amount
Land and improvements	1,084
Buildings and improvements	6,866
Total real estate investments	7,950
Final Accumulated Depreciation	$ (2,687)
Interstate Resources | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Interstate Resources | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	26 years
Invited Clubs
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	21
Initial Cost to Company
Land and Improvements	$ 153,144
Buildings and Improvements	48,864
Cost Capitalized / (Impaired)
Improvements/building	4,492
Gross amount
Land and improvements	153,144
Buildings and improvements	53,356
Total real estate investments	206,500
Final Accumulated Depreciation	$ (15,263)
Invited Clubs | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Invited Clubs | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
J. Jill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,420
Buildings and Improvements	19,608
Gross amount
Land and improvements	7,420
Buildings and improvements	19,608
Total real estate investments	27,028
Final Accumulated Depreciation	$ (11,255)
J. Jill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
J. Jill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Jiffy Lube
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	17
Initial Cost to Company
Land and Improvements	$ 14,478
Buildings and Improvements	17,335
Cost Capitalized / (Impaired)
Improvements/building	1,448
Gross amount
Land and improvements	14,478
Buildings and improvements	18,783
Total real estate investments	33,261
Final Accumulated Depreciation	$ (3,154)
Jiffy Lube | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Jiffy Lube | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Jo-Ann's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 5,425
Buildings and Improvements	8,958
Cost Capitalized / (Impaired)
Improvements/Land	151
Improvements/building	376
Gross amount
Land and improvements	5,576
Buildings and improvements	9,334
Total real estate investments	14,910
Final Accumulated Depreciation	$ (3,430)
Jo-Ann's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Jo-Ann's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
K F C
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	18
Initial Cost to Company
Land and Improvements	$ 9,506
Buildings and Improvements	12,023
Cost Capitalized / (Impaired)
Improvements/Land	109
Improvements/building	118
Gross amount
Land and improvements	9,615
Buildings and improvements	12,141
Total real estate investments	21,756
Final Accumulated Depreciation	$ (5,019)
K F C | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
K F C | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
KinderCare
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 870
Buildings and Improvements	2,912
Gross amount
Land and improvements	870
Buildings and improvements	2,912
Total real estate investments	3,782
Final Accumulated Depreciation	$ (80)
KinderCare | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
KinderCare | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
King’s Daughters Medical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 658
Buildings and Improvements	3,171
Gross amount
Land and improvements	658
Buildings and improvements	3,171
Total real estate investments	3,829
Final Accumulated Depreciation	$ (988)
King’s Daughters Medical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
King’s Daughters Medical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Kiolbassa
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,088
Buildings and Improvements	9,105
Cost Capitalized / (Impaired)
Improvements/building	2,122
Gross amount
Land and improvements	4,088
Buildings and improvements	11,227
Total real estate investments	15,315
Final Accumulated Depreciation	$ (937)
Kiolbassa | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Kiolbassa | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Kohl's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	15
Initial Cost to Company
Land and Improvements	$ 42,634
Buildings and Improvements	85,795
Cost Capitalized / (Impaired)
Improvements/Land	200
Improvements/building	743
Gross amount
Land and improvements	42,834
Buildings and improvements	86,538
Total real estate investments	129,372
Final Accumulated Depreciation	$ (21,262)
Kohl's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Kohl's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
Kroger
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 972
Buildings and Improvements	8,435
Cost Capitalized / (Impaired)
Improvements/building	(28)
Gross amount
Land and improvements	972
Buildings and improvements	8,407
Total real estate investments	9,379
Final Accumulated Depreciation	$ (3,650)
Kroger | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Kroger | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
L-3 Link Simulation & Training
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,133
Buildings and Improvements	9,908
Cost Capitalized / (Impaired)
Improvements/building	16
Gross amount
Land and improvements	1,133
Buildings and improvements	9,924
Total real estate investments	11,057
Final Accumulated Depreciation	$ (545)
L-3 Link Simulation & Training | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
L-3 Link Simulation & Training | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
L A Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 21,371
Buildings and Improvements	51,561
Cost Capitalized / (Impaired)
Improvements/Land	(7,680)
Improvements/building	(10,901)
Gross amount
Land and improvements	13,691
Buildings and improvements	40,660
Total real estate investments	54,351
Final Accumulated Depreciation	$ (10,290)
L A Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
L A Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Lamb's/Ramona Tire
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 5,598
Buildings and Improvements	5,224
Gross amount
Land and improvements	5,598
Buildings and improvements	5,224
Total real estate investments	10,822
Final Accumulated Depreciation	$ (672)
Lamb's/Ramona Tire | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Lamb's/Ramona Tire | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
La-Z-Boy
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 13,026
Buildings and Improvements	36,142
Cost Capitalized / (Impaired)
Improvements/Land	(1,374)
Improvements/building	(2,794)
Gross amount
Land and improvements	11,652
Buildings and improvements	33,348
Total real estate investments	45,000
Final Accumulated Depreciation	$ (2,866)
La-Z-Boy | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
La-Z-Boy | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Lee's Famous Recipe Chicken
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 1,506
Buildings and Improvements	1,352
Gross amount
Land and improvements	1,506
Buildings and improvements	1,352
Total real estate investments	2,858
Final Accumulated Depreciation	$ (625)
Lee's Famous Recipe Chicken | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Lee's Famous Recipe Chicken | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Levin Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,042
Buildings and Improvements	3,808
Gross amount
Land and improvements	2,042
Buildings and improvements	3,808
Total real estate investments	5,850
Final Accumulated Depreciation	$ (160)
Levin Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Levin Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	28 years
Liberty Oilfield Services
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,760
Buildings and Improvements	10,281
Gross amount
Land and improvements	4,760
Buildings and improvements	10,281
Total real estate investments	15,041
Final Accumulated Depreciation	$ (3,171)
Liberty Oilfield Services | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Liberty Oilfield Services | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Life Time Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 99,585
Buildings and Improvements	308,399
Cost Capitalized / (Impaired)
Improvements/building	173
Gross amount
Land and improvements	99,585
Buildings and improvements	308,572
Total real estate investments	408,157
Final Accumulated Depreciation	$ (25,997)
Life Time Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Life Time Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	55 years
Lincoln Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 7,411
Buildings and Improvements	10,150
Gross amount
Land and improvements	7,411
Buildings and improvements	10,150
Total real estate investments	17,561
Final Accumulated Depreciation	$ (252)
Lincoln Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Lincoln Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Logan's Roadhouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,553
Buildings and Improvements	4,074
Cost Capitalized / (Impaired)
Improvements/Land	(1,822)
Improvements/building	(2,941)
Gross amount
Land and improvements	731
Buildings and improvements	1,133
Total real estate investments	1,864
Final Accumulated Depreciation	$ (221)
Logan's Roadhouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Logan's Roadhouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Long John Silver's / A&W
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,329
Gross amount
Land and improvements	1,329
Total real estate investments	$ 1,329
Look Cinemas
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 8,657
Buildings and Improvements	47,880
Cost Capitalized / (Impaired)
Improvements/building	8,898
Gross amount
Land and improvements	8,657
Buildings and improvements	56,778
Total real estate investments	65,435
Final Accumulated Depreciation	$ (13,564)
Look Cinemas | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Look Cinemas | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Lowe's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 39,205
Buildings and Improvements	37,533
Cost Capitalized / (Impaired)
Improvements/Land	(7,896)
Improvements/building	(6,216)
Gross amount
Land and improvements	31,309
Buildings and improvements	31,317
Total real estate investments	62,626
Final Accumulated Depreciation	$ (13,206)
Lowe's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Lowe's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Lutheran Health Physicians
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 220
Buildings and Improvements	278
Cost Capitalized / (Impaired)
Improvements/Land	68
Improvements/building	(30)
Gross amount
Land and improvements	288
Buildings and improvements	248
Total real estate investments	536
Final Accumulated Depreciation	$ (168)
Lutheran Health Physicians | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Lutheran Health Physicians | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years

XML

Schedule III Real Estate and Accumulated Depreciation - 4 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Cost Capitalized / (Impaired)
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
M A A C O
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,501
Buildings and Improvements	2,815
Cost Capitalized / (Impaired)
Improvements/Land	(759)
Improvements/building	(63)
Gross amount
Land and improvements	1,742
Buildings and improvements	2,752
Total real estate investments	4,494
Final Accumulated Depreciation	$ (687)
M A A C O | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
M A A C O | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Mac Papers + Packaging
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	12
Initial Cost to Company
Land and Improvements	$ 14,377
Buildings and Improvements	63,823
Gross amount
Land and improvements	14,377
Buildings and improvements	63,823
Total real estate investments	78,200
Final Accumulated Depreciation	$ (6,448)
Mac Papers + Packaging | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Mac Papers + Packaging | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	46 years
Malibu Boats
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,644
Buildings and Improvements	13,911
Gross amount
Land and improvements	4,644
Buildings and improvements	13,911
Total real estate investments	18,555
Final Accumulated Depreciation	$ (8,386)
Malibu Boats | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Malibu Boats | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Market Street
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,559
Buildings and Improvements	10,834
Cost Capitalized / (Impaired)
Improvements/Land	(10)
Improvements/building	(775)
Gross amount
Land and improvements	3,549
Buildings and improvements	10,059
Total real estate investments	13,608
Final Accumulated Depreciation	$ (6,115)
Market Street | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Market Street | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Mattress Firm
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 596
Buildings and Improvements	872
Cost Capitalized / (Impaired)
Improvements/building	216
Gross amount
Land and improvements	596
Buildings and improvements	1,088
Total real estate investments	1,684
Final Accumulated Depreciation	$ (461)
Mattress Firm | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Mattress Firm | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Michael's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,114
Buildings and Improvements	6,726
Gross amount
Land and improvements	1,114
Buildings and improvements	6,726
Total real estate investments	7,840
Final Accumulated Depreciation	$ (2,746)
Michael's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Michael's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	49 years
Milo's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 5,260
Buildings and Improvements	7,074
Cost Capitalized / (Impaired)
Improvements/building	475
Gross amount
Land and improvements	5,260
Buildings and improvements	7,549
Total real estate investments	12,809
Final Accumulated Depreciation	$ (3,405)
Milo's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Milo's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	29 years
Mister Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	22
Initial Cost to Company
Land and Improvements	$ 41,796
Buildings and Improvements	48,845
Cost Capitalized / (Impaired)
Improvements/Land	536
Improvements/building	285
Gross amount
Land and improvements	42,332
Buildings and improvements	49,130
Total real estate investments	91,462
Final Accumulated Depreciation	$ (16,466)
Mister Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Mister Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Mojo Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 619
Buildings and Improvements	236
Cost Capitalized / (Impaired)
Improvements/building	500
Gross amount
Land and improvements	619
Buildings and improvements	736
Total real estate investments	1,355
Final Accumulated Depreciation	$ (178)
Mojo Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Mojo Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Monterey's Tex Mex
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 818
Buildings and Improvements	670
Gross amount
Land and improvements	818
Buildings and improvements	670
Total real estate investments	1,488
Final Accumulated Depreciation	$ (147)
Monterey's Tex Mex | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Monterey's Tex Mex | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Mountainside Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,687
Buildings and Improvements	2,935
Cost Capitalized / (Impaired)
Improvements/building	264
Gross amount
Land and improvements	1,687
Buildings and improvements	3,199
Total real estate investments	4,886
Final Accumulated Depreciation	$ (406)
Mountainside Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Mountainside Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
MPI
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 2,212
Buildings and Improvements	15,217
Gross amount
Land and improvements	2,212
Buildings and improvements	15,217
Total real estate investments	17,429
Final Accumulated Depreciation	$ (472)
MPI | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
MPI | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	34 years
Mr. Clean/Jiffy Lube
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,964
Buildings and Improvements	3,351
Gross amount
Land and improvements	4,964
Buildings and improvements	3,351
Total real estate investments	8,315
Final Accumulated Depreciation	$ (546)
Mr. Clean/Jiffy Lube | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Mr. Clean/Jiffy Lube | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Next Care Urgent Care
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 271
Buildings and Improvements	728
Gross amount
Land and improvements	271
Buildings and improvements	728
Total real estate investments	999
Final Accumulated Depreciation	$ (218)
Next Care Urgent Care | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Next Care Urgent Care | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
NN, Inc.
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,595
Buildings and Improvements	21,969
Cost Capitalized / (Impaired)
Improvements/building	122
Gross amount
Land and improvements	3,595
Buildings and improvements	22,091
Total real estate investments	25,686
Final Accumulated Depreciation	$ (746)
NN, Inc. | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	12 years
NN, Inc. | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Northern Tool & Equipment
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,728
Buildings and Improvements	3,437
Gross amount
Land and improvements	1,728
Buildings and improvements	3,437
Total real estate investments	5,165
Final Accumulated Depreciation	$ (1,117)
Northern Tool & Equipment | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Northern Tool & Equipment | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
NWN Carousel
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,136
Buildings and Improvements	7,989
Gross amount
Land and improvements	1,136
Buildings and improvements	7,989
Total real estate investments	$ 9,125
NWN Carousel | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
NWN Carousel | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
Off Lease Only
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 65,556
Buildings and Improvements	38,688
Cost Capitalized / (Impaired)
Improvements/building	1,989
Gross amount
Land and improvements	65,556
Buildings and improvements	40,677
Total real estate investments	106,233
Final Accumulated Depreciation	$ (5,011)
Off Lease Only | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Off Lease Only | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Office Depot
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 5,561
Buildings and Improvements	14,526
Cost Capitalized / (Impaired)
Improvements/building	288
Gross amount
Land and improvements	5,561
Buildings and improvements	14,814
Total real estate investments	20,375
Final Accumulated Depreciation	$ (4,605)
Office Depot | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Office Depot | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	47 years
Ojos Locos Sports Cantina
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,725
Buildings and Improvements	1,470
Gross amount
Land and improvements	1,725
Buildings and improvements	1,470
Total real estate investments	3,195
Final Accumulated Depreciation	$ (532)
Ojos Locos Sports Cantina | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Ojos Locos Sports Cantina | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Old Time Pottery
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 6,071
Buildings and Improvements	12,093
Cost Capitalized / (Impaired)
Improvements/Land	(506)
Improvements/building	(1,516)
Gross amount
Land and improvements	5,565
Buildings and improvements	10,577
Total real estate investments	16,142
Final Accumulated Depreciation	$ (5,117)
Old Time Pottery | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Old Time Pottery | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Ollie's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,417
Buildings and Improvements	3,524
Gross amount
Land and improvements	3,417
Buildings and improvements	3,524
Total real estate investments	$ 6,941
Ollie's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Ollie's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
O'Reilly Auto Parts
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 161
Gross amount
Land and improvements	161
Total real estate investments	$ 161
Party City
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 11,849
Buildings and Improvements	116,669
Gross amount
Land and improvements	11,849
Buildings and improvements	116,669
Total real estate investments	128,518
Final Accumulated Depreciation	$ (11,132)
Party City | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Party City | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	42 years
Pawn I
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,440
Buildings and Improvements	3,684
Gross amount
Land and improvements	1,440
Buildings and improvements	3,684
Total real estate investments	5,124
Final Accumulated Depreciation	$ (767)
Pawn I | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Pawn I | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Pep Boys
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	11
Initial Cost to Company
Land and Improvements	$ 14,491
Buildings and Improvements	30,461
Cost Capitalized / (Impaired)
Improvements/Land	(1,936)
Improvements/building	(5,997)
Gross amount
Land and improvements	12,555
Buildings and improvements	24,464
Total real estate investments	37,019
Final Accumulated Depreciation	$ (7,163)
Pep Boys | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Pep Boys | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	41 years
Pet Smart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,247
Buildings and Improvements	10,208
Gross amount
Land and improvements	4,247
Buildings and improvements	10,208
Total real estate investments	14,455
Final Accumulated Depreciation	$ (3,110)
Pet Smart | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Pet Smart | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
PetSuites Pet Resort & Spa
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,563
Buildings and Improvements	2,679
Gross amount
Land and improvements	1,563
Buildings and improvements	2,679
Total real estate investments	4,242
Final Accumulated Depreciation	$ (375)
PetSuites Pet Resort & Spa | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	19 years
PetSuites Pet Resort & Spa | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Pioneer Seeds
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 870
Buildings and Improvements	6,961
Cost Capitalized / (Impaired)
Improvements/building	29
Gross amount
Land and improvements	870
Buildings and improvements	6,990
Total real estate investments	7,860
Final Accumulated Depreciation	$ (1,367)
Pioneer Seeds | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Pioneer Seeds | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Planet Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,704
Buildings and Improvements	5,612
Cost Capitalized / (Impaired)
Improvements/building	22
Gross amount
Land and improvements	2,704
Buildings and improvements	5,634
Total real estate investments	8,338
Final Accumulated Depreciation	$ (2,154)
Planet Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Planet Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Popeye's Chicken & Biscuits
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 3,793
Buildings and Improvements	5,495
Gross amount
Land and improvements	3,793
Buildings and improvements	5,495
Total real estate investments	9,288
Final Accumulated Depreciation	$ (1,656)
Popeye's Chicken & Biscuits | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Popeye's Chicken & Biscuits | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	19 years
PoweHome Solar
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 894
Buildings and Improvements	3,733
Cost Capitalized / (Impaired)
Improvements/Land	(429)
Improvements/building	(1,800)
Gross amount
Land and improvements	465
Buildings and improvements	1,933
Total real estate investments	$ 2,398
PoweHome Solar | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
PoweHome Solar | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Progressive Medical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,061
Buildings and Improvements	4,556
Cost Capitalized / (Impaired)
Improvements/building	22
Gross amount
Land and improvements	1,061
Buildings and improvements	4,578
Total real estate investments	5,639
Final Accumulated Depreciation	$ (906)
Progressive Medical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Progressive Medical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Quartz Health Solutions
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,252
Buildings and Improvements	15,544
Gross amount
Land and improvements	2,252
Buildings and improvements	15,544
Total real estate investments	$ 17,796
Quartz Health Solutions | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Quartz Health Solutions | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Rally's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 160
Buildings and Improvements	693
Cost Capitalized / (Impaired)
Improvements/Land	(1)
Improvements/building	(4)
Gross amount
Land and improvements	159
Buildings and improvements	689
Total real estate investments	848
Final Accumulated Depreciation	$ (208)
Rally's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Rally's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	12 years
Raymour & Flanigan Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,825
Buildings and Improvements	19,295
Cost Capitalized / (Impaired)
Improvements/building	25
Gross amount
Land and improvements	2,825
Buildings and improvements	19,320
Total real estate investments	22,145
Final Accumulated Depreciation	$ (2,022)
Raymour & Flanigan Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Raymour & Flanigan Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Red Lobster
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	22
Initial Cost to Company
Land and Improvements	$ 21,559
Buildings and Improvements	35,043
Gross amount
Land and improvements	21,559
Buildings and improvements	35,043
Total real estate investments	56,602
Final Accumulated Depreciation	$ (10,981)
Red Lobster | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Red Lobster | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Red Mesa Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 947
Buildings and Improvements	3,140
Gross amount
Land and improvements	947
Buildings and improvements	3,140
Total real estate investments	4,087
Final Accumulated Depreciation	$ (873)
Red Mesa Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Red Mesa Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Regal Cinemas
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 22,833
Buildings and Improvements	40,156
Cost Capitalized / (Impaired)
Improvements/Land	(6,080)
Improvements/building	(788)
Gross amount
Land and improvements	16,753
Buildings and improvements	39,368
Total real estate investments	56,121
Final Accumulated Depreciation	$ (11,077)
Regal Cinemas | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	1 year
Regal Cinemas | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Renaissance Food
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,203
Buildings and Improvements	8,089
Cost Capitalized / (Impaired)
Improvements/building	324
Gross amount
Land and improvements	3,203
Buildings and improvements	8,413
Total real estate investments	11,616
Final Accumulated Depreciation	$ (990)
Renaissance Food | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Renaissance Food | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	38 years
Repair One
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 574
Buildings and Improvements	1,349
Gross amount
Land and improvements	574
Buildings and improvements	1,349
Total real estate investments	1,923
Final Accumulated Depreciation	$ (196)
Repair One | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Repair One | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Residence Inn By Marriott
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,627
Buildings and Improvements	28,368
Cost Capitalized / (Impaired)
Improvements/building	4,729
Gross amount
Land and improvements	4,627
Buildings and improvements	33,097
Total real estate investments	37,724
Final Accumulated Depreciation	$ (3,324)
Residence Inn By Marriott | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Residence Inn By Marriott | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Rite Aid
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	11
Initial Cost to Company
Land and Improvements	$ 9,115
Buildings and Improvements	25,899
Cost Capitalized / (Impaired)
Improvements/Land	(378)
Improvements/building	(1,057)
Gross amount
Land and improvements	8,737
Buildings and improvements	24,842
Total real estate investments	33,579
Final Accumulated Depreciation	$ (7,518)
Rite Aid | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Rite Aid | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Ross
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,631
Buildings and Improvements	7,710
Cost Capitalized / (Impaired)
Improvements/building	301
Gross amount
Land and improvements	2,631
Buildings and improvements	8,011
Total real estate investments	10,642
Final Accumulated Depreciation	$ (2,447)
Ross | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Ross | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	43 years
Ruth's Chris Steakhouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 3,558
Buildings and Improvements	3,428
Gross amount
Land and improvements	3,558
Buildings and improvements	3,428
Total real estate investments	6,986
Final Accumulated Depreciation	$ (1,386)
Ruth's Chris Steakhouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Ruth's Chris Steakhouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Ryerson
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 13,674
Buildings and Improvements	46,403
Cost Capitalized / (Impaired)
Improvements/Land	(140)
Improvements/building	708
Gross amount
Land and improvements	13,534
Buildings and improvements	47,111
Total real estate investments	60,645
Final Accumulated Depreciation	$ (9,182)
Ryerson | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Ryerson | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
Sagebrush
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,514
Buildings and Improvements	4,759
Cost Capitalized / (Impaired)
Improvements/building	49
Gross amount
Land and improvements	1,514
Buildings and improvements	4,808
Total real estate investments	6,322
Final Accumulated Depreciation	$ (560)
Sagebrush | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Sagebrush | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	23 years
Saisaki Asian Bistro And Sushi
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,184
Buildings and Improvements	311
Gross amount
Land and improvements	1,184
Buildings and improvements	311
Total real estate investments	1,495
Final Accumulated Depreciation	$ (462)
Saisaki Asian Bistro And Sushi | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Saisaki Asian Bistro And Sushi | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	25 years
Saltgrass
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,934
Buildings and Improvements	1,456
Gross amount
Land and improvements	1,934
Buildings and improvements	1,456
Total real estate investments	3,390
Final Accumulated Depreciation	$ (312)
Saltgrass | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Saltgrass | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Same Day Delivery
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,287
Buildings and Improvements	4,469
Cost Capitalized / (Impaired)
Improvements/Land	(1,369)
Improvements/building	(2,277)
Gross amount
Land and improvements	918
Buildings and improvements	2,192
Total real estate investments	3,110
Final Accumulated Depreciation	$ (741)
Same Day Delivery | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Same Day Delivery | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Sam's Club
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 12,609
Buildings and Improvements	16,182
Cost Capitalized / (Impaired)
Improvements/Land	295
Improvements/building	541
Gross amount
Land and improvements	12,904
Buildings and improvements	16,723
Total real estate investments	29,627
Final Accumulated Depreciation	$ (12,193)
Sam's Club | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Sam's Club | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Serrano's Mexican Restaurant
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,031
Buildings and Improvements	2,161
Gross amount
Land and improvements	1,031
Buildings and improvements	2,161
Total real estate investments	3,192
Final Accumulated Depreciation	$ (774)
Serrano's Mexican Restaurant | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Serrano's Mexican Restaurant | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Sheffield Pharmaceuticals
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 627
Buildings and Improvements	4,767
Cost Capitalized / (Impaired)
Improvements/building	324
Gross amount
Land and improvements	627
Buildings and improvements	5,091
Total real estate investments	5,718
Final Accumulated Depreciation	$ (1,171)
Sheffield Pharmaceuticals | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	4 years
Sheffield Pharmaceuticals | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Shiloh Industries
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 10,350
Buildings and Improvements	26,362
Cost Capitalized / (Impaired)
Improvements/building	22
Gross amount
Land and improvements	10,350
Buildings and improvements	26,384
Total real estate investments	36,734
Final Accumulated Depreciation	$ (2,815)
Shiloh Industries | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Shiloh Industries | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	54 years
Shooters World
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 4,238
Buildings and Improvements	15,646
Cost Capitalized / (Impaired)
Improvements/Land	390
Improvements/building	5,508
Gross amount
Land and improvements	4,628
Buildings and improvements	21,154
Total real estate investments	25,782
Final Accumulated Depreciation	$ (2,720)
Shooters World | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Shooters World | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Shutterfly
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,867
Buildings and Improvements	24,085
Gross amount
Land and improvements	7,867
Buildings and improvements	24,085
Total real estate investments	31,952
Final Accumulated Depreciation	$ (1,853)
Shutterfly | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Shutterfly | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Silgan Closures
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,789
Buildings and Improvements	6,634
Gross amount
Land and improvements	1,789
Buildings and improvements	6,634
Total real estate investments	8,423
Final Accumulated Depreciation	$ (244)
Silgan Closures | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Silgan Closures | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Skyline Chili
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,437
Buildings and Improvements	1,073
Gross amount
Land and improvements	1,437
Buildings and improvements	1,073
Total real estate investments	2,510
Final Accumulated Depreciation	$ (280)
Skyline Chili | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Skyline Chili | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	18 years
Slim Chickens
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 1,687
Buildings and Improvements	2,122
Gross amount
Land and improvements	1,687
Buildings and improvements	2,122
Total real estate investments	3,809
Final Accumulated Depreciation	$ (499)
Slim Chickens | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Slim Chickens | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Smokey Bones Barbecue & Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	13
Initial Cost to Company
Land and Improvements	$ 18,287
Buildings and Improvements	10,375
Cost Capitalized / (Impaired)
Improvements/Land	(350)
Improvements/building	(261)
Gross amount
Land and improvements	17,937
Buildings and improvements	10,114
Total real estate investments	28,051
Final Accumulated Depreciation	$ (8,447)
Smokey Bones Barbecue & Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Smokey Bones Barbecue & Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Smoothie King
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 208
Buildings and Improvements	302
Cost Capitalized / (Impaired)
Improvements/building	(2)
Gross amount
Land and improvements	208
Buildings and improvements	300
Total real estate investments	508
Final Accumulated Depreciation	$ (175)
Smoothie King | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	13 years
Smoothie King | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
Sonic Drive-In
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	39
Initial Cost to Company
Land and Improvements	$ 23,233
Buildings and Improvements	17,930
Gross amount
Land and improvements	23,233
Buildings and improvements	17,930
Total real estate investments	41,163
Final Accumulated Depreciation	$ (7,586)
Sonic Drive-In | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Sonic Drive-In | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Sonny's BBQ
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	8
Initial Cost to Company
Land and Improvements	$ 10,665
Buildings and Improvements	9,510
Cost Capitalized / (Impaired)
Improvements/building	1,117
Gross amount
Land and improvements	10,665
Buildings and improvements	10,627
Total real estate investments	21,292
Final Accumulated Depreciation	$ (2,448)
Sonny's BBQ | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Sonny's BBQ | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Southern Theatres
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 10,335
Buildings and Improvements	13,237
Cost Capitalized / (Impaired)
Improvements/building	2,500
Gross amount
Land and improvements	10,335
Buildings and improvements	15,737
Total real estate investments	26,072
Final Accumulated Depreciation	$ (5,522)
Southern Theatres | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Southern Theatres | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Southwest Airlines
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,342
Buildings and Improvements	14,369
Gross amount
Land and improvements	5,342
Buildings and improvements	14,369
Total real estate investments	19,711
Final Accumulated Depreciation	$ (530)
Southwest Airlines | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Southwest Airlines | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Specialists In Urology
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	9
Initial Cost to Company
Land and Improvements	$ 7,469
Buildings and Improvements	32,725
Cost Capitalized / (Impaired)
Improvements/Land	(231)
Improvements/building	(680)
Gross amount
Land and improvements	7,238
Buildings and improvements	32,045
Total real estate investments	39,283
Final Accumulated Depreciation	$ (9,542)
Specialists In Urology | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Specialists In Urology | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Sportsman's Warehouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 22,470
Buildings and Improvements	50,539
Cost Capitalized / (Impaired)
Improvements/building	7
Gross amount
Land and improvements	22,470
Buildings and improvements	50,546
Total real estate investments	73,016
Final Accumulated Depreciation	$ (15,292)
Sportsman's Warehouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Sportsman's Warehouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Staples
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	7
Initial Cost to Company
Land and Improvements	$ 5,652
Buildings and Improvements	18,091
Cost Capitalized / (Impaired)
Improvements/building	(22)
Gross amount
Land and improvements	5,652
Buildings and improvements	18,069
Total real estate investments	23,721
Final Accumulated Depreciation	$ (4,691)
Staples | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Staples | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Starbucks
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 1,692
Buildings and Improvements	2,586
Cost Capitalized / (Impaired)
Improvements/building	(15)
Gross amount
Land and improvements	1,692
Buildings and improvements	2,571
Total real estate investments	4,263
Final Accumulated Depreciation	$ (1,126)
Starbucks | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Starbucks | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Stater Bros. Markets
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,569
Buildings and Improvements	4,271
Cost Capitalized / (Impaired)
Improvements/building	(58)
Gross amount
Land and improvements	1,569
Buildings and improvements	4,213
Total real estate investments	5,782
Final Accumulated Depreciation	$ (1,580)
Stater Bros. Markets | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Stater Bros. Markets | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Strickland Brothers
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	22
Initial Cost to Company
Land and Improvements	$ 12,382
Buildings and Improvements	13,457
Cost Capitalized / (Impaired)
Improvements/Land	12
Improvements/building	414
Gross amount
Land and improvements	12,394
Buildings and improvements	13,871
Total real estate investments	26,265
Final Accumulated Depreciation	$ (606)
Strickland Brothers | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Strickland Brothers | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Studio Movie Grill
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,930
Buildings and Improvements	7,616
Cost Capitalized / (Impaired)
Improvements/building	267
Gross amount
Land and improvements	2,930
Buildings and improvements	7,883
Total real estate investments	10,813
Final Accumulated Depreciation	$ (1,774)
Studio Movie Grill | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Studio Movie Grill | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Sun Opta
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 4,127
Buildings and Improvements	3,866
Cost Capitalized / (Impaired)
Improvements/Land	3,471
Improvements/building	55,837
Gross amount
Land and improvements	7,598
Buildings and improvements	59,703
Total real estate investments	67,301
Final Accumulated Depreciation	$ (252)
Sun Opta | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Sun Opta | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Surf's Up Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	16
Initial Cost to Company
Land and Improvements	$ 31,245
Buildings and Improvements	64,259
Cost Capitalized / (Impaired)
Improvements/building	184
Gross amount
Land and improvements	31,245
Buildings and improvements	64,443
Total real estate investments	95,688
Final Accumulated Depreciation	$ (2,691)
Surf's Up Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Surf's Up Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Taco Bell
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 1,343
Buildings and Improvements	2,642
Cost Capitalized / (Impaired)
Improvements/building	(12)
Gross amount
Land and improvements	1,343
Buildings and improvements	2,630
Total real estate investments	3,973
Final Accumulated Depreciation	$ (1,022)
Taco Bell | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Taco Bell | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Taco Bell / KFC
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 389
Buildings and Improvements	1,425
Cost Capitalized / (Impaired)
Improvements/building	(6)
Gross amount
Land and improvements	389
Buildings and improvements	1,419
Total real estate investments	1,808
Final Accumulated Depreciation	$ (563)
Taco Bell / KFC | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Taco Bell / KFC | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Taco Bueno
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	19
Initial Cost to Company
Land and Improvements	$ 12,789
Buildings and Improvements	14,826
Cost Capitalized / (Impaired)
Improvements/building	(52)
Gross amount
Land and improvements	12,789
Buildings and improvements	14,774
Total real estate investments	27,563
Final Accumulated Depreciation	$ (4,771)
Taco Bueno | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Taco Bueno | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Ted's Cafe Escondido
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,968
Buildings and Improvements	4,554
Gross amount
Land and improvements	2,968
Buildings and improvements	4,554
Total real estate investments	7,522
Final Accumulated Depreciation	$ (913)
Ted's Cafe Escondido | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Ted's Cafe Escondido | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Terra Mulch Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,356
Buildings and Improvements	5,406
Gross amount
Land and improvements	1,356
Buildings and improvements	5,406
Total real estate investments	6,762
Final Accumulated Depreciation	$ (1,963)
Terra Mulch Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Terra Mulch Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Tesla
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,893
Buildings and Improvements	6,154
Cost Capitalized / (Impaired)
Improvements/building	85
Gross amount
Land and improvements	1,893
Buildings and improvements	6,239
Total real estate investments	8,132
Final Accumulated Depreciation	$ (468)
Tesla | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Tesla | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Texas Corral
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 549
Buildings and Improvements	752
Gross amount
Land and improvements	549
Buildings and improvements	752
Total real estate investments	1,301
Final Accumulated Depreciation	$ (430)
Texas Corral | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Texas Corral | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	50 years
Texas Roadhouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,214
Buildings and Improvements	1,412
Gross amount
Land and improvements	1,214
Buildings and improvements	1,412
Total real estate investments	2,626
Final Accumulated Depreciation	$ (209)
Texas Roadhouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Texas Roadhouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	33 years
The Children's Courtyard
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 334
Buildings and Improvements	2,146
Cost Capitalized / (Impaired)
Improvements/building	12
Gross amount
Land and improvements	334
Buildings and improvements	2,158
Total real estate investments	2,492
Final Accumulated Depreciation	$ (436)
The Children's Courtyard | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
The Children's Courtyard | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
The Gerson Company
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 6,381
Buildings and Improvements	30,134
Cost Capitalized / (Impaired)
Improvements/building	161
Gross amount
Land and improvements	6,381
Buildings and improvements	30,295
Total real estate investments	36,676
Final Accumulated Depreciation	$ (1,676)
The Gerson Company | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
The Gerson Company | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
The Toledo Hospital
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 728
Buildings and Improvements	3,440
Gross amount
Land and improvements	728
Buildings and improvements	3,440
Total real estate investments	4,168
Final Accumulated Depreciation	$ (1,429)
The Toledo Hospital | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
The Toledo Hospital | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
TI Group Automotive
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,939
Buildings and Improvements	7,950
Gross amount
Land and improvements	3,939
Buildings and improvements	7,950
Total real estate investments	11,889
Final Accumulated Depreciation	$ (1,181)
TI Group Automotive | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
TI Group Automotive | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Tire Warehouse
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 695
Buildings and Improvements	944
Cost Capitalized / (Impaired)
Improvements/building	12
Gross amount
Land and improvements	695
Buildings and improvements	956
Total real estate investments	1,651
Final Accumulated Depreciation	$ (188)
Tire Warehouse | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Tire Warehouse | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
TJ Maxx
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 578
Buildings and Improvements	2,063
Cost Capitalized / (Impaired)
Improvements/building	358
Gross amount
Land and improvements	578
Buildings and improvements	2,421
Total real estate investments	2,999
Final Accumulated Depreciation	$ (1,445)
TJ Maxx | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
TJ Maxx | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	20 years
Topgolf
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 9,337
Buildings and Improvements	9,595
Cost Capitalized / (Impaired)
Improvements/Land	3,450
Improvements/building	6,572
Gross amount
Land and improvements	12,787
Buildings and improvements	16,167
Total real estate investments	28,954
Final Accumulated Depreciation	$ (2,474)
Topgolf | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	11 years
Topgolf | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Tower Automotive
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 5,344
Buildings and Improvements	28,900
Gross amount
Land and improvements	5,344
Buildings and improvements	28,900
Total real estate investments	34,244
Final Accumulated Depreciation	$ (3,992)
Tower Automotive | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Tower Automotive | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Tractor Supply
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	20
Initial Cost to Company
Land and Improvements	$ 22,622
Buildings and Improvements	37,122
Cost Capitalized / (Impaired)
Improvements/Land	575
Improvements/building	(108)
Gross amount
Land and improvements	23,197
Buildings and improvements	37,014
Total real estate investments	60,211
Final Accumulated Depreciation	$ (18,480)
Tractor Supply | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	2 years
Tractor Supply | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	48 years
Trilogy Plastics
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,770
Buildings and Improvements	9,875
Gross amount
Land and improvements	2,770
Buildings and improvements	9,875
Total real estate investments	12,645
Final Accumulated Depreciation	$ (347)
Trilogy Plastics | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
Trilogy Plastics | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Trinity Highway Products
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 14,314
Buildings and Improvements	50,948
Cost Capitalized / (Impaired)
Improvements/building	321
Gross amount
Land and improvements	14,314
Buildings and improvements	51,269
Total real estate investments	65,583
Final Accumulated Depreciation	$ (2,317)
Trinity Highway Products | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Trinity Highway Products | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	39 years
Truck-Lite
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 7,413
Buildings and Improvements	21,598
Gross amount
Land and improvements	7,413
Buildings and improvements	21,598
Total real estate investments	29,011
Final Accumulated Depreciation	$ (1,591)
Truck-Lite | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Truck-Lite | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	54 years
Tupperware
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 17,283
Buildings and Improvements	19,024
Cost Capitalized / (Impaired)
Improvements/building	13
Gross amount
Land and improvements	17,283
Buildings and improvements	19,037
Total real estate investments	36,320
Final Accumulated Depreciation	$ (1,412)
Tupperware | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Tupperware | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Tutor Time
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	4
Initial Cost to Company
Land and Improvements	$ 2,790
Buildings and Improvements	6,978
Cost Capitalized / (Impaired)
Improvements/building	(33)
Gross amount
Land and improvements	2,790
Buildings and improvements	6,945
Total real estate investments	9,735
Final Accumulated Depreciation	$ (1,131)
Tutor Time | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Tutor Time | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	36 years
Twin Peaks
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,112
Gross amount
Land and improvements	1,112
Total real estate investments	$ 1,112
Twin Tiers Eye Care
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 912
Buildings and Improvements	8,750
Gross amount
Land and improvements	912
Buildings and improvements	8,750
Total real estate investments	9,662
Final Accumulated Depreciation	$ (2,488)
Twin Tiers Eye Care | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Twin Tiers Eye Care | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
United Ag & Turf
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	10
Initial Cost to Company
Land and Improvements	$ 5,130
Buildings and Improvements	12,405
Gross amount
Land and improvements	5,130
Buildings and improvements	12,405
Total real estate investments	17,535
Final Accumulated Depreciation	$ (1,442)
United Ag & Turf | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	6 years
United Ag & Turf | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
United Supermarkets
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	6
Initial Cost to Company
Land and Improvements	$ 8,332
Buildings and Improvements	10,703
Cost Capitalized / (Impaired)
Improvements/building	(696)
Gross amount
Land and improvements	8,332
Buildings and improvements	10,007
Total real estate investments	18,339
Final Accumulated Depreciation	$ (4,211)
United Supermarkets | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
United Supermarkets | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Universal Tax Systems
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,560
Buildings and Improvements	23,583
Cost Capitalized / (Impaired)
Improvements/building	4,709
Gross amount
Land and improvements	3,560
Buildings and improvements	28,292
Total real estate investments	31,852
Final Accumulated Depreciation	$ (6,217)
Universal Tax Systems | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
Universal Tax Systems | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Vacant
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 2,260
Buildings and Improvements	24,457
Cost Capitalized / (Impaired)
Improvements/Land	(967)
Improvements/building	(16,410)
Gross amount
Land and improvements	1,293
Buildings and improvements	8,047
Total real estate investments	9,340
Final Accumulated Depreciation	$ (1,111)
Vacant | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Vacant | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Valley Surgical Center
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 363
Buildings and Improvements	3,726
Gross amount
Land and improvements	363
Buildings and improvements	3,726
Total real estate investments	4,089
Final Accumulated Depreciation	$ (937)
Valley Surgical Center | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Valley Surgical Center | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Value City Furniture
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,465
Buildings and Improvements	6,860
Gross amount
Land and improvements	1,465
Buildings and improvements	6,860
Total real estate investments	8,325
Final Accumulated Depreciation	$ (323)
Value City Furniture | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Value City Furniture | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	27 years
VASA Fitness
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	5
Initial Cost to Company
Land and Improvements	$ 12,105
Buildings and Improvements	28,454
Cost Capitalized / (Impaired)
Improvements/building	110
Gross amount
Land and improvements	12,105
Buildings and improvements	28,564
Total real estate investments	40,669
Final Accumulated Depreciation	$ (3,674)
VASA Fitness | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	8 years
VASA Fitness | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Verizon
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 343
Buildings and Improvements	152
Cost Capitalized / (Impaired)
Improvements/building	(2)
Gross amount
Land and improvements	343
Buildings and improvements	150
Total real estate investments	493
Final Accumulated Depreciation	$ (183)
Verizon | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	10 years
Verizon | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	24 years
Virgin Parking Garage
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,375
Buildings and Improvements	9,040
Gross amount
Land and improvements	3,375
Buildings and improvements	9,040
Total real estate investments	12,415
Final Accumulated Depreciation	$ (171)
Virgin Parking Garage | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Virgin Parking Garage | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years
Walgreens
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	34
Initial Cost to Company
Land and Improvements	$ 36,749
Buildings and Improvements	138,327
Cost Capitalized / (Impaired)
Improvements/building	(63)
Gross amount
Land and improvements	36,749
Buildings and improvements	138,264
Total real estate investments	175,013
Final Accumulated Depreciation	$ (36,439)
Walgreens | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Walgreens | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	45 years
Walmart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,009
Buildings and Improvements	4,577
Cost Capitalized / (Impaired)
Improvements/building	(13)
Gross amount
Land and improvements	4,009
Buildings and improvements	4,564
Total real estate investments	8,573
Final Accumulated Depreciation	$ (3,255)
Walmart | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Walmart | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Warrior Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,518
Buildings and Improvements	10,195
Cost Capitalized / (Impaired)
Improvements/building	37
Gross amount
Land and improvements	2,518
Buildings and improvements	10,232
Total real estate investments	12,750
Final Accumulated Depreciation	$ (478)
Warrior Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Warrior Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Way Interglobal
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,996
Buildings and Improvements	50,626
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	7,996
Buildings and improvements	50,626
Total real estate investments	58,622
Final Accumulated Depreciation	$ (295)
Way Interglobal | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Way Interglobal | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Weatherford
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,082
Buildings and Improvements	21,477
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	10,082
Buildings and improvements	21,477
Total real estate investments	31,559
Final Accumulated Depreciation	$ (1,229)
Weatherford | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Weatherford | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Wendy's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 336
Buildings and Improvements	773
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	336
Buildings and improvements	773
Total real estate investments	1,109
Final Accumulated Depreciation	$ (138)
Wendy's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Wendy's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Whirlpool
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,183
Buildings and Improvements	23,664
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	10,183
Buildings and improvements	23,664
Total real estate investments	33,847
Final Accumulated Depreciation	$ (2,463)
Whirlpool | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Whirlpool | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	31 years
Winco Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,108
Buildings and Improvements	12,817
Cost Capitalized / (Impaired)
Improvements/building	(16)
Gross amount
Land and improvements	3,108
Buildings and improvements	12,801
Total real estate investments	15,909
Final Accumulated Depreciation	$ (3,757)
Winco Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Winco Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Winsteads
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 607
Buildings and Improvements	123
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	607
Buildings and improvements	123
Total real estate investments	730
Final Accumulated Depreciation	$ (64)
Winsteads | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Winsteads | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Worthington Steel
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 7,303
Buildings and Improvements	29,831
Cost Capitalized / (Impaired)
Improvements/building
Gross amount
Land and improvements	7,303
Buildings and improvements	29,831
Total real estate investments	37,134
Final Accumulated Depreciation	$ (2,494)
Worthington Steel | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Worthington Steel | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yard House
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,370
Buildings and Improvements	8,260
Cost Capitalized / (Impaired)
Improvements/Land	(29)
Improvements/building	21
Gross amount
Land and improvements	1,341
Buildings and improvements	8,281
Total real estate investments	9,622
Final Accumulated Depreciation	$ (811)
Yard House | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Yard House | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yoke's Fresh Market
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 5,518
Buildings and Improvements	9,882
Cost Capitalized / (Impaired)
Improvements/Land
Improvements/building
Gross amount
Land and improvements	5,518
Buildings and improvements	9,882
Total real estate investments	15,400
Final Accumulated Depreciation	$ (3,041)
Yoke's Fresh Market | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Yoke's Fresh Market | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zaxby's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,259
Buildings and Improvements	4,964
Cost Capitalized / (Impaired)
Improvements/Land	(69)
Improvements/building
Gross amount
Land and improvements	2,190
Buildings and improvements	4,964
Total real estate investments	7,154
Final Accumulated Depreciation	$ (1,484)
Zaxby's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Zaxby's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zips Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	39
Initial Cost to Company
Land and Improvements	$ 51,457
Buildings and Improvements	85,255
Cost Capitalized / (Impaired)
Improvements/Land
Improvements/building	20,374
Gross amount
Land and improvements	51,457
Buildings and improvements	105,629
Total real estate investments	157,086
Final Accumulated Depreciation	$ (8,014)
Zips Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Zips Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years

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Schedule III Real Estate and Accumulated Depreciation - 5 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2,097
Initial Cost to Company
Land and Improvements	$ 2,774,221
Buildings and Improvements	5,725,590
Improvements/Land	(33,971)
Improvements/building	166,527
Gross amount
Land and improvements	2,740,250	$ 2,516,715
Buildings and improvements	5,892,117	4,962,203
Total real estate investments	8,632,367
Final Accumulated Depreciation	$ (1,211,061)	$ (1,033,391)
Walmart
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 4,009
Buildings and Improvements	4,577
Improvements/building	(13)
Gross amount
Land and improvements	4,009
Buildings and improvements	4,564
Total real estate investments	8,573
Final Accumulated Depreciation	$ (3,255)
Walmart | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Walmart | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	22 years
Warrior Manufacturing
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 2,518
Buildings and Improvements	10,195
Improvements/building	37
Gross amount
Land and improvements	2,518
Buildings and improvements	10,232
Total real estate investments	12,750
Final Accumulated Depreciation	$ (478)
Warrior Manufacturing | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	14 years
Warrior Manufacturing | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Way Interglobal
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 7,996
Buildings and Improvements	50,626
Improvements/building
Gross amount
Land and improvements	7,996
Buildings and improvements	50,626
Total real estate investments	58,622
Final Accumulated Depreciation	$ (295)
Way Interglobal | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Way Interglobal | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Weatherford
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,082
Buildings and Improvements	21,477
Improvements/building
Gross amount
Land and improvements	10,082
Buildings and improvements	21,477
Total real estate investments	31,559
Final Accumulated Depreciation	$ (1,229)
Weatherford | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Weatherford | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	32 years
Wendy's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 336
Buildings and Improvements	773
Improvements/building
Gross amount
Land and improvements	336
Buildings and improvements	773
Total real estate investments	1,109
Final Accumulated Depreciation	$ (138)
Wendy's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Wendy's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Whirlpool
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 10,183
Buildings and Improvements	23,664
Improvements/building
Gross amount
Land and improvements	10,183
Buildings and improvements	23,664
Total real estate investments	33,847
Final Accumulated Depreciation	$ (2,463)
Whirlpool | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	5 years
Whirlpool | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	31 years
Winco Foods
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 3,108
Buildings and Improvements	12,817
Improvements/building	(16)
Gross amount
Land and improvements	3,108
Buildings and improvements	12,801
Total real estate investments	15,909
Final Accumulated Depreciation	$ (3,757)
Winco Foods | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Winco Foods | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	40 years
Winsteads
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 607
Buildings and Improvements	123
Improvements/building
Gross amount
Land and improvements	607
Buildings and improvements	123
Total real estate investments	730
Final Accumulated Depreciation	$ (64)
Winsteads | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	7 years
Winsteads | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	21 years
Worthington Steel
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 7,303
Buildings and Improvements	29,831
Improvements/building
Gross amount
Land and improvements	7,303
Buildings and improvements	29,831
Total real estate investments	37,134
Final Accumulated Depreciation	$ (2,494)
Worthington Steel | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Worthington Steel | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yard House
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	1
Initial Cost to Company
Land and Improvements	$ 1,370
Buildings and Improvements	8,260
Improvements/Land	(29)
Improvements/building	21
Gross amount
Land and improvements	1,341
Buildings and improvements	8,281
Total real estate investments	9,622
Final Accumulated Depreciation	$ (811)
Yard House | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	3 years
Yard House | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	35 years
Yoke's Fresh Market
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	2
Initial Cost to Company
Land and Improvements	$ 5,518
Buildings and Improvements	9,882
Improvements/Land
Improvements/building
Gross amount
Land and improvements	5,518
Buildings and improvements	9,882
Total real estate investments	15,400
Final Accumulated Depreciation	$ (3,041)
Yoke's Fresh Market | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Yoke's Fresh Market | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zaxby's
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	3
Initial Cost to Company
Land and Improvements	$ 2,259
Buildings and Improvements	4,964
Improvements/Land	(69)
Improvements/building
Gross amount
Land and improvements	2,190
Buildings and improvements	4,964
Total real estate investments	7,154
Final Accumulated Depreciation	$ (1,484)
Zaxby's | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	15 years
Zaxby's | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	30 years
Zips Car Wash
Real Estate And Accumulated Depreciation [Line Items]
Number of properties | Property	39
Initial Cost to Company
Land and Improvements	$ 51,457
Buildings and Improvements	85,255
Improvements/Land
Improvements/building	20,374
Gross amount
Land and improvements	51,457
Buildings and improvements	105,629
Total real estate investments	157,086
Final Accumulated Depreciation	$ (8,014)
Zips Car Wash | Minimum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	9 years
Zips Car Wash | Maximum
Gross amount
Life in which depreciation in latest Statement of Operations is computed	44 years

XML

Schedule III Real Estate and Accumulated Depreciation - (Footnote) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($) Property
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Number of held direct finance lease property	1
Number of held for sale properties	17
Aggregate cost of properties for federal income tax purpose | $	$ 7.9

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Schedule III Real Estate and Accumulated Depreciation (Reconciliation of Real Estate Properties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Land, buildings, and improvements
Impairments, basis reset due to impairment and other adjustments	$ (35,988)	$ (22,120)	$ (59,206)
Accumulated depreciation and amortization
Net Real Estate Investment	7,421,306	6,445,527
Land, Buildings and Improvements
Land, buildings, and improvements
Balance at the beginning of the year	7,478,918	6,392,596	5,750,507
Acquisitions, capital expenditures, and reclassifications from held for sale and deferred financing leases	1,497,363	1,177,140	842,891
Dispositions of land, buildings, and improvements	(198,280)	(38,390)	(50,853)
Reclassifications to held for sale	(93,331)	(17,047)	(69,573)
Impairments, basis reset due to impairment and other adjustments	(52,303)	(35,381)	(80,376)
Gross Real Estate Balance at close of the year	8,632,367	7,478,918	6,392,596
Accumulated depreciation and amortization
Balance at the beginning of the year	(1,033,391)	(850,320)	(717,097)
Depreciation expense and reclassifications from held for sale	(248,858)	(205,881)	(177,268)
Dispositions of land, buildings, and improvements and other adjustments	52,420	21,952	38,723
Reclassifications to held for sale	18,768	858	5,322
Balance at close of the year	(1,211,061)	(1,033,391)	(850,320)
Net Real Estate Investment	$ 7,421,306	$ 6,445,527	$ 5,542,276

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Schedule IV Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate Balance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Collections of principal	$ (31,733)
Amortization of premium	(921)
Mortgage loans receivable ending balance	$ 32,654
Other loans receivable		$ 23,023	$ 10,450
Total loans receivable		$ 23,023	$ 10,450